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

(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, 2022

Item 1. Report to Shareholders

SEMI-ANNUAL REPORT October 31, 2022 (unaudited)

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	50
Intermediate Muni ETF	53
Long Muni ETF	92
Muni Allocation ETF	108
Short High Yield Muni ETF	110
Short Muni ETF	130
Statements of Assets and Liabilities	146
Statements of Operations	148
Statements of Changes in Net Assets	150
Financial Highlights
CEF Muni Income ETF	154
High Yield Muni ETF	155
HIP Sustainable Muni ETF	156
Intermediate Muni ETF	157
Long Muni ETF	158
Muni Allocation ETF	159
Short High Yield Muni ETF	160
Short Muni ETF	161
Notes to Financial Statements	162
Approval of Investment Management Agreements	169

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, 2022.

VANECK ETFs

PRESIDENT’S LETTER

October 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July, I said that Market Volatility Has One Final Act.¹ Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

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

1. Monetary Policy: Tightening

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

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

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

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

Last year when my colleagues and I spoke about inflation,² I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.

2. Fiscal Tightening

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

3. Global Growth Has Almost Stopped

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

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

November 8, 2022

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

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

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

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

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, 2022 to October 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
CEF Muni Income ETF
Actual	$1,000.00	$865.90	0.41%	$1.93
Hypothetical (b)	$1,000.00	$1,023.14	0.41%	$2.09
High Yield Muni ETF
Actual	$1,000.00	$905.40	0.35%	$1.68
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
HIP Sustainable Muni ETF
Actual	$1,000.00	$955.10	0.24%	$1.18
Hypothetical (b)	$1,000.00	$1,024.00	0.24%	$1.22
Intermediate Muni ETF
Actual	$1,000.00	$962.90	0.24%	$1.19
Hypothetical (b)	$1,000.00	$1,024.00	0.24%	$1.22
Long Muni ETF
Actual	$1,000.00	$904.60	0.24%	$1.15
Hypothetical (b)	$1,000.00	$1,024.00	0.24%	$1.22
Muni Allocation ETF
Actual	$1,000.00	$932.30	0.08%	$0.39
Hypothetical (b)	$1,000.00	$1,024.80	0.08%	$0.41
Short High Yield Muni ETF
Actual	$1,000.00	$960.70	0.35%	$1.73
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79

3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
Short Muni ETF
Actual	$1,000.00	$989.80	0.20%	$1.00
Hypothetical (b)	$1,000.00	$1,024.20	0.20%	$1.02

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses

4

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 99.9% (a)
Alliance Bernstein National Municipal Income Fund, Inc.		148,178	$	1,514,379
Blackrock Investment Quality Municipal Trust, Inc.		43,109		468,164
BlackRock Long-Term Municipal Advantage Trust		34,873		306,882
BlackRock MuniAssets Fund, Inc.		123,025		1,173,659
BlackRock Municipal 2030 Target Term Trust		318,902		6,559,814
BlackRock Municipal Income Fund, Inc.		379,647		3,952,125
BlackRock Municipal Income Quality Trust		96,076		979,014
BlackRock Municipal Income Trust		229,503		2,079,297
BlackRock Municipal Income Trust II		248,015		2,341,262
BlackRock MuniHoldings Fund, Inc.		247,453		2,657,645
BlackRock MuniHoldings Quality Fund II, Inc.		99,590		933,158
BlackRock MuniVest Fund II, Inc.		109,558		1,045,183
BlackRock MuniVest Fund, Inc.		433,642		2,753,627
BlackRock MuniYield Fund, Inc.		240,946		2,296,215
BlackRock MuniYield Quality Fund II, Inc.		70,556		664,638
BlackRock MuniYield Quality Fund III, Inc.		319,156		3,204,326
BlackRock MuniYield Quality Fund, Inc.		339,065		3,600,870
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		42,791		426,198
BNY Mellon Municipal Income, Inc.		116,593		682,069
BNY Mellon Strategic Municipal Bond Fund, Inc.		229,444		1,238,998
BNY Mellon Strategic Municipals, Inc.		288,341		1,730,046
Delaware Investments National Municipal Income Fund		90,902		945,072
DWS Municipal Income Trust		206,437		1,641,174
Eaton Vance Municipal Bond Fund		369,179		3,488,742
Eaton Vance Municipal Income 2028 Term Trust		28,531		530,249

	Number of Shares		Value
Eaton Vance Municipal Income Trust		182,293	$	1,739,075
Eaton Vance National Municipal Opportunities Trust		58,301		925,237
Invesco Advantage Municipal Income Trust II		208,516		1,636,851
Invesco Municipal Income Opportunities Trust		148,795		821,348
Invesco Municipal Opportunity Trust		343,909		3,022,960
Invesco Municipal Trust		283,867		2,492,352
Invesco Quality Municipal Income Trust ‡		272,219		2,409,138
Invesco Trust for Investment Grade Municipals		278,714		2,525,149
Invesco Value Municipal Income Trust		176,358		1,989,318
MFS High Income Municipal Trust		164,355		539,084
MFS Municipal Income Trust		214,654		1,023,900
Neuberger Berman Municipal Fund, Inc.		96,648		931,687
Nuveen AMT-Free Municipal Credit Income Fund		760,112		8,384,035
Nuveen AMT-Free Municipal Value Fund		82,776		1,091,815
Nuveen AMT-Free Quality Municipal Income Fund		1,025,861		10,586,886
Nuveen Dynamic Municipal Opportunities Fund		211,577		1,995,171
Nuveen Municipal Credit Income Fund		764,953		8,284,441
Nuveen Municipal Credit Opportunities Fund		167,394		1,739,224
Nuveen Municipal High Income Opportunity Fund		327,250		3,223,413
Nuveen Municipal Value Fund, Inc.		749,734		6,260,279
Nuveen Quality Municipal Income Fund		990,489		10,528,898
Nuveen Select Tax-Free Income Portfolio		169,737		2,208,278
PIMCO Municipal Income Fund		63,285		646,140
PIMCO Municipal Income Fund II		151,282		1,340,359
PIMCO Municipal Income Fund III		84,353		673,137

See Notes to Financial Statements

5

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Pioneer Municipal High Income Advantage Fund, Inc.		122,675	$	912,702
Pioneer Municipal High Income Fund Trust		125,679		1,002,918
Pioneer Municipal High Income Opportunities Fund, Inc.		96,801		919,610
Putnam Managed Municipal Income Trust		154,594		888,916
Putnam Municipal Opportunities Trust		91,629		948,360
Western Asset Managed Municipals Fund, Inc.		224,676		2,132,175
Total Closed-End Funds: 99.9% (Cost: $188,743,312)				131,035,662
Other assets less liabilities: 0.1%				176,169
NET ASSETS: 100.0%			$	131,211,831

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, 2022 were as follows:

	Value 4/30/2022	Purchases	Sales Proceeds	Realized Gain (Loss)	Dividend Income	Net Change in Unrealized Appreciation (Depreciation)	Value 10/31/2022
Invesco Quality Municipal Income Trust	$–(a)	$587,578	$(570,228)	$(76,402)	$69,914	$(312,424)	$2,409,138

(a) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

Summary of Investments by Sector	% of Investments		Value
Financials	100.0%	$	131,035,662

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	131,035,662	$	—	$	—	$	131,035,662

See Notes to Financial Statements

6

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par   (000’s		)		Value
MUNICIPAL BONDS: 97.7%
Alabama: 2.2%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25	$	315		$	307,217
5.75%, 06/01/26 (c)		2,000			1,698,271
5.75%, 06/01/26 (c)		1,400			1,270,340
6.00%, 06/01/26 (c)		5,900			5,056,020
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p)		3,960			3,707,250
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,180			1,281,828
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		10,040			10,141,972
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			10,666,656
6.50%, 10/01/23 (c)		9,000			9,628,932
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		100			46,809
0.00%, 10/01/23 (c) ^		60			23,833
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,000			971,298
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c)		1,350			1,226,660
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p)		1,000			900,869
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		8,000			7,238,381
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		5,127			4,356,703
					58,523,039
Alaska: 0.2%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,500			1,178,896

	Par   (000’s		)		Value
Alaska (continued)
Northern Tobacco Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)	$	4,030		$	3,739,857
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		3,000			262,363
					5,181,116
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		2,750			2,753,888
6.50%, 09/01/28		250			268,751
6.62%, 09/01/25 (c)		1,000			1,049,462
					4,072,101
Arizona: 2.7%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c)		1,000			793,812
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		200			196,654
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		2,940			2,924,541
6.00%, 07/01/27 (c)		1,320			1,336,973
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c)		1,545			1,426,669
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			243,078
5.25%, 07/01/26 (c)		500			469,726
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			241,503
5.00%, 07/01/27 (c)		515			453,814
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			447,228
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) 3.55%, 07/15/27 (c)		1,155			1,030,683

See Notes to Financial Statements

7

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Arizona (continued)
5.00%, 07/15/27 (c)	$	400		$	361,522
5.00%, 07/15/27 (c)		300			253,967
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 07/01/23 (c)		1,050			989,442
5.50%, 07/01/23 (c)		2,100			1,927,999
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,004,169
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.62%, 07/01/27		1,000			910,000
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		2,000			1,700,000
Arizona Industrial Development Authority, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			460,963
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		1,370			1,080,954
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			469,841
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,400			1,001,732
City of Phoenix Civic Improvement Corp., Series B (RB) (AGM) 4.00%, 07/01/29 (c)		1,040			906,421
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG) 5.00%, 07/01/29 (c)		6,990			6,710,791
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c)		250			233,276
5.00%, 11/15/24 (c)		1,000			842,004
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c)		1,340			1,117,339

	Par   (000’s		)		Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25	$	315		$	308,444
5.00%, 07/01/25 (c)		900			874,449
5.00%, 07/01/25 (c)		1,000			904,787
5.00%, 07/01/25 (c)		500			454,555
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		750			676,844
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		2,320			2,068,416
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			708,052
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c)		5,830			4,300,832
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,000			1,005,137
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,400			1,353,681
5.00%, 07/01/29 (c)		1,300			1,268,630
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			463,134
5.00%, 07/01/29 (c)		500			431,333
5.00%, 07/01/29 (c)		1,990			1,741,047
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,540,347
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		255			243,757

See Notes to Financial Statements

8

	Par   (000’s		)		Value
Arizona (continued)
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c)	$	5,000		$	3,331,935
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c)		1,250			1,163,107
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c)		500			418,268
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			233,978
5.38%, 07/01/26 (c)		250			223,673
5.50%, 07/01/26 (c)		250			225,318
Pima County, Arizona Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c)		1,000			968,177
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		9,605			9,478,236
5.25%, 12/01/23		290			293,129
5.25%, 12/01/24		305			310,650
5.25%, 12/01/25		265			271,613
5.25%, 12/01/27		215			221,961
5.25%, 12/01/28		245			253,379
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			285,588
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c)		250			204,345
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/27 (c)		1,200			1,059,560
6.12%, 10/01/27 (c)		5,300			4,488,327
6.12%, 10/01/27 (c)		600			499,655
					71,809,445
Arkansas: 0.6%
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/26 (c)		16,070			12,606,105
4.75%, 09/01/27 (c)		2,000			1,636,439

	Par   (000’s		)		Value
Arkansas (continued)
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.45%, 09/01/25 (c)	$	3,000		$	2,714,313
					16,956,857
California: 11.7%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		3,000			3,022,692
5.00%, 10/01/26 (c)		5,000			5,016,283
5.00%, 10/01/26 (c)		1,650			1,659,821
5.00%, 10/01/26 (c)		2,055			2,065,242
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		615			518,973
4.00%, 09/01/23 (c)		160			142,896
4.00%, 09/01/23 (c)		420			338,241
Antelope Valley Healthcare District, Series A (RB)
5.00%, 03/01/26 (c)		1,610			1,399,267
5.25%, 03/01/26 (c)		1,480			1,467,079
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		695			628,712
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,100			2,550,008
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			8,117,935
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		6,000			4,502,117
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 4.00%, 08/01/31 (c)		2,000			1,351,311
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			1,853,467
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c)		4,000			2,787,961

See Notes to Financial Statements

9

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)	$	3,000		$	2,488,123
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			1,371,005
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			3,375,458
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			4,166,747
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 12/01/22 (c)		15			15,241
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/16/22 (c)		15			13,789
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,170			908,651
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			199,924
4.20%, 08/15/27 (c)		500			435,739
4.25%, 11/15/22 (c)		80			80,030
5.00%, 08/15/27 (c)		990			947,384
5.00%, 08/15/27 (c)		460			450,261
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 4.00%, 04/01/30 (c)		3,110			2,400,510
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c)		2,500			2,475,371
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		977			835,849
4.00%, 03/20/33		955			903,915
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c)		1,085			1,153,611

	Par   (000’s		)		Value
California (continued)
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)	$	2,500		$	1,785,139
5.00%, 07/01/30 (c)		1,000			717,172
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c)		1,910			1,734,367
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			500,063
6.12%, 11/01/23 (c)		1,000			1,015,771
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c)		1,000			822,297
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			482,704
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			122,005
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)
3.00%, 05/15/31 (c)		3,650			2,341,810
4.00%, 05/15/31 (c)		5,000			4,256,487
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			1,329,628
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)		200			204,624
5.00%, 07/01/27 (c)		250			255,325
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c)		2,500			2,478,847
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			399,821
5.00%, 10/01/27 (c)		500			412,325

See Notes to Financial Statements

10

	Par   (000’s		)		Value
California (continued)
5.00%, 10/01/27 (c)	$	500		$	442,442
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,109,374
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		500			510,036
5.00%, 06/30/28 (c)		2,490			2,358,657
5.00%, 06/30/28		65			66,441
5.00%, 06/30/28 (c)		600			612,447
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			1,685,687
5.00%, 06/30/28 (c)		3,405			3,158,055
5.00%, 06/30/28 (c)		1,000			979,505
5.00%, 06/30/28 (c)		700			694,406
5.00%, 06/30/28 (c)		2,040			2,015,269
5.00%, 06/30/28 (c)		1,035			1,051,380
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			217,555
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			452,077
5.00%, 07/01/28 (c)		130			119,884
5.00%, 07/01/28 (c)		1,000			864,146
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		250			203,342
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		12,500			11,608,954
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			600,000
7.50%, 12/01/22 (c) (d) *		10,500			6,300,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
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 (d) *		1,000			680,000

	Par   (000’s		)		Value
California (continued)
California Public Finance Authority, Enso Village Project, Series A (RB)
5.00%, 11/15/29 (c)	$	1,000		$	878,322
5.00%, 11/15/29 (c)		1,000			809,478
5.00%, 06/01/27 (c)		400			346,140
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 (c)		1,000			699,454
5.00%, 07/01/27 (c)		300			223,080
5.00%, 07/01/27 (c)		485			379,989
5.00%, 07/01/27		110			92,632
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c)		2,000			1,933,965
California School Finance Authority, Charter School Ivy Academia, Series A (RB) 4.00%, 06/01/28 (c)		1,150			868,917
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c)		1,000			836,825
California School Finance Authority, Hawking Steam Charter School Project (RB) 5.50%, 07/01/29 (c)		1,000			882,460
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)
4.00%, 11/01/31 (c)		1,000			652,939
4.00%, 11/01/31 (c)		2,700			1,710,618
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			827,418
6.38%, 07/01/25 (c)		2,000			2,160,959
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/26 (c)		250			219,151
5.25%, 06/01/26 (c)		250			219,499
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		1,500			1,415,540
5.00%, 11/01/27 (c)		1,000			963,190
6.38%, 11/01/23 (c)		1,000			1,013,019
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			203,619

See Notes to Financial Statements

11

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 12/01/22 (c)	$	65		$	60,640
5.75%, 12/01/22 (c)		12			11,602
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 12/01/22 (c)		2			1,702
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/26 (c)		385			391,473
5.00%, 05/15/26 (c)		545			549,200
California Statewide Communities Development Authority, John Muir Health, Series A (RB) 5.00%, 12/01/27 (c)		2,305			2,299,814
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c)		435			394,782
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			75,047
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c)		1,100			1,100,363
5.00%, 06/01/26 (c)		350			351,678
5.00%, 06/01/26 (c)		2,445			2,240,643
5.00%, 06/01/26 (c)		1,595			1,503,635
5.25%, 12/01/24 (c)		1,740			1,751,980
5.25%, 12/01/24 (c)		8,975			8,891,224
5.25%, 06/01/26 (c)		13,380			12,168,731
5.25%, 06/01/28 (c)		1,000			915,002
5.50%, 12/01/24 (c)		13,005			12,652,878
5.50%, 06/01/28 (c)		6,500			6,081,806
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			2,827,094
5.75%, 01/15/23 (c)		125			123,445

	Par   (000’s		)		Value
California (continued)
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c)	$	615		$	512,168
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			2,974,080
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 12/01/22 (c)		3,175			3,228,889
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 12/01/22 (c)		900			915,273
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			387,674
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			250,108
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		250			228,791
4.00%, 09/01/23 (c)		250			231,349
4.00%, 09/01/23 (c)		230			215,568
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			750,247
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		2,500			2,224,559
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			159,282
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		810			814,728
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			421,371
5.00%, 09/01/27 (c)		130			131,337
5.00%, 09/01/27 (c)		155			157,208
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c)		2,000			1,937,116

See Notes to Financial Statements

12

	Par   (000’s		)		Value
California (continued)
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)	$	200		$	202,055
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,045,453
CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB) 4.00%, 04/01/31 (c)		6,000			4,224,547
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,995			1,332,689
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c)		6,650			3,992,743
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c)		1,000			695,439
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c)		2,500			1,872,082
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			963,313
4.50%, 09/01/24 (c)		1,585			1,501,513
County of Los Angeles CA Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c)		1,000			918,032
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			687,566
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,750			5,346,422
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		11,800			9,675,219
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/32 (c)		1,000			632,897
4.00%, 05/01/32 (c)		1,500			947,989

	Par   (000’s		)		Value
California (continued)
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c)	$	1,000		$	668,361
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c)		3,000			1,807,871
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		5,350			3,694,309
CSCDA Community Improvement Authority, Millennium South Bay- Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c)		2,000			1,198,346
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c)		2,500			1,714,672
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)		2,000			1,432,926
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c)		1,000			667,397
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			645,281
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c)		8,200			5,741,078
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c)		500			330,937
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			500,768
5.00%, 09/01/26 (c)		500			508,220
5.00%, 09/01/26 (c)		500			495,788
5.00%, 09/01/27 (c)		485			459,429
5.00%, 09/01/27 (c)		1,150			1,153,036
Folsom Ranch Financing Authority (ST) 5.00%, 09/01/27 (c)		1,100			1,126,077

See Notes to Financial Statements

13

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
5.00%, 09/01/27 (c)	$	2,000		$	2,026,712
5.00%, 09/01/27 (c)		1,000			976,713
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
5.75%, 01/15/24 (c)		1,000			1,030,778
6.00%, 01/15/24 (c)		2,860			2,955,364
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c)		100			77,968
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			337,747
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,000			1,038,593
Foothill/Eastern Transportation Corridor Agency, Toll Road, Series A (RB) 6.00%, 01/15/24 (c)		1,115			1,152,179
Hastings Campus Housing Finance Authority, Series A (RB)
5.00%, 07/01/30 (c)		1,850			1,523,085
5.00%, 07/01/30 (c)		1,000			766,029
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			174,329
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		405			405,176
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 12/01/22 (c)		37			37,075
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/24 (c)		1,600			1,645,420
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		485			522,973
Ontario International Airport Authority, Series A (RB) (AGM) 4.00%, 05/15/31 (c)		1,400			1,185,628
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			881,976
5.25%, 08/15/25 (c)		455			456,861
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			253,510
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			111,516

	Par   (000’s		)		Value
California (continued)
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)	$	1,000		$	1,000,309
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			758,908
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c)		500			495,701
River Islands Public Financing Authority, Phase 2 Public Improvements (ST) 5.00%, 09/01/26 (c)		750			740,304
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			483,192
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			485,221
5.00%, 09/01/26 (c)		345			345,205
San Diego County Regional Airport Authority, Series A (RB)
4.00%, 07/01/31 (c)		2,000			1,690,374
5.00%, 07/01/31 (c)		745			733,718
San Diego County Regional Airport Authority, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		2,960			2,402,686
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c)		4,750			4,684,231
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			285,635
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c)		500			519,416
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			199,779
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c)		2,000			1,651,043

See Notes to Financial Statements

14

	Par   (000’s		)		Value
California (continued)
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/25 ^	$	1,000		$	910,942
0.00%, 01/15/32 ^		145			91,525
0.00%, 01/15/36 ^		105			51,972
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c)		500			490,836
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 03/01/23 (c)		1,035			1,038,155
Three Rivers Levee Improvement Authority. Community Facilities District Nos. 2006-1 and 2006-2, Series A (ST) 4.00%, 09/01/28 (c)		1,290			1,028,663
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)		4,500			3,578,635
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c)		3,495			3,365,772
Tobacco Securitization Authority of Southern California, Series B (RB) 4.00%, 12/01/30 (c)		1,205			1,112,802
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			100,331
5.00%, 09/01/25 (c)		100			98,420
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			753,938
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			382,500
5.30%, 03/01/23 (c) (d) *		530			238,500
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			441,939
					310,735,095
Colorado: 3.1%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c)		500			454,596

	Par   (000’s		)		Value
Colorado (continued)
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)	$	2,010		$	1,897,506
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/22 (c)		1,000			950,861
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			449,642
5.00%, 12/01/25 (c)		500			429,929
Broadway Station Metropolitan District No. 3, Series A (GO)
5.00%, 06/01/24 (c)		1,425			1,082,346
5.00%, 06/01/24 (c)		4			3,265
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c)		500			454,853
5.00%, 12/01/22 (c)		500			425,199
5.00%, 12/01/22 (c)		500			483,066
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,195			5,007,830
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		4,250			3,705,931
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,035			929,162
Colorado Crossing Metropolitan District No. 2, Series A-2 (GO) 5.00%, 12/01/25 (c)		3,000			2,387,456
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			844,358
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			428,876
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c)		510			436,383
5.00%, 08/01/29		1,000			1,037,582
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		5			3,205
4.00%, 08/01/29 (c)		7,735			6,031,396
5.00%, 08/01/29 (c)		1,045			997,976

See Notes to Financial Statements

15

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Colorado (continued)
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c)	$	536		$	268,081
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)
5.00%, 12/31/24 (c)		250			233,726
5.00%, 12/31/24 (c)		350			330,460
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			415,708
5.75%, 12/01/26 (c)		500			402,095
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c)		1,000			946,733
Dominion Water and Sanitation District (RB) 5.88%, 12/01/28 (c)		1,000			896,252
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		840			758,587
5.25%, 11/01/25 (c)		2,345			2,110,431
5.50%, 11/01/25 (c)		1,865			1,644,369
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			862,497
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			784,112
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c)		2,000			1,623,372
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c)		1,000			898,197
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c)		540			439,210
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c)		5,030			3,885,589
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c)		1,000			681,092
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c)		5,750			3,713,479

	Par   (000’s		)		Value
Colorado (continued)
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39	$	1,500		$	1,286,364
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		1,615			1,367,296
Rocky Mountain Rail Park Metropolitan District, Series A (GO)
5.00%, 03/01/26 (c)		1,000			806,696
5.00%, 03/01/26 (c)		6,850			5,072,367
Southglenn Metropolitan District (GO) 5.00%, 12/01/22 (c)		1,000			871,533
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		1,200			1,039,770
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/25 (c)		1,000			746,328
5.00%, 12/01/22 (c)		1,000			1,021,375
5.00%, 12/01/22 (c)		500			510,687
5.00%, 12/01/22 (c)		5,000			5,106,874
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		4,000			2,949,829
5.00%, 03/01/26 (c)		4,200			3,484,026
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			472,196
5.38%, 12/01/23 (c)		1,500			1,399,481
Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c)		1,025			952,371
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 09/01/26 (c)		1,000			742,070
4.00%, 09/01/26 (c)		1,000			676,284
4.12%, 09/01/26 (c)		4,980			3,107,966
					80,948,921
Connecticut: 0.6%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/14/22 (c)		630			603,212
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,000			1,517,152

See Notes to Financial Statements

16

	Par   (000’s		)		Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)	$	3,000		$	2,514,643
5.00%, 09/01/26 (c)		2,500			2,156,647
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/29 (c)		2,630			2,162,198
5.00%, 07/01/29 (c)		1,100			929,904
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		3,000			2,583,188
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		1,000			913,022
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			1,721,336
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			186,065
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			177,745
Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB) 4.00%, 07/01/29 (c)		500			418,370
					15,883,482
Delaware: 0.2%
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 01/01/28 (c)		1,450			1,211,571
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/32 (c)		915			646,481
5.00%, 06/01/26 (c)		1,000			886,126
5.00%, 06/01/26 (c)		250			237,222
Delaware River & Bay Authority (RB) 4.00%, 01/01/32 (c)		1,540			1,339,400

	Par   (000’s		)		Value
Delaware (continued)
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c)	$	1,100		$	955,835
					5,276,635
District of Columbia: 0.7%
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		1,975			2,144,461
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		250			230,809
5.00%, 07/01/24 (c)		1,180			998,897
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		500			461,955
5.00%, 06/01/30 (c)		2,500			2,195,199
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c)		1,000			861,618
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.01%, 10/01/37		11,325			4,975,541
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		2,020			927,690
4.00%, 10/01/29 (c)		250			225,668
4.00%, 10/01/29 (c)		7,315			6,122,440
6.50%, 10/01/28 (c)		245			266,054
					19,410,332
Florida: 4.7%
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c)		940			907,080
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,000			956,348
Broward County, Florida Port Facilities (RB) 5.50%, 09/01/32 (c)		2,985			3,065,940
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			255,260
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)		7,200			6,019,429
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		250			233,312

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, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)	$	500		$	449,263
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			474,523
5.12%, 01/01/29 (c)		500			453,289
5.25%, 01/01/29 (c)		500			433,140
5.38%, 01/01/29 (c)		500			434,396
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		300			286,969
5.25%, 06/15/27 (c)		500			438,112
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			1,987,870
5.25%, 12/01/28 (c)		2,000			1,758,830
5.25%, 12/01/28 (c)		2,200			1,819,323
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)
5.00%, 01/01/31 (c)		1,850			1,303,714
5.00%, 07/01/30 (c)		2,250			1,592,615
Central Florida Expressway Authority, Senior Lien (RB) (BAM) 5.00%, 07/01/27 (c)		1,745			1,784,565
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27 (c)		2,500			2,645,039
5.00%, 11/01/27 (c)		3,000			3,181,887
5.00%, 11/01/27 (c)		500			520,628
5.00%, 11/01/27		1,100			1,176,769
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			198,558
5.00%, 06/01/25 (c)		300			284,913
5.00%, 06/01/25 (c)		1,210			1,172,057
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		590			377,600
8.12%, 05/15/24 (c) (d) *		460			294,400
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c)		2,650			2,626,280

	Par
	(000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c)	$	1,000		$	853,280
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c)		2,225			2,018,189
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c)		425			370,761
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)		1,600			1,179,017
4.00%, 06/01/28 (c)		1,250			805,058
5.25%, 06/01/27 (c)		1,000			863,399
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,011,930
6.00%, 06/15/25 (c)		500			507,566
6.12%, 06/15/25 (c)		685			693,099
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,000			894,240
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c)		3,700			3,152,123
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		6,000			5,714,735
6.38%, 01/01/26 (c) (p)		9,695			8,736,698
6.50%, 01/01/29 (c) (p)		9,750			8,590,822
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,384,530
5.50%, 11/01/29 (c)		2,450			2,203,488
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 02/01/31 (c)		6,500			5,156,505
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 12/01/22 (c)		2,800			2,610,671

See Notes to Financial Statements

18

	Par
	(000’s		)	Value
Florida (continued)
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 12/01/22 (c)	$	500		$	485,660
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c)		1,000			818,897
Lee County Industrial Development Authority, Shell Point/Alliance Obligated Group, Shell Point/Waterside Health Project (RB) 5.00%, 11/15/26 (c)		2,500			2,387,488
Lee County, Florida Airport, Series A (RB) 5.00%, 10/01/25		1,000			1,024,138
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		380			372,121
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			720,717
5.25%, 11/01/27 (c)		250			234,011
Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c)		1,000			800,422
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c)		1,000			820,828
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c)		1,360			1,423,402
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/25 (c)		500			500,782
5.00%, 10/01/25 (c)		1,500			1,470,249
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			967,689
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/01/23 (c)		705			701,068
5.00%, 05/01/23 (c)		4,135			3,978,806
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			156,389
North Miami Beach Florida Water, Series A (RB) (SAW) 5.00%, 08/01/30 (c)		1,000			1,039,812

	Par
	(000’s		)	Value
Florida (continued)
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)	$	200		$	192,708
5.00%, 08/01/27 (c)		200			183,695
Orange County Health Facilities Authority, Orlando Health Obligated Group (RB) 4.00%, 04/01/32 (c)		2,800			2,179,279
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB)
0.00%, 10/01/29 (c) ^		1,250			425,213
0.00%, 10/01/29 (c) ^		3,905			1,239,340
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		1,000			872,777
5.00%, 04/01/29 (c)		2,500			2,016,643
Palm Cost Park Community Development District (SA) 5.70%, 12/01/22 (c)		170			170,026
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		5,000			4,867,315
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.50%, 11/15/26 (c)		500			399,368
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 12/01/22 (c)		2,600			2,376,171
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		195			186,578
3.62%, 05/01/26 (c)		2,340			2,142,009
3.88%, 05/01/26 (c)		2,395			1,914,459
4.25%, 05/01/28 (c)		925			786,115
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c)		10			8,206
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		725			619,941
3.38%, 05/01/29 (c)		970			772,501
3.55%, 05/01/29 (c)		2,795			2,088,891

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
Florida (continued)
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c)	$	30		$	20,351
					125,242,285
Georgia: 1.1%
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)		1,000			805,300
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		2,000			1,610,599
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			704,238
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,178,385
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c)		700			501,410
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		2,250			1,696,806
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			424,599
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c)		250			242,064
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 11/01/27 (c) (p)		7,000			6,467,510
5.00%, 05/15/49		2,405			2,213,854
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		5,000			4,645,512
5.00%, 11/01/27 (c)		1,000			872,521
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		375			346,184
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c)		4,500			4,039,488

	Par
	(000’s		)	Value
Georgia (continued)
Municipal Electric Authority of Georgia, Series A (RB) (BAM-TCRS) 4.00%, 01/01/32 (c)	$	2,900		$	2,412,418
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			416,464
5.25%, 10/01/26 (c)		500			393,085
					28,970,437
Guam: 0.8%
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			465,104
5.00%, 11/15/25 (c)		1,040			1,000,436
5.00%, 11/15/25 (c)		1,085			1,007,953
5.00%, 11/15/25 (c)		4,500			4,380,426
5.00%, 11/15/25 (c)		1,100			1,051,871
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c)		4,000			3,144,096
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			457,548
5.00%, 02/01/30 (c)		500			448,460
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		750			746,138
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		3,120			2,764,473
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.00%, 07/01/26 (c)		1,375			1,336,103
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,205			3,042,435
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c)		500			501,473
					20,346,516
Hawaii: 0.4%
Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB) 4.00%, 03/01/27 (c)		5,000			4,395,856
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 12/01/22 (c)		1,775			1,608,276

See Notes to Financial Statements

20

	Par
	(000’s		)	Value
Hawaii (continued)
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)	$	1,400		$	1,403,908
6.62%, 07/01/23 (c)		2,085			2,092,461
					9,500,501
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			362,120
5.00%, 09/01/26 (c)		1,135			1,084,743
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c)		1,435			1,424,690
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c)		100			83,324
					2,954,877
Illinois: 13.6%
Board of Education of the City of Chicago, Series H (GO) 5.00%, 12/01/27 (c)		2,000			1,876,242
Chicago Board of Education, Series A (GO)
4.00%, 12/01/31 (c)		10,000			7,405,361
4.00%, 12/01/31 (c)		4,975			3,826,697
5.00%, 12/01/22 (c)		15,055			13,356,081
5.00%, 12/01/28 (c)		1,265			1,234,928
5.00%, 12/01/28 (c)		250			239,255
5.00%, 12/01/29		1,000			981,902
5.00%, 12/01/29 (c)		1,195			1,168,157
5.00%, 12/01/30 (c)		5,000			4,541,103
5.00%, 12/01/30 (c)		7,240			6,687,475
5.00%, 12/01/30 (c)		4,100			3,924,159
5.00%, 12/01/30 (c)		5,575			5,380,681
5.00%, 12/01/30 (c)		395			374,088
5.00%, 12/01/30 (c)		1,610			1,476,691
5.00%, 12/01/30 (c)		100			93,602
5.00%, 12/01/30 (c)		5,950			5,430,134
5.00%, 12/01/30 (c)		7,850			7,083,809
5.00%, 12/01/30 (c)		4,300			3,860,139
5.00%, 12/01/31 (c)		8,000			6,905,318
7.00%, 12/01/25 (c)		14,210			14,845,257
7.00%, 12/01/25 (c)		5,200			5,526,771
7.00%, 12/01/27 (c)		2,250			2,389,577
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/23		300			304,198
5.00%, 12/01/25		1,000			1,023,611
5.00%, 12/01/28 (c)		250			251,347
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			149,821
5.50%, 12/01/26		175			182,369
5.50%, 12/01/30		2,500			2,673,787

	Par
	(000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series A (GO) (NATL)
0.01%, 12/01/27	$	760		$	596,403
0.01%, 12/01/28		390			290,070
0.01%, 12/01/30		55			36,627
5.50%, 12/01/26		355			367,689
Chicago Board of Education, Series B (GO)
4.00%, 12/01/22 (c)		150			126,652
4.00%, 12/01/31 (c)		5,000			4,050,484
4.00%, 12/01/31 (c)		4,130			3,253,791
4.00%, 12/01/31 (c)		5,000			3,994,549
5.00%, 12/01/22 (c)		3,235			3,066,188
5.00%, 12/01/22 (c)		1,105			1,059,822
5.00%, 12/01/27		1,500			1,483,489
5.00%, 12/01/29 (c)		200			190,944
5.00%, 12/01/30 (c)		3,600			3,498,954
6.50%, 12/01/26 (c)		1,100			1,136,436
Chicago Board of Education, Series C (GO)
5.00%, 12/01/23		500			502,306
5.00%, 12/01/27 (c)		2,625			2,490,155
5.00%, 12/01/27		2,000			1,977,986
5.25%, 12/01/24 (c)		3,485			3,339,143
5.25%, 12/01/24 (c)		4,430			4,106,804
6.00%, 12/01/24 (c)		1,160			1,184,830
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c)		7,500			6,532,379
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,352,037
Chicago Board of Education, Series G (GO)
5.00%, 12/01/27 (c)		3,600			3,416,083
5.00%, 12/01/27 (c)		3,000			2,642,056
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		5,080			4,431,170
Chicago Midway International Airport, Series A (RB) 5.00%, 01/01/24 (c)		2,500			2,522,091
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		4,000			4,011,291
Chicago O'Hare International Airport (RB)
5.50%, 01/01/23 (c)		400			401,000
5.75%, 01/01/23 (c)		8,915			8,923,412
5.75%, 01/01/23 (c)		1,585			1,586,686
Chicago O'Hare International Airport, Series B (RB) 4.00%, 12/01/22 (c)		1,500			1,449,781
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.01%, 12/01/23		300			286,416
0.01%, 12/01/25		355			308,461
0.01%, 12/01/29		1,460			1,029,295

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
Illinois (continued)
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/28 ^	$	690		$	513,201
0.00%, 12/01/29 ^		645			454,722
0.01%, 12/01/24		1,165			1,062,031
0.01%, 12/01/25		1,650			1,433,691
0.01%, 12/01/26		1,630			1,346,845
0.01%, 12/01/27		1,030			808,283
0.01%, 12/01/31		520			325,793
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/26		100			102,521
5.00%, 06/01/29		1,000			1,040,466
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/30 ^		420			300,847
0.01%, 01/01/28		345			273,890
0.01%, 01/01/33		985			589,880
0.01%, 01/01/34		760			431,531
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		235			235,879
City of Chicago, Series A (GO)
5.00%, 01/01/27		200			199,861
5.00%, 01/01/27		1,000			999,305
5.00%, 01/01/31 (c)		3,000			2,849,453
5.00%, 01/01/31 (c)		3,000			2,876,125
6.00%, 01/01/27 (c)		5,000			5,094,054
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			105,650
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,756,724
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c)		2,195			2,198,582
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			121,925
5.00%, 01/01/24		1,110			1,113,890
5.00%, 01/01/25		1,760			1,766,967
5.00%, 01/01/26 (c)		250			249,596
5.00%, 01/01/26		380			380,778
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c)		5,000			4,885,650
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,020			1,069,250
City of Harvey, Series A (GO)
5.50%, 12/01/22 (c) (d) *		465			426,056
5.62%, 12/01/22 (c) (d) *		3,600			3,298,500
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,198,828

	Par
	(000’s		)	Value
Illinois (continued)
Illinois Finance Authority Health Services Facility, University of Illinois Health Services (RB) 4.00%, 10/01/30 (c)	$	3,000		$	2,302,457
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c)		1,000			754,154
Illinois Finance Authority, Admiral Lake Project (RB)
5.00%, 05/15/24 (c)		1,120			896,068
5.12%, 05/15/24 (c)		390			290,982
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 12/01/22 (c)		35			32,934
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) 5.00%, 07/01/25 (c)		1,000			887,177
Illinois Finance Authority, Christian Homes, Inc. (RB) 5.00%, 05/15/26 (c)		1,875			1,728,713
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			574,734
5.12%, 05/15/23 (c)		230			205,915
5.25%, 05/15/23 (c)		750			675,548
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		3,000			1,470,000
5.00%, 02/15/27 (c) (d) *		6,500			3,185,000
5.12%, 02/15/27 (c) (d) *		6,130			3,003,700
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			85,251
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			508,383
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)		500			470,135
5.00%, 11/01/26 (c)		250			231,604
5.00%, 11/01/26 (c)		5			4,352
Illinois Finance Authority, Mercy Health Corp. (RB) 5.00%, 06/01/26 (c)		3,000			2,819,558
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 12/01/22 (c)		475			446,367
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c)		5,000			4,849,853

See Notes to Financial Statements

22

	Par
	(000’s		)	Value
Illinois (continued)
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28	$	1,000		$	988,480
5.00%, 06/15/29		1,000			984,381
5.00%, 06/15/29 (c)		3,055			2,994,956
5.00%, 06/15/30		1,000			977,045
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,015,184
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			589,572
Illinois State, Series A (GO)
5.00%, 12/01/27 (c)		1,500			1,492,370
5.00%, 05/01/28 (c)		500			460,015
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
0.00%, 12/15/31 (c) ^		1,125			509,865
0.00%, 12/15/31 (c) ^		1,025			479,316
0.00%, 12/15/31 (c) ^		1,175			513,992
3.00%, 12/15/24 (c)		2,000			1,921,117
4.00%, 12/15/31 (c)		75			60,835
5.00%, 12/15/27 (c)		935			846,932
5.50%, 12/15/25 (c)		1,400			1,379,511
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/34 ^		590			306,881
0.00%, 06/15/29 ^		840			609,780
0.00%, 06/15/31 ^		125			81,090
0.00%, 06/15/34 ^		190			102,143
0.00%, 06/15/39 ^		115			44,649
0.01%, 12/15/30		475			317,635
0.01%, 06/15/30		745			512,421
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		1,080			826,883
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 12/01/22 (c)		585			445,613
Southwestern Illinois Development Authority (RB) 5.35%, 12/01/22 (c)		230			130,171
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 12/01/22 (c)		2,000			1,926,720
State of Illinois (GO)
3.50%, 06/01/26 (c)		935			858,478
3.50%, 06/01/26 (c)		175			156,489
4.00%, 01/01/26 (c)		500			466,537
4.00%, 12/01/22 (c)		150			147,390

	Par
	(000’s		)	Value
Illinois (continued)
4.00%, 05/01/24	$	660		$	656,350
4.00%, 06/01/26 (c)		460			389,067
4.00%, 06/01/26 (c)		360			315,783
4.00%, 06/01/26 (c)		1,720			1,554,171
4.00%, 06/01/26 (c)		3,000			2,673,528
4.00%, 06/01/26 (c)		270			233,638
4.12%, 11/01/26 (c)		600			552,192
4.12%, 12/01/22 (c)		160			154,017
5.00%, 11/01/24		200			201,776
5.00%, 12/01/24		820			827,054
5.00%, 02/01/24 (c)		350			350,728
5.00%, 02/01/24 (c)		375			376,140
5.00%, 02/01/26		2,750			2,771,085
5.00%, 02/01/27		500			503,382
5.00%, 03/01/28		805			807,559
5.00%, 03/01/31 (c)		1,000			964,553
5.00%, 04/01/24 (c)		1,470			1,470,531
5.00%, 05/01/24 (c)		2,005			2,006,856
5.00%, 05/01/24 (c)		175			171,491
5.00%, 05/01/24 (c)		1,025			1,027,193
5.00%, 05/01/24 (c)		100			97,249
5.00%, 05/01/24 (c)		2,390			2,267,812
5.00%, 05/01/24 (c)		275			275,233
5.00%, 06/01/26 (c)		1,040			1,041,982
5.00%, 06/01/26		125			125,931
5.00%, 06/01/26 (c)		800			803,608
5.25%, 02/01/24 (c)		5,000			5,016,568
5.25%, 07/01/23 (c)		290			290,374
5.25%, 07/01/23 (c)		510			510,872
5.25%, 07/01/23 (c)		550			551,044
5.50%, 07/01/23 (c)		560			560,514
5.50%, 07/01/23 (c)		1,165			1,171,168
6.00%, 05/01/25		500			515,741
6.00%, 05/01/26		880			914,630
State of Illinois (GO) (AGC)
5.50%, 05/01/30		1,500			1,547,170
5.75%, 05/01/30 (c)		3,710			3,721,579
State of Illinois (RB) 3.00%, 06/15/26 (c)		100			86,527
State of Illinois, Series A (GO)
4.00%, 12/01/22 (c)		100			94,127
5.00%, 10/01/28 (c)		7,500			7,391,820
5.00%, 10/01/28		500			501,120
5.00%, 12/01/27 (c)		100			97,428
5.00%, 03/01/30		2,740			2,741,809
5.00%, 03/01/31 (c)		775			766,155
5.00%, 04/01/23 (c)		110			105,438
5.00%, 05/01/28 (c)		365			338,947
5.00%, 05/01/28 (c)		270			253,518
5.00%, 05/01/28 (c)		1,000			969,060
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		13,425			13,436,669
State of Illinois, Series D (GO)
3.25%, 11/01/26		1,755			1,657,425
5.00%, 11/01/23		1,270			1,280,173
5.00%, 11/01/25		1,920			1,935,388
5.00%, 11/01/26		7,715			7,770,478
5.00%, 11/01/27 (c)		9,700			9,716,972

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
Illinois (continued)
5.00%, 11/01/27	$	6,000		$	6,023,611
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			431,774
Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		360			306,900
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			68,700
0.00%, 01/01/31 ^		245			168,997
0.00%, 01/01/33 ^		540			328,427
					361,808,182
Indiana: 0.6%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/22 (c)		215			197,256
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		150			150,352
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c)		4,000			3,878,226
Indiana Finance Authority, Deaconess Health System, Series A (RB) 5.00%, 09/01/26 (c)		1,000			1,058,182
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		1,000			929,855
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			2,972,727
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		5,500			5,267,374
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		300			303,329
					14,757,301
Iowa: 1.0%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			972,660
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 11/15/26 (c)		3,365			2,739,189
5.00%, 05/15/27 (c)		2,770			2,317,335
5.00%, 05/15/27 (c)		655			563,029

	Par
	(000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 12/01/22 (c)	$	7,025		$	6,111,639
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		7,500			6,687,204
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		1,660			1,602,315
5.00%, 10/01/25 (c)		990			923,082
5.00%, 10/01/25 (c)		2,115			1,882,114
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c)		2,500			2,284,081
					26,082,648
Kansas: 0.5%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			224,255
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c)		1,000			909,140
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		2,000			1,427,329
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c)		1,000			977,955
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			222,309
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c)		1,000			687,181
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)		810			690,473
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		315			289,400
5.75%, 09/01/25 (c)		4,565			4,004,243
6.00%, 09/01/25 (c)		2,125			1,851,186

See Notes to Financial Statements

24

	Par
	(000’s		)	Value
Kansas (continued)
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^	$	7,500		$	2,137,108
					13,420,579
Kentucky: 0.6%
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c)		100			100,777
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 12/01/22 (c)		1,600			1,521,616
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c)		4,655			4,447,670
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		250			196,553
5.00%, 05/15/26 (c)		545			498,079
5.00%, 05/15/26 (c)		350			302,177
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/21/22 (c)		400			359,010
5.50%, 11/21/22 (c)		250			202,297
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		3,365			3,048,453
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			180,409
5.00%, 06/01/27 (c)		990			920,381
5.25%, 06/01/27 (c)		750			734,064
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			468,853
Kentucky Economic Development Finance Authority, Series A-2 (RB) 5.00%, 08/01/29 (c)		1,000			929,349

	Par
	(000’s		)	Value
Kentucky (continued)
Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c)	$	2,000		$	2,097,512
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c)		1,045			1,108,576
					17,115,776
Louisiana: 1.4%
Calcasieu Parish Memorial Hospital Service District (RB)
5.00%, 12/01/29 (c)		1,750			1,727,194
5.00%, 12/01/29 (c)		4,950			4,712,356
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/28		1,000			1,014,185
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)
4.00%, 12/01/28 (c)		3,220			3,048,264
5.00%, 12/01/25		100			103,384
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)		2,075			1,686,308
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			398,304
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c)		950			775,136
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			1,381,648
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)		175			134,949

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
Louisiana (continued)
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		$	913,719
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) 5.00%, 07/01/29 (c)		500			356,347
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		2,550			2,283,566
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c)		1,500			1,324,661
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			22
8.38%, 07/01/24 (c) (d) *		1,389			14
Louisiana Stadium and Exposition District Senior Revenue, Series A (RB) 5.00%, 07/01/23 (c)		2,555			2,570,586
Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/23 (c)		2,400			2,414,798
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c)		3,160			3,039,750
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			765,037
6.35%, 06/01/30 (c)		4,000			4,210,756
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		3,000			3,158,067
					36,019,067

	Par
	(000’s		)	Value
Maine: 0.2%
Maine Finance Authority, GO Lab Madison, LLC Project (RB) 8.00%, 12/01/36 (c)	$	1,000		$	701,794
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			984,857
5.00%, 07/01/26 (c)		3,825			3,463,410
					5,150,061
Maryland: 1.2%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c)		1,000			867,714
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			478,331
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)		250			233,354
County of Baltimore, Riderwood Village, Inc. Facility (RB) 4.00%, 01/01/27 (c)		1,000			856,745
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary's University, Series A (RB) 5.00%, 09/01/27 (c)		1,000			923,868
County of Prince George's, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c)		500			511,061
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c)		2,000			1,571,237
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		4,100			3,566,015
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		500			414,721
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/22 (c)		7,785			7,782,282
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			94,414
4.38%, 01/01/27 (c)		470			419,346
4.50%, 01/01/27 (c)		530			450,920

See Notes to Financial Statements

26

	Par
	(000’s		)	Value
Maryland (continued)
Maryland Economic Development Corp., Port Covington Project (TA)
3.25%, 09/01/30	$	500		$	434,977
4.00%, 09/01/30 (c)		500			409,717
4.00%, 09/01/30 (c)		3,250			2,422,331
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Inc., Series A (RB) 5.50%, 01/01/27 (c)		2,675			2,622,889
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			317,865
5.00%, 07/01/26 (c)		250			245,483
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c)		210			196,683
4.25%, 07/01/25 (c)		145			128,697
5.00%, 07/01/25 (c)		1,500			1,422,446
5.00%, 07/01/25 (c)		625			628,617
5.00%, 07/01/25 (c)		500			491,291
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c)		750			588,078
Maryland Stadium Authority Built to Learn Revenue (RB) 4.00%, 06/01/31 (c)		2,700			2,169,421
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c)		1,000			881,557
Prince George's County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			482,897
					31,612,957
Massachusetts: 1.2%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		365			331,922
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25		1,220			1,268,836
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) 4.00%, 07/01/25 (c)		535			412,277
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			842,783

	Par
	(000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)	$	500		$	496,900
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			961,228
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c)		2,400			1,738,462
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c)		1,000			867,365
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c)		350			310,638
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			491,921
5.12%, 11/15/25 (c)		500			480,223
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 11/21/22 (c)		1,000			965,769
4.12%, 11/21/22 (c)		2,500			2,297,101
5.00%, 11/21/22 (c)		9,820			9,862,004
5.00%, 11/21/22 (c)		1,400			1,412,069
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		3,500			3,114,523
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c)		5			3,768
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,930			1,698,684
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		2,000			1,603,062
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		510			483,465
5.00%, 07/01/26 (c)		190			196,088

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)	$	1,000		$	950,582
					30,789,670
Michigan: 1.1%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			267,948
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c)		250			248,789
City of Detroit, Michigan Unlimited Tax, Series A (GO) 5.00%, 04/01/31 (c)		1,150			1,057,012
Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF) 4.00%, 07/01/28 (c)		1,000			737,121
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			393,722
Flint Michigan Hospital Building Authority (RB) 4.75%, 07/01/23 (c)		30			30,248
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/23 (c)		395			396,001
Michigan Finance Authority, Mid Michigan Health Credit Group (RB) 5.00%, 06/01/24 (c)		1,040			1,068,321
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/25 (c)		250			224,423
5.50%, 11/15/25 (c)		300			259,291
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c)		215			207,799
5.00%, 07/01/24 (c)		3,575			3,362,114
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c)		3,235			3,012,376
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30		10,000			9,592,932
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			788,854
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.01%, 12/01/30 (c)		15,500			1,042,766

	Par   (000’s		)	Value
Michigan (continued)
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24	$	100		$	98,905
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 12/01/22 (c)		2,450			2,255,324
5.50%, 12/01/22 (c)		2,000			1,708,303
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		600			587,695
5.00%, 12/31/28 (c)		700			675,681
5.00%, 12/31/28 (c)		1,250			1,090,446
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.01%, 11/16/22 (c)		260			24,036
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c)		1,000			776,984
					29,907,091
Minnesota: 0.6%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		135			115,861
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			465,969
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 12/01/22 (c) (d) *		1,900			1,175,141
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/25 (c)		245			201,587
5.50%, 07/01/25 (c)		250			216,921
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c)		3,000			2,755,065
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			474,824
5.50%, 07/01/25 (c)		2,860			2,700,948
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		500			452,358
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			96,862
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			1,800,000

See Notes to Financial Statements

28

	Par   (000’s		)	Value
Minnesota (continued)
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c)	$	1,000		$	937,099
5.75%, 09/01/26 (c)		325			309,682
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)		500			405,674
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,225,442
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/21/22 (c)		975			774,590
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		250			202,426
					16,310,449
Mississippi: 0.2%
Mississippi Business Finance Corp. (RB) 2.38%, 06/01/26 (c)		1,250			747,348
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c)		3,500			2,637,075
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,000			1,021,959
					4,406,382
Missouri: 1.1%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			306,126
4.00%, 08/01/26 (c)		565			452,783
5.00%, 08/01/26 (c)		1,000			1,005,632
5.00%, 08/01/26 (c)		1,000			1,009,693
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c)		3,750			2,238,339
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			1,012,638
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		70			65,653
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			440,250

	Par   (000’s		)	Value
Missouri (continued)
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 12/01/22 (c)	$	40		$	38,656
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		1,000			926,864
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c)		250			199,245
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			366,925
I-470 Western Gateway Transportation Development District, Series A (RB)
4.50%, 12/01/26 (c)		400			380,388
5.25%, 12/01/26 (c)		1,100			1,023,298
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46		5,352			3,913,903
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c)		4,475			2,972,804
Kansas City Missouri, International Airport Terminal Modernization Project, Series B (RB) (AMBAC) 5.00%, 03/01/29 (c)		1,000			984,300
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		1,500			1,303,657
5.25%, 05/15/27 (c)		4,000			3,154,308
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,380,462
5.00%, 08/15/25 (c)		2,000			1,696,046
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c)		2,500			2,114,892
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)		860			745,122

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Missouri (continued)
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c)	$	1,000		$	740,022
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			429,588
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			141,327
					29,042,921
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/23 (c)		2,000			1,858,915
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c)		1,500			1,256,774
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/28 (c)		500			427,966
5.00%, 07/01/28 (c)		1,270			1,198,384
					4,742,039
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/34		1,000			998,543
5.00%, 09/01/36		500			494,794
5.00%, 09/01/42		1,780			1,705,390
					3,198,727
Nevada: 0.5%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		245			195,958
4.00%, 06/01/29 (c)		555			430,495
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/22 (c)		1,175			1,136,793
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000			2,098,761
Clark County School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c)		1,000			774,654
Clark County, Nevada Airport System Subordinate Lien, Series A-2 (RB) 5.00%, 07/01/27 (c)		1,050			1,067,352

	Par   (000’s		)	Value
Nevada (continued)
Clark County, Nevada School District, Series B (GO) (BAM) 3.00%, 06/15/31 (c)	$	2,000		$	1,523,227
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		170			167,432
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		625			540,349
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		230			196,024
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		480			422,842
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/25 (c)		2,000			1,903,425
5.00%, 12/15/25 (c)		500			442,213
5.00%, 12/15/25 (c)		400			374,712
5.12%, 12/15/25 (c)		1,000			912,216
					12,186,453
New Hampshire: 0.5%
National Finance Authority, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		1,220			934,473
5.00%, 07/01/28 (c)		2,000			1,488,809
National Finance Authority, Covanta Project, Series B (RB)
3.75%, 07/02/40 (c) (p)		2,250			1,690,911
4.62%, 07/01/23 (c)		4,000			3,323,633
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p)		3,665			2,705,047
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c)		1,600			1,419,549
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		1,500			585,000
6.12%, 07/01/24 (c) (d) *		1,000			390,000
6.25%, 07/01/24 (c) (d) *		500			195,000
					12,732,422
New Jersey: 3.6%
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		150			148,857
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/24 (c)		1,410			1,419,957

See Notes to Financial Statements

30

	Par   (000’s		)	Value
New Jersey (continued)
5.25%, 11/01/24 (c)	$	8,450		$	8,484,574
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c)		65			64,231
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			438,321
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 12/01/22 (c)		5,000			4,921,001
5.50%, 06/20/23 (c)		60			58,450
5.62%, 03/05/24 (c)		285			281,293
5.62%, 03/05/24 (c)		2,035			2,008,534
5.75%, 12/01/22 (c)		4,825			4,827,484
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		55			53,533
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/24 (c)		655			616,157
5.00%, 01/01/24 (c)		500			448,775
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		1,640			1,541,904
4.00%, 07/01/27 (c)		2,000			1,829,207
5.00%, 07/01/27 (c)		1,890			1,909,165
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			440,444
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		1,250			1,242,902
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		120			120,227
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 12/15/26 (c)		725			727,593
5.00%, 12/15/26 (c)		305			305,101

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
4.75%, 12/15/26 (c)	$	2,545		$	2,685,833
5.50%, 12/15/26 (c)		165			179,058
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c)		2,880			2,756,219
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
5.00%, 11/28/22 (c)		470			470,311
5.00%, 11/28/22 (c)		10			10,034
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 11/28/22 (c)		125			125,016
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
5.00%, 12/15/29 (c)		600			591,714
5.00%, 12/15/29 (c)		2,125			2,090,836
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		500			455,587
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
5.00%, 03/01/23 (c)		15			15,049
5.00%, 03/01/23 (c)		285			286,696
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		140			143,903
5.00%, 06/15/24 (c)		920			935,310
5.00%, 06/15/24 (c)		100			101,590
5.00%, 06/15/24 (c)		580			596,168
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 12/15/29 (c)		205			164,743
4.00%, 12/15/30 (c)		600			527,957
4.00%, 12/15/30 (c)		600			516,016
4.00%, 12/15/30 (c)		700			637,822

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c)	$	620		$	637,283
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) 5.00%, 06/15/24 (c)		2,500			2,456,556
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
5.00%, 06/15/25 (c)		1,235			1,240,841
5.00%, 06/15/25 (c)		680			681,590
5.00%, 06/15/25 (c)		630			627,617
5.25%, 06/15/25 (c)		1,055			1,108,734
5.25%, 06/15/25 (c)		2,565			2,695,641
5.25%, 06/15/25 (c)		435			446,097
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.00%, 06/15/24		220			220,921
4.25%, 06/15/25 (c)		885			890,342
4.38%, 06/15/25 (c)		420			422,611
5.00%, 06/15/24		1,080			1,101,330
5.00%, 06/15/25 (c)		105			107,652
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/24 (c)		350			341,459
5.25%, 01/01/24 (c)		1,000			1,003,439
5.38%, 01/01/24 (c)		900			866,697
5.50%, 01/01/24 (c)		500			502,589
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c)		150			132,912
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		330			335,886
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c)		490			407,478
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
5.00%, 04/01/28 (c)		1,000			1,000,076
5.00%, 04/01/28 (c)		500			518,806

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^	$	230		$	202,249
0.00%, 12/15/25 ^		270			237,422
0.01%, 12/15/33		5			2,884
5.00%, 12/15/26		5			5,192
5.00%, 12/15/28 (c)		2,070			2,110,776
5.00%, 12/15/28		200			208,340
5.00%, 12/15/29 (c)		385			378,694
5.25%, 12/15/23		100			101,673
5.50%, 12/15/23		205			208,986
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.75%, 06/15/25 (c)		150			149,829
4.75%, 06/15/25 (c)		3,000			2,878,647
5.00%, 06/15/23 (c)		200			201,247
5.00%, 06/15/23 (c)		605			608,167
5.00%, 06/15/23 (c)		135			135,754
5.00%, 06/15/23 (c)		640			640,740
5.00%, 06/15/24 (c)		1,120			1,104,532
5.00%, 06/15/25 (c)		340			326,276
5.25%, 06/15/23 (c)		130			130,455
5.25%, 06/15/25 (c)		505			506,160
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
0.00%, 12/15/24 ^		430			395,229
0.00%, 12/15/25 ^		250			220,171
0.00%, 12/15/28 ^		185			141,669
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.01%, 12/15/31		365			238,347
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			103,840
South Jersey Port Corp., Marine Terminal, Series B (RB)
5.00%, 01/01/28 (c)		360			360,226
5.00%, 01/01/28 (c)		750			735,984
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c)		7,410			7,131,702
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c)		14,330			13,175,946
					95,565,266

See Notes to Financial Statements

32

	Par   (000’s		)	Value
New Mexico: 0.1%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c)	$	4,980		$	3,852,812
New York: 9.5%
Brooklyn Arena Local Development Corp., Barclays Center (RB)
0.00%, 07/15/33 ^		370			196,932
0.01%, 07/15/32		395			224,474
0.01%, 07/15/47		180			36,805
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) 5.00%, 07/15/26		345			344,859
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/25 (c)		3,120			3,091,354
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28		5,610			5,277,184
5.25%, 12/31/28 (c)		9,700			8,697,254
5.50%, 12/31/28 (c)		4,700			3,993,838
Build NYC Resource Corp., Metropolitan College of New York Project (RB)
5.00%, 11/01/24 (c)		1,560			1,375,474
5.25%, 11/01/24 (c)		250			245,133
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c)		2,200			1,861,957
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c)		2,000			1,742,637
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		300			269,232
Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c)		1,000			891,844
City of Albany Capital Resources Corp., College of Saint Rose Project (RB) 4.00%, 07/01/31 (c)		1,000			688,414
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/30 (c)		1,250			1,034,143

	Par   (000’s		)	Value
New York (continued)
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c)	$	2,120		$	2,152,764
Dormitory Authority of the State of New York, Montefiore Medical Center, Series A (RB) 4.00%, 08/01/28 (c)		1,000			788,241
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/30 (c)		1,500			1,356,044
5.00%, 07/01/30 (c)		1,000			876,900
5.00%, 07/01/30 (c)		8,370			7,149,617
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		910			825,176
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 12/01/22 (c)		5			4,593
5.00%, 12/01/22 (c)		10,000			8,895,574
Jefferson County Civic Facility Development Corp. (RB) 4.00%, 11/01/27 (c)		2,320			1,688,721
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c)		3,500			3,527,078
Metropolitan Transportation Authority, Series F (RB) 5.00%, 11/15/25 (c)		1,000			980,788
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)
3.00%, 12/01/30 (c)		5			3,235
5.00%, 12/01/30 (c)		500			510,105
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 11/16/22 (c)		3,905			3,369,012
New Rochelle Industrial Development Agency (RB)
5.25%, 01/01/23 (c) (d) *		1,352			30,411
5.50%, 07/01/19 (c) (d) *		62			1,392
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c)		4,500			4,411,823
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 12/01/22 (c)		2,000			1,995,960
New York Convention Center Development Corp. (RB) 5.00%, 11/15/25 (c)		2,500			2,504,777

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York Counties Tobacco Trust IV, Series A (RB)
3.75%, 06/01/26 (c)	$	500		$	362,458
5.00%, 11/16/22 (c)		9,000			7,679,256
5.00%, 11/16/22 (c)		785			655,379
6.25%, 11/16/22 (c)		1,000			974,238
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 11/16/22 (c) ^		5			288
New York Counties Tobacco Trust VI, Series A-2B (RB) 5.00%, 06/01/26 (c)		1,000			827,620
New York Liberty Development Corp., 3 World Trade Center Project (RB)
5.00%, 11/15/24 (c)		5,500			4,832,338
5.15%, 11/15/24 (c)		5,710			5,453,369
5.38%, 11/15/24 (c)		3,700			3,529,435
7.25%, 11/15/24 (c)		7,000			7,002,304
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			5,688,165
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		480			481,579
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			148,578
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		3,500			3,494,957
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 07/01/25 (c)		2,500			2,418,336
New York State Dormitory Authority, Orange Regional Medical Center Obligated Group (RB) 5.00%, 06/01/27 (c)		1,000			962,546
New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c)		1,700			1,397,331
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/24		1,365			1,407,594
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c)		1,370			1,391,127

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c)	$	2,500		$	2,369,927
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/32 (c)		5,000			4,615,504
New York Transportation Development Corp. (RB) 5.00%, 01/01/28 (c)		1,180			1,149,864
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		1,625			1,491,900
5.00%, 11/21/22 (c)		8,640			8,489,344
5.00%, 11/21/22 (c)		6,020			5,997,200
5.25%, 08/01/30 (c)		2,810			2,790,103
5.38%, 08/01/30 (c)		6,250			6,086,634
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.38%, 10/01/30 (c)		15,060			12,524,315
5.00%, 01/01/28 (c)		1,300			1,275,012
5.00%, 10/01/30 (c)		8,650			8,338,505
5.00%, 10/01/30 (c)		8,500			8,019,217
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		8,665			8,125,660
5.00%, 01/01/28 (c)		160			157,945
5.00%, 01/01/28 (c)		1,600			1,586,455
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		7,165			6,177,497
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
4.00%, 07/01/24 (c)		1,000			917,927
5.00%, 07/01/24 (c)		230			226,040
5.00%, 07/01/24 (c)		420			423,599
5.00%, 07/01/24 (c)		8,130			7,433,227
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)
5.00%, 12/01/32 (c)		1,290			1,183,308
5.00%, 12/01/32 (c)		1,000			925,758

See Notes to Financial Statements

34

	Par   (000’s		)	Value
New York (continued)
5.00%, 12/01/32 (c)	$	1,000		$	908,070
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c)		1,000			836,705
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c)		5,250			4,437,499
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c)		355			273,515
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)		4,600			4,133,201
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.01%, 06/01/31 (c)		10,515			877,708
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) 5.00%, 01/01/26 (c)		200			142,639
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) 5.00%, 06/01/27 (c)		17,535			15,263,614
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
4.00%, 09/15/24 (c)		525			488,126
5.00%, 09/15/24 (c)		400			314,575
5.25%, 09/15/24 (c)		180			126,839
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c)		9,285			8,403,815
Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) 5.00%, 07/01/27 (c)		1,000			775,039
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/27 (c)		1,330			1,335,885
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c)		4,575			4,418,677

	Par   (000’s		)	Value
New York (continued)
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c)	$	275		$	227,688
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c)		315			282,379
					253,301,558
North Carolina: 0.8%
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
5.00%, 06/30/25 (c)		1,000			973,368
5.00%, 06/30/25 (c)		1,430			1,288,899
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c)		205			170,233
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		90			90,408
North Carolina Medical Care Commission, Retirement Facilities (RB)
4.70%, 07/01/25 (c)		550			477,957
5.00%, 10/01/24 (c)		250			237,554
5.00%, 10/01/24 (c)		250			227,180
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c)		165			158,427
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/26 (c)		385			335,909
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c)		465			433,958
North Carolina Turnpike Authority, Triangle Expressway System (RB)
4.00%, 01/01/30 (c)		1,250			939,140
5.00%, 01/01/27 (c)		1,000			1,009,578
5.00%, 01/01/30 (c)		1,705			1,576,860
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		100			105,295

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24	$	12,975		$	13,133,355
					21,158,121
North Dakota: 0.2%
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c)		1,000			807,899
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		615			307,500
7.75%, 09/01/23 (c) (d) *		1,285			642,500
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c)		5,500			3,047,778
					4,805,677
Ohio: 3.7%
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)
5.25%, 11/15/26 (c)		3,000			2,854,087
5.25%, 11/15/26 (c)		500			489,239
American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB) 5.00%, 02/15/24 (c)		1,585			1,596,777
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c)		55,000			46,357,438
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		900			907,784
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/25 (c)		3,900			2,966,698
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 06/01/24 (c)		1,805			1,840,444
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/27 (c)		340			299,116
5.00%, 02/15/27 (c)		3,010			2,737,541
5.25%, 02/15/27 (c)		1,750			1,685,473
County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM) 5.25%, 11/15/28 (c)		1,500			1,040,075

	Par   (000’s		)	Value
Ohio (continued)
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
4.00%, 11/15/29 (c)	$	3,940		$	3,213,289
4.00%, 11/15/29 (c)		2,250			1,775,527
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 02/15/23 (c)		1,000			864,772
5.00%, 02/15/23 (c)		490			463,946
5.00%, 02/15/23 (c)		5,030			4,262,616
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p)		1,500			1,294,643
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c)		10,565			8,920,696
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 06/01/27 (p)		1,000			976,794
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		5,500			4,900,954
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) 4.50%, 01/15/28 (c)		4,500			3,643,181
Ohio State, Portmouth Gateway Group, LLC Project (RB) 5.00%, 06/30/25 (c)		1,500			1,462,024
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
5.00%, 12/01/24 (c)		245			221,867
5.00%, 12/01/24 (c)		250			213,093
5.50%, 12/01/24 (c)		70			65,354
5.75%, 12/01/22 (c)		710			711,434
6.00%, 12/01/22 (c)		1,070			1,072,356
					96,837,218
Oklahoma: 1.1%
Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c)		605			370,162
Norman Regional Hospital Authority (RB)
3.25%, 09/01/29 (c)		340			235,970
4.00%, 09/01/26 (c)		150			127,156
4.00%, 09/01/29 (c)		2,000			1,562,804
5.00%, 09/01/29 (c)		7,155			6,722,663

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Oklahoma (continued)
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
5.00%, 12/01/22 (c)	$	825		$	495,000
5.00%, 04/01/23 (d) *		90			54,000
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/28 (c)		700			621,805
5.25%, 08/15/28 (c)		2,900			2,434,649
5.25%, 08/15/28 (c)		8,000			6,410,890
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)
5.50%, 08/15/28 (c)		1,300			1,065,099
5.50%, 08/15/28 (c)		1,435			1,151,873
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c)		375			298,117
Tulsa County, Oklahoma Industrial Authority, Senior Living Community, Montereau, Inc. Project (RB) 5.25%, 11/15/25 (c)		2,050			1,955,176
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		4,455			4,439,913
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 06/01/23 (c)		2,100			2,103,666
					30,048,943
Oregon: 0.1%
Hospital Facilities Authority of Multnomah County Oregon (RB) (AGM)
4.00%, 12/01/28 (c)		1,000			820,777
4.00%, 12/01/28 (c)		2,000			1,524,565
Yamhill County Hospital Authority, Friendsview Retirement Community, Series A (RB) 5.00%, 11/15/24 (c)		1,000			807,427
					3,152,769
Pennsylvania: 3.7%
Allegheny County Airport Authority, Series A (RB) (AGM) 4.00%, 01/01/31 (c)		1,000			805,808
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27 (c)		2,000			1,715,425
5.00%, 05/01/27 (c)		250			234,761
5.00%, 05/01/28		1,000			967,711
5.00%, 05/01/28		785			757,233
5.00%, 05/01/28 (c)		250			232,343
5.38%, 05/01/28 (c)		4,000			3,543,282

	Par   (000’s		)	Value
Pennsylvania (continued)
Berks County Industrial Development Authority, Tower Health Project (RB)
5.00%, 11/01/24	$	500		$	477,943
5.00%, 11/01/26		120			109,608
5.00%, 11/01/27 (c)		470			407,908
5.00%, 11/01/27 (c)		110			84,846
5.00%, 11/01/27 (c)		1,000			830,457
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 11/21/22 (c)		1,000			699,679
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c)		3,425			1,955,936
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/27		1,000			903,628
5.00%, 02/01/30		860			726,368
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		6,000			5,367,709
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p)		670			560,555
Bucks County Industrial Development Authority Hospital (RB)
4.00%, 07/01/31 (c)		1,000			698,924
5.00%, 07/01/31 (c)		1,500			1,205,009
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c)		1,000			916,679
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c)		430			316,071
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		440			378,911
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/28 (c)		1,300			1,205,188
5.12%, 03/01/28 (c)		4,989			4,429,686
City of Philadelphia, Pennsylvania Water and Wastewater (RB) 4.00%, 10/01/26 (c)		1,000			994,360

See Notes to Financial Statements

37

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
City of Philadelphia, Series A (GO) 4.00%, 05/01/31 (c)	$	1,000		$	888,668
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) (AGM) 4.00%, 06/01/28 (c)		1,000			911,933
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24		1,500			1,491,702
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c)		185			170,945
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/26 (c)		345			332,017
6.00%, 06/01/26 (c)		440			434,444
Cumberland County Municipal Authority (RB) 5.00%, 01/01/25 (c)		3,000			2,601,590
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
5.00%, 10/15/27		500			489,698
6.25%, 10/15/28 (c)		3,200			3,085,536
Delaware County Authority, Eastern University (RB) 5.25%, 12/01/22 (c)		310			291,034
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c)		395			346,259
Delaware River Port Authority, Port District Project (RB)
5.00%, 01/01/23 (c)		1,080			1,082,538
5.00%, 01/01/23 (c)		840			841,896
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		1,000			1,092,813
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/26 (c)		1,000			866,451
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) 5.00%, 12/01/25 (c)		215			162,502

	Par   (000’s		)	Value
Pennsylvania (continued)
5.00%, 12/01/25 (c)	$	500		$	389,260
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c)		1,000			902,707
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
5.00%, 03/01/27 (c)		425			358,862
5.00%, 03/01/27 (c)		425			333,168
5.00%, 03/01/27 (c)		310			250,595
Lancaster County, Penn State Health (RB) 5.00%, 11/01/29 (c)		1,000			1,009,947
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		2,000			1,826,704
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/25 (c)		150			145,338
5.25%, 01/01/25 (c)		870			811,187
5.38%, 01/01/25 (c)		820			741,521
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/25 (c)		300			274,156
5.75%, 07/01/25 (c)		2,000			1,744,897
6.00%, 07/01/25 (c)		590			488,623
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/26 (c)		1,000			882,678
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/28 (c) (d) *		3,040			1,155,200
6.75%, 12/01/28 (c) (d) *		6,470			2,458,600
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
4.12%, 06/30/26 (c)		1,685			1,413,459
5.00%, 12/31/23		125			126,347
5.00%, 12/31/24		550			553,222
5.00%, 12/31/25		1,105			1,112,779
5.00%, 06/30/26 (c)		1,485			1,494,137
5.00%, 06/30/26 (c)		500			464,771
5.00%, 06/30/26 (c)		410			408,583
5.00%, 06/30/26 (c)		575			575,921

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB)
4.00%, 11/01/22 (c)	$	425		$	425,000
5.00%, 11/01/22 (c)		250			250,000
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 12/01/22 (c)		1,915			1,669,073
5.00%, 12/01/22 (c)		1,000			835,533
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series A (RB) 5.25%, 03/01/25 (c)		3,825			3,760,970
Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series A (RB) 3.00%, 12/01/30 (c)		1,000			701,414
Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series B (RB) 4.00%, 12/01/31 (c)		1,625			1,341,211
Philadelphia Authority for Industrial Development Multifamily Housing, University Square Apartments Project-Project Based Section 8 (RB) 5.00%, 12/01/26 (c)		1,000			919,820
Philadelphia Authority for Industrial Development, Alliance For Progress Chapter School, Inc. Project, Series A (RB) (AGM) 5.00%, 06/15/26 (c)		2,770			2,393,980
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)		1,000			1,039,085
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
6.38%, 06/01/25 (c)		440			415,367
6.50%, 06/01/25 (c)		440			416,136
6.62%, 06/01/25 (c)		415			394,616

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c)	$	355		$	319,341
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c)		350			322,279
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)
5.00%, 06/15/28 (c)		1,000			837,619
5.00%, 06/15/28 (c)		500			447,041
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c)		3,000			3,077,098
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/25 (c)		3,000			3,032,940
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/27 (c)		735			665,032
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/27 (c)		1,000			1,011,391
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB)
5.00%, 07/01/27 (c)		220			223,379
5.00%, 07/01/27 (c)		1,240			1,263,800
School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG) 5.00%, 06/01/24		1,010			1,031,771
Scranton Pennsylvania (GO) 5.00%, 05/15/24 (c)		1,000			980,665
Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c)		250			234,240
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/26 (c)		1,500			1,372,356

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c)	$	1,710		$	1,594,525
Westmoreland County Industrial Development Authority, Excela Health Project, Series A (RB) 5.00%, 07/01/29		1,450			1,495,585
					98,009,983
Puerto Rico: 6.8%
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^		80			27,928
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
4.00%, 07/01/31 (c)		7,365			5,641,914
5.00%, 07/01/30		7,500			7,186,060
5.00%, 07/01/30 (c)		9,000			7,713,286
5.00%, 07/01/30 (c)		1,250			1,148,937
5.00%, 07/01/32 (c)		6,290			5,685,138
6.12%, 07/01/24		105			106,396
Puerto Rico Commonwealth, Series A-1 (GO)
4.00%, 07/01/31 (c)		12,010			9,165,041
4.00%, 07/01/31 (c)		12,000			8,741,517
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/31 (c)		8,570			7,269,846
4.00%, 07/01/31 (c)		12,000			9,574,661
4.00%, 07/01/31 (c)		11,500			9,425,486
5.62%, 07/01/27		4,000			4,033,065
5.62%, 07/01/29		3,000			3,022,331
5.75%, 07/01/31		10,399			10,482,722
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/22 (c)		100			103,564
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 01/01/23 (c)		20			19,169
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.01%, 07/01/24		5,772			5,306,708
4.50%, 07/01/25 (c)		5,000			4,545,700
5.00%, 07/01/28 (c)		26,070			22,419,890
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c)		6,662			5,762,086

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c)	$	21,399		$	17,901,308
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/28 (c)		10,960			9,219,588
4.33%, 07/01/28 (c)		17,508			14,727,787
4.55%, 07/01/28 (c)		6,432			5,563,155
4.78%, 07/01/28 (c)		7,181			5,947,084
					180,740,367
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)
5.00%, 09/01/26		100			98,801
5.00%, 09/01/26 (c)		3,750			3,185,328
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c)		500			453,227
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
5.00%, 05/15/26 (c)		690			650,402
5.00%, 05/15/26 (c)		1,000			984,334
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c)		1,650			1,603,687
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c)		2,000			1,874,956
					8,850,735
South Carolina: 0.4%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c)		800			599,423
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/24 (c)		500			484,916
5.00%, 11/01/24 (c)		650			603,526
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.75%, 12/15/26 (c)		500			500,869
5.75%, 12/15/26 (c)		500			486,034
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/25 (c)		5,000			4,041,093

See Notes to Financial Statements

40

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes, Series A (RB) (AGM) 5.00%, 04/01/24 (c)	$	1,000		$	804,065
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c)		320			257,406
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)		305			288,443
South Carolina Ports Authority (RB) 5.25%, 07/01/25 (c)		1,515			1,576,037
South Carolina Public Service Authority, Series A (RB) (BAM-TCRS) 4.00%, 12/01/30 (c)		1,000			885,880
					10,527,692
South Dakota: 0.2%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/26 (c)		750			630,251
5.00%, 11/01/26 (c)		500			419,570
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)
4.00%, 08/01/31 (c)		1,100			761,165
4.00%, 08/01/31 (c)		1,550			1,113,636
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/27 (c)		1,950			1,936,060
South Dakota Health and Educational Facilities Authority, Series B (RB) 5.00%, 11/01/24 (c)		1,000			948,619
					5,809,301
Tennessee: 0.7%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		740			437,207
Bristol Industrial Development Board, Pinnacle Project, Series A (RB)
5.00%, 12/01/26 (c)		2,000			1,838,058
5.12%, 12/01/26 (c)		1,000			896,706
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c)		310			296,050

	Par   (000’s		)	Value
Tennessee (continued)
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c)	$	850		$	808,469
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/26 (c)		290			226,049
4.00%, 09/01/26 (c)		295			243,045
5.00%, 04/01/27 (c)		645			645,886
Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB)
5.50%, 10/01/25 (c)		250			221,978
5.75%, 10/01/25 (c)		1,595			1,361,576
5.75%, 10/01/25 (c)		5,755			4,705,713
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26		7,000			7,264,553
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			174,053
					19,119,343
Texas: 5.4%
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 06/01/28 (c)		1,500			1,106,573
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			280,996
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			703,363
5.00%, 01/01/27 (c)		500			462,209
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/25 (c)		610			551,161
5.00%, 12/01/25 (c)		215			188,355
5.25%, 12/01/25 (c)		700			693,781
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c)		5,320			4,602,976

See Notes to Financial Statements

41

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c)	$	1,850		$	1,653,376
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,700			2,392,147
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)
4.00%, 01/01/30 (c)		5,690			4,449,116
4.00%, 01/01/30 (c)		1,500			1,230,811
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		775			790,106
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/29 (c)		1,220			940,159
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
4.00%, 07/15/29 (c)		1,645			1,267,236
5.00%, 07/15/25 (c)		650			613,129
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		3,140			3,122,894
5.00%, 07/15/28		2,000			1,980,379
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,000			990,189
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24		3,010			2,997,022
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c)		2,600			2,563,898
City of Houston, Texas Airport System, Series A (RB) 4.00%, 07/01/31 (c)		1,600			1,315,421

	Par   (000’s		)	Value
Texas (continued)
City of Justin, Timberbrook Public Improvement District No. 1 Project (SA) 4.00%, 09/01/31 (c)	$	1,000		$	749,091
City of Liberty, Butler Farms Public Improvement District Project (SA) 4.00%, 09/01/32 (c)		1,000			752,282
City of New Braunfels, Utility System (RB) 4.00%, 07/01/28 (c)		5			4,293
Clifton Higher Education Finance Corp., Series A (RB)
5.12%, 08/15/25 (c)		730			716,407
5.50%, 08/15/25 (c)		610			605,525
Clifton Higher Education Finance Corp., Series D (RB)
5.75%, 08/15/25 (c)		500			503,782
6.00%, 08/15/25 (c)		500			505,171
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/31 (c)		2,035			1,487,706
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c)		850			815,763
El Paso County Hospital District (GO) 5.00%, 08/15/23 (c)		4,680			4,683,527
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 12/01/22 (c)		2,265			2,215,395
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/23 ^		250			238,438
0.00%, 11/15/23 ^		675			651,226
0.00%, 11/15/27 ^		590			461,950
0.00%, 11/15/31 (c) ^		120			58,049
0.00%, 11/15/31 (c) ^		145			53,892
0.00%, 11/15/31 (c) ^		170			59,051
0.01%, 11/15/25		495			428,822
0.01%, 11/15/29		1,405			992,140
0.01%, 11/15/30		115			77,014
0.01%, 11/15/31 (c)		350			148,790
0.01%, 11/15/31 (c)		1,140			369,508
0.01%, 11/15/31 (c)		705			417,688
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)
0.00%, 11/15/24 (c) ^		100			59,943
0.00%, 11/15/24 (c) ^		335			157,583
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 12/01/22 (c)		3,000			3,001,880

See Notes to Financial Statements

42

	Par   (000’s		)	Value
Texas (continued)
Lower Colorado River Authority (RB) 5.00%, 05/15/23 (c)	$	2,000		$	2,012,636
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			1,015,770
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)
5.12%, 02/15/24 (c) (d) *		700			581,000
5.12%, 02/15/24 (c) (d) *		2,680			2,224,400
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/22 (c)		11,500			10,844,367
Montgomery County Toll Road Authority (RB) 5.00%, 09/15/25 (c)		1,000			940,520
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c)		235			105,750
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c)		1,595			797,500
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		230			183,358
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		190			189,905
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c)		100			100,452
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB)
5.38%, 11/15/26 (c)		975			841,064
5.50%, 11/15/26 (c)		750			608,880
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/24		115			97,750
5.00%, 07/01/25 (c)		100			85,000
5.00%, 07/01/25 (c)		440			374,000

	Par   (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c)	$	200		$	164,050
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			1,701,574
5.00%, 12/01/26 (c)		1,000			815,965
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c)		8,045			5,964,582
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
5.00%, 01/01/26 (c)		250			174,221
5.00%, 01/01/26 (c)		250			178,809
North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c)		1,050			952,143
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/26 (c)		400			366,316
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		2,825			2,612,668
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) 2.75%, 07/01/23 (c)		1,955			1,331,924
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (BAM) 3.62%, 12/01/22 (c)		2,095			1,619,116
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
5.00%, 08/15/26 (c)		400			365,614
5.00%, 08/15/26 (c)		400			341,986
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c)		1,000			1,006,528
San Antonio Education Facilities Corp., University of Incarnate Word Project, Series A (RB) 4.00%, 04/01/31 (c)		1,000			730,422

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 12/01/22 (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			113,777
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) *		535			347,750
Tarrant County Cultural Education Facilities Finance Corp., Trinity Terrace Project, Series A-1 (RB) 5.00%, 10/01/24 (c)		2,090			1,939,686
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		1,375			1,392,986
5.00%, 12/15/31		1,670			1,679,850
5.00%, 12/15/32		2,120			2,122,264
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		925			937,655
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)
5.00%, 12/31/25 (c)		230			226,192
5.00%, 12/31/25 (c)		250			233,676
5.00%, 12/31/25 (c)		460			439,461
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)
4.00%, 12/31/30 (c)		1,700			1,453,201
4.00%, 12/31/30 (c)		3,175			2,736,914
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
5.00%, 06/30/29 (c)		10,120			9,043,897
6.75%, 09/01/23 (c)		5,000			5,089,065
7.00%, 09/01/23 (c)		515			525,845
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)
4.00%, 12/31/29 (c)		500			430,632
5.00%, 12/31/29 (c)		1,300			1,277,160

	Par   (000’s		)	Value
Texas (continued)
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c)	$	1,500		$	1,505,101
5.00%, 08/15/24 (c)		850			857,724
5.00%, 08/15/24 (c)		7,360			7,409,883
5.00%, 08/15/24 (c)		600			606,641
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/25 (c)		1,000			950,970
6.25%, 09/01/25 (c)		1,000			930,879
6.38%, 09/01/25 (c)		1,000			927,153
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) *		4,980			3,000,450
					143,092,295
Utah: 0.5%
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 (SA) 4.00%, 08/01/31 (c)		5,000			3,564,065
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA)
4.50%, 08/01/30 (c)		2,500			2,160,312
5.00%, 08/01/30 (c)		4,000			3,394,512
Military Installation Development Authority, Utah Tax Allocation, Series A-1 (RB) 4.00%, 09/01/26 (c)		1,250			865,184
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
5.25%, 06/15/27 (c)		1,500			1,387,273
5.38%, 06/15/27 (c)		2,195			1,915,763
					13,287,109
Vermont: 0.0%
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c)		500			389,722
Virgin Islands: 0.7%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)
5.00%, 10/01/30		1,500			1,518,611
5.00%, 10/01/32 (c)		6,750			6,655,765
5.00%, 10/01/32		2,210			2,226,578
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 12/01/22 (c)		720			727,437

See Notes to Financial Statements

44

	Par   (000’s		)	Value
Virgin Islands (continued)
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
4.50%, 10/01/24 (c)	$	550		$	435,114
5.00%, 10/01/24 (c)		4,250			3,744,713
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24 (c)		1,000			940,855
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 12/01/22 (c)		170			156,580
5.00%, 12/01/22 (c)		330			323,869
5.00%, 12/01/22 (c)		65			62,455
5.00%, 12/01/22 (c)		1,070			998,375
5.00%, 12/01/22 (c)		1,170			1,107,216
					18,897,568
Virginia: 1.8%
Albemarle County, Virginia Economic Development Authority, Series A (RB) 5.00%, 01/01/23 (c)		1,345			1,348,642
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) (d) *		250			140,669
Cherry Hill Community Development Authority, Potomac Shores Project (SA)
5.15%, 03/01/25 (c)		200			190,847
5.40%, 03/01/25 (c)		495			460,977
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 11/01/23		1,000			1,011,333
5.00%, 07/01/26 (c)		1,025			1,030,219
5.00%, 07/01/26 (c)		6,000			6,041,253
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 12/01/22 (c)		380			380,147
City of Hopewell, Sewer System, Series A (RB) 5.00%, 12/01/22 (c)		240			233,846
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c)		4,570			4,058,112
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 07/01/30 (c)		1,500			1,321,898
5.00%, 07/01/30 (c)		1,000			854,198

	Par   (000’s		)	Value
Virginia (continued)
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26	$	1,395		$	1,464,143
Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Series A (RB) 5.00%, 01/01/24 (c)		1,000			949,023
Peninsula Town Center Community Development Authority (RB)
5.00%, 09/01/27 (c)		500			446,374
5.00%, 09/01/27 (c)		2,760			2,355,701
Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c)		3,500			2,314,574
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (d) (p) *		1,000			814,415
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c)		500			345,430
Virginia College Building Authority, Marymount University Project, Series A (RB)
5.00%, 07/01/25 (c)		2,500			2,233,725
5.00%, 07/01/25 (c)		1,000			951,093
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		2,300			2,300,393
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO, LLC Project (RB) 3.00%, 01/01/32 (c)		2,000			1,396,964
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
4.00%, 01/01/32 (c)		1,000			818,736
4.00%, 01/01/32 (c)		3,925			2,983,527
4.00%, 01/01/32 (c)		1,250			1,039,592
4.00%, 01/01/32 (c)		1,000			815,880
5.00%, 01/01/32 (c)		500			502,936
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/32 (c)		2,000			1,905,943

See Notes to Financial Statements

45

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Virginia (continued)
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 06/30/27 (c)	$	3,000		$	2,706,077
Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/38 (c) (p)		4,000			3,559,779
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			912,240
					47,888,686
Washington: 1.3%
Kalispel Tribe Indians Priority, Series A (RB)
5.00%, 01/01/28 (c)		250			258,088
5.25%, 01/01/28 (c)		250			258,615
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/25 (c)		500			501,157
6.00%, 12/01/25 (c)		500			502,130
6.25%, 12/01/25 (c)		250			251,527
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		100			80,752
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		205			205,667
Washington State Convention Center Public Facilities District, Series B (RB)
3.00%, 07/01/31 (c)		1,000			777,420
3.00%, 07/01/31 (c)		2,500			1,363,830
3.00%, 07/01/31 (c)		3,000			1,782,987
3.00%, 07/01/31 (c)		4,400			2,400,342
4.00%, 07/01/31 (c)		3,745			2,794,581
4.00%, 07/01/31 (c)		5,945			4,227,532
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
5.00%, 07/01/24 (c)		2,000			1,544,350
5.00%, 07/01/24 (c)		150			127,873
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/28 (c)		1,000			761,546

	Par   (000’s		)	Value
Washington (continued)
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
5.00%, 01/01/25 (c)	$	2,495		$	1,906,911
5.00%, 01/01/25 (c)		825			709,349
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c)		7,000			5,218,087
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
5.00%, 07/01/26 (c)		1,250			992,630
5.00%, 07/01/26 (c)		500			407,380
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		6,700			5,793,208
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		1,000			914,075
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 3.75%, 07/01/26		115			107,780
					33,887,817
West Virginia: 0.5%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
3.00%, 12/01/22 (c)		140			133,716
4.00%, 12/01/22 (c)		760			661,660
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/27 (c)		700			446,121
3.25%, 10/01/27 (c)		820			510,931
3.50%, 10/01/27 (c)		1,000			782,601
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c)		2,500			2,068,740
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p)		5,000			4,940,885
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p)		2,350			2,269,102

See Notes to Financial Statements

46

	Par   (000’s		)	Value
West Virginia (continued)
West Virginia Hospital finance Authority, Cabell Huntington Hospital, Series A (RB) 5.00%, 01/01/29 (c)	$	1,000		$	929,944
					12,743,700
Wisconsin: 2.4%
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c)		2,500			2,071,209
Public Finance Authority Health Care Facilities, Appalachian Regional Healthcare System, Series A (RB) 4.00%, 01/01/31 (c)		1,100			845,476
Public Finance Authority Hospital, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c)		5,250			3,814,619
Public Finance Authority, American Preparatory Academy, Series A (RB) 5.38%, 07/15/27 (c)		1,000			921,126
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c)		250			217,168
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
5.00%, 02/01/26 (c)		495			451,422
5.12%, 02/01/26 (c)		500			433,672
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/24 (c)		460			423,860
5.00%, 06/15/26 (c)		500			437,800
5.00%, 06/15/26 (c)		500			408,305
Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB)
5.00%, 12/01/27 (c)		500			430,382
5.00%, 12/01/27 (c)		1,390			1,288,965
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c)		1,000			756,934
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)
5.00%, 02/01/32 (c)		3,500			2,873,419
5.75%, 02/01/32 (c)		1,000			844,733

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)
5.00%, 09/01/24 (c)	$	1,500		$	1,304,930
5.00%, 09/01/25		75			73,793
Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c)		1,500			1,343,803
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/27 (c)		415			362,342
5.00%, 03/01/28 (c)		1,250			1,112,083
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) *		890			409,077
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) 6.25%, 01/01/28 (c)		500			307,500
Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB) 4.50%, 06/01/28 (c)		4,000			2,688,976
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 5.00%, 06/15/26 (c)		1,000			819,269
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/26 (c)		425			367,320
5.00%, 09/01/26 (c)		500			408,814
5.00%, 09/01/26 (c)		500			375,772
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/27 (c)		1,555			1,565,525
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c)		2,920			2,204,156
Public Finance Authority, Roseman University of Health Sciences Project (RB)
4.00%, 04/01/32 (c)		1,250			846,073
5.88%, 04/01/25 (c)		1,000			963,197
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)
4.00%, 07/01/31 (c)		500			353,904
4.00%, 09/01/31 (c)		1,500			1,029,666
4.25%, 07/01/31 (c)		1,765			1,152,506

See Notes to Financial Statements

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c)	$	1,060		$	705,982
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		300			303,390
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c)		4,265			3,391,632
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
5.00%, 10/01/29 (c)		2,000			1,844,193
5.00%, 10/01/29 (c)		1,950			1,727,405
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c)		1,000			765,538
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 12/01/22 (c)		7,000			6,570,252
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)		1,555			1,095,824
5.00%, 07/01/30 (c)		5,545			3,924,912
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c)		750			699,089

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c)	$	105		$	80,613
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/23 (c)		850			612,528
Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB)
5.25%, 02/01/23 (c)		1,150			1,146,687
5.38%, 02/01/23 (c)		1,200			1,199,952
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/26 (c)		500			387,463
5.00%, 11/01/26 (c)		1,950			1,664,229
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c)		260			214,576
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 02/01/23 (c)		3,950			3,930,454
					64,172,515
Total Municipal Bonds: 97.7% (Cost: $3,062,065,530)					2,591,233,561
Other assets less liabilities: 2.3%					61,393,060
NET ASSETS: 100.0%				$	2,652,626,621

See Notes to Financial Statements

48

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
*	Non-income producing
(d)	Security in default

Summary of Investments by Sector	% of Investments			Value
Airport		2.4	%	$	63,233,036
Education		8.8			228,077,287
Health		7.7			200,495,242
Hospitals		10.7			277,866,561
Industrial Development Revenue		13.0			336,303,137
Leasing COPS & Appropriations		3.7			94,633,432
Local GO		9.7			251,413,486
Misc		2.4			62,947,668
Multi-Family Housing		3.5			89,361,087
Pollution Control		0.5			12,576,770
Power		2.2			56,474,710
Refunded		0.8			21,257,674
State GO		6.1			157,794,655
Tax		12.2			316,067,677
Tobacco		6.0			155,021,369
Toll & Turnpike		3.4			87,452,331
Transportation		2.0			52,582,469
Unassigned		0.3			8,918,842
Utilities - Other		3.0			78,118,571
Water & Sewer		1.6			40,637,557
		100.0	%	$	2,591,233,561

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	2,591,233,561	$	—	$	2,591,233,561

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

49

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 96.8%
Arizona: 1.6%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c)	$	400		$	286,251
California: 29.8%
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c)		275			201,835
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/27 (c)		300			265,543
California Statewide Communities Development Authority, Cottage Health System Obligated Group (RB) 5.00%, 11/01/24 (c)		300			310,036
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31		475			459,252
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c)		250			260,955
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c)		250			260,612
Orange County Local Transportation Authority, Measure M2 Sales Tax (RB) 5.00%, 02/15/23		250			251,366
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c)		370			374,910
State of California, Various Purpose (GO)
5.00%, 10/01/28 (c)		500			543,827
5.00%, 02/01/25 (c)		410			425,114
5.00%, 04/01/27		250			267,243
5.00%, 08/01/27		300			322,053
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c)		250			260,942
University of California, Series BB (RB) 5.00%, 05/15/29 (c)		250			258,619
University of California, Series BH (RB) 4.00%, 05/15/31 (c)		280			257,018

	Par   (000’s		)	Value
California (continued)
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c)	$	720		$	452,140
					5,171,465
Connecticut: 2.9%
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c)		250			237,872
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26		250			265,021
					502,893
Hawaii: 3.0%
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c)		510			513,174
Massachusetts: 8.3%
City of Boston, Series A (GO) 5.00%, 11/01/32 (c)		500			561,160
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c)		250			256,637
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24		360			372,397
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23		255			257,509
					1,447,703
Nevada: 1.5%
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23		250			253,052
New York: 32.5%
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c)		250			257,263
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		500			507,498
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29		255			281,586
Metropolitan Transportation Authority, Series B (RB)
4.25%, 12/01/22 (c)		330			278,509
4.25%, 12/01/22 (c)		350			304,555
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24		250			258,815

See Notes to Financial Statements

50

	Par    (000’s)		Value
New York (continued)
New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) 5.00%, 12/15/22 (c)	$	255	$	255,383
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c)		400		408,474
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c)		300		306,294
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c)		250		253,318
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c)		250		257,638
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c)		250		258,260
New York State Dormitory Authority, Series A (RB) 5.00%, 03/15/27 (c)		275		282,480
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c)		275		238,413
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/30 (c)		250		257,446
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/27 (c)		500		473,066
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnel, Series A (RB)
4.00%, 11/15/31 (c)		250		214,667
5.00%, 11/15/28		500		543,678
				5,637,343

	Par    (000’s)		Value
North Carolina: 1.6%
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45	$	265	$	271,170
Ohio: 3.6%
Franklin County, Ohio Hospital Facilities (RB) 5.00%, 05/15/23 (c)		375		378,612
Ohio Turnpike & Infrastructure Commission, Series A (RB) 5.25%, 02/15/23 (c)		250		251,502
				630,114
Oregon: 1.5%
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c)		250		259,405
Pennsylvania: 3.3%
Commonwealth of Pennsylvania (GO) 5.00%, 03/15/23		250		251,682
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/31 (c)		330		317,531
				569,213
Washington: 5.9%
King County, Public Hospital District No 1 (GO) 5.00%, 12/01/26 (c)		250		257,030
King County, Washington Unlimited Tax (GO) 5.00%, 12/01/22		250		250,379
Port of Seattle, Firs Lien 5.00%, 09/01/24		250		256,140
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c)		250		255,410
				1,018,959
Wisconsin: 1.3%
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c)		250		227,880
Total Municipal Bonds: 96.8% (Cost: $18,935,132)				16,788,622
Other assets less liabilities: 3.2%				557,941
NET ASSETS: 100.0%			$	17,346,563

Definitions:

BAM	Build America Assurance Co.
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

See Notes to Financial Statements

51

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector	% of Investments			Value
Airport		5.0	%	$	834,162
Education		6.3			1,059,526
Hospitals		7.3			1,223,937
Leasing COPS & Appropriations		1.5			256,637
Local GO		12.1			2,038,585
Misc		1.6			259,405
Power		4.7			789,084
Refunded		5.7			949,603
State GO		17.5			2,936,538
Tax		18.6			3,129,758
Toll & Turnpike		3.4			569,033
Transportation		7.8			1,312,271
Water & Sewer		8.5			1,430,083
		100.0	%	$	16,788,622

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	16,788,622	$	—	$	16,788,622

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

52

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.5%
Alabama: 1.0%
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/30 (c)	$	2,000		$	1,945,652
5.00%, 11/01/30 (c)		525			577,163
5.00%, 11/01/30 (c)		1,500			1,637,495
5.00%, 11/01/30 (c)		1,750			1,895,321
5.00%, 11/01/30 (c)		2,015			2,166,989
Black Belt Energy Gas District, Series A (RB) 4.00%, 12/01/31 (c) (p)		5,000			4,612,722
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		860			740,848
County of Jefferson (RB)
5.00%, 03/15/27 (c)		800			848,453
5.00%, 03/15/27 (c)		525			556,103
5.00%, 03/15/27 (c)		100			104,661
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		150			155,282
University of Alabama, Board of Trustee, Series A (RB)
3.00%, 07/01/29 (c)		415			335,383
4.00%, 07/01/29 (c)		820			803,248
					16,379,320
Alaska: 0.2%
Alaska Housing Finance Corp., Series A (RB)
4.00%, 06/01/27 (c)		900			906,576
4.00%, 06/01/27 (c)		125			126,410
5.00%, 06/01/27 (c)		590			620,255
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c)		1,040			755,506
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c)		305			313,002
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)		635			644,941
State of Alaska, Series B (GO) 5.00%, 08/01/25 (c)		250			260,537
					3,627,227
Arizona: 1.0%
Arizona Transportation Board, Highway (RB)
5.00%, 07/01/26 (c)		835			880,500
5.00%, 07/01/26 (c)		1,050			1,104,256
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
5.00%, 07/01/26 (c)		620			654,222
5.00%, 07/01/26 (c)		860			905,043
5.00%, 07/01/26 (c)		120			125,864
5.00%, 07/01/26 (c)		150			156,595

	Par   (000’s		)	Value
Arizona (continued)
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB) 5.00%, 07/01/31 (c)	$	800		$	866,706
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,066,595
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/29 (c)		1,000			1,052,051
5.00%, 07/01/29 (c)		1,275			1,329,323
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
5.00%, 07/01/27 (c)		100			104,651
5.00%, 07/01/27 (c)		250			259,687
5.00%, 07/01/27 (c)		250			263,089
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB)
5.00%, 07/01/27 (c)		550			566,469
5.00%, 07/01/27 (c)		120			125,946
Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
3.12%, 01/01/27 (c)		20			17,718
5.00%, 01/01/27 (c)		605			611,775
5.00%, 01/01/29		710			762,867
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/27		295			314,776
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c)		1,150			842,198
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c)		1,500			1,098,519
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/28 (c)		250			265,083
5.00%, 01/01/28 (c)		2,380			2,544,815
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37		1,000			986,802
					16,905,550

See Notes to Financial Statements

53

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Arkansas: 0.1%
City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c)	$	305		$	296,039
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c)		280			291,544
City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c)		1,000			1,044,117
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c)		1,000			677,968
					2,309,668
California: 16.0%
Anaheim Housing and Public Improvements, Electric Utility Distribution System Improvements, Series A (RB) 5.00%, 10/01/27 (c)		1,000			1,056,046
Bay Area Toll Authority, Series S-7 (RB)
3.25%, 04/01/27 (c)		1,270			1,076,140
4.00%, 04/01/27 (c)		1,735			1,741,600
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p)		3,500			3,267,422
California Health Facilities Financial Authority, Series A (RB) 3.75%, 12/01/22 (c)		1,100			1,025,550
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p)		2,000			2,186,751
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)		310			325,035
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)		400			334,535
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/30 (c)		450			396,550
4.00%, 04/01/30 (c)		1,060			929,478
4.00%, 04/01/30 (c)		500			431,194
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		750			794,640

	Par   (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, Sutter Health, Series A (RB)
5.00%, 11/15/27 (c)	$	1,575		$	1,619,133
5.00%, 11/15/27 (c)		150			154,402
5.00%, 11/15/27 (c)		450			466,801
California Housing Finance Agency, Series A (RB) 3.50%, 11/20/35		1,223			1,046,114
California Housing Finance Agency, Series A (RB) (FHLMC COLL) 3.75%, 03/25/35		1,976			1,832,913
California Infrastructure and Economic Development Bank, Clean Water State (RB)
5.00%, 04/01/26 (c)		55			58,207
5.00%, 04/01/27 (c)		170			180,907
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		840			864,002
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		2,000			1,986,354
California Palomar Health, Series B (GO) 4.00%, 08/01/26 (c)		1,000			933,494
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/27 (c)		360			315,687
3.00%, 09/01/27 (c)		500			449,201
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/27 (c)		340			365,323
5.00%, 10/01/27 (c)		1,835			1,973,236
California State Public Works Board, Various Capital Projects, Series C (RB)
4.00%, 11/01/26 (c)		425			426,031
5.00%, 11/01/26 (c)		30			31,864
5.00%, 11/01/26 (c)		45			47,765
5.00%, 11/01/26 (c)		30			31,804
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c)		400			424,250
California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c)		950			1,032,960

See Notes to Financial Statements

54

	Par   (000’s		)	Value
California (continued)
California State Public Works Board, Various Judicial Council Project, Series A (RB)
5.00%, 03/01/23 (c)	$	1,000		$	1,004,592
5.00%, 03/01/23 (c)		1,000			1,005,255
California State University, Series A (RB)
5.00%, 11/01/25 (c)		35			36,714
5.00%, 05/01/26 (c)		1,510			1,595,600
5.00%, 05/01/26 (c)		160			169,295
5.00%, 05/01/27 (c)		225			237,844
5.00%, 05/01/27 (c)		510			542,733
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB)
3.00%, 04/01/31 (c)		1,000			778,218
4.00%, 04/01/31 (c)		1,400			1,257,848
California Statewide Communities Development Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/29 (p)		1,675			1,830,317
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p)		2,000			2,185,453
California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p)		1,500			1,639,090
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB)
5.00%, 01/01/28 (c)		760			770,343
5.00%, 01/01/28 (c)		315			320,415
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c)		3,000			2,453,611
Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c)		140			136,696
City and County of San Francisco, 49 South Van Ness Project (CP) (AGM) 4.00%, 04/01/27 (c)		1,000			980,258
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		255			235,504
City of Bakersfield, Wastewater, Series A (RB) 5.00%, 09/15/25 (c)		15			15,733

	Par   (000’s		)	Value
California (continued)
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c)	$	1,400		$	925,459
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/30 (c)		1,000			950,957
5.00%, 05/15/31 (c)		500			536,257
5.00%, 05/15/31 (c)		1,400			1,486,197
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c)		565			604,485
City of San Antonio, California Airport, Series B (RB) (BAM) 4.00%, 03/01/31 (c)		325			305,379
City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c)		200			218,701
County of Sacramento, Airport System, Series E (RB)
5.00%, 07/01/27		275			291,003
5.00%, 07/01/28 (c)		150			154,737
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 06/01/24 (c)		1,000			1,023,812
County of Santa Clara, Series C (GO)
3.00%, 08/01/27 (c)		245			208,525
5.00%, 08/01/27 (c)		125			134,830
5.00%, 08/01/27 (c)		525			559,869
Desert Community College District (GO) 5.00%, 08/01/27 (c)		145			154,565
East Bay Municipal Utility District, Water System, Series B (RB) 5.00%, 06/01/27 (c)		220			235,858
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c)		2,590			2,153,926
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c)		1,070			1,144,613
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (SAW) 5.00%, 07/01/26 (c)		140			147,761
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c)		250			264,112

See Notes to Financial Statements

55

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Fontana Redevelopment Agency Successor Agency (TA) 5.00%, 10/01/27 (c)	$	760		$	804,962
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c)		1,500			1,198,688
Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c)		3,000			2,368,812
Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c)		1,600			1,309,896
Los Angeles Community College District, Series I (GO)
4.00%, 08/01/26 (c)		170			171,188
4.00%, 08/01/26 (c)		135			138,767
4.00%, 08/01/26		25			25,749
Los Angeles Community College District, Series J (GO)
4.00%, 08/01/27 (c)		750			758,074
4.00%, 08/01/27 (c)		400			405,979
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/32 (c)		1,000			1,104,403
Los Angeles County Metropolitan Transportation Authority (RB)
4.00%, 06/01/30 (c)		1,000			971,782
5.00%, 06/01/30 (c)		1,000			1,084,511
5.00%, 07/01/31 (c)		2,000			2,143,750
Los Angeles County Metropolitan Transportation Authority, Series A (RB)
4.00%, 06/01/30 (c)		1,045			1,026,737
4.00%, 06/01/30 (c)		1,000			996,466
4.00%, 07/01/26 (c)		50			51,033
5.00%, 06/01/26 (c)		375			397,126
5.00%, 06/01/26 (c)		165			174,445
5.00%, 07/01/27 (c)		795			852,330
5.00%, 07/01/27 (c)		285			306,283
5.00%, 07/01/31 (c)		900			982,476
5.00%, 07/01/31 (c)		1,060			1,146,082
Los Angeles County Metropolitan Transportation Authority, Series B (RB) 5.00%, 07/01/23 (c)		2,000			2,020,200
Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c)		450			484,022
Los Angeles Department of Water and Power, Series A (RB)
5.00%, 01/01/26 (c)		155			163,277
5.00%, 01/01/27 (c)		1,010			1,074,284
5.00%, 01/01/28 (c)		500			538,224
5.00%, 01/01/28 (c)		115			124,719
5.00%, 07/01/29		1,000			1,102,882

	Par   (000’s		)	Value
California (continued)
Los Angeles Department of Water and Power, Series B (RB)
5.00%, 01/01/26 (c)	$	35		$	36,846
5.00%, 01/01/27 (c)		1,000			1,062,048
5.00%, 01/01/27 (c)		275			291,789
5.00%, 07/01/23 (c)		1,000			1,011,352
5.00%, 07/01/23 (c)		1,500			1,516,632
5.00%, 07/01/28 (c)		110			119,061
Los Angeles Department of Water and Power, Series C (RB)
5.00%, 07/01/29 (c)		1,680			1,801,423
5.00%, 07/01/30 (c)		1,125			1,232,147
5.00%, 07/01/30 (c)		1,500			1,608,257
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/24 (c)		2,000			2,055,793
5.00%, 07/01/28 (c)		125			133,836
5.00%, 07/01/28 (c)		2,000			2,093,234
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)
4.00%, 01/01/32 (c)		1,500			1,431,004
5.00%, 01/01/32 (c)		1,300			1,419,413
Los Angeles Unified School District, Series A (GO)
4.00%, 07/01/29 (c)		1,580			1,569,742
5.00%, 07/01/25 (c)		695			724,167
5.00%, 07/01/25 (c)		25			26,061
5.00%, 07/01/25 (c)		135			140,856
5.00%, 07/01/26		120			127,432
5.00%, 07/01/29 (c)		1,720			1,876,975
5.00%, 07/01/30		500			551,628
Los Angeles Unified School District, Series B (GO)
2.00%, 07/01/26 (c)		270			232,553
5.00%, 07/01/26 (c)		915			965,178
Los Angeles Unified School District, Series B-1 (GO)
5.00%, 01/01/28 (c)		585			623,864
5.00%, 01/01/28 (c)		645			691,755
5.00%, 01/01/28 (c)		295			310,978
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/30 (c)		1,880			1,565,917
4.00%, 07/01/30 (c)		360			353,457
4.00%, 07/01/30 (c)		2,000			1,949,338
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c)		1,000			956,562
Los Angeles Unified School District, Series RYQ (GO) (BAM) 5.00%, 07/01/29		3,675			4,039,235
Los Angeles Wastewater System, Series A (RB) 5.00%, 06/01/23 (c)		2,000			2,018,651

See Notes to Financial Statements

56

	Par   (000’s		)	Value
California (continued)
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c)	$	100		$	108,602
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c)		1,000			976,888
Municipal Improvement Corp. of Los Angeles, Series B (RB)
5.00%, 11/01/26 (c)		615			651,613
5.00%, 11/01/26 (c)		985			1,045,460
Northern California Transmission Agency Project, Series A (RB)
5.00%, 05/01/26 (c)		45			47,449
5.00%, 05/01/26 (c)		40			42,152
Oakland Unified School District (GO)
5.00%, 08/01/26 (c)		625			654,416
5.00%, 08/01/26 (c)		385			406,875
5.00%, 08/01/26 (c)		175			184,701
Palm Springs Unified School District, Series A (GO) (AGM)
1.25%, 08/01/29 (c)		4,000			3,099,465
1.50%, 08/01/29 (c)		3,000			2,146,017
1.75%, 08/01/29 (c)		3,000			2,131,616
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c)		160			149,404
Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c)		260			262,009
Public Utilities Commission of the City and County of San Francisco Water, Series A (RB)
4.00%, 11/01/26 (c)		100			101,954
5.00%, 11/01/26 (c)		25			26,477
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB)
5.00%, 11/01/27 (c)		785			835,471
5.00%, 11/01/27 (c)		255			275,350
Regents of the University of California, Medical Center, Series L (RB) 5.00%, 05/15/26 (c)		650			673,728
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c)		560			591,393
Sacramento City Financing Authority, Master Lease Program Facilities (RB) (BAM)
5.00%, 12/01/25 (c)		210			220,551
5.00%, 12/01/25 (c)		110			115,405
San Diego Community College District (GO) 5.00%, 08/01/26 (c)		65			69,226

	Par   (000’s		)	Value
California (continued)
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)	$	535		$	549,977
San Diego County Regional Airport Authority, Series B (RB)
5.00%, 07/01/30 (c)		2,075			2,140,425
5.00%, 07/01/30 (c)		1,630			1,714,768
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c)		2,000			2,026,216
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c)		650			696,548
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c)		20			20,394
San Francisco Bay Area Rapid Transit District, Series F-1 (GO)
5.00%, 08/01/29 (c)		140			151,073
5.00%, 08/01/29 (c)		110			120,574
San Francisco Community College District (GO) 5.00%, 06/15/25		140			146,005
San Francisco County Transportation Authority (RB)
3.00%, 02/01/27 (c)		500			437,678
3.00%, 02/01/27 (c)		135			126,408
4.00%, 02/01/27 (c)		325			334,050
4.00%, 02/01/27		105			108,332
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c)		2,000			2,004,968
San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c)		165			175,541
San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c)		25			26,194
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		230			241,905
San Marcos Unified School District (GO)
4.00%, 08/01/27 (c)		400			402,988
5.00%, 08/01/27 (c)		515			551,331
5.00%, 08/01/27 (c)		360			382,548
5.00%, 08/01/27 (c)		350			368,582
San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c)		770			774,725
Santa Clara County Financing Authority, Capital Facilities, Series A (RB)
4.00%, 05/01/31 (c)		840			819,770
5.00%, 05/01/31 (c)		3,855			4,235,201

See Notes to Financial Statements

57

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/25 (c)	$	1,000		$	853,484
4.00%, 05/15/25 (c)		1,510			1,539,133
4.00%, 05/15/25 (c)		400			401,290
Santa Clara Unified School District (GO)
3.00%, 07/01/26 (c)		1,535			1,323,442
3.00%, 07/01/26 (c)		100			87,944
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c)		25			26,249
Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29		100			110,162
State of California (GO)
3.00%, 10/01/29 (c)		2,000			1,767,426
4.00%, 04/01/31 (c)		2,000			1,973,422
5.00%, 10/01/30		2,000			2,218,100
5.00%, 11/01/28 (c)		2,585			2,743,372
5.00%, 09/01/29		1,000			1,099,846
State of California, Department of Water Resources, Central Valley Project, Series AW (RB) 5.00%, 12/01/26 (c)		50			53,286
State of California, Department of Water Resources, Central Valley Project, Series AX (RB)
5.00%, 12/01/27 (c)		915			988,701
5.00%, 12/01/27 (c)		100			107,778
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c)		365			396,348
State of California, Series CL (GO) 3.75%, 12/01/24 (c)		10			9,690
State of California, Various Purpose (GO)
3.00%, 10/01/29 (c)		350			291,651
3.12%, 04/01/29 (c)		1,575			1,380,136
4.00%, 11/01/27 (c)		100			101,259
4.00%, 11/01/30 (c)		3,445			3,398,048
4.00%, 03/01/29		2,000			2,070,209
4.00%, 03/01/30 (c)		2,000			1,945,810
4.00%, 03/01/30 (c)		9,500			9,306,234
4.00%, 08/01/26 (c)		700			702,741
4.00%, 08/01/26 (c)		130			129,412
4.00%, 09/01/26 (c)		2,815			2,839,941
4.00%, 09/01/26 (c)		1,500			1,491,910
5.00%, 10/01/28 (c)		300			326,296
5.00%, 10/01/29		4,500			4,953,827
5.00%, 10/01/29		1,000			1,100,850
5.00%, 10/01/29 (c)		3,425			3,741,196
5.00%, 10/01/29 (c)		2,340			2,568,082

	Par   (000’s		)	Value
California (continued)
5.00%, 10/01/31	$	4,000		$	4,460,687
5.00%, 11/01/27 (c)		3,375			3,628,529
5.00%, 11/01/27 (c)		1,020			1,093,981
5.00%, 11/01/27 (c)		2,645			2,830,294
5.00%, 11/01/27 (c)		2,480			2,668,435
5.00%, 11/01/28		400			435,894
5.00%, 11/01/30 (c)		1,610			1,741,786
5.00%, 11/01/30		1,000			1,109,800
5.00%, 12/01/28		1,000			1,089,599
5.00%, 12/01/30 (c)		2,000			2,156,520
5.00%, 03/01/30 (c)		1,250			1,350,745
5.00%, 03/01/30 (c)		1,810			1,946,178
5.00%, 04/01/24 (c)		500			509,552
5.00%, 04/01/26 (c)		1,075			1,131,630
5.00%, 04/01/29 (c)		3,500			3,744,069
5.00%, 04/01/29		1,735			1,899,567
5.00%, 04/01/29 (c)		150			162,961
5.00%, 04/01/30		2,910			3,212,141
5.00%, 04/01/31		380			422,708
5.00%, 04/01/32		4,270			4,785,428
5.00%, 08/01/24 (c)		1,000			1,023,705
5.00%, 08/01/26 (c)		490			511,457
5.00%, 08/01/26 (c)		115			119,882
5.00%, 08/01/26 (c)		2,380			2,512,972
5.00%, 08/01/26 (c)		905			952,462
5.00%, 08/01/26 (c)		150			158,740
5.00%, 08/01/26 (c)		1,165			1,232,102
5.00%, 08/01/27 (c)		950			1,016,157
5.00%, 08/01/27 (c)		2,445			2,620,570
5.00%, 08/01/28 (c)		3,245			3,443,666
5.00%, 08/01/28 (c)		275			297,812
5.00%, 09/01/23 (c)		345			350,255
5.00%, 09/01/25 (c)		30			31,379
5.00%, 09/01/26 (c)		125			132,113
State Public Works Board, Various Capital Projects, Series B (RB)
4.00%, 05/01/31 (c)		1,500			1,417,002
4.00%, 05/01/31 (c)		2,000			1,899,037
Stockton Unified School District (GO) 5.00%, 02/01/26 (c)		100			104,645
Trustees of the California State University, Series A (RB) 5.00%, 05/01/26 (c)		410			433,308
Tuolumne Wind Project Authority, Series A (RB) 5.00%, 01/01/27		125			133,386
Turlock Irrigation District (RB) 5.00%, 01/01/30 (c)		500			523,897
University of California, Series AR (RB) 5.00%, 05/15/26 (c)		10			10,564
University of California, Series AY (RB) 5.00%, 05/15/27 (c)		625			669,996

See Notes to Financial Statements

58

	Par   (000’s		)	Value
California (continued)
University of California, Series AZ (RB)
5.00%, 05/15/28 (c)	$	275		$	299,254
5.00%, 05/15/28 (c)		310			333,947
University of California, Series BE (RB) 5.00%, 05/15/30 (c)		1,500			1,627,492
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,170			1,243,255
					263,865,542
Colorado: 1.9%
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		540			571,774
Adams County, 12 Star Schools, Series B (GO) 5.00%, 12/15/26 (c)		2,000			2,118,652
Board of Governors of Colorado State University System, Series C (RB)
5.00%, 03/01/28 (c)		935			994,670
5.00%, 03/01/28 (c)		510			546,304
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c)		1,000			1,045,590
City and County of Denver, Acting By and Through its Board of Water Commissioners, Series A (RB) 5.00%, 12/15/29		1,700			1,881,958
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		200			115,285
City of Colorado Springs, Utilities System, Series A (RB) 5.00%, 11/15/30		1,000			1,107,066
City of Colorado Springs, Utilities System, Series A-1 (RB)
5.00%, 11/15/27 (c)		100			106,548
5.00%, 11/15/27 (c)		120			128,543
5.00%, 11/15/27 (c)		110			118,199
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c)		155			155,932
Denver City and County School District No. 1 (GO) (SAW)
4.00%, 12/01/30 (c)		3,000			2,889,078
5.00%, 12/01/30 (c)		1,000			1,083,101
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c)		570			582,454
El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c)		295			311,572

	Par   (000’s		)	Value
Colorado (continued)
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c)	$	1,110		$	1,204,267
Mesa County Valley School District No. 51 (GO) (SAW)
5.00%, 12/01/27 (c)		500			535,133
5.00%, 12/01/27 (c)		500			534,893
5.25%, 12/01/27 (c)		200			213,292
Pueblo City Schools No. 60 (GO) (SAW)
3.00%, 12/15/29 (c)		500			398,154
5.00%, 12/15/29 (c)		1,625			1,706,346
5.00%, 12/15/29 (c)		1,010			1,078,645
Regional Transportation District, Fastracks Project, Series B (RB)
5.00%, 11/01/27 (c)		530			558,283
5.00%, 11/01/27 (c)		1,995			2,101,460
5.00%, 11/01/28		1,000			1,081,827
State of Colorado, Series A (CP)
4.00%, 12/15/31 (c)		1,750			1,649,186
5.00%, 12/15/31 (c)		2,000			2,159,911
State of Colorado, Series K (CP) 5.00%, 03/15/27 (c)		410			430,693
State of Colorado, Series M (CP) 5.00%, 03/15/28 (c)		190			203,245
University of Colorado, Series A-2 (RB) 3.00%, 06/01/24 (c)		800			699,145
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c)		2,165			2,310,656
					30,621,862
Connecticut: 2.5%
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c)		1,290			939,416
Connecticut Housing Finance Authority, Series A-1 (RB) 3.65%, 11/15/26 (c)		95			92,534
Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c)		260			234,508
Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c)		140			131,765
Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c)		335			343,327
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 4.00%, 07/01/29 (c)		625			548,289

See Notes to Financial Statements

59

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Connecticut (continued)
4.00%, 07/01/29 (c)	$	525		$	454,491
5.00%, 07/01/29 (c)		2,200			2,245,007
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29		1,000			1,102,882
Connecticut State, Series A (GO) (SBG) 4.00%, 04/15/29 (c)		1,000			941,402
Connecticut State, Series B (GO) 4.00%, 03/01/23 (c)		2,000			2,000,270
Connecticut State, Series E (GO) 5.00%, 08/15/23 (c)		2,000			2,021,009
Connecticut State, Series F (GO) 5.00%, 11/15/25 (c)		1,550			1,611,245
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c)		1,000			1,020,885
South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c)		25			26,269
State of Connecticut, Series A (GO)
3.00%, 01/15/31 (c)		2,200			1,960,247
3.00%, 01/15/31 (c)		1,000			827,227
3.00%, 01/15/31 (c)		1,000			858,889
4.00%, 01/15/31		1,780			1,789,682
5.00%, 04/15/27 (c)		680			721,855
5.00%, 04/15/28 (c)		1,000			1,038,294
State of Connecticut, Series A (GO) (SBG) 5.00%, 04/15/29		1,000			1,086,263
State of Connecticut, Series A (RB) 5.00%, 05/01/27 (c)		350			369,432
State of Connecticut, Series B (GO) 5.00%, 06/15/25 (c)		1,135			1,175,365
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29		1,000			944,119
State of Connecticut, Series C (GO) 4.00%, 06/01/30 (c)		850			808,269
State of Connecticut, Series E (GO)
3.00%, 10/15/26 (c)		395			350,023
5.00%, 09/15/28 (c)		1,665			1,788,775
State of Connecticut, Special Tax, Series A (RB)
4.00%, 05/01/31 (c)		1,500			1,407,305
4.00%, 09/01/26 (c)		785			751,135
5.00%, 01/01/28 (c)		190			200,328
5.00%, 05/01/31		1,650			1,800,746
5.00%, 05/01/31 (c)		1,500			1,604,047
5.00%, 09/01/26 (c)		475			495,327

	Par   (000’s		)	Value
Connecticut (continued)
5.00%, 09/01/26 (c)	$	200		$	207,346
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c)		2,500			2,644,576
State of Connecticut, State Revolving Fund, Series A (RB)
5.00%, 02/01/29 (c)		275			293,962
5.00%, 05/01/27 (c)		1,000			1,058,849
University of Connecticut, Series A (RB)
5.00%, 01/15/27 (c)		745			785,487
5.00%, 11/01/28 (c)		730			767,918
5.00%, 11/01/28 (c)		500			520,675
5.00%, 04/15/28 (c)		1,000			1,067,978
					41,037,418
Delaware: 0.4%
State of Delaware (GO)
2.00%, 02/01/31 (c)		1,000			709,338
2.00%, 02/01/31 (c)		1,000			735,293
3.00%, 02/01/31 (c)		1,000			931,413
3.12%, 03/01/27 (c)		505			475,244
4.00%, 03/01/27 (c)		500			511,168
State of Delaware, Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c)		180			161,011
State of Delaware, Series A (GO)
2.00%, 01/01/30 (c)		650			465,564
5.00%, 01/01/30 (c)		1,000			1,104,196
5.00%, 10/01/28		810			884,549
5.00%, 02/01/28 (c)		500			540,477
					6,518,253
District of Columbia: 1.8%
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		2,250			2,403,825
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c)		645			666,274
District of Columbia, Series A (GO)
5.00%, 06/01/26 (c)		210			221,140
5.00%, 06/01/26 (c)		290			303,093
5.00%, 06/01/26 (c)		250			261,886
5.00%, 06/01/26 (c)		30			31,560
5.00%, 06/01/27 (c)		2,500			2,628,284
5.00%, 06/01/27 (c)		580			612,795
5.00%, 06/01/27 (c)		170			180,451
5.00%, 06/01/28 (c)		750			792,907
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c)		1,000			1,068,966
District of Columbia, Series C (RB) 5.00%, 05/01/30 (c)		1,000			1,074,537

See Notes to Financial Statements

60

	Par   (000’s		)	Value
District of Columbia (continued)
5.00%, 05/01/30	$	250		$	275,983
District of Columbia, Series D (GO)
4.00%, 06/01/27 (c)		500			501,698
5.00%, 12/01/26 (c)		20			21,122
5.00%, 12/01/26 (c)		160			169,602
5.00%, 06/01/27 (c)		500			530,738
District of Columbia, Series E (GO) 5.00%, 12/01/26 (c)		25			26,403
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c)		250			225,668
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c)		250			227,526
Washington Convention & Sports Authority (RB) 5.00%, 10/01/27 (c)		2,545			2,695,223
Washington Metropolitain Area Transit Authority, Series A (RB)
5.00%, 07/15/30 (c)		1,400			1,482,771
5.00%, 07/15/31 (c)		2,000			2,131,073
Washington Metropolitan Area Transit Authority (RB)
4.00%, 07/15/31 (c)		4,000			3,926,906
5.00%, 07/01/27 (c)		1,000			1,031,345
5.00%, 07/01/27		275			294,537
Washington Metropolitan Area Transit Authority, Series A-1 (RB) 5.00%, 07/01/27 (c)		140			148,294
Washington Metropolitan Area Transit Authority, Series A-2 (RB)
5.00%, 07/01/27 (c)		550			577,375
5.00%, 07/01/27 (c)		810			846,286
5.00%, 07/01/27 (c)		300			316,045
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/27 (c)		555			590,161
5.00%, 07/01/27		240			257,051
5.00%, 07/01/27 (c)		1,205			1,265,501
5.00%, 07/01/27 (c)		880			919,422
5.00%, 07/01/27 (c)		650			688,510
					29,394,958
Florida: 3.4%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c)		490			495,344

	Par   (000’s		)	Value
Florida (continued)
Brevard County, Health Facilities Authority, Health First, Inc. Project (RB)
5.00%, 04/01/24 (c)	$	2,510		$	2,564,569
5.00%, 04/01/24 (c)		1,000			1,021,741
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c)		1,000			931,189
Broward County. Florida School Board, Series B (CP) 5.00%, 07/01/25 (c)		1,005			1,038,653
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c)		520			445,739
City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c)		175			185,168
City of Gainesville, Utilities System, Series A (RB)
5.00%, 10/01/27 (c)		195			204,213
5.00%, 10/01/27 (c)		1,045			1,088,581
City of Jacksonville, Florida Transportation (RB) 5.00%, 10/01/25 (c)		210			218,050
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c)		1,095			1,173,346
City of Jacksonville, Series B (RB) 5.00%, 10/01/26 (c)		250			262,398
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		560			582,147
County of Miami-Dade (RB)
0.00%, 10/01/26 (c) ^		565			375,209
0.00%, 10/01/26 (c) ^		400			251,093
5.00%, 10/01/26 (c)		2,005			2,056,555
5.00%, 10/01/26 (c)		510			530,757
County of Miami-Dade, Aviation Revenue, Series A (RB) 5.00%, 10/01/26 (c)		460			476,076
County of Miami-Dade, Building Better Communities Program, Series A (GO)
5.00%, 07/01/25 (c)		100			103,632
5.00%, 07/01/26 (c)		555			576,316
5.00%, 07/01/26 (c)		520			544,680
5.00%, 07/01/26 (c)		280			291,434
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c)		1,600			1,556,234

See Notes to Financial Statements

61

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 3.12%, 04/01/26 (c)	$	260		$	213,231
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/26 (c)		25			25,464
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)		250			248,626
County of Miami-Dade, Water and Sewer System (RB)
4.00%, 04/01/31 (c)		1,475			1,380,736
5.00%, 10/01/27 (c)		800			852,048
5.00%, 10/01/28		1,000			1,079,199
5.00%, 04/01/31 (c)		3,500			3,804,545
County of Miami-Dade, Water and Sewer System, Series B (RB)
3.00%, 10/01/27 (c)		370			310,113
5.00%, 10/01/25 (c)		605			623,964
County of Orange, Water and Wastewater Utility System (RB)
5.00%, 10/01/30 (c)		1,000			1,071,695
5.00%, 10/01/30 (c)		1,000			1,074,431
Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27		125			133,658
Florida Department of Management Services, Series A (RB) 5.00%, 09/01/27 (c)		425			455,168
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c)		2,000			1,827,428
Florida Housing Finance Corp., Series 1 (RB)
3.25%, 01/01/27 (c)		130			125,022
3.60%, 01/01/27 (c)		200			192,368
Florida Housing Finance Corp., Series 2 (RB)
2.10%, 01/01/30 (c)		950			726,031
3.20%, 07/01/25 (c)		225			215,727
Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) 5.00%, 10/01/26 (c)		125			130,549
JEA Electric System, Series B (RB)
3.38%, 12/01/22 (c)		520			451,017
5.00%, 10/01/27 (c)		850			896,653
5.00%, 10/01/27 (c)		610			644,945
5.00%, 10/01/27 (c)		885			927,620

	Par   (000’s		)	Value
Florida (continued)
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c)	$	605		$	619,595
Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c)		160			166,850
Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c)		420			435,743
Orange County Health Facilities Authority, Series A (RB) 5.00%, 10/01/26 (c)		1,325			1,344,803
Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c)		410			423,311
Orange County, Tourist Development Tax (RB)
5.00%, 10/01/25 (c)		100			102,984
5.00%, 10/01/26		190			200,416
5.00%, 10/01/29		280			303,028
5.00%, 10/01/30		490			530,359
Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c)		120			127,487
Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c)		350			345,110
Palm Beach County School Board, Series A (CP) 5.00%, 08/01/30 (c)		275			290,021
Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c)		695			742,462
Palm Beach County School Board, Series D (CP) 5.00%, 08/01/25 (c)		2,000			2,073,120
Polk County School District (RB) (SAW) 5.00%, 10/01/29 (c)		1,000			1,084,008
Polk County, School District (RB) 5.00%, 10/01/29 (c)		100			107,830
Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c)		175			187,415
School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c)		125			113,241
South Miami Health Facilities Authority (RB)
5.00%, 08/15/27 (c)		710			744,679
5.00%, 08/15/27 (c)		800			827,951
State of Florida (GO) 4.00%, 06/01/27 (c)		1,000			1,002,979

See Notes to Financial Statements

62

	Par   (000’s		)	Value
Florida (continued)
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
4.00%, 06/01/26 (c)	$	500		$	505,970
4.00%, 06/01/27 (c)		780			789,716
5.00%, 06/01/28 (c)		145			156,542
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c)		510			432,889
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
2.38%, 06/01/26 (c)		590			500,863
3.00%, 06/01/25 (c)		2,000			1,864,944
State of Florida, Department of Transportation Financing Corp. (RB)
3.00%, 07/01/30 (c)		1,000			867,762
3.00%, 07/01/30 (c)		1,000			922,755
State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c)		115			123,797
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		880			959,109
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)		555			523,657
5.00%, 07/01/26 (c)		40			42,335
State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c)		580			623,788
Volusia County School Board, Master Lease Program, Series B (CP)
5.00%, 08/01/24 (c)		1,320			1,346,794
5.00%, 08/01/24 (c)		280			286,781
					56,104,456
Georgia: 1.8%
City of Atlanta, Airport Passenger Facility Charge, Series C (RB) 5.00%, 07/01/29 (c)		800			837,637
City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c)		1,450			1,364,349
Clarke County, Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c)		250			259,688

	Par   (000’s		)	Value
Georgia (continued)
County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c)	$	3,000		$	2,423,142
Forsyth County School District (GO)
5.00%, 02/01/28 (c)		1,000			1,078,384
5.00%, 02/01/28 (c)		1,000			1,082,190
Fulton County, Georgia Water and Sewerage (RB) 5.00%, 01/01/23 (c)		1,350			1,352,900
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c)		225			226,618
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c)		925			843,773
Georgia Municipal Electric Authority Project (RB) 5.00%, 01/01/23 (c)		1,000			976,688
Georgia State Road and Tollway Authority (RB)
5.00%, 06/01/30 (c)		2,000			2,175,426
5.00%, 06/01/30 (c)		2,550			2,784,708
Georgia State Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c)		3,255			3,202,606
Main Street Natural Gas, Inc., Gas Supply, Series A (RB) 5.00%, 05/15/38		1,000			972,710
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/26 (c)		200			205,985
Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		350			333,110
Richmond County Hospital Authority, University Health Services, Inc. Project (RB) 3.00%, 07/01/26 (c)		345			298,105
State of Georgia, Series A (GO)
4.00%, 08/01/30 (c)		935			933,494
5.00%, 02/01/26 (c)		680			715,906
5.00%, 02/01/27 (c)		350			373,796
5.00%, 02/01/27 (c)		150			160,047
5.00%, 02/01/27 (c)		1,200			1,271,157
5.00%, 08/01/29		2,500			2,758,238
State of Georgia, Series C (GO) 5.00%, 07/01/27 (c)		3,000			3,218,087
					29,848,744
Hawaii: 1.1%
City and County of Honolulu Wastewater System (RB) 5.00%, 07/01/29 (c)		875			928,816

See Notes to Financial Statements

63

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Hawaii (continued)
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c)	$	1,930		$	2,113,942
City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG) 5.00%, 03/01/30		350			384,632
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c)		1,015			1,079,568
City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c)		750			717,185
City and County of Honolulu, Series C (GO) (BAM) 4.00%, 08/01/29 (c)		120			117,467
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c)		970			976,037
City and County of Honolulu, Wastewater System, Series B (RB)
4.00%, 07/01/26 (c)		100			99,542
5.00%, 07/01/29 (c)		395			429,016
State of Hawaii (RB) 5.00%, 01/01/31 (c)		2,250			2,408,994
State of Hawaii, Department of Budget and Finance, Series A (RB)
5.00%, 07/01/25		175			181,310
6.00%, 07/01/23 (c)		1,000			1,016,136
State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c)		1,000			966,362
State of Hawaii, Series FH (GO) 5.00%, 10/01/26 (c)		15			15,901
State of Hawaii, Series FK (GO)
3.25%, 05/01/27 (c)		1,000			915,185
5.00%, 05/01/27 (c)		690			725,436
5.00%, 05/01/27 (c)		130			137,117
State of Hawaii, Series FN (GO)
5.00%, 10/01/27 (c)		105			112,809
5.00%, 10/01/27 (c)		500			534,846
State of Hawaii, Series FT (GO)
4.00%, 01/01/28 (c)		295			297,498
5.00%, 01/01/28 (c)		280			300,635
5.00%, 01/01/28 (c)		405			431,078
5.00%, 01/01/28 (c)		1,150			1,227,927
5.00%, 10/01/27 (c)		1,020			1,085,390
State of Hawaii, Series FW (GO) 5.00%, 01/01/29		1,180			1,282,116
University of Hawaii, Series E (RB) 5.00%, 10/01/26 (c)		285			298,498
					18,783,443

	Par   (000’s		)	Value
Illinois: 4.9%
Board of Trustees of the University of Illinois, Auxiliary Facilities Sytem, Series A (RB) 5.00%, 04/01/30	$	1,000		$	1,075,988
Chicago Board of Education (ST) 5.75%, 04/01/27 (c)		235			242,115
Chicago O'Hare International Airport, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,034,718
Chicago O'Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/30 (c)		2,000			1,843,350
Chicago O'Hare International Airport, Series B (RB)
5.00%, 01/01/27 (c)		470			483,320
5.00%, 01/01/27 (c)		365			373,583
Chicago O'Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c)		135			138,440
City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c)		100			103,385
City of Chicago, Second Lien Water (RB) 5.00%, 11/01/27 (c)		1,390			1,414,900
City of Chicago, Second Lien Water (RB) (AGM)
5.00%, 11/01/27 (c)		2,000			2,032,700
5.00%, 11/01/27 (c)		1,420			1,446,796
5.25%, 11/01/27 (c)		180			185,386
City of Chicago, Series A (GO)
5.00%, 01/01/24 (c)		1,500			1,423,761
5.00%, 01/01/24 (c)		1,250			1,180,263
5.00%, 01/01/30		2,000			1,971,986
5.00%, 01/01/31 (c)		1,000			966,494
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		200			198,683
City of Chicago, Series B (GO) 4.00%, 01/01/30		358			328,417
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c)		750			743,740
City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) 5.00%, 03/01/25 (c)		15			15,363
Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c)		210			212,782
Cook County, Series A (GO)
5.00%, 11/15/26 (c)		325			337,850
5.00%, 11/15/26 (c)		250			261,404

See Notes to Financial Statements

64

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Carle Foundation, Series A (RB) 5.00%, 08/15/31 (c)	$	1,000		$	1,031,757
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 01/01/26 (c)		165			166,684
4.00%, 01/01/31 (c)		750			740,953
4.00%, 01/01/31 (c)		1,000			978,618
5.00%, 01/01/26 (c)		685			713,497
5.00%, 01/01/27 (c)		700			732,487
5.00%, 01/01/27 (c)		400			425,255
5.00%, 01/01/27 (c)		140			148,555
5.00%, 01/01/31 (c)		750			805,656
5.00%, 07/01/29 (c)		2,560			2,712,832
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c)		1,400			1,485,493
Illinois Finance Authority, Mercy Health Corp. (RB)
4.00%, 06/01/26 (c)		90			83,879
4.00%, 06/01/26 (c)		160			151,318
5.00%, 06/01/26 (c)		250			252,226
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)
5.00%, 08/15/30 (c)		1,295			1,347,308
5.00%, 08/15/30 (c)		1,365			1,434,449
5.00%, 08/15/30 (c)		1,000			1,045,026
Illinois Finance Authority, Presence Health Network, Series C (RB)
5.00%, 02/15/27 (c)		1,000			1,032,697
5.00%, 02/15/27 (c)		1,000			1,041,461
Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c)		125			127,766
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		420			383,960
Illinois State Finance Authority, Ann & Robert H. Lurie Children's Hospital (RB) 4.00%, 08/15/27 (c)		1,000			916,569
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33		1,000			1,097,837
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c)		2,000			1,890,603
Illinois State Toll Highway Authority, Series A (RB)
5.00%, 01/01/23 (c)		1,135			1,136,839
5.00%, 01/01/28 (c)		510			539,928
5.00%, 01/01/29		175			188,531

	Par   (000’s		)	Value
Illinois (continued)
Illinois State Toll Highway Authority, Series B (RB) 5.00%, 01/01/26 (c)	$	1,500		$	1,523,287
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c)		2,550			2,771,676
Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) 5.00%, 01/01/24 (c)		335			338,571
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)
5.00%, 12/01/26 (c)		780			821,338
5.00%, 12/01/26 (c)		115			122,082
Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/26 (c)		1,500			1,360,130
4.00%, 12/01/26 (c)		1,235			1,193,545
5.00%, 12/01/26 (c)		910			960,705
5.00%, 12/01/26 (c)		990			1,043,622
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/27 (c)		500			529,594
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/28 (c)		570			582,058
5.00%, 01/01/28 (c)		1,150			1,186,745
5.00%, 01/01/28 (c)		585			604,307
5.00%, 01/01/28 (c)		250			256,608
5.00%, 01/01/28 (c)		250			256,166
Sales Tax Securitization Corp., Series A (RB) (BAM) 5.00%, 01/01/30 (c)		155			156,791
State of Illinois (GO)
3.50%, 06/01/26 (c)		685			628,939
4.00%, 03/01/31 (c)		1,000			836,805
4.12%, 11/01/26 (c)		360			331,315
5.00%, 11/01/26 (c)		305			297,279
5.00%, 06/01/26 (c)		370			370,705
5.50%, 07/01/23 (c)		1,470			1,473,522
State of Illinois (GO) (AGC) 5.50%, 05/01/30		1,300			1,340,881
State of Illinois (RB)
3.00%, 06/15/26 (c)		680			577,300
3.00%, 06/15/26 (c)		320			261,259
State of Illinois, Sales Tax (RB)
5.00%, 06/15/30		1,000			1,037,838
5.00%, 06/15/31		1,500			1,550,995
State of Illinois, Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c)		3,000			2,546,912
State of Illinois, Series A (GO)
5.00%, 12/01/27 (c)		1,000			970,762
5.00%, 03/01/31		500			499,474
5.00%, 03/01/31 (c)		1,000			981,601
5.00%, 05/01/28 (c)		2,250			2,188,098

See Notes to Financial Statements

65

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
5.25%, 12/01/27 (c)	$	1,200		$	1,212,940
State of Illinois, Series B (GO) 5.00%, 11/01/29 (c)		1,000			999,737
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		4,105			4,108,568
State of Illinois, Series D (GO) 5.00%, 11/01/27 (c)		3,910			3,916,841
State of Illinois, Series D (RB) 5.00%, 06/15/26 (c)		620			634,580
					81,101,184
Indiana: 0.8%
Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c)		15			15,761
Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c)		1,000			796,214
Indiana Finance Authority Highway, Series C (RB) 5.00%, 12/01/26 (c)		340			361,738
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c)		2,500			2,412,696
Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27		250			266,031
Indiana Finance Authority, Series A (RB)
5.00%, 02/01/28 (c)		200			214,113
5.00%, 02/01/28 (c)		1,310			1,412,776
5.00%, 02/01/29 (c)		220			234,555
5.00%, 02/01/29 (c)		175			187,167
Indiana Finance Authority, Series C (RB)
5.00%, 02/01/28 (c)		1,000			1,080,187
5.00%, 02/01/28 (c)		610			657,857
Indiana Finance Authority, Series E (RB)
5.00%, 02/01/29 (c)		105			113,675
5.00%, 02/01/29 (c)		1,250			1,332,698
5.00%, 06/01/29		935			1,019,234
5.00%, 08/01/26 (c)		100			105,704
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)		20			19,624
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c)		250			264,069
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB)
5.00%, 02/01/29		710			770,874
5.00%, 02/01/29 (c)		1,715			1,850,435

	Par   (000’s		)	Value
Indiana (continued)
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c)	$	160		$	159,788
					13,275,196
Iowa: 0.2%
Iowa Finance Authority (RB) 5.00%, 08/01/27 (c)		1,000			1,062,634
Iowa Finance Authority, Series A (RB)
5.00%, 08/01/31 (c)		1,000			1,080,319
5.00%, 08/01/31 (c)		500			542,219
					2,685,172
Kansas: 0.5%
Butler County Unified School District No. 385 (GO)
4.00%, 09/01/27 (c)		500			504,104
4.00%, 09/01/27 (c)		300			300,926
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c)		750			744,679
Johnson County, Unified School District No. 233, Series A (GO) 4.00%, 09/01/31 (c)		1,000			968,087
Kansas Development Finance Authority, AdventHealth, Series A (RB) 5.00%, 11/15/31 (p)		3,950			4,199,677
State of Kansas, Department of Transportation Highway, Series A (RB)
5.00%, 09/01/27 (c)		775			817,223
5.00%, 09/01/27 (c)		630			667,387
5.00%, 09/01/27 (c)		150			157,694
					8,359,777
Kentucky: 0.6%
Kentucky Energy Authority, Gas Supply, Series A (RB) 4.00%, 08/01/30 (c) (p)		1,200			1,099,406
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c)		200			208,668
Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c)		1,420			1,489,234
Kentucky State Property & Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/28 (c)		3,285			3,452,270
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
5.00%, 10/01/26 (c)		290			296,022
5.00%, 10/01/26 (c)		55			56,445

See Notes to Financial Statements

66

	Par   (000’s		)	Value
Kentucky (continued)
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB) 5.00%, 10/01/29 (c) (p)	$	1,000		$	1,041,865
Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB) 4.00%, 05/15/23 (c)		2,000			1,960,304
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26		20			21,239
University of Kentucky, Series A (RB)
3.00%, 04/01/26 (c)		770			638,780
4.00%, 04/01/26 (c)		500			505,151
					10,769,384
Louisiana: 0.8%
City of New Orleans, Louisiana Public Improvement, Series A (GO) 5.00%, 12/01/30 (c)		1,000			1,035,146
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c)		615			652,358
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/29 (c)		500			471,889
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		3,540			3,170,128
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman's Hospital Foundation Project, Series A (RB) 3.25%, 10/01/27 (c)		200			177,275
Louisiana Local Government Environmental Facilities and Community Development, Series B (RB) 2.50%, 04/01/26 (c)		1,455			1,078,498
State of Louisiana, Series A (GO)
3.50%, 04/01/27 (c)		150			139,547
5.00%, 03/01/29 (c)		115			124,240
5.00%, 03/01/30 (c)		930			1,001,988
5.00%, 03/01/31 (c)		750			820,445
5.00%, 03/01/31 (c)		1,000			1,063,711
5.00%, 04/01/27 (c)		565			603,821
5.00%, 09/01/26 (c)		640			672,300
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/30 (c)		910			980,921

	Par   (000’s		)	Value
Louisiana (continued)
5.00%, 03/01/30 (c)	$	425		$	452,964
State of Louisiana, Series B (GO) 5.00%, 08/01/26 (c)		200			210,112
					12,655,343
Maryland: 2.7%
City of Baltimore, Consolidated Public Improvement, Series B (GO) 5.00%, 10/15/27 (c)		250			268,373
County of Baltimore (GO)
4.00%, 03/01/30 (c)		1,140			1,145,545
5.00%, 03/01/30 (c)		325			358,625
5.00%, 03/01/30		945			1,046,245
County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c)		1,925			1,933,227
County of Montgomery, Series A (GO) 3.00%, 08/01/30 (c)		750			683,478
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c)		1,070			1,090,284
Maryland Department of Transportation (RB) 3.00%, 09/01/27 (c)		500			464,037
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c)		250			257,657
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)		1,000			1,046,305
Maryland State, Series A (GO)
3.25%, 08/01/23 (c)		2,000			1,931,603
5.00%, 08/01/30 (c)		1,000			1,089,262
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/30		1,900			2,093,498
Prince George's County, Series A (GO)
5.00%, 07/15/28 (c)		1,150			1,249,611
5.00%, 07/15/28 (c)		2,500			2,660,063
Prince George's County, Series A (GO) (SAW) 4.00%, 07/15/28 (c)		1,000			1,022,173
State of Maryland, Department of Transportation (RB)
2.12%, 10/01/29 (c)		2,000			1,407,952
3.00%, 11/01/24 (c)		520			488,063
3.00%, 11/01/24 (c)		1,000			959,133
3.12%, 05/01/25 (c)		855			807,567
4.00%, 05/01/28 (c)		750			767,969

See Notes to Financial Statements

67

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c)	$	2,340		$	1,920,365
State of Maryland, State and Local Facilities Loan (GO)
4.00%, 08/01/28 (c)		530			538,328
5.00%, 03/15/29 (c)		3,000			3,261,571
5.00%, 08/01/28 (c)		1,000			1,085,670
State of Maryland, State and Local Facilities Loan, Series A (GO)
3.00%, 08/01/27 (c)		1,000			927,255
3.12%, 03/15/28 (c)		250			228,937
4.00%, 03/15/27 (c)		1,185			1,206,307
5.00%, 03/15/28 (c)		1,255			1,358,935
5.00%, 03/15/29		1,000			1,096,702
5.00%, 03/15/30 (c)		5,500			6,074,418
5.00%, 08/01/30 (c)		1,125			1,234,642
5.00%, 08/01/31 (c)		1,400			1,551,506
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO)
5.00%, 06/01/26 (c)		750			781,142
5.00%, 06/01/27 (c)		550			589,019
					44,625,467
Massachusetts: 3.1%
City of Boston, Series A (GO) 5.00%, 03/01/29		100			109,860
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c)		980			996,483
Commonwealth of Massachusetts, Series B (GO)
5.00%, 07/01/26 (c)		600			628,831
5.00%, 07/01/26 (c)		1,860			1,935,065
Commonwealth of Massachusetts, Series C (GO)
3.00%, 02/01/24 (c)		400			371,288
5.00%, 05/01/23 (c)		350			351,894
5.00%, 05/01/23 (c)		205			206,312
5.00%, 05/01/23 (c)		2,000			2,013,424
5.00%, 05/01/30		1,000			1,099,073
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31		2,665			2,941,130
Commonwealth of Massachusetts, Series D (GO)
4.00%, 11/01/30 (c)		2,000			1,939,282
4.00%, 05/01/28 (c)		1,165			1,142,756
5.00%, 07/01/30 (c)		365			390,344
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c)		2,000			2,125,488

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series E (GO)
3.00%, 11/01/27 (c)	$	1,275		$	1,136,659
4.00%, 04/01/25 (c)		1,000			996,928
5.00%, 11/01/27 (c)		100			106,298
5.00%, 11/01/30 (c)		1,000			1,091,663
5.00%, 09/01/28 (c)		1,010			1,060,063
Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/26 (c)		10			10,621
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c)		500			523,514
Commonwealth of Massachusetts, Transportation Fund, Series A (RB)
4.00%, 12/01/27 (c)		450			439,452
5.00%, 06/01/24 (c)		1,275			1,300,423
5.00%, 06/01/31 (c)		800			854,222
Massachusetts Bay Transportation Authority, Series A (RB) 0.00%, 07/01/26 (c) ^		130			94,577
Massachusetts Clean Water Trust (RB) 5.00%, 08/01/28 (c)		1,000			1,071,144
Massachusetts Clean Water Trust, Series A (RB) 5.00%, 02/01/31 (c)		540			582,344
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29		1,000			1,088,278
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c)		1,000			1,070,982
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c)		255			260,154
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c)		200			207,087
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		130			134,406

See Notes to Financial Statements

68

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
4.00%, 07/15/26 (c)	$	2,000		$	1,968,431
5.00%, 07/15/26 (c)		480			502,994
5.00%, 07/15/26 (c)		6,300			6,624,119
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c)		1,500			1,415,261
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		500			499,837
Massachusetts Development Finance Agency, Williams College, Series P (RB) 5.00%, 07/01/23 (c)		1,500			1,502,803
Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c)		150			123,933
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c)		125			130,366
Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c)		1,500			1,593,208
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30		2,000			2,244,544
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c)		2,115			2,248,421
University of Massachusetts Building Authority, Series 1 (RB)
5.00%, 11/01/29 (c)		750			798,996
5.00%, 11/01/29 (c)		475			509,230
5.00%, 05/01/29 (c)		1,220			1,302,131
University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG) 5.00%, 11/01/29 (c)		500			538,883
University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c)		1,020			1,086,261
					51,369,463
Michigan: 1.1%
Board of Governors of Wayne State University, Series A (RB)
5.00%, 05/15/26 (c)		285			296,577

	Par   (000’s		)	Value
Michigan (continued)
Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c)	$	340		$	361,869
Detroit Wayne County, School District, Series A (GO) (AGM Q-SBLF) 6.00%, 05/01/29		3,500			3,787,185
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
5.00%, 07/01/26 (c)		250			263,005
5.00%, 07/01/26 (c)		250			262,451
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
5.00%, 07/01/26 (c)		570			594,602
5.00%, 07/01/26 (c)		500			522,680
5.00%, 07/01/26 (c)		290			301,245
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)
5.00%, 07/01/26 (c)		30			31,398
5.00%, 07/01/26 (c)		1,025			1,064,747
Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c)		130			136,475
Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project (RB) (SAW) 5.00%, 11/01/28 (c)		2,645			2,848,364
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		140			117,885
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB)
5.00%, 10/01/24 (c)		725			734,434
5.00%, 11/15/26 (c)		150			155,494
Michigan Finance Authority, Tabaco Settlement, Series A (RB) 5.00%, 12/01/30 (c)		500			504,542
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB)
5.00%, 12/01/27 (c)		585			599,071
5.00%, 06/01/27 (c)		75			78,665
Michigan State Building Authority, Series I (RB)
5.00%, 10/15/25 (c)		5			5,237
5.00%, 10/15/25 (c)		10			10,378
5.00%, 10/15/25 (c)		25			26,185
5.00%, 10/15/26 (c)		120			123,167
5.00%, 10/15/26 (c)		125			130,065
5.00%, 10/15/26 (c)		570			597,120

See Notes to Financial Statements

69

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Michigan (continued)
Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27	$	100		$	106,882
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
3.10%, 06/01/26 (c)		1,370			1,236,297
3.35%, 06/01/26 (c)		135			117,823
State of Michigan Trunk Line, Series A (RB) 5.00%, 11/15/31 (c)		1,900			2,046,806
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		410			386,701
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/30 (c)		750			611,083
Wayne County Airport Authority, Deroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c)		560			595,275
					18,653,708
Minnesota: 1.0%
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		125			127,269
County of Hennepin, Minnesota First Lien, Ballpark Project, Series A (RB) 5.00%, 12/15/26 (c)		1,000			1,049,521
Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB)
5.00%, 01/01/24 (c)		1,000			1,011,980
5.00%, 07/01/29 (c)		200			208,866
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)
5.00%, 01/01/27 (c)		325			339,858
5.00%, 01/01/27 (c)		515			539,536
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,000			1,063,206
Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c)		500			530,232
State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c)		120			114,051
State of Minnesota, Various Purpose, Series A (GO)
5.00%, 10/01/27 (c)		400			430,697
5.00%, 08/01/29 (c)		1,000			1,065,692
5.00%, 08/01/29 (c)		1,000			1,080,085

	Par   (000’s		)	Value
Minnesota (continued)
5.00%, 08/01/29	$	400		$	440,301
5.00%, 08/01/30 (c)		2,000			2,148,130
5.00%, 08/01/30 (c)		2,000			2,142,129
State of Minnesota, Various Purpose, Series D (GO)
2.25%, 08/01/26 (c)		925			839,165
3.00%, 10/01/27 (c)		1,000			932,343
3.00%, 10/01/27 (c)		1,000			942,385
University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		805			861,195
					15,866,641
Mississippi: 0.3%
State of Mississippi, Series A (GO)
5.00%, 10/01/27 (c)		430			461,020
5.00%, 10/01/27 (c)		880			941,744
State of Mississippi, Series A (RB)
5.00%, 10/15/28 (c)		400			418,950
5.00%, 10/15/28 (c)		550			569,186
5.00%, 10/15/28 (c)		1,000			1,040,725
State of Mississippi, Series B (GO) 4.00%, 10/01/29 (c)		295			281,843
State of Mississippi, Series C (GO) 5.00%, 10/01/28 (c)		1,005			1,067,209
					4,780,677
Missouri: 0.5%
City of Kansas, Series C (RB) 5.00%, 09/01/27 (c)		1,030			1,092,270
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,400			1,534,223
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c)		250			263,213
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		685			676,603
Platte County Park Hill School District (GO) (SAW)
3.00%, 03/01/26 (c)		105			93,996
3.00%, 03/01/26 (c)		225			198,736
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c)		650			648,057
Springfield School District No. R-12 (GO) (SAW)
4.00%, 03/01/28 (c)		95			96,443
4.00%, 03/01/29 (c)		1,415			1,401,032
5.00%, 03/01/29 (c)		450			473,854
St. Louis County, Convention Center, Series A (RB) 5.25%, 12/01/30 (c)		1,000			1,057,307
					7,535,734

See Notes to Financial Statements

70

	Par   (000’s		)	Value
Montana: 0.1%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/23 (c)	$	1,000		$	929,458
Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29		150			162,115
					1,091,573
Nebraska: 0.4%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/34		3,300			3,295,191
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/32		1,280			1,296,007
Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c)		100			105,775
Omaha Public Power District, Electric System, Series A (RB) (SAW) 5.00%, 02/01/29 (c)		1,125			1,223,691
					5,920,664
Nevada: 0.9%
Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c)		1,200			1,261,392
Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c)		1,000			974,821
Clark County, Limited Tax, Series A (GO)
5.00%, 06/01/28 (c)		150			157,822
5.00%, 06/01/28 (c)		1,110			1,192,514
Clark County, Limited Tax, Series C (GO)
3.00%, 07/01/27 (c)		270			228,327
3.00%, 07/01/27 (c)		305			268,194
Clark County, Nevada McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c)		275			291,784
Clark County, Nevada McCarran International, Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c)		470			497,273
Clark County, School District, Series A (GO) (AGM)
5.00%, 06/15/30 (c)		915			974,332
5.00%, 06/15/30 (c)		1,000			1,075,538
Clark County, School District, Series B (GO) 4.00%, 11/01/26 (c)		155			156,936

	Par   (000’s		)	Value
Nevada (continued)
Clark County, School District, Series C (GO) 5.00%, 12/15/27 (c)	$	1,050		$	1,105,611
Clark County, School, District, Series B (GO) 4.00%, 11/01/26 (c)		250			251,219
Clark County, School, District, Series B (GO) (BAM) 3.00%, 06/15/30 (c)		1,500			1,142,420
Clark County, Water Reclamation District (GO) 3.00%, 07/01/26 (c)		630			613,192
Clark County. Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c)		300			317,340
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB)
4.00%, 06/01/27 (c)		1,000			1,004,329
5.00%, 06/01/27 (c)		795			843,322
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
3.38%, 06/01/28 (c)		325			293,878
4.00%, 06/01/28 (c)		760			765,837
4.00%, 06/01/28 (c)		760			768,552
Truckee Meadows Water Authority (RB)
5.00%, 07/01/26 (c)		30			31,403
5.00%, 07/01/26 (c)		355			369,497
					14,585,533
New Jersey: 4.0%
County of Hudson (GO)
2.00%, 11/15/28 (c)		685			488,773
2.00%, 11/15/28 (c)		2,000			1,454,814
2.12%, 11/15/28 (c)		265			188,948
New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c)		275			266,787
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c)		755			661,733
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		260			265,895
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		1,000			1,018,504

See Notes to Financial Statements

71

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)	$	380		$	391,810
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
5.00%, 06/15/27 (c)		615			619,922
5.00%, 06/15/27 (c)		935			948,005
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)		1,250			1,250,708
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		1,080			975,108
New Jersey Economic Development Authority, State House Project, Series B (RB)
4.00%, 12/15/28 (c)		1,290			1,272,401
5.00%, 12/15/28 (c)		315			320,619
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 4.00%, 09/01/24 (c)		1,000			959,091
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
2.00%, 03/01/31 (c)		2,000			1,405,067
2.00%, 03/01/31 (c)		1,975			1,419,034
2.00%, 03/01/31 (c)		1,000			736,186
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c)		500			531,362
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c)		360			317,225
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 07/01/23 (c)		2,355			2,370,868
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/26 (c)		1,590			1,528,837

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c)	$	1,000		$	1,033,263
New Jersey State Turnpike Authority, Series B (RB)
5.00%, 01/01/28 (c)		1,080			1,135,090
5.00%, 01/01/28 (c)		2,900			3,044,354
5.00%, 01/01/28 (c)		115			121,296
New Jersey State, COVID-19, Series A (GO)
4.00%, 06/01/32		1,135			1,128,034
5.00%, 06/01/29		1,000			1,080,918
New Jersey Transportation Trust Fund Authority, Series A (RB)
4.00%, 12/15/28 (c)		2,830			2,701,653
5.00%, 12/15/28 (c)		1,395			1,416,964
5.00%, 12/15/28 (c)		1,000			999,516
5.00%, 12/15/28 (c)		1,100			1,108,767
5.00%, 12/15/28		500			520,850
5.00%, 06/15/26 (c)		435			446,811
5.00%, 06/15/31 (c)		500			511,909
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c)		780			766,024
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 12/15/30 (c)		1,200			1,183,427
5.00%, 06/15/23 (c)		1,500			1,507,851
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c)		1,720			1,733,787
New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/27 (c)		135			131,453
5.00%, 01/01/27 (c)		270			281,673
5.00%, 01/01/27 (c)		1,625			1,710,104
5.00%, 07/01/24 (c)		4,000			4,082,024
New Jersey Turnpike Authority, Series E (RB)
5.00%, 01/01/28 (c)		200			210,950
5.00%, 01/01/28 (c)		115			122,466
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c)		1,000			1,043,954
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c)		2,130			2,116,868
State of New Jersey, Series A (GO) 3.00%, 06/01/32		250			216,613
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		3,000			2,502,519
2.00%, 12/01/29 (c)		3,000			2,225,807

See Notes to Financial Statements

72

	Par   (000’s		)	Value
New Jersey (continued)
2.00%, 12/01/29 (c)	$	3,000		$	2,100,175
5.00%, 12/01/29 (c)		5,000			5,202,533
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		2,755			2,812,670
5.00%, 06/01/28 (c)		225			227,413
5.00%, 06/01/28 (c)		195			200,642
5.00%, 06/01/28 (c)		250			254,237
5.00%, 06/01/28 (c)		500			512,366
					65,786,678
New York: 18.5%
City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)		500			439,803
City of New York, Series A (GO)
4.00%, 08/01/26 (c)		485			462,186
4.00%, 08/01/31 (c)		600			547,859
5.00%, 08/01/26 (c)		1,810			1,887,305
5.00%, 08/01/30		415			456,961
City of New York, Series A-1 (GO)
5.00%, 08/01/29		1,000			1,092,534
5.00%, 09/01/32 (c)		2,000			2,121,655
City of New York, Series B-1 (GO)
4.00%, 12/01/26 (c)		250			234,573
5.00%, 10/01/27 (c)		100			103,830
5.00%, 10/01/29 (c)		1,125			1,208,322
5.00%, 10/01/29 (c)		500			543,598
5.00%, 11/01/30		1,000			1,103,177
5.00%, 12/01/26 (c)		395			413,185
5.00%, 08/01/29		2,000			2,185,069
5.25%, 10/01/27 (c)		920			989,268
City of New York, Series C (GO) 5.00%, 02/01/25 (c)		1,165			1,190,728
City of New York, Series C and D (GO) 5.00%, 02/01/26 (c)		110			115,684
City of New York, Series C-1 (GO) (SD CRED PROG) 5.00%, 08/01/30		2,000			2,202,221
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c)		1,565			1,641,562
City of New York, Series E (GO) 5.00%, 08/01/26 (c)		540			563,063
City of New York, Series E-1 (GO)
5.00%, 03/01/28 (c)		1,015			1,070,220
5.25%, 03/01/28 (c)		1,000			1,059,795
5.25%, 03/01/28 (c)		1,500			1,624,808
City of New York, Series F-1 (GO)
5.00%, 04/01/28 (c)		250			259,694
5.00%, 04/01/28 (c)		1,435			1,465,308
City of New York, Series L (GO) 5.00%, 04/01/29 (c)		655			701,482

	Par   (000’s		)	Value
New York (continued)
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c)	$	1,865		$	2,001,034
City of New York, Series L-6 (GO)
5.00%, 04/01/28		175			188,598
5.00%, 04/01/29 (c)		1,000			1,087,085
City of Troy, Capital Resource Corp., Series A (RB)
5.00%, 09/01/30 (c)		500			506,225
5.00%, 09/01/30 (c)		1,795			1,875,341
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 05/15/31 (c)		1,500			1,633,160
County of Nassau, Series C (GO) 5.00%, 10/01/27 (c)		600			635,416
Hudson Yards Infrastructure Corp., Series A (RB)
5.00%, 02/15/27 (c)		1,700			1,778,683
5.00%, 02/15/27 (c)		460			479,443
5.00%, 02/15/27 (c)		1,400			1,470,293
5.00%, 02/15/27 (c)		3,025			3,189,474
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/27 (c)		305			318,952
5.00%, 09/01/27 (c)		750			777,435
5.00%, 09/01/27 (c)		500			520,673
5.00%, 09/01/28 (c)		1,035			1,071,072
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c)		450			368,777
Long Island Power Authority, Electric System, Series B (RB)
5.00%, 09/01/26 (c)		40			42,048
5.00%, 09/01/26 (c)		2,000			2,046,218
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c)		340			309,840
Metropolitan Transportation Authority, Series B (RB)
4.00%, 11/15/26 (c)		215			192,730
5.00%, 11/15/26 (c)		310			314,437
5.00%, 11/15/28		2,380			2,425,868
5.00%, 11/15/28		380			387,518
Metropolitan Transportation Authority, Series B-2 (RB)
5.00%, 11/15/26 (c)		15			15,794
5.00%, 11/15/27 (c)		1,185			1,247,532
5.00%, 11/15/27 (c)		200			212,150
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 05/15/28 (c)		1,980			1,839,391
4.00%, 05/15/28 (c)		395			354,086
5.00%, 11/15/26 (c)		155			157,219
5.00%, 05/15/28 (c)		2,540			2,532,258
5.00%, 05/15/28 (c)		1,445			1,451,098
5.00%, 05/15/28 (c)		1,540			1,550,357
5.00%, 05/15/28 (c)		1,260			1,288,676

See Notes to Financial Statements

73

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
5.00%, 05/15/28 (c)	$	810		$	799,016
5.00%, 05/15/28 (c)		470			479,522
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		1,035			603,937
Metropolitan Transportation Authority, Series D (RB)
3.12%, 11/15/26 (c)		265			212,393
4.00%, 11/15/26 (c)		400			371,594
5.00%, 05/15/28 (c)		535			533,369
5.00%, 05/15/28 (c)		1,570			1,572,263
5.00%, 05/15/28 (c)		1,085			1,092,297
Metropolitan Transportation Authority, Series E (RB)
5.00%, 11/15/23 (c)		1,775			1,769,589
5.00%, 11/15/30		1,000			1,009,231
Monroe County, Industrial Development Corp. (RB) 3.00%, 12/01/30 (c)		865			602,566
New York City Housing Development Corp. (RB) (FHA 542(C)) 2.10%, 05/01/29 (c)		2,000			1,404,930
New York City Housing Development Corp., Multi- Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c)		1,000			772,538
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) 3.70%, 11/15/23 (c)		2,000			1,793,049
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c)		1,100			826,257
New York City Industrial Development Agency (RB) (AGM)
4.00%, 01/01/31 (c)		500			497,185
4.00%, 09/01/30 (c)		1,500			1,494,650
5.00%, 01/01/31		2,700			2,901,679
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 2.00%, 01/01/31 (c)		1,250			778,731
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) 5.00%, 03/01/30		2,145			2,277,281
New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB)
5.00%, 12/15/29 (c)		1,000			1,078,974
5.00%, 06/15/27 (c)		960			989,905

	Par   (000’s		)	Value
New York (continued)
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 5.00%, 06/15/27 (c)	$	310		$	326,200
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) 5.00%, 12/15/26 (c)		1,000			1,026,046
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC-1 (RB) 5.25%, 12/15/26 (c)		2,000			2,086,118
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB)
5.00%, 06/15/23 (c)		1,000			1,005,920
5.00%, 06/15/23 (c)		4,500			4,529,115
5.00%, 06/15/31		1,865			2,073,845
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c)		215			224,802
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c)		500			532,077
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)
3.00%, 07/15/31 (c)		1,400			1,100,788
4.00%, 07/15/31 (c)		1,375			1,307,650
5.00%, 07/15/31 (c)		1,000			1,084,245
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/28 (c)		1,010			1,075,816
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)
5.00%, 07/15/28 (c)		1,605			1,686,337
5.00%, 07/15/28 (c)		1,000			1,040,446
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW)
5.00%, 07/15/28 (c)		500			525,339
5.00%, 07/15/28 (c)		100			106,516
5.25%, 07/15/28 (c)		415			439,155
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
3.00%, 11/01/30 (c)		2,000			1,593,964
5.00%, 11/01/30 (c)		3,000			3,161,655

See Notes to Financial Statements

74

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
4.00%, 05/01/26 (c)	$	630		$	634,393
5.00%, 11/01/31 (c)		1,000			1,089,361
5.00%, 05/01/26 (c)		280			292,574
5.00%, 05/01/26 (c)		450			464,236
5.00%, 05/01/26 (c)		655			671,638
5.00%, 05/01/26 (c)		880			904,946
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c)		2,000			2,051,242
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
5.00%, 11/01/22 (c)		1,000			1,000,000
5.00%, 08/01/24 (c)		260			267,053
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/27 (c)		115			109,299
4.00%, 08/01/31 (c)		1,190			1,084,477
5.00%, 05/01/27 (c)		1,065			1,113,919
5.00%, 08/01/26 (c)		690			718,000
5.00%, 08/01/26 (c)		895			925,000
5.00%, 08/01/26 (c)		540			560,003
5.00%, 08/01/26 (c)		530			555,280
5.00%, 08/01/27 (c)		125			132,399
5.00%, 08/01/27 (c)		1,000			1,047,937
5.00%, 08/01/27 (c)		350			363,950
5.00%, 08/01/28 (c)		780			814,484
5.00%, 08/01/30 (c)		1,000			1,092,923
5.00%, 08/01/31 (c)		1,000			1,064,263
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
5.00%, 11/01/25 (c)		20			20,949
5.00%, 05/01/27 (c)		2,280			2,398,953
5.00%, 05/01/27 (c)		900			937,583
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/30 (c)		1,690			1,541,713
5.00%, 11/01/30 (c)		1,400			1,508,731
5.00%, 11/01/30 (c)		4,500			4,712,406
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c)		100			90,942

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/25 (c)	$	155		$	158,189
5.00%, 02/01/26 (c)		1,500			1,553,629
5.00%, 02/01/27 (c)		1,190			1,248,990
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30		6,000			6,144,882
New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB)
4.00%, 10/01/26 (c)		850			864,959
4.00%, 10/01/26 (c)		745			753,890
New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28		115			125,973
New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27		25			27,012
New York State Dormitory Authority, Cornell University, Series D (RB) 5.00%, 07/01/33		110			123,393
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c)		1,000			923,004
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)
5.00%, 08/01/28 (c)		1,000			968,251
5.00%, 08/01/28 (c)		1,890			1,814,330
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c)		250			257,072
New York State Dormitory Authority, New York University, Series A (RB)
4.00%, 02/15/27 (c)		1,000			983,579
5.00%, 03/15/24 (c)		2,150			2,185,519
5.00%, 07/01/25 (c)		3,000			3,124,458
5.00%, 07/01/26 (c)		260			273,435
5.00%, 07/01/27 (c)		445			476,270
5.00%, 07/01/27 (c)		200			212,766
5.00%, 07/01/27 (c)		250			266,456
5.00%, 07/01/28 (c)		385			412,204
5.00%, 07/01/29 (c)		370			405,845
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c)		1,250			1,294,582

See Notes to Financial Statements

75

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
5.00%, 10/01/26 (c)	$	1,325		$	1,390,218
5.00%, 10/01/26 (c)		1,200			1,254,608
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) 2.00%, 07/01/29 (c)		850			647,277
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
3.00%, 09/15/30 (c)		3,120			2,398,243
4.00%, 02/15/27 (c)		475			454,395
4.00%, 03/15/31 (c)		2,795			2,582,715
4.00%, 09/15/30 (c)		1,135			1,059,800
5.00%, 02/15/27 (c)		595			622,779
5.00%, 02/15/27 (c)		1,375			1,453,446
5.00%, 02/15/27 (c)		1,000			1,048,997
5.00%, 03/15/25 (c)		195			200,191
5.00%, 03/15/29		2,085			2,264,162
5.00%, 03/15/29 (c)		3,910			4,109,203
5.00%, 03/15/29 (c)		1,950			2,035,831
5.00%, 03/15/29		100			108,593
5.00%, 03/15/29 (c)		2,370			2,516,139
5.00%, 03/15/30		3,000			3,285,628
5.00%, 03/15/31 (c)		4,000			4,309,484
5.25%, 09/15/28 (c)		1,305			1,381,191
New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
5.00%, 08/15/27 (c)		2,270			2,328,420
5.00%, 08/15/27 (c)		2,000			2,107,557
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)		385			392,393
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/30		1,435			1,570,590
5.00%, 02/15/30 (c)		2,000			2,151,702
5.00%, 08/15/26 (c)		315			333,595
5.00%, 08/15/26 (c)		940			981,188
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/30 (c)		115			124,255
New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
4.00%, 03/15/32 (c)		2,000			1,867,490
4.00%, 03/15/32 (c)		1,500			1,386,073
5.00%, 08/15/26 (c)		2,000			2,035,975
5.00%, 09/15/25 (c)		3,000			3,114,190

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 01/01/27 (c)	$	250		$	250,536
5.00%, 03/15/24 (c)		340			346,392
5.00%, 03/15/24 (c)		115			117,131
5.00%, 03/15/27 (c)		515			535,935
5.00%, 03/15/27 (c)		305			317,956
5.00%, 03/15/27 (c)		2,110			2,184,597
5.00%, 03/15/27 (c)		1,000			1,036,307
5.00%, 09/15/26 (c)		60			62,658
5.00%, 09/15/26 (c)		140			146,511
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c)		170			176,236
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/28 (c)		520			555,075
5.00%, 03/15/28 (c)		1,970			2,068,701
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c)		1,000			927,743
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
5.00%, 06/15/26 (c)		415			436,069
5.00%, 06/15/26 (c)		765			805,968
5.00%, 06/15/27 (c)		405			432,867
5.00%, 06/15/27 (c)		150			157,091
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)
4.00%, 06/15/29 (c)		1,530			1,442,575
5.00%, 06/15/29 (c)		1,250			1,325,032
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
3.00%, 06/15/27 (c)		495			453,976
5.00%, 06/15/27 (c)		1,000			1,052,502
5.00%, 06/15/27 (c)		500			525,538
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c)		895			640,564
New York State Thruway Authority, Series A (RB)
5.00%, 01/01/26 (c)		650			668,023
5.00%, 01/01/26 (c)		600			613,773
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		800			733,669

See Notes to Financial Statements

76

	Par   (000’s		)	Value
New York (continued)
New York State Thruway Authority, Series L (RB)
3.50%, 01/01/28 (c)	$	1,120		$	969,763
5.00%, 01/01/28 (c)		1,300			1,370,043
5.00%, 01/01/28 (c)		1,500			1,588,611
New York State Thruway Authority, State Personal Income, Series A-1 (RB)
5.00%, 03/15/31 (c)		800			854,968
5.00%, 03/15/31 (c)		2,000			2,156,223
New York State Urban Development Corp., Series A (RB) 5.00%, 09/15/31 (c)		4,500			4,759,738
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/23 (c)		1,800			1,809,716
5.00%, 03/15/27 (c)		325			340,656
5.00%, 03/15/27 (c)		750			792,343
5.00%, 09/15/29		2,000			2,180,119
5.00%, 09/15/30 (c)		1,475			1,554,691
New York State Urban Development Corp., State Personal Income, Series C (RB)
4.00%, 09/15/30 (c)		1,000			972,621
4.00%, 09/15/30 (c)		1,000			935,743
5.00%, 09/15/27 (c)		350			370,953
5.00%, 09/15/27 (c)		4,295			4,521,548
5.00%, 09/15/30 (c)		250			265,610
New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c)		1,000			1,054,328
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
5.00%, 12/01/30 (c)		1,000			960,411
5.00%, 12/01/30		1,150			1,164,815
5.00%, 12/01/30 (c)		750			729,980
Port Authority of New York and New Jersey, Series 178 (RB) 5.00%, 12/01/23 (c)		2,000			2,027,135
Port Authority of New York and New Jersey, Series 205 (RB)
5.00%, 11/15/27 (c)		840			896,245
5.00%, 11/15/27 (c)		1,000			1,058,577
5.00%, 11/15/27 (c)		2,500			2,622,135
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/28 (c)		500			520,023
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		500			524,800

	Par   (000’s		)	Value
New York (continued)
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c)	$	500		$	520,658
Port Authority of New York and New Jersey, Series 222 (RB)
4.00%, 07/15/30 (c)		2,600			2,447,195
4.00%, 07/15/30 (c)		3,975			3,691,248
5.00%, 07/15/30 (c)		1,000			1,045,161
5.00%, 07/15/30 (c)		1,000			1,062,115
State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		615			551,837
State of New York Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c)		460			407,727
Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c)		10			10,043
Suffolk County, New York Public Improvement, Series C (GO)
4.00%, 09/01/30 (c)		1,000			909,529
5.00%, 09/01/30 (c)		1,500			1,563,257
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 11/15/31 (c)		1,225			1,303,126
5.00%, 05/15/26 (c)		20			20,934
Triborough Bridge and Tunnel Authority, Series B (RB)
5.00%, 11/15/31		1,000			1,103,620
5.00%, 05/15/27 (c)		1,550			1,636,487
5.00%, 05/15/27 (c)		1,000			1,021,678
5.00%, 05/15/27 (c)		1,350			1,431,207
5.00%, 05/15/27 (c)		1,035			1,101,524
5.00%, 05/15/27 (c)		1,255			1,310,745
5.00%, 05/15/27 (c)		1,070			1,124,387
Triborough Bridge and Tunnel Authority, Series C (RB) 5.00%, 11/15/28		500			542,825
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c)		845			852,503
5.00%, 06/01/27 (c)		500			506,386
5.00%, 06/01/27 (c)		285			293,085
5.00%, 06/01/27 (c)		130			133,961
5.00%, 06/01/27 (c)		1,140			1,157,623
Utility Debt Securitization Authority (RB)
5.00%, 12/15/25 (c)		1,500			1,561,170
5.00%, 12/15/25 (c)		2,830			2,920,924
5.00%, 12/15/27 (c)		2,000			2,094,591
Utility Debt Securitization Authority, Series A (RB)
5.00%, 06/15/26 (c)		610			637,589
5.00%, 06/15/26 (c)		500			517,807
Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c)		1,135			1,194,202

See Notes to Financial Statements

77

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Utility Debt Securitization Authority, Series E (RB) 5.00%, 12/15/32 (c)	$	2,000		$	2,204,248
Wetschester County, Local Development Corp., Pace University, Series A (RB) 5.00%, 05/01/24 (c)		1,000			972,729
					305,890,772
North Carolina: 1.5%
Charlotte-Mecklenburg Hospital Authority, Atrium Health Variable Rate Health Care, Series D (RB) 5.00%, 12/01/31 (p)		3,000			3,194,475
County of Mecklenburg, Series A (GO)
4.00%, 04/01/27 (c)		900			916,273
4.00%, 04/01/27 (c)		1,000			1,022,971
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c)		250			211,496
County of Wake (RB)
3.00%, 03/01/31 (c)		1,500			1,265,994
4.00%, 03/01/31 (c)		850			840,624
County of Wake, Series A (RB)
3.12%, 08/01/28 (c)		150			132,081
5.00%, 12/01/26 (c)		500			529,869
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c)		1,000			904,453
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,062,304
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c)		500			502,566
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		380			400,120
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
4.00%, 01/01/28 (c)		890			888,583
4.00%, 01/01/28 (c)		360			356,640
4.00%, 01/01/28 (c)		800			780,514
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c)		625			454,441
State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/29 (c)		2,500			2,702,398

	Par   (000’s		)	Value
North Carolina (continued)
5.00%, 03/01/31 (c)	$	1,000		$	1,093,926
State of North Carolina, Series A (GO)
3.00%, 06/01/28 (c)		1,000			921,239
3.00%, 06/01/28 (c)		380			339,726
5.00%, 06/01/28 (c)		1,140			1,237,372
5.00%, 06/01/30 (c)		1,100			1,218,940
State of North Carolina, Series A (RB) 5.00%, 05/01/29 (c)		1,000			1,083,161
State of North Carolina, Series B (RB)
3.00%, 05/01/27 (c)		800			732,727
5.00%, 05/01/27 (c)		880			936,915
University of North Carolina at Chapel Hill, Board of Govetnors,  Series B (RB) 5.00%, 12/01/31 (c)		1,000			1,088,488
					24,818,296
North Dakota: 0.0%
County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)		410			366,987
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c)		180			177,432
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c)		175			169,992
					714,411
Ohio: 2.4%
Akron Bath Copley Joint Township Hospital District (RB)
4.00%, 11/15/30 (c)		1,000			847,277
4.00%, 11/15/30 (c)		1,000			838,251
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		1,000			1,076,220
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/30 (c)		500			516,398
5.00%, 06/01/30 (c)		2,000			2,056,416
5.00%, 06/01/30 (c)		3,000			3,072,098
City of Cincinnati, Various Purpose, Series A (GO) 4.00%, 12/01/27 (c)		975			1,003,751
City of Columbus, Series 1 (GO)
4.00%, 10/01/27 (c)		200			203,179
5.00%, 10/01/27 (c)		750			806,834
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30		1,000			1,099,702

See Notes to Financial Statements

78

	Par   (000’s		)	Value
Ohio (continued)
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c)	$	1,245		$	1,355,209
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 12/01/29		1,250			1,328,089
5.00%, 02/01/28 (c)		1,030			1,077,860
5.00%, 02/01/28 (c)		445			469,043
5.00%, 06/01/30 (c)		1,000			1,063,786
County of Butler (RB)
4.00%, 11/15/27 (c)		400			367,276
5.00%, 11/15/27 (c)		1,805			1,845,231
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c)		100			101,814
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB)
5.00%, 11/01/27 (c)		120			126,001
5.00%, 11/01/27 (c)		125			130,546
5.00%, 11/01/27 (c)		145			150,729
County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c)		165			140,861
Cuyahoga Community College District (GO)
4.00%, 06/01/26 (c)		350			352,711
4.00%, 06/01/26 (c)		500			502,093
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		1,000			830,944
Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29		2,225			2,446,060
Ohio Turnpike and Infrastructure Commission, Series A (RB)
5.00%, 02/15/28 (c)		500			534,379
5.00%, 02/15/28 (c)		500			531,473
5.00%, 02/15/28 (c)		1,845			1,976,694
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		1,200			1,278,172
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 06/01/27 (c)		960			1,021,274
5.00%, 06/01/30 (c)		1,000			1,084,694
5.00%, 06/01/30 (c)		1,970			2,106,128
Ohio Water Development Authority, Water Pollution Control, Series B (RB) 5.00%, 12/01/25 (c)		40			42,030
State of Kent University (RB) 5.00%, 05/01/26 (c)		20			21,039

	Par   (000’s		)	Value
Ohio (continued)
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c)	$	480		$	489,670
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
4.00%, 01/01/28 (c)		760			728,162
5.00%, 01/01/28 (c)		135			143,421
5.00%, 01/01/28 (c)		140			148,267
5.00%, 01/01/28 (c)		130			136,631
5.00%, 01/01/28 (c)		425			453,005
State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB)
5.00%, 04/01/28 (c)		615			659,517
5.00%, 04/01/28 (c)		805			854,834
5.00%, 04/01/28 (c)		640			684,200
State of Ohio, Common Schools, Series A (GO) 5.00%, 03/15/24 (c)		25			25,483
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		165			142,292
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,000			1,056,018
State of Ohio, Infrastructure Project (RB)
5.00%, 12/15/30		200			220,323
5.00%, 12/15/31		1,225			1,355,439
State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c)		225			236,345
State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c)		100			106,835
					39,844,704
Oklahoma: 0.2%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c)		330			308,435
Grand River Dam Authority, Series A (RB)
5.00%, 12/01/26 (c)		515			541,695
5.00%, 12/01/26 (c)		100			105,338
Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c)		750			520,521
Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c)		155			154,006

See Notes to Financial Statements

79

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Oklahoma (continued)
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)	$	565		$	590,454
Oklahoma Turnpike Authority, Series E (RB)
5.00%, 01/01/27 (c)		155			163,928
5.00%, 01/01/27 (c)		300			316,780
					2,701,157
Oregon: 1.1%
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c)		720			744,714
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c)		700			721,749
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c)		2,350			1,889,670
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,285			1,360,209
Deschutes Public Library District (GO) 4.00%, 06/01/31 (c)		2,000			1,940,587
Hillsboro School District No. 1J (GO) (SBG)
5.00%, 06/15/27 (c)		590			616,647
5.00%, 06/15/27 (c)		1,000			1,057,721
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)
0.01%, 06/15/27 (c)		1,010			634,184
0.01%, 06/15/27 (c)		1,215			804,195
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c)		1,280			1,135,938
Salem-Keizer School District No. 24J (GO) (SBG)
4.00%, 06/15/28 (c)		740			732,493
4.00%, 06/15/30 (c)		2,000			1,870,372
5.00%, 06/15/28 (c)		545			583,594
Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c)		125			131,076
State of Oregon Department of Transportation, Highway User Tax, Series A (RB)
5.00%, 11/15/29 (c)		1,650			1,755,368
5.00%, 11/15/30 (c)		1,000			1,066,628
State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c)		450			447,192

	Par   (000’s		)	Value
Oregon (continued)
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c)	$	10		$	10,547
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 04/01/28 (c)		570			485,431
					17,988,315
Pennsylvania: 3.8%
Allegheny County Hospital Development Authority, Series A (RB)
5.00%, 04/01/28 (c)		1,120			1,145,731
5.00%, 04/01/28 (c)		1,000			1,033,253
5.00%, 07/15/29 (c)		360			379,316
5.00%, 07/15/29 (c)		810			841,408
Allegheny County, Sanitary Authority Sewer (RB) 5.00%, 12/01/25 (c)		1,000			1,032,369
Allegheny County, Sanitary Authority Sewer (RB) (AGM) 4.00%, 12/01/26 (c)		100			100,314
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c)		380			400,325
City of Philadelphia, Gas Works (RB) 5.00%, 10/01/26 (c)		880			907,747
City of Philadelphia, Gas Works, Series A (RB) (AGM) 5.00%, 08/01/30 (c)		825			853,909
City of Philadelphia, Series A (GO)
5.00%, 08/01/27 (c)		750			787,785
5.00%, 08/01/27 (c)		100			104,177
5.00%, 08/01/27 (c)		750			789,043
City of Philadelphia, Series A (RB) 5.00%, 07/01/29		1,500			1,602,410
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c)		1,000			911,941
City of Philadelphia, Series B (GO)
5.00%, 08/01/29 (c)		300			317,282
5.00%, 08/01/29 (c)		1,500			1,546,091
5.00%, 08/01/29 (c)		100			104,273
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/30 (c)		250			269,399
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/28 (c)		775			807,468
5.00%, 06/01/28 (c)		415			428,480
5.00%, 06/01/28 (c)		265			275,156
Commonwealth of Pennsylvania (GO) 3.00%, 01/01/27 (c)		510			460,894

See Notes to Financial Statements

80

	Par   (000’s		)	Value
Pennsylvania (continued)
3.00%, 05/01/30 (c)	$	900		$	728,217
3.00%, 09/15/26 (c)		1,055			880,667
4.00%, 01/01/27 (c)		600			604,361
4.00%, 05/15/31 (c)		2,000			1,957,563
4.00%, 09/15/26 (c)		170			160,469
Commonwealth of Pennsylvania (GO) (AGM) 3.00%, 09/15/26 (c)		395			344,927
Commonwealth of Pennsylvania, Second Series (GO) 4.00%, 08/15/25 (c)		1,500			1,419,656
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p)		2,000			2,098,368
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c)		630			651,999
Montour County, Geisinger Health System, Series A-2 (RB) 5.00%, 02/15/27 (c)		1,990			2,043,271
Pennsylvania Economic Development Financing Authority, UPMC (RB)
4.00%, 09/15/26 (c)		100			90,354
5.00%, 09/15/26 (c)		385			398,919
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)
3.38%, 11/15/27 (c)		1,000			880,754
4.00%, 11/15/27 (c)		205			188,990
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)		125			127,034
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c)		775			754,604
Pennsylvania Higher Educational Facilities Authority, The Trustee of University, Series A (RB)
4.00%, 08/15/26 (c)		1,000			1,015,903
4.00%, 08/15/26 (c)		1,450			1,480,044
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)
3.12%, 08/15/27 (c)		150			132,854
5.00%, 08/15/27 (c)		270			281,376
5.00%, 08/15/27 (c)		275			288,936

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)	$	425		$	384,630
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		700			616,928
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)		315			291,086
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		1,620			1,471,466
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c)		300			267,687
Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c)		20			21,017
Pennsylvania Turnpike Commission (RB)
5.00%, 12/01/24 (c)		1,000			1,028,341
5.00%, 12/01/25 (c)		430			447,778
5.00%, 12/01/26 (c)		110			116,441
5.00%, 12/01/27 (c)		300			311,661
5.00%, 12/01/27 (c)		250			261,084
5.00%, 06/01/31 (c)		700			743,305
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) 5.00%, 12/01/26 (c)		1,000			1,048,559
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 5.00%, 12/01/26 (c)		875			923,183
Pennsylvania Turnpike Commission, Series A (RB)
5.00%, 12/01/26 (c)		310			325,902
5.00%, 12/01/26 (c)		750			784,771
5.00%, 12/01/29 (c)		500			530,705
5.00%, 12/01/29 (c)		1,000			1,036,355
5.00%, 12/01/32 (c)		1,000			1,073,189
Pennsylvania Turnpike Commission, Series A-2 (RB)
5.00%, 12/01/27 (c)		100			106,406
5.00%, 12/01/27 (c)		175			185,069
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/26 (c)		2,650			2,675,089
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c)		510			527,274

See Notes to Financial Statements

81

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c)	$	205		$	213,485
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c)		110			104,650
Philadelphia Gas Works Co., Fourteenth Series (RB)
5.00%, 10/01/26 (c)		735			756,034
5.00%, 10/01/26 (c)		970			995,293
5.00%, 10/01/26 (c)		680			695,762
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)
5.00%, 09/01/31		1,460			1,598,420
5.00%, 09/01/32		2,000			2,197,348
5.00%, 09/01/33		2,000			2,182,558
School District of Philadelphia, Series A (GO) (SAW)
5.00%, 09/01/28 (c)		450			474,865
5.00%, 09/01/28 (c)		660			682,359
5.00%, 09/01/28 (c)		250			264,450
School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c)		485			501,570
School District of the City of Erie (GO) (AGM) 5.00%, 04/01/29 (c)		220			232,697
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c)		845			887,704
Sports & Exhibition Authority, Regional Asset District Sales Tax (RB) (AGM) 5.00%, 08/01/29 (c)		1,000			1,066,739
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM)
5.00%, 12/01/26 (c)		1,750			1,799,210
5.00%, 12/01/26 (c)		260			266,039
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c)		765			795,600
					62,520,746
Rhode Island: 0.3%
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 (c)		380			399,557
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) 5.00%, 05/15/26 (c)		110			115,659

	Par   (000’s		)	Value
Rhode Island (continued)
Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c)	$	1,000		$	752,845
Rhode Island Housing and Mortgage Finance Corp., Series 75-A (RB) 2.05%, 04/01/30 (c)		1,000			731,780
State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c)		345			307,577
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		250			265,546
State of Rhode Island, Capital Development Loan, Series A (GO) 5.00%, 08/01/32 (c)		2,000			2,150,878
					4,723,842
South Carolina: 0.5%
Lancaster County School District (GO) 3.25%, 03/01/27 (c)		325			297,007
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		100			104,145
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c)		1,000			1,063,953
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/28 (c)		100			105,419
South Carolina Transportation Infrastructure Bank, Series B (RB) 5.00%, 10/01/29		1,270			1,371,226
South Carolina, Public Service Authority, Series A (RB) 5.00%, 06/01/26 (c)		1,500			1,486,417
South Carolina, Public Service Authority, Series A (RB) (SAW) 5.00%, 12/01/30 (c)		3,000			3,104,078
					7,532,245
South Dakota: 0.0%
South Dakota Health and Educational Facilities Authority (RB)
5.00%, 09/01/27 (c)		255			263,464
5.00%, 09/01/27 (c)		100			102,846
South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c)		25			23,899
					390,209

See Notes to Financial Statements

82

	Par   (000’s		)	Value
Tennessee: 0.8%
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB)
5.00%, 07/01/23 (c)	$	550		$	551,028
5.00%, 07/01/23 (c)		810			810,202
5.00%, 07/01/23 (c)		915			915,879
5.00%, 07/01/28 (c)		525			538,793
Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c)		150			158,560
Metropolitan Government of Nashville and Davidson County (GO)
4.00%, 07/01/26 (c)		545			548,652
4.00%, 07/01/26 (c)		580			579,066
4.00%, 07/01/27 (c)		275			272,316
5.00%, 07/01/26 (c)		235			247,002
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			130,670
Shelby County, Public Improvement, Series B (GO)
4.00%, 04/01/30 (c)		1,000			975,532
4.00%, 04/01/30 (c)		3,000			2,990,784
4.00%, 04/01/30 (c)		1,000			988,125
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p)		4,000			3,899,902
Tennessee Housing Development Agency, Series B (RB) 3.70%, 07/01/26 (c)		75			72,728
					13,679,239
Texas: 8.7%
Aldine Independent School District, Series A (GO)
4.00%, 02/15/27 (c)		910			915,312
4.00%, 02/15/27 (c)		675			677,775
5.00%, 02/15/27 (c)		700			744,518
Arlington Independent School District (GO)
4.00%, 02/15/29 (c)		500			491,778
4.00%, 02/15/29 (c)		1,000			996,517
Austin Independent School District (GO) 4.00%, 08/01/26 (c)		100			101,060
Bexar County Hospital District (GO)
4.00%, 02/15/26 (c)		115			115,389
4.00%, 02/15/26 (c)		250			236,360
5.00%, 02/15/26 (c)		1,315			1,374,509

	Par   (000’s		)	Value
Texas (continued)
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30	$	2,500		$	2,762,533
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c)		850			921,240
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29		2,040			2,234,816
Board of Regents of the University of Texas System, Series J (RB) 5.00%, 08/15/26 (c)		25			26,439
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c)		930			978,910
City of Arlington, Senior Lien Special Tax (ST) (AGM)
5.00%, 02/15/25 (c)		305			315,210
5.00%, 02/15/25 (c)		150			155,246
City of Austin, Texas Electric Utility System, Series A (RB) 5.00%, 11/15/30		615			677,220
City of Austin, Water and Wastewater System (RB)
5.00%, 11/15/26 (c)		360			378,583
5.00%, 11/15/26 (c)		995			1,040,789
5.00%, 11/15/27 (c)		235			251,173
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c)		600			493,924
City of Dallas, Series B (GO) 4.00%, 02/15/29 (c)		500			479,911
City of Dallas, Waterworks and Sewer System, Series A (RB)
5.00%, 10/01/26 (c)		565			594,285
5.00%, 10/01/26 (c)		600			629,086
5.00%, 10/01/26 (c)		900			949,341
City of Dallas, Waterworks and Sewer System, Series C (RB)
5.00%, 10/01/30 (c)		1,000			1,075,136
5.00%, 10/01/30 (c)		1,000			1,086,247
City of Denton, Utility System (RB)
5.00%, 12/01/26 (c)		1,000			1,035,949
5.00%, 12/01/26 (c)		965			1,007,769
City of El Paso (GO) 4.00%, 08/15/26 (c)		100			100,259
City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c)		235			247,593
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/28 (c)		1,000			1,023,658
5.00%, 07/01/28 (c)		125			131,096

See Notes to Financial Statements

83

VANECK INTERMEDIATE MUNI ETF

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(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c)	$	4,500		$	4,867,254
City of Houston, Combined Utility System, First Lien, Series B (RB) 5.00%, 11/15/26 (c)		105			110,507
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c)		1,500			1,414,985
City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/28 (c)		750			791,765
5.00%, 11/15/28 (c)		1,000			1,063,549
City of Houston, Public Improvement, Series A (GO)
4.00%, 03/01/27 (c)		2,000			1,859,734
5.00%, 03/01/27 (c)		1,000			1,057,164
5.00%, 03/01/29 (c)		1,215			1,310,508
5.00%, 03/01/29 (c)		1,000			1,069,816
City of Houston, Series A (GO)
5.00%, 03/01/26 (c)		180			187,586
5.00%, 03/01/26 (c)		515			537,588
5.00%, 03/01/27 (c)		500			526,927
5.00%, 03/01/27 (c)		520			546,584
City of Lubbock (GO) 5.00%, 02/15/25 (c)		105			108,704
City of San Antonio (GO) 5.00%, 08/01/28 (c)		205			219,845
City of San Antonio, Electric and Gas Systems (RB)
4.00%, 02/01/30		1,000			1,015,277
5.00%, 02/01/32 (c)		1,000			1,073,843
5.00%, 08/01/26 (c)		125			131,880
5.00%, 08/01/26 (c)		110			115,595
5.00%, 08/01/27 (c)		1,000			1,056,759
City of San Antonio, Electric and Gas Systems, Series B (RB) 4.00%, 02/01/33		1,000			1,001,452
City of San Antonio, General Improvement (GO) 5.00%, 08/01/29 (c)		325			352,159
Collin County, Community College District (GO) 3.25%, 08/15/27 (c)		500			452,670
4.00%, 08/15/27 (c)		925			936,777
Conroe Independent School District (GO) 5.00%, 02/15/28 (c)		100			106,394
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c)		320			322,051
County of Bexar (GO) 5.00%, 06/15/26 (c)		290			307,058

	Par   (000’s		)	Value
Texas (continued)
County of Dallas, Texas Combination Tax and Parking Garage (GO) 5.00%, 08/15/26 (c)	$	260		$	275,063
County of Denton, Series A (GO) 4.00%, 07/15/28 (c)		750			767,280
County of Fort Bend, Series B (GO)
4.00%, 03/01/26 (c)		500			506,841
5.00%, 03/01/26 (c)		20			20,993
County of Harris, Toll Road, Senior Lien, Series A (RB)
5.00%, 08/15/26 (c)		670			699,598
5.00%, 08/15/26 (c)		675			703,124
5.00%, 08/15/26		115			121,915
5.00%, 08/15/26 (c)		695			729,460
5.00%, 08/15/26 (c)		160			167,471
5.00%, 08/15/26 (c)		190			199,833
5.00%, 08/15/26 (c)		195			205,800
County of Harris, Unlimited Tax Road, Series A (GO)
5.00%, 10/01/25 (c)		2,645			2,761,295
5.00%, 10/01/25 (c)		395			412,702
Cypress-Fairbanks Independent School District (GO)
4.00%, 02/15/30 (c)		1,275			1,201,465
4.00%, 02/15/31 (c)		1,500			1,424,709
Cypress-Fairbanks Independent School District, Series A (GO)
3.00%, 02/15/31 (c)		500			447,386
5.00%, 02/15/29 (c)		1,805			1,952,220
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,835			1,980,493
Dallas Independent School District (GO) 4.00%, 02/15/30 (c)		1,000			1,021,503
Eagle Mountain and Saginaw Independent School District (GO)
4.00%, 02/15/26 (c)		335			336,682
4.00%, 08/15/30 (c)		1,150			1,128,387
5.00%, 02/15/26 (c)		10			10,465
El Paso County Hospital District (GO) 4.00%, 08/15/27 (c)		250			220,857
Fort Bend Independent School District (GO)
4.00%, 08/15/27 (c)		635			642,563
5.00%, 08/15/27 (c)		645			689,290
Frisco Independent School District (GO)
4.00%, 02/15/27 (c)		500			503,792
4.00%, 08/15/30 (c)		1,350			1,372,761
4.00%, 08/15/30 (c)		1,345			1,313,670
5.00%, 02/15/29 (c)		2,000			2,123,319

See Notes to Financial Statements

84

	Par   (000’s		)	Value
Texas (continued)
Garland Independent School District (GO) 4.00%, 02/15/25 (c)	$	165		$	166,753
Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		200			213,703
Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c)		250			259,125
Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB)
4.00%, 11/15/27 (c)		950			953,046
5.00%, 11/15/27 (c)		850			903,463
5.00%, 11/15/27 (c)		300			318,949
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29		330			354,219
Harris County, Flood Control District, Series A (GO)
5.00%, 10/01/25 (c)		275			287,402
5.00%, 10/01/25 (c)		480			501,240
Harris County, Flood Control District, Series A (RB)
4.00%, 10/01/27 (c)		1,000			947,656
5.00%, 10/01/27 (c)		210			223,313
5.00%, 10/01/27 (c)		250			268,152
Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c)		400			418,039
Harris County, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c)		1,100			1,029,853
Harris County, Toll Road, Senior Lien, Series A (RB)
5.00%, 02/15/28 (c)		1,170			1,253,397
5.00%, 02/15/28 (c)		260			275,413
Hays Consolidated Independent School District (GO)
4.00%, 02/15/27 (c)		500			502,918
4.00%, 02/15/27 (c)		800			802,661
Houston Independent School District, Limited Tax School House (GO)
5.00%, 02/15/27 (c)		750			795,673
5.00%, 02/15/27 (c)		540			568,255
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c)		605			648,583
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c)		120			127,000

	Par   (000’s		)	Value
Texas (continued)
Lone Star College System (GO) 5.00%, 02/15/26 (c)	$	400		$	416,839
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c)		1,000			1,073,086
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
5.00%, 05/15/26 (c)		275			288,333
5.00%, 05/15/30 (c)		1,250			1,303,644
Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c)		90			95,271
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (AGC) 4.00%, 08/15/27 (c)		250			237,977
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (NATL) 5.00%, 08/15/27 (c)		250			263,228
North Harris County Regional Water Authority (RB)
5.00%, 12/15/26 (c)		250			261,835
5.00%, 12/15/26 (c)		205			215,257
North Texas Municipal Water District, Water System (RB)
5.00%, 09/01/26 (c)		45			46,992
5.00%, 09/01/26 (c)		715			740,199
5.00%, 09/01/26 (c)		400			419,457
5.00%, 09/01/26 (c)		500			521,049
North Texas Tollway Authority System, Series B (RB)
4.00%, 01/01/31 (c)		2,000			1,895,614
4.00%, 01/01/31 (c)		2,250			2,063,403
4.00%, 01/01/31 (c)		1,975			1,935,720
North Texas Tollway Authority, First Tier, Series A (RB)
5.00%, 01/01/23 (c)		1,000			1,001,646
5.00%, 01/01/26 (c)		1,195			1,243,385
5.00%, 01/01/26 (c)		980			1,021,839
5.00%, 01/01/26 (c)		295			307,595
5.00%, 01/01/26 (c)		1,675			1,741,850
5.00%, 01/01/26 (c)		500			516,817
5.00%, 01/01/26 (c)		425			441,950
North Texas Tollway Authority, Second Tier, Series B (RB)
5.00%, 01/01/24 (c)		1,325			1,342,699
5.00%, 01/01/24 (c)		3,500			3,548,712
5.00%, 01/01/26 (c)		875			909,167
5.00%, 01/01/27 (c)		1,000			1,010,990
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c)		450			440,264

See Notes to Financial Statements

85

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(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Northside Independent School District (GO) 5.00%, 08/15/27 (c)	$	880		$	935,450
Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c)		545			530,090
Port of Houston Authority of Harris County, Series A-2 (GO)
5.00%, 10/01/30 (c)		740			807,446
5.00%, 10/01/30 (c)		1,000			1,082,418
San Antonio Independent School District, Unlimited Tax School Building (GO)
4.00%, 08/15/28 (c)		500			491,780
5.00%, 08/15/28 (c)		1,025			1,100,616
San Antonio Water System, Junior Lien, Series A (RB)
5.00%, 05/15/28 (c)		500			530,857
5.00%, 05/15/30 (c)		500			545,556
Spring Independent School District (GO) 5.00%, 08/15/25 (c)		45			46,812
State of Texas, Transportation Commission, Highway Improvement (GO)
5.00%, 04/01/26 (c)		70			73,349
5.00%, 04/01/26 (c)		125			131,228
State of Texas, Transportation Commission, Highway Improvement, Series A (GO)
5.00%, 04/01/26 (c)		400			419,929
5.00%, 04/01/26 (c)		500			525,899
State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c)		150			158,264
State of Texas, Transportation Commission, Mobility Fund, Series B (GO)
5.00%, 10/01/27 (c)		240			253,222
5.00%, 10/01/27 (c)		465			492,081
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c)		80			82,996
Texas A&M University, Series D (RB) 4.00%, 05/15/26 (c)		10			10,156
Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c)		100			106,040
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		2,250			2,279,432
5.00%, 12/15/31		1,475			1,483,700
5.00%, 12/15/32		1,000			1,001,068

	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		$	1,005,673
4.00%, 12/31/30 (c)		1,390			1,229,405
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c)		1,000			861,265
Texas State University System, Board of Regents, Series A (RB) 5.00%, 03/15/27 (c)		100			106,261
Texas State University System, Board of Regents, Series A (RB) (FHA) 4.00%, 03/15/29 (c)		650			627,474
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c)		1,000			1,009,087
Texas Water Development Board (RB)
3.00%, 10/15/30 (c)		500			429,523
3.00%, 10/15/30 (c)		500			413,466
3.00%, 10/15/30 (c)		750			636,121
3.00%, 10/15/30 (c)		950			796,147
4.00%, 10/15/25 (c)		1,000			988,858
4.00%, 10/15/30 (c)		2,000			2,059,306
5.00%, 10/15/26 (c)		600			634,326
5.00%, 08/01/27 (c)		1,000			1,072,814
Texas Water Development Board, Series A (RB)
4.00%, 10/15/25 (c)		45			45,468
4.00%, 10/15/27 (c)		2,000			1,941,530
4.00%, 10/15/27 (c)		400			402,789
4.00%, 04/15/28 (c)		180			176,406
4.00%, 04/15/28 (c)		600			603,390
5.00%, 10/15/27 (c)		200			214,770
5.00%, 10/15/27 (c)		250			269,091
Texas Water Development Board, Series B (RB)
4.00%, 10/15/28 (c)		120			117,130
4.00%, 10/15/28 (c)		1,000			988,858
5.00%, 10/15/28 (c)		3,670			3,958,390
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/27 (c)		670			714,841
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c)		1,500			1,606,663
University of North Texas, Series A (RB)
5.00%, 04/15/27 (c)		75			79,047
5.00%, 04/15/27 (c)		140			146,080

See Notes to Financial Statements

86

	Par   (000’s		)	Value
Texas (continued)
Via Metropolitan Transit Authority, Sales Tax (RB) 5.00%, 01/15/27 (c)	$	135		$	143,219
					144,224,417
Utah: 0.5%
Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c)		395			393,707
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c)		2,000			1,914,571
State of Utah (GO) 5.00%, 01/01/29 (c)		250			270,280
State of Utah, Series B (GO) 5.00%, 01/01/29 (c)		1,275			1,395,791
University of Utah, Board of Higher Education, Series B (RB) 5.00%, 08/01/32 (c)		2,220			2,384,793
University of Utah, Series A (RB) 5.00%, 08/01/27 (c)		365			388,682
Utah Transit Authority, Subordinated Sales Tax (RB)
0.00%, 06/15/26 (c) ^		130			81,356
3.00%, 06/15/26 (c)		865			828,964
4.00%, 06/15/26 (c)		850			860,097
					8,518,241
Virginia: 1.6%
City of Richmond, Public Utility, Series A (RB) 5.00%, 01/15/26 (c)		1,520			1,598,507
County of Arlington, Public Improvement (GO) 4.00%, 06/15/29 (c)		1,990			1,962,457
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c)		375			286,833
County of Fairfax, Public Improvement, Series A (GO) (SAW)
5.00%, 04/01/28 (c)		750			804,821
5.00%, 04/01/29 (c)		1,755			1,898,472
County of Loudoun, Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c)		1,500			1,236,341
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
3.00%, 02/01/31 (c)		2,750			2,240,538
4.00%, 02/01/30 (c)		1,500			1,429,235
5.00%, 02/01/26 (c)		110			115,615
5.00%, 02/01/30 (c)		1,950			2,096,838

	Par   (000’s		)	Value
Virginia (continued)
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c)	$	110		$	99,377
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
5.00%, 02/01/28 (c)		880			941,171
5.00%, 02/01/28 (c)		120			128,488
5.00%, 02/01/28 (c)		450			480,138
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)
5.00%, 09/01/26 (c)		30			31,745
5.00%, 09/01/26 (c)		1,000			1,053,767
5.00%, 09/01/26 (c)		20			21,164
Virginia Commonwealth Transportation Board (RB)
4.00%, 05/15/26 (c)		2,000			2,019,815
5.00%, 05/15/26 (c)		100			105,622
5.00%, 05/15/27 (c)		400			426,904
5.00%, 09/15/26 (c)		20			21,175
Virginia Commonwealth Transportation Board, Series A (RB)
4.00%, 11/15/27 (c)		180			176,661
5.00%, 11/15/27 (c)		120			128,140
5.00%, 11/15/27 (c)		800			851,860
Virginia Public Building Authority, Series A (RB)
3.00%, 08/01/26 (c)		695			632,665
3.12%, 08/01/28 (c)		1,050			927,467
4.00%, 08/01/27 (c)		250			254,828
5.00%, 08/01/30 (c)		1,000			1,077,373
5.00%, 08/01/30 (c)		1,000			1,087,571
Virginia Public Building Authority, Series A-2 (RB)
4.00%, 08/01/31 (c)		1,000			969,954
4.00%, 08/01/31 (c)		1,000			984,709
Virginia Public School Authority (RB) (SAW) 5.00%, 08/01/26 (c)		30			31,614
					26,121,865
Washington: 4.0%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB)
5.00%, 11/01/26 (c)		110			116,907
5.00%, 11/01/31 (c)		2,000			2,199,569

See Notes to Financial Statements

87

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(unaudited) (continued)

	Par   (000’s		)	Value
Washington (continued)
City of Seattle, Municipal Light and Power Improvement, Series A (RB)
4.00%, 01/01/28 (c)	$	915		$	902,052
4.00%, 07/01/31 (c)		1,000			948,915
City of Seattle, Water System Improvement (RB) 4.00%, 02/01/27 (c)		115			116,822
County of King (GO) 5.00%, 01/01/29 (c)		750			797,860
County of King (GO) (SAW) 5.00%, 01/01/29 (c)		1,000			1,088,134
County of King, School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c)		880			884,592
County of King, School District No. 401 (GO) (SBG)
3.12%, 12/01/26 (c)		690			626,938
5.00%, 12/01/26 (c)		700			741,188
County of King, School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c)		515			546,108
County of King, School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c)		635			643,106
County of King, School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c)		835			881,054
County of King, Washington Limited Tax (GO) 4.00%, 07/01/27 (c)		840			857,017
County of King, Washington Sewer Improvement, Series B (RB) 4.00%, 07/01/26 (c)		1,000			994,617
County of Kitsap, School District No. 401 (GO) (SBG) 4.00%, 06/01/26 (c)		15			15,271
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/26 (c)		185			195,538
5.00%, 07/01/27 (c)		400			423,277
5.00%, 07/01/28 (c)		695			745,580
5.00%, 07/01/30 (c)		1,930			2,094,201
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM)
5.00%, 07/01/29 (c)		1,000			1,058,499
5.00%, 07/01/29 (c)		500			526,605
5.00%, 07/01/30 (c)		1,415			1,508,433
Energy Northwest, Electric Generation Station, Series C (RB) 5.00%, 07/01/28 (c)		1,000			1,062,789
Energy Northwest, Project 3 Electric, Series A (RB)
5.00%, 07/01/26 (c)		130			137,451
5.00%, 07/01/27 (c)		725			775,860

	Par   (000’s		)	Value
Washington (continued)
Energy Northwest, Project 3 Electric, Series C (RB) (AGM) 5.00%, 07/01/30 (c)	$	1,000		$	1,071,341
Grant and Douglas Counties School District No. 144-101 (GO) (SBG) 4.00%, 06/01/26 (c)		125			123,751
Kitsap County School District No. 401 (GO) (SBG)
4.00%, 06/01/26 (c)		1,250			1,256,381
4.00%, 06/01/26 (c)		1,000			995,506
Pierce County, School District No. 403 (GO) (SBG)
5.00%, 06/01/29 (c)		200			213,339
5.00%, 06/01/29 (c)		500			539,371
Pierce County, School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c)		175			177,215
Port of Seattle, Intermediate Lien (RB) 5.00%, 02/01/26 (c)		30			31,156
Puyallup School District No. 3 (GO) (SBG)
5.00%, 06/01/27 (c)		100			106,383
5.00%, 06/01/27 (c)		970			1,019,741
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c)		825			868,194
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c)		1,000			1,096,909
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) 5.00%, 08/01/26 (c)		135			142,408
State of Washington, Series A (GO)
5.00%, 08/01/26 (c)		755			791,013
5.00%, 08/01/26 (c)		115			120,075
State of Washington, Series C (GO)
5.00%, 02/01/28 (c)		170			182,914
5.00%, 08/01/27 (c)		880			935,143
State of Washington, Series D (GO)
5.00%, 02/01/27 (c)		100			105,325
5.00%, 08/01/27 (c)		880			937,916
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/26 (c)		200			210,975
5.00%, 08/01/26 (c)		245			258,445
5.00%, 08/01/26 (c)		495			520,917
5.00%, 08/01/26 (c)		580			612,664
5.00%, 08/01/27 (c)		500			531,331
5.00%, 08/01/27 (c)		500			526,417

See Notes to Financial Statements

88

	Par   (000’s		)	Value
Washington (continued)
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c)	$	2,175		$	2,342,125
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c)		25			26,192
State of Washington, Various Purpose, Series R-B (GO)
5.00%, 01/01/26 (c)		105			110,170
5.00%, 08/01/26 (c)		145			153,375
State of Washington, Various Purpose, Series R-C (GO)
5.00%, 08/01/27 (c)		420			447,641
5.00%, 08/01/27 (c)		880			926,493
5.00%, 08/01/27 (c)		1,000			1,070,333
State of Washington, Various Purpose, Series R-D (GO) 5.00%, 08/01/27 (c)		1,320			1,411,046
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB)
5.00%, 02/15/28 (c)		1,815			1,844,853
5.00%, 02/15/28 (c)		2,000			2,028,935
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 12/01/22 (c)		1,820			1,710,940
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB)
4.00%, 10/01/30 (p)		1,595			1,532,541
5.00%, 10/01/28 (c)		225			232,417
5.00%, 10/01/28 (c)		250			264,861
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) 5.00%, 10/01/28		645			687,214
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		760			766,310
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		1,695			1,433,223
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c)		1,050			1,122,410
Washington State, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 02/01/25 (c)		2,000			2,057,186

	Par   (000’s		)	Value
Washington (continued)
Washington State, Motor Vehicle Fuel Tax, Series D (GO) 4.00%, 07/01/23 (c)	$	2,000		$	2,008,541
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c)		1,000			956,028
Washington State, Various Purpose, Series A (GO)
5.00%, 02/01/29		1,000			1,090,431
5.00%, 08/01/30 (c)		1,000			1,064,004
5.00%, 08/01/31 (c)		1,500			1,606,383
5.00%, 08/01/31 (c)		1,250			1,342,729
Washington State, Various Purpose, Series C (GO)
5.00%, 02/01/28 (c)		1,000			1,051,655
5.00%, 02/01/29 (c)		1,080			1,134,571
5.00%, 02/01/30 (c)		1,000			1,066,898
					65,752,718
West Virginia: 0.4%
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c)		270			286,713
State of West Virginia, Series A (GO)
5.00%, 06/01/29 (c)		500			527,526
5.00%, 06/01/29 (c)		1,000			1,093,855
State of West Virginia, Series B (GO)
5.00%, 06/01/28 (c)		675			723,955
5.00%, 06/01/28 (c)		200			213,475
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB)
5.00%, 06/01/31 (c)		1,320			1,417,178
5.00%, 06/01/31 (c)		1,500			1,613,597
					5,876,299
Wisconsin: 1.1%
City of Madison, Series A (GO) 2.00%, 10/01/27 (c)		1,000			860,809
City of Milwaukee, Series N4 (GO)
5.00%, 04/01/26		200			208,718
5.00%, 04/01/27		100			105,384
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		350			312,610
Public Finance Authority, KU Campus Development Corp., Central District Development Project (RB) 5.00%, 03/01/26 (c)		165			170,461

See Notes to Financial Statements

89

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(unaudited) (continued)

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Polution Control, Duke Energy Progress Project, Series A (RB) 3.70%, 10/01/30 (p)	$	1,065		$	1,017,981
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p)		2,335			2,243,563
State of Wisconsin (GO)
5.00%, 11/01/26		315			335,631
5.00%, 05/01/26 (c)		150			157,895
5.00%, 05/01/27 (c)		500			529,952
5.00%, 05/01/27 (c)		450			478,801
5.00%, 05/01/27 (c)		250			267,038
5.00%, 05/01/27 (c)		295			315,335
5.00%, 05/01/27 (c)		460			489,441
State of Wisconsin, Series A (GO)
4.00%, 05/01/26 (c)		100			100,129
4.00%, 05/01/28 (c)		1,655			1,595,792
5.00%, 05/01/25 (c)		930			955,803
5.00%, 05/01/25 (c)		890			913,413
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		500			504,594
Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c)		500			504,645
Wisconsin Department of Transportation (RB) 5.00%, 07/01/27 (c)		115			122,796

	Par   (000’s		)	Value
Wisconsin (continued)
5.00%, 07/01/27 (c)	$	480		$	508,624
Wisconsin Department of Transportation, Series A (RB)
5.00%, 07/01/24 (c)		940			960,854
5.00%, 07/01/24 (c)		510			521,646
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series A (RB) 5.00%, 08/15/28 (c)		1,020			1,092,788
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
4.00%, 05/15/26 (c)		1,500			1,390,836
4.00%, 05/15/26 (c)		1,000			966,519
5.00%, 05/15/26 (c)		35			36,545
5.00%, 05/15/26 (c)		100			103,979
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		500			483,019
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c)		125			129,388
					18,384,989
Total Municipal Bonds: 98.5% (Cost: $1,821,932,895)					1,624,141,100
Other assets less liabilities: 1.5%					24,925,638
NET ASSETS: 100.0%				$	1,649,066,738

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

See Notes to Financial Statements

90

Summary of Investments by Sector	% of Investments			Value
Airport		1.7	%	$	27,543,098
Education		5.1			82,761,033
Health		0.3			5,412,751
Hospitals		6.6			107,907,275
Industrial Development Revenue		0.6			9,121,676
Leasing COPS & Appropriations		4.7			75,486,978
Local GO		15.6			252,551,419
Misc		2.1			33,346,028
Multi-Family Housing		0.9			14,120,293
Pollution Control		0.3			4,212,096
Power		4.7			76,681,518
Refunded		0.0			698,014
Single Family Housing		0.6			9,780,661
State GO		18.7			303,268,221
Tax		14.8			240,614,349
Tobacco		0.9			14,611,444
Toll & Turnpike		5.3			86,282,093
Transportation		6.6			107,816,722
Unassigned		0.0			52,909
Utilities - Other		2.5			41,167,746
Water & Sewer		8.0			130,704,776
		100.0	%	$	1,624,141,100

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	1,624,141,100	$	—	$	1,624,141,100

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

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October 31, 2022 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.3%
Alabama: 0.3%
Tuscaloosa City Board of Education, Alabama School Tax (RB) 4.00%, 08/01/26 (c)	$	210		$	187,029
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		220			221,030
UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c)		280			237,937
					645,996
Arizona: 1.7%
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c)		1,000			978,703
City of Phoenix Civic Improvement Corp., Series D (RB) 4.00%, 07/01/27 (c)		215			187,650
City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c)		325			286,869
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/30 (c)		750			781,340
Glendale, Industrial Development Authority, Sun Health Services, Series A (RB) 5.00%, 11/15/26 (c)		625			602,404
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c)		750			602,246
					3,439,212
Arkansas: 0.0%
City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c)		50			49,178
California: 13.3%
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 08/01/23 (c)		500			501,926
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)		995			985,317

	Par   (000’s		)	Value
California (continued)
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)	$	1,000		$	985,885
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,350			1,048,443
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c)		750			717,101
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB) 4.00%, 04/01/30 (c)		1,000			801,726
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c)		750			619,412
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/26 (c)		680			474,188
California Health Facilities Financing Authority, Series A (RB) 4.00%, 11/15/27 (c)		230			197,950
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c)		160			126,037
California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c)		200			171,983
California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (BAM) 5.00%, 05/01/49		250			265,334
California State, Department of Veterans Affairs, Home Purchase, Series A (RB) 3.00%, 06/01/29 (c)		425			406,563
California Statewide Communities Development Authority, Adventist Health System, Series A (RB) 5.00%, 03/01/28 (c)		330			320,814

See Notes to Financial Statements

92

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c)	$	200		$	154,643
Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c)		500			518,481
City of Los Angeles Department of Airports (RB) 4.00%, 05/15/30 (c)		750			647,499
City of San Jose, California International Airport, Series B (RB) 5.00%, 03/01/27 (c)		500			499,672
El Dorado Irrigation District (CP) (AGM) 4.00%, 03/01/30 (c)		630			553,306
El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/30 (c)		690			594,639
Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c)		130			117,207
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c)		325			218,636
Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c)		185			163,855
Irvine Unified School District Community Facilities District  No. 09-1, Series A (ST) (BAM) 4.00%, 09/01/29 (c)		140			123,282
Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c)		440			456,163
Los Angeles Department of Water and Power, Series A (RB)
5.00%, 01/01/27 (c)		500			510,089
5.00%, 01/01/28 (c)		250			258,464
5.00%, 01/01/29 (c)		775			801,614
5.00%, 07/01/30 (c)		800			840,847
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c)		275			284,748
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c)		530			490,074
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c)		325			338,116

	Par   (000’s		)	Value
California (continued)
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c)	$	500		$	322,706
Riverside  County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		570			508,248
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c)		500			429,594
Sacramento County, Sanitation Districts, Finance Authority, Series A (RB) 5.00%, 12/01/30 (c)		450			475,618
Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c)		250			230,513
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		750			747,784
San Diego Unified School District, Series I (GO)
3.12%, 07/01/27 (c)		240			185,308
4.00%, 07/01/27 (c)		595			524,300
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c)		600			423,833
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c)		610			548,907
San Francisco City & County, International Airport, Series B (RB) 5.00%, 05/01/27 (c)		700			693,459
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		150			129,297
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c)		825			618,100
Santa Clara Unified School District (GO) 4.00%, 07/01/26 (c)		310			273,148
Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c)		250			260,862
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c)		1,000			614,680
State of California, Various Purpose (GO) 3.00%, 10/01/29 (c)		500			348,601

See Notes to Financial Statements

93

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(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
3.00%, 12/01/30 (c)	$	400		$	296,742
3.62%, 04/01/26 (c)		645			517,965
4.00%, 10/01/29 (c)		110			104,158
5.00%, 10/01/28 (c)		935			964,467
5.00%, 11/01/27 (c)		515			529,261
Trustees of the California State University, Series A (RB) 5.00%, 05/01/27 (c)		335			342,476
University of California, Series BE (RB) 4.00%, 05/15/30 (c)		1,000			942,676
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,000			1,021,585
West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c)		250			229,441
					27,477,743
Colorado: 2.5%
Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c)		550			479,000
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 06/01/25 (c)		500			511,071
City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c)		230			209,039
City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c)		285			245,164
City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c)		750			776,504
Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c)		155			159,232
Colorado Health Facilities Authority, Adventist Health System  Series A (RB) 4.00%, 05/15/28 (c)		320			262,660
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c)		500			320,538
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c)		500			474,926
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/24 (c)		250			236,043

	Par   (000’s		)	Value
Colorado (continued)
5.00%, 12/31/24 (c)	$	250		$	233,726
Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c)		160			127,877
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c)		850			509,262
Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c)		800			703,092
					5,248,134
Connecticut: 0.6%
Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c)		5			4,955
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c)		300			248,160
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c)		750			732,150
University of Connecticut, Series A (RB) 5.00%, 02/15/30 (c)		250			258,105
					1,243,370
Delaware: 0.2%
County of New Castle (GO) 4.00%, 04/01/27 (c)		150			134,779
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c)		115			98,886
Delaware State Health Facilities Authority, Christiana Care Health System, Series A (RB) 4.00%, 10/01/29 (c)		280			235,903
					469,568
District of Columbia: 2.0%
District of Columbia, Income Tax, Series A (RB) 5.00%, 09/01/29 (c)		750			777,509
District of Columbia, Series A (GO)
4.00%, 04/15/29 (c)		500			455,489
4.00%, 04/15/29 (c)		100			96,360
District of Columbia, Series A (RB)
2.62%, 03/01/30 (c)		575			371,998
3.00%, 03/01/30 (c)		275			201,007
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c)		750			777,237

See Notes to Financial Statements

94

	Par   (000’s		)	Value
District of Columbia (continued)
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM) 4.00%, 10/01/31 (c)	$	1,000		$	819,983
Washington Metropolitan Area Transit Authority, Series A (RB) 3.00%, 07/15/31 (c)		750			542,733
					4,042,316
Florida: 4.9%
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c)		345			298,360
City of Jacksonville, Health Care Facililities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c)		500			482,766
City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c)		250			260,331
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c)		200			147,211
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c)		180			134,383
City of South Miami, Health Facilities Authority, Inc., Baptist Health (RB)
5.00%, 08/15/27 (c)		275			265,988
5.00%, 08/15/27 (c)		255			251,365
City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c)		275			291,098
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/32 (c)		500			528,115
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		500			485,075
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB)
4.00%, 09/01/31 (c)		510			427,477
4.00%, 09/01/31 (c)		1,000			847,571
County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c)		275			247,687

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c)	$	210		$	177,917
County of Miami-Dade, Water and Sewer System, Series B (RB)
3.00%, 10/01/29 (c)		310			208,548
3.12%, 10/01/27 (c)		140			109,281
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c)		330			216,640
Florida Department of Management Services, Series A (CP) 2.00%, 11/01/31 (c)		500			310,481
Florida Development Finance Corp. Healthcare Facilities, Jacksonville Project, Series A (RB) (AGM) 4.00%, 02/01/32 (c)		1,000			868,602
Florida Housing Finance Corp., Homeowner Mortgage, Series 1 (RB) 3.20%, 07/01/28 (c)		45			43,173
Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c)		125			126,300
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c)		500			273,338
Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c)		500			400,211
Miami-Dade County, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c)		500			432,077
School District of Broward County (GO)
5.00%, 07/01/28 (c)		300			315,013
5.00%, 07/01/31 (c)		665			691,637
South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c)		750			515,332
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) 3.00%, 06/01/27 (c)		500			382,467
State of Florida, Department of Transportation, Series B (RB) 2.00%, 07/01/30 (c)		500			283,520
					10,021,964

See Notes to Financial Statements

95

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Georgia: 1.9%
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c)	$	660		$	579,941
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		260			209,378
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/30 (c)		500			314,495
Dahlonega Downtown Development Authority, North Georgia Mac, LLC Projecty (RB) 3.12%, 07/01/23 (c)		90			64,148
Dalton-Whitfield County Joint Development Authority, Hamilton Health Care System (RB) (AGC) 4.00%, 02/15/28 (c)		185			156,524
Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) 3.35%, 06/01/28 (c)		165			138,958
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)
3.35%, 12/01/25 (c)		230			188,052
3.35%, 12/01/25 (c)		215			178,867
Georgia State Road & Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c)		500			342,703
Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c)		335			356,560
Metropolitan Atlanta Rapid Transit Authority Sales Tax,  Series A (RB) 3.00%, 07/01/30 (c)		1,000			706,332
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		855			770,545
					4,006,503
Hawaii: 0.4%
City and County of Honolulu, Series C (GO)
4.00%, 08/01/29 (c)		750			671,106
5.00%, 08/01/29 (c)		200			209,845
					880,951
Illinois: 4.5%
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c)		890			749,148

	Par   (000’s		)	Value
Illinois (continued)
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c)	$	150		$	150,310
Chicago O’Hare International Airport, Series D (RB)
5.00%, 01/01/27 (c)		150			144,767
5.00%, 01/01/27 (c)		265			259,629
Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c)		250			241,279
City of Chicago, Seires B (GO) 4.00%, 01/01/32 (c)		1,064			852,069
County of Cook, Illinois Sales Tax (RB) 4.00%, 11/15/27 (c)		160			143,056
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c)		500			422,846
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c)		500			433,004
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c)		1,000			969,971
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c)		1,000			1,008,097
Sales Tax Securitization Corp., Series C (RB) 5.00%, 01/01/29 (c)		755			753,862
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c)		750			752,341
State of Illinois, Series A (GO)
4.00%, 03/01/31 (c)		500			408,600
5.00%, 03/01/31 (c)		1,250			1,139,453
5.00%, 05/01/28 (c)		250			234,739
5.00%, 05/01/28 (c)		630			585,032
					9,248,203
Indiana: 0.6%
Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c)		300			314,437
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c)		1,000			1,017,409
					1,331,846
Iowa: 0.8%
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		500			445,814

See Notes to Financial Statements

96

	Par   (000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/30 (c)	$	530		$	553,934
Iowa Higher Education Loan Authority, Grinnell College Project (RB) 5.00%, 12/01/26 (c)		300			311,053
Iowa Higher Education Loan Authority, Grinnell College Project, Series A (RB) 5.00%, 12/01/26 (c)		250			260,165
					1,570,966
Kentucky: 0.8%
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)		920			794,697
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c)		750			641,118
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) 3.25%, 11/15/26 (c)		235			175,316
					1,611,131
Louisiana: 1.0%
City of New Orleans, Louisiana Public Improvement, Series A (GO)
5.00%, 12/01/30 (c)		450			457,984
5.00%, 12/01/30 (c)		320			322,501
City of Shreveport, Louisiana Water & Sewer, Series B (RB) (AGM) 4.00%, 12/01/28 (c)		700			596,642
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c)		230			200,450
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c)		230			195,883
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c)		240			232,033
					2,005,493
Maryland: 1.6%
City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c)		225			191,601

	Par   (000’s		)	Value
Maryland (continued)
County of Baltimore, Metropolitan District (GO) 4.00%, 03/01/28 (c)	$	250		$	229,246
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c)		310			194,865
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c)		500			382,266
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c)		500			325,495
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c)		260			211,708
Maryland Health and Higher Educational Facilities Authority, Univeristy of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c)		150			121,269
Maryland Stadium Authority Built to Learn (RB) 2.75%, 06/01/31 (c)		850			510,846
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,037,327
					3,204,623
Massachusetts: 4.0%
Commonwealth of Massachusetts Transportation, Series A (RB)
3.00%, 06/01/30 (c)		800			548,603
5.00%, 06/01/31 (c)		500			525,068
Commonwealth of Massachusetts Transportation, Series B (RB) 5.00%, 06/01/30 (c)		560			583,220
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c)		315			322,710
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/28 (c)		200			205,273
5.00%, 01/01/28 (c)		1,000			1,025,179
5.00%, 04/01/27 (c)		275			282,156
Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c)		1,300			698,903

See Notes to Financial Statements

97

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(unaudited) (continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c)	$	360		$	254,549
Commonwealth of Massachusetts, Series E (GO) 5.00%, 11/01/30 (c)		605			628,936
Massachusetts Bay Transportation Authority Sales Tax, Series A (RB)
4.00%, 07/01/31 (c)		800			670,447
5.00%, 07/01/27 (c)		100			102,194
Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c)		1,900			1,905,057
Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c)		250			229,834
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c)		305			315,239
					8,297,368
Michigan: 2.3%
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)		390			396,217
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		570			580,241
Michigan Finance Authority (RB) (BAM) 4.00%, 11/01/30 (c)		500			421,747
Michigan Finance Authority Hospital, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c)		500			494,684
Michigan Finance Authority, Henry Ford Health System, Series A (RB)
4.00%, 11/15/26 (c)		225			183,109
4.00%, 11/02/29 (c)		250			196,214
5.00%, 11/02/29 (c)		135			129,895
Michigan State Building Authority (RB) 5.00%, 10/15/25 (c)		500			502,355
Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c)		500			368,690
Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) 2.95%, 12/01/28 (c)		425			327,160

	Par   (000’s		)	Value
Michigan (continued)
Muskegon Public Schools (GO) 5.00%, 05/01/31 (c)	$	305		$	319,517
Saginaw City School District (GO) 4.00%, 05/01/31 (c)		750			636,128
Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c)		190			188,216
					4,744,173
Minnesota: 0.9%
City of Minneapolis, Allina Health Care System (RB) 4.00%, 11/15/31 (c)		500			450,028
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c)		530			342,780
Minnesota Housing Finance Agency Residential Housing, Series I (RB)
2.15%, 01/01/30 (c)		890			561,968
3.00%, 01/01/30 (c)		465			440,355
					1,795,131
Missouri: 0.2%
Health and Educational Facilities Authority, Saint Louis University, Series A (RB) 5.00%, 04/01/29 (c)		100			102,917
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c)		250			233,561
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c)		195			181,709
					518,187
Nebraska: 0.5%
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c)		550			482,344
Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c)		750			636,514
					1,118,858
Nevada: 1.5%
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		390			376,426
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c)		675			583,221

See Notes to Financial Statements

98

	Par   (000’s		)	Value
Nevada (continued)
City of Reno, Retrac Reno Transformation Rail Access Corridor Project, Series A (RB) 5.00%, 12/01/28 (c)	$	1,000		$	1,000,041
County of Clark , Limited Tax, Series A (GO) 5.00%, 06/01/28 (c)		485			494,473
County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c)		250			258,723
County of Washoe, School District, Series C (GO) (AGM) 3.12%, 10/01/27 (c)		100			77,729
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c)		275			278,751
					3,069,364
New Hampshire: 0.5%
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c)		500			339,783
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c)		500			405,552
New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c)		265			232,356
					977,691
New Jersey: 2.3%
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/31 (c)		500			330,666
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c)		490			275,720
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB)
4.00%, 07/01/31 (c)		555			494,905
5.00%, 07/01/26 (c)		55			54,497
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.50%, 12/15/28 (c)		910			804,603
5.00%, 12/15/30 (c)		250			245,655
5.00%, 12/15/30 (c)		250			238,267
New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c)		365			270,443

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c)	$	1,280		$	1,097,532
New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c)		100			103,155
New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c)		210			186,105
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/30 (c)		500			482,283
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c)		205			197,301
					4,781,132
New Mexico: 0.3%
New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c)		250			210,489
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c)		175			163,252
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c)		295			223,550
					597,291
New York: 21.9%
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c)		1,000			883,567
Broome County Local Development Corp. (RB) (AGM) 4.00%, 04/01/30 (c)		925			810,944
City of New York, Series A-1 (GO) 4.00%, 08/01/31 (c)		1,000			847,794
City of New York, Series C (GO) 5.00%, 08/01/30 (c)		500			513,157
City of New York, Series D-1 (GO)
4.00%, 12/01/28 (c)		470			408,986
5.00%, 12/01/28 (c)		100			102,339
City of New York, Subseries B-1 (GO)
3.00%, 10/01/29 (c)		110			78,803
5.00%, 10/01/29 (c)		250			256,728
City of New York, Subseries D-1 (GO) (BAM) 5.00%, 03/01/30 (c)		1,000			1,025,126

See Notes to Financial Statements

99

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
New York (continued)
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c)	$	900		$	751,520
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		255			231,231
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c)		645			652,268
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c)		330			251,062
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c)		300			302,321
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c)		715			720,551
Metropolitan Transportation Authority, Series A-1 (RB)
4.00%, 05/15/27 (c)		400			321,921
5.00%, 05/15/25 (c)		590			548,640
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c)		350			356,347
Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/29 (c)		550			527,849
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c)		1,000			832,372
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/26 (c)		690			662,211
Metropolitan Transportation Authority, Series D (RB)
4.00%, 05/15/28 (c)		250			195,568
4.00%, 05/15/28 (c)		1,245			1,012,980
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/23 (c)		600			563,903
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c)		500			433,855
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c)		800			508,424

	Par
	(000’s		)	Value
New York (continued)
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c)	$	500		$	379,472
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 02/01/29 (c)		525			351,448
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c)		565			362,357
New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) 3.75%, 11/01/25 (c)		250			180,767
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 5.00%, 12/15/31 (c)		955			984,434
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) 4.00%, 06/15/24 (c)		500			435,302
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 12/15/27 (c)		750			772,444
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW)
3.00%, 07/15/29 (c)		350			237,963
5.00%, 07/15/28 (c)		500			507,857
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) 5.00%, 08/01/28 (c)		260			263,938
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c)		510			520,958
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 4.00%, 08/01/27 (c)		400			354,530
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/30 (c)		500			447,772
4.00%, 11/01/30 (c)		775			701,241
4.00%, 05/01/29 (c)		1,120			991,795
5.00%, 02/01/32 (c)		565			579,173

See Notes to Financial Statements

100

	Par
	(000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 2.25%, 02/01/31 (c)	$	650		$	347,920
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c)		420			425,879
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		200			205,280
New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c)		350			237,816
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c)		660			496,876
New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c)		640			542,490
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c)		800			819,844
New York City Water and Sewer System, Series FF (RB) 5.00%, 06/15/28 (c)		250			258,633
New York Convention Center Development Corp., Series A (RB)
0.00%, 11/15/47 ^		230			56,220
0.00%, 11/15/54 ^		170			27,190
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/30 (c)		620			523,959
New York Liberty Development Corp., 4 World Trade Center Project (RB) 3.00%, 11/15/31 (c)		1,500			935,268
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c)		285			291,985
New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47		250			264,459
New York State Dormitory Authority, New York Columbia University, Series A (RB) (FHA) 5.00%, 10/01/48		700			741,188

	Par
	(000’s		)	Value
New York (continued)
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/28 (c)	$	400		$	415,944
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 3.00%, 09/15/30 (c)		500			361,883
New York State Dormitory Authority, Personal Income Tax, Series B (RB)
5.00%, 02/15/25 (c)		730			740,473
5.00%, 08/15/27 (c)		800			815,247
New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c)		250			253,130
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c)		550			454,877
New York State Dormitory Authority, State Sales Tax, Series A (RB)
4.00%, 03/15/27 (c)		250			217,235
4.00%, 03/15/27 (c)		800			686,270
5.00%, 03/15/27 (c)		150			152,806
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c)		1,165			1,187,565
New York State Dormitory Authority, The New School, Series A (RB)
4.00%, 01/01/27 (c)		475			376,869
5.00%, 01/01/27 (c)		420			398,148
New York State Housing Finance Agency (RB) 2.50%, 05/01/30 (c)		1,250			858,524
New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c)		225			178,518
New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c)		195			148,133
New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c)		500			427,991
New York State Thruway Authority, Personal Tax, Series A-1 (RB) 4.00%, 03/15/31 (c)		525			472,378
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		500			442,289
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/28 (c)		500			509,350

See Notes to Financial Statements

101

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
New York (continued)
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 09/15/30 (c)	$	550		$	382,717
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 09/15/31 (c)		1,000			675,632
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c)		520			529,224
New York State, Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/27 (c)		380			389,398
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c)		925			743,574
State of New York Mortgage Agency Homeowner Mortgage (RB) 3.50%, 04/01/26 (c)		190			148,065
State of New York Mortgage Agency Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c)		330			195,719
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)		500			449,261
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 11/15/30 (c)		750			759,685
5.00%, 11/15/30 (c)		1,500			1,525,057
Triborough Bridge and Tunnel Authority, Series B (RB) 5.00%, 05/15/28 (c)		980			988,743
Triborough Bridge and Tunnel Authority, Series C (RB) 4.00%, 11/15/31 (c)		750			630,159
Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c)		550			574,574
					45,136,363
North Carolina: 1.3%
Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c)		600			524,630
North Carolina Housing Finance Agency, Home Ownership, Series B (RB) 4.00%, 07/01/27 (c)		65			62,310

	Par
	(000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.12%, 11/01/29 (c)	$	220		$	149,249
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/30 (c)		500			471,190
5.00%, 01/01/30 (c)		750			693,633
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		800			818,627
					2,719,639
Ohio: 2.0%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/26 (c)		220			222,924
City of Chillicothe, Hospital Facilities, Adena Health System (RB) 4.00%, 12/01/27 (c)		440			374,414
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c)		510			428,550
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48		1,000			1,011,647
Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c)		150			124,973
Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		250			214,723
Northeast Ohio Regional Sewer District, Wastewater Improvement (RB) 3.00%, 11/15/29 (c)		350			267,939
Ohio Housing Finance Agency, Series D (RB) 3.62%, 09/01/26 (c)		80			74,702
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		500			522,643
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c)		335			302,273
State of Ohio, Water Pollution Control, Series A (RB) 5.00%, 12/01/31 (c)		500			525,252
					4,070,040
Oklahoma: 0.6%
Edmond Public Works Authority, Sales Tax and Utility System (RB) 4.00%, 07/01/27 (c)		250			218,830

See Notes to Financial Statements

102

	Par
	(000’s		)	Value
Oklahoma (continued)
Oklahoma Turnpike Authority, Series A (RB)
4.00%, 01/01/26 (c)	$	350		$	314,868
4.00%, 01/01/27 (c)		700			625,160
					1,158,858
Oregon: 1.0%
Multnomah County School District No. 1J, Series B (GO) (SBG)
2.00%, 06/15/30 (c)		550			323,227
3.25%, 06/15/27 (c)		295			229,090
Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c)		1,000			843,046
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c)		935			674,273
					2,069,636
Pennsylvania: 4.5%
Allegheny County, Sanitary Authority Sewer (RB) 5.00%, 06/01/28 (c)		685			705,410
Allegheny County, Series C-77 (GO) 5.00%, 11/01/28 (c)		220			227,696
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)
4.00%, 10/01/27 (c)		180			149,476
4.00%, 09/01/30 (c)		645			528,786
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) (SBG) 4.00%, 09/01/30 (c)		210			182,802
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c)		1,170			995,835
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c)		280			271,500
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c)		1,000			974,332
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		145			132,436
Pennsylvania Gas Works (RB) 5.00%, 08/01/27 (c)		805			806,386
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/30 (c)		500			329,121

	Par
	(000’s		)	Value
Pennsylvania (continued)
3.20%, 10/01/25 (c)	$	265		$	204,011
3.20%, 10/01/25 (c)		140			110,218
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c)		260			210,799
Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c)		155			156,011
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c)		290			287,135
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 4.00%, 12/01/31 (c)		550			461,970
Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/29 (c)		220			213,915
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c)		900			890,822
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 12/01/30 (c)		800			796,973
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c)		700			701,746
					9,337,380
South Carolina: 0.4%
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/31 (c)		820			844,529
South Dakota: 0.4%
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/27 (c)		750			744,638
Tennessee: 0.4%
Sullivan County (GO) 4.00%, 05/01/26 (c)		230			203,111
Tennessee Housing Development Agency, Residential Finance Program (RB)
2.95%, 01/01/29 (c)		345			321,111
3.60%, 01/01/27 (c)		230			222,170
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c)		185			178,942
					925,334

See Notes to Financial Statements

103

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
Texas: 10.1%
Alvin Independent School District (GO) 3.38%, 02/15/28 (c)	$	350		$	285,029
Arlington Higher Education Finance Corp. (RB)
3.00%, 02/15/31 (c)		1,000			679,384
4.00%, 08/15/29 (c)		675			589,555
Board of Regents of the University of Texas System, Series A (RB) 3.00%, 08/15/31 (c)		525			402,815
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)		650			581,944
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c)		750			721,039
City of Arlington, Senior Lien Special Tax, Series A (ST) (AGM) 4.00%, 02/15/28 (c)		165			140,263
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		280			280,779
City of Austin, Texas Electricity Utility System, Series A (RB)
5.00%, 11/15/29 (c)		1,375			1,402,975
5.00%, 11/15/30 (c)		500			513,044
City of Corpus Christi, Utility System, Series A (RB) (SBG) 4.00%, 07/15/30 (c)		295			255,798
City of Denton (GO) 4.00%, 02/15/27 (c)		120			103,126
City of El Paso (GO) 4.00%, 08/15/29 (c)		950			832,162
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c)		220			227,264
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/30 (c)		650			549,660
City of San Antonio, Texas Electric & Gas Systems, Series A (RB) 5.00%, 02/01/31 (c)		1,000			1,015,377
County of Bexar, Political Subdivision, Limited Tax (GO) 4.00%, 06/15/26 (c)		220			201,527
Crowley Independent School District (GO) 4.00%, 02/01/29 (c)		500			453,458
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c)		600			371,628

	Par
	(000’s		)	Value
Texas (continued)
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c)	$	770		$	637,189
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c)		640			653,707
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
3.00%, 10/01/29 (c)		350			271,340
3.00%, 10/01/31 (c)		1,000			644,407
3.00%, 10/01/31 (c)		1,145			864,007
Harris County, Humble Independent School District (GO) 5.00%, 02/15/32 (c)		1,000			1,042,402
Lamar Consolidated Independent School District (GO) 3.00%, 02/15/31 (c)		290			194,241
Leander Independent School District, Series A (GO)
0.00%, 08/16/26 (c) ^		95			31,694
0.00%, 08/16/26 (c) ^		900			337,085
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare of Texas, Series A (RB) 4.00%, 08/15/27 (c)		555			492,148
North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c)		250			226,090
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c)		500			434,198
Northside Independent School District, Unlimited Tax School Building (GO) 3.00%, 06/01/29 (c)		745			521,204
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c)		500			524,062
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c)		250			247,397
Texas Water Development Board (RB) 4.00%, 10/15/30 (c)		500			452,623
Texas Water Development Board, Series A (RB)
3.00%, 10/15/29 (c)		500			400,610
4.00%, 04/15/28 (c)		325			290,609
5.00%, 04/15/28 (c)		840			865,353

See Notes to Financial Statements

104

	Par
	(000’s		)	Value
Texas (continued)
Texas Water Development Board, Series B (RB)
4.00%, 10/15/28 (c)	$	1,000		$	919,665
5.00%, 10/15/28 (c)		225			230,491
United Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/28 (c)		500			520,138
West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c)		250			151,908
West Travis County Public Utility Agency (RB) (BAM) 4.00%, 08/15/27 (c)		230			199,626
					20,759,021
Utah: 0.9%
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c)		360			356,252
University of Utah, Board of Higher Education (RB) 5.00%, 08/01/31 (c)		800			836,189
Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c)		250			253,663
Utah County, IHC Health Services, Inc., Series B (RB)
3.00%, 05/15/26 (c)		210			143,370
4.00%, 05/15/24 (c)		350			300,116
					1,889,590
Virginia: 1.7%
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c)		250			214,860
Hampton Roads Transportation Accountability Commission, Hampton Roads Transportation, Series A (RB)
4.00%, 07/01/30 (c)		665			616,794
4.00%, 07/01/32 (c)		600			503,389
5.00%, 07/01/30 (c)		500			513,931
5.00%, 07/01/30 (c)		625			647,244
Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c)		250			211,422
Rector and Visitors of Virginia University, Series A (RB) 4.00%, 04/01/25 (c)		500			457,646
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c)		500			409,710
					3,574,996

	Par
	(000’s		)	Value
Washington: 2.4%
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)	$	450		$	391,452
Energy Northwest, Columbia Generating Station Electric, Series A (RB)
4.00%, 07/01/31 (c)		1,000			902,642
5.00%, 07/01/31 (c)		455			477,784
5.00%, 07/01/31 (c)		600			626,870
King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c)		150			152,022
King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c)		650			565,747
State of Washington, Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c)		125			91,041
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c)		800			826,582
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/27 (c)		735			761,830
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)		205			167,869
					4,963,839
West Virginia: 0.4%
State of West Virginia, Series B (GO)
4.00%, 06/01/28 (c)		150			132,823
5.00%, 06/01/28 (c)		100			104,189
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/31 (c)		620			637,085
					874,097
Wisconsin: 0.7%
Public Finance Authority Health Care Facilities, Series A (RB) 3.00%, 01/01/30 (c)		250			157,050
Public Finance Authority Retirement Communities, Series A (RB) 5.00%, 11/15/27 (c)		750			706,073
Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c)		250			246,856
Wisconsin Center District, Series D (RB) (AGM) 0.00%, 12/15/30 (c) ^		250			72,975

See Notes to Financial Statements

105

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par
	(000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)
4.00%, 02/15/27 (c)	$	115		$	91,349
4.00%, 02/15/27 (c)		105			88,064
					1,362,367
Total Municipal Bonds: 98.3% (Cost: $249,015,192)					202,826,719
Other assets less liabilities: 1.7%					3,553,087
NET ASSETS: 100.0%				$	206,379,806

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

	% of
Summary of Investments by Sector	Investments			Value
Airport		4.2	%	$	8,454,682
Education		8.1			16,518,047
Health		1.9			3,932,745
Hospitals		13.9			28,106,902
Industrial Development Revenue		0.8			1,713,347
Leasing COPS & Appropriations		3.6			7,240,585
Local GO		12.9			26,197,228
Misc		1.0			2,105,018
Multi-Family Housing		1.7			3,341,289
Pollution Control		0.3			525,252
Power		3.9			8,005,344
Single Family Housing		2.7			5,448,419
State GO		5.5			11,184,245
Tax		14.6			29,533,674
Tobacco		0.8			1,695,005
Toll & Turnpike		7.8			15,851,349
Transportation		5.0			10,043,632
Utilities - Other		1.8			3,622,555
Water & Sewer		9.5			19,307,401
		100.0	%	$	202,826,719

See Notes to Financial Statements

106

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Municipal Bonds *	$	—	$	202,826,719	$	—	$	202,826,719

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

107

VANECK MUNI ALLOCATION ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Number of Shares			Value
CLOSED-END FUNDS: 12.6% (a)
BlackRock MuniYield Quality Fund III, Inc.		2,224	$	22,329
BNY Mellon Municipal Income, Inc.		3,612		21,130
Delaware Investments National Municipal Income Fund		2,332		24,245
DWS Municipal Income Trust		5,329		42,366
Eaton Vance New York Municipal Bond Fund		2,644		22,157
MFS High Yield Municipal Trust		7,131		20,609
MFS Investment Grade Municipal Trust		3,316		21,786
MFS Municipal Income Trust		4,549		21,699
Neuberger Berman California Municipal Fund, Inc.		2,305		23,004
Nuveen New Jersey Quality Municipal Income Fund		2,055		21,886
Nuveen Ohio Quality Municipal Income Fund		2,011		23,750
Nuveen Pennsylvania Quality Municipal Income Fund		2,100		21,735

	Number of Shares		Value
Pioneer Municipal High Income Fund Trust		2,566	$	20,477
Western Asset Managed Municipals Fund, Inc.		2,411		22,880
Total Closed-End Funds (Cost: $485,222)				330,053
EXCHANGE TRADED FUNDS: 87.3% (a)
VanEck CEF Muni Income ETF ‡		1,311		26,076
VanEck High Yield Muni ETF ‡		13,101		641,556
VanEck Intermediate Muni ETF ‡		21,772		945,992
VanEck Short High Yield Muni ETF ‡		6,559		141,871
VanEck Short Muni ETF ‡		30,610		505,371
Total Exchange Traded Funds (Cost: $2,552,405)				2,260,866
Total Investments: 99.9% (Cost: $3,037,627)				2,590,919
Other assets less liabilities: 0.1%				1,831
NET ASSETS: 100.0%			$	2,592,750

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, 2022 were as follows:

	Value 4/30/2022		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 10/31/2022
VanEck CEF Muni Income ETF		$–		$31,870		$–		$–		$499		$(5,794)		$26,076
VanEck High Yield Muni ETF		939,816		141,738		(360,153)		(32,898)		12,901		(46,947)		641,556
VanEck Intermediate Muni ETF		1,295,527		139,319		(445,432)		(36,651)		10,637		(6,771)		945,992
VanEck Long Muni ETF		176,436		289,837		(436,540)		(48,475)		3,139		18,742		–
VanEck Short High Yield Muni ETF		194,314		–		(45,470)		(1,778)		2,070		(5,195)		141,871
VanEck Short Muni ETF		570,318		395,776		(456,011)		(8,018)		2,157		3,306		505,371
		$3,176,411		$998,540		$(1,743,606)		$(127,820)		$31,403		$(42,659)		$2,260,866

Summary of Investments by Sector	% of Investments			Value
Exchange Traded Funds		87.3	%	$	2,260,866
Financials		12.7			330,053
		100.0	%	$	2,590,919

See Notes to Financial Statements

108

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	330,053	$	—	$	—	$	330,053
Exchange Traded Funds		2,260,866		—		—		2,260,866
Total Investments	$	2,590,919	$	—	$	—	$	2,590,919

See Notes to Financial Statements

109

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.0%
Alabama: 2.3%
Alabama Special Care Facilities Financing Authority- Birmingham, Methodist Home (RB) 5.50%, 06/01/26 (c)	$	500		$	464,756
Black Belt Energy Gas District, Series B-1 (RB) 4.00%, 10/01/27 (c) (p)		500			474,587
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p)		2,100			2,022,217
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		390			423,655
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,000			971,298
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p)		2,100			2,071,397
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		1,000			904,798
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		2,371			2,014,975
					9,347,683
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28		250			268,751
Arizona: 1.7%
Arizona Industrial Development Authority, Basis School Projects, Series A (RB)
4.75%, 07/01/23 (c)		195			188,638
5.00%, 07/01/26		150			150,741
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31		1,000			963,125
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c)		500			450,000
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		1,000			850,000

	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		$	460,963
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		495			451,972
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			469,841
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		474			427,821
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/29 (c)		1,000			1,027,047
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c)		500			522,478
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25		325			318,236
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		240			222,916
Salt Verde Financial Corp. (RB)
5.25%, 12/01/23		200			202,158
5.25%, 12/01/24		65			66,204
5.25%, 12/01/28		10			10,342
5.50%, 12/01/29		370			387,221
					7,169,703
Arkansas: 0.5%
Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB) 5.00%, 09/01/27 (c) (p)		2,000			2,054,918
California: 6.8%
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26		575			575,397
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 4.00%, 12/01/27 (c) (p)		1,000			975,974

See Notes to Financial Statements

110

	Par   (000’s		)		Value
California (continued)
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.00%, 04/01/30 (c)	$	1,275		$	1,324,982
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		1,913			1,810,474
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c)		1,340			1,354,268
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27		50			51,549
5.00%, 02/01/27 (c)		50			51,515
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/27		610			623,143
5.00%, 06/30/28		220			224,878
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c)		260			264,115
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		3,210			2,981,179
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 (d) *		1,360			924,800
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB)
3.38%, 07/01/25		400			388,804
3.62%, 07/01/25 (c)		2,000			1,920,513
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c)		1,500			1,281,315
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27		1,000			943,694

	Par   (000’s		)		Value
California (continued)
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 12/01/22 (c)	$	6		$	5,569
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c)		300			302,312
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24		100			99,098
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)		350			351,678
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		250			236,150
California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.62%, 12/01/23 (p)		500			490,752
City and County of San Francisco, Airport Commission, International Airport, Series H (RB)
5.00%, 05/01/26		500			512,700
5.00%, 05/01/27		500			514,207
5.00%, 05/01/29		500			516,633
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		15			14,977
City of Oroville Hospital (RB) 5.00%, 04/01/29 (c)		500			493,492
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c)		1,000			947,327
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		250			257,297
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		115			122,873

See Notes to Financial Statements

111

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c)	$	520		$	549,958
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c)		480			454,293
Foothill/Eastern Transportation Corridor Agency, Toll Road, Series A (RB) 6.00%, 01/15/24 (c)		450			465,005
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26		110			113,956
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24		230			234,340
Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30		265			279,917
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		280			301,923
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,250			1,239,686
Oakland Unified School District (GO) 5.00%, 08/01/26		380			400,716
Palomar Health (RB)
5.00%, 11/01/25		250			255,984
5.00%, 11/01/26 (c)		90			92,069
Port of Oakland (RB) 5.00%, 11/01/23		195			197,726
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		110			112,017
River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM) 5.00%, 09/01/29 (c)		500			529,201
Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23		110			111,927
San Francisco Community College District (GO)
5.00%, 06/15/25		1,000			1,042,892
5.00%, 06/15/25 (c)		205			213,599
San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 12/01/22 (c)		120			120,101

	Par   (000’s		)		Value
California (continued)
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *	$	370		$	166,500
					28,043,475
Colorado: 1.7%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c)		500			462,888
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c)		295			303,417
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		1,000			963,971
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/15/23 (c)		1,000			868,390
Colorado Public Authority, Natural Gas Purchase (RB) 6.12%, 11/15/23		70			70,713
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c)		600			614,450
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		595			537,332
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c)		500			455,836
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		140			146,307
Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c)		500			450,533
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		200			179,746
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c)		500			453,497
Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c)		1,000			860,653
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c)		1,000			819,077
					7,186,810

See Notes to Financial Statements

112

	Par   (000’s		)		Value
Connecticut: 0.6%
City of Hartford, Series A (GO) 5.00%, 04/01/23 (c)	$	405		$	407,989
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		120			109,563
Harbor Point Infrastructure Improvement District, Harbor Point Project (TA) 5.00%, 04/01/27 (c)		1,000			987,175
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c)		500			466,494
University of Connecticut, Series A (RB) 5.00%, 03/15/25		380			394,484
					2,365,705
Delaware: 0.2%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		1,000			885,721
District of Columbia: 0.4%
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.12%, 07/01/24 (c)		1,060			994,047
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30		500			469,358
					1,463,405
Florida: 5.8%
Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) (NATL) 5.00%, 10/01/30		500			493,557
Capital Trust Agency Educational Facilities, Chapter Educational Foundation, Inc. Project, Series A (RB) 4.50%, 06/15/28		990			942,127
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31		1,540			1,310,704
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 4.38%, 06/15/27		1,050			1,004,391

	Par   (000’s		)		Value
Florida (continued)
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/24 (c)	$	425		$	372,343
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/26 (c)		535			455,682
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c)		500			538,806
City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		500			535,376
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27		600			641,874
City of Pompano Beach, John Knox Village Project, Series B-1 (RB) 2.00%, 01/01/29		1,000			817,236
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		290			293,488
County of Miami-Dade, Series A (RB) 5.00%, 10/01/26 (c)		750			770,457
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		500			478,287
Escambia County, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c)		500			504,026
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32		500			450,971
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/29 (c)		500			489,278
Florida Development Finance Corp., IPS Florida LLC- Idea Florida Inc. (RB) 5.25%, 06/15/27 (c)		500			474,492
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/27 (c)		470			425,710

See Notes to Financial Statements

113

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Florida (continued)
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27	$	150		$	140,791
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project (RB) (SAW) 5.00%, 06/01/28 (c)		625			570,191
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		2,015			1,919,199
6.38%, 01/01/26 (c) (p)		2,730			2,460,153
6.50%, 01/01/29 (c) (p)		2,750			2,423,052
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 12/01/22 (c)		500			469,071
Hillsborough County, Aviation Authority, Florida Tampa International Airport, Series A (RB) 5.00%, 10/01/23 (c)		500			507,692
JEA Electric System, Series B (RB) 5.00%, 10/01/27 (c)		110			116,302
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		315			297,304
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/23		250			252,651
5.00%, 10/01/24		250			253,989
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		2,000			1,946,926
School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c)		120			123,994
School District of Broward County, Series B (CP) 5.00%, 07/01/27 (c)		315			331,355
School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25		250			259,935
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		470			450,021

	Par   (000’s		)		Value
Florida (continued)
Village Community Development District No. 13 (SA)
2.62%, 05/01/24	$	245		$	235,752
3.00%, 05/01/29		240			205,222
					23,962,405
Georgia: 1.6%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23		250			132,500
Burke County Development Authority, Georgia Power Company Plant Vogtle Project (RB) 2.92%, 03/12/24 (p)		250			244,825
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p)		1,000			973,657
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		250			235,677
George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31		1,500			1,254,725
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		380			387,855
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB)
5.00%, 06/01/25		300			312,315
5.00%, 06/01/28		250			269,400
Main Street Natural Gas, Inc., Series A-1 (RB)
5.50%, 09/15/23		130			131,545
5.50%, 09/15/25		135			139,173
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 11/01/27 (c) (p)		1,000			923,930
4.00%, 09/01/26 (c) (p)		1,000			960,222
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		250			249,890

See Notes to Financial Statements

114

	Par   (000’s		)		Value
Georgia (continued)
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c)	$	225		$	207,727
					6,423,441
Guam: 1.2%
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		360			360,417
Guam Government, Business Privilege Tax, Series F (RB)
5.00%, 01/01/30		1,000			998,022
5.00%, 01/01/31		1,000			993,245
Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25		250			237,705
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28		250			250,171
Guam Government, Series A (RB) 5.00%, 12/01/24		1,000			1,003,138
Guam Power Authority, Series A (RB) 5.00%, 10/01/32 (c)		880			895,746
					4,738,444
Hawaii: 0.3%
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26		1,500			1,434,554
Illinois: 16.3%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			981,902
5.00%, 12/01/29 (c)		1,000			977,537
5.00%, 12/01/30 (c)		2,000			1,930,289
5.00%, 12/01/30 (c)		1,500			1,435,668
7.00%, 12/01/25 (c)		200			212,568
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/28 (c)		250			246,409
5.00%, 12/01/28 (c)		200			205,278
Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26		230			239,685
Chicago Board of Education, Series A (GO) (NATL)
0.01%, 12/01/24		310			282,601
0.01%, 12/01/26		310			256,148
0.01%, 12/01/28		795			591,297

	Par   (000’s		)		Value
Illinois (continued)
Chicago Board of Education, Series B (GO)
5.00%, 12/01/29 (c)	$	1,400		$	1,336,607
5.00%, 12/01/29 (c)		2,000			1,939,611
5.00%, 12/01/29		1,250			1,227,378
5.00%, 12/01/29 (c)		1,950			1,877,643
5.00%, 12/01/29 (c)		1,250			1,221,921
5.00%, 12/01/30		2,000			1,953,640
5.00%, 12/01/30 (c)		3,000			2,915,795
Chicago Board of Education, Series B-1 (GO) (NATL) 0.01%, 12/01/23		350			334,152
Chicago Board of Education, Series C (GO)
5.00%, 12/01/24		1,000			1,001,910
5.00%, 12/01/27		500			494,496
5.00%, 12/01/27 (c)		1,560			1,525,877
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		750			752,117
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c)		260			263,231
Chicago O’Hare International Airport, Series B (RB)
4.00%, 12/01/22 (c)		1,000			966,521
5.00%, 01/01/25 (c)		105			107,928
5.00%, 01/01/25 (c)		190			194,566
5.00%, 01/01/25 (c)		295			300,850
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.01%, 12/01/29		575			405,373
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/28 ^		1,515			1,126,812
0.00%, 12/01/29 ^		585			412,423
0.01%, 12/01/24		515			469,481
0.01%, 12/01/25		560			486,586
0.01%, 12/01/26		490			404,880
0.01%, 12/01/30		190			126,528
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/24		115			117,543
5.00%, 06/01/25		1,000			1,019,687
5.00%, 06/01/26		535			548,488
Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25		1,000			1,019,687
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		280			281,047

See Notes to Financial Statements

115

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Illinois (continued)
City of Chicago, Second Lien Water (RB)
5.00%, 11/01/24 (c)	$	150		$	152,775
5.00%, 11/01/24 (c)		270			274,746
5.00%, 11/01/24 (c)		100			101,003
5.00%, 12/01/22 (c)		100			100,270
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/26 (c)		100			101,339
City of Chicago, Series A (GO)
4.00%, 01/01/31 (c)		500			446,470
5.00%, 01/01/30		1,500			1,478,990
5.25%, 01/01/24 (c)		180			180,257
City of Chicago, Series C (GO)
5.00%, 01/01/24		400			401,402
5.00%, 01/01/25		1,090			1,094,314
Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		240			240,729
County of Cook, Series A (GO) 5.00%, 11/15/26 (c)		500			523,189
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c)		500			400,031
Illinois Finance Authority, Charter School, Art In Motion Project, Series A (RB) 4.00%, 07/01/31		1,000			815,995
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) *		1,190			583,100
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/26 (c)		250			237,803
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 12/01/22 (c)		100			97,133
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)		250			238,682
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c)		785			814,742
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		395			390,449
5.00%, 06/15/29		545			536,488
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		260			222,157
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^		130			118,353

	Par   (000’s		)		Value
Illinois (continued)
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c)	$	500		$	500,987
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		115			88,048
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)		330			348,388
State of Illinois (GO)
3.50%, 06/01/26 (c)		350			317,325
3.50%, 06/01/26 (c)		1,845			1,649,844
4.00%, 12/01/22 (c)		185			181,781
4.12%, 11/01/26 (c)		100			92,032
4.12%, 12/01/22 (c)		300			288,783
5.00%, 01/01/26		200			201,557
5.00%, 11/01/24		705			711,259
5.00%, 12/01/25		1,315			1,325,391
5.00%, 02/01/24		120			121,025
5.00%, 02/01/24 (c)		150			150,690
5.00%, 02/01/24		500			504,271
5.00%, 02/01/26		515			518,949
5.00%, 02/01/27 (c)		600			600,726
5.00%, 02/01/27		500			503,382
5.00%, 05/01/24 (c)		1,250			1,251,059
5.00%, 05/01/24 (c)		100			100,214
5.00%, 06/01/26		100			100,745
5.00%, 06/01/26 (c)		455			457,052
5.25%, 07/01/23 (c)		275			275,470
5.50%, 07/01/23 (c)		60			60,277
5.50%, 07/01/23 (c)		500			502,647
5.50%, 07/01/23 (c)		270			271,845
State of Illinois (GO) (NATL) 6.00%, 11/01/26		2,000			2,078,413
State of Illinois, Sales Tax (RB)
4.00%, 06/15/26 (c)		810			803,012
5.00%, 06/15/23 (c)		190			191,103
5.00%, 06/15/23 (c)		285			286,573
5.00%, 06/15/26		235			241,255
5.00%, 06/15/31		1,000			1,033,996
State of Illinois, Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c)		500			424,485
State Of Illinois, Sales Tax, Series A (RB) (BAM) 4.00%, 06/15/30		1,000			986,240
State of Illinois, Series A (GO)
4.00%, 12/01/22 (c)		100			94,929
5.00%, 10/01/28		500			501,120
5.00%, 03/01/29		500			500,826
5.00%, 03/01/30		500			500,330
State of Illinois, Series B (GO)
4.00%, 10/01/30 (c)		500			449,834
5.00%, 10/01/28 (c)		1,000			991,135

See Notes to Financial Statements

116

	Par   (000’s		)		Value
Illinois (continued)
5.00%, 09/01/27	$	600		$	602,769
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		315			315,274
State of Illinois, Series D (GO)
3.25%, 11/01/26		165			155,826
5.00%, 11/01/25		1,250			1,260,018
5.00%, 11/01/26		1,395			1,405,031
5.00%, 11/01/27		1,130			1,134,447
5.00%, 11/01/27 (c)		110			110,193
					66,933,133
Indiana: 0.9%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/22 (c)		290			266,066
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		1,000			849,350
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		2,000			1,915,409
Indianapolis Local Public Improvement, Indianapolis Airport Authority Project, Series D (RB) 5.00%, 01/01/29		500			514,664
					3,545,489
Iowa: 1.2%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		945			896,745
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p)		1,000			900,898
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c)		350			341,982
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		755			728,764
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/26 (c) (p)		1,920			1,918,726
					4,787,115
Kansas: 0.1%
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c)		275			245,004
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25		100			91,970
					336,974

	Par   (000’s		)		Value
Kentucky: 0.4%
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c)	$	140		$	144,563
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		140			146,278
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB)
5.00%, 11/01/25		630			653,168
5.00%, 11/01/26 (c)		325			340,443
Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) 5.25%, 09/01/23 (c)		250			253,471
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		85			82,886
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c)		175			181,769
					1,802,578
Louisiana: 1.7%
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27		1,025			1,038,320
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29		150			152,241
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/25 (c)		305			319,569
City of Shreveport, Water and Sewer, Series C (RB) (BAM) 5.00%, 12/01/26		525			547,555
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			593,237

See Notes to Financial Statements

117

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)	$	3,060		$	2,740,280
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *		330			3
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *		521			5
Parish of St James, Nustar Logistics, LP Project (RB) 6.10%, 06/01/30 (p)		1,500			1,574,992
					6,966,202
Maryland: 0.7%
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		200			192,496
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		350			347,460
County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		200			189,469
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/22 (c)		695			694,757
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c)		155			146,342
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30		1,000			869,953
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		425			440,281
					2,880,758
Massachusetts: 0.6%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		490			481,050

	Par   (000’s		)		Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c)	$	310		$	320,985
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB) 5.00%, 07/01/28		500			525,089
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 11/21/22 (c)		250			249,110
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		335			344,510
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/26 (c)		100			103,268
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		275			278,814
					2,302,826
Michigan: 1.6%
City of Detroit, Michigan Unlimited Tax (GO) 5.00%, 04/01/26		1,000			1,020,384
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c)		500			501,868
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		250			228,583
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)
5.00%, 07/01/26 (c)		1,000			1,043,162
5.00%, 07/01/26 (c)		500			523,957
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31		500			429,973
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c)		1,000			987,602
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		155			153,492

See Notes to Financial Statements

118

	Par   (000’s		)		Value
Michigan (continued)
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27	$	1,415		$	1,500,890
					6,389,911
Minnesota: 0.6%
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		100			93,194
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25		415			345,786
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c)		350			320,914
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c)		1,000			915,780
Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB) 5.00%, 07/01/25 (c)		500			512,488
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26		100			99,272
					2,287,434
Mississippi: 0.1%
Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 08/02/27 (p)		500			474,014
Missouri: 0.9%
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		600			556,118
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/26 (c)		220			188,917
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c)		1,915			1,558,830
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c)		125			115,750

	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)	$	400		$	360,065
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c)		500			429,439
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			478,504
					3,687,623
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/27		500			508,889
5.00%, 09/01/28		100			101,951
5.00%, 09/01/30		125			127,493
					738,333
Nevada: 1.1%
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/22 (c)		305			295,082
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)
2.50%, 06/15/24		230			220,586
2.75%, 06/15/28		1,000			866,327
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c)		100			102,453
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31		5			3,977
Clark County, School District, Series A (GO) 5.00%, 06/15/24		500			512,171
Clark County, School District, Series B (GO) (AGM)
5.00%, 06/15/29 (c)		250			269,337
5.00%, 06/15/29		250			269,863
Clark County, School District, Series B (GO) (BAM)
5.00%, 06/15/30 (c)		500			539,548
5.00%, 06/15/30		250			270,149
Clark County, School District, Series C (GO) 5.00%, 12/15/25 (c)		115			120,000
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		409			415,241

See Notes to Financial Statements

119

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(unaudited) (continued)

	Par   (000’s		)	Value
Nevada (continued)
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c)	$	545		$	522,512
					4,407,246
New Hampshire: 0.1%
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c)		250			232,566
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) *		290			113,100
					345,666
New Jersey: 8.8%
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		375			378,598
New Jersey Economic Development Authority, American Water Company, Inc. Project, Series B (RB) 2.05%, 12/03/29 (p)		1,250			1,049,680
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 12/01/22 (c)		2,000			1,968,400
5.62%, 03/05/24 (c)		1,000			986,995
5.75%, 12/01/22 (c)		300			300,155
New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24		40			39,448
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		760			714,541
5.00%, 07/01/27 (c)		1,000			1,010,140
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		380			377,842
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
4.00%, 11/01/25		500			500,944
5.00%, 11/01/25		115			118,439
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		110			113,944

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)	$	115		$	120,466
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		100			108,520
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
5.00%, 03/01/23 (c)		200			200,682
5.00%, 03/01/23 (c)		1,660			1,669,879
5.00%, 03/01/23 (c)		35			35,113
5.00%, 03/01/23 (c)		455			456,861
5.00%, 03/01/23 (c)		1,500			1,504,934
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		340			345,407
5.00%, 06/15/24 (c)		500			513,938
5.00%, 06/15/24 (c)		320			328,920
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
5.00%, 06/15/24 (c)		690			708,684
5.00%, 06/15/24		430			438,492
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.25%, 06/15/25 (c)		440			442,656
4.38%, 06/15/25 (c)		130			130,808
5.00%, 06/15/25 (c)		345			353,714
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c)		750			739,768
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c)		175			155,064
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c)		175			177,912
5.00%, 06/15/24 (c)		145			147,306
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24		315			321,364

See Notes to Financial Statements

120

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26	$	500		$	527,879
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		120			105,521
0.00%, 12/15/26 ^		360			302,590
0.00%, 12/15/32 ^		5			3,068
5.00%, 12/15/24		500			510,978
5.00%, 12/15/25		500			515,471
5.00%, 12/15/26		1,050			1,090,197
5.00%, 12/15/28		885			921,904
5.00%, 12/15/28 (c)		205			211,437
5.00%, 06/15/24		300			305,925
5.00%, 06/15/26 (c)		500			512,194
5.00%, 06/15/26 (c)		395			405,725
5.00%, 06/15/31		1,100			1,140,134
5.25%, 12/15/23		270			274,517
New Jersey Transportation Trust Fund Authority, Series A-1 (RB)
5.00%, 06/15/26 (c)		845			873,735
5.00%, 06/15/26 (c)		110			113,190
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 12/15/28 (c)		500			513,642
5.00%, 06/15/23 (c)		490			493,056
5.00%, 06/15/25 (c)		275			281,945
5.25%, 06/15/25 (c)		365			373,142
5.25%, 06/15/25 (c)		100			102,848
5.25%, 06/15/25 (c)		435			446,097
5.25%, 06/15/25 (c)		1,065			1,081,944
New Jersey Transportation Trust Fund Authority, Series BB (RB) 5.00%, 12/15/31 (c)		1,000			1,024,932
New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) 0.01%, 12/15/29		290			212,135
New Jersey Transportation Trust Fund Authority, Series D (RB)
5.00%, 12/15/23		735			745,302
5.00%, 12/15/24 (c)		1,380			1,391,062
5.25%, 12/15/23		515			523,616
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.00%, 01/01/32		120			123,708
Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		35			35,329

	Par   (000’s		)	Value
New Jersey (continued)
State of New Jersey, Covid-19 General Emergency, Series A (GO)
5.00%, 06/01/26	$	500		$	524,802
5.00%, 06/01/27		500			530,391
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		2,000			1,668,346
3.00%, 06/01/26		80			77,021
5.00%, 06/01/27		100			106,078
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		150			155,092
5.00%, 06/01/28 (c)		640			658,517
5.00%, 06/01/28		655			678,042
					36,021,126
New Mexico: 0.6%
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan And Four Corners Projects, Series B (RB) 2.15%, 10/01/31 (c)		1,700			1,285,211
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series A (RB) 1.80%, 04/01/29		1,100			911,857
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29		500			414,969
					2,612,037
New York: 9.4%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		1,800			1,777,249
5.00%, 01/15/27 (c)		100			99,786
5.00%, 01/15/27 (c)		100			99,503
5.00%, 07/15/24		1,750			1,751,283
5.00%, 07/15/26		100			99,959
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		1,235			1,161,733
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		275			246,796

See Notes to Financial Statements

121

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Build NYC Resource Corporation, Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c)	$	595		$	532,316
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26		250			261,427
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26		250			263,640
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/26 (c)		270			274,002
5.00%, 07/01/26 (c)		275			280,045
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27		1,000			944,471
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		250			251,418
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)		250			255,065
Metropolitan Transportation Authority, Series D (RB)
5.00%, 11/15/26 (c)		500			501,975
5.00%, 05/15/28 (c)		560			563,766
Metropolitan Transportation Authority, Series D-1 (RB)
5.00%, 11/15/25 (c)		250			250,975
5.00%, 11/15/25 (c)		250			252,656
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 5.00%, 12/01/30 (c)		500			510,105
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c)		1,000			862,689
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/25 (c)		500			515,299
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)
5.00%, 08/01/24		250			252,794
5.00%, 08/01/28 (c)		2,395			2,299,111
5.00%, 08/01/28 (c)		945			914,997
5.00%, 08/01/28 (c)		1,000			979,766
5.00%, 09/01/27		1,000			998,486

	Par   (000’s		)	Value
New York (continued)
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p)	$	600		$	558,269
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		815			748,245
5.00%, 11/21/22 (c)		620			617,652
5.00%, 11/21/22 (c)		2,000			1,965,126
5.25%, 08/01/30 (c)		865			858,875
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		2,000			1,875,513
5.00%, 01/01/28 (c)		785			778,354
5.00%, 01/01/28 (c)		4,405			4,348,417
5.00%, 01/01/28 (c)		780			775,458
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		2,000			1,724,354
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c)		1,500			1,443,434
Port Authority of New York & New Jersey, Series 184 (RB)
5.00%, 10/15/25 (c)		500			519,976
5.00%, 09/01/24 (c)		250			256,587
Port Authority of New York & New Jersey, Series 214 (RB) 5.00%, 09/01/29 (c)		250			256,502
Port Authority of New York & New Jersey, Series 217 (RB) 3.00%, 10/01/28		550			506,396
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
5.00%, 01/01/26 (c)		1,130			938,997
5.00%, 01/01/26 (c)		750			642,643
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		665			659,169
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
4.00%, 05/15/23 (c)		120			111,096
4.12%, 05/15/23 (c)		100			91,492

See Notes to Financial Statements

122

	Par   (000’s		)	Value
New York (continued)
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		$	1,085,258
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c)		70			72,133
5.00%, 06/01/27		70			72,486
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c)		275			255,685
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29		200			182,313
					38,545,742
North Carolina: 1.0%
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25		125			131,801
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c)		250			259,509
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		350			352,121
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		500			526,474
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24		3,000			3,036,614
					4,306,519
North Dakota: 0.4%
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c)		3,000			1,766,069
Ohio: 1.8%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		500			538,110
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/29 (c)		1,000			951,851

	Par   (000’s		)	Value
Ohio (continued)
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/25	$	250		$	255,444
5.00%, 02/15/26		50			51,510
5.00%, 02/15/27 (c)		110			112,534
5.00%, 02/15/27		350			360,374
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 02/15/23 (c)		1,860			1,829,974
Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB) 2.40%, 10/01/29 (c) (p)		500			428,407
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,000			1,782,165
Southern Ohio Port Authority, Purecycle Project, Series B (RB) (AGM) 10.00%, 12/01/26 (c)		1,000			966,529
					7,276,898
Oklahoma: 0.7%
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/26		1,000			971,209
5.00%, 08/15/27		250			240,982
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		1,500			1,494,921
					2,707,112
Oregon: 0.1%
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) *		500			30,000
Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c)		325			300,437
					330,437
Pennsylvania: 4.8%
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27		1,250			1,216,918
5.00%, 05/01/28		1,665			1,606,105
5.00%, 05/01/28		875			846,747
Berks County Industrial Development Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c)		200			148,332

See Notes to Financial Statements

123

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
5.00%, 11/01/24	$	1,000		$	955,887
5.00%, 11/01/25		1,000			933,134
5.00%, 11/01/26		400			365,362
5.00%, 11/01/27 (c)		1,065			884,436
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/30		800			675,691
5.00%, 02/01/31		425			350,155
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		1,500			1,341,927
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p)		500			418,324
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25		80			82,649
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24		1,500			1,491,702
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
4.25%, 10/15/26		1,750			1,674,980
5.00%, 10/15/27		250			244,849
5.00%, 10/15/28 (c)		500			476,317
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c)		250			250,258
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/26 (c)		775			722,061
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p)		1,000			1,049,184
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25		1,055			1,027,454
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/23		125			126,346
5.00%, 06/30/26		130			130,924

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)	$	100		$	103,672
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c)		645			715,473
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31		575			523,975
Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26		100			104,588
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		200			206,684
Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c)		500			500,095
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
5.00%, 07/01/26		115			117,797
5.00%, 07/01/27 (c)		275			282,122
					19,574,148
Puerto Rico: 5.3%
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
5.00%, 07/01/30		3,000			2,874,424
6.12%, 07/01/24		410			415,452
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/28		1,000			975,492
5.00%, 07/01/31 (c)		2,000			1,867,875
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/31 (c)		2,000			1,696,580
5.38%, 07/01/25		3,638			3,638,721
5.62%, 07/01/27		1,000			1,008,266
5.62%, 07/01/29		3,000			3,022,331
5.75%, 07/01/31		2,000			2,016,102
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 12/01/22 (c)		250			253,659
Puerto Rico Highway and Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32		1,105			1,086,041

See Notes to Financial Statements

124

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/22 (c)	$	100		$	103,564
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 12/01/22 (c)		780			791,111
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.01%, 07/01/28 (c)		2,000			1,223,026
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c)		1,308			908,890
					21,881,534
Rhode Island: 0.4%
Rhode Island Commerce Corp., Department of Transportation, Series A (RB)
5.00%, 05/15/30 (c)		250			265,878
5.00%, 05/15/30 (c)		400			430,701
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		155			162,439
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c)		1,000			906,454
					1,765,472
South Carolina: 0.8%
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		600			595,302
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB)
5.25%, 07/01/25 (c)		755			785,418
6.00%, 06/01/28 (c)		1,000			789,657
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)		360			340,457
South Carolina Public Service Authority, Series A (RB)
5.00%, 06/01/25 (c)		290			297,598
5.00%, 06/01/26 (c)		525			535,905
					3,344,337
Tennessee: 0.9%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		500			391,661

	Par   (000’s		)	Value
Tennessee (continued)
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27	$	105		$	85,564
Tennergy Corporation Gas Supply Series A (RB) 4.00%, 09/01/28 (c) (p)		1,750			1,643,364
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p)		1,000			974,976
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26		525			530,816
					3,626,381
Texas: 7.6%
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
5.00%, 01/01/27 (c)		1,200			1,180,343
5.00%, 01/01/27 (c)		1,155			1,144,000
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		775			777,747
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c)		500			479,834
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c)		50			54,191
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,465			2,183,942
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c)		750			789,444
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		2,000			2,052,630
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		120			122,339
City of Austin, Texas Airport System (RB)
5.00%, 11/15/24 (c)		395			399,581
5.00%, 11/15/25		625			640,835
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		180			185,637

See Notes to Financial Statements

125

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c)	$	2,250		$	2,221,036
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27		250			248,650
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 12/01/22 (c)		200			199,991
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/27		1,000			994,552
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,500			1,485,284
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24		545			542,650
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c)		1,000			986,115
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27		2,750			2,735,019
Clifton Higher Education Finance Corp., Series A (RB)
4.62%, 08/15/25		60			59,356
5.12%, 08/15/25 (c)		200			196,276
6.00%, 03/01/24 (c)		1,345			1,359,063
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		500			501,113
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 12/01/22 (c)		335			327,663
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.01%, 11/15/29		315			222,437

	Par   (000’s		)	Value
Texas (continued)
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 12/01/22 (c)	$	1,000		$	1,000,627
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
5.00%, 05/15/25 (c)		335			345,624
5.00%, 05/15/29 (c)		200			212,527
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		105			103,254
Matagorda County Navigation District No 1 (RB) 4.00%, 06/03/23 (c)		2,100			2,003,151
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) *		300			249,000
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/22 (c)		1,000			942,988
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c)		1,000			862,032
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c)		1,000			910,706
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		185			184,907
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/23		100			85,000
5.00%, 07/01/24		100			85,000
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29		405			308,221
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		185			193,671
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c)		550			421,903
SA Energy Acquisition Public Facility Corp. (RB) 5.50%, 08/01/24		55			55,804

See Notes to Financial Statements

126

	Par   (000’s		)	Value
Texas (continued)
5.50%, 08/01/25	$	125		$	127,673
5.50%, 08/01/27		110			113,637
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c)		250			236,472
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)		275			259,476
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
5.25%, 12/15/23		15			15,208
5.25%, 12/15/24		60			61,313
5.25%, 12/15/25		100			102,933
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		350			354,788
					31,325,643
Utah: 0.4%
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27		800			767,709
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31		1,000			1,023,426
					1,791,135
Virgin Islands: 0.7%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) 5.00%, 10/01/32		1,000			1,007,501
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)
5.00%, 10/01/24		200			197,855
5.00%, 10/01/24 (c)		1,000			940,855
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 12/01/22 (c)		150			147,213
5.00%, 12/01/22 (c)		75			72,063
5.00%, 12/01/22 (c)		620			571,056
5.00%, 12/01/22 (c)		55			52,049
					2,988,592
Virginia: 1.4%
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 12/01/22 (c)		140			128,770
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23		500			505,666

	Par   (000’s		)	Value
Virginia (continued)
County of Albemarle, Virginia Economic Development Authority, Series A (RB) 4.62%, 01/01/23 (c)	$	800		$	801,643
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		325			298,283
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c)		1,835			1,505,354
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c)		1,525			1,175,534
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		710			710,121
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31		635			597,660
					5,723,031
Washington: 1.3%
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		140			137,434
Klickitat County, Public Hospital District No. 2 (RB) 4.00%, 12/01/27		880			818,872
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p)		480			487,604
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,250			1,945,480
Washington State, Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c)		250			225,028
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		1,000			914,076
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
3.75%, 07/01/26		185			173,385
4.00%, 01/01/25 (c)		500			469,482

See Notes to Financial Statements

127

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Washington (continued)
5.00%, 01/01/25 (c)	$	365		$	332,431
					5,503,792
West Virginia: 0.4%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 12/01/22 (c)		680			645,573
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p)		1,000			965,575
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26		150			156,414
					1,767,562
Wisconsin: 1.5%
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)		1,000			965,183
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 3.75%, 02/01/32		850			738,464

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c)	$	455		$	397,266
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		550			518,295
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c)		505			436,463
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		150			140,452
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,765			1,774,300
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25		1,050			992,552
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c)		250			233,030
					6,196,005
Total Municipal Bonds: 98.0% (Cost: $452,391,259)					402,283,889
Other assets less liabilities: 2.0%					8,331,650
NET ASSETS: 100.0%				$	410,615,539

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
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
*	Non-income producing
(d)	Security in default
^	Zero Coupon Bond

See Notes to Financial Statements

128

Summary of Investments by Sector	% of Investments			Value
Airport		4.5	%	$	18,195,623
Education		6.3			25,541,198
Health		6.0			24,243,127
Hospitals		7.9			31,720,913
Industrial Development Revenue		14.6			58,685,579
Leasing COPS & Appropriations		4.9			19,897,347
Local GO		10.4			41,850,101
Misc		2.1			8,611,995
Multi-Family Housing		0.6			2,238,295
Pollution Control		1.1			4,366,782
Power		3.9			15,656,823
Refunded		1.2			4,654,910
State GO		8.6			34,575,106
Tax		8.9			35,898,579
Tobacco		0.4			1,636,269
Toll & Turnpike		2.6			10,279,650
Transportation		6.4			25,707,425
Unassigned		0.5			1,907,943
Utilities - Other		6.6			26,588,494
Water & Sewer		2.5			10,027,730
		100.0	%	$	402,283,889

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	402,283,889	$	—	$	402,283,889

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

129

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SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.3%
Alabama: 2.9%
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c)	$	985		$	1,059,432
Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23		125			126,863
Alabama Public School And College Authority, Series A (RB) 5.00%, 11/01/22		750			750,000
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/25 (c) (p)		1,000			969,878
Black Belt Energy Gas District, Series A (RB) (SAW)
4.00%, 12/01/23 (c) (p)		470			467,249
5.00%, 12/01/23		860			864,863
Industrial Development Board of the City of Mobile, Alabama Power Company Barry Plant Project, Series A (RB) 1.00%, 06/26/25 (p)		1,000			929,628
Jefferson County, Series A (GO)
5.00%, 04/01/24		290			296,789
5.00%, 04/01/25		340			351,832
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,500			1,456,947
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 06/01/24 (c) (p)		250			246,620
Tuscaloosa City Board of Education (RB)
5.00%, 08/01/26 (c)		1,055			1,113,274
5.00%, 08/01/26 (c)		825			870,569
					9,503,944
Arizona: 1.0%
City of Phoenix, Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23		250			252,821
City of Phoenix, Civic Improvement Corp., Senior Lien Airport, Series B (RB) 5.00%, 07/01/24		200			205,317
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26		700			729,973
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24		250			256,647

	Par   (000’s		)	Value
Arizona (continued)
Maricopa County Special Health Care District, Series D (GO) 5.00%, 07/01/23	$	500		$	505,610
Pima County (GO) 4.00%, 07/01/23		310			311,726
Salt River Project Agricultural Improvement & Power District, Series A (RB)
5.00%, 01/01/26		500			525,693
5.00%, 01/01/27		500			532,941
					3,320,728
California: 16.2%
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB)
2.00%, 04/01/28 (c) (p)		1,000			894,654
2.95%, 04/01/26 (c) (p)		1,205			1,161,624
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p)		395			384,168
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p)		725			702,835
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 08/01/28 (c) (p)		500			480,473
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p)		500			504,831
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		335			320,372
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/25 (p)		585			609,730
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/26 (c) (p)		500			492,387
California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/26		885			939,844
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26		500			530,384

See Notes to Financial Statements

130

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Cottage Health System Obligated Group (RB) 5.00%, 11/01/24 (c)	$	900		$	930,109
Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c)		405			412,985
City & County of San Francisco, Series B (CP)
5.00%, 10/01/25 (c)		430			450,140
5.00%, 04/01/25		100			103,951
City & County of San Francisco, Series R-1 (GO)
4.00%, 06/15/23 (c)		1,000			1,004,232
5.00%, 06/15/25		250			261,877
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26		500			528,454
County of Sacramento, Airport System, Series B (RB) 5.00%, 07/01/25		240			250,268
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^		500			433,754
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
5.00%, 06/01/23 (c)		500			505,557
5.00%, 06/01/25 (c)		1,000			1,043,820
5.00%, 06/01/25 (c)		1,870			1,951,944
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^		1,000			880,607
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24		265			272,598
Los Angeles Community College District/CA, Series C (GO) 5.00%, 08/01/26		500			532,875
Los Angeles Department of Water & Power, Series B (RB)
5.00%, 07/01/23		550			556,970
5.00%, 07/01/24		250			257,548
Los Angeles Department of Water & Power, Series C (RB) 5.00%, 07/01/24		250			257,548
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 06/01/25 (c)		295			308,140

	Par   (000’s		)	Value
California (continued)
Los Angeles Unified School District, Series A (GO)
5.00%, 07/01/24	$	875		$	902,138
5.00%, 07/01/26		800			849,545
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23		130			131,690
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25		1,250			1,308,361
Metropolitan Water District of Southern California, Series B (RB)
5.00%, 07/01/23 (c)		450			455,555
5.00%, 07/01/24 (c)		1,000			1,029,473
Northern California Energy Authority, Series A (RB)
4.00%, 07/01/24 (p)		1,500			1,487,623
5.00%, 07/01/24		275			277,510
Oakland Unified School District, Series A (GO)
5.00%, 08/01/23		350			354,700
5.00%, 08/01/25 (c)		1,000			1,046,434
Orange County Transportation Authority, I-405 Improvement Project (RB)
4.00%, 10/15/24		675			684,181
5.00%, 10/15/24		750			775,285
Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c)		205			202,460
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p)		930			917,070
Regents of The University Of California, Limited Project, Series I (RB) 5.00%, 05/15/23		485			489,894
Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25		250			261,271
Sacramento Municipal Utility District, Series B (RB) 5.00%, 10/15/25 (c) (p)		485			501,613
San Bernardino Community College District, Series A (GO) 4.00%, 08/16/27 (c)		540			559,284
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24		1,035			1,100,272
San Bernardino County, Series A (CP) 5.00%, 10/01/26		345			365,859
San Joaquin Hills, Agency Toll Road (RB) 0.00%, 01/01/24 ^		1,000			962,199

See Notes to Financial Statements

131

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
0.00%, 01/01/25 ^	$	500		$	464,733
Southern California Public Power Authority, Series C (RB) 5.00%, 01/01/25 (c)		500			518,744
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c)		725			740,600
Southwestern Community College District, Series D (GO) 5.00%, 08/01/25 (c)		500			524,965
State of California Department of Water Resources (RB) 5.00%, 12/01/26		500			534,924
State of California, Various Purpose (GO)
3.00%, 03/01/26		1,000			983,567
4.00%, 10/01/25		600			612,022
4.00%, 10/01/27		1,100			1,132,808
4.00%, 11/01/24		300			304,395
4.00%, 03/01/24		500			505,505
5.00%, 10/01/23		250			254,208
5.00%, 10/01/24		100			103,365
5.00%, 10/01/24		555			573,675
5.00%, 10/01/25		835			876,210
5.00%, 10/01/27		1,000			1,075,778
5.00%, 10/01/27		500			537,889
5.00%, 10/01/27		530			570,162
5.00%, 11/01/23		525			534,613
5.00%, 11/01/25		500			525,343
5.00%, 11/01/26		915			974,573
5.00%, 12/01/25		460			483,901
5.00%, 12/01/27		500			538,997
5.00%, 04/01/24		300			307,609
5.00%, 04/01/25		300			312,419
5.00%, 04/01/27		750			801,730
5.00%, 08/01/24		325			335,044
5.00%, 08/01/25		1,500			1,570,054
5.00%, 08/01/26		295			313,108
5.00%, 08/01/27		1,305			1,400,930
5.00%, 09/01/23		1,000			1,015,397
5.00%, 09/01/25		300			314,408
5.00%, 09/01/26		1,000			1,062,620
State Public Works Board, Series C (RB) 5.00%, 11/01/27		525			565,634
					53,997,026
Colorado: 1.2%
City of Colorado Springs, Utilities System, Series B (RB) 5.00%, 11/15/25		500			524,753
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25		500			516,093
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24		1,000			1,035,355

	Par   (000’s		)	Value
Colorado (continued)
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23	$	450		$	458,790
State of Colorado, Series A (CP) 5.00%, 12/15/26		500			531,639
State of Colorado, Series K (CP) 5.00%, 03/15/26		385			404,076
University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c)		500			515,419
					3,986,125
Connecticut: 2.5%
Connecticut Housing Finance Authority, Housing Mortgage Program, Sereies B-5 (RB) 0.45%, 05/15/24 (c) (p)		250			236,589
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p)		390			391,765
State of Connecticut, Health and Educational Facilities Authority, Stamford Hospital Issue, Series L-1 (RB) 4.00%, 07/01/27		500			484,251
State of Connecticut, Series A (GO)
5.00%, 04/15/23		265			267,244
5.00%, 04/15/23		375			378,176
State of Connecticut, Series B (GO)
4.00%, 05/15/23		375			376,766
5.00%, 01/15/23		250			250,950
State of Connecticut, Series C (GO) 5.00%, 06/15/26		300			316,589
State of Connecticut, Series D (GO)
5.00%, 04/15/26		1,040			1,095,130
5.00%, 08/15/23		300			304,294
State of Connecticut, Series E (GO) 5.00%, 09/15/25		270			282,303
State of Connecticut, Special Tax Obligation, Series A (GO) 5.00%, 04/15/23		375			378,176
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 01/01/23		300			300,862
State of Connecticut, Special Tax Obligation, Series A (ST) 5.00%, 05/01/28		600			646,931
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23		200			203,077
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26		275			290,824

See Notes to Financial Statements

132

	Par   (000’s		)	Value
Connecticut (continued)
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26	$	1,015		$	1,070,137
University of Connecticut, Series A (RB)
5.00%, 04/15/24		575			588,979
5.00%, 04/15/26		550			578,422
					8,441,465
Delaware: 0.4%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		500			442,860
Delaware Transportation Authority (RB) 5.00%, 07/01/26		500			529,368
State of Delaware, Series A (GO) 5.00%, 10/01/25		410			430,118
					1,402,346
District of Columbia: 1.2%
District of Columbia, Series B (GO) 5.00%, 06/01/25		120			125,198
District of Columbia, Series C (RB) 5.00%, 10/01/26		785			833,350
District of Columbia, Series D (GO) 5.00%, 06/01/25		315			328,644
District of Columbia, Series E (GO) 5.00%, 06/01/25		500			521,658
Metropolitan Washington Airports Authority, Dulles Toll Road (RB) (AGC) 6.50%, 10/01/26 (c)		1,000			1,112,344
Washington Metropolitan Area Transit Authority, Series A-1 (RB)
5.00%, 07/01/24		225			231,277
5.00%, 07/01/25		100			104,278
5.00%, 07/01/27		200			214,209
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/25		300			312,835
5.00%, 07/01/26		300			317,196
					4,100,989
Florida: 2.0%
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27		500			533,074
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26		300			315,502

	Par   (000’s		)	Value
Florida (continued)
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/26	$	500		$	527,561
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26		250			264,546
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24		1,000			1,027,699
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c)		1,155			1,202,318
Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB) 5.00%, 10/01/27		500			530,203
School District of Broward County, Series C (CP) 5.00%, 07/01/24		340			348,318
State of Florida, Board of Education, Lottery Revenue, Series A (RB)
5.00%, 07/01/23		450			455,257
5.00%, 07/01/24		650			668,026
State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23		180			182,682
State of Florida, Department Of Management Services, Series A (RB) 5.00%, 09/01/25		750			783,742
					6,838,928
Georgia: 3.2%
Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p)		500			498,374
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		500			516,825
Main Street Natural Gas, Inc., Series A (RB)
4.00%, 09/01/23 (c) (p)		500			498,973
4.00%, 09/01/27 (c) (p)		1,250			1,208,104
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p)		1,500			1,490,866
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p)		2,000			1,920,445
State of Georgia, Series A (GO)
5.00%, 02/01/23		160			160,780
5.00%, 02/01/25		250			259,669

See Notes to Financial Statements

133

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Georgia (continued)
5.00%, 02/01/26	$	595		$	627,436
5.00%, 08/01/25		350			366,346
5.00%, 08/01/26		700			743,477
State of Georgia, Series C (GO)
5.00%, 07/01/24		250			257,302
5.00%, 07/01/26		1,000			1,060,865
State of Georgia, Series E (GO) 5.00%, 12/01/24		1,100			1,139,573
					10,749,035
Guam: 0.3%
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c)		1,000			1,015,002
Hawaii: 0.5%
City & County of Honolulu, Rail Transit Project, Series E (GO)
5.00%, 03/01/26		785			827,279
5.00%, 03/01/27		500			533,069
State of Hawaii, Series FN (GO) 5.00%, 10/01/24		110			113,619
State of Hawaii, Series FT (GO) 5.00%, 01/01/23		100			100,306
					1,574,273
Illinois: 5.0%
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26		500			520,041
Chicago O’Hare International Airport, Series C (RB)
5.00%, 01/01/23		650			651,911
5.00%, 01/01/24		115			117,278
5.00%, 01/01/26		315			327,626
Chicago Park District, Series A (GO) (NATL) 5.50%, 01/01/24 (c)		500			513,022
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/23		350			353,042
5.00%, 06/01/25		340			346,694
City of Chicago, Series A (GO) 5.00%, 01/01/27		500			499,652
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25		200			209,434
Cook County, Series A (GO) 5.00%, 11/15/26		300			315,061
County of Cook, Series A (GO) 5.00%, 11/15/22		1,000			1,000,586
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 01/01/23		310			310,299
5.00%, 01/01/23		250			250,644
5.00%, 01/01/24		155			157,874

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 01/01/25	$	600		$	621,247
5.00%, 01/01/28		500			537,078
5.00%, 07/01/27		685			733,054
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24		500			512,967
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23		250			252,872
Illinois Finance Authority, Series A (RB) (BAM) 5.00%, 08/15/25		1,255			1,299,794
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27		415			439,356
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27		650			688,148
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24		495			506,949
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/23		370			371,082
5.00%, 01/01/24		550			560,829
State of Illinois (GO) 5.00%, 02/01/23		350			350,907
State of Illinois (GO) (AGC)
5.50%, 05/01/24		250			253,995
5.50%, 05/01/25		335			341,640
State of Illinois, Series B (GO)
5.00%, 12/01/24		130			131,118
5.00%, 09/01/25		400			403,226
State of Illinois, Series D (GO)
5.00%, 11/01/22		470			470,000
5.00%, 11/01/23		500			504,005
5.00%, 11/01/25		1,345			1,355,779
5.00%, 11/01/26		800			805,753
					16,712,963
Indiana: 1.1%
City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25		500			522,266
Indiana Finance Authority Hospital, Series 2012A, Community Health Network Project (RB) 5.00%, 05/01/23 (c)		1,000			1,008,949
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23		500			508,752
Indiana Finance Authority, Series C (RB)
5.00%, 12/01/24		575			595,804
5.00%, 12/01/25		260			273,275

See Notes to Financial Statements

134

	Par   (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, Series E (RB)
5.00%, 02/01/24	$	500		$	511,066
5.00%, 02/01/25		250			259,834
					3,679,946
Iowa: 0.5%
Iowa Finance Authority (RB) 5.00%, 08/01/23		250			253,413
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/26 (c) (p)		1,500			1,499,005
					1,752,418
Kentucky: 1.9%
Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) 5.25%, 09/01/23 (c)		1,000			1,013,885
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 4.00%, 06/01/26 (c) (p)		1,500			1,460,615
Kentucky Public Energy Authority, Gas Supply, Series B (RB)
4.00%, 01/01/25 (c) (p)		1,085			1,068,019
4.00%, 07/01/23		200			199,484
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p)		1,100			1,071,897
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26		275			286,616
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/24		125			128,364
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p)		1,000			1,026,801
					6,255,681
Louisiana: 0.7%
East Baton Rouge Sewerage Commission, Series A (RB) (NATL) 5.00%, 02/01/27		250			266,047
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p)		500			513,211
Louisiana State Citizens Property Insurance Corp., Series 2 (RB) 5.00%, 06/01/23		590			595,808
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 07/01/26 (p)		750			683,393

	Par   (000’s		)	Value
Louisiana (continued)
State of Louisiana, Series A (GO) 5.00%, 03/01/26	$	335		$	352,286
					2,410,745
Maine: 0.2%
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25		500			521,280
Maryland: 2.0%
County of Baltimore, Equipment Acquisition Program (CP) 5.00%, 03/01/25		295			306,069
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26		265			282,253
Department of Transportation of Maryland, Series B (RB) 5.00%, 12/01/23		500			509,530
Prince George’s County, Series A (GO) 5.00%, 07/15/25		425			444,437
State of Maryland, Department of Transportation (RB)
4.00%, 11/01/24 (c)		500			505,197
5.00%, 10/01/26		595			631,648
5.00%, 05/01/23		500			504,598
5.00%, 09/01/24		165			170,177
State of Maryland, Series B (GO)
5.00%, 08/01/24		550			566,714
5.00%, 08/01/25		500			522,949
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24		1,500			1,536,290
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24		250			257,597
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25		500			522,949
					6,760,408
Massachusetts: 3.4%
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c)		860			869,711
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/26		250			262,463
5.00%, 01/01/27		710			755,353
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26		400			424,184

See Notes to Financial Statements

135

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series D (GO)
5.00%, 07/01/23	$	900		$	910,989
5.00%, 07/01/27		250			267,649
Commonwealth of Massachusetts, Series E (GO)
3.00%, 12/01/25		750			738,079
5.00%, 11/01/26		295			313,184
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26		250			264,822
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24		515			529,789
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/23 (c) (p)		275			275,832
Massachusetts Development Finance Agency, Broad Institute (RB) 5.00%, 04/01/26		450			471,090
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
5.00%, 10/15/25		900			944,977
5.00%, 10/15/26		500			532,220
Massachusetts Development Finance Agency, Partners Healthcare System, Series S-4 (RB) 5.00%, 01/25/24 (p)		250			253,585
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 12/01/24 (c)		1,000			869,102
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/25 (c)		775			807,384
Massachusetts Water Resources Authority (RB) 5.00%, 08/01/23		170			172,258
University of Massachusetts Building Authority Project, Senior Series (RB) 5.00%, 11/01/22 (c)		1,650			1,650,000
					11,312,671
Michigan: 1.5%
City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c)		1,000			1,022,486

	Par   (000’s		)	Value
Michigan (continued)
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24	$	590		$	605,686
Michigan Finance Authority Hospital, Trinity Health Credit Group (RB) 5.00%, 12/01/22 (c)		1,000			1,001,508
Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26		250			262,586
Regents of The University of Michigan, Series A (RB) 5.00%, 04/01/23		180			181,387
State of Michigan, Grant Anticipation (RB)
5.00%, 03/15/24		650			664,671
5.00%, 03/15/26		1,065			1,120,890
Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23		145			147,585
					5,006,799
Minnesota: 1.0%
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,000			1,063,542
Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22		480			480,720
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,200			1,236,467
State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/26		400			424,263
					3,204,992
Missouri: 1.1%
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23		1,000			1,011,154
Health & Educational Facilities Authority, Long-Term Rate Health Facilities, Series B (RB) 4.00%, 05/01/26 (p)		1,500			1,523,930
Health & Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25		150			154,993
Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25		500			524,322

See Notes to Financial Statements

136

	Par   (000’s		)	Value
Missouri (continued)
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c)	$	500		$	521,911
					3,736,310
Nebraska: 0.8%
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 01/01/24 (c) (p)		500			500,324
5.00%, 01/01/24 (c)		350			350,649
Central Plains Energy Project, Gas Supply (RB) (AGM) 4.00%, 08/01/25 (c) (p)		2,000			1,975,981
					2,826,954
Nevada: 0.7%
Clark County (GO) 5.00%, 06/01/25		1,090			1,135,017
County of Clark, Nevada McCarran International Airport, Series A (RB) 5.00%, 07/01/23		300			303,385
County of Clark, Series B (GO) 5.00%, 11/01/23		450			457,840
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24		300			310,425
					2,206,667
New Jersey: 3.3%
City of Newark, Series A (GO) (AGM) 5.00%, 10/01/26		300			314,208
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/24		100			102,391
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 5.00%, 06/15/26		455			470,583
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) 5.25%, 06/15/25 (c)		500			525,466
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/23		1,000			1,008,122
5.00%, 06/15/24		575			586,356
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25		1,000			1,045,906

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25	$	225		$	235,329
New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB) 5.00%, 07/01/23		300			303,287
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transportation Program (RB) 5.00%, 10/01/26		1,000			1,036,654
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/26		300			310,796
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23		500			508,592
New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/23		1,175			1,191,469
5.00%, 06/15/24		1,410			1,438,738
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/27		500			530,391
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/25		500			472,758
2.00%, 06/01/26		500			461,901
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		290			292,044
					10,834,991
New Mexico: 0.9%
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 05/01/25 (c) (p)		1,165			1,189,798
State of New Mexico, Series A (GO) 5.00%, 03/01/23		320			321,968
State of New Mexico, Series A (RB) 5.00%, 07/01/27		840			900,052
State of New Mexico, Series B (GO)
5.00%, 03/01/23		340			342,091
5.00%, 03/01/25		250			259,666
					3,013,575
New York: 14.2%
City of New York, Series A (GO)
4.00%, 08/01/23		250			251,583
5.00%, 08/01/23		100			101,365
5.00%, 08/01/24		1,500			1,545,584

See Notes to Financial Statements

137

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
City of New York, Series C (GO)
5.00%, 08/01/24	$	750		$	772,792
5.00%, 08/01/25		1,325			1,382,974
City of New York, Series C and D (GO)
5.00%, 08/01/23		320			324,368
5.00%, 08/01/26		325			343,773
City of New York, Series C, (GO) (SD CRED PROG) 5.00%, 08/01/27		500			535,166
City of New York, Series E (GO) 5.00%, 08/01/24		255			262,749
City of New York, Series F-1 (GO) 5.00%, 03/01/27		410			435,756
City of New York, Series J-9 (GO) 5.00%, 08/01/26		500			528,881
City of Yonkers, Series C (GO) (BAM) 5.00%, 10/01/23		100			101,466
County of Nassau, Series C (GO) 5.00%, 10/01/24		200			206,053
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23		100			100,506
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26		1,010			1,069,882
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p)		2,000			2,023,750
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p)		1,160			1,170,723
Metropolitan Transportation Authority, Series B (RB)
5.00%, 11/15/23		290			293,850
5.00%, 11/15/24		390			398,333
5.00%, 11/15/26		255			261,336
5.00%, 11/15/26		500			512,275
Metropolitan Transportation Authority, Series C-1 (RB)
5.00%, 11/15/23		500			506,537
5.00%, 11/15/25		875			896,820
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30		1,000			1,000,656
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) (FHA 542(C)) 1.10%, 11/01/27		475			410,085
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p)		305			274,970

	Par   (000’s		)	Value
New York (continued)
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27	$	750		$	791,634
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Subseries CC-2 (RB) 5.00%, 12/15/25 (c)		500			526,276
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27		440			471,542
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)
5.00%, 07/15/24		550			566,244
5.00%, 07/15/25		570			595,928
5.00%, 07/15/26		315			332,214
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26		1,000			1,058,567
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23		575			580,231
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 5.00%, 11/01/25		350			366,414
New York City Transitional Finance Authority, Series A (RB) 5.00%, 11/01/26		550			582,212
New York City Transitional Finance Authority, Series C (RB) 5.00%, 11/01/23		1,000			1,017,521
New York City Water & Sewer System, Series AA (RB) 4.00%, 06/15/24		500			506,888
New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c)		700			713,983
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c)		430			444,845
New York State Dormitory Authority, Health Facilities Improvement (RB) (SAW) 5.00%, 01/15/23		300			301,133

See Notes to Financial Statements

138

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/24	$	300		$	303,353
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26		700			744,349
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24		110			113,159
New York State Dormitory Authority, Personal Income Tax, Series A (RB)
5.00%, 02/15/23		220			221,177
5.00%, 02/15/25		140			145,380
5.00%, 03/15/23		290			292,015
5.00%, 03/15/26		700			735,367
5.00%, 03/15/26		500			525,262
5.00%, 03/15/27		300			320,891
5.00%, 03/15/27		500			531,661
New York State Dormitory Authority, Personal Income Tax, Series B (RB)
5.00%, 02/15/26		345			362,034
5.00%, 02/15/26		590			621,022
5.00%, 02/15/27		510			543,856
New York State Dormitory Authority, Personal Income Tax, Series D (RB)
5.00%, 02/15/23		1,070			1,075,676
5.00%, 02/15/27		490			522,528
5.00%, 02/15/27		25			26,556
New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25		1,000			1,035,726
New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW)
5.00%, 10/01/25		435			454,372
5.00%, 10/01/26		400			422,679
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27		500			532,164
New York State Dormitory Authority, Series A (RB) (AMBAC) 5.00%, 12/15/22		1,000			1,002,244
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28		640			690,684
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23		110			110,765

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c)	$	500		$	523,771
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/24		155			158,691
5.00%, 03/15/25		1,035			1,076,146
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		680			717,700
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		500			519,061
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28		605			657,364
New York State Housing Finance Agency, Series A-2, Series B-2, Series C (RB) 2.50%, 05/01/27 (c) (p)		975			903,986
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 11/21/22 (c)		750			729,594
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 11/21/22 (c)		750			678,378
New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24		165			168,135
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/23		790			795,520
5.00%, 03/15/25		495			513,409
5.00%, 03/15/25		5			5,193
5.00%, 03/15/26 (c)		500			523,152
5.00%, 03/15/27		690			736,600
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25		500			518,596
Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26		530			520,833
Triborough Bridge & Tunnel Authority, Series  A-2 (RB) 2.00%, 05/15/26 (p)		875			808,215

See Notes to Financial Statements

139

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Triborough Bridge & Tunnel Authority, Series C-1B (RB) 5.00%, 05/15/26 (p)	$	500		$	519,638
Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c)		320			320,668
					47,295,435
North Carolina: 2.1%
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23		115			115,170
City of Charlotte, North Carolina Water & Sewer System (RB) 5.00%, 07/01/23		500			506,105
County of Guilford, Series B (GO) 5.00%, 05/01/24		500			512,955
County of Wake (GO) 5.00%, 04/01/27		300			321,456
County of Wake (RB) 5.00%, 09/01/26		375			397,234
County of Wake, Series A (GO) 5.00%, 03/01/25		250			259,951
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/26 (p)		500			519,892
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24		2,125			2,150,935
State of North Carolina, Department of State Treasurer, Series B (GO) 5.00%, 06/01/25		970			1,012,750
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/23		500			502,975
State of North Carolina, Series B (GO) 5.00%, 06/01/23		575			581,357
					6,880,780
Ohio: 2.7%
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28		1,000			1,068,645
City of Cleveland, Ohio Airport System, Series B (RB) (AGM) 5.00%, 01/01/23		260			260,721
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/25		100			103,365

	Par   (000’s		)	Value
Ohio (continued)
5.00%, 08/01/26	$	410		$	427,511
County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/25		500			522,988
Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p)		485			490,847
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^		500			473,779
Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/26		460			483,004
Ohio University (RB) 5.00%, 12/01/22 (c)		500			500,754
Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/26		250			264,385
State of Ohio, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/26		500			522,629
State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25		100			104,696
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23		560			570,401
State of Ohio, Highway Capital Improvement, Series R 5.00%, 05/01/27		500			512,955
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22		675			675,000
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23		1,000			1,009,246
State of Ohio, Highway Capital Improvements, Series S (GO) 5.00%, 05/01/26		880			929,590
					8,920,516
Oklahoma: 0.2%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c)		535			563,569
Oregon: 0.9%
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/24 (c)		1,000			1,027,876
City of Portland, Sewer System, Series A (RB) (AGM) 5.00%, 03/01/26		500			526,929

See Notes to Financial Statements

140

	Par   (000’s		)	Value
Oregon (continued)
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26	$	350		$	369,721
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25		500			520,935
State of Oregon, Article Xi-Q State Projects, Series A (GO) 5.00%, 05/01/23		500			504,672
					2,950,133
Pennsylvania: 3.3%
Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/25		300			310,648
City of Philadelphia, Series A (GO)
5.00%, 08/01/24		200			205,700
5.00%, 08/01/25		300			311,366
5.00%, 08/01/25		245			254,282
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23		250			251,699
Commonwealth of Pennsylvania, First Series 5.00%, 06/15/29		500			513,938
Commonwealth of Pennsylvania, First Series (GO)
5.00%, 01/01/26		560			588,088
5.00%, 01/01/27		315			335,248
5.00%, 02/01/26		415			436,314
5.00%, 03/15/25 (c)		500			517,787
5.00%, 08/15/25		565			590,199
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/26		1,000			1,057,861
Commonwealth of Pennsylvania, Second Series (GO) 5.00%, 01/15/23		370			371,367
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		600			625,545
Delaware River Port Authority, Series B (RB)
5.00%, 01/01/25		350			360,104
5.00%, 01/01/26		1,170			1,217,963
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23		500			505,479

	Par   (000’s		)	Value
Pennsylvania (continued)
Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23	$	150		$	152,539
Pennsylvania Turnpike Commission Turnpike, Series A (RB) 5.00%, 12/01/22 (c)		525			525,792
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/26		500			521,209
Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24		400			409,938
Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25		660			681,571
Southeastern Pennsylvania Transportation Authority, Federal Transit Administration Section 5337 (RB) 5.00%, 06/01/23		115			116,139
					10,860,776
Rhode Island: 0.1%
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c)		500			504,674
South Carolina: 0.8%
County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24		510			527,562
County of Richland, Series A (GO) (SAW) 5.00%, 03/01/26		500			527,900
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p)		1,765			1,757,094
					2,812,556
South Dakota: 0.2%
South Dakota Health And Educational Facilities Authority, Series A, Avera Health (RB) 5.00%, 07/01/24 (c) (p)		535			545,517
Tennessee: 1.2%
Metropolitan Government of Nashville & Davidson County (GO)
5.00%, 07/01/24		200			205,776
5.00%, 07/01/26		525			555,836
Metropolitan Government of Nashville & Davidson County, Series A 5.00%, 01/01/29		500			501,520

See Notes to Financial Statements

141

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Tennessee (continued)
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24	$	500		$	510,305
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p)		1,775			1,725,808
Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p)		560			558,804
					4,058,049
Texas: 8.3%
Bexar County (GO) 5.00%, 06/15/26 (c)		500			527,998
Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23		275			279,022
City of Austin, Texas Water & Wastewater System (RB) 5.00%, 11/15/25		790			826,548
City of Denton, Utility System (RB) 5.00%, 12/01/26		310			326,670
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/23		500			505,775
5.00%, 07/01/24		250			256,851
City of Houston, Series A (GO)
5.00%, 03/01/23		250			251,496
5.00%, 03/01/24 (c)		750			766,865
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c)		630			668,248
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		500			523,217
Colorado River Municipal Water District (RB)
5.00%, 01/01/24		115			117,132
5.00%, 01/01/26		655			685,645
Comal Independent School District (GO) 5.00%, 02/01/26		775			814,803
Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27		2,000			2,132,706
Dallas Area Rapid Transit, Series A (RB) 5.00%, 12/01/25 (c)		1,000			1,049,261
Dallas County Hospital District (GO) 5.00%, 08/15/23		950			962,559
Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23		375			380,162

	Par   (000’s		)	Value
Texas (continued)
Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25	$	200		$	207,643
Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c)		500			506,851
Denton Independent School District, Series A (GO) 5.00%, 08/15/25 (c)		500			523,124
Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23		325			326,122
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24		500			515,696
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27		1,000			1,073,578
Houston Community College System (GO) 5.00%, 02/15/23 (c)		1,000			1,005,304
Houston Independent School District (GO) 5.00%, 07/15/25		320			333,622
Houston Independent School District, Limited Tax School House (GO)
5.00%, 02/15/24		155			158,473
5.00%, 02/15/26		250			262,661
Houston Independent School District, Limited Tax School House, Series A (GO) 5.00%, 02/15/23		650			653,421
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26		455			480,677
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23		160			162,103
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/25 (c)		1,000			1,058,549
North Texas Tollway Authority, First Tier, Series A (RB)
5.00%, 01/01/25		150			154,994
5.00%, 01/01/26 (c)		595			622,888
Port Houston Authority of Harris County, Texas Unlimited Tax, Series A-2 (GO)
5.00%, 10/01/24		500			515,884
5.00%, 10/01/25		500			523,257

See Notes to Financial Statements

142

	Par   (000’s		)	Value
Texas (continued)
San Antonio Water System, Series A (RB) 2.00%, 05/15/25	$	300		$	286,177
State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c)		430			442,328
State of Texas, Water Infrastructure Fund, Series B-3 (GO)
5.00%, 08/01/23		400			405,461
5.00%, 08/01/24		250			257,597
5.00%, 08/01/25		500			522,145
Texas A&M University, Series D (RB) 5.00%, 05/15/26		820			864,141
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26		600			609,063
Texas Water Development Board (RB)
5.00%, 04/15/26		1,000			1,053,344
5.00%, 08/01/23		350			354,804
5.00%, 08/01/25		225			235,025
Texas Water Development Board, Series A (RB) 5.00%, 04/15/23		340			342,895
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24		500			516,377
University of Houston, Series A (RB) 5.00%, 02/15/26		1,000			1,052,556
Ysleta Independent School District (GO) 5.00%, 08/15/25 (c)		650			678,297
					27,780,015
Utah: 1.0%
County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,022,682
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p)		500			508,177
State of Utah (GO)
5.00%, 07/01/23		500			506,171
5.00%, 07/01/25		300			313,850
5.00%, 07/01/25		290			303,388
5.00%, 07/01/26		500			531,144
					3,185,412
Virginia: 2.8%
City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25		125			129,528
Commonwealth Transportation Board, Commonwealth of Virginia (RB) 5.00%, 05/15/25		500			520,325

	Par   (000’s		)	Value
Virginia (continued)
County of Fairfax, Public Improvement, Series A (GO)
4.00%, 10/01/24	$	285		$	289,074
4.00%, 10/01/25		500			510,038
County of Fairfax, Public Improvement, Series A (GO) (SAW)
4.00%, 10/01/23		275			277,196
4.00%, 10/01/25		700			714,053
Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24		125			128,127
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26		1,250			1,311,956
Rector And Visitors of The University Of Virginia, Series A (RB) 5.00%, 06/01/23 (c)		1,000			1,010,652
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
5.00%, 02/01/24		235			240,114
5.00%, 02/01/27		600			639,738
5.00%, 02/01/27		250			266,557
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23		250			251,156
Virginia Commonwealth Transportation Board (RB)
5.00%, 09/15/23		400			406,288
5.00%, 09/15/24		325			335,518
5.00%, 09/15/26 (c)		510			541,086
Virginia Public Building Authority, Series A (RB) 5.00%, 08/01/26		265			280,211
Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26		500			528,701
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			912,240
					9,292,558
Washington: 2.8%
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/25 (c)		1,000			1,049,519

See Notes to Financial Statements

143

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Washington (continued)
City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26	$	400		$	420,418
County of King (GO) 5.00%, 07/01/24		100			102,822
County of King, Sewer Improvement, Series B (RB)
5.00%, 07/01/25		575			600,198
5.00%, 07/01/26		200			211,535
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25		1,000			1,042,524
Energy Northwest Project Electric, Series C (RB)
5.00%, 07/01/24		450			463,070
5.00%, 07/01/25		1,375			1,433,470
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/23		100			101,221
5.00%, 07/01/24		455			468,215
State of New Mexico, Series A (GO) 5.00%, 06/01/26		1,000			1,057,542
State of Washington Various Purpose, Series D (GO) 5.00%, 02/01/24		200			204,451
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		750			772,921
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,011,231
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25		270			274,547
					9,213,684
West Virginia: 0.6%
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23		410			416,178
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26		1,000			1,053,399
West Virginia Hospital Finance Authority, United Health System Obligated Group, Series A (RB) 5.50%, 06/01/23 (c)		500			506,318
					1,975,895

	Par   (000’s		)	Value
Wisconsin: 1.6%
City of Milwaukee, Series N4 (GO)
5.00%, 04/01/24	$	225		$	228,769
5.00%, 04/01/25		125			128,970
5.00%, 04/01/26		750			782,694
State of Wisconsin, Series 1 5.00%, 07/01/29		500			506,039
State of Wisconsin, Series 1 (GO) 5.00%, 11/01/22		500			500,000
State of Wisconsin, Series 2 (GO) 5.00%, 11/01/25		380			399,150
State of Wisconsin, Series A (GO)
5.00%, 05/01/25		500			521,259
5.00%, 05/01/25 (c)		500			518,945
State of Wisconsin, Series B (GO) 5.00%, 05/01/26		525			555,475
University of Wisconsin Hospitals And Clinics Authority, Series A (RB) 5.00%, 04/01/23 (c)		1,000			1,007,459
Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24		120			123,505
					5,272,265
Total Municipal Bonds: 98.3% (Cost: $345,586,915)					327,278,095
Other assets less liabilities: 1.7%					5,612,908
NET ASSETS: 100.0%				$	332,891,003

See Notes to Financial Statements

144

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
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

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
Airport		1.7	%	$	5,546,831
Education		4.0			13,113,105
Hospitals		5.3			17,446,117
Industrial Development Revenue		0.2			683,393
Leasing COPS & Appropriations		4.3			14,088,158
Local GO		13.3			43,486,843
Misc		1.3			4,379,124
Multi-Family Housing		1.3			4,102,705
Pollution Control		0.1			264,385
Power		4.2			13,851,484
Refunded		12.5			40,835,255
State GO		18.9			61,879,804
Tax		7.6			24,853,503
Tobacco		0.6			1,929,024
Toll & Turnpike		4.0			13,081,342
Transportation		7.0			22,976,870
Unassigned		0.0			142,514
Utilities - Other		8.3			26,995,665
Water & Sewer		5.4			17,621,973
		100.0	%	$	327,278,095

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	327,278,095	$	—	$	327,278,095

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

145

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

	CEF Muni Income			High Yield Muni			HIP Sustainable			Intermediate
	ETF			ETF			Muni ETF			Muni ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	128,626,524		$	2,591,233,561		$	16,788,622		$	1,624,141,100
Affiliated issuers (2)		2,409,138			—			—			—
Cash		475			18,047,248			314,681			6,751,076
Receivables:
Investment securities sold		—			9,616,052			—			3,267,294
Shares of beneficial interest sold		994,026			14,710,880			—			—
Dividends and interest		424,691			44,600,748			246,831			21,536,106
Total assets		132,454,854			2,678,208,489			17,350,134			1,655,695,576
Liabilities:
Payables:
Investment securities purchased		994,113			14,959,655			—			6,296,700
Shares of beneficial interest redeemed		—			9,798,644			—			—
Line of credit		198,088			—			—			—
Due to Adviser		45,353			820,385			3,571			329,138
Deferred Trustee fees		4,195			3,184			—			3,000
Accrued expenses		1,274			—			—			—
Total liabilities		1,243,023			25,581,868			3,571			6,628,838
NET ASSETS	$	131,211,831		$	2,652,626,621		$	17,346,563		$	1,649,066,738
Shares outstanding		6,600,000			54,096,401			400,000			37,848,916
Net asset value, redemption and offering price per share	$	19.88		$	49.04		$	43.37		$	43.57
Net Assets consist of:
Aggregate paid in capital	$	203,565,802		$	3,363,013,703		$	19,518,632		$	1,867,707,793
Total distributable earnings (loss)		(72,353,971	)		(710,387,082	)		(2,172,069	)		(218,641,055	)
NET ASSETS	$	131,211,831		$	2,652,626,621		$	17,346,563		$	1,649,066,738
(1) Cost of investments - Unaffiliated issuers	$	185,269,165		$	3,062,065,530		$	18,935,132		$	1,821,932,895
(2) Cost of investments - Affiliated issuers	$	3,474,147		$	—		$	—		$	—

See Notes to Financial Statements

146

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

				Muni Allocation			Short High Yield
	Long Muni ETF			ETF			Muni ETF			Short Muni ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	202,826,719		$	330,053		$	402,283,889		$	327,278,095
Affiliated issuers (2)		—			2,260,866			—			—
Cash		600,858			1,493			2,030,234			1,832,935
Receivables:
Investment securities sold		—			—			17,968			461,379
Dividends and interest		2,996,688			516			6,404,839			4,485,727
Total assets		206,424,265			2,592,928			410,736,930			334,058,136
Liabilities:
Payables:
Investment securities purchased		—			—			—			1,108,419
Due to Adviser		42,942			178			121,291			57,114
Deferred Trustee fees		1,517			—			—			1,600
Accrued expenses		—			—			100			—
Total liabilities		44,459			178			121,391			1,167,133
NET ASSETS	$	206,379,806		$	2,592,750		$	410,615,539		$	332,891,003
Shares outstanding		12,600,000			130,000			18,950,000			20,050,000
Net asset value, redemption and offering price per share	$	16.38		$	19.94		$	21.67		$	16.60
Net Assets consist of:
Aggregate paid in capital	$	258,346,421		$	3,881,812		$	474,089,756		$	355,525,412
Total distributable earnings (loss)		(51,966,615	)		(1,289,062	)		(63,474,217	)		(22,634,409	)
NET ASSETS	$	206,379,806		$	2,592,750		$	410,615,539		$	332,891,003
(1) Cost of investments - Unaffiliated issuers	$	249,015,192		$	485,222		$	452,391,259		$	345,586,915
(2) Cost of investments - Affiliated issuers	$	—		$	2,552,405		$	—		$	—

See Notes to Financial Statements

147

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	CEF Muni Income			High Yield Muni			HIP Sustainable			Intermediate
	ETF			ETF			Muni ETF			Muni ETF
Income:
Dividends - unaffiliated issuers	$	3,975,555		$	—		$	—		$	—
Dividends - affiliated issuers		69,914			—			—			—
Interest		1,307			60,612,493			117,967			18,300,388
Total income		4,046,776			60,612,493			117,967			18,300,388
Expenses:
Management fees		309,425			5,306,046			19,228			2,042,000
Interest		4,821			—			—			342
Total expenses		314,246			5,306,046			19,228			2,042,342
Net investment income		3,732,530			55,306,447			98,739			16,258,046
Net realized gain (loss) on:
Investments - unaffiliated issuers		(3,950,191	)		(19,495,595	)		—			(7,483,705	)
Investments - affiliated issuers		(7,504	)		—			—			—
In-kind redemptions - unaffiliated issuers		(3,113,219	)		(143,024,738	)		—			(14,126,365	)
In-kind redemptions - affiliated issuers		(68,898	)		—			—			—
Net realized loss		(7,139,812	)		(162,520,333	)		—			(21,610,070	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(17,275,429	)		(181,311,154	)		(864,910	)		(53,991,512	)
Investments - affiliated issuers		(312,424	)		—			—			—
Net change in unrealized appreciation (depreciation)		(17,587,853	)		(181,311,154	)		(864,910	)		(53,991,512	)
Net Decrease in Net Assets Resulting from Operations	$	(20,995,135	)	$	(288,525,040	)	$	(766,171	)	$	(59,343,536	)

See Notes to Financial Statements

148

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

				Muni Allocation			Short High Yield
	Long Muni ETF			ETF			Muni ETF			Short Muni ETF
Income:
Dividends - unaffiliated issuers	$	—		$	8,737		$	—		$	—
Dividends - affiliated issuers		—			31,403			—			—
Interest		3,150,184			—			6,052,429			2,325,943
Total income		3,150,184			40,140			6,052,429			2,325,943
Expenses:
Management fees		261,790			1,119			731,013			359,922
Interest		1,478			21			856			603
Total expenses		263,268			1,140			731,869			360,525
Net investment income		2,886,916			39,000			5,320,560			1,965,418
Net realized gain (loss) on:
Investments - unaffiliated issuers		(6,980,186	)		—			(1,411,404	)		(630,567	)
Investments - affiliated issuers		—			(88,431	)		—			—
In-kind redemptions - unaffiliated issuers		(689,283	)		(30,965	)		(1,710,063	)		(2,327,722	)
In-kind redemptions - affiliated issuers		—			(39,389	)		—			—
Net realized loss		(7,669,469	)		(158,785	)		(3,121,467	)		(2,958,289	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(16,981,595	)		(27,711	)		(18,803,828	)		(2,225,672	)
Investments - affiliated issuers		—			(42,659	)		—			—
Net change in unrealized appreciation (depreciation)		(16,981,595	)		(70,370	)		(18,803,828	)		(2,225,672	)
Net Decrease in Net Assets Resulting from Operations	$	(21,764,148	)	$	(190,155	)	$	(16,604,735	)	$	(3,218,543	)

See Notes to Financial Statements

149

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Muni Income ETF						High Yield Muni ETF
	Period Ended			Year Ended			Period Ended			Year Ended
	October 31, 2022			April 30, 2022			October 31, 2022			April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	3,732,530		$	8,141,777		$	55,306,447		$	122,609,689
Net realized gain (loss)		(7,139,812	)		6,852,427			(162,520,333	)		(21,991,122	)
Net change in unrealized appreciation (depreciation)		(17,587,853	)		(50,282,573	)		(181,311,154	)		(393,264,600	)
Net decrease in net assets resulting from operations		(20,995,135	)		(35,288,369	)		(288,525,040	)		(292,646,033	)
Distributions to shareholders from:
Distributable earnings		(3,825,430	)		(7,955,563	)		(56,779,454	)		(124,522,449	)
Share transactions*:
Proceeds from sale of shares		19,675,276			157,298,802			988,424,889			985,416,843
Cost of shares redeemed		(33,050,076	)		(121,225,806	)		(1,008,442,633	)		(1,011,621,866	)
Increase (decrease) in net assets resulting from share transactions		(13,374,800	)		36,072,996			(20,017,744	)		(26,205,023	)
Total decrease in net assets		(38,195,365	)		(7,170,936	)		(365,322,238	)		(443,373,505	)
Net Assets, beginning of period		169,407,196			176,578,132			3,017,948,859			3,461,322,364
Net Assets, end of period	$	131,211,831		$	169,407,196		$	2,652,626,621		$	3,017,948,859
*Shares of Common Stock Issued (no par value)
Shares sold		850,000			5,375,000			18,700,000			15,900,000
Shares redeemed		(1,450,000	)		(4,250,000	)		(19,300,000	)		(16,600,000	)
Net increase (decrease)		(600,000	)		1,125,000			(600,000	)		(700,000	)

See Notes to Financial Statements

150

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	HIP Sustainable Muni ETF						Intermediate Muni  ETF
	Period Ended			Period Ended			Period Ended			Year Ended
	October 31, 2022			April 30, 2022 (a)			October 31, 2022			April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	98,739		$	29,000		$	16,258,046		$	30,794,618
Net realized gain (loss)		—			(3,603	)		(21,610,070	)		13,113,951
Net change in unrealized appreciation (depreciation)		(864,910	)		(1,281,600	)		(53,991,512	)		(232,378,068	)
Net decrease in net assets resulting from operations		(766,171	)		(1,256,203	)		(59,343,536	)		(188,469,499	)
Distributions to shareholders from:
Distributable earnings		(88,005	)		(61,690	)		(16,588,042	)		(31,094,619	)
Share transactions*:
Proceeds from sale of shares		4,502,191			15,016,441			190,753,178			471,684,955
Cost of shares redeemed		—			—			(160,906,419	)		(358,316,244	)
Increase in net assets resulting from share transactions		4,502,191			15,016,441			29,846,759			113,368,711
Total increase (decrease) in net assets		3,648,015			13,698,548			(46,084,819	)		(106,195,407	)
Net Assets, beginning of period		13,698,548			—			1,695,151,557			1,801,346,964
Net Assets, end of period	$	17,346,563		$	13,698,548		$	1,649,066,738		$	1,695,151,557
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			300,000			4,250,000			9,250,000
Shares redeemed		—			—			(3,500,000	)		(7,050,000	)
Net increase		100,000			300,000			750,000			2,200,000

(a) For the period September 9, 2021 (commencement of operations) through April 30, 2022.

See Notes to Financial Statements

151

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long Muni  ETF						Muni Allocation ETF
	Period Ended			Year Ended			Period Ended			Year Ended
	October 31, 2022			April 30, 2022			October 31, 2022			April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	2,886,916		$	5,175,636		$	39,000		$	104,249
Net realized gain (loss)		(7,669,469	)		1,387,980			(158,785	)		103,659
Net change in unrealized appreciation (depreciation)		(16,981,595	)		(39,678,118	)		(70,370	)		(665,761	)
Net decrease in net assets resulting from operations		(21,764,148	)		(33,114,502	)		(190,155	)		(457,853	)
Distributions to shareholders from:
Distributable earnings		(2,863,030	)		(5,985,800	)		(37,974	)		(97,504	)
Share transactions*:
Proceeds from sale of shares		17,232,065			80,649,182			—			501,848
Cost of shares redeemed		(1,792,753	)		(53,634,924	)		(863,910	)		(1,250,769	)
Increase (decrease) in net assets resulting from share transactions		15,439,312			27,014,258			(863,910	)		(748,921	)
Total decrease in net assets		(9,187,866	)		(12,086,044	)		(1,092,039	)		(1,304,278	)
Net Assets, beginning of period		215,567,672			227,653,716			3,684,789			4,989,067
Net Assets, end of period	$	206,379,806		$	215,567,672		$	2,592,750		$	3,684,789
*Shares of Common Stock Issued (no par value)
Shares sold		950,000			3,750,000			—			20,000
Shares redeemed		(100,000	)		(2,500,000	)		(40,000	)		(50,000	)
Net increase (decrease)		850,000			1,250,000			(40,000	)		(30,000	)

See Notes to Financial Statements

152

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Short High Yield Muni ETF						Short Muni  ETF
	Period Ended			Year Ended			Period Ended			Year Ended
	October 31, 2022			April 30, 2022			October 31, 2022			April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	5,320,560		$	9,492,905		$	1,965,418		$	2,778,472
Net realized loss		(3,121,467	)		(2,520,675	)		(2,958,289	)		(25,692	)
Net change in unrealized appreciation (depreciation)		(18,803,828	)		(39,252,516	)		(2,225,672	)		(20,861,252	)
Net decrease in net assets resulting from operations		(16,604,735	)		(32,280,286	)		(3,218,543	)		(18,108,472	)
Distributions to shareholders from:
Distributable earnings		(5,515,980	)		(9,530,270	)		(2,365,675	)		(3,907,985	)
Share transactions*:
Proceeds from sale of shares		26,976,761			159,122,366			47,205,659			58,151,543
Cost of shares redeemed		(12,504,800	)		(4,759,705	)		(36,309,736	)		(5,370,710	)
Increase in net assets resulting from share transactions		14,471,961			154,362,661			10,895,923			52,780,833
Total increase (decrease) in net assets		(7,648,754	)		112,552,105			5,311,705			30,764,376
Net Assets, beginning of period		418,264,293			305,712,188			327,579,298			296,814,922
Net Assets, end of period	$	410,615,539		$	418,264,293		$	332,891,003		$	327,579,298
*Shares of Common Stock Issued (no par value)
Shares sold		1,200,000			6,300,000			2,800,000			3,250,000
Shares redeemed		(550,000	)		(200,000	)		(2,150,000	)		(300,000	)
Net increase		650,000			6,100,000			650,000			2,950,000

See Notes to Financial Statements

153

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CEF Muni Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$23.53			$29.07			$24.34			$26.18			$24.97			$26.58
Net investment income (a)		0.55			1.14			1.14			1.09			1.16			1.27
Net realized and unrealized gain (loss) on investments		(3.63)			(5.56)			4.71			(1.83)			1.21			(1.61)
Total from investment operations		(3.08)			(4.42)			5.85			(0.74)			2.37			(0.34)
Distributions from:
Net investment income		(0.57)			(1.12)			(1.12)			(1.10)			(1.16)			(1.27)
Net asset value, end of period		$19.88			$23.53			$29.07			$24.34			$26.18			$24.97
Total return (b)		(13.41)	%(c)		(15.82)	%		24.38	%		(3.17)	%		9.83	%		(1.45)	%
Ratios to average net assets
Gross expenses (d)(e)		0.41	%(f)		0.40	%		0.40	%		0.45	%		0.48	%		0.50	%
Net expenses (d)(e)		0.41	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses excluding interest (d)(e)		0.40	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (d)		4.83	%(f)		4.01	%		4.17	%		4.02	%		4.67	%		4.78	%
Supplemental data
Net assets, end of period (in millions)		$131			$169			$177			$142			$144			$95
Portfolio turnover rate (g)		9	%(c)		15	%		11	%		10	%		13	%		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)	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

154

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	High Yield Muni ETF(a)
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$55.18			$62.48			$56.13			$62.79			$62.16			$61.52
Net investment income (b)		0.98			2.09			2.36			2.69			2.67			2.72
Net realized and unrealized gain (loss) on investments		(6.12)			(7.27)			6.38			(6.73)			0.64			0.60
Total from investment operations		(5.14)			(5.18)			8.74			(4.04)			3.31			3.32
Distributions from:
Net investment income		(1.00)			(2.12)			(2.39)			(2.62)			(2.68)			(2.68)
Net asset value, end of period		$49.04			$55.18			$62.48			$56.13			$62.79			$62.16
Total return (c)		(9.46)	%(d)		(8.62)	%		15.84	%		(6.86)	%		5.46	%		5.48	%
Ratios to average net assets
Expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		3.65	%(e)		3.38	%		3.91	%		4.26	%		4.31	%		4.37	%
Supplemental data
Net assets, end of period (in millions)		$2,653			$3,018			$3,461			$2,570			$2,656			$2,437
Portfolio turnover rate (f)		7	%(d)		11	%		9	%		12	%		10	%		14	%

(a)	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.
(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

155

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	HIP Sustainable Muni ETF
	Period Ended October 31, 2022			Period Ended April 30, 2022(a)
	(unaudited)
Net asset value, beginning of period		$45.66			$50.00
Net investment income (b)		0.28			0.10
Net realized and unrealized loss on investments		(2.32)			(4.22)
Total from investment operations		(2.04)			(4.12)
Distributions from:
Net investment income		(0.25)			(0.22)
Net asset value, end of period		$43.37			$45.66
Total return (c)		(4.49)	%(d)		(8.26)	%(d)
Ratios to average net assets
Expenses		0.24	%(e)		0.24	%(e)
Net investment income		1.23	%(e)		0.33	%(e)
Supplemental data
Net assets, end of period (in millions)		$17			$14
Portfolio turnover rate (f)		11	%(d)		11	%(d)

(a)	For the period September 9, 2021 (commencement of operations) through April 30, 2022.
(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

156

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Intermediate Muni  ETF(a)
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$45.69			$51.62			$48.97			$48.94			$46.83			$47.40
Net investment income (b)		0.44			0.83			0.98			1.09			1.12			1.08
Net realized and unrealized gain (loss) on investments		(2.11)			(5.92)			2.72			0.10			2.11			(0.59)
Total from investment operations		(1.67)			(5.09)			3.70			1.19			3.23			0.49
Distributions from:
Net investment income		(0.45)			(0.84)			(0.98)			(1.10)			(1.12)			(1.06)
Net realized capital gains		—			—	(c)		(0.07)			(0.06)			—			—
Total distributions		(0.45)			(0.84)			(1.05)			(1.16)			(1.12)			(1.06)
Net asset value, end of period		$43.57			$45.69			$51.62			$48.97			$48.94			$46.83
Total return (d)		(3.71)	%(e)		(9.99)	%		7.59	%		2.40	%		6.98	%		1.04	%
Ratios to average net assets
Expenses		0.24	%(f)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		1.91	%(f)		1.64	%		1.90	%		2.17	%		2.37	%		2.24	%
Supplemental data
Net assets, end of period (in millions)		$1,649			$1,695			$1,801			$1,582			$1,720			$1,698
Portfolio turnover rate (g)		7	%(e)		4	%		6	%		7	%		7	%		9	%

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

See Notes to Financial Statements

157

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long Muni  ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$18.35			$21.68			$20.18			$20.40			$19.63			$19.63
Net investment income (a)		0.24			0.46			0.52			0.57			0.60			0.59
Net realized and unrealized gain (loss) on investments		(1.97)			(3.26)			1.54			(0.20)			0.77			0.01
Total from investment operations		(1.73)			(2.80)			2.06			0.37			1.37			0.60
Distributions from:
Net investment income		(0.24)			(0.46)			(0.52)			(0.57)			(0.60)			(0.60)
Net realized capital gains		—			(0.07)			(0.04)			(0.02)			—			—
Total distributions		(0.24)			(0.53)			(0.56)			(0.59)			(0.60)			(0.60)
Net asset value, end of period		$16.38			$18.35			$21.68			$20.18			$20.40			$19.63
Total return (b)		(9.54)	%(c)		(13.26)	%		10.31	%		1.75	%		7.15	%		3.02	%
Ratios to average net assets
Expenses		0.24	%(d)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		2.65	%(d)		2.15	%		2.45	%		2.72	%		3.06	%		2.96	%
Supplemental data
Net assets, end of period (in millions)		$206			$216			$228			$200			$153			$154
Portfolio turnover rate (e)		14	%(c)		7	%		23	%		22	%		22	%		33	%

(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

158

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Muni Allocation ETF
				Year Ended April 30,
	Period Ended October 31, 2022			2022			2021			Period Ended April 30, 2020(a)
	(unaudited)
Net asset value, beginning of period		$21.68			$24.95			$22.96			$25.05
Net investment income (b)		0.30			0.62			0.62			0.72
Net realized and unrealized gain (loss) on investments		(1.76)			(3.31)			2.05			(2.20)
Total from investment operations		(1.46)			(2.69)			2.67			(1.48)
Distributions from:
Net investment income		(0.28)			(0.58)			(0.68)			(0.61)
Net asset value, end of period		$19.94			$21.68			$24.95			$22.96
Total return (c)		(6.77)	%(d)		(11.03)	%		11.70	%		(6.13)	%(d)
Ratios to average net assets
Gross expenses (e)(f)		0.08	%(g)		0.08	%		0.08	%		1.28	%(g)
Net expenses (e)(f)		0.08	%(g)		0.08	%		0.08	%		0.08	%(g)
Net investment income (e)		2.79	%(g)		2.54	%		2.54	%		3.02	%(g)
Supplemental data
Net assets, end of period (in millions)		$3			$4			$5			$5
Portfolio turnover rate (h)		35	%(d)		98	%		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

159

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short High Yield Muni ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$22.86			$25.06			$23.09			$24.70			$24.24			$24.26
Net investment income (a)		0.29			0.58			0.73			0.84			0.80			0.76
Net realized and unrealized gain (loss) on investments		(1.18)			(2.18)			1.99			(1.64)			0.43			(0.02)
Total from investment operations		(0.89)			(1.60)			2.72			(0.80)			1.23			0.74
Distributions from:
Net investment income		(0.30)			(0.60)			(0.75)			(0.81)			(0.77)			(0.76)
Net asset value, end of period		$21.67			$22.86			$25.06			$23.09			$24.70			$24.24
Total return (b)		(3.93)	%(c)		(6.58)	%		11.89	%		(3.44)	%		5.16	%		3.07	%
Ratios to average net assets
Expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.55	%(d)		2.34	%		2.98	%		3.37	%		3.28	%		3.11	%
Supplemental data
Net assets, end of period (in millions)		$411			$418			$306			$263			$203			$135
Portfolio turnover rate (e)		11	%(c)		16	%		14	%		17	%		22	%		27	%

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

See Notes to Financial Statements

160

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short Muni  ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$16.89			$18.04			$17.55			$17.54			$17.18			$17.52
Net investment income (a)		0.09			0.15			0.23			0.27			0.27			0.22
Net realized and unrealized gain (loss) on investments		(0.27)			(1.09)			0.51			0.02			0.36			(0.34)
Total from investment operations		(0.18)			(0.94)			0.74			0.29			0.63			(0.12)
Distributions from:
Net investment income		(0.11)			(0.19)			(0.25)			(0.28)			(0.27)			(0.22)
Net realized capital gains		—			(0.02)			—			—			—			—
Total distributions		(0.11)			(0.21)			(0.25)			(0.28)			(0.27)			(0.22)
Net asset value, end of period		$16.60			$16.89			$18.04			$17.55			$17.54			$17.18
Total return (b)		(1.02)	%(c)		(5.27)	%		4.27	%		1.66	%		3.70	%		(0.70)	%
Ratios to average net assets
Expenses		0.20	%(d)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.09	%(d)		0.86	%		1.26	%		1.54	%		1.57	%		1.26	%
Supplemental data
Net assets, end of period (in millions)		$333			$328			$297			$204			$201			$220
Portfolio turnover rate (e)		9	%(c)		18	%		30	%		34	%		33	%		41	%

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

See Notes to Financial Statements

161

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2022 (unaudited)

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

Fund	Diversification Classification
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 which are listed in the table below.

Fund	Index
CEF Muni	S-Network Municipal Bond Closed-End Fund Index
High Yield	ICE High Yield Crossover Municipal Bond Transition Index
Intermediate	ICE Intermediate AMT- Free Broad National Municipal Transition Index
Long	ICE Long AMT-Free Broad National Municipal Transition Index
Short High Yield	ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index
Short	ICE Short AMT-Free Broad National Municipal Transition 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.

162

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Board has designated the Adviser as valuation designee under Rule 2a-5 to perform the fund’s fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.   Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.   The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:   Level 1 — Quoted prices in active markets for identical securities.   Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).   Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

163

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

C. Distributions to Shareholders—Dividends to shareholders from net investment income,

if any, are declared and paid at least monthly by each Fund. 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.

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. Such amounts are based on historical information available to the Fund’s and other industry sources. 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, 2022, are as follows:

164

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, 2022, the Adviser owned approximately 13% of HIP Sustainable.

Note 4—Capital Share Transactions—As of October 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose 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, 2022, 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	$      33,040,824	$             13,242,340	$              19,685,943	$      13,234,430
High Yield	401,154,830	210,270,222	776,487,932	979,714,233
HIP Sustainable	5,508,427	—	—	—
Intermediate	231,951,585	120,724,735	93,335,852	159,625,932
Long	31,234,735	30,090,321	16,745,302	1,560,748
Muni Allocation	998,542	998,152	—	863,561
Short High Yield	48,419,967	43,840,492	25,354,398	12,541,423
Short	75,449,407	29,551,711	1,562,312	36,226,772

During the period ended October 31, 2022, the Short High Yield and High Yield engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the

165

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Adviser). These transactions complied with Rule 17a-7 under the Act and aggregated to $981,931. The High Yield recognized realized gain of $29,397 related to these transactions.

Note 6—Income Taxes—As of October 31, 2022, 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	$188,737,035	$–	$(57,701,373)	$(57,701,373)
High Yield	3,060,411,408	3,779,124	(472,956,971)	(469,177,847)
HIP Sustainable	18,935,132	–	(2,146,510)	(2,146,510)
Intermediate	1,822,070,249	160,512	(198,089,661)	(197,929,149)
Long	249,019,529	–	(46,192,810)	(46,192,810)
Muni Allocation	3,037,612	–	(446,693)	(446,693)
Short High Yield	452,622,992	450,191	(50,789,294)	(50,339,103)
Short	346,636,417	1,292,282	(20,650,604)	(19,358,322)

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

At April 30, 2022, 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	$                 (3,418,065)	$                 (4,714,373)	$               (8,132,438)
High Yield	(35,081,349)	(53,310,218)	(88,391,567)
HIP Sustainable	(48,432)	–	(48,432)
Intermediate	(1,608,546)	(158,456)	(1,767,002)
Long	(455,852)	(141,350)	(597,202)
Muni Allocation	(701,781)	–	(701,781)
Short High Yield	(3,496,052)	(7,311,835)	(10,807,887)

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 period ended October 31, 2022, 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.

166

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 a 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.

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, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
CEF Muni	149	$334,982		3.25	%
Intermediate	2	242,098		2.18
Long	21	640,375		3.61
Short High Yield	13	902,021		2.64
Short	14	181,367		3.25

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

Liabilities.

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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—Other— At a meeting held on November 30, 2021, the Board of Trustees (the “Board”) of the Trust approved the following changes with respect to High Yield, Intermediate, Long, Short High Yield and Short:

(i) changing each Fund’s benchmark index; (ii) changing each Fund’s investment objective; and (iii) changing each Fund’s principal investment strategies, as further detailed in the table below. These changes are being implemented within a 9-month period in two phases. The Board has approved a change to each Fund’s investment objective of seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of its respective Former Index (as defined below).

Effective from March 1, 2022 through November 30, 2022, each Fund is seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of its Transition Index (as defined below). Beginning after November 30, 2022, each Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of its New Index (as defined below).

During the period from March 1, 2022 to November 30, 2022 (the “Transition”), each Fund is seeking to replicate the index set forth under the “Transition Index” column of the table below (each, a “Transition Index”). Each Transition Index is an interim index that will gradually increase exposure to other securities based on their weightings in the corresponding index set forth under the “New Index” column of the table below (each, a “New Index”) while proportionately reducing exposure to the corresponding index set forth under the “Former Index” column of the table below (each, a “Former Index”).

Fund Name	Former Index	Transition Index (March 1, 2022 through November 30, 2022)	New Index (Beginning December 1, 2022)
High Yield	Bloomberg Municipal Custom High Yield Composite Index	ICE High Yield Crossover Municipal Bond Transition Index	ICE Broad High Yield Crossover Municipal Index
Intermediate	Bloomberg AMT-Free Intermediate Continuous Municipal Index	ICE Intermediate AMT- Free Broad National Municipal Transition Index	ICE Intermediate AMT-Free Broad National Municipal Index
Long	Bloomberg AMT-Free Long Continuous Municipal Index	ICE Long AMT-Free Broad National Municipal Transition Index	ICE Long AMT-Free Broad National Municipal Index
Short High Yield	Bloomberg Municipal High Yield Short Duration Index	ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index	ICE 1-12 Year Broad High Yield Crossover Municipal Index
Short	Bloomberg AMT-Free Short Continuous Municipal Index	ICE Short AMT-Free Broad National Municipal Transition Index	ICE Short AMT-Free Broad National Municipal Index

168

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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited)

At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of 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 6, 2022. 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 6, 2022 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, 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 and CEF Muni Income ETF had management fees below the average and median of its peer group of funds and each of the VanEck Long Muni ETF, High Yield Muni ETF and Short High Yield Muni ETF had management fees below the average and equal to the median of its respective peer group of funds, while the VanEck Intermediate Muni ETF had management fees above the average and median of its peer group of funds. The Trustees also noted that the information provided

169

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October 31, 2022 (unaudited) (continued)

showed that each of the VanEck Long Muni ETF, Short Muni ETF and CEF Muni Income ETF had a total expense ratio below the average and median of its respective peer group of funds, each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had a total expense ratio below the average and equal to the median of its respective peer group of funds, and the VanEck Intermediate Muni ETF had a total expense ratio above the average and equal to the median of its peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios 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.

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 may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the 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 6, 2022 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 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of 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”).

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.

170

In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. 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 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 6, 2022 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. The Trustees noted that the Fund had outperformed its benchmark for the one-period ended December 31, 2021 and underperformed its benchmark for the two-year period ended December 31, 2021 and the period since its inception on May 15, 2019 through December 31, 2021. They noted the Fund’s underperformance was largely attributable to the first quarter of 2020 and for the period from March 31, 2020 through December 31, 2021, the Fund had outperformed its benchmark. 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 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 may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under

171

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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited) (continued)

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 6, 2022 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 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of 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 (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 6, 2022. 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 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 the May 6, 2022 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 also 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 the performance of the Fund against its benchmark.

172

The Trustees noted that the Fund had outperformed its benchmark for the period since its inception on September 8, 2021 through December 31, 2021. 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 equal to the 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 the 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 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 may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. 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 6, 2022 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 CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF

At a meeting held on June 7, 2022 (the “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”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to VanEck CLO ETF. 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

173

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited) (continued)

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 advance of the Meeting, the Trustees received materials from the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including expense information for other funds. The Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements, as well as the rationale for retaining a sub-adviser to manage the VanEck CLO ETF’s investments in collateralized loan obligation (“CLO”) securities. The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) at the Meeting regarding the management of the Funds, 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 VanEck CLO ETF), including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) would provide under each Agreement, including (i) the Adviser’s agreement to pay all of the direct expenses of each of the VanEck CLO ETF, VanEck Green Infrastructure ETF and VanEck Muni ETF (excluding the fee payment under the respective Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), and (ii) the Adviser’s commitment to waive certain fees and/or pay expenses of the VanEck Morningstar SMID Moat ETF to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed-upon limit for a period of time. With respect to the VanEck CLO ETF, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in CLO securities and the Sub-Adviser’s experience serving as a sub-adviser for other registered investment companies. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser under the Sub-Advisory Agreement.

The Trustees considered the benefits, other than the fees under the Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services to be provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) or the profitability of the Funds to the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) because the Funds had not yet commenced operations. In addition, because the Funds had 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 Funds by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), although they concluded that the nature, quality and extent of the services to be provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust, as well as the information provided by the Sub-Adviser (with respect to the VanEck CLO ETF) about its personnel and operations.

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

In voting to approve the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements 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 the Agreements are in the best interest of the Funds and the Funds’ shareholders.

174

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, 2022
(unaudited)

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

800.826.2333 vaneck.com

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
BDC Income ETF	5
China Bond ETF	6
Emerging Markets High Yield Bond ETF	9
Fallen Angel High Yield Bond ETF	24
Green Bond ETF	28
IG Floating Rate ETF	37
International High Yield Bond ETF	45
J.P. Morgan EM Local Currency Bond ETF	63
Moody’s Analytics BBB Corporate Bond ETF	69
Moody’s Analytics IG Corporate Bond ETF	73
Mortgage REIT Income ETF	78
Preferred Securities ex Financials ETF	79
Statements of Assets and Liabilities	83
Statements of Operations	86
Statements of Changes in Net Assets	89
Financial Highlights
BDC Income ETF	95
China Bond ETF	96
Emerging Markets High Yield Bond ETF	97
Fallen Angel High Yield Bond ETF	98
Green Bond ETF	99
IG Floating Rate ETF	100
International High Yield ETF	101
J.P. Morgan EM Local Currency Bond ETF	102
Moody’s Analytics BBB Corporate Bond ETF	103
Moody’s Analytics IG Corporate Bond ETF	104
Mortgage REIT Income ETF	105
Preferred Securities ex Financials ETF	106
Notes to Financial Statements	107
Approval of Investment Management Agreements	117

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2022.

VANECK ETF TRUST

PRESIDENT’S LETTER

October 31, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July, I said that Market Volatility Has One Final Act.¹ Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

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

1. Monetary Policy: Tightening

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

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

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

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

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

2. Fiscal Tightening

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

3. Global Growth Has Almost Stopped

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

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

November 8, 2022

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

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

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

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

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, 2022 to October 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

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

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses

4

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

	Number of Shares		Value
Diversified Financials (continued)
PennantPark Floating Rate Capital Ltd. †		575,963	$	6,381,670
PennantPark Investment Corp. †		813,192		4,838,492
Prospect Capital Corp. †		3,260,538		23,671,506
Sixth Street Specialty Lending, Inc. †		1,039,703		18,881,006
SLR Investment Corp.		621,696		8,411,547
TriplePoint Venture Growth BDC Corp. †		442,275		5,652,274
Total Common Stocks (Cost: $551,515,253)				511,640,585
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.7%
Money Market Fund: 19.7% (Cost: $100,626,266)
State Street Navigator Securities Lending Government Money Market Portfolio		100,626,266		100,626,266
Total Investments: 119.9% (Cost: $652,141,519)				612,266,851
Liabilities in excess of other assets: (19.9)%				(101,702,028)
NET ASSETS: 100.0%			$	510,564,823

Footnotes:

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

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

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

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

5

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

	Par   (000’s		)	Value
Industrials (continued)
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24	CNY	2,100		$	305,298
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26	CNY	10,000			1,388,924
Sichuan Development Holding Co. Ltd. 4.55%, 08/06/25	CNY	5,000			718,406
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23	CNY	15			2,060
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30	CNY	2,000			281,110
					6,187,886
Real Estate: 1.8%
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22 (d) *	CNY	1,000			34,276
7.00%, 03/03/21 (d) *	CNY	1,000			34,277
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25	CNY	10,000			1,374,524
					1,443,077
Technology: 0.4%
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24	CNY	2,052			296,283
Utilities: 5.3%
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s)	CNY	15,000			2,092,253
China Yangtze Power Co. Ltd. 3.35%, 10/17/26	CNY	1,500			209,305
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24	CNY	5,000			699,861
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26	CNY	10,000			1,387,640
					4,389,059
Total Corporate Bonds (Cost: $39,070,358)					34,994,026
GOVERNMENT OBLIGATIONS: 49.5%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	2,930			399,650
2.96%, 04/17/30	CNY	4,000			549,102
3.63%, 07/19/26	CNY	2,700			383,382
3.74%, 07/12/29	CNY	6,240			900,786
3.75%, 01/25/29	CNY	5,150			741,536
3.79%, 10/26/30	CNY	1,110			161,122
3.85%, 01/06/27	CNY	5,110			734,828

See Notes to Financial Statements

6

	Par   (000’s		)	Value
4.39%, 09/08/27	CNY	6,470		$	953,223
4.65%, 05/11/28	CNY	5,560			832,717
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40	CNY	15,000			2,078,186
China Development Bank
3.18%, 04/05/26	CNY	4,850			679,136
3.30%, 03/03/26	CNY	5,550			779,883
3.39%, 02/03/27	CNY	10,042			1,420,972
3.41%, 06/07/31	CNY	1,640			232,455
3.45%, 09/20/29	CNY	4,800			681,457
3.48%, 01/08/29	CNY	4,460			633,494
3.65%, 05/21/29	CNY	7,150			1,025,941
3.66%, 03/01/31	CNY	1,170			168,672
3.70%, 10/20/30	CNY	4,150			599,169
4.04%, 04/10/27	CNY	6,160			891,488
4.04%, 07/06/28	CNY	2,720			397,154
China Government Bond
1.99%, 04/09/25	CNY	5,660			768,491
2.47%, 09/02/24	CNY	5,300			727,691
2.68%, 05/21/30	CNY	6,320			863,037
2.69%, 08/12/26	CNY	7,450			1,028,477
2.77%, 06/24/30	CNY	5,690			777,649
2.85%, 06/04/27	CNY	5,420			753,091
2.86%, 07/16/30	CNY	3,350			461,178
2.88%, 11/05/23	CNY	4,950			681,602
2.90%, 05/05/26	CNY	846			117,813
3.01%, 05/13/28	CNY	5,630			787,565
3.02%, 10/22/25	CNY	9,250			1,291,498
3.02%, 05/27/31	CNY	6,210			868,698
3.03%, 03/11/26	CNY	5,400			754,848

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

Definitions:

CNY Chinese Yuan

Footnotes:

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

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

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

See Notes to Financial Statements

7

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

8

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

9

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

10

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

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

See Notes to Financial Statements

11

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Chile (continued)
6.38%, 07/15/28	$	825		$	438,790
					4,504,837
China: 6.5%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		300			63,637
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		4,250			3,936,553
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		700			655,025
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		650			390,000
Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 5.30%, 12/07/24		200			194,000
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)		840			844,200
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24		650			558,220
China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26		400			33,000
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)		600			546,600
CIFI Holdings Group Co. Ltd. Reg S 4.38%, 04/12/27 †		500			35,125
4.45%, 08/17/26		650			48,606
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o)		550			548,281
Country Garden Holdings Co. Ltd. Reg S
2.70%, 07/12/26		1,500			138,560
3.12%, 10/22/25		2,000			198,335
3.30%, 01/12/31		1,300			102,216
3.88%, 10/22/30		800			63,026
4.20%, 02/06/26		800			78,411
4.80%, 08/06/30		500			39,760

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

See Notes to Financial Statements

12

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

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

See Notes to Financial Statements

13

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Greece (continued)
10.75%, 07/01/25	$	775		$	715,747
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		525			469,611
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29		1,650			1,455,328
					1,924,939
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		375			336,188
Hong Kong: 4.4%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 †		650			128,072
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)		500			76,374
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)		950			165,179
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		1,000			762,500
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)		850			688,500
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)		1,050			678,507
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		850			559,921
4.85%, 01/27/28		650			398,937
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		750			656,219
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)		900			812,250
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		450			323,089
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			399,150

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

See Notes to Financial Statements

14

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

	Par   (000’s		)	Value
India (continued)
Shriram Transport Finance Co. Ltd. 144A
4.15%, 07/18/25	$	500		$	432,755
4.40%, 03/13/24		1,100			1,026,619
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			382,000
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		450			426,398
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		550			342,375
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		875			523,941
13.88%, 01/21/24		1,525			1,278,133
Vedanta Resources Ltd. 144A 6.12%, 08/09/24		1,475			876,795
					20,194,989
Indonesia: 2.4%
Adaro Indonesia PT 144A 4.25%, 10/31/24		1,200			1,125,709
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		400			168,000
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		111			902
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		400			344,000
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		600			447,660
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		800			693,225
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			369,500
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		573			555,173
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		825			779,446
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			395,000
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		950			762,269
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		850			756,265
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		775			743,729
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			489,000

See Notes to Financial Statements

15

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

16

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

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

See Notes to Financial Statements

17

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Par   (000’s		)	Value
Peru (continued)
6.00%, 02/03/27	$	550		$	390,801
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		825			685,099
InRetail Consumer 144A 3.25%, 03/22/28		950			753,483
InRetail Shopping Malls 144A 5.75%, 04/03/28		525			466,043
Minsur SA 144A 4.50%, 10/28/31		750			605,415
Peru LNG Srl 144A 5.38%, 03/22/30		1,350			1,064,678
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,450			1,071,554
5.62%, 06/19/47		2,900			1,865,323
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		500			400,989
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		500			420,443
					9,333,254
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o)		400			343,996
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25		650			567,054
3.88%, 11/15/29		1,200			955,356
					1,522,410
Qatar: 0.2%
QNB Finansbank AS 144A 6.88%, 09/07/24		925			927,859
Saudi Arabia: 0.5%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		650			604,191
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		900			862,371
6.88%, 02/26/27		600			554,400
					2,020,962
Singapore: 2.2%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		871			692,648
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		1,400			665,000
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		200			99,990

See Notes to Financial Statements

18

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

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

See Notes to Financial Statements

19

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

20

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

	Par   (000’s		)	Value
United States (continued)
5.62%, 08/26/28	$	1,925		$	1,179,544
					16,438,767
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		550			506,787
Uzbekistan: 0.5%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400			344,880
Uzauto Motors AJ 144A 4.85%, 05/04/26		350			259,000
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450			400,282
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		1,000			757,675
					1,761,837
Zambia: 1.7%
First Quantum Minerals Ltd. 144A
6.50%, 03/01/24		1,225			1,203,952
6.88%, 03/01/26		1,425			1,340,811
6.88%, 10/15/27		2,200			2,049,712
7.50%, 04/01/25		2,000			1,942,420
					6,536,895
Total Corporate Bonds (Cost: $470,121,292)					358,249,729
GOVERNMENT OBLIGATIONS: 2.0%
Argentina: 0.9%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,275			1,104,686
Provincia de Cordoba 144A
6.88%, 02/01/29		682			390,812
6.99%, 06/01/27 (s)		757			469,616
Provincia de Mendoza 144A 4.25%, 03/19/29 (s)		850			586,500
Provincia de Neuquen 144A 6.62%, 04/27/30 (s)		525			304,500
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		702			528,652
Provincia del Chubut Reg S 7.75%, 07/26/30 (s)		175			132,163
					3,516,929
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			203,398
Turkey: 0.9%
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25		900			742,849
10.75%, 04/12/27		350			313,845
Turkiye Ihracat Kredi Bankasi AS 144A

See Notes to Financial Statements

21

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Turkey (continued)
5.75%, 07/06/26	$	1,025		$	862,794
6.12%, 05/03/24		650			610,897
8.25%, 01/24/24		825			813,841
					3,344,226
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			150,716
Uzbekistan: 0.1%
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		600			527,250
Total Government Obligations (Cost: $10,174,907)					7,742,519
Total Investments Before Collateral for Securities Loaned: 96.0% (Cost: $480,296,199)					365,992,248

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

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

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

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

See Notes to Financial Statements

22

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

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

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

23

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

24

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

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

See Notes to Financial Statements

25

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

	Par   (000’s		)	Value
United States (continued)
5.75%, 09/30/39	$	16,061		$	15,296,404
Transocean, Inc.
6.80%, 03/15/38		16,953			10,337,939
7.50%, 04/15/31		11,000			7,193,010
Travel + Leisure Co.
5.65%, 04/01/24		8,349			8,222,901
6.00%, 04/01/27		11,148			10,423,380
6.60%, 10/01/25		9,761			9,553,823
Trinity Industries, Inc. 4.55%, 10/01/24		11,825			11,228,310
Under Armour, Inc. 3.25%, 06/15/26		17,418			15,071,882
United States Cellular Corp. 6.70%, 12/15/33		15,236			14,530,802
United States Steel Corp. 6.65%, 06/01/37 †		7,625			6,371,495
Western Midstream Operating LP
3.35%, 02/01/25		20,331			19,368,632
3.95%, 06/01/25		11,117			10,555,647
4.30%, 02/01/30		33,378			29,423,541
4.50%, 03/01/28		11,149			10,244,482
4.65%, 07/01/26		13,206			12,531,437
4.75%, 08/15/28		11,141			10,298,128
5.30%, 03/01/48		19,484			15,776,000
5.45%, 04/01/44		16,685			13,580,560
5.50%, 08/15/48		9,740			7,893,536
5.50%, 02/01/50		27,821			21,719,732
Xerox Corp.
3.80%, 05/15/24		8,351			7,969,067
4.80%, 03/01/35		6,989			4,328,121
6.75%, 12/15/39		9,752			7,201,576
XPO CNW, Inc. 6.70%, 05/01/34		9,052			8,114,168
Yum! Brands, Inc.
3.88%, 11/01/23		9,048			8,901,694
5.35%, 11/01/43		7,686			6,120,861
6.88%, 11/15/37		9,071			8,901,236
					2,358,883,572
Total Corporate Bonds (Cost: $3,434,071,564)					2,838,267,021
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0%
Money Market Fund: 4.0% (Cost: $114,938,185)
State Street Navigator Securities Lending Government Money Market Portfolio		114,938,185			114,938,185
Total Investments: 102.0% (Cost: $3,549,009,749)					2,953,205,206
Liabilities in excess of other assets: (2.0)%					(58,227,857)
NET ASSETS: 100.0%				$	2,894,977,349

See Notes to Financial Statements

26

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $117,144,100.
(o)	Perpetual Maturity — the date shown is the next call date
^	Zero Coupon Bond
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $352,491,536, or 12.2% of net assets.

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

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

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

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

27

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

28

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

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

See Notes to Financial Statements

29

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

30

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

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

See Notes to Financial Statements

31

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

32

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

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

See Notes to Financial Statements

33

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
1.50%, 09/18/30	$	300		$	223,018
2.85%, 09/03/41		400			262,045
3.88%, 02/08/29		450			409,402
3.88%, 03/01/52		300			212,506
Vornado Realty LP 3.40%, 06/01/31		150			111,534
Welltower, Inc.
2.70%, 02/15/27		250			221,344
3.85%, 06/15/32		100			83,115
Wisconsin Electric Power Co. 4.75%, 09/30/32		250			238,025
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			152,622
					29,119,201
Total Corporate Bonds (Cost: $79,370,136)					67,278,096
GOVERNMENT OBLIGATIONS: 12.6%
Brazil: 0.2%
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		200			198,004
Canada: 0.4%
CDP Financial, Inc. Reg S 1.00%, 05/26/26		350			307,382
Chile: 1.3%
Chile Government International Bond
2.55%, 01/27/32		550			432,230
3.50%, 01/25/50		850			561,432
					993,662
Egypt: 0.3%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			41,765
Egypt Government International Bond Reg S 5.25%, 10/06/25		200			167,059
					208,824
Hong Kong: 2.3%
Airport Authority Reg S 1.75%, 01/12/27		300			266,325
China Development Bank Reg S 0.62%, 09/09/24		200			185,413
Hong Kong Government International Bond 144A
0.62%, 02/02/26		400			354,833
1.38%, 02/02/31		400			315,705
2.38%, 02/02/51		200			118,674
2.50%, 05/28/24		250			241,881
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			319,306
					1,802,137

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

See Notes to Financial Statements

34

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

	Number of Shares		Value
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 †		7,000	$	117,460
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $91,322,221)				77,262,858
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $1,947,090)
State Street Navigator Securities Lending Government Money Market Portfolio		1,947,090		1,947,090
Total Investments: 101.4% (Cost: $93,269,311)				79,209,948
Liabilities in excess of other assets: (1.4)%				(1,125,127)
NET ASSETS: 100.0%				78,084,821

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $5,351,601.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $23,734,930, or 30.4% of net assets.

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

See Notes to Financial Statements

35

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

36

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

37

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

38

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

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

See Notes to Financial Statements

39

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

40

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

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

See Notes to Financial Statements

41

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

42

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

	Par   (000’s		)	Value
United States (continued)
Verizon Communications, Inc. 3.79% (United States Secured Overnight Financing Rate Compound Index+0.79%), 03/20/26	$	14,564		$	14,217,936
4.01% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		22,463			22,461,616
Volkswagen Group of America Finance LLC 144A 3.84% (United States Secured Overnight Financing Rate+0.95%), 06/07/24		2,675			2,666,960
Warnermedia Holdings, Inc. 144A 4.75% (United States Secured Overnight Financing Rate Compound Index+1.78%), 03/15/24		2,675			2,668,325
Wells Fargo & Co. 4.38% (United States Secured Overnight Financing Rate+1.32%), 04/25/26		14,400			14,266,838
					698,656,295
Total Floating Rate Notes (Cost: $1,127,301,990)					1,109,964,240
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost: $9,619,357)
State Street Navigator Securities Lending Government Money Market Portfolio		9,619,357			9,619,357
Total Investments: 99.1% (Cost: $1,136,921,347)					1,119,583,597
Other assets less liabilities: 0.9%					10,197,857
NET ASSETS: 100.0%				$	1,129,781,454

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $9,911,252.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $267,816,484, or 23.7% of net assets.

See Notes to Financial Statements

43

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

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

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

44

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

45

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

46

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

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

See Notes to Financial Statements

47

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s		)	Value
Canada (continued)
3.75%, 08/15/26	EUR		200		$	178,283
Vermilion Energy, Inc. 144A 5.62%, 03/15/25	USD		25			24,223
Videotron Ltd.
3.12%, 01/15/31	CAD		50			27,648
4.50%, 01/15/30	CAD		75			46,623
5.62%, 06/15/25	CAD		75			54,163
Videotron Ltd. 144A 3.62%, 06/15/28	CAD		100			62,243
						3,907,379
Cayman Islands: 0.5%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD		100			85,960
Banco do Brasil SA 144A
3.25%, 09/30/26	USD		50			44,502
4.88%, 01/11/29	USD		50			44,978
CT Trust 144A 5.12%, 02/03/32	USD		100			80,117
						255,557
Chile: 0.4%
Kenbourne Invest SA 144A 6.88%, 11/26/24	USD		50			44,586
Latam Airlines Group SA 144A 13.38%, 10/15/29	USD		100			99,639
VTR Comunicaciones SpA 144A 5.12%, 01/15/28	USD		100			63,749
						207,974
China: 2.3%
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)	USD		200			185,250
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)	USD		200			201,000
CIFI Holdings Group Co. Ltd. Reg S 6.00%, 07/16/25	USD		200			14,784
Country Garden Holdings Co. Ltd. Reg S
3.30%, 01/12/31	USD		400			31,451
7.25%, 04/08/26	USD		200			19,657
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25	USD		200			74,000
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24	USD		119			95,750
Greenland Global Investment Ltd. Reg S 5.88%, 07/03/24	USD		200			45,000
Industrial & Commercial Bank of China Ltd. Reg S

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

See Notes to Financial Statements

48

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

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

See Notes to Financial Statements

49

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

50

		Par   (000’s		)	Value
Hong Kong (continued)
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)	USD		200		$	34,775
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25	USD		100			71,447
5.38%, 12/04/29	USD		100			56,050
5.62%, 07/17/27	USD		50			30,457
5.75%, 07/21/28	USD		50			29,000
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD		200			62,126
Studio City Finance Ltd. 144A
5.00%, 01/15/29	USD		100			43,212
6.50%, 01/15/28	USD		100			42,048
						369,115
Hungary: 0.2%
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29	EUR		100			89,314
India: 1.8%
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24	USD		100			98,218
Canara Bank Reg S 3.88%, 03/28/24	USD		200			194,881
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD		100			82,665
JSW Steel Ltd. Reg S 5.95%, 04/18/24	USD		200			187,300
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)	USD		100			88,235
Tata Motors Ltd. Reg S 5.75%, 10/30/24	USD		200			193,049
Vedanta Resources Finance II Plc 144A 13.88%, 01/21/24	USD		100			83,812
Vedanta Resources Ltd. 144A 6.12%, 08/09/24	USD		50			29,722
						957,882
Indonesia: 0.7%
Adaro Indonesia PT 144A 4.25%, 10/31/24	USD		100			93,809
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *	USD		150			1,218
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24	USD		100			96,889
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25	USD		100			95,965
Saka Energi Indonesia PT 144A

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

See Notes to Financial Statements

51

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

52

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

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

See Notes to Financial Statements

53

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

54

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

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

See Notes to Financial Statements

55

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

56

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

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

See Notes to Financial Statements

57

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

58

	Par   (000’s		)	Value
Zambia: 0.6%
First Quantum Minerals Ltd. 144A
6.50%, 03/01/24	USD	100		$	98,282
6.88%, 03/01/26	USD	100			94,092
6.88%, 10/15/27	USD	50			46,584
7.50%, 04/01/25	USD	100			97,121
					336,079
Total Corporate Bonds (Cost: $67,084,203)					51,535,578
GOVERNMENT OBLIGATIONS: 0.2%
Turkey: 0.2%
Turkiye Ihracat Kredi Bankasi AS 144A
6.12%, 05/03/24	USD	100			93,984
8.25%, 01/24/24	USD	25			24,662
Total Government Obligations (Cost: $121,671)					118,646

	Number of Shares		Value
COMMON STOCK: 0.0% (Cost: $5,620)
Canada: 0.0%
Secure Energy Services, Inc. (CAD)		1,259	$	6,599
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $67,211,494)				51,660,823
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.0%
Money Market Fund: 4.0% (Cost: $2,087,310)
State Street Navigator Securities Lending Government Money Market Portfolio		2,087,310		2,087,310
Total Investments: 101.7% (Cost: $69,298,804)				53,748,133
Liabilities in excess of other assets: (1.7)%				(922,842)
NET ASSETS: 100.0%			$	52,825,291

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $2,200,550.
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(o)	Perpetual Maturity — the date shown is the next call date
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
*	Non-income producing
(d)	Security in default
^	Zero Coupon Bond
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $20,706,809, or 39.2% of net assets.

See Notes to Financial Statements

59

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
		0.1	%	$	56,292
Basic Materials		7.5			3,885,164
Consumer Cyclicals		7.5			3,879,687
Consumer Non-Cyclicals		4.3			2,204,724
Energy		11.6			5,978,379
Financials		31.1			16,094,530
Healthcare		3.5			1,805,751
Industrials		12.9			6,652,826
Institutions, Associations & Organizations		0.4			225,154
Real Estate		1.5			794,442
Technology		12.9			6,645,646
Utilities		6.7			3,438,228
		100.0	%	$	51,660,823

See Notes to Financial Statements

60

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

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

See Notes to Financial Statements

61

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

62

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

		Par   (000’s		)	Value
Supranational (continued)
International Finance Corp. Reg S 8.38%, 05/31/29	MXN		115,840		$	5,378,515
						79,463,713
United Kingdom: 0.3%
European Bank for Reconstruction & Development 12.50%, 02/09/23	TRY		8,100			413,029
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25	MXN		178,920			7,735,837
						8,148,866
United States: 0.7%
International Bank for Reconstruction & Development
6.65%, 07/30/24	MXN		195,000			9,308,026
13.25%, 02/22/23	TRY		31,540			1,587,266
International Finance Corp. 5.75%, 03/02/23	MXN		115,610			5,729,267
						16,624,559
Total Corporate Bonds (Cost: $136,290,713)						111,331,460
GOVERNMENT OBLIGATIONS: 93.1%
Brazil: 9.7%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24 ^	BRL		367,460			60,840,129
0.00%, 07/01/24 ^	BRL		113,260			17,841,411
0.00%, 07/01/25 ^	BRL		165,070			23,497,225
0.00%, 01/01/26 ^	BRL		164,500			21,983,068
0.00%, 07/01/23 ^	BRL		261,500			45,822,628
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL		146,125			26,923,849
10.00%, 01/01/27	BRL		154,190			27,852,240
10.00%, 01/01/29	BRL		98,240			17,335,422
10.00%, 01/01/31	BRL		52,660			9,095,373
10.00%, 01/01/33	BRL		17,190			2,978,273
Brazilian Government International Bond
8.50%, 01/05/24	BRL		4,670			839,456
10.25%, 01/10/28	BRL		7,380			1,310,475
						256,319,549
Chile: 3.4%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP		22,475,000			21,419,610
4.50%, 03/01/26	CLP		14,565,000			14,352,513
5.00%, 03/01/35	CLP		16,500,000			15,460,593
6.00%, 01/01/43	CLP		13,585,000			13,809,730
Bonos de la Tesoreria de la Republica de Chile 144A Reg S

See Notes to Financial Statements

63

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s		)	Value
Chile (continued)
2.30%, 10/01/28	CLP		3,920,000		$	3,279,834
4.70%, 09/01/30	CLP		15,470,000			14,578,864
5.00%, 10/01/28	CLP		6,285,000			6,125,539
						89,026,683
China: 10.3%
Asian Infrastructure Investment Bank Reg S 4.50%, 11/03/23	MXN		277,750			13,009,430
China Government Bond
1.99%, 04/09/25	CNY		86,650			11,815,747
2.18%, 08/25/25	CNY		29,500			4,041,174
2.24%, 05/25/25	CNY		3,700			507,734
2.26%, 02/24/25	CNY		28,960			3,977,741
2.36%, 07/02/23	CNY		47,860			6,584,438
2.37%, 01/20/27	CNY		18,410			2,520,079
2.47%, 09/02/24	CNY		53,000			7,308,314
2.48%, 04/15/27	CNY		18,120			2,488,205
2.50%, 07/25/27	CNY		8,720			1,198,638
2.60%, 09/01/32	CNY		19,440			2,653,544
2.62%, 09/25/29	CNY		14,400			1,968,867
2.68%, 05/21/30	CNY		63,520			8,711,507
2.69%, 08/12/26	CNY		45,650			6,329,207
2.69%, 08/15/32	CNY		42,800			5,878,183
2.75%, 06/15/29	CNY		8,730			1,204,641
2.75%, 02/17/32	CNY		47,160			6,476,916
2.76%, 05/15/32	CNY		28,320			3,901,666
2.80%, 03/24/29	CNY		40,870			5,660,265
2.84%, 04/08/24	CNY		56,420			7,819,034
2.85%, 06/04/27	CNY		107,800			15,043,104
2.88%, 11/05/23	CNY		62,040			8,579,611
2.89%, 11/18/31	CNY		34,580			4,807,074
2.91%, 10/14/28	CNY		52,370			7,306,299
2.94%, 10/17/24	CNY		43,320			6,043,784
3.01%, 05/13/28	CNY		53,360			7,496,602
3.02%, 10/22/25	CNY		72,820			10,211,109
3.02%, 05/27/31	CNY		56,270			7,905,408
3.03%, 03/11/26	CNY		53,490			7,509,458
3.12%, 12/05/26	CNY		62,420			8,805,346
3.13%, 11/21/29	CNY		46,240			6,545,355
3.19%, 04/11/24	CNY		46,780			6,540,201
3.22%, 12/06/25	CNY		42,740			6,030,680
3.25%, 06/06/26	CNY		59,590			8,434,011
3.25%, 11/22/28	CNY		41,240			5,882,393
3.27%, 11/19/30	CNY		65,890			9,404,723
3.28%, 12/03/27	CNY		58,120			8,281,300
3.29%, 10/18/23	CNY		27,470			3,824,032
3.29%, 05/23/29	CNY		60,330			8,628,431
3.32%, 04/15/52	CNY		6,280			896,431
3.53%, 10/18/51	CNY		15,280			2,255,269
3.72%, 04/12/51	CNY		37,290			5,658,738
3.81%, 09/14/50	CNY		71,340			10,999,173
						271,143,862
Colombia: 3.9%
Colombia Government International Bond 9.85%, 06/28/27	COP		4,334,000			770,796
Colombian TES 5.75%, 11/03/27	COP		51,250,000			7,619,469

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

See Notes to Financial Statements

64

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

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

See Notes to Financial Statements

65

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

66

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

		Par   (000’s		)	Value
Uruguay (continued)
8.50%, 03/15/28	UYU		12,615		$	275,573
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU		565,706			12,357,775
						31,889,766
Total Government Obligations (Cost: $3,116,724,630)						2,447,840,087
Total Investments Before Collateral for Securities Loaned: 97.4% (Cost: $3,253,015,343)						2,559,171,547
			Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3%
Money Market Fund: 2.3% (Cost: $61,741,643)
State Street Navigator Securities Lending Government Money Market Portfolio			61,741,643			61,741,643
Total Investments: 99.7% (Cost: $3,314,756,986)						2,620,913,190
Other assets less liabilities: 0.3%						8,408,873
NET ASSETS: 100.0%					$	2,629,322,063

Definitions:

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

Footnotes:

^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $56,277,142.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

See Notes to Financial Statements

67

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $46,692,268, or 1.8% of net assets.

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

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

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

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

68

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

69

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

70

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

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

See Notes to Financial Statements

71

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $62,567.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,030,015, or 25.9% of net assets.

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

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

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

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

72

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

73

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

74

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

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

See Notes to Financial Statements

75

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
4.88%, 12/09/45	$	50		$	43,356
6.30%, 10/15/37		50			51,504
Merck & Co., Inc. 2.90%, 03/07/24		25			24,373
Mondelez International, Inc.
1.50%, 05/04/25		25			22,845
2.63%, 03/17/27		50			44,536
2.75%, 04/13/30		25			20,821
Nestle Holdings, Inc. 144A 3.50%, 09/24/25		75			72,276
Netflix, Inc.
4.88%, 04/15/28		75			71,290
5.88%, 11/15/28		50			49,750
Novartis Capital Corp. 3.40%, 05/06/24		50			49,049
Oracle Corp.
2.95%, 04/01/30		50			40,770
3.85%, 07/15/36		75			56,240
4.12%, 05/15/45		100			68,819
4.30%, 07/08/34		50			41,206
5.38%, 07/15/40		125			104,364
6.50%, 04/15/38		50			48,226
Owl Rock Capital Corp. 3.40%, 07/15/26		50			42,644
PepsiCo, Inc.
2.75%, 04/30/25		100			95,168
2.75%, 03/19/30		25			21,620
2.85%, 02/24/26		25			23,537
Philip Morris International, Inc.
2.88%, 05/01/24		50			48,240
3.38%, 08/15/29		75			64,213
4.38%, 11/15/41		65			47,089
6.38%, 05/16/38		50			46,671
Republic Services, Inc. 2.50%, 08/15/24		50			47,622
Roche Holdings, Inc. 144A 2.62%, 05/15/26		50			46,213
Sherwin-Williams Co. 3.45%, 06/01/27		50			45,970
Synchrony Financial 3.95%, 12/01/27		25			21,519
Sysco Corp. 6.60%, 04/01/50		25			25,658
Thermo Fisher Scientific, Inc. 1.22%, 10/18/24		50			46,510
Time Warner Cable LLC
4.50%, 09/15/42		25			17,112
5.88%, 11/15/40		25			20,322
6.55%, 05/01/37		100			89,356
6.75%, 06/15/39		75			66,499
T-Mobile USA, Inc.
1.50%, 02/15/26		25			21,940
3.50%, 04/15/25		50			47,728
3.75%, 04/15/27		150			138,462
3.88%, 04/15/30		150			132,816
Tyson Foods, Inc. 4.00%, 03/01/26		25			23,931

	Par   (000’s		)	Value
United States (continued)
Unilever Capital Corp. 2.60%, 05/05/24	$	25		$	24,159
Verizon Communications, Inc.
3.38%, 02/15/25		50			48,290
4.02%, 12/03/29		150			135,326
4.12%, 03/16/27		125			118,971
4.33%, 09/21/28		50			46,922
VICI Properties LP
4.75%, 02/15/28		50			45,625
5.12%, 05/15/32		50			44,415
5.62%, 05/15/52		25			20,506
VICI Properties LP / VICI Note Co., Inc. 144A
3.50%, 02/15/25		50			46,553
4.25%, 12/01/26		75			68,411
5.62%, 05/01/24		50			49,416
Walmart, Inc.
2.85%, 07/08/24		25			24,291
3.30%, 04/22/24		50			49,004
Walt Disney Co.
1.75%, 01/13/26		100			90,527
6.20%, 12/15/34		25			26,119
6.65%, 11/15/37		25			27,114
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26		50			45,021
4.95%, 09/15/28		25			23,279
					6,862,134
Total Corporate Bonds (Cost: $13,791,495)					11,575,194
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $121)
State Street Navigator Securities Lending Government Money Market Portfolio		121			121
Total Investments: 97.9% (Cost: $13,791,616)					11,575,315
Other assets less liabilities: 2.1%					249,289
NET ASSETS: 100.0%				$	11,824,604

See Notes to Financial Statements

76

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $86,691.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,741,810, or 31.6% of net assets.

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

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

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

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

77

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

	Number of Shares		Value
Real Estate Investment Trusts (continued)
MFA Financial, Inc.		397,294	$	3,957,048
New York Mortgage Trust, Inc. †		1,541,287		4,146,062
Orchid Island Capital, Inc. †		181,357		1,826,265
PennyMac Mortgage Investment Trust †		342,791		4,754,511
Ready Capital Corp. †		519,408		6,295,225
Redwood Trust, Inc. †		448,838		3,200,215
Rithm Capital Corp.		1,088,083		9,172,540
Starwood Property Trust, Inc. †		794,607		16,416,581
Two Harbors Investment Corp. †		1,466,588		5,221,053
Total Common Stocks (Cost: $220,852,533)				158,911,107
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.3%
Money Market Fund: 7.3% (Cost: $11,667,086)
State Street Navigator Securities Lending Government Money Market Portfolio		11,667,086		11,667,086
Total Investments: 107.1% (Cost: $232,519,619)				170,578,193
Liabilities in excess of other assets: (7.1)%				(11,265,716)
NET ASSETS: 100.0%			$	159,312,477

Footnotes:

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

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

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

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

78

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

79

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

See Notes to Financial Statements

80

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

	Number of Shares		Value
Utilities (continued)
4.95%, 01/30/80 †		615,297	$	11,764,479
5.25%, 12/01/77 †		276,884		5,917,011
Spire, Inc. 5.90%, 08/15/24 †		153,824		3,522,570
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		157,516		3,403,921
				340,778,659
Total Preferred Securities (Cost: $1,055,690,115)				898,029,548
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8%
Money Market Fund: 3.8% (Cost: $34,003,512)
State Street Navigator Securities Lending Government Money Market Portfolio		34,003,512		34,003,512
Total Investments: 103.2% (Cost: $1,089,693,627)				932,033,060
Liabilities in excess of other assets: (3.2)%				(29,266,504)
NET ASSETS: 100.0%			$	902,766,556

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

Footnotes:

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

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

See Notes to Financial Statements

81

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

82

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

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

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

See Notes to Financial Statements

83

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

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

See Notes to Financial Statements

84

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)

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

See Notes to Financial Statements

85

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	BDC Income ETF			China Bond ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF
Income:
Dividends	$	28,713,673		$	—		$	—		$	—
Interest		11,322			1,676,018			20,679,758			76,768,889
Securities lending income		756,394			—			105,486			758,607
Foreign taxes withheld		—			(379	)		—			—
Total income		29,481,389			1,675,639			20,785,244			77,527,496
Expenses:
Management fees		1,099,712			220,985			1,295,488			5,637,600
Professional fees		—			18,685			—			—
Custody and accounting fees		—			13,961			—			—
Reports to shareholders		—			6,725			—			—
Trustees’ fees and expenses		—			1,178			—			—
Registration fees		—			3,586			—			—
Insurance		—			1,455			—			—
Interest and taxes		43,717			100,066			—			10,527
Other		—			4,243			—			—
Total expenses		1,143,429			370,884			1,295,488			5,648,127
Net investment income		28,337,960			1,304,755			19,489,756			71,879,369
Net realized gain (loss) on:
Investments		(27,246,084	)		(2,448,441	)		(28,754,764	)		(30,210,782	)
In-kind redemptions		9,293,188			—			(112,549,330	)		(50,489,221	)
Capital gain distributions from investment companies		217,166			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(390,610	)		(2	)		—
Net realized loss		(17,735,730	)		(2,839,051	)		(141,304,096	)		(80,700,003	)
Net change in unrealized appreciation (depreciation) on:
Investments		(58,142,646	)		(6,133,605	)		26,490,434			(199,999,392	)
Foreign currency translations and foreign denominated assets and liabilities		—			(243,717	)		9			—
Net change in unrealized appreciation (depreciation)		(58,142,646	)		(6,377,322	)		26,490,443			(199,999,392	)
Net Decrease in Net Assets Resulting from Operations	$	(47,540,416	)	$	(7,911,618	)	$	(95,323,897	)	$	(208,820,026	)

See Notes to Financial Statements

86

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF
Income:
Dividends	$	4,047		$	—		$	14		$	—
Interest		1,093,839			15,020,419			1,526,319			91,422,248
Securities lending income		16,387			10,974			11,774			70,963
Foreign taxes withheld		—			—			(2	)		(2,362,091	)
Total income		1,114,273			15,031,393			1,538,105			89,131,120
Expenses:
Management fees		83,533			780,978			121,971			3,953,742
Professional fees		—			—			—			22,449
Custody and accounting fees		—			—			—			368,813
Reports to shareholders		—			—			—			160,730
Trustees’ fees and expenses		—			—			—			77,831
Registration fees		—			—			—			14,219
Insurance		—			—			—			20,908
Interest		488			7,217			355			28,140
Other		—			—			—			16,912
Total expenses		84,021			788,195			122,326			4,663,744
Waiver of management fees		—			—			—			(242,558	)
Net expenses		84,021			788,195			122,326			4,421,186
Net investment income		1,030,252			14,243,198			1,415,779			84,709,934
Net realized gain (loss) on:
Investments		(1,477,615	)		(3,315,744	)		(2,221,943	)		(152,632,306	) (a)
In-kind redemptions		(991,811	)		86,532			(2,459,542	)		(7,607,416	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			(71,009	)		(4,756,818	)
Net realized loss		(2,469,426	)		(3,229,212	)		(4,752,494	)		(164,996,540	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,990,146	)		(10,542,681	)		(3,871,067	)		(173,210,232	) (b)
Foreign currency translations and foreign denominated assets and liabilities		—			—			25,674			(1,399,413	)
Net change in unrealized appreciation (depreciation)		(3,990,146	)		(10,542,681	)		(3,845,393	)		(174,609,645	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,429,320	)	$	471,305		$	(7,182,108	)	$	(254,896,251	)

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

See Notes to Financial Statements

87

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2022 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF			Preferred Securities ex Financials ETF
Income:
Dividends	$	—		$	—		$	5,977,095		$	29,714,986
Interest		143,300			202,121			1,391			23,737
Securities lending income		1,590			3,845			77,425			882,025
Foreign taxes withheld		—			—			—			(75,419	)
Total income		144,890			205,966			6,055,911			30,545,329
Expenses:
Management fees		10,501			12,670			380,730			2,008,400
Interest		—			—			15,509			17,465
Total expenses		10,501			12,670			396,239			2,025,865
Net investment income		134,389			193,296			5,659,672			28,519,464
Net realized gain (loss) on:
Investments		(520,815	)		(767,324	)		(15,710,363	)		(5,756,970	)
In-kind redemptions		—			—			329,026			4,247,735
Capital gain distributions from investment companies		—			—			536,864			432,420
Net realized loss		(520,815	)		(767,324	)		(14,844,473	)		(1,076,815	)
Net change in unrealized appreciation (depreciation) on:
Investments		(246,024	)		(379,465	)		(23,178,694	)		(125,112,639	)
Net change in unrealized appreciation (depreciation)		(246,024	)		(379,465	)		(23,178,694	)		(125,112,639	)
Net Decrease in Net Assets Resulting from Operations	$	(632,450	)	$	(953,493	)	$	(32,363,495	)	$	(97,669,990	)

See Notes to Financial Statements

88

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	28,337,960		$	43,156,676		$	1,304,755		$	3,505,616
Net realized gain (loss)		(17,735,730	)		19,570,650			(2,839,051	)		183,640
Net change in unrealized appreciation (depreciation)		(58,142,646	)		(29,787,379	)		(6,377,322	)		(4,527,783	)
Net increase (decrease) in net assets resulting from operations		(47,540,416	)		32,939,947			(7,911,618	)		(838,527	)
Distributions to shareholders from:
Distributable earnings		(28,722,838	)		(42,704,368	)		(1,168,860	)		(4,150,280	)
Return of capital		—			—			—			(44,520	)
Total distributions		(28,722,838	)		(42,704,368	)		(1,168,860	)		(4,194,800	)
Share transactions*:
Proceeds from sale of shares		81,859,788			334,820,169			—			91,337,821
Cost of shares redeemed		(120,061,963	)		(111,985,789	)		(38,637,396	)		(60,220,705	)
Increase (decrease) in net assets resulting from share transactions		(38,202,175	)		222,834,380			(38,637,396	)		31,117,116
Total increase (decrease) in net assets		(114,465,429	)		213,069,959			(47,717,874	)		26,083,789
Net Assets, beginning of period		625,030,252			411,960,293			129,587,141			103,503,352
Net Assets, end of period	$	510,564,823		$	625,030,252		$	81,869,267		$	129,587,141
*Shares of Common Stock Issued (no par value)
Shares sold		5,350,000			19,225,000			—			3,700,000
Shares redeemed		(7,975,000	)		(6,500,000	)		(1,700,000	)		(2,500,000	)
Net increase (decrease)		(2,625,000	)		12,725,000			(1,700,000	)		1,200,000

See Notes to Financial Statements

89

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Emerging Markets High Yield Bond ETF						Fallen Angel High Yield Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	19,489,756		$	64,361,459		$	71,879,369		$	180,386,770
Net realized gain (loss)		(141,304,096	)		(92,945,941	)		(80,700,003	)		238,934,423
Net change in unrealized appreciation (depreciation)		26,490,443			(150,062,233	)		(199,999,392	)		(708,202,399	)
Net decrease in net assets resulting from operations		(95,323,897	)		(178,646,715	)		(208,820,026	)		(288,881,206	)
Distributions to shareholders from:
Distributable earnings		(24,177,950	)		(63,324,700	)		(77,001,855	)		(188,041,825	)
Share transactions*:
Proceeds from sale of shares		3,437,814			672,209,046			945,539,451			2,049,188,613
Cost of shares redeemed		(654,219,020	)		(63,006,428	)		(1,590,584,675	)		(2,661,837,362	)
Increase (decrease) in net assets resulting from share transactions		(650,781,206	)		609,202,618			(645,045,224	)		(612,648,749	)
Total increase (decrease) in net assets		(770,283,053	)		367,231,203			(930,867,105	)		(1,089,571,780	)
Net Assets, beginning of period		1,151,638,253			784,407,050			3,825,844,454			4,915,416,234
Net Assets, end of period	$	381,355,200		$	1,151,638,253		$	2,894,977,349		$	3,825,844,454
*Shares of Common Stock Issued (no par value)
Shares sold		200,000			28,600,000			34,200,000			63,250,000
Shares redeemed		(36,200,000	)		(2,800,000	)		(57,750,000	)		(83,700,000	)
Net increase (decrease)		(36,000,000	)		25,800,000			(23,550,000	)		(20,450,000	)

See Notes to Financial Statements

90

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Green Bond ETF						International High Yield Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	1,030,252		$	2,007,447		$	1,415,779		$	4,287,712
Net realized loss		(2,469,426	)		(1,668,817	)		(4,752,494	)		(3,710,828	)
Net change in unrealized appreciation (depreciation)		(3,990,146	)		(10,193,647	)		(3,845,393	)		(15,906,510	)
Net decrease in net assets resulting from operations		(5,429,320	)		(9,855,017	)		(7,182,108	)		(15,329,626	)
Distributions to shareholders from:
Distributable earnings		(1,061,355	)		(2,002,035	)		(1,234,050	)		(4,424,650	)
Share transactions*:
Proceeds from sale of shares		—			22,989,592			—			15,502,482
Cost of shares redeemed		(10,755,633	)		—			(18,174,463	)		(16,605,485	)
Increase (decrease) in net assets resulting from share transactions		(10,755,633	)		22,989,592			(18,174,463	)		(1,103,003	)
Total increase (decrease) in net assets		(17,246,308	)		11,132,540			(26,590,621	)		(20,857,279	)
Net Assets, beginning of period		95,331,129			84,198,589			79,415,912			100,273,191
Net Assets, end of period	$	78,084,821		$	95,331,129		$	52,825,291		$	79,415,912
*Shares of Common Stock Issued (no par value)
Shares sold		—			850,000			—			600,000
Shares redeemed		(450,000	)		—			(900,000	)		(700,000	)
Net increase (decrease)		(450,000	)		850,000			(900,000	)		(100,000	)

See Notes to Financial Statements

91

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						J.P. Morgan EM Local Currency Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	14,243,198		$	4,345,673		$	84,709,934		$	174,168,592
Net realized loss		(3,229,212	)		(452,629	)		(164,996,540	)		(315,225,088	)
Net change in unrealized appreciation (depreciation)		(10,542,681	)		(9,541,387	)		(174,609,645	)		(402,051,015	)
Net increase (decrease) in net assets resulting from operations		471,305			(5,648,343	)		(254,896,251	)		(543,107,511	)
Distributions to shareholders from:
Distributable earnings		(11,468,210	)		(4,310,490	)		(71,026,867	)		(88,822,978	)
Return of capital		—			—			—			(81,656,280	)
Total distributions		(11,468,210	)		(4,310,490	)		(71,026,867	)		(170,479,258	)
Share transactions*:
Proceeds from sale of shares		147,915,919			591,005,339			50,771,821			727,013,716
Cost of shares redeemed		(141,655,341	)		(6,337,388	)		(168,983,922	)		(319,840,315	)
Increase (decrease) in net assets resulting from share transactions		6,260,578			584,667,951			(118,212,101	)		407,173,401
Total increase (decrease) in net assets		(4,736,327	)		574,709,118			(444,135,219	)		(306,413,368	)
Net Assets, beginning of period		1,134,517,781			559,808,663			3,073,457,282			3,379,870,650
Net Assets, end of period	$	1,129,781,454		$	1,134,517,781		$	2,629,322,063		$	3,073,457,282
*Shares of Common Stock Issued (no par value)
Shares sold		5,950,000			23,400,000			2,000,000			24,600,000
Shares redeemed		(5,700,000	)		(250,000	)		(7,200,000	)		(11,800,000	)
Net increase (decrease)		250,000			23,150,000			(5,200,000	)		12,800,000

See Notes to Financial Statements

92

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics BBB Corporate Bond ETF						Moody’s Analytics IG Corporate Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
	(unaudited)						(unaudited)
Operations:
Net investment income	$	134,389		$	221,068		$	193,296		$	311,484
Net realized loss		(520,815	)		(195,230	)		(767,324	)		(186,082	)
Net change in unrealized appreciation (depreciation)		(246,024	)		(1,083,250	)		(379,465	)		(1,588,310	)
Net decrease in net assets resulting from operations		(632,450	)		(1,057,412	)		(953,493	)		(1,462,908	)
Distributions to shareholders from:
Distributable earnings		(127,280	)		(226,760	)		(189,660	)		(317,460	)
Share transactions*:
Proceeds from sale of shares		—			—			—			—
Cost of shares redeemed		—			—			—			—
Increase in net assets resulting from share transactions		—			—			—			—
Total decrease in net assets		(759,730	)		(1,284,172	)		(1,143,153	)		(1,780,368	)
Net Assets, beginning of period		8,608,760			9,892,932			12,967,757			14,748,125
Net Assets, end of period	$	7,849,030		$	8,608,760		$	11,824,604		$	12,967,757
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		—			—			—			—

See Notes to Financial Statements

93

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Mortgage REIT Income ETF						Preferred Securities ex Financials ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended October 31, 2022			Year Ended April 30, 2022
		(unaudited)						(unaudited)
Operations:
Net investment income	$	5,659,672		$	12,587,387		$	28,519,464		$	49,350,029
Net realized gain (loss)		(14,844,473	)		20,578,763			(1,076,815	)		7,379,453
Net change in unrealized appreciation (depreciation)		(23,178,694	)		(75,253,305	)		(125,112,639	)		(98,397,267	)
Net decrease in net assets resulting from operations		(32,363,495	)		(42,087,155	)		(97,669,990	)		(41,667,785	)
Distributions to shareholders from:
Distributable earnings		(5,659,672	)		(12,587,387	)		(27,288,340	)		(55,455,503	)
Return of capital		(4,097,678	)		(12,142,443	)		—			(932,857	)
Total distributions		(9,757,350	)		(24,729,830	)		(27,288,340	)		(56,388,360	)
Share transactions*:
Proceeds from sale of shares		9,474,722			65,857,830			101,632,430			200,215,786
Cost of shares redeemed		(18,963,733	)		(98,402,686	)		(76,205,258	)		(47,757,119	)
Increase (decrease) in net assets resulting from share transactions		(9,489,011	)		(32,544,856	)		25,427,172			152,458,667
Total increase (decrease) in net assets		(51,609,856	)		(99,361,841	)		(99,531,158	)		54,402,522
Net Assets, beginning of period		210,922,333			310,284,174			1,002,297,714			947,895,192
Net Assets, end of period	$	159,312,477		$	210,922,333		$	902,766,556		$	1,002,297,714
*Shares of Common Stock Issued (no par value)
Shares sold		750,000			3,400,000			5,500,000			9,500,000
Shares redeemed		(1,400,000	)		(5,500,000	)		(4,200,000	)		(2,350,000	)
Net increase (decrease)		(650,000	)		(2,100,000	)		1,300,000			7,150,000

See Notes to Financial Statements

94

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$16.76			$16.76			$10.75			$16.55			$16.10			$19.17
Net investment income (a)		0.80			1.44			1.43			1.54			1.59			1.52
Net realized and unrealized gain (loss) on investments		(2.02)			(0.06)			6.02			(5.86)			0.41			(3.04)
Total from investment operations		(1.22)			1.38			7.45			(4.32)			2.00			(1.52)
Distributions from:
Net investment income		(0.82)			(1.38)			(1.44)			(1.48)			(1.55)			(1.55)
Return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.82)			(1.38)			(1.44)			(1.48)			(1.55)			(1.55)
Net asset value, end of period		$14.72			$16.76			$16.76			$10.75			$16.55			$16.10
Total return (c)		(7.09)	%(d)		8.23	%		73.81	%		(27.77)	%		13.27	%		(8.08)	%
Ratios to average net assets
Gross expenses (e)		0.42	%(f)		0.41	%		0.46	%		0.48	%		0.47	%		0.49	%
Net expenses (e)		0.42	%(f)		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest and taxes (e)		0.40	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		10.31	%(f)		8.34	%		10.57	%		9.95	%		9.73	%		8.85	%
Supplemental data
Net assets, end of period (in millions)		$511			$625			$412			$170			$207			$178
Portfolio turnover rate (g)		21	%(d)		29	%		26	%		22	%		13	%		19	%

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

See Notes to Financial Statements

95

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	China Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$23.56			$24.07			$22.39			$22.89			$24.14			$22.16
Net investment income (a)		0.27			0.66			0.73			0.87			0.75			0.74
Net realized and unrealized gain (loss) on investments		(2.05)			(0.40)			1.60			(0.49)			(1.24)			2.07
Total from investment operations		(1.78)			0.26			2.33			0.38			(0.49)			2.81
Distributions from:
Net investment income		(0.24)			(0.76)			(0.65)			(0.79)			(0.38)			—
Return of capital		—			(0.01)			—			(0.09)			(0.38)			(0.83)
Total distributions		(0.24)			(0.77)			(0.65)			(0.88)			(0.76)			(0.83)
Net asset value, end of period		$21.54			$23.56			$24.07			$22.39			$22.89			$24.14
Total return (b)		(7.61)	%(c)		1.02	%		10.56	%		1.76	%		(1.98)	%		12.94	%
Ratios to average net assets
Gross expenses		0.67	%(d)		0.52	%		0.68	%		3.53	%		2.25	%		2.59	%
Net expenses		0.67	%(d)		0.51	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses excluding interest		0.49	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.36	%(d)		2.70	%		3.07	%		3.93	%		3.29	%		3.21	%
Supplemental data
Net assets, end of period (in millions)		$82			$130			$104			$4			$5			$5
Portfolio turnover rate (e)		6	%(c)		60	%		17	%		21	%		22	%		39	%

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

See Notes to Financial Statements

96

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Emerging Markets High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$19.52			$23.63			$20.54			$23.34			$23.83			$24.86
Net investment income (a)		0.55			1.20			1.29			1.42			1.33			1.33
Net realized and unrealized gain (loss) on investments		(2.88)			(4.11)			3.06			(2.77)			(0.46)			(1.01)
Total from investment operations		(2.33)			(2.91)			4.35			(1.35)			0.87			0.32
Distributions from:
Net investment income		(0.61)			(1.20)			(1.26)			(1.45)			(1.36)			(1.35)
Net asset value, end of period		$16.58			$19.52			$23.63			$20.54			$23.34			$23.83
Total return (b)		(12.18)	%(c)		(12.84)	%		21.53	%		(6.27)	%		3.93	%		1.28	%
Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.45	%		0.47	%		0.46	%		0.45	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		6.02	%(e)		5.39	%		5.58	%		6.19	%		5.81	%		5.43	%
Supplemental data
Net assets, end of period (in millions)		$381			$1,152			$784			$308			$261			$372
Portfolio turnover rate (f)		10	%(c)		34	%		31	%		28	%		27	%		40	%

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

See Notes to Financial Statements

97

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fallen Angel High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$28.94			$32.20			$26.84			$29.00			$29.19			$29.65
Net investment income (a)		0.62			1.19			1.49			1.54			1.64			1.54
Net realized and unrealized gain (loss) on investments		(2.27)			(3.22)			5.35			(2.16)			(0.24)			(0.40)
Total from investment operations		(1.65)			(2.03)			6.84			(0.62)			1.40			1.14
Distributions from:
Net investment income		(0.65)			(1.23)			(1.48)			(1.54)			(1.59)			(1.51)
Net realized capital gains		—			—			—			—			—			(0.09)
Total distributions		(0.65)			(1.23)			(1.48)			(1.54)			(1.59)			(1.60)
Net asset value, end of period		$26.64			$28.94			$32.20			$26.84			$29.00			$29.19
Total return (b)		(5.76)	%(c)		(6.63)	%		25.95	%		(2.38)	%		5.04	%		3.86	%
Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.35	%		0.43	%		0.43	%		0.45	%		0.44	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		4.46	%(e)		3.70	%		4.83	%		5.35	%		5.76	%		5.16	%
Supplemental data
Net assets, end of period (in millions)		$2,895			$3,826			$4,915			$1,683			$976			$1,223
Portfolio turnover rate (f)		11	%(c)		44	%		27	%		68	%		29	%		20	%

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

See Notes to Financial Statements

98

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$24.13			$27.16			$26.85			$25.87			$26.54			$25.44
Net investment income (a)		0.29			0.55			0.55			0.58			0.34			0.29
Net realized and unrealized gain (loss) on investments		(1.81)			(3.03)			0.28	(b)		1.00			(0.68)			1.16
Total from investment operations		(1.52)			(2.48)			0.83			1.58			(0.34)			1.45
Distributions from:
Net investment income		(0.30)			(0.55)			(0.52)			(0.50)			(0.29)			(0.35)
Net realized capital gains		—			—			—			—			—			—	(c)
Return of capital		—			—			—			(0.10)			(0.04)			—
Total distributions		(0.30)			(0.55)			(0.52)			(0.60)			(0.33)			(0.35)
Net asset value, end of period		$22.31			$24.13			$27.16			$26.85			$25.87			$26.54
Total return (d)		(6.39)	%(e)		(9.30)	%		3.07	%		6.17	%		(1.25)	%		5.72	%
Ratios to average net assets
Gross expenses (f)		0.20	%(g)		0.20	%		0.65	%		0.83	%		1.02	%		1.56	%
Net expenses (f)		0.20	%(g)		0.20	%		0.20	%		0.23	%		0.33	%		0.40	%
Net investment income		2.47	%(g)		2.07	%		2.01	%		2.17	%		1.32	%		1.10	%
Supplemental data
Net assets, end of period (in millions)		$78			$95			$84			$32			$26			$17
Portfolio turnover rate (h)		11	%(e)		19	%		25	%		83	%		28	%		26	%

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Amount represents less than $0.005 per share.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Periods after April 30, 2021 reflect a unitary management fee structure.
(g)	Annualized
(h)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

99

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	IG Floating Rate ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$25.07			$25.33			$24.61			$25.25			$25.32			$25.14
Net investment income (a)		0.32			0.14			0.23			0.68			0.77			0.52
Net realized and unrealized gain (loss) on investments		(0.30)			(0.25)			0.76			(0.61)			(0.10)			0.13
Total from investment operations		0.02			(0.11)			0.99			0.07			0.67			0.65
Distributions from:
Net investment income		(0.26)			(0.15)			(0.27)			(0.71)			(0.74)			(0.47)
Net asset value, end of period		$24.83			$25.07			$25.33			$24.61			$25.25			$25.32
Total return (b)		0.06	%(c)		(0.45)	%		4.07	%		0.26	%		2.71	%		2.59	%
Ratios to average net assets
Gross expenses (d)		0.14	%(e)		0.14	%		0.39	%		0.40	%		0.40	%		0.41	%
Net expenses (d)		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		2.55	%(e)		0.56	%		0.93	%		2.70	%		3.05	%		2.06	%
Supplemental data
Net assets, end of period (in millions)		$1,130			$1,135			$560			$461			$542			$377
Portfolio turnover rate (f)		29	%(c)		78	%		72	%		40	%		30	%		28	%

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

See Notes to Financial Statements

100

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	International High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$20.90			$25.71			$22.21			$24.54			$25.20			$24.90
Net investment income (a)		0.45			1.02			1.13			1.26			1.13			1.07
Net realized and unrealized gain (loss) on investments		(2.73)			(4.78)			3.54			(2.33)			(0.65)			0.39
Total from investment operations		(2.28)			(3.76)			4.67			(1.07)			0.48			1.46
Distributions from:
Net investment income		(0.40)			(1.05)			(1.10)			(1.17)			(1.08)			(1.02)
Return of capital		—			—			(0.07)			(0.09)			(0.06)			(0.14)
Total distributions		(0.40)			(1.05)			(1.17)			(1.26)			(1.14)			(1.16)
Net asset value, end of period		$18.22			$20.90			$25.71			$22.21			$24.54			$25.20
Total return (b)		(11.04)	%(c)		(15.07)	%		21.30	%		(4.67)	%		2.08	%		5.91	%
Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.56	%		0.62	%		0.54	%		0.52	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		4.64	%(e)		4.21	%		4.54	%		5.17	%		4.66	%		4.19	%
Supplemental data
Net assets, end of period (in millions)		$53			$79			$100			$89			$113			$171
Portfolio turnover rate (f)		9	%(c)		25	%		33	%		37	%		32	%		41	%

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

See Notes to Financial Statements

101

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF(a)
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$25.33			$31.14			$29.36			$33.11			$37.56			$37.24
Net investment income (b)		0.70			1.47			1.55			2.00			2.14			2.18
Net realized and unrealized gain (loss) on investments		(2.80)			(5.84)			1.78			(3.75)			(4.45)			0.40
Total from investment operations		(2.10)			(4.37)			3.33			(1.75)			(2.31)			2.58
Distributions from:
Net investment income		(0.59)			(0.77)			(0.01)			(0.48)			(1.36)			(1.98)
Return of capital		—			(0.67)			(1.54)			(1.52)			(0.78)			(0.28)
Total distributions		(0.59)			(1.44)			(1.55)			(2.00)			(2.14)			(2.26)
Net asset value, end of period		$22.64			$25.33			$31.14			$29.36			$33.11			$37.56
Total return (c)		(8.39)	%(d)		(14.56)	%		11.40	%		(5.79)	%		(6.05)	%		7.05	%
Ratios to average net assets
Gross expenses		0.32	%(e)		0.32	%		0.31	%		0.36	%		0.41	%		0.46	%
Net expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.31	%		0.44	%
Net investment income		5.78	%(e)		5.00	%		4.92	%		6.05	%		6.35	%		5.69	%
Supplemental data
Net assets, end of period (in millions)		$2,629			$3,073			$3,380			$3,339			$5,332			$5,645
Portfolio turnover rate (f)		14	%(d)		33	%		40	%		39	%		36	%		28	%

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

See Notes to Financial Statements

102

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.52			$24.73			$25.00
Net investment income (b)		0.34			0.55			0.22
Net realized and unrealized loss on investments		(1.92)			(3.19)			(0.30)
Total from investment operations		(1.58)			(2.64)			(0.08)
Distributions from:
Net investment income		(0.32)			(0.57)			(0.19)
Net asset value, end of period		$19.62			$21.52			$24.73
Total return (c)		(7.43)	%(d)		(10.96)	%		(0.32)	%(d)
Ratios to average net assets
Expenses		0.25	%(e)		0.25	%		0.25	%(e)
Net investment income		3.20	%(e)		2.26	%		2.14	%(e)
Supplemental data
Net assets, end of period (in millions)		$8			$9			$10
Portfolio turnover rate (f)		46	%(d)		48	%		35	%(d)

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

See Notes to Financial Statements

103

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
	Period Ended October 31, 2022			Year Ended April 30, 2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.61			$24.58			$25.00
Net investment income (b)		0.32			0.52			0.21
Net realized and unrealized loss on investments		(1.90)			(2.96)			(0.45)
Total from investment operations		(1.58)			(2.44)			(0.24)
Distributions from:
Net investment income		(0.32)			(0.53)			(0.18)
Net asset value, end of period		$19.71			$21.61			$24.58
Total return (c)		(7.42)	%(d)		(10.15)	%		(0.97)	%(d)
Ratios to average net assets
Expenses		0.20	%(e)		0.20	%		0.20	%(e)
Net investment income		3.05	%(e)		2.13	%		2.10	%(e)
Supplemental data
Net assets, end of period (in millions)		$12			$13			$15
Portfolio turnover rate (f)		36	%(d)		53	%		28	%(d)

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

See Notes to Financial Statements

104

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Mortgage REIT Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$15.23			$19.45			$11.42			$23.63			$22.71			$24.49
Net investment income (a)		0.42			0.76			0.86			1.45			1.68			1.70
Net realized and unrealized gain (loss) on investments		(2.84)			(3.44)			8.49			(11.90)			0.94			(1.59)
Total from investment operations		(2.42)			(2.68)			9.35			(10.45)			2.62			0.11
Distributions from:
Net investment income		(0.43)			(0.79)			(0.83)			(1.45)			(1.67)			(1.81)
Return of capital		(0.31)			(0.75)			(0.49)			(0.31)			(0.03)			(0.08)
Total distributions		(0.74)			(1.54)			(1.32)			(1.76)			(1.70)			(1.89)
Net asset value, end of period		$12.07			$15.23			$19.45			$11.42			$23.63			$22.71
Total return (b)		(15.73)	%(c)		(14.74)	%		85.71	%		(46.63)	%		12.00	%		0.32	%
Ratios to average net assets
Gross expenses (d)		0.42	%(e)		0.41	%		0.49	%		0.50	%		0.49	%		0.49	%
Net expenses (d)		0.42	%(e)		0.41	%		0.41	%		0.41	%		0.42	%		0.41	%
Net expenses excluding interest (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.95	%(e)		4.15	%		5.55	%		6.70	%		7.19	%		7.13	%
Supplemental data
Net assets, end of period (in millions)		$159			$211			$310			$119			$175			$132
Portfolio turnover rate (f)		11	%(c)		12	%		31	%		16	%		35	%		21	%

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

See Notes to Financial Statements

105

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Preferred Securities ex Financials ETF
	Period			Year Ended April 30,
	Ended October 31, 2022			2022			2021			2020			2019			2018
	(unaudited)
Net asset value, beginning of period		$19.15			$20.97			$18.23			$19.37			$19.09			$20.12
Net investment income (a)		0.52			1.01			0.98			1.06			1.13			1.10
Net realized and unrealized gain (loss) on investments		(2.34)			(1.68)			2.72			(1.12)			0.32			(0.98)
Total from investment operations		(1.82)			(0.67)			3.70			(0.06)			1.45			0.12
Distributions from:
Net investment income		(0.50)			(1.13)			(0.96)			(1.08)			(1.17)			(1.14)
Return of capital		—			(0.02)			—			—			—			(0.01)
Total distributions		(0.50)			(1.15)			(0.96)			(1.08)			(1.17)			(1.15)
Net asset value, end of period		$16.83			$19.15			$20.97			$18.23			$19.37			$19.09
Total return (b)		(9.69)	%(c)		(3.61)	%		20.78	%		(0.54)	%		7.90	%		0.57	%
Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.43	%		0.44	%		0.46	%		0.45	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.68	%(e)		4.79	%		4.97	%		5.41	%		5.92	%		5.57	%
Supplemental data
Net assets, end of period (in millions)		$903			$1,002			$948			$689			$584			$498
Portfolio turnover rate (f)		20	%(c)		37	%		36	%		45	%		31	%		47	%

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

See Notes to Financial Statements

106

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2022 (unaudited)

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

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

* Formerly known as Investment Grade Floating Rate ETF

Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.

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

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

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

107

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

The following summarizes the Funds’ significant accounting policies.

A.	Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Board has designated the Adviser as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
	Level 1 — Quoted prices in active markets for identical securities.
	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

108

	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.	Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
C.	Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.
D.	Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.
E.	Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
F.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
G.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.
	The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

109

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2022.

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

The expense limitations and management fee rates for the period ended October 31, 2022 are as follows:

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

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

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

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

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

At October 31, 2022, the Adviser owned approximately 82%, 47%, and 1% of Moody’s Analytics BBB, Moody’s Analytics IG, and Floating Rate, respectively.

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

110

redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

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

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

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

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

Note 6—Income Taxes—As of October 31, 2022, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

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

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

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

111

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2022 to October 31, 2022, the net realized gains (losses) from foreign currency translations were as follows:

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

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

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

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

112

pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

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

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

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

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

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

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

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

113

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

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

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

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

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

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

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

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

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement,

114

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

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

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

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2022 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2022:

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

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

* Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2022, the following Funds borrowed under this Facility:

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

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

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

116

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited)

At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, IG Floating Rate ETF (formerly, Investment Grade Floating Rate ETF), J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub- Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to each Fund except the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

117

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited) (continued)

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

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

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

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

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing

118

with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Agreements.

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

VanEck Dynamic High Income ETF

At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic High Income 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 6, 2022. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

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

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

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreement.

119

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2022 (unaudited) (continued)

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

120

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

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

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

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

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 6, 2023

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 6, 2023
By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 6, 2023