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: APRIL 30, 2023

Item 1. Report to Shareholders

ANNUAL REPORT
April 30, 2023

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
Management Discussion	3
Performance Comparison
CEF Muni Income ETF	4
High Yield Muni ETF	5
HIP Sustainable Muni ETF	6
Intermediate Muni ETF	7
Long Muni ETF	8
Muni Allocation ETF	9
Short High Yield Muni ETF	10
Short Muni ETF	11
About Fund Performance	12
Explanation of Expenses	13
Schedule of Investments
CEF Muni Income ETF	15
High Yield Muni ETF	17
HIP Sustainable Muni ETF	60
Intermediate Muni ETF	63
Long Muni ETF	95
Muni Allocation ETF	110
Short High Yield Muni ETF	112
Short Muni ETF	131
Statements of Assets and Liabilities	143
Statements of Operations	145
Statements of Changes in Net Assets	147
Financial Highlights
CEF Muni Income ETF	151
High Yield Muni ETF	152
HIP Sustainable Muni ETF	153
Intermediate Muni ETF	154
Long Muni ETF	155
Muni Allocation ETF	156
Short High Yield Muni ETF	157
Short Muni ETF	158
Notes to Financial Statements	159
Report of Independent Registered Public Accounting Firm	167
Tax Information	168
Board of Trustees and Officers	169
Funds’ Liquidity Risk Management Program	172

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2023.

VANECK ETFs

PRESIDENT’S LETTER

April 30, 2023 (unaudited)

Dear Fellow Shareholders:

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

Discussion

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

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

1. Monetary Policy: Tightening

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

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

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

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

2. Fiscal Tightening

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

3. Global Growth is at Low Levels

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

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

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

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

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

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

Outlook

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck

CEO and President

VanEck ETF Trust

May 17, 2023

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

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

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

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

2

VANECK ETFs

MANAGEMENT DISCUSSION

April 30, 2023 (unaudited) (unaudited)

CEF Muni Income ETF

The CEF Muni Income ETF lost 4.53% over the prior 12 months due both to the significant widening of municipal closed-end fund (CEF) discounts and price decreases in the underlying bonds themselves. During the period, the discount at which CEFs traded fluctuated hugely.

The fund is affected by the discount or premium of closed end funds to their NAV. Starting the fund’s fiscal year at a discount of 7.04% on May 2, 2022, the discount narrowed to a high of 3.11% on August 15, 2022. Thereafter, however, the discount then widened meaningfully to 12.41% on March 27, 2023 and ended the fiscal year on April 28 having narrowed a little to 10.80%.

High Yield Muni ETF/Short High Yield Muni ETF

In the High Yield Muni ETF, healthcare, industrial revenue and education sectors contributed the most to the fund’s loss of 3.11%. In terms of state/U.S. territory, California detracted by far the most from performance and Puerto Rico contributed the most positively to performance, but even then, only minimally.

The local and state sectors were the largest contributors to the 0.43% gain recorded by the Short High Yield Muni ETF, with the hospitals and pollution control sectors detracting the most from performance. In terms of state/U.S. territory, Illinois contributed the most positively to performance and Pennsylvania was the greatest detractor from the fund’s performance.

HIP Sustainable Muni ETF

The HIP Sustainable Muni ETF recorded a 1.74% gain over the 12 months period. The state, local and tax sectors contributed the most to performance, while only the toll & turnpike sector detracted from performance. In terms of state/U.S. territory, California, New York and Massachusetts contributed the most positively to performance and Arizona detracted the most, but then only minimally, to the fund’s performance.

Intermediate Muni ETF

In terms of state/U.S. territory, municipal bonds from California and New York contributed the most to the fund’s total return of 3.59%. Four states detracted from the fund’s total return but each only minimally. The state, local and tax sectors contributed the most to the fund’s performance. The health sector detracted, but only minimally.

Long Muni ETF

The tax, water & sewer and state sectors contributed most to the fund’s gain of 0.40% for the 12 month period. The health sector detracted the most from performance. In terms of state/U.S. territory, municipal bonds issued by California, New York and Illinois contributed the most to performance. Florida, Maryland, Michigan, Missouri and Pennsylvania detracted the most from performance.

Muni Allocation ETF

The Muni Allocation ETF returned 0.08% over the 12 month period versus 2.60% for the ICE US Broad Municipal Index. The largest contributors to the fund’s performance were intermediate- and short-term bonds. The greatest detractors from performance were high-yield and long-term bonds.

Short Muni ETF

Among short municipal bonds, the state, local, tax and refunded sectors contributed the most to the return of the fund, which overall gained 1.82% for the year. No one sector contributed negatively to performance. In terms of state/U.S. territory, California, New York and Texas contributed the most to the total return of the fund. While no state or U.S. territory detracted from performance, South Dakota contributed the least.

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

3

VANECK CEF MUNI INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			CEFMXTR1			US002			LBUSTRUU3
One Year		(4.11	)%		(4.53	)%		(4.12	)%		(0.57	)%		(0.43	)%
Five Year		1.23	%		1.23	%		1.65	%		1.19	%		1.18	%
Ten Year		2.04	%		2.04	%		2.42	%		1.34	%		1.32	%

1	S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

See “About Fund Performance” on page 12 for more information.

4

VANECK HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MHYX1			US002			LBUSTRUU3
One Year		(2.47	)%		(3.11	)%		0.22	%		(0.57	)%		(0.43	)%
Five Year		0.21	%		0.15	%		2.91	%		1.19	%		1.18	%
Ten Year		1.92	%		1.84	%		3.90	%		1.34	%		1.32	%

1	ICE Broad High Yield Crossover Municipal Index (MHYX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MHYX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE High Yield Crossover Municipal Bond Transition Index (MXYT), an interim index that gradually increased exposure to securities based on their weightings in MHYX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR). Index data prior to March 1, 2022 reflects that of the LMEHTR.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

See “About Fund Performance” on page 12 for more information.

5

VANECK HIP SUSTAINABLE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MUNI1
One Year		1.62	%		1.74	%		2.60	%
Life*		(4.15	)%		(4.12	)%		(3.50	)%

*	Inception of Fund: 9/8/21; First Day of Secondary Market Trading: 9/9/21.
1	ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market.

Hypothetical Growth of $10,000 (Since Inception)

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

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

See “About Fund Performance” on page 12 for more information.

6

VANECK INTERMEDIATE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MBNI1			US002			LBUSTRUU3
One Year		3.79	%		3.59	%		3.91	%		(0.57	)%		(0.43	)%
Five Year		1.94	%		1.90	%		2.42	%		1.19	%		1.18	%
Ten Year		1.96	%		1.98	%		2.58	%		1.34	%		1.32	%

1	ICE Intermediate AMT-Free Broad National Municipal Index (MBNI) is comprised of intermediate maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNI. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT), an interim index that gradually increased exposure to securities based on their weightings in MBNI and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). Index data prior to March 1, 2022 reflects that of LMT2TR.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

See “About Fund Performance” on page 12 for more information.

7

VANECK LONG MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MBNL1			US002			LBUSTRUU3
One Year		1.99	%		0.40	%		1.18	%		(0.57	)%		(0.43	)%
Five Year		1.13	%		0.93	%		1.88	%		1.19	%		1.18	%
Ten Year		1.95	%		1.86	%		2.78	%		1.34	%		1.32	%

1	ICE Long AMT-Free Broad National Municipal Index (MBNL) is comprised of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNL. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE Long AMT-Free Broad National Municipal Transition Index (MLBT), an interim index that gradually increased exposure to securities based on their weightings in MBNL and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR). Index data prior to March 1, 2022 reflects that of LMT3TR.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

See “About Fund Performance” on page 12 for more information.

8

VANECK MUNI ALLOCATION ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MUNI1			LMBITR2
One Year		(0.10	)%		0.08	%		2.60	%		2.87	%
Life*		(1.74	)%		(1.72	)%		0.88	%		0.83	%

*	Inception of Fund: 5/15/19; First Day of Secondary Market Trading: 5/16/19.
1	ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market.
	On September 1, 2022, MUNI replaced the Bloomberg Municipal Bond Index (LMBITR) as the primary performance benchmark index. The MUNI is more representative of broad tax-exempt market exposure.
2	LMBITR is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year.

Hypothetical Growth of $10,000 (Since Inception)

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

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

See “About Fund Performance” on page 12 for more information.

9

VANECK SHORT HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MIHX1			US002			LBUSTRUU3
One Year		2.17	%		0.43	%		2.32	%		(0.57	)%		(0.43	)%
Five Year		1.47	%		1.29	%		3.31	%		1.19	%		1.18	%
Life*		1.87	%		1.78	%		3.63	%		1.69	%		1.65	%

*	Inception of Fund: 1/13/14; First Day of Secondary Market Trading: 1/14/14.
1	ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MIHX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT), an interim index that gradually increased exposure to securities based on their weightings in MIHX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR). Index data prior to March 1, 2022 reflects that of the BMHYTR.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

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

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

See “About Fund Performance” on page 12 for more information.

10

VANECK SHORT MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

Average Annual Total Return
	Share Price			NAV			MBNS1			US002			LBUSTRUU3
One Year		1.71	%		1.82	%		2.14	%		(0.57	)%		(0.43	)%
Five Year		1.21	%		1.18	%		1.45	%		1.19	%		1.18	%
Ten Year		0.77	%		0.84	%		1.25	%		1.34	%		1.32	%

1	ICE Short AMT-Free Broad National Municipal Index (MBNS) is comprised of short maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNS. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT), an interim index that gradually increased exposure to securities based on their weightings in MBNS and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR). Index data prior to March 1, 2022 reflects that of LMT1TR.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

See “About Fund Performance” on page 12 for more information.

11

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

CEFMXTR is published by S-Network Global Indexes, LLC (“S-Network”). MHYX, MXYT, MBNI, MIBT, MBNL, MLBT, MIHX, MXIT, MBNS, MSBT, MUNI and US00 are published by ICE Data Indices, LLC (“ICE Data”) and its affiliates. LMEHTR, LMT2TR, LMT3TR, LMBITR, BMHYTR, LMT1TR and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (“Bloomberg”). Bloomberg, ICE Data and S-Network are referred to herein as the “Index Providers”. Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

12

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022, to April 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
CEF Muni Income ETF
Actual	$1,000.00	$1,102.50	0.41%	$2.14
Hypothetical (b)	$1,000.00	$1,022.76	0.41%	$2.06
High Yield Muni ETF
Actual	$1,000.00	$1,070.10	0.35%	$1.80
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
HIP Sustainable Muni ETF
Actual	$1,000.00	$1,065.80	0.24%	$1.23
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Intermediate Muni  ETF
Actual	$1,000.00	$1,075.90	0.24%	$1.24
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Long Muni ETF
Actual	$1,000.00	$1,109.80	0.24%	$1.26
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Muni Allocation ETF
Actual	$1,000.00	$1,073.50	0.08%	$0.41
Hypothetical (b)	$1,000.00	$1,024.40	0.08%	$0.40
Short High Yield Muni ETF
Actual	$1,000.00	$1,045.40	0.35%	$1.78
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76

13

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
Short Muni ETF
Actual	$1,000.00	$1,028.80	0.20%	$1.01
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00

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

14

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Number of Shares		Value
CLOSED-END FUNDS: 99.9% (a)
Alliance Bernstein National Municipal Income Fund, Inc.		219,889	$	2,368,205
Blackrock Investment Quality Municipal Trust, Inc.		96,703		1,136,260
BlackRock Long-Term Municipal Advantage Trust		70,466		714,525
BlackRock MuniAssets Fund, Inc.		209,454		2,165,754
BlackRock Municipal 2030 Target Term Trust		383,597		8,197,468
BlackRock Municipal Income Fund, Inc.		554,575		6,372,067
BlackRock Municipal Income Quality Trust		181,974		2,096,341
BlackRock Municipal Income Trust		338,934		3,406,287
BlackRock Municipal Income Trust II		334,309		3,516,931
BlackRock MuniHoldings Fund, Inc.		396,404		4,681,531
BlackRock MuniHoldings Quality Fund II, Inc.		168,980		1,671,212
BlackRock MuniVest Fund II, Inc.		161,419		1,711,041
BlackRock MuniVest Fund, Inc.		477,324		3,264,896
BlackRock MuniYield Fund, Inc.		319,897		3,371,714
BlackRock MuniYield Quality Fund II, Inc.		154,641		1,586,617
BlackRock MuniYield Quality Fund III, Inc.		461,516		5,132,058
BlackRock MuniYield Quality Fund, Inc.		498,173		5,883,423
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		97,691		1,089,255
BNY Mellon Municipal Income, Inc.		160,183		1,009,153
BNY Mellon Strategic Municipal Bond Fund, Inc.		374,624		2,195,297
BNY Mellon Strategic Municipals, Inc.		409,938		2,590,808
Delaware Investments National Municipal Income Fund		83,206		866,175
DWS Municipal Income Trust		302,431		2,628,125
Eaton Vance Municipal Bond Fund		487,314		5,019,334
Eaton Vance Municipal Income 2028 Term Trust		56,915		1,054,066

	Number of Shares		Value
Eaton Vance Municipal Income Trust		268,973	$	2,743,525
Eaton Vance National Municipal Opportunities Trust		72,070		1,255,459
Invesco Advantage Municipal Income Trust II		297,517		2,555,671
Invesco Municipal Income Opportunities Trust		171,942		1,108,166
Invesco Municipal Opportunity Trust		456,074		4,360,067
Invesco Municipal Trust		372,129		3,579,881
Invesco Quality Municipal Income Trust		356,427		3,475,163
Invesco Trust for Investment Grade Municipals		363,126		3,565,897
Invesco Value Municipal Income Trust		315,534		3,836,893
MFS High Income Municipal Trust		242,626		856,470
MFS Municipal Income Trust		316,110		1,650,094
Neuberger Berman Municipal Fund, Inc.		128,072		1,362,686
Nuveen AMT-Free Municipal Credit Income Fund		1,402,172		16,545,630
Nuveen AMT-Free Municipal Value Fund		96,315		1,332,036
Nuveen AMT-Free Quality Municipal Income Fund		1,472,445		16,358,864
Nuveen Dynamic Municipal Opportunities Fund		231,667		2,462,620
Nuveen Municipal Credit Income Fund		1,141,223		13,318,072
Nuveen Municipal Credit Opportunities Fund		257,321		2,853,690
Nuveen Municipal High Income Opportunity Fund		512,120		5,530,896
Nuveen Municipal Value Fund, Inc.		958,956		8,438,813
Nuveen Quality Municipal Income Fund		1,408,422		16,154,600
Nuveen Select Tax-Free Income Portfolio		182,518		2,655,637
PIMCO Municipal Income Fund		100,935		1,000,266
PIMCO Municipal Income Fund II		248,364		2,272,531
PIMCO Municipal Income Fund III		132,616		1,079,494

See Notes to Financial Statements

15

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Pioneer Municipal High Income Advantage Fund, Inc.		182,479	$	1,476,255
Pioneer Municipal High Income Fund Trust		174,104		1,528,633
Pioneer Municipal High Income Opportunities Fund, Inc.		126,553		1,351,586
Putnam Managed Municipal Income Trust		181,915		1,100,586
Putnam Municipal Opportunities Trust		126,330		1,299,936
Western Asset Managed Municipals Fund, Inc.		325,313		3,292,168
Total Closed-End Funds: 99.9% (Cost: $248,479,329)				204,130,828
Other assets less liabilities: 0.1%				269,452
NET ASSETS: 100.0%			$	204,400,280

Footnotes:

(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov.

Summary of Investments by Sector	% of Investments			Value
Financials		100.0	%	$	204,130,828

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	204,130,828	$	—	$	—	$	204,130,828

See Notes to Financial Statements

16

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.0%
Alabama: 2.2%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25	$	315		$	309,945
5.75%, 06/01/26 (c)		2,000			1,699,099
5.75%, 06/01/26 (c)		1,400			1,310,740
6.00%, 06/01/26 (c)		5,900			5,048,672
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM) 5.00%, 10/01/27 (c)		1,000			1,052,552
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,180			1,298,985
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		12,540			12,733,886
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			10,575,833
6.50%, 10/01/23 (c)		9,000			9,532,272
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		60			24,408
0.00%, 10/01/23 (c) ^		100			47,931
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c)		1,350			1,344,462
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p)		1,000			992,578
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		13,500			12,177,689
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		3,204			2,938,738
					61,087,790
Alaska: 0.1%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,500			1,327,450

	Par   (000’s		)	Value
Alaska (continued)
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^	$	3,000		$	380,655
					1,708,105
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		4,250			4,225,716
6.50%, 09/01/28		250			267,527
6.62%, 09/01/25 (c)		1,000			1,047,680
					5,540,923
Arizona: 2.5%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c)		1,000			893,856
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			471,193
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		200			202,724
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		2,940			2,987,178
6.00%, 07/01/27 (c)		1,320			1,358,971
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c)		1,545			1,488,125
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			250,091
5.25%, 07/01/26 (c)		500			475,667
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			247,998
5.00%, 07/01/27 (c)		515			464,704
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			459,256

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/28 (c)	$	1,000		$	942,309
Arizona Industrial Development Authority, Education Facility, Series A (RB)
4.00%, 07/01/31 (c)		1,500			1,177,825
5.25%, 07/01/23 (c)		2,650			2,623,661
5.50%, 07/01/23 (c)		2,100			1,997,554
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,009,113
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.62%, 07/01/27 (d) *		1,000			650,000
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) (d) *		2,000			1,300,000
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			487,034
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,400			1,019,202
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG) 5.00%, 07/01/29 (c)		6,990			7,256,303
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c)		250			235,025
5.00%, 11/15/24 (c)		1,000			859,357
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c)		1,340			1,103,854
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		315			309,482
5.00%, 07/01/25 (c)		500			464,537
5.00%, 07/01/25 (c)		900			902,866
5.00%, 07/01/25 (c)		1,000			923,809

	Par   (000’s		)	Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)	$	750		$	755,036
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		2,320			2,119,613
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			739,225
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c)		5,830			4,839,632
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,000			1,020,774
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,400			1,427,382
5.00%, 07/01/29 (c)		1,300			1,330,729
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			481,187
5.00%, 07/01/29 (c)		500			438,067
5.00%, 07/01/29 (c)		1,990			1,776,856
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,649,261
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 (d) *		255			233,464
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c)		5,000			3,828,471
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/24 (c)		1,000			1,001,296

See Notes to Financial Statements

18

	Par   (000’s		)	Value
Arizona (continued)
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/31 (c)	$	1,000		$	781,114
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c)		1,250			1,251,022
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			249,763
5.38%, 07/01/26 (c)		250			237,704
5.50%, 07/01/26 (c)		250			237,602
Pima County, Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c)		1,000			1,009,047
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		9,605			9,964,241
5.25%, 12/01/24		305			309,206
5.25%, 12/01/25		265			271,565
5.25%, 12/01/27		215			224,864
5.25%, 12/01/28		245			258,908
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			289,579
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/27 (c)		1,200			851,023
6.12%, 10/01/27 (c)		600			366,158
					70,504,483
Arkansas: 0.9%
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/26 (c)		20,570			18,461,949
4.75%, 09/01/27 (c)		5,000			4,665,380
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.45%, 09/01/25 (c)		3,000			2,995,391
					26,122,720
California: 12.1%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		5,000			5,135,156
5.00%, 10/01/26 (c)		3,000			3,119,234
5.00%, 10/01/26 (c)		1,650			1,708,024

	Par   (000’s		)	Value
California (continued)
5.00%, 10/01/26 (c)	$	2,230		$	2,299,798
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		615			574,098
4.00%, 09/01/23 (c)		420			380,414
4.00%, 09/01/23 (c)		160			158,552
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/27 (c)		2,000			2,136,209
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/26 (c)		1,480			1,517,334
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p)		1,000			1,061,434
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p)		1,500			1,513,905
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		1,695			1,711,295
California Community Housing Agency Senior Essential Housing, Series A-1 (RB) (AGM) 3.00%, 08/01/32 (c)		3,000			1,937,815
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,100			2,865,740
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			9,060,609
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		8,150			6,640,765
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/31 (c)		4,000			2,666,217
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			2,149,873

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c)	$	2,000		$	1,375,801
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)		3,000			2,488,408
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			1,500,475
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			3,715,685
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			4,456,112
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/30/23 (c)		15			15,232
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 05/15/23 (c)		15			14,662
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,170			1,085,782
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			229,219
4.20%, 08/15/27 (c)		500			498,552
5.00%, 08/15/27 (c)		460			479,354
5.00%, 08/15/27 (c)		990			1,014,397
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c)		590			608,636
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		969			918,496
4.00%, 03/20/33		3,782			3,777,085
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 11/01/31 (c)		2,300			2,084,320

	Par   (000’s		)	Value
California (continued)
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c)	$	1,085		$	1,234,083
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c)		1,000			772,333
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/31 (c)		2,500			1,923,082
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c)		1,910			1,787,502
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			504,284
6.12%, 11/01/23 (c)		1,000			1,011,244
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c)		1,000			886,463
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			518,318
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			143,205
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)
3.00%, 05/15/31 (c)		3,650			2,834,793
4.00%, 05/15/31 (c)		5,000			4,714,271
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			1,462,695
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/27 (c)		1,165			1,121,475

See Notes to Financial Statements

20

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)	$	250		$	265,422
5.00%, 07/01/27 (c)		200			212,367
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			444,708
5.00%, 10/01/27 (c)		500			483,668
5.00%, 10/01/27 (c)		500			456,295
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,231,975
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		500			533,060
5.00%, 06/30/28		65			69,292
5.00%, 06/30/28 (c)		600			639,633
5.00%, 06/30/28 (c)		2,490			2,538,616
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			1,877,924
5.00%, 06/30/28 (c)		700			736,079
5.00%, 06/30/28 (c)		1,000			1,034,386
5.00%, 06/30/28 (c)		1,035			1,102,268
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			227,062
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			468,744
5.00%, 07/01/28 (c)		1,000			894,126
5.00%, 07/01/28 (c)		130			124,456
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/29 (c)		2,000			1,949,920
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		250			238,676
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		19,000			18,529,915

	Par   (000’s		)	Value
California (continued)
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/23 (c)	$	1,500		$	1,500,589
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			50,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
7.50%, 05/30/23 (c) (d) *		10,500			525,000
8.00%, 07/01/27 (c) (d) *		6,635			331,750
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,000			130,000
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB)
5.00%, 07/01/23 (c)		2,500			2,499,865
5.00%, 07/01/33 (c)		1,000			1,046,183
5.00%, 07/01/33 (c)		1,000			1,042,023
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/27 (c)		400			361,568
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c)		1,000			924,010
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 (c)		300			289,957
5.00%, 07/01/27 (c)		1,000			964,814
5.00%, 07/01/27		110			106,787
5.00%, 07/01/27 (c)		485			469,446
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c)		2,000			2,013,816
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c)		1,000			897,048
California School Finance Authority, Hawking Steam Charter School Project (RB) 5.50%, 07/01/29 (c)		1,000			982,554
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/31 (c)		2,700			1,999,025

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
4.00%, 11/01/31 (c)	$	1,000		$	756,154
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			873,196
6.38%, 07/01/25 (c)		4,425			4,767,599
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/26 (c)		250			231,592
5.25%, 06/01/26 (c)		250			232,762
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		1,500			1,436,592
5.00%, 11/01/27 (c)		1,000			995,222
6.38%, 11/01/23 (c)		1,000			1,008,526
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			228,143
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 05/30/23 (c)		32			29,679
5.75%, 05/30/23 (c)		6			5,678
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/30/23 (c)		1			833
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/26 (c)		545			558,704
5.00%, 05/15/26 (c)		385			397,557
California Statewide Communities Development Authority, John Muir Health, Series A (RB) 5.00%, 12/01/27 (c)		2,305			2,380,023
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c)		435			423,730
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			75,227

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c)	$	1,595		$	1,614,916
5.00%, 06/01/26 (c)		12,445			12,402,897
5.00%, 06/01/26 (c)		350			361,077
5.25%, 12/01/24 (c)		5,300			5,307,789
5.25%, 12/01/24 (c)		1,740			1,777,023
5.25%, 06/01/26 (c)		10,000			9,588,332
5.25%, 06/01/28 (c)		1,000			972,927
5.50%, 12/01/24 (c)		20,180			20,147,647
5.50%, 06/01/28 (c)		7,500			7,464,277
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c)		2,000			2,123,587
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			3,093,175
5.75%, 05/30/23 (c)		125			124,996
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c)		615			570,942
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			3,194,442
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 05/30/23 (c)		3,175			3,226,723
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/30/23 (c)		900			914,659
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			432,600
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			253,827
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		250			251,555
4.00%, 09/01/23 (c)		230			232,396

See Notes to Financial Statements

22

	Par   (000’s		)	Value
California (continued)
4.00%, 09/01/23 (c)	$	250		$	252,215
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			760,634
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		2,500			2,148,348
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			175,094
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		810			825,453
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			477,272
5.00%, 09/01/27 (c)		155			163,507
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c)		3,450			3,513,699
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		200			204,641
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,060,997
CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB) 4.00%, 04/01/31 (c)		2,000			1,430,711
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/31 (c)		3,000			1,999,663
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,985			1,531,394
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c)		6,650			4,408,925
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c)		1,000			786,474
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c)		2,500			2,061,692
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			982,403
4.50%, 09/01/24 (c)		1,585			1,551,811

	Par   (000’s		)	Value
California (continued)
County of Los Angeles Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c)	$	1,000		$	1,016,029
CSCDA Community Improvement Authority Essential Housing, Acacia on Santa Rosa Creek, Series A (RB) (NATL) 4.00%, 10/01/31 (c)		1,000			813,415
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			754,623
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,750			5,782,486
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		3,000			2,469,612
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c)		2,000			1,335,368
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/32 (c)		1,000			695,176
4.00%, 05/01/32 (c)		1,500			1,047,320
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c)		1,000			734,922
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c)		3,000			1,975,830
CSCDA Community Improvement Authority, Link-Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		5,350			3,829,234
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c)		2,000			1,353,483
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c)		2,500			1,893,085

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)	$	2,000		$	1,502,591
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c)		1,000			736,960
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			722,491
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c)		500			361,663
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 06/01/32 (c)		2,000			1,498,718
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			510,873
5.00%, 09/01/26 (c)		500			507,151
5.00%, 09/01/26 (c)		500			519,740
5.00%, 09/01/27 (c)		1,150			1,194,066
5.00%, 09/01/27 (c)		485			494,337
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/27 (c)		1,100			1,155,625
5.00%, 09/01/27 (c)		2,000			2,050,252
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c)		100			90,873
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			396,175
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) 5.00%, 12/01/31 (c)		2,000			2,095,058
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/31 (c) ^		51,000			5,656,818
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			197,468

	Par   (000’s		)	Value
California (continued)
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)	$	405		$	413,272
Lammersville Joint Unified School District, Mountain House School Facilities (ST) 5.00%, 09/01/25 (c)		1,000			1,023,543
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 05/30/23 (c)		37			37,070
MSR Energy Authority, Series A (RB)
6.12%, 11/01/29		455			489,721
6.50%, 11/01/39		6,200			7,274,582
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			975,719
5.25%, 08/15/25 (c)		455			463,511
Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA) 4.00%, 09/02/28 (c)		1,200			1,149,812
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			261,895
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			115,605
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,000			1,011,648
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			774,115
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c)		500			508,830
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			506,332
Roseville California Special Tax, The Ranch at Sierra Vista (ST) (AGM) 4.00%, 09/01/27 (c)		1,000			864,582
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			502,424
5.00%, 09/01/26 (c)		345			351,971
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/31 (c)		745			799,611

See Notes to Financial Statements

24

	Par   (000’s		)	Value
California (continued)
San Diego County, California Regional Airport, Series A (RB) 4.00%, 07/01/31 (c)	$	1,050		$	1,036,365
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB) 5.00%, 01/01/29 (c)		1,475			1,525,272
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c)		4,750			4,771,525
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			306,595
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c)		500			518,990
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			203,158
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c)		2,000			1,879,595
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/25 ^		1,000			939,509
0.00%, 01/15/32 ^		145			103,925
0.00%, 01/15/36 ^		105			61,600
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c)		500			507,502
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/23 (c)		1,035			1,041,613
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)		4,500			4,124,133
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/30 (c) ^		20,000			3,382,952

	Par   (000’s		)	Value
California (continued)
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c)	$	1,495		$	1,549,155
Tobacco Securitization Authority of Southern California, Series B (RB) 4.00%, 12/01/30 (c)		1,205			1,181,694
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			101,093
5.00%, 09/01/25 (c)		100			101,509
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			762,998
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			280,500
5.30%, 09/01/23 (c) (d) *		530			174,900
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			453,414
					340,071,082
Colorado: 3.0%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c)		500			487,589
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,010			2,016,557
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 05/30/23 (c)		1,000			1,002,738
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			456,251
5.00%, 12/01/25 (c)		500			477,928
Broadway Station Metropolitan District No. 3, Series A (GO) 5.00%, 06/01/24 (c)		1,425			1,107,311
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO) 5.00%, 12/01/25 (c)		1,000			868,941
Centerra Metropolitan District No. 1 (TA)
5.00%, 05/30/23 (c)		500			493,475
5.00%, 05/30/23 (c)		500			453,766
5.00%, 05/30/23 (c)		500			475,408
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		10,195			10,206,163

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Colorado (continued)
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)	$	2,250		$	2,034,517
Clear Creek Transit Metropolitan District No. 2, Colorado, Series A (GO) 5.00%, 12/01/26 (c)		1,000			867,031
Colorado Bridge Enterprise, Central 70 Project (RB) 4.00%, 12/31/27 (c)		2,700			2,415,944
Colorado Crossing Metropolitan District No. 2, Series A-2 (GO) 5.00%, 12/01/25 (c)		3,000			2,619,580
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			896,215
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			458,860
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		510			499,511
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		5			3,635
4.00%, 08/01/29 (c)		4,735			4,294,470
5.00%, 08/01/29 (c)		2,000			2,066,009
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 06/01/25 (c)		1,000			1,010,895
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c)		536			134,040
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)
5.00%, 12/31/24 (c)		3,250			3,172,152
5.00%, 12/31/24 (c)		350			344,578
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			446,685
5.75%, 12/01/26 (c)		500			436,914

	Par   (000’s		)	Value
Colorado (continued)
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c)	$	1,000		$	1,002,972
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		820			768,883
5.25%, 11/01/25 (c)		2,345			2,259,736
5.50%, 11/01/25 (c)		1,865			1,781,333
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			963,380
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			816,678
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c)		1,000			801,990
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c)		1,000			961,000
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c)		540			460,517
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/26 (c)		4,000			3,945,899
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38		2,000			2,397,831
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c)		981			722,872
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c)		5,750			4,042,138
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,500			1,425,847
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		1,615			1,517,089
Rocky Mountain Rail Park Metropolitan District, Series A (GO)
5.00%, 03/01/26 (c)		2,000			1,152,260
5.00%, 03/01/26 (c)		1,000			671,191

See Notes to Financial Statements

26

	Par   (000’s		)	Value
Colorado (continued)
Southglenn Metropolitan District (GO) 5.00%, 05/30/23 (c)	$	1,000		$	936,843
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		1,200			1,127,471
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) 4.25%, 12/01/25 (c)		1,000			786,783
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		4,000			3,220,670
5.00%, 03/01/26 (c)		4,200			3,767,859
Tree Farm Metropolitan District, Eagle County, Colorado (GO) 4.75%, 12/01/26 (c)		2,000			1,712,647
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			498,036
5.38%, 12/01/23 (c)		1,500			1,494,656
Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c)		1,025			1,011,052
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 09/01/26 (c)		1,000			760,113
4.00%, 09/01/26 (c)		1,000			693,148
4.12%, 09/01/26 (c)		2,980			1,820,743
					83,268,800
Connecticut: 0.6%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/09/23 (c)		630			612,485
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)		1,200			969,461
5.00%, 09/01/26 (c)		3,500			2,943,617
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/29 (c)		2,630			2,475,646
5.00%, 07/01/29 (c)		1,100			1,057,023
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		8,000			6,234,332
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			1,715,275

	Par   (000’s		)	Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/29 (c)	$	500		$	461,639
5.00%, 07/01/29 (c)		1,000			1,031,228
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			205,635
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			196,411
					17,902,752
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			1,344,286
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/32 (c)		915			676,650
5.00%, 06/01/26 (c)		1,000			914,299
5.00%, 06/01/26 (c)		250			246,920
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c)		1,100			982,870
					4,165,025
District of Columbia: 0.7%
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		1,225			1,402,972
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		250			243,532
5.00%, 07/01/24 (c)		1,180			1,046,581
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		2,500			2,285,564
5.00%, 06/01/30 (c)		500			482,169
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		11,325			5,888,804
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 0.00%, 10/01/37 ^		2,020			1,103,087

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
District of Columbia (continued)
4.00%, 10/01/29 (c)	$	250		$	253,545
4.00%, 10/01/29 (c)		7,315			7,060,363
6.50%, 10/01/28 (c)		245			278,638
					20,045,255
Florida: 4.7%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB) 5.00%, 12/01/24 (c)		1,055			1,071,660
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series A (RB) 4.00%, 12/01/29 (c)		1,000			898,627
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,000			1,046,291
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/29 (c)		2,150			2,123,041
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			204,737
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)		7,200			6,563,632
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		1,335			1,291,252
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)		500			459,290
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			486,847
5.12%, 01/01/29 (c)		500			479,537
5.25%, 01/01/29 (c)		500			464,435
5.38%, 01/01/29 (c)		500			467,445
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		260			254,856
5.25%, 06/15/27 (c)		500			475,063
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,054,217
5.25%, 12/01/28 (c)		2,200			2,000,726
5.25%, 12/01/28 (c)		2,000			1,903,291

	Par   (000’s		)	Value
Florida (continued)
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 07/01/30 (c)	$	2,250		$	1,709,513
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		3,000			3,271,574
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27		1,100			1,195,005
5.00%, 11/01/27 (c)		2,500			2,725,755
5.00%, 11/01/27 (c)		500			537,130
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			223,472
5.00%, 06/01/25 (c)		1,210			1,215,879
5.00%, 06/01/25 (c)		300			299,635
Clay County, Florida (RB) 4.00%, 10/01/29 (c)		1,100			1,087,591
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		590			330,400
8.12%, 05/15/24 (c) (d) *		460			257,600
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		2,135			2,200,708
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		1,645			1,721,616
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c)		1,000			1,074,290
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 4.00%, 02/15/30 (c)		2,000			1,787,933
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c)		1,000			956,239
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c)		2,225			2,214,338
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c)		425			393,650

See Notes to Financial Statements

28

	Par   (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)	$	1,250		$	786,429
5.25%, 06/01/27 (c)		1,000			843,881
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,012,895
6.00%, 06/15/25 (c)		500			505,100
6.12%, 06/15/25 (c)		685			687,028
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c)		1,000			913,744
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.38%, 01/01/26 (c) (p)		9,695			9,219,518
6.50%, 01/01/29 (c) (p)		9,750			9,201,603
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 3.00%, 06/01/24 (c)		1,500			1,160,708
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,452,911
5.50%, 11/01/29 (c)		2,450			2,330,232
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)
3.50%, 02/01/31 (c)		1,500			1,176,413
4.00%, 02/01/31 (c)		6,500			6,099,772
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c)		2,000			1,716,616
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 05/30/23 (c)		500			481,866
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c)		1,000			838,410
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		3,000			3,016,707

	Par   (000’s		)	Value
Florida (continued)
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 4.00%, 11/15/31 (c)	$	2,500		$	2,276,640
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		1,880			1,893,202
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			751,108
5.25%, 11/01/27 (c)		250			246,738
Miami-Dade County Aviation, Series A (RB) (BAM-TCRS) 5.00%, 10/01/24 (c)		3,000			3,025,989
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c)		1,000			942,364
Miami-Dade County, Florida Expressway Authority Toll System, Series A (RB) 5.00%, 05/30/23 (c)		2,450			2,456,815
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c)		1,360			1,448,056
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/25 (c)		500			510,467
5.00%, 10/01/25 (c)		2,500			2,522,504
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			1,005,598
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/30/23 (c)		705			704,833
5.00%, 05/30/23 (c)		2,000			1,993,920
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			164,141
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)		200			192,021
5.00%, 08/01/27 (c)		200			200,134
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB)
0.00%, 10/01/29 (c) ^		2,905			1,118,420
0.00%, 10/01/29 (c) ^		1,250			512,519

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Florida (continued)
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/25 (c)	$	3,230		$	2,760,151
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		1,000			961,733
5.00%, 04/01/29 (c)		2,500			2,250,508
Palm Cost Park Community Development District (SA) 5.70%, 05/30/23 (c)		155			155,075
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		5,000			5,045,388
Sawyer’s Landing Community Development District, Miami-Dade County, Florida (SA) 4.12%, 05/01/31 (c)		1,055			887,381
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/26 (c)		500			387,898
5.75%, 11/15/26 (c)		1,500			1,187,257
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/30/23 (c)		2,600			2,403,071
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/25 (c)		1,100			1,098,121
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		195			192,360
3.62%, 05/01/26 (c)		1,000			965,901
4.25%, 05/01/28 (c)		920			834,562
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		720			664,146
3.55%, 05/01/29 (c)		2,780			2,301,882
					130,952,011
Georgia: 1.3%
Augusta, Georgia Development Authority, AU Health System, Inc. Project (RB) 5.00%, 01/01/29 (c)		1,100			1,059,763

	Par   (000’s		)	Value
Georgia (continued)
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)	$	6,525		$	5,975,213
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		2,000			1,831,483
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,219,505
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c)		700			571,774
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		2,250			1,823,377
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			441,567
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/27 (c)		2,680			2,663,353
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c)		250			253,728
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 11/01/27 (c) (p)		7,000			6,735,620
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		1,000			899,672
5.00%, 11/01/27 (c)		5,000			4,805,543
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		375			376,191
Municipal Electric Authority of Georgia, Series A (RB)
5.00%, 01/01/25 (c)		6,000			6,135,462
5.00%, 07/01/28 (c)		1,250			1,263,487
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			446,048
5.25%, 10/01/26 (c)		500			425,457
					36,927,243

See Notes to Financial Statements

30

	Par   (000’s		)	Value
Guam: 0.9%
Guam Government (GO) 5.00%, 05/15/29 (c)	$	1,165		$	1,219,152
Guam Government (RB)
4.00%, 01/01/31 (c)		1,000			975,032
5.00%, 12/01/26 (c)		2,290			2,363,509
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			537,997
5.00%, 11/15/25 (c)		1,085			1,085,735
5.00%, 11/15/25 (c)		1,100			1,110,719
5.00%, 11/15/25 (c)		1,040			1,054,741
5.00%, 11/15/25 (c)		5,805			5,906,516
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c)		7,000			6,304,963
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			502,770
5.00%, 02/01/30 (c)		500			504,236
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		750			808,012
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		3,120			3,074,420
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c)		500			513,715
					25,961,517
Hawaii: 0.4%
Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB) 4.00%, 03/01/27 (c)		5,000			4,803,763
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 05/30/23 (c)		1,775			1,635,048
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)		1,400			1,402,303
6.62%, 07/01/23 (c)		2,085			2,090,165
					9,931,279
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			409,916
5.00%, 09/01/26 (c)		1,135			1,142,338
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c)		100			84,922
					1,637,176

	Par   (000’s		)	Value
Illinois: 10.8%
Board of Education of the City of Chicago, Series A (GO) (AMBAC) 5.50%, 12/01/31	$	1,285		$	1,412,769
Board of Education of the City of Chicago, Series C (GO) (AGM) 5.00%, 12/01/28 (c)		500			538,112
Board of Education of the City of Chicago, Series H (GO) 5.00%, 12/01/27 (c)		4,000			4,061,921
Chicago Board of Education, Series A (GO)
4.00%, 12/01/31 (c)		6,250			5,386,042
4.00%, 12/01/31 (c)		2,975			2,632,314
5.00%, 12/01/28 (c)		1,265			1,321,069
5.00%, 12/01/28 (c)		250			258,924
5.00%, 12/01/29		1,000			1,054,477
5.00%, 12/01/29 (c)		1,195			1,254,218
5.00%, 12/01/30 (c)		100			103,679
5.00%, 12/01/30 (c)		6,350			6,416,937
5.00%, 12/01/30 (c)		3,610			3,686,529
5.00%, 12/01/30 (c)		6,990			7,181,532
5.00%, 12/01/30 (c)		395			410,588
5.00%, 12/01/30 (c)		6,000			6,088,607
5.00%, 12/01/30 (c)		4,100			4,290,984
5.00%, 12/01/30 (c)		5,575			5,849,874
5.00%, 12/01/31 (c)		8,000			7,966,021
5.00%, 05/30/23 (c)		13,755			13,703,398
7.00%, 12/01/25 (c)		5,200			5,598,022
7.00%, 12/01/25 (c)		14,210			14,983,671
7.00%, 12/01/27 (c)		2,250			2,440,295
Chicago Board of Education, Series A (GO) (AGM) 5.00%, 12/01/28 (c)		250			267,059
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			149,041
5.50%, 12/01/26		175			181,902
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			639,364
0.00%, 12/01/28 ^		390			315,398
0.00%, 12/01/30 ^		55			40,752
5.50%, 12/01/26		355			371,278
Chicago Board of Education, Series B (GO)
4.00%, 12/01/31 (c)		5,000			4,615,343
4.00%, 12/01/31 (c)		5,000			4,590,315
4.00%, 12/01/31 (c)		7,130			6,502,270
5.00%, 12/01/27		1,500			1,567,761
5.00%, 12/01/29 (c)		200			208,251
5.00%, 12/01/30 (c)		3,600			3,778,052
5.00%, 05/30/23 (c)		3,235			3,241,892
5.00%, 05/30/23 (c)		1,105			1,107,634
6.50%, 12/01/26 (c)		4,000			4,204,391

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27	$	2,000		$	2,090,348
5.00%, 12/01/27 (c)		3,750			3,857,293
5.25%, 12/01/24 (c)		8,485			8,582,938
5.25%, 12/01/24 (c)		8,040			8,085,112
6.00%, 12/01/24 (c)		1,160			1,190,440
Chicago Board of Education, Series D (GO) (AGM)
5.00%, 12/01/23 (c)		5			4,927
5.00%, 12/01/28 (c)		2,500			2,479,374
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,441,215
Chicago Board of Education, Series G (GO)
5.00%, 12/01/27 (c)		4,960			5,101,913
5.00%, 12/01/27 (c)		3,000			2,984,197
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		7,080			7,021,588
Chicago Midway International Airport, Series A (RB) 5.00%, 01/01/24 (c)		2,500			2,523,944
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		2,500			2,513,563
Chicago O’Hare International Airport (RB)
5.00%, 07/01/28 (c)		3,000			2,979,810
5.50%, 05/30/23 (c)		400			400,654
5.75%, 05/30/23 (c)		8,915			8,926,564
5.75%, 05/30/23 (c)		1,585			1,587,137
Chicago O’Hare International Airport, Series B (RB) 4.00%, 05/30/23 (c)		1,500			1,500,442
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/25 ^		355			321,770
0.00%, 12/01/29 ^		1,460			1,131,256
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/24 ^		1,165			1,095,065
0.00%, 12/01/25 ^		1,650			1,495,549
0.00%, 12/01/26 ^		1,630			1,424,031
0.00%, 12/01/27 ^		1,030			866,506
0.00%, 12/01/28 ^		690			558,013
0.00%, 12/01/29 ^		645			499,767
0.00%, 12/01/31 ^		520			367,623
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		100			105,140
City of Chicago, City Colleges (GO) (NATL) 0.00%, 01/01/28 ^		345			287,303

	Par   (000’s		)	Value
Illinois (continued)
0.00%, 01/01/30 ^	$	420		$	321,852
0.00%, 01/01/33 ^		985			656,695
0.00%, 01/01/34 ^		760			482,258
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		235			240,371
City of Chicago, Series A (GO)
5.00%, 01/01/27		200			209,661
5.00%, 01/01/27		1,000			1,048,307
5.00%, 01/01/31 (c)		3,000			3,243,574
5.00%, 01/01/31 (c)		3,000			3,232,946
5.25%, 01/01/24 (c)		1,810			1,819,988
5.50%, 01/01/29 (c)		1,000			1,042,326
6.00%, 01/01/27 (c)		5,000			5,325,073
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			112,019
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,969,345
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c)		2,195			2,243,260
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			135,186
5.00%, 01/01/24		10			10,086
5.00%, 01/01/25		1,760			1,800,223
5.00%, 01/01/26 (c)		250			257,200
5.00%, 01/01/26		380			393,772
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c)		5,000			5,091,012
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		990			1,074,635
City of Harvey, Series A (GO)
5.50%, 05/30/23 (c) (d) *		465			426,056
5.62%, 05/30/23 (c) (d) *		3,600			3,298,500
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,243,479
Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB) 5.00%, 08/15/27 (c)		4,125			3,947,716
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c)		1,000			786,956
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/24 (c)		390			321,071
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 05/30/23 (c)		35			33,395

See Notes to Financial Statements

32

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
5.00%, 07/01/25 (c)	$	1,000		$	951,315
5.00%, 07/01/25 (c)		1,340			1,101,634
Illinois Finance Authority, Christian Homes, Inc. (RB) 5.00%, 05/15/26 (c)		1,875			1,721,966
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			601,547
5.12%, 05/15/23 (c)		230			223,681
5.25%, 05/15/23 (c)		750			728,062
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		3,000			1,350,000
5.00%, 02/15/27 (c) (d) *		6,500			2,925,000
5.12%, 02/15/27 (c) (d) *		6,130			2,758,500
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			84,383
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/29 (c)		175			160,558
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			513,279
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)		500			477,559
5.00%, 11/01/26 (c)		5			4,544
5.00%, 11/01/26 (c)		250			236,670
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 05/30/23 (c)		475			460,669
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,029,719
5.00%, 06/15/29 (c)		3,055			3,134,274
5.00%, 06/15/29		1,000			1,031,545
5.00%, 06/15/30		1,000			1,023,852
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,013,722
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			606,139
Illinois State, Series A (GO)
5.00%, 12/01/27 (c)		500			534,344
5.00%, 05/01/28 (c)		500			518,866

	Par   (000’s		)	Value
Illinois (continued)
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
3.00%, 12/15/24 (c)	$	2,000		$	1,967,072
4.00%, 12/15/31 (c)		75			68,824
5.00%, 12/15/29 (c)		6,500			6,572,630
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/30 ^		475			359,914
0.00%, 12/15/34 ^		590			369,765
0.00%, 06/15/30 ^		745			576,518
0.00%, 06/15/31 ^		125			92,692
0.00%, 06/15/34 ^		190			122,270
0.00%, 06/15/39 ^		115			55,946
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 05/30/23 (c)		585			466,856
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/26 (c)		2,000			2,028,900
Northern Illinois University Board of Trustees, Auxiliary Facilities System (RB) (BAM) 4.00%, 04/01/31 (c)		1,200			1,160,573
State of Illinois (GO)
3.50%, 06/01/26 (c)		175			173,166
4.00%, 01/01/26 (c)		610			618,646
4.00%, 05/01/24		660			662,607
4.00%, 06/01/26 (c)		460			454,883
4.00%, 06/01/26 (c)		360			362,601
4.00%, 06/01/26 (c)		270			271,062
4.00%, 08/08/23 (c)		150			150,273
4.12%, 11/01/26 (c)		600			612,926
4.12%, 08/08/23 (c)		160			160,344
5.00%, 11/01/24		200			204,195
5.00%, 02/01/24 (c)		375			379,105
5.00%, 02/01/24 (c)		350			353,787
5.00%, 02/01/27		500			529,838
5.00%, 05/01/24 (c)		175			177,106
5.00%, 05/01/24 (c)		100			101,093
5.00%, 06/01/26		125			130,977
5.25%, 07/10/23 (c)		510			511,821
5.25%, 07/10/23 (c)		290			291,035
5.25%, 07/10/23 (c)		550			551,964
5.50%, 07/10/23 (c)		560			562,259
State of Illinois (RB) 3.00%, 06/15/26 (c)		100			94,854
State of Illinois, Series A (GO)
4.00%, 08/08/23 (c)		100			100,182
5.00%, 10/01/28		500			543,367
5.00%, 11/01/28		5			5,440
5.00%, 12/01/27 (c)		100			105,969
5.00%, 05/01/28 (c)		365			380,097

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 08/08/23 (c)	$	110		$	110,489
State of Illinois, Series D (GO)
5.00%, 11/01/25		250			259,305
5.00%, 11/01/26		2,000			2,111,772
5.00%, 11/01/27		2,975			3,190,620
5.00%, 11/01/27 (c)		4,935			5,300,024
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/30 (c)		1,000			969,041
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			463,505
Village of Bridgeview (GO) 5.00%, 05/30/23 (c)		360			312,793
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			73,182
0.00%, 01/01/31 ^		245			184,088
0.00%, 01/01/33 ^		540			372,150
					301,481,484
Indiana: 0.8%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 05/30/23 (c)		215			205,182
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		150			150,195
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30		1,500			1,364,922
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c)		4,000			4,095,210
Indiana Finance Authority, Deaconess Health System, Series A (RB) 5.00%, 09/01/26 (c)		1,000			1,069,105
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		7,000			7,011,385
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			3,184,819

	Par   (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26	$	5,500		$	5,419,825
					22,500,643
Iowa: 0.8%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			1,012,673
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/27 (c)		4,000			2,970,892
5.00%, 05/15/27 (c)		655			506,226
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 05/30/23 (c)		7,655			7,382,950
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		5,605			5,630,192
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		1,660			1,602,185
5.00%, 10/01/25 (c)		2,115			1,907,060
					21,012,178
Kansas: 0.6%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			232,586
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c)		1,000			923,734
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		3,000			2,169,195
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c)		850			849,230
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			231,359
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/28 (c)		1,000			817,290

See Notes to Financial Statements

34

	Par   (000’s		)	Value
Kansas (continued)
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)
6.25%, 12/01/29 (c)	$	1,000		$	980,047
6.50%, 12/01/29 (c)		1,000			976,839
Wichita Kansas Health Care Facilities, Presbyterian Manors, Inc., Series IV-A (RB) 6.50%, 05/30/23 (c)		2,995			2,983,889
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		295			282,463
5.75%, 09/01/25 (c)		4,565			4,288,299
6.00%, 09/01/25 (c)		2,125			1,996,172
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		2,940			1,118,163
					17,849,266
Kentucky: 0.7%
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c)		100			103,408
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) 4.45%, 01/01/32 (c)		2,250			2,116,450
Kentucky Economic Development Finance Authority Hospital, Series A (RB) 5.00%, 06/01/27 (c)		1,315			1,356,691
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 05/30/23 (c)		760			756,334
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c)		4,655			4,793,309
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		350			296,630
5.00%, 05/15/26 (c)		2,545			2,322,281
5.00%, 05/15/26 (c)		250			186,550
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) 5.38%, 05/19/23 (c)		400			363,605

	Par   (000’s		)	Value
Kentucky (continued)
5.50%, 05/19/23 (c)	$	250		$	205,589
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		865			839,953
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			181,753
5.00%, 06/01/27 (c)		990			996,568
5.25%, 06/01/27 (c)		750			771,350
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			503,831
Kentucky State Property and Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c)		2,000			2,143,167
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c)		1,045			1,099,121
					19,036,590
Louisiana: 0.9%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/29 (c)		3,800			3,429,879
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/25		100			104,789
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)		2,075			1,926,359
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			423,382
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			789,354
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			1,747,899

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/29 (c)	$	2,000		$	1,784,431
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 05/30/23 (c)		175			141,115
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			381,470
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c)		1,500			1,491,297
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) (SAW) 3.00%, 05/15/30 (c)		1,250			915,297
Louisiana Public Facilities Authority, Series A (RB) 4.00%, 12/15/27 (c)		1,940			1,863,211
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *		2,259			23
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) 8.38%, 07/01/24 (c) (d) *		1,389			14
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c)		2,160			2,175,276
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			769,564
6.35%, 06/01/30 (c)		4,000			4,325,902
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		1,000			1,081,476

	Par   (000’s		)	Value
Louisiana (continued)
Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)	$	1,530		$	1,523,441
					24,874,195
Maine: 0.3%
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c)		1,695			1,447,075
5.00%, 07/01/26 (c)		1,000			993,106
5.00%, 07/01/26 (c)		5,345			4,959,382
					7,399,563
Maryland: 1.6%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c)		1,000			960,754
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/27 (c)		1,000			988,897
5.00%, 09/01/27 (c)		1,000			1,018,464
5.00%, 09/01/27 (c)		2,250			2,168,362
5.00%, 09/01/27 (c)		2,000			1,885,095
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			503,813
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)		250			250,419
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB) 5.00%, 09/01/27 (c)		1,000			952,697
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c)		500			515,282
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c)		2,000			1,749,005
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		4,100			3,706,152
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 (c)		2,000			1,996,910

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Maryland (continued)
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/30 (c)	$	2,000		$	1,949,734
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		2,500			2,272,054
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/30/23 (c)		7,785			7,853,236
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			97,090
4.38%, 01/01/27 (c)		470			443,450
4.50%, 01/01/27 (c)		530			485,960
Maryland Economic Development Corp., Port Covington Project (TA)
3.25%, 09/01/30		1,500			1,383,605
4.00%, 09/01/30 (c)		3,250			2,686,221
4.00%, 09/01/30 (c)		2,250			1,996,856
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.25%, 06/30/32 (c)		3,085			3,132,536
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			362,582
5.00%, 07/01/26 (c)		250			255,086
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c)		210			211,013
4.25%, 07/01/25 (c)		145			145,286
5.00%, 07/01/25 (c)		500			508,164
5.00%, 07/01/25 (c)		1,500			1,517,431
5.00%, 07/01/25 (c)		625			643,099
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c)		750			676,802
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c)		1,000			905,309
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			502,328
					44,723,692

	Par   (000’s		)	Value
Massachusetts: 1.4%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)	$	365		$	355,136
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)
4.00%, 07/01/25 (c)		535			490,800
5.00%, 07/01/25 (c)		2,120			2,143,719
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			951,632
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		500			507,727
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			1,042,061
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c)		2,400			1,963,267
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c)		1,000			901,271
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c)		350			322,404
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			512,532
5.12%, 11/15/25 (c)		500			508,368
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 05/19/23 (c)		1,000			960,455
4.12%, 05/19/23 (c)		2,500			2,154,595
5.00%, 05/19/23 (c)		1,400			1,308,283
5.00%, 05/19/23 (c)		14,550			13,060,850
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		1,500			1,432,152
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c)		5			4,010

See Notes to Financial Statements

37

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)	$	1,930		$	1,907,042
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		2,000			1,843,349
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		190			199,413
5.00%, 07/01/26 (c)		510			513,568
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 4.00%, 01/01/29 (c)		5,000			4,284,266
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,250			1,304,697
					38,671,597
Michigan: 1.1%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			290,395
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c)		250			257,544
City of Detroit, Michigan Unlimited Tax, Series A (GO)
5.00%, 04/01/31 (c)		1,475			1,427,372
5.00%, 04/01/31 (c)		135			132,520
Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF) 4.00%, 07/01/28 (c)		1,000			808,169
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			427,949
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series A (RB) 5.25%, 07/01/23 (c)		2,000			2,001,618
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/23 (c)		395			389,538
Michigan Finance Authority, Mid Michigan Health Credit Group (RB) 5.00%, 06/01/24 (c)		1,040			1,061,530

	Par   (000’s		)	Value
Michigan (continued)
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/25 (c)	$	250		$	231,973
5.50%, 11/15/25 (c)		300			263,792
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c)		215			215,756
5.00%, 07/01/24 (c)		3,575			3,581,605
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c)		2,235			2,281,546
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30		9,000			9,392,647
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			803,200
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 12/01/30 (c) ^		15,500			1,561,076
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		100			99,596
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 05/30/23 (c)		1,000			911,374
5.50%, 05/30/23 (c)		2,000			1,615,564
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		700			735,505
5.00%, 12/31/28 (c)		1,250			1,252,539
5.00%, 12/31/28 (c)		600			631,118
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/15/23 (c) ^		260			30,267
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c)		1,000			827,230
					31,231,423
Minnesota: 0.7%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		135			127,953
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			473,869
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.50%, 07/01/25 (c)		245			214,574

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Minnesota (continued)
5.50%, 07/01/25 (c)	$	250		$	230,364
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c)		3,000			2,615,655
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			500,211
5.50%, 07/01/25 (c)		2,860			2,863,804
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		500			482,971
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			110,726
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			200,000
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c)		1,000			1,006,944
5.75%, 09/01/26 (c)		325			325,966
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		2,000			2,043,113
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,393,259
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/19/23 (c)		975			812,105
Minnesota Higher Education Facilities Authority, Bethel University (RB) 5.00%, 05/01/27 (c)		2,000			1,810,875
Rochester Minnesota Health Care and Housing, Samaritan Bethany, Inc., Project, Series A (RB) 5.00%, 08/01/25 (c)		1,075			887,668
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		250			213,156
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/28 (c)		1,150			818,019
					19,131,232

	Par   (000’s		)	Value
Mississippi: 0.3%
Mississippi Business Finance Corp., Enviva, Inc. Project, (RB) 7.75%, 07/15/32 (c) (p)	$	4,000		$	4,039,531
Mississippi Business Finance Corp., System Energy Resources Inc. Project (RB) 2.38%, 06/01/26 (c)		2,250			1,429,146
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c)		3,500			2,975,418
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,000			1,016,697
					9,460,792
Missouri: 1.2%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			294,119
4.00%, 08/01/26 (c)		565			422,250
5.00%, 08/01/26 (c)		1,000			934,898
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c)		2,750			1,865,241
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			1,036,729
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/23 (c)		15			15,008
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			463,393
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 05/30/23 (c)		40			38,984
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c)		250			201,056
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			378,950
I-470 Western Gateway Transportation Development District, Series A (RB)
4.50%, 12/01/26 (c)		300			295,128
5.25%, 12/01/26 (c)		1,100			1,101,726

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Missouri (continued)
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46	$	5,352		$	3,997,173
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c)		4,475			3,267,624
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		1,500			1,337,918
5.25%, 05/15/27 (c)		4,000			3,258,690
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,371,580
5.00%, 08/15/25 (c)		2,430			2,253,780
5.00%, 08/15/25 (c)		2,000			1,661,159
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c)		2,500			2,257,593
Missouri State Health & Educational Facilities Authority, University of Health Sciences and Pharmacy in St. Louis, Series A (RB) 4.00%, 05/01/33 (c)		2,000			1,760,605
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c)		3,000			2,782,589
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c)		1,000			724,106
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			466,922
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			142,463
University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB) 4.88%, 06/15/33 (c)		1,000			1,001,135
					33,330,819

	Par   (000’s		)	Value
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 05/30/23 (c)	$	2,000		$	2,000,104
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c)		415			394,623
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/28 (c)		500			482,549
5.00%, 07/01/28 (c)		1,270			1,278,698
					4,155,974
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/34		1,000			1,097,215
5.00%, 09/01/36		500			540,044
5.00%, 09/01/42		1,780			1,856,057
Central Plains Energy Project, Series G (RB) 5.00%, 10/01/29 (c) (p)		235			246,134
					3,739,450
Nevada: 0.3%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		235			201,022
4.00%, 06/01/29 (c)		540			444,024
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/30/23 (c)		1,175			1,162,879
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000			2,130,037
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		170			171,452
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		625			572,643
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		230			210,918
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		480			450,963
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/25 (c)		2,000			1,968,653
5.00%, 12/15/25 (c)		500			443,879

See Notes to Financial Statements

40

	Par   (000’s		)	Value
Nevada (continued)
5.00%, 12/15/25 (c)	$	400		$	382,018
5.12%, 12/15/25 (c)		1,000			918,538
					9,057,026
New Hampshire: 0.4%
National Finance Authority, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		1,220			952,356
5.00%, 07/01/28 (c)		2,000			1,517,535
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 07/01/23 (c)		4,000			3,376,882
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 07/01/23 (c)		3,375			2,945,500
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p)		1,600			1,197,538
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c)		1,600			1,449,336
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		1,252			275,480
6.12%, 07/01/24 (c) (d) *		835			183,653
6.25%, 07/01/24 (c) (d) *		417			91,826
					11,990,106
New Jersey: 3.0%
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		150			151,433
Casino Reinvestment Development Authority (RB)
5.25%, 11/01/24 (c)		8,450			8,523,843
5.25%, 11/01/24 (c)		1,410			1,427,174
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c)		65			64,969
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			444,072
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 05/30/23 (c)		1,645			1,655,955
5.50%, 06/20/23 (c)		60			60,644
5.62%, 03/05/24 (c)		2,035			2,065,327
5.62%, 03/05/24 (c)		285			289,247
5.75%, 05/30/23 (c)		4,800			4,813,776

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31	$	55		$	54,995
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/24 (c)		655			622,414
5.00%, 01/01/24 (c)		500			454,740
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		2,000			2,020,674
4.00%, 07/01/27 (c)		1,640			1,672,060
5.00%, 07/01/27 (c)		4,640			4,936,036
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			461,570
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		120			121,775
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 12/15/26 (c)		725			765,302
5.00%, 12/15/26 (c)		305			320,285
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
4.75%, 12/15/26 (c)		2,545			2,734,728
5.50%, 12/15/26 (c)		165			181,550
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c)		2,880			3,009,226
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 05/31/23 (c)		470			470,614
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 05/31/23 (c)		125			125,163
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)		600			644,914

See Notes to Financial Statements

41

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)	$	500		$	513,598
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) 5.00%, 05/31/23 (c)		15			15,020
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		140			143,000
5.00%, 06/15/24 (c)		100			102,142
5.00%, 06/15/24 (c)		580			592,427
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 12/15/29 (c)		205			194,635
4.00%, 12/15/30 (c)		600			597,037
4.00%, 12/15/30 (c)		700			721,550
4.00%, 12/15/30 (c)		600			604,164
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c)		620			633,284
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
5.00%, 06/15/25 (c)		630			659,116
5.00%, 06/15/25 (c)		680			711,427
5.25%, 06/15/25 (c)		435			454,221
5.25%, 06/15/25 (c)		1,055			1,109,151
5.25%, 06/15/25 (c)		2,565			2,696,657
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.00%, 06/15/24		220			221,231
4.38%, 06/15/25 (c)		420			429,453
5.00%, 06/15/25 (c)		105			109,852
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/24 (c)		350			352,609
5.25%, 01/01/24 (c)		1,000			1,007,881
5.38%, 01/01/24 (c)		900			903,209
5.50%, 01/01/24 (c)		500			505,065
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c)		150			136,088

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)	$	330		$	337,530
New Jersey Educational Facilities Authority, Montclair State University Issue, Series A (RB) 5.00%, 07/01/24 (c)		1,000			1,009,970
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c)		490			420,631
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c)		500			540,586
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		270			247,057
0.00%, 12/15/25 ^		230			210,456
0.00%, 12/15/33 ^		5			3,395
5.00%, 12/15/26		5			5,320
5.00%, 12/15/28		200			220,772
5.00%, 12/15/29 (c)		385			412,023
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.75%, 06/15/25 (c)		150			153,808
5.00%, 06/15/23 (c)		135			135,323
5.00%, 06/15/23 (c)		640			640,965
5.00%, 06/15/23 (c)		200			200,419
5.00%, 06/15/23 (c)		605			606,395
5.00%, 06/15/25 (c)		340			346,434
5.25%, 06/15/23 (c)		130			130,316
5.25%, 06/15/25 (c)		505			518,739
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
0.00%, 12/15/24 ^		430			406,677
0.00%, 12/15/25 ^		250			229,051
0.00%, 12/15/28 ^		185			153,423
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^		365			271,501
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			105,830
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/28 (c)		360			377,016

See Notes to Financial Statements

42

	Par   (000’s		)	Value
New Jersey (continued)
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)	$	13,290		$	13,691,601
5.25%, 06/01/28 (c)		2,675			2,798,473
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c)		9,155			9,117,360
					84,796,374
New Mexico: 0.3%
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)		6,000			4,817,536
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c)		3,480			2,673,536
					7,491,072
New York: 10.3%
Brooklyn Arena Local Development Corp., Barclays Center (RB)
0.00%, 07/15/32 ^		395			264,874
0.00%, 07/15/33 ^		370			236,383
0.00%, 07/15/47 ^		180			51,717
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		4,050			4,049,689
5.00%, 07/15/26		345			355,359
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/25 (c)		4,920			4,921,075
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28		5,435			5,159,307
5.25%, 12/31/28 (c)		9,700			8,938,068
5.50%, 12/31/28 (c)		4,700			4,089,835
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB)
5.75%, 06/01/30 (c)		1,000			1,029,201
5.75%, 06/01/30 (c)		1,000			1,009,779
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)
5.25%, 07/01/32 (c)		1,000			1,030,215
5.25%, 07/01/32 (c)		1,000			1,023,265
5.25%, 07/01/32 (c)		1,500			1,523,838

	Par   (000’s		)	Value
New York (continued)
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c)	$	1,200		$	1,195,024
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c)		4,000			3,445,029
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/30 (c)		1,250			1,177,879
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c)		1,000			1,044,068
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/30 (c)		1,000			1,004,836
5.00%, 07/01/30 (c)		1,500			1,527,927
5.00%, 07/01/30 (c)		8,370			8,303,035
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/26 (c)		1,000			1,017,708
5.00%, 07/01/26 (c)		3,000			2,920,735
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 05/30/23 (c)		5			4,726
5.00%, 05/30/23 (c)		2,000			1,839,417
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)
3.00%, 12/01/30 (c)		5			3,769
5.00%, 12/01/30 (c)		500			534,342
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/30 (c)		1,100			1,092,012
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 05/15/23 (c)		2,905			2,620,948
New York City Housing Development Corp., Multi-Family Housing, Series F (RB) 4.50%, 05/15/24 (c)		2,500			2,446,445
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 05/30/23 (c)		2,000			2,000,901
New York Counties Tobacco Trust IV, Series A (RB)
3.75%, 06/01/26 (c)		500			399,269
5.00%, 05/15/23 (c)		785			714,595
5.00%, 05/15/23 (c)		8,000			7,388,268

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 05/15/23 (c) ^	$	5		$	366
New York Counties Tobacco Trust VI, Series A-2B (RB) 5.00%, 06/01/26 (c)		1,270			1,208,019
New York Liberty Development Corp., 3 World Trade Center Project (RB)
5.00%, 11/15/24 (c)		2,025			1,967,744
5.15%, 11/15/24 (c)		4,210			4,214,826
7.25%, 11/15/24 (c)		7,000			7,086,500
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			6,328,818
New York Liberty Development Corp., Goldman Sachs Headquarters Issue (RB) 5.25%, 10/01/35		3,000			3,446,820
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		480			532,578
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			159,149
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/26 (c)		1,550			1,606,850
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		2,500			2,491,707
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 07/01/25 (c)		2,500			2,533,172
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c)		2,500			2,553,752
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c)		1,370			1,448,362
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/32 (c)		1,000			1,007,670
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) 2.25%, 08/01/26		1,625			1,520,671

	Par   (000’s		)	Value
New York (continued)
5.00%, 05/19/23 (c)	$	10,640		$	10,653,074
5.00%, 05/19/23 (c)		12,520			12,529,076
5.25%, 08/01/30 (c)		2,810			2,904,307
5.38%, 08/01/30 (c)		2,000			2,023,145
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 01/01/28 (c)		2,750			2,653,332
4.00%, 10/01/30		8,665			8,544,461
4.38%, 10/01/30 (c)		22,050			21,033,305
5.00%, 01/01/28 (c)		610			639,757
5.00%, 01/01/28 (c)		1,300			1,362,973
5.00%, 01/01/28 (c)		5,230			5,479,619
5.00%, 01/01/28 (c)		1,600			1,677,980
5.00%, 10/01/30 (c)		18,300			18,785,230
5.00%, 10/01/30 (c)		16,150			17,050,453
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		5,765			5,044,701
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
4.00%, 07/01/24 (c)		1,000			1,000,323
5.00%, 07/01/24 (c)		2,230			2,261,379
5.00%, 07/01/24 (c)		10,130			10,064,764
5.00%, 07/01/24 (c)		420			426,413
5.00%, 07/01/24 (c)		1,515			1,518,157
5.25%, 07/01/24 (c)		7,580			7,589,215
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)
5.00%, 12/01/32 (c)		1,000			1,036,032
5.00%, 12/01/32 (c)		1,000			1,052,021
5.00%, 12/01/32 (c)		1,000			1,041,069
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c)		2,250			1,931,593
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c)		355			279,950
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		10,515			1,176,141
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) 5.00%, 01/01/26 (c)		200			148,079

See Notes to Financial Statements

44

	Par   (000’s		)	Value
New York (continued)
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) 5.00%, 12/16/24	$	10,000		$	10,281,592
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) 5.00%, 06/01/27 (c)		18,780			17,655,628
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
4.00%, 09/15/24 (c)		525			495,364
5.00%, 09/15/24 (c)		400			319,831
5.25%, 09/15/24 (c)		180			128,966
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c)		3,000			2,892,760
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/27 (c)		200			205,009
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c)		4,575			4,576,002
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c)		275			244,789
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c)		315			294,844
					289,471,876
North Carolina: 0.5%
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
5.00%, 06/30/25 (c)		1,000			1,004,000
5.00%, 06/30/25 (c)		1,430			1,377,380
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB)
5.00%, 10/01/24 (c)		1,000			1,001,578
5.00%, 10/01/24 (c)		1,770			1,758,609
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c)		205			199,005
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		90			90,331

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission, Retirement Facilities (RB)
4.70%, 07/01/25 (c)	$	550		$	486,703
5.00%, 10/01/24 (c)		250			242,804
5.00%, 10/01/24 (c)		250			231,551
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c)		165			161,397
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/26 (c)		385			328,619
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c)		465			433,339
North Carolina Turnpike Authority, Monroe Expressway Toll, Series A (RB) 5.00%, 07/01/26 (c)		5,120			5,171,774
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c)		1,000			1,057,666
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		100			110,818
					13,655,574
North Dakota: 0.2%
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c)		1,000			880,096
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		615			276,750
7.75%, 09/01/23 (c) (d) *		1,285			578,250
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c) (d) *		5,500			3,025,000
Ward County, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)		1,000			856,059
					5,616,155
Ohio: 3.8%
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)
5.25%, 11/15/26 (c)		3,000			3,049,512
5.25%, 11/15/26 (c)		500			510,684
American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB) 5.00%, 02/15/24 (c)		1,585			1,593,366

See Notes to Financial Statements

45

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c)	$	46,645		$	43,543,765
Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.00%, 06/01/30 (c) ^		21,500			2,630,878
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/27 (c)		1,000			870,922
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		800			813,999
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/25 (c)		3,800			3,015,221
County of Butler (RB) 5.00%, 11/15/27 (c)		1,035			1,098,366
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 06/01/24 (c)		1,805			1,833,112
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/27 (c)		340			331,733
5.00%, 02/15/27 (c)		2,010			1,992,581
5.25%, 02/15/27 (c)		4,250			4,304,297
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
4.00%, 11/15/29 (c)		2,250			2,015,749
4.00%, 11/15/29 (c)		3,940			3,636,577
Cuyahoga County, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/27 (c)		5,000			4,958,950
5.50%, 02/15/27 (c)		1,225			1,249,725
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 05/30/23 (c)		1,750			1,557,046
5.00%, 05/30/23 (c)		490			490,189
5.00%, 05/30/23 (c)		4,030			3,542,765
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p)		2,225			1,975,060
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c)		13,565			12,540,651

	Par   (000’s		)	Value
Ohio (continued)
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 06/01/27 (p)	$	1,000		$	1,002,609
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,750			2,570,258
Ohio University, A State University of Ohio, Series A (RB) 5.00%, 06/01/27 (c)		1,250			1,312,001
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
5.00%, 12/01/24 (c)		1,240			1,021,990
5.00%, 12/01/24 (c)		245			225,924
5.50%, 12/01/24 (c)		70			62,847
Washington County, Ohio Hospital Facilities, Memorial Health System (RB) 6.75%, 12/01/32 (c)		2,235			2,243,114
					105,993,891
Oklahoma: 1.2%
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/26 (c)		1,000			1,010,043
Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c)		605			412,014
Norman Regional Hospital Authority (RB)
3.25%, 09/01/29 (c)		340			263,872
4.00%, 09/01/26 (c)		2,365			2,148,567
4.00%, 09/01/29 (c)		2,000			1,692,534
5.00%, 09/01/29 (c)		3,200			3,192,112
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
5.00%, 04/01/23 (d) *		90			45,000
5.00%, 05/30/23 (c) (d) *		825			412,500
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/28 (c)		700			678,001
5.25%, 08/15/28 (c)		2,900			2,760,838
5.25%, 08/15/28 (c)		8,000			7,412,333
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)
5.50%, 08/15/28 (c)		6,290			5,808,264
5.50%, 08/15/28 (c)		1,300			1,223,151

See Notes to Financial Statements

46

	Par   (000’s		)	Value
Oklahoma (continued)
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c)	$	375		$	336,356
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		4,455			4,490,718
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 06/01/23 (c)		2,100			2,100,634
					33,986,937
Oregon: 0.0%
Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM) 4.00%, 12/01/28 (c)		1,000			828,244
Pennsylvania: 4.3%
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27 (c)		2,000			1,959,644
5.00%, 05/01/27 (c)		250			254,298
5.00%, 05/01/28		785			803,236
5.00%, 05/01/28 (c)		250			254,631
5.00%, 05/01/28		1,000			1,024,850
5.38%, 05/01/28 (c)		4,000			4,007,799
Berks County Industrial Development Authority, Tower Health Project (RB)
5.00%, 11/01/24		500			375,674
5.00%, 11/01/26		120			79,177
5.00%, 11/01/27 (c)		110			68,118
5.00%, 11/01/27 (c)		1,000			619,660
5.00%, 11/01/27 (c)		470			291,388
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 05/19/23 (c)		1,000			618,758
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c)		3,425			1,724,566
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/27		1,000			649,783
5.00%, 02/01/30		860			532,989
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		6,000			3,898,700
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p)		670			415,235

	Par   (000’s		)	Value
Pennsylvania (continued)
Bucks County Industrial Development Authority Hospital (RB) 4.00%, 07/01/31 (c)	$	1,000		$	773,516
Butler County Hospital Authority, Butler Health System Project, Series A (RB) 5.00%, 07/01/25 (c)		1,465			1,419,060
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c)		1,000			962,159
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c)		430			344,516
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		440			385,193
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/28 (c)		1,300			1,270,548
5.12%, 03/01/28 (c)		1,989			1,858,903
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24		1,500			1,506,331
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c)		185			174,749
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/26 (c)		440			449,666
6.00%, 06/01/26 (c)		345			350,363
Cumberland County Municipal Authority (RB) 5.00%, 01/01/25 (c)		3,000			2,573,785
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
5.00%, 10/15/27		500			495,080
6.25%, 10/15/28 (c)		3,200			3,215,975
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c)		395			368,904

See Notes to Financial Statements

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28	$	1,000		$	1,128,721
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c)		1,000			952,498
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/26 (c)		1,000			940,300
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
5.00%, 12/01/25 (c)		215			166,325
5.00%, 12/01/25 (c)		500			397,191
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c)		1,000			922,595
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
5.00%, 03/01/27 (c)		425			337,740
5.00%, 03/01/27 (c)		310			253,957
5.00%, 03/01/27 (c)		425			363,412
McCandless Industrial Development Authority, LA Roche University Project, Series A (RB) 6.75%, 12/01/32 (c)		1,000			952,467
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/26 (c)		5,150			4,902,391
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		2,000			1,830,789
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/32 (c)		4,800			4,970,884
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/25 (c)		150			145,364
5.25%, 01/01/25 (c)		870			791,539

	Par   (000’s		)	Value
Pennsylvania (continued)
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/25 (c)	$	300		$	277,036
5.75%, 07/01/25 (c)		2,000			1,765,890
6.00%, 07/01/25 (c)		590			492,238
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/26 (c)		1,000			896,179
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/28 (c) (d) *		3,040			1,159,000
6.75%, 12/01/28 (c) (d) *		6,470			2,466,688
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB)
5.25%, 12/31/32 (c)		8,000			8,294,019
5.50%, 12/31/32 (c)		3,000			3,290,090
5.50%, 12/31/32 (c)		2,000			2,166,583
5.75%, 12/31/32 (c)		2,000			2,184,941
6.00%, 12/31/32 (c)		1,000			1,118,931
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/24		550			557,938
5.00%, 12/31/25		1,105			1,132,524
5.00%, 06/30/26 (c)		575			593,683
5.00%, 06/30/26 (c)		500			502,553
5.00%, 06/30/26 (c)		1,485			1,531,369
5.00%, 06/30/26 (c)		410			423,088
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 05/30/23 (c)		1,000			825,356
5.00%, 05/30/23 (c)		1,915			1,690,568
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series A (RB) 5.25%, 03/01/25 (c)		3,825			3,862,267
Pennsylvania Turnpike Commission, Series B (RB) (BAM) 4.00%, 12/01/31 (c)		2,840			2,883,191

See Notes to Financial Statements

48

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)	$	1,000		$	1,031,394
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
6.38%, 06/01/25 (c)		440			420,817
6.50%, 06/01/25 (c)		440			422,084
6.62%, 06/01/25 (c)		415			400,571
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c)		355			344,280
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c)		350			334,394
Philadelphia Authority for Industrial Development, LA Salle University (RB) 4.00%, 11/01/27 (c)		2,000			1,419,412
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)
5.00%, 06/15/28 (c)		1,000			961,207
5.00%, 06/15/28 (c)		500			502,212
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c)		3,000			3,099,099
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/25 (c)		5,695			5,780,335
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/27 (c)		735			673,459
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/27 (c)		1,000			1,038,939
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) 5.00%, 07/01/27 (c)		1,240			1,292,013

	Par   (000’s		)	Value
Pennsylvania (continued)
5.00%, 07/01/27 (c)	$	220		$	228,945
Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM) 5.00%, 07/01/32 (c)		2,470			2,692,759
Reading Pennsylvania School District (GO) (AGM) 5.00%, 03/01/27 (c)		1,535			1,634,318
School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG) 5.00%, 06/01/24		1,010			1,026,386
Scranton Pennsylvania (GO) 5.00%, 05/15/24 (c)		1,000			1,002,006
Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c)		220			217,071
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/26 (c)		1,500			1,423,908
The School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26		3,000			3,181,786
					120,024,954
Puerto Rico: 8.2%
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^		80			21,877
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
4.00%, 07/01/31 (c)		7,365			6,260,560
4.00%, 07/01/32 (c)		2,040			1,734,086
5.00%, 07/01/30 (c)		2,000			1,999,864
5.00%, 07/01/30 (c)		15,000			14,488,830
5.00%, 07/01/30		7,500			7,603,155
5.00%, 07/01/32 (c)		4,290			4,246,804
6.12%, 07/01/24		105			106,228
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/29		3,000			3,047,489
5.00%, 07/01/31 (c)		3,500			3,511,400
5.00%, 07/01/31 (c)		2,000			1,979,862
Puerto Rico Commonwealth Highway and Transportation Authority, Series A (RB) 5.00%, 07/01/32 (c)		10,000			9,658,031
Puerto Rico Commonwealth, Series A-1 (GO)
4.00%, 07/01/31 (c)		8,260			6,957,043
4.00%, 07/01/31 (c)		5,425			4,415,180
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) 4.00%, 07/01/31 (c)		13,570			12,447,312

See Notes to Financial Statements

49

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Puerto Rico (continued)
4.00%, 07/01/31 (c)	$	15,073		$	13,519,660
4.00%, 07/01/31 (c)		13,000			11,389,669
5.62%, 07/01/27		4,000			4,173,495
5.75%, 07/01/31		10,055			10,784,242
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 05/30/23 (c)		100			101,455
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 07/01/23 (c)		20			19,773
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.00%, 07/01/24 ^		5,772			5,490,022
4.50%, 07/01/25 (c)		5,000			5,014,244
5.00%, 07/01/28 (c)		31,530			30,445,459
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c)		6,662			6,380,363
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c)		23,559			22,088,120
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/28 (c)		12,303			11,470,176
4.33%, 07/01/28 (c)		26,108			24,340,676
4.55%, 07/01/28 (c)		6,432			6,160,086
					229,855,161
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)
5.00%, 09/01/26 (c)		3,750			3,559,247
5.00%, 09/01/26		100			100,356
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c)		500			494,287
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
5.00%, 05/15/26 (c)		690			695,385
5.00%, 05/15/26 (c)		1,000			1,026,064
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c)		1,650			1,663,621

	Par   (000’s		)	Value
Rhode Island (continued)
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c)	$	2,000		$	1,984,660
					9,523,620
South Carolina: 0.5%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c)		800			658,814
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/27 (c)		1,000			1,060,975
SCAGO Educational Facilities Corp. for Pickens School District (RB) 5.00%, 06/01/25 (c)		1,425			1,476,064
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/24 (c)		500			516,398
5.00%, 11/01/24 (c)		650			655,002
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.75%, 12/15/26 (c)		500			504,343
5.75%, 12/15/26 (c)		500			508,604
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/25 (c)		3,000			2,534,276
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			839,796
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/30/23 (c)		320			260,238
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/24 (c)		255			246,063
5.25%, 11/15/24 (c)		2,000			1,840,055
South Carolina Ports Authority (RB) 5.25%, 07/01/25 (c)		1,515			1,573,670
South Carolina State Ports Authority, Series A (RB) 5.00%, 07/01/29 (c)		2,250			2,367,898
					15,042,196

See Notes to Financial Statements

50

	Par   (000’s		)	Value
South Dakota: 0.1%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/26 (c)	$	750		$	644,425
5.00%, 11/01/26 (c)		500			426,824
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)
4.00%, 08/01/31 (c)		1,100			866,008
4.00%, 08/01/31 (c)		1,550			1,261,703
					3,198,960
Tennessee: 0.7%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) *		740			444,000
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/26 (c)		2,000			1,884,789
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c)		310			320,232
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c)		6,180			6,198,203
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/26 (c)		290			245,282
4.00%, 09/01/26 (c)		295			275,159
5.00%, 04/01/27 (c)		645			669,215
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB) 5.25%, 10/01/29 (c)		2,450			2,358,347
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26		7,000			7,264,537
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			197,222
					19,856,986

	Par   (000’s		)	Value
Texas: 5.8%
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		$	998,666
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/30 (c)		5			4,912
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/27 (c)		500			515,145
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			287,442
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			714,551
5.00%, 01/01/27 (c)		500			503,441
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/25 (c)		215			199,405
5.00%, 12/01/25 (c)		610			583,165
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c)		4,215			3,812,123
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c)		1,850			1,718,068
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,700			2,458,713
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		7,000			7,363,306
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)
4.00%, 01/01/30 (c)		5,690			5,116,192
4.00%, 01/01/30 (c)		1,500			1,368,095

See Notes to Financial Statements

51

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(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)	$	5,000		$	5,015,669
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
4.00%, 07/15/29 (c)		4,645			4,030,749
5.00%, 07/15/25 (c)		2,650			2,648,356
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		5,590			5,648,036
5.00%, 07/15/28		2,500			2,537,954
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,000			1,015,182
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24		5,010			5,013,722
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c)		4,335			4,355,582
City of New Braunfels, Utility System (RB) 4.00%, 07/01/28 (c)		445			426,152
Clifton Higher Education Finance Corp., Series A (RB)
5.12%, 08/15/25 (c)		730			732,048
5.50%, 08/15/25 (c)		610			613,714
Clifton Higher Education Finance Corp., Series D (RB)
5.75%, 08/15/25 (c)		500			508,720
6.00%, 08/15/25 (c)		500			506,108
Comal Independent School District (GO) 4.00%, 05/30/23 (c)		3,275			3,276,650
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/31 (c)		2,035			1,653,615
Dallas County Flood Control District No. 1 (GO) 5.00%, 05/30/23 (c)		850			850,272
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/37 (c)		1,000			1,030,783

	Par   (000’s		)	Value
Texas (continued)
El Paso County Hospital District (GO) 5.00%, 08/15/23 (c)	$	4,680		$	4,679,298
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 05/30/23 (c)		2,265			2,252,047
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/25 ^		495			449,803
0.00%, 11/15/27 ^		590			498,882
0.00%, 11/15/29 ^		1,405			1,098,934
0.00%, 11/15/30 ^		115			86,120
0.00%, 11/15/31 (c) ^		170			63,924
0.00%, 11/15/31 (c) ^		145			58,584
0.00%, 11/15/31 (c) ^		120			64,553
0.00%, 11/15/31 (c) ^		350			162,359
0.00%, 11/15/31 (c) ^		705			470,587
0.00%, 11/15/31 (c) ^		1,140			400,598
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)
0.00%, 11/15/24 (c) ^		335			164,211
0.00%, 11/15/24 (c) ^		100			62,580
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 05/30/23 (c)		3,000			3,000,456
Lower Colorado River Authority (RB) 5.00%, 05/30/23 (c)		1,000			999,948
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			1,042,225
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)
5.12%, 02/15/24 (c) (d) *		1,035			31,039
5.12%, 02/15/24 (c) (d) *		265			7,945
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 05/19/23 (c)		11,500			11,237,138
Montgomery County Toll Road Authority (RB) 5.00%, 09/15/25 (c)		1,000			1,003,047
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) (d) *		235			105,750

See Notes to Financial Statements

52

	Par   (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c)	$	1,595		$	717,750
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		230			186,382
New Hope Cultural Education Facilities Finance Corp., CHF - Collegiate Housing College Station I, L.L.C - Texas A&M University Project, Series A (RB) (AGM) 5.00%, 04/01/24 (c)		1,105			1,110,273
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center (RB) 4.00%, 08/15/31 (c)		2,315			1,811,460
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 05/30/23 (c)		190			191,474
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/26 (c)		750			617,367
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)		440			374,000
5.00%, 07/01/25 (c)		100			85,000
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c)		1,000			806,820
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB)
5.00%, 12/01/26 (c)		1,000			869,166
5.00%, 12/01/26 (c)		2,045			1,811,934
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c)		2,800			2,009,211
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) 5.00%, 01/01/26 (c)		250			184,086

	Par   (000’s		)	Value
Texas (continued)
5.00%, 01/01/26 (c)	$	250		$	179,780
5.50%, 01/01/25 (c)		1,000			906,872
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/26 (c)		400			402,371
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		2,825			2,707,747
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
5.00%, 08/15/26 (c)		400			366,039
5.00%, 08/15/26 (c)		400			384,202
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c)		1,000			1,010,198
San Antonio Education Facilities Corp., University of Incarnate Word Project, Series A (RB) 4.00%, 04/01/31 (c)		1,000			812,397
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 05/30/23 (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			112,700
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) *		535			294,250
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		1,375			1,440,813
5.00%, 12/15/31		2,920			3,073,750
5.00%, 12/15/32		3,425			3,617,965
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		925			963,611
Texas Private Activity Bond Surface Transportation Corp. Toll, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project (RB) 5.00%, 12/31/25 (c)		1,650			1,641,876
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) 5.00%, 12/31/25 (c)		230			232,096

See Notes to Financial Statements

53

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Texas (continued)
5.00%, 12/31/25 (c)	$	2,000		$	2,001,123
5.00%, 12/31/25 (c)		460			461,584
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)
4.00%, 12/31/30 (c)		1,700			1,627,487
4.00%, 12/31/30 (c)		3,175			3,058,904
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
5.00%, 06/30/29 (c)		9,505			9,538,851
6.75%, 09/01/23 (c)		5,000			5,041,118
7.00%, 09/01/23 (c)		515			519,909
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c)		500			479,068
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c)		600			612,614
5.00%, 08/15/24 (c)		6,735			6,834,076
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/25 (c)		1,000			997,757
6.25%, 09/01/25 (c)		1,000			997,572
6.38%, 09/01/25 (c)		1,000			998,272
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) *		4,980			3,635,400
					161,744,639
Utah: 0.2%
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/30 (c)		2,000			1,627,342
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
5.25%, 06/15/27 (c)		1,500			1,460,543
5.38%, 06/15/27 (c)		2,195			2,050,296
					5,138,181
Vermont: 0.0%
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c)		500			420,925

	Par   (000’s		)	Value
Virgin Islands: 0.5%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)
5.00%, 10/01/28	$	1,000		$	1,019,487
5.00%, 10/01/32 (c)		5,000			4,922,793
5.00%, 10/01/32		4,010			4,069,946
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 05/30/23 (c)		720			727,474
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/24 (c)		550			380,804
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24 (c)		1,000			898,328
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 05/30/23 (c)		1,070			1,026,958
5.00%, 05/30/23 (c)		1,170			1,129,831
5.00%, 05/30/23 (c)		170			162,645
5.00%, 05/30/23 (c)		65			63,339
					14,401,605
Virginia: 1.6%
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) (d) *		250			143,408
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/25 (c)		200			200,158
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 07/01/26 (c)		8,000			8,166,641
5.00%, 07/01/26 (c)		1,025			1,043,128
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 05/30/23 (c)		380			380,215
City of Hopewell, Sewer System, Series A (RB) 5.00%, 05/30/23 (c)		240			240,132
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 07/01/30 (c)		1,000			945,977
5.00%, 07/01/30 (c)		1,500			1,448,489
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26		1,395			1,492,407

See Notes to Financial Statements

54

	Par   (000’s		)	Value
Virginia (continued)
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/27 (c)	$	2,500		$	2,553,143
Peninsula Town Center Community Development Authority (RB) 5.00%, 09/01/27 (c)		500			491,931
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (d) (p) *		1,000			790,745
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) (d) *		500			337,919
Roanoke Economic Development Authority, Residential Care Facility, Series A (RB) 5.38%, 09/01/26 (c) (d) *		3,500			2,255,012
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		1,300			1,312,331
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM) 4.00%, 12/01/26 (c)		1,000			870,821
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
4.00%, 01/01/32 (c)		3,925			3,398,524
4.00%, 01/01/32 (c)		1,000			910,076
4.00%, 01/01/32 (c)		1,000			908,463
4.00%, 01/01/32 (c)		1,250			1,149,616
5.00%, 01/01/32 (c)		500			542,012
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/32 (c)		2,000			2,007,935
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 06/30/27 (c)		12,220			12,062,267
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			918,192
					44,569,542

	Par   (000’s		)	Value
Washington: 1.4%
Kalispel Tribe Indians Priority, Series A (RB)
5.00%, 01/01/28 (c)	$	250		$	258,090
5.25%, 01/01/28 (c)		250			258,086
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/25 (c)		500			514,131
6.00%, 12/01/25 (c)		500			515,428
6.25%, 12/01/25 (c)		250			256,930
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		100			94,128
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/27 (c)		205			212,228
5.00%, 08/15/27 (c)		3,000			3,044,546
Washington State Convention Center Public Facilities District, Series B (RB)
3.00%, 07/01/31 (c)		2,500			1,592,954
3.00%, 07/01/31 (c)		3,000			2,073,835
3.00%, 07/01/31 (c)		1,000			889,055
3.00%, 07/01/31 (c)		4,400			2,803,599
4.00%, 07/01/31 (c)		3,745			3,208,583
4.00%, 07/01/31 (c)		5,945			4,913,789
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
5.00%, 07/01/24 (c)		150			131,492
5.00%, 07/01/24 (c)		2,150			1,676,650
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/28 (c)		1,000			785,766
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
5.00%, 01/01/25 (c)		2,495			1,819,126
5.00%, 01/01/25 (c)		2,125			1,762,284
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		1,944			1,826,292
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c)		7,000			5,001,922
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) 5.00%, 07/01/26 (c)		500			415,476

See Notes to Financial Statements

55

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Washington (continued)
5.00%, 07/01/26 (c)	$	1,250		$	1,013,146
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,700			2,612,514
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		1,000			997,639
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 3.75%, 07/01/26		1,115			1,057,427
					39,735,116
West Virginia: 0.3%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.00%, 05/30/23 (c)		760			698,518
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/27 (c)		700			490,361
3.25%, 10/01/27 (c)		820			563,571
3.50%, 10/01/27 (c)		1,000			853,219
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c)		2,500			2,224,676
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p)		1,900			1,903,776
West Virginia Economic Development Authority, West Virginia Lottery (RB) 4.00%, 06/15/27 (c)		1,600			1,652,129
					8,386,250
Wisconsin: 2.6%
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c)		1,000			801,516
Public Finance Authority Refunding, Searstone CCRC Project, Series A (RB) 5.51%, 06/01/23 (c)		1,000			1,041,435
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c)		250			220,922

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c)	$	5,250		$	4,088,771
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
5.00%, 02/01/26 (c)		495			473,804
5.12%, 02/01/26 (c)		500			463,562
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/24 (c)		460			438,946
5.00%, 06/15/26 (c)		500			442,821
5.00%, 06/15/26 (c)		500			471,430
Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB) 5.00%, 12/01/27 (c)		1,390			1,297,483
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c)		1,000			842,312
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)
5.00%, 02/01/32 (c)		3,500			3,452,248
5.75%, 02/01/32 (c)		1,000			997,529
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)
5.00%, 09/01/24 (c)		1,500			1,357,864
5.00%, 09/01/25		75			74,539
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/27 (c)		415			367,904
5.00%, 03/01/28 (c)		1,250			1,139,021
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) *		890			516,753
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			3,003,606

See Notes to Financial Statements

56

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 5.00%, 06/15/26 (c)	$	1,000		$	868,384
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/26 (c)		425			375,193
5.00%, 09/01/26 (c)		500			417,644
5.00%, 09/01/26 (c)		500			382,389
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/27 (c)		1,405			1,440,941
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c)		1,920			1,496,510
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/25 (c)		1,000			1,015,914
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)
4.00%, 07/01/31 (c)		500			391,285
4.00%, 09/01/31 (c)		1,500			1,162,186
4.25%, 07/01/31 (c)		1,765			1,294,379
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c)		1,060			801,214
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		300			306,257
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c)		4,265			3,240,440
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
5.00%, 10/01/29 (c)		2,000			1,942,346
5.00%, 10/01/29 (c)		1,950			1,829,348
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/31 (c)		2,000			1,750,886
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c)		1,000			847,858
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 05/30/23 (c)		9,000			8,999,342

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Wisconsin, Roseman University of Health Science (RB) 4.00%, 04/01/32 (c)	$	1,250		$	957,802
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c)		5,545			4,213,000
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c)		7,930			7,921,955
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c)		105			79,910
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/23 (c)		850			630,518
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/26 (c)		500			381,148
5.00%, 11/01/26 (c)		1,950			1,656,641
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c)		260			246,720
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 05/19/23 (c)		3,950			3,797,476
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM) 5.00%, 02/15/30 (c)		1,500			1,672,659
					71,920,311

See Notes to Financial Statements

57

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Wyoming: 0.1%
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 05/15/29 (c)	$	3,000		$	2,629,481
Total Municipal Bonds: 98.0% (Cost: $3,009,793,329)					2,743,760,241
Other assets less liabilities: 2.0%					56,605,243
NET ASSETS: 100.0%				$	2,800,365,484

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

Summary of Investments by Sector	% of Investments			Value
Industrial Development Revenue		13.8	%	$	377,683,715
Tax		12.1			330,741,793
Hospitals		11.8			325,051,175
Local GO		9.9			270,459,610
Education		9.3			256,291,276
Health		6.8			186,462,022
Tobacco		5.5			151,439,256
Toll & Turnpike		4.8			132,016,546
Leasing COPS & Appropriations		4.0			110,609,624
Multi-Family Housing		3.3			89,397,769
Utilities		3.2			88,522,109
State GO		3.1			85,325,917
Airport		3.1			84,648,816
Power		2.9			79,744,460
Miscellaneous		1.9			50,915,823
Water & Sewer		1.7			47,826,545
Transportation		1.5			41,013,871
Refunded		0.7			18,562,087
Unassigned		0.3			8,880,192
Pollution Control		0.3			8,167,635
		100.0	%	$	2,743,760,241

See Notes to Financial Statements

58

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Municipal Bonds *	$	—	$	2,743,760,241	$	—	$	2,743,760,241

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

59

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
MUNICIPAL BONDS: 97.6%
Arizona: 1.8%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c)	$	400		$	328,743
California: 31.0%
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c)		275			229,711
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/27 (c)		300			287,350
California Statewide Communities Development Authority, Cottage Health System (RB) 5.00%, 11/01/24 (c)		300			308,763
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31		475			495,641
El Dorado Irrigation District, Series C (RB) 4.00%, 03/01/26 (c)		250			257,824
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c)		250			261,815
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c)		250			263,422
Regents of the University of California Medical Center, Series P (RB) 4.00%, 05/15/32 (c)		250			237,802
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c)		370			401,474
State of California, Various Purpose (GO)
5.00%, 10/01/28 (c)		500			565,216
5.00%, 02/01/25 (c)		410			427,145
5.00%, 04/01/27		250			272,518
5.00%, 08/01/27		300			329,578
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c)		250			276,052
University of California, Series BB (RB) 5.00%, 05/15/29 (c)		250			270,035
University of California, Series BH (RB) 4.00%, 05/15/31 (c)		280			279,827

	Par   (000’s		)	Value
California (continued)
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c)	$	720		$	520,919
					5,685,092
Connecticut: 4.3%
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c)		250			257,982
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 08/01/25 (c)		250			262,105
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26		250			269,219
					789,306
Hawaii: 2.9%
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c)		510			524,835
Massachusetts: 8.2%
City of Boston, Series A (GO) 5.00%, 11/01/32 (c)		500			611,138
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c)		250			255,913
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24		360			371,156
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23		255			255,682
					1,493,889
Nevada: 2.7%
Las Vegas Valley Water District, Series A (GO) 4.00%, 12/01/31 (c)		250			247,133
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23		250			250,735
					497,868
New York: 27.1%
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c)		250			269,003
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		500			520,156
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29		255			291,807
Metropolitan Transportation Authority, Series B (RB) 4.25%, 05/30/23 (c)		330			322,624

See Notes to Financial Statements

60

	Par   (000’s		)	Value
New York (continued)
4.25%, 05/30/23 (c)	$	240		$	237,680
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24		250			258,028
New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) 4.00%, 12/15/31 (c)		250			247,528
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c)		400			412,114
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c)		300			304,234
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c)		250			256,052
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c)		250			265,587
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c)		250			259,811
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/27 (c)		275			292,218
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/30 (c)		250			274,135
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/27 (c)		500			519,670
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series C (RB) 4.00%, 11/15/31 (c)		250			244,943
					4,975,590
North Carolina: 1.6%
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		265			301,652

	Par   (000’s		)	Value
Ohio: 2.1%
Franklin County, Ohio Hospital Facilities (RB) 5.00%, 05/15/23 (c)	$	375		$	375,233
Oregon: 1.4%
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c)		250			260,007
Pennsylvania: 3.2%
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/31 (c)		250			240,132
5.00%, 06/01/31 (c)		330			351,104
					591,236
South Dakota: 1.4%
South Dakota Housing Development Authority, Series A (RB) 4.55%, 11/01/31 (c)		250			252,510
Washington: 6.9%
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/31 (c)		250			241,298
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/26 (c)		250			263,296
King County, Washington School District No. 414 (GO) 4.00%, 12/01/30		250			259,131
Port of Seattle, First Lien 5.00%, 09/01/24		250			254,591
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c)		250			253,944
					1,272,260
Wisconsin: 3.0%
State of Wisconsin, Department of Transportation (RB) 5.00%, 07/01/27 (c)		265			291,408
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c)		250			250,088
					541,496
Total Municipal Bonds: 97.6% (Cost: $19,018,407)					17,889,717
Other assets less liabilities: 2.4%					439,278
NET ASSETS: 100.0%				$	18,328,995

Definitions:

BAM	Build America Assurance Co.
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding

See Notes to Financial Statements

61

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

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

Summary of Investments by Sector	% of Investments			Value
State GO		15.4	%	$	2,753,591
Tax		15.2			2,712,152
Local GO		13.6			2,434,043
Hospitals		8.7			1,562,285
Water & Sewer		8.0			1,435,212
Transportation		7.5			1,334,566
Education		6.4			1,144,192
Power		5.9			1,053,261
Refunded		5.3			945,811
Airport		5.0			897,114
Toll & Turnpike		3.3			591,236
Miscellaneous		1.5			260,007
Utilities		1.4			257,824
Leasing COPS & Appropriations		1.4			255,913
Single Family Housing		1.4			252,510
		100.0	%	$	17,889,717

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	17,889,717	$	—	$	17,889,717

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

62

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 0.9%
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/30 (c)	$	2,000		$	2,089,720
5.00%, 11/01/30 (c)		525			613,775
5.00%, 11/01/30 (c)		2,015			2,330,968
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p)		3,500			3,394,000
Black Belt Energy Gas District, Series B (RB) 5.25%, 12/01/30 (c) (p)		1,000			1,091,710
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		860			848,256
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34		2,500			2,605,768
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p)		3,000			2,977,735
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		150			159,125
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/29 (c)		820			854,974
					16,966,031
Alaska: 0.1%
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c)		1,040			839,283
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c)		305			318,439
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)		635			659,249
					1,816,971
Arizona: 1.3%
Arizona Transportation Board, Highway (RB)
5.00%, 07/01/26 (c)		835			894,091
5.00%, 07/01/26 (c)		1,050			1,124,307
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/26 (c)		1,550			1,598,924
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
5.00%, 07/01/26 (c)		860			920,050
5.00%, 07/01/26 (c)		620			663,097

	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		$	943,048
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,135,817
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series B (RB) 4.00%, 07/01/24 (c)		1,725			1,746,397
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/29 (c)		1,000			1,108,750
5.00%, 07/01/29 (c)		1,275			1,401,763
City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) 5.00%, 07/01/27 (c)		550			595,544
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c)		1,150			899,284
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c)		1,500			1,172,979
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB)
3.12%, 01/01/27 (c)		20			19,982
4.00%, 01/01/27 (c)		1,500			1,502,809
5.00%, 01/01/27 (c)		605			636,066
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/28 (c)		2,380			2,644,371
5.00%, 01/01/32		1,000			1,201,095
5.00%, 06/01/25 (c)		1,000			1,042,304
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37		1,600			1,659,842
					22,910,520
Arkansas: 0.1%
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c)		1,000			1,089,949

See Notes to Financial Statements

63

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Arkansas (continued)
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c)	$	1,000		$	780,433
					1,870,382
California: 17.4%
Alvin Independent School District, Unlimited Tax School House (RB) 5.00%, 10/01/27 (c)		1,000			1,097,742
Bay Area Toll Authority, Series S-7 (RB)
3.25%, 04/01/27 (c)		1,270			1,225,534
4.00%, 04/01/27 (c)		1,735			1,814,698
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p)		7,000			7,064,889
California Community Choice, Financing Authority Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p)		1,500			1,566,995
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p)		2,000			2,285,926
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)		310			332,983
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)		400			386,652
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/30 (c)		500			494,814
4.00%, 04/01/30 (c)		1,060			1,058,698
California Health Facilities Financing Authority, Series A (RB) 3.75%, 05/30/23 (c)		1,100			1,100,153
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		750			829,522
California Health Facilities Financing Authority, Sutter Health, Series A (RB)
5.00%, 11/15/27 (c)		1,575			1,704,325
5.00%, 11/15/27 (c)		450			492,148
California Housing Finance Agency, Series A (RB) 3.50%, 11/20/35		1,212			1,148,120

	Par   (000’s		)	Value
California (continued)
California Housing Finance Agency, Series A (RB) (FHLMC COLL) 3.75%, 03/25/35	$	6,227		$	6,144,935
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		840			887,959
California State Public Works Board, Coalinga State Hospital, Series E (RB) 5.00%, 06/01/23 (c)		3,325			3,329,316
California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) 5.00%, 09/01/24 (c)		2,200			2,249,914
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/27 (c)		360			360,405
3.00%, 09/01/27 (c)		500			502,727
California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/27 (c)		340			376,132
California State Public Works Board, Various Capital Projects, Series C (RB)
4.00%, 11/01/26 (c)		1,000			1,039,200
4.00%, 11/01/26 (c)		425			440,105
5.00%, 11/01/26 (c)		30			32,492
California State Public Works Board, Various Judicial Council Project, Series A (RB) 5.00%, 06/01/23 (c)		1,000			1,001,380
California State University, Series A (RB)
5.00%, 11/01/25 (c)		2,035			2,151,264
5.00%, 05/01/26 (c)		1,510			1,625,542
5.00%, 05/01/27 (c)		510			559,303
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB)
3.00%, 04/01/31 (c)		1,000			838,594
4.00%, 04/01/31 (c)		1,400			1,367,134
4.00%, 04/01/31 (c)		1,000			967,853
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p)		2,000			2,285,926

See Notes to Financial Statements

64

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c)	$	3,000		$	2,544,584
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP)
4.00%, 10/01/25 (c)		2,000			2,069,168
4.00%, 10/01/25 (c)		2,000			2,027,805
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		255			256,147
City of Bakersfield, Wastewater, Series A (RB) 5.00%, 09/15/25 (c)		15			15,919
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c)		1,400			1,030,208
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/30 (c)		1,000			1,055,741
5.00%, 05/15/31 (c)		1,400			1,611,093
City of Los Angeles, Wastewater System, Series A (RB)
5.00%, 06/01/23 (c)		2,000			2,001,989
5.00%, 06/01/27 (c)		565			623,699
City of San Jose, California Airport, Series B (RB) (BAM) 4.00%, 03/01/31 (c)		325			350,349
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 02/01/25 (c) ^		1,250			625,392
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 06/01/24 (c)		3,000			3,063,392
County of Santa Clara, Series C (GO)
5.00%, 08/01/27 (c)		125			138,870
5.00%, 08/01/27 (c)		525			579,138
Desert Community College District (GO) 5.00%, 08/01/27 (c)		145			160,694
East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/25 (c)		1,000			1,054,130
East Bay Municipal Utility District, Water System, Series B (RB) 5.00%, 06/01/27 (c)		220			243,762

	Par   (000’s		)	Value
California (continued)
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c)	$	2,590		$	2,434,867
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS) 4.00%, 07/01/26 (c)		1,150			1,181,927
Fontana Redevelopment Agency Successor Agency (TA) 5.00%, 10/01/27 (c)		760			836,414
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c)		1,500			1,367,622
Kern High School District, Series C (GO) (AGM)
2.00%, 08/01/30 (c)		3,000			2,711,264
2.00%, 08/01/30 (c)		1,600			1,476,564
Los Angeles Community College District, Series J (GO)
4.00%, 08/01/27 (c)		400			423,658
4.00%, 08/01/27 (c)		750			793,519
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/32 (c)		1,000			1,195,389
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB)
4.00%, 06/01/30 (c)		1,045			1,097,157
4.00%, 06/01/30 (c)		1,695			1,761,168
4.00%, 06/01/30 (c)		1,000			1,067,737
4.00%, 06/01/31 (c)		1,000			1,037,734
4.00%, 06/01/31 (c)		1,460			1,531,587
5.00%, 06/01/30 (c)		1,000			1,161,376
5.00%, 07/01/27 (c)		795			880,827
5.00%, 07/01/31 (c)		2,530			2,916,975
5.00%, 07/01/31 (c)		1,060			1,229,648
5.00%, 07/01/31 (c)		900			1,053,783
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series B (RB) 5.00%, 07/01/23 (c)		2,000			2,005,347
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB)
4.00%, 12/01/30 (c)		1,250			1,277,020
4.00%, 12/01/30 (c)		1,500			1,544,147
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/30 (c)		1,900			1,956,338
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/29		1,000			1,155,828

See Notes to Financial Statements

65

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
Los Angeles Department of Water and Power, Series B (RB)
5.00%, 01/01/27 (c)	$	275		$	300,688
5.00%, 07/01/23 (c)		1,000			1,002,757
5.00%, 07/01/23 (c)		1,500			1,503,960
Los Angeles Department of Water and Power, Series C (RB)
5.00%, 07/01/24 (c)		1,000			1,024,280
5.00%, 07/01/30 (c)		1,125			1,321,397
5.00%, 07/01/30 (c)		1,500			1,717,265
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/24 (c)		2,000			2,048,329
5.00%, 07/01/28 (c)		125			140,830
5.00%, 07/01/28 (c)		2,000			2,198,661
5.00%, 07/01/32 (c)		1,000			1,153,073
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/26 (c)		2,000			2,063,226
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO) 4.00%, 07/01/30 (c)		1,605			1,652,483
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)
4.00%, 01/01/32 (c)		1,500			1,570,108
5.00%, 01/01/32 (c)		1,300			1,529,413
Los Angeles Unified School District, Series A (GO)
4.00%, 07/01/29 (c)		1,580			1,701,656
5.00%, 07/01/25 (c)		695			732,323
5.00%, 07/01/29 (c)		1,720			1,986,079
5.00%, 07/01/30		500			589,267
Los Angeles Unified School District, Series B (GO)
2.00%, 07/01/26 (c)		270			251,974
5.00%, 07/01/26 (c)		915			988,961
Los Angeles Unified School District, Series B-1 (GO)
5.00%, 01/01/28 (c)		645			720,860
5.00%, 01/01/28 (c)		585			652,248
5.00%, 01/01/28 (c)		295			324,653
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/30 (c)		1,880			1,770,977
4.00%, 07/01/30 (c)		2,000			2,099,274
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c)		1,000			1,039,579
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c)		1,000			1,074,205

	Par   (000’s		)	Value
California (continued)
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/26 (c)	$	615		$	670,822
Oakland Unified School District (GO) 5.00%, 08/01/26 (c)		625			672,234
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/31 (c)		1,055			1,095,323
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c)		1,500			1,501,611
Palomar Health (RB) 5.00%, 11/01/26 (c)		1,725			1,755,392
Palomar Health, Series B (GO) 4.00%, 08/01/26 (c)		1,000			1,002,189
Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c)		2,000			2,006,625
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) 5.00%, 11/01/27 (c)		785			871,957
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/26 (c)		650			698,444
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c)		560			609,404
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c)		1,000			1,022,742
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		535			607,393
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/30 (c)		2,075			2,419,376
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c)		2,000			2,180,438
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c)		650			718,456
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c)		20			20,948
San Francisco Bay Area Rapid Transit District, Series F-1 (GO) 5.00%, 08/01/29 (c)		140			160,611

See Notes to Financial Statements

66

	Par   (000’s		)	Value
California (continued)
San Francisco City & County Public Utilities Commission Wastewater (RB)
5.00%, 10/01/32 (c)	$	1,000		$	1,160,243
5.00%, 10/01/32 (c)		1,000			1,191,076
5.00%, 10/01/32 (c)		1,500			1,740,365
San Francisco County Transportation Authority (RB)
3.00%, 02/01/27 (c)		500			498,827
3.00%, 02/01/27 (c)		135			136,841
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c)		2,000			2,118,467
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		230			252,846
San Marcos Unified School District (GO)
4.00%, 08/01/27 (c)		400			418,642
5.00%, 08/01/27 (c)		350			384,173
Santa Clara County Financing Authority, Capital Facilities, Series A (RB)
4.00%, 05/01/31 (c)		840			880,639
5.00%, 05/01/31 (c)		3,855			4,589,920
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/25 (c)		1,000			948,363
4.00%, 05/15/25 (c)		400			410,248
4.00%, 05/15/25 (c)		1,510			1,556,861
Santa Clara Unified School District (GO)
3.00%, 07/01/26 (c)		1,535			1,479,952
3.00%, 07/01/26 (c)		2,000			1,962,900
3.00%, 07/01/26 (c)		395			387,673
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c)		25			26,625
State of California (GO) 4.00%, 04/01/31 (c)		2,000			2,152,686
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/27 (c)		915			1,025,086
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c)		365			419,115
State of California, Series CL (GO) 3.75%, 12/01/24 (c)		10			9,810
State of California, Various Purpose (GO)
3.00%, 10/01/29 (c)		350			327,973
3.00%, 10/01/29 (c)		2,000			1,969,134
3.12%, 04/01/29 (c)		1,575			1,553,868
4.00%, 10/01/29 (c)		2,000			2,046,540

	Par   (000’s		)	Value
California (continued)
4.00%, 11/01/30 (c)	$	2,000		$	2,064,714
4.00%, 11/01/30 (c)		2,945			3,158,320
4.00%, 03/01/30 (c)		9,500			10,022,448
4.00%, 03/01/30 (c)		2,000			2,080,699
4.00%, 04/01/31 (c)		2,300			2,364,384
4.00%, 04/01/31 (c)		1,795			1,948,906
4.00%, 08/01/26 (c)		700			724,402
4.00%, 09/01/26 (c)		2,960			3,026,423
4.00%, 09/01/26 (c)		1,500			1,549,666
4.00%, 09/01/26 (c)		1,815			1,881,311
5.00%, 10/01/28 (c)		1,065			1,203,949
5.00%, 10/01/29		4,500			5,187,275
5.00%, 10/01/29 (c)		2,340			2,697,483
5.00%, 10/01/29 (c)		5,050			5,813,002
5.00%, 10/01/29		1,000			1,152,728
5.00%, 10/01/30		1,000			1,174,544
5.00%, 10/01/31		4,000			4,774,398
5.00%, 11/01/23 (c)		2,000			2,019,244
5.00%, 11/01/27 (c)		3,375			3,744,729
5.00%, 11/01/27 (c)		1,020			1,131,753
5.00%, 11/01/27 (c)		2,645			2,933,954
5.00%, 11/01/28 (c)		3,135			3,459,331
5.00%, 11/01/30		1,360			1,599,826
5.00%, 11/01/30 (c)		1,610			1,874,341
5.00%, 12/01/30 (c)		2,000			2,286,915
5.00%, 03/01/30 (c)		2,330			2,675,229
5.00%, 04/01/24 (c)		500			509,656
5.00%, 04/01/26 (c)		1,690			1,812,178
5.00%, 04/01/29 (c)		3,000			3,361,817
5.00%, 04/01/29 (c)		2,500			2,849,460
5.00%, 04/01/29 (c)		3,500			3,952,260
5.00%, 04/01/30		2,910			3,386,562
5.00%, 04/01/32		4,270			5,138,431
5.00%, 04/01/33 (c)		2,000			2,367,387
5.00%, 04/01/33 (c)		2,000			2,311,001
5.00%, 05/01/24 (c)		2,480			2,533,515
5.00%, 05/15/23 (c)		3,000			3,001,795
5.00%, 08/01/24 (c)		1,000			1,026,420
5.00%, 08/01/24 (c)		1,000			1,026,793
5.00%, 08/01/26 (c)		490			525,047
5.00%, 08/01/27 (c)		2,250			2,483,463
5.00%, 08/01/28 (c)		3,245			3,591,351
5.00%, 09/01/26 (c)		1,095			1,184,691
5.00%, 09/01/29		1,000			1,150,864
State of California, Various Purpose (GO) (SAW) 5.00%, 06/01/26 (c)		1,000			1,070,671
State Public Works Board, Various Capital Projects, Series B (RB)
4.00%, 05/01/31 (c)		1,500			1,543,485
4.00%, 05/01/31 (c)		2,000			2,066,759
University of California, Series AR (RB) 5.00%, 05/15/26 (c)		10			10,785
University of California, Series AY (RB) 5.00%, 05/15/27 (c)		625			690,102

See Notes to Financial Statements

67

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
University of California, Series AZ (RB) 5.00%, 05/15/28 (c)	$	310		$	350,405
University of California, Series BE (RB) 5.00%, 05/15/30 (c)		1,500			1,727,854
University of California, Series BN (RB)
5.00%, 05/15/33 (c)		1,000			1,191,869
5.00%, 05/15/33 (c)		1,000			1,208,673
5.00%, 05/15/33 (c)		2,000			2,454,846
University of California, Series I (RB) 4.00%, 05/15/25 (c)		2,160			2,203,438
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,170			1,298,140
University of California, Series Q (RB) 4.00%, 05/15/31 (c)		2,500			2,560,771
					316,275,183
Colorado: 1.7%
Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c)		1,000			1,059,496
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		540			584,051
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW)
5.00%, 12/15/26 (c)		2,000			2,130,256
5.00%, 12/15/26 (c)		2,000			2,121,099
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c)		1,000			1,056,224
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		1,200			694,196
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/29 (c)		2,000			1,999,206
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		2,350			2,301,670
Denver City and County School District No. 1 (GO) (SAW) 5.00%, 12/01/30 (c)		1,000			1,125,993
ElCounty of El Paso, School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c)		295			317,146
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c)		1,110			1,258,676

	Par   (000’s		)	Value
Colorado (continued)
Pueblo City Schools No. 60 (GO) (SAW)
3.00%, 12/15/29 (c)	$	500		$	454,489
5.00%, 12/15/29 (c)		1,010			1,145,858
5.00%, 12/15/29 (c)		1,625			1,798,867
5.00%, 12/15/29 (c)		1,085			1,195,848
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/26 (c)		1,820			1,924,529
Regional Transportation District, Fastracks Project, Series B (RB)
5.00%, 11/01/27 (c)		530			580,219
5.00%, 11/01/27 (c)		1,995			2,175,209
State of Colorado, Series A (CP)
4.00%, 12/15/31 (c)		1,540			1,565,324
4.00%, 12/15/31 (c)		1,750			1,803,542
5.00%, 12/15/31 (c)		1,000			1,166,414
University of Colorado, Series A-2 (RB) 3.00%, 06/01/24 (c)		800			797,210
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c)		2,165			2,416,359
					31,671,881
Connecticut: 2.3%
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/31 (c)		1,530			1,560,176
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c)		1,290			1,033,002
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/26 (c)		260			258,364
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series F-1 (RB) 3.05%, 05/15/26 (c)		140			136,141
Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c)		335			366,944
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/29 (c)		625			598,541
4.00%, 07/01/29 (c)		525			500,176

See Notes to Financial Statements

68

	Par   (000’s		)	Value
Connecticut (continued)
5.00%, 07/01/29 (c)	$	2,200		$	2,328,810
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29		1,120			1,298,019
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c)		1,000			1,026,866
State of Connecticut (GO) 5.00%, 11/15/25 (c)		1,525			1,600,940
State of Connecticut, Series A (GO)
3.00%, 01/15/31 (c)		1,000			985,842
3.00%, 01/15/31 (c)		2,200			2,183,041
3.00%, 01/15/31 (c)		1,000			938,287
4.00%, 01/15/31		1,780			1,950,893
5.00%, 04/15/28 (c)		1,000			1,082,952
State of Connecticut, Series A (GO) (SBG) 4.00%, 04/15/29 (c)		1,000			1,026,009
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29		1,000			1,005,325
State of Connecticut, Series C (GO)
4.00%, 06/01/30 (c)		1,950			2,096,230
4.00%, 06/01/30 (c)		850			886,944
State of Connecticut, Series E (GO)
3.00%, 10/15/26 (c)		395			391,448
5.00%, 08/15/23 (c)		2,000			2,010,746
5.00%, 09/15/28 (c)		1,665			1,865,405
State of Connecticut, Series F (GO) 5.00%, 11/15/25 (c)		1,550			1,629,330
State of Connecticut, Special Tax, Series A (RB)
5.00%, 05/01/31 (c)		1,500			1,736,582
5.00%, 05/01/31		1,650			1,949,222
5.00%, 09/01/24 (c)		1,250			1,284,309
5.00%, 09/01/24 (c)		1,300			1,335,774
5.00%, 09/01/24 (c)		1,195			1,228,975
5.00%, 09/01/26 (c)		475			508,406
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c)		2,500			2,796,512
State of Connecticut, State Revolving Fund, Series A (RB) 5.00%, 05/01/27 (c)		1,000			1,096,700
University of Connecticut, Series A (RB) 5.00%, 01/15/27 (c)		745			804,850
					41,501,761
Delaware: 0.2%
Delaware Transportation Authority (RB) 5.00%, 09/01/30 (c)		1,000			1,164,759

	Par   (000’s		)	Value
Delaware (continued)
State of Delaware (GO)
2.00%, 02/01/31 (c)	$	1,000		$	848,843
2.00%, 02/01/31 (c)		1,000			797,964
State of Delaware, Series A (GO)
2.00%, 01/01/30 (c)		650			524,235
5.00%, 05/01/33 (c)		1,000			1,202,216
					4,538,017
District of Columbia: 1.6%
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		2,250			2,554,630
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c)		645			693,679
District of Columbia, Series A (GO)
5.00%, 01/01/33 (c)		1,000			1,180,459
5.00%, 06/01/27 (c)		1,500			1,642,823
5.00%, 06/01/27 (c)		580			637,320
5.00%, 06/01/28 (c)		750			831,411
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c)		1,000			1,124,205
District of Columbia, Series C (GO) 5.00%, 06/01/24 (c)		1,980			2,007,891
District of Columbia, Series C (RB) 5.00%, 05/01/30 (c)		1,000			1,135,072
District of Columbia, Series D (GO) 5.00%, 06/01/24 (c)		1,350			1,376,212
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c)		250			253,545
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c)		250			255,690
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/27 (c)		2,545			2,780,951
Washington Metropolitan Area Transit Authority (RB) 5.00%, 07/01/27 (c)		1,000			1,068,906
Washington Metropolitan Area Transit Authority, Series A (RB)
4.00%, 07/15/31 (c)		4,000			4,287,123
5.00%, 07/15/30 (c)		1,400			1,569,858
5.00%, 07/15/31 (c)		2,000			2,269,195

See Notes to Financial Statements

69

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
District of Columbia (continued)
Washington Metropolitan Area Transit Authority, Series A-2 (RB)
5.00%, 07/01/27 (c)	$	810		$	873,641
5.00%, 07/01/27 (c)		550			595,994
5.00%, 07/01/27 (c)		300			326,615
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/27 (c)		650			709,353
5.00%, 07/01/27 (c)		880			949,140
5.00%, 07/01/27 (c)		555			606,909
					29,730,622
Florida: 3.4%
Brevard County Health Facilities Authority, Health First, Inc. Project (RB)
5.00%, 04/01/24 (c)		1,000			1,011,801
5.00%, 04/01/24 (c)		2,510			2,539,620
Broward County, Florida School Board, Series B (CP) 5.00%, 07/01/25 (c)		1,005			1,041,702
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c)		2,000			2,046,625
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c)		520			502,833
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/26 (c)		1,250			1,280,511
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/27 (c)		2,000			2,125,307
City of Gainesville, Utilities System, Series A (RB)
5.00%, 10/01/27 (c)		1,045			1,140,360
5.00%, 10/01/27 (c)		195			214,093
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c)		1,095			1,253,133
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27 (c)		560			601,724
5.00%, 11/01/27 (c)		2,000			2,181,050
County of Miami-Dade (RB)
0.00%, 10/01/26 (c) ^		565			425,086
0.00%, 10/01/26 (c) ^		400			288,405
5.00%, 10/01/26 (c)		2,005			2,108,179
5.00%, 10/01/26 (c)		510			540,298
County of Miami-Dade, Building Better Communities Program, Series A (GO)
5.00%, 07/01/26 (c)		555			590,280
5.00%, 07/01/26 (c)		280			298,323
5.00%, 07/01/26 (c)		520			554,842

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c)	$	1,600		$	1,651,463
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/30 (c)		1,500			1,507,579
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)		865			891,728
County of Miami-Dade, Water and Sewer System (RB)
4.00%, 04/01/31 (c)		1,475			1,504,477
5.00%, 04/01/31 (c)		3,500			4,112,303
County of Miami-Dade, Water and Sewer System, Series A (RB) 5.00%, 10/01/25 (c)		1,500			1,555,841
County of Miami-Dade, Water and Sewer System, Series B (RB)
3.00%, 10/01/27 (c)		370			354,788
5.00%, 10/01/25 (c)		605			626,101
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c)		2,000			2,010,362
Florida Housing Finance Corp., Series 2 (RB) 2.10%, 01/01/30 (c)		950			794,714
JEA Electric System, Series A (RB) 5.00%, 10/01/23 (c)		2,000			2,011,764
JEA Electric System, Series B (RB)
3.38%, 05/30/23 (c)		520			513,672
5.00%, 10/01/27 (c)		885			964,714
5.00%, 10/01/27 (c)		850			933,256
5.00%, 10/01/27 (c)		610			671,066
JEA Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c)		1,360			1,369,263
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c)		605			662,751
Orange County, Health Facilities Authority, Series A (RB)
5.00%, 10/01/26 (c)		1,325			1,396,742
5.00%, 08/01/23 (c)		420			433,635
Orange County, School Board, Series C (CP) 5.00%, 08/01/26 (c)		410			429,453
Orange County, Tourist Development Tax (RB) 5.00%, 10/01/30		490			565,101
Palm Beach County, School Board, Series A (CP) 5.00%, 08/01/30 (c)		275			316,401

See Notes to Financial Statements

70

	Par   (000’s		)	Value
Florida (continued)
Palm Beach County, School Board, Series C (CP) 5.00%, 08/01/28 (c)	$	695		$	778,273
Palm Beach County, School Board, Series D (CP) 5.00%, 08/01/25 (c)		2,000			2,084,683
Polk County, School District (RB) (SAW) 5.00%, 10/01/29 (c)		1,000			1,141,917
Reedy Creek Improvement District, Series A (GO)
4.00%, 06/01/27 (c)		1,000			1,041,649
5.00%, 06/01/26 (c)		1,000			1,041,848
South Miami Health Facilities Authority, Baptist Health (RB)
5.00%, 08/15/27 (c)		800			859,775
5.00%, 08/15/27 (c)		710			763,565
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
4.00%, 06/01/27 (c)		1,000			1,051,070
4.00%, 06/01/27 (c)		780			822,423
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c)		510			480,764
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
2.38%, 06/01/26 (c)		590			552,641
3.00%, 06/01/25 (c)		1,000			984,681
State of Florida, Department of Transportation Financing Corp. (RB)
3.00%, 07/01/30 (c)		1,000			947,011
3.00%, 07/01/30 (c)		1,000			998,717
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		880			1,020,086
Volusia County, School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c)		1,320			1,344,932
					61,935,381
Georgia: 2.4%
Athens-Clarke County, Georgia Water and Sewerage (RB) 4.00%, 01/01/25 (c)		1,450			1,478,919
City of Atlanta, Airport Passenger Facility Charge, Series C (RB)
5.00%, 07/01/29 (c)		2,275			2,495,220
5.00%, 07/01/29 (c)		800			896,505
City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c)		1,450			1,487,281

	Par   (000’s		)	Value
Georgia (continued)
5.00%, 05/01/25 (c)	$	1,000		$	1,045,888
Clarke County, Hospital Authority, Piedmont Healthcare, Inc. Project, Series A (RB) 5.00%, 07/01/26 (c)		250			263,553
Clarke County, Nevada Airport System, Series A-2 (RB) 5.00%, 01/01/24 (c)		1,705			1,723,471
Dekalb County, Water and Sewerage, Series B (RB) (AGM) 5.00%, 10/01/26 (c)		1,530			1,630,141
Fulton County, Georgia Water and Sewerage, Series A (RB)
3.00%, 01/01/30 (c)		3,000			2,738,814
5.00%, 05/30/23 (c)		1,350			1,363,495
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c)		225			239,029
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c)		925			876,730
Georgia Municipal Electric Authority Project (RB) 5.00%, 05/24/23 (c)		1,000			1,000,481
Main Street Natural Gas, Inc., Gas Supply, Series A (RB)
4.00%, 12/01/29 (c) (p)		2,500			2,490,350
5.00%, 05/15/38		1,000			1,025,184
Main Street Natural Gas, Inc., Gas Supply, Series B (RB) 5.00%, 03/01/30 (c) (p)		1,000			1,069,037
Private Colleges and Universities Authority, Emory University, Series B (RB)
4.00%, 10/01/26 (c)		2,000			2,030,179
4.00%, 09/01/30 (c)		350			367,873
State of Georgia, Road and Tollway Authority (RB)
5.00%, 06/01/30 (c)		2,550			2,958,330
5.00%, 06/01/30 (c)		2,000			2,318,504
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c)		3,255			3,505,380
State of Georgia, Series A (GO)
4.00%, 08/01/30 (c)		935			1,013,314
5.00%, 02/01/27 (c)		2,000			2,184,130
5.00%, 02/01/27 (c)		1,200			1,309,731
5.00%, 08/01/29		2,500			2,889,771
State of Georgia, Series C (GO) 5.00%, 07/01/27 (c)		3,000			3,306,760
					43,708,070

See Notes to Financial Statements

71

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Hawaii: 0.8%
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c)	$	1,930		$	2,243,666
City and County of Honolulu, Series A (GO) 4.00%, 09/01/28 (c)		1,075			1,091,971
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c)		1,015			1,112,855
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c)		970			998,216
City and County of Honolulu, Wastewater System, Series B (RB) 5.00%, 07/01/29 (c)		875			976,565
State of Hawaii (RB) 5.00%, 01/01/31 (c)		1,000			1,142,858
State of Hawaii, Department of Budget and Finance, Series A (RB) 6.00%, 07/01/23 (c)		1,000			1,004,235
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/30 (c)		2,000			2,275,586
State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c)		1,000			1,006,137
State of Hawaii, Series FK (GO)
3.25%, 05/01/27 (c)		1,000			1,009,883
5.00%, 05/01/27 (c)		690			746,876
State of Hawaii, Series FN (GO) 5.00%, 10/01/27 (c)		500			550,108
State of Hawaii, Series FT (GO)
4.00%, 01/01/28 (c)		295			310,509
5.00%, 01/01/28 (c)		405			449,987
					14,919,452
Illinois: 5.4%
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,122,065
Chicago O’Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/30 (c)		1,000			1,024,067
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/27 (c)		365			391,434
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c)		135			141,987
Chicago O’Hare International Airport, Series D (RB) 4.12%, 01/01/25 (c)		1,150			1,151,507
City of Chicago, Second Lien Water (RB) 5.00%, 11/01/27 (c)		1,390			1,469,855

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Second Lien Water (RB) (AGM)
5.00%, 11/01/27 (c)	$	2,000		$	2,119,634
5.00%, 11/01/27 (c)		1,420			1,523,344
City of Chicago, Series A (GO)
5.00%, 01/01/24 (c)		1,250			1,252,007
5.00%, 01/01/24 (c)		1,500			1,504,122
5.00%, 01/01/30		2,000			2,159,471
5.00%, 01/01/31 (c)		1,000			1,082,597
5.00%, 01/01/31 (c)		2,455			2,654,325
City of Chicago, Series B (GO)
4.00%, 01/01/30		358			358,872
4.00%, 01/01/32 (c)		1,064			967,173
City of Chicago, Series C (GO) 5.00%, 01/01/26 (c)		1,150			1,163,705
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c)		750			774,340
Cook County, Series A (GO) 5.00%, 11/15/26 (c)		325			345,370
Illinois Finance Authority, Carle Foundation, Series A (RB)
4.00%, 08/15/31 (c)		1,500			1,482,452
4.00%, 08/15/31 (c)		1,500			1,497,917
5.00%, 08/15/31 (c)		1,000			1,130,062
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 01/01/31 (c)		1,000			1,035,127
4.00%, 01/01/31 (c)		1,600			1,692,876
5.00%, 01/01/26 (c)		685			723,170
5.00%, 01/01/27 (c)		700			757,189
5.00%, 01/01/31 (c)		750			868,751
5.00%, 07/01/29 (c)		2,560			2,847,989
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c)		1,400			1,578,391
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/29 (c)		1,435			1,543,947
Illinois Finance Authority, Mercy Health Corp. (RB)
4.00%, 06/01/26 (c)		90			91,137
4.00%, 06/01/26 (c)		160			162,199
5.00%, 06/01/26 (c)		250			260,879
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)
5.00%, 08/15/30 (c)		1,000			1,147,518
5.00%, 08/15/30 (c)		1,365			1,572,048
5.00%, 08/15/30 (c)		1,295			1,476,685
Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c)		125			129,814
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB) 4.12%, 08/15/25 (c)		3,145			3,033,611

See Notes to Financial Statements

72

	Par   (000’s		)	Value
Illinois (continued)
Illinois Housing Development Authority, Series A (RB) 4.50%, 10/01/32 (c)	$	1,000		$	1,018,937
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		420			422,628
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/27 (c)		1,000			994,308
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33		1,000			1,216,904
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c)		2,000			2,021,295
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 05/30/23 (c)		1,135			1,135,973
Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/24 (c)		5,000			5,044,274
5.00%, 01/01/26 (c)		1,500			1,567,573
5.00%, 01/01/26 (c)		1,000			1,033,927
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 5.00%, 12/01/26 (c)		780			836,169
Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/26 (c)		1,235			1,248,925
4.00%, 12/01/26 (c)		1,500			1,500,278
5.00%, 12/01/26 (c)		910			972,970
5.00%, 12/01/26 (c)		990			1,053,305
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/28 (c)		1,150			1,243,933
5.00%, 01/01/28 (c)		570			613,306
5.00%, 01/01/33 (c)		1,000			1,151,170
State of Illinois (GO)
3.50%, 06/01/26 (c)		685			683,353
4.00%, 03/01/31 (c)		1,000			982,291
4.00%, 07/01/32 (c)		1,000			987,930
4.12%, 11/01/26 (c)		360			367,756
5.00%, 11/01/26 (c)		305			316,723
5.00%, 05/01/32 (c)		1,000			1,096,919
5.00%, 07/01/32 (c)		1,000			1,096,700
5.25%, 02/01/24 (c)		1,320			1,336,232
5.50%, 07/10/23 (c)		1,470			1,475,931
State of Illinois (RB)
3.00%, 06/15/26 (c)		320			292,893
3.00%, 06/15/26 (c)		680			639,679
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/31 (c)		3,000			2,822,269

	Par   (000’s		)	Value
Illinois (continued)
State of Illinois, Sales Tax, Series C (RB)
5.00%, 06/15/30	$	1,000		$	1,096,562
5.00%, 06/15/31		1,500			1,650,835
State of Illinois, Series A (GO)
4.00%, 03/01/31 (c)		500			483,293
5.00%, 10/01/28 (c)		2,500			2,694,446
5.00%, 12/01/27 (c)		1,000			1,054,478
5.00%, 03/01/31		500			558,491
5.00%, 03/01/31 (c)		1,000			1,105,809
5.00%, 05/01/28 (c)		2,250			2,395,861
5.25%, 12/01/27 (c)		1,200			1,296,860
State of Illinois, Series B (GO) 5.00%, 11/01/29 (c)		1,000			1,099,797
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		4,105			4,395,511
State of Illinois, Series D (RB) 5.00%, 06/15/26 (c)		620			648,256
					97,892,387
Indiana: 0.8%
City of Indianapolis, Indiana Water System, Series A (RB) 5.00%, 10/01/28 (c)		1,720			1,891,695
Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c)		1,000			904,414
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c)		2,500			2,600,936
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		1,545			1,547,513
Indiana Finance Authority, Series A (RB)
5.00%, 02/01/28 (c)		200			221,950
5.00%, 02/01/28 (c)		1,310			1,459,167
Indiana Finance Authority, Series C (RB) 5.00%, 02/01/28 (c)		610			679,460
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29		935			1,069,153
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)		20			19,914
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c)		250			277,001
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c)		1,715			1,947,568

See Notes to Financial Statements

73

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Indiana (continued)
Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM) 4.00%, 06/01/31 (c)	$	2,000		$	1,996,373
					14,615,144
Iowa: 0.1%
Iowa Finance Authority (RB) 5.00%, 08/01/27 (c)		1,000			1,103,143
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/31 (c)		1,000			1,142,804
					2,245,947
Kansas: 0.3%
County of Butler, Unified School District No. 385 (GO)
4.00%, 09/01/27 (c)		300			312,697
4.00%, 09/01/27 (c)		500			523,179
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c)		750			785,565
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/31 (p)		2,450			2,808,233
State of Kansas, Department of Transportation (RB) 5.00%, 09/01/27 (c)		1,165			1,280,605
					5,710,279
Kentucky: 0.6%
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 4.00%, 08/01/30 (c) (p)		1,200			1,190,478
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/28 (c)		3,285			3,595,907
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
4.00%, 10/01/26 (c)		1,000			995,990
5.00%, 10/01/26 (c)		290			305,206
5.00%, 10/01/26 (c)		55			58,076
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB) 5.00%, 10/01/29 (c) (p)		1,000			1,087,578
Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB) 4.00%, 05/30/23 (c)		2,000			2,003,763
University of Kentucky, Series A (RB)
3.00%, 04/01/26 (c)		770			737,374
4.00%, 04/01/26 (c)		500			513,077
					10,487,449

	Par   (000’s		)	Value
Louisiana: 0.9%
Ascension Parish-Wide School District (GO) 4.00%, 03/01/30 (c)	$	1,000		$	1,011,742
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c)		615			691,199
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/29 (c)		500			513,454
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/26 (c)		1,455			1,204,653
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		5,040			4,661,324
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/32 (c)		1,000			1,140,226
State of Louisiana, Series A (GO)
5.00%, 03/01/30 (c)		930			1,080,671
5.00%, 03/01/31 (c)		750			889,872
5.00%, 03/01/31 (c)		1,000			1,133,142
5.00%, 04/01/33 (c)		1,000			1,186,019
5.00%, 04/01/33 (c)		1,000			1,203,081
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/30 (c)		910			1,053,875
					15,769,258
Maryland: 2.3%
City of Baltimore, Wastewater Project, Series C (RB) 5.00%, 01/01/25 (c)		1,500			1,537,939
County of Baltimore (GO)
4.00%, 03/01/30 (c)		1,140			1,233,337
5.00%, 03/01/30		945			1,101,253
County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c)		1,925			2,050,567
County of Baltimore (GO) (CA MTG INS) 4.00%, 03/01/29 (c)		2,420			2,531,107
County of Montgomery, Series A (GO) 3.00%, 08/01/30 (c)		750			753,775
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c)		1,070			1,136,465
Maryland Department of Transportation (RB) 3.00%, 09/01/27 (c)		500			494,186

See Notes to Financial Statements

74

	Par   (000’s		)	Value
Maryland (continued)
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c)	$	250		$	266,182
Prince George’s County, Series A (GO)
5.00%, 07/15/28 (c)		1,150			1,296,254
5.00%, 07/15/28 (c)		2,500			2,760,324
Prince George’s County, Series A (GO) (SAW) 4.00%, 07/15/28 (c)		1,000			1,072,529
State of Maryland (GO) 4.00%, 06/01/24 (c)		1,500			1,514,946
State of Maryland State, Series A (GO)
3.25%, 08/01/23 (c)		2,000			2,000,839
4.00%, 08/01/31 (c)		1,000			1,065,926
5.00%, 08/01/30 (c)		1,000			1,154,425
State of Maryland, Department of Transportation (RB)
2.12%, 10/01/29 (c)		2,000			1,611,543
3.00%, 11/01/24 (c)		520			518,115
3.12%, 05/01/25 (c)		855			853,168
4.00%, 05/01/28 (c)		750			802,415
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c)		2,340			2,161,205
State of Maryland, State and Local Facilities Loan (GO)
4.00%, 08/01/28 (c)		530			565,569
5.00%, 03/15/29 (c)		3,000			3,412,970
5.00%, 08/01/28 (c)		1,000			1,124,600
State of Maryland, State and Local Facilities Loan, Series A (GO)
3.00%, 08/01/27 (c)		1,000			1,003,206
5.00%, 03/15/30 (c)		3,500			4,071,802
5.00%, 08/01/31 (c)		1,400			1,665,181
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/26 (c)		1,650			1,766,527
					41,526,355
Massachusetts: 3.4%
City of Boston, Series A (GO) 5.00%, 11/01/32 (c)		2,000			2,328,372
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/34		1,000			1,198,393
Commonwealth of Massachusetts Transportation Fund, Series A (RB) 5.00%, 06/01/24 (c)		1,275			1,301,332

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c)	$	980		$	998,366
Commonwealth of Massachusetts, Series A (GO) 5.00%, 10/01/31		3,000			3,588,360
Commonwealth of Massachusetts, Series B (GO)
5.00%, 07/01/26 (c)		1,860			1,994,173
5.00%, 07/01/26 (c)		600			645,195
Commonwealth of Massachusetts, Series C (GO)
3.00%, 02/01/24 (c)		400			395,758
5.00%, 05/01/30		1,000			1,167,716
5.00%, 05/30/23 (c)		350			350,483
5.00%, 05/30/23 (c)		2,000			2,003,042
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31		2,665			3,165,292
Commonwealth of Massachusetts, Series D (GO)
4.00%, 11/01/30 (c)		2,000			2,083,180
4.00%, 05/01/28 (c)		1,165			1,213,399
5.00%, 07/01/30 (c)		365			415,578
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c)		2,000			2,243,269
Commonwealth of Massachusetts, Series E (GO)
3.00%, 11/01/27 (c)		1,275			1,228,397
4.00%, 04/01/25 (c)		1,000			1,006,326
4.00%, 04/01/25 (c)		1,000			1,024,372
4.00%, 09/01/25 (c)		3,000			3,015,108
5.00%, 11/01/30 (c)		1,000			1,171,699
5.00%, 09/01/28 (c)		1,010			1,105,890
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 05/01/24 (c)		1,100			1,122,484
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c)		500			542,251
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/31 (c)		800			913,581
Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) 5.00%, 07/01/33 (c)		1,000			1,162,635

See Notes to Financial Statements

75

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c)	$	1,000		$	1,125,412
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c)		255			280,162
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		130			141,901
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
4.00%, 07/15/26 (c)		2,000			2,049,337
5.00%, 07/15/26 (c)		480			516,284
5.00%, 07/15/26 (c)		6,300			6,790,336
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c)		1,500			1,534,467
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		500			520,313
Massachusetts Development Finance Agency, Williams College, Series P (RB) 5.00%, 07/01/23 (c)		1,500			1,504,035
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 08/15/25 (c)		1,150			1,196,457
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30		2,000			2,383,769
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c)		2,115			2,330,450
University of Massachusetts Building Authority (RB)
5.00%, 11/01/27 (c)		1,020			1,126,713
5.00%, 11/01/29 (c)		750			853,721
5.00%, 05/01/29 (c)		1,220			1,373,747
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/29 (c)		500			574,000
					61,685,755
Michigan: 1.0%
Detroit City School District (GO) (AGM Q-SBLF) 6.00%, 05/01/29		3,500			3,893,629

	Par   (000’s		)	Value
Michigan (continued)
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
5.00%, 07/01/26 (c)	$	250		$	265,694
5.00%, 07/01/26 (c)		250			264,635
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
5.00%, 07/01/26 (c)		570			609,346
5.00%, 07/01/26 (c)		290			309,681
5.00%, 07/01/26 (c)		500			532,225
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)
5.00%, 07/01/26 (c)		30			32,167
5.00%, 07/01/26 (c)		1,025			1,091,035
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/26 (c)		2,000			2,000,448
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		140			131,865
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) 5.00%, 10/01/24 (c)		725			736,088
Michigan Finance Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c)		75			80,981
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)
5.00%, 12/01/27 (c)		585			626,067
5.00%, 12/01/27 (c)		2,000			2,155,093
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/26 (c)		570			610,684
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		410			404,049
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/30 (c)		750			689,320
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 06/01/26 (c)		1,370			1,338,364
State of Michigan, Trunk Line, Series A (RB) 5.00%, 11/15/31 (c)		1,900			2,229,924
					18,001,295

See Notes to Financial Statements

76

	Par   (000’s		)	Value
Minnesota: 1.0%
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)	$	125		$	134,723
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/26 (c)		1,000			1,074,714
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)
5.00%, 01/01/24 (c)		2,500			2,529,148
5.00%, 01/01/27 (c)		325			349,665
5.00%, 01/01/27 (c)		515			555,026
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/26 (c)		1,500			1,590,070
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,000			1,106,064
State of Minnesota, Various Purpose, Series A (GO)
5.00%, 08/01/29 (c)		1,000			1,128,432
5.00%, 08/01/29 (c)		1,000			1,149,402
5.00%, 08/01/30 (c)		2,000			2,294,077
5.00%, 08/01/30 (c)		2,000			2,278,342
State of Minnesota, Various Purpose, Series D (GO)
2.25%, 08/01/26 (c)		925			873,820
3.00%, 10/01/27 (c)		1,000			1,003,923
3.00%, 10/01/27 (c)		1,000			1,003,896
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c)		1,000			992,359
					18,063,661
Mississippi: 0.1%
State of Mississippi, Series A (GO) 5.00%, 10/01/27 (c)		430			474,558
State of Mississippi, Series A (RB)
5.00%, 10/15/28 (c)		400			436,265
5.00%, 10/15/28 (c)		550			587,418
5.00%, 10/15/28 (c)		1,000			1,081,979
					2,580,220
Missouri: 0.5%
City of Springfield, Public Utility (RB) 4.00%, 08/01/25 (c)		1,000			1,025,739
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/32 (c)		1,000			1,128,173
Curators of the University of Missouri, Series A (RB) 5.00%, 11/01/24 (c)		1,405			1,447,499
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,400			1,650,032

	Par   (000’s		)	Value
Missouri (continued)
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c)	$	250		$	274,345
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		685			703,161
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c)		650			684,498
Springfield School District No. R-12 (GO) (SAW)
4.00%, 03/01/29 (c)		1,415			1,478,085
5.00%, 03/01/29 (c)		450			498,007
St. Louis School District, Board of Education (GO) (AGM) 5.00%, 04/01/32 (c)		1,000			1,129,396
					10,018,935
Montana: 0.1%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 05/30/23 (c)		1,000			1,000,052
Nebraska: 0.5%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/32		1,280			1,386,726
5.00%, 09/01/34		3,300			3,620,811
5.00%, 09/01/35		2,000			2,179,543
Nebraska Public Power District, Series B (RB) 5.00%, 01/01/26 (c)		1,000			1,036,687
					8,223,767
Nevada: 0.9%
Clark County, Limited Tax, Series B (GO) 4.00%, 11/01/26 (c)		155			161,621
Clark County, Nevada Airport System, Series A-2 (RB)
5.00%, 07/01/24 (c)		1,500			1,524,833
5.00%, 07/01/24 (c)		2,500			2,553,623
5.00%, 07/01/24 (c)		1,000			1,020,317
Clark County, Nevada Limited Tax, Flood Control (GO) 4.00%, 05/01/25 (c)		1,675			1,703,904
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c)		470			529,551
Clark County, School District, Series A (GO) (AGM)
5.00%, 06/15/30 (c)		1,000			1,150,149
5.00%, 06/15/30 (c)		915			1,047,027

See Notes to Financial Statements

77

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Nevada (continued)
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c)	$	1,500		$	1,290,071
Clark County, School District, Series C (GO) 5.00%, 12/15/27 (c)		1,050			1,145,793
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/31 (c)		1,000			987,938
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 4.00%, 06/01/27 (c)		1,000			1,037,995
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
3.38%, 06/01/28 (c)		325			321,577
4.00%, 06/01/28 (c)		760			798,365
4.00%, 06/01/28 (c)		760			800,704
Truckee Meadows Water Authority (RB) 5.00%, 07/01/26 (c)		355			377,456
					16,450,924
New Jersey: 4.1%
County of Camden, Board of Education of Township of Cherry Hill (GO)
4.00%, 08/01/29 (c)		1,000			1,058,413
4.00%, 08/01/29 (c)		1,500			1,550,161
4.00%, 08/01/29 (c)		1,500			1,539,347
County of Hudson (GO)
2.00%, 11/15/28 (c)		685			560,346
2.00%, 11/15/28 (c)		2,000			1,691,102
2.12%, 11/15/28 (c)		265			212,688
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c)		755			748,393
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		260			288,279
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		1,000			1,105,937
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		380			410,815
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)		1,250			1,358,943

	Par   (000’s		)	Value
New Jersey (continued)
5.00%, 12/15/29 (c)	$	1,970		$	2,126,215
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		1,080			1,098,692
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 4.00%, 12/15/30 (c)		1,000			1,002,549
New Jersey Economic Development Authority, State House Project, Series B (RB) 5.00%, 12/15/28 (c)		315			344,576
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 4.00%, 09/01/24 (c)		1,000			1,007,970
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
2.00%, 03/01/31 (c)		2,000			1,501,604
2.00%, 03/01/31 (c)		1,975			1,526,398
2.00%, 03/01/31 (c)		1,000			803,573
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c)		500			552,240
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 4.00%, 07/01/27 (c)		1,000			1,008,844
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c)		360			353,822
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 07/01/23 (c)		2,355			2,361,736
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c)		1,000			1,118,463
New Jersey State Turnpike Authority, Series B (RB)
5.00%, 01/01/28 (c)		1,080			1,186,165
5.00%, 01/01/28 (c)		2,900			3,179,546
New Jersey State, COVID-19, Series A (GO)
4.00%, 06/01/31		1,000			1,092,506
4.00%, 06/01/32		1,135			1,249,815

See Notes to Financial Statements

78

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Series A (RB)
4.00%, 12/15/28 (c)	$	2,830		$	2,937,698
5.00%, 12/15/28 (c)		1,100			1,196,220
5.00%, 12/15/28 (c)		1,000			1,071,945
5.00%, 12/15/28 (c)		1,395			1,524,004
5.00%, 06/15/26 (c)		435			459,596
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c)		780			797,182
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.00%, 12/15/30 (c)		1,000			1,002,549
4.75%, 06/15/25 (c)		2,950			3,003,823
5.00%, 12/15/30 (c)		1,200			1,301,601
5.00%, 06/15/23 (c)		1,500			1,503,459
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c)		1,720			1,770,352
New Jersey Turnpike Authority, Series A (RB) 5.00%, 07/01/24 (c)		4,000			4,089,701
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c)		3,000			3,256,948
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c)		2,130			2,224,311
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		3,000			2,697,021
2.00%, 12/01/29 (c)		3,000			2,515,508
2.00%, 12/01/29 (c)		3,000			2,366,845
5.00%, 12/01/29 (c)		5,000			5,513,473
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		2,755			2,990,408
5.00%, 06/01/28 (c)		500			543,347
					74,805,129
New Mexico: 0.1%
State of New Mexico (GO) 5.00%, 03/01/33		1,000			1,223,252
New York: 18.4%
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)		500			480,956
City of New York, Series A (GO)
4.00%, 08/01/26 (c)		485			500,289
4.00%, 08/01/31 (c)		600			612,766
City of New York, Series A-1 (GO)
5.00%, 08/01/23 (c)		3,365			3,375,749
5.00%, 08/01/29		1,000			1,145,883

	Par   (000’s		)	Value
New York (continued)
5.00%, 09/01/32 (c)	$	2,000		$	2,306,546
City of New York, Series B-1 (GO)
4.00%, 10/01/29 (c)		1,800			1,819,237
5.00%, 10/01/29 (c)		1,125			1,286,749
5.00%, 10/01/29 (c)		500			572,988
5.00%, 11/01/30		1,000			1,172,601
5.00%, 12/01/26 (c)		395			426,941
5.25%, 10/01/27 (c)		920			1,027,926
City of New York, Series C (GO)
5.00%, 02/01/25 (c)		1,165			1,204,214
5.00%, 08/01/29		2,000			2,291,767
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c)		1,565			1,751,733
City of New York, Series E (GO)
5.00%, 04/01/33 (c)		1,000			1,164,667
5.00%, 08/01/26 (c)		540			579,015
City of New York, Series E-1 (GO)
5.00%, 03/01/28 (c)		2,000			2,150,548
5.00%, 03/01/28 (c)		1,015			1,127,047
5.25%, 03/01/28 (c)		1,000			1,122,922
5.25%, 03/01/28 (c)		1,500			1,692,004
City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c)		1,435			1,544,761
City of New York, Series J (GO) 5.00%, 08/01/24 (c)		1,100			1,125,112
City of New York, Series L (GO) 5.00%, 04/01/29 (c)		655			742,700
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c)		1,865			2,182,643
City of New York, Series L-6 (GO) 5.00%, 04/01/29 (c)		1,000			1,136,999
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/30 (c)		865			684,230
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB)
4.00%, 05/15/31 (c)		1,000			1,099,577
5.00%, 05/15/31 (c)		1,500			1,762,186
County of Nassau, Series C (GO) 5.00%, 10/01/27 (c)		600			659,657
County of Suffolk, Public Improvement, Series C (GO)
4.00%, 09/01/30 (c)		1,000			1,011,843
5.00%, 09/01/30 (c)		1,500			1,712,314
County of Suffolk, Water Authority (RB) 4.00%, 06/01/25 (c)		10			10,334
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c)		1,400			1,509,071

See Notes to Financial Statements

79

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
5.00%, 02/15/27 (c)	$	460		$	494,692
5.00%, 02/15/27 (c)		1,700			1,829,913
5.00%, 02/15/27 (c)		1,000			1,078,695
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/27 (c)		305			335,450
5.00%, 09/01/27 (c)		500			549,616
5.00%, 09/01/27 (c)		750			823,457
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c)		450			414,126
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		2,000			2,117,937
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c)		340			341,588
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/30 (p)		4,935			5,384,050
Metropolitan Transportation Authority, Series B-2 (RB)
5.00%, 11/15/26 (c)		15			16,078
5.00%, 11/15/27 (c)		1,185			1,298,281
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 05/15/28 (c)		395			396,800
4.00%, 05/15/28 (c)		1,980			2,002,729
5.00%, 05/15/28 (c)		1,445			1,549,151
5.00%, 05/15/28 (c)		2,540			2,711,952
5.00%, 05/15/28 (c)		470			504,338
5.00%, 05/15/28 (c)		1,540			1,653,015
5.00%, 05/15/28 (c)		810			861,027
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		1,035			675,972
Metropolitan Transportation Authority, Series D (RB)
3.12%, 11/15/26 (c)		265			237,296
4.00%, 11/15/26 (c)		400			401,863
5.00%, 05/15/28 (c)		1,085			1,164,624
5.00%, 05/15/28 (c)		535			571,218
5.00%, 05/15/28 (c)		1,570			1,680,128
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/25 (c)		2,000			2,087,993
Metropolitan Transportation Authority, Series E (RB)
5.00%, 11/15/23 (c)		1,775			1,781,580
5.00%, 11/15/30		1,000			1,087,533
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c)		1,000			863,102

	Par   (000’s		)	Value
New York (continued)
New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) 3.70%, 11/15/23 (c)	$	2,000		$	1,999,524
New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c)		1,100			905,445
New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB) (FHA 542(C)) 2.10%, 05/01/29 (c)		2,000			1,549,620
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM)
2.00%, 01/01/31 (c)		1,250			892,340
4.00%, 01/01/31 (c)		500			526,298
5.00%, 01/01/31		2,700			3,078,119
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM)
4.00%, 09/01/30 (c)		2,500			2,603,306
5.00%, 03/01/30		2,145			2,414,603
New York City Municipal Water Finance Authority, Series AA (RB)
5.00%, 12/15/29 (c)		1,000			1,157,583
5.00%, 06/15/27 (c)		960			1,033,335
New York City Municipal Water Finance Authority, Series BB (RB) 5.00%, 06/15/27 (c)		310			340,408
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 12/15/26 (c)		1,000			1,062,660
New York City Municipal Water Finance Authority, Series DD (RB)
5.00%, 06/15/23 (c)		1,000			1,002,064
5.00%, 06/15/23 (c)		4,500			4,509,286
5.00%, 06/15/33 (c)		1,000			1,219,899
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/29 (c)		500			571,653
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/33 (c)		1,000			1,141,524
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/31 (c)		1,400			1,257,864

See Notes to Financial Statements

80

	Par   (000’s		)	Value
New York (continued)
4.00%, 07/15/31 (c)	$	1,375		$	1,432,319
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/28 (c)		1,010			1,131,490
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)
5.00%, 07/15/28 (c)		1,605			1,793,180
5.00%, 07/15/28 (c)		1,000			1,103,879
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW)
5.00%, 07/15/28 (c)		500			558,623
5.25%, 07/15/28 (c)		1,415			1,584,071
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
3.00%, 11/01/30 (c)		2,000			1,786,149
5.00%, 11/01/30 (c)		3,000			3,402,494
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
4.00%, 05/01/26 (c)		630			653,327
5.00%, 11/01/31 (c)		1,000			1,190,610
5.00%, 05/01/26 (c)		280			298,477
5.00%, 05/01/26 (c)		655			692,794
5.00%, 05/01/26 (c)		880			932,853
5.00%, 05/01/26 (c)		450			477,959
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c)		2,000			2,127,057
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 11/01/29 (c)		1,500			1,505,936
4.00%, 08/01/31 (c)		1,190			1,195,731
5.00%, 05/01/24 (c)		2,980			3,028,687
5.00%, 05/01/27 (c)		1,065			1,156,529
5.00%, 08/01/24 (c)		1,345			1,375,041
5.00%, 08/01/26 (c)		690			738,075
5.00%, 08/01/26 (c)		540			577,276
5.00%, 08/01/26 (c)		895			955,920
5.00%, 08/01/26 (c)		530			568,292
5.00%, 08/01/27 (c)		350			380,056
5.00%, 08/01/27 (c)		1,000			1,091,164
5.00%, 08/01/28 (c)		780			868,874
5.00%, 08/01/30 (c)		1,000			1,167,012
5.00%, 08/01/31 (c)		1,000			1,178,027
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.00%, 05/01/27 (c)		2,280			2,482,453

	Par   (000’s		)	Value
New York (continued)
5.00%, 05/01/27 (c)	$	900		$	976,079
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/30 (c)		1,690			1,697,576
5.00%, 11/01/30 (c)		2,500			2,815,355
5.00%, 11/01/30 (c)		1,400			1,636,276
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 05/01/32 (c)		1,500			1,524,587
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/25 (c)		1,195			1,230,690
5.00%, 02/01/26 (c)		1,500			1,586,189
5.00%, 02/01/27 (c)		1,190			1,288,462
5.00%, 02/01/27 (c)		1,710			1,810,332
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30		6,000			6,579,793
New York Liberty Development Corp., Goldman Sachs Headquarters Issue (RB) 5.25%, 10/01/35		1,000			1,148,940
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c)		1,000			1,017,274
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/28 (c)		1,000			988,924
New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/25 (c)		3,000			3,127,453
5.00%, 07/01/27 (c)		1,140			1,243,760
5.00%, 07/01/28 (c)		385			429,555
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c)		1,250			1,354,573
New York State Dormitory Authority, Sales Tax, Series A (RB)
5.00%, 03/15/24 (c)		2,150			2,181,653
5.00%, 03/15/24 (c)		1,310			1,326,695
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/26 (c)		1,200			1,284,545

See Notes to Financial Statements

81

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
5.00%, 10/01/26 (c)	$	1,325		$	1,420,586
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
3.00%, 09/15/30 (c)		3,120			2,738,666
4.00%, 02/15/27 (c)		1,235			1,259,936
4.00%, 02/15/27 (c)		475			488,396
4.00%, 02/15/27 (c)		1,000			1,045,288
4.00%, 03/15/31 (c)		2,795			2,851,057
4.00%, 03/15/31 (c)		1,075			1,103,020
4.00%, 09/15/30 (c)		1,135			1,162,201
5.00%, 02/15/27 (c)		2,115			2,290,062
5.00%, 02/15/27 (c)		595			644,251
5.00%, 03/15/29 (c)		2,370			2,667,819
5.00%, 03/15/29 (c)		3,910			4,328,347
5.00%, 03/15/29 (c)		1,950			2,177,157
5.00%, 03/15/30		1,000			1,159,352
5.00%, 03/15/31 (c)		4,000			4,669,199
5.00%, 08/15/26 (c)		2,000			2,094,397
5.00%, 09/15/32 (c)		2,000			2,261,635
5.25%, 09/15/28 (c)		1,305			1,441,167
New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
5.00%, 02/15/25 (c)		1,095			1,133,305
5.00%, 08/15/27 (c)		2,000			2,189,588
5.00%, 08/15/27 (c)		2,270			2,452,547
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)		385			391,399
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/30 (c)		2,000			2,300,554
5.00%, 02/15/30		1,150			1,331,186
5.00%, 08/15/26 (c)		940			998,184
New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
4.00%, 03/15/32 (c)		2,000			2,057,770
4.00%, 03/15/32 (c)		1,500			1,533,328
5.00%, 09/15/25 (c)		3,000			3,154,007
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 01/01/27 (c)		250			260,963
5.00%, 03/15/24 (c)		340			345,299
5.00%, 03/15/27 (c)		1,000			1,082,281
5.00%, 03/15/27 (c)		515			558,520
5.00%, 03/15/27 (c)		2,110			2,281,301
5.00%, 03/15/27 (c)		305			330,908
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/28 (c)		520			580,624
5.00%, 03/15/28 (c)		1,970			2,177,167

	Par   (000’s		)	Value
New York (continued)
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
5.00%, 06/15/24 (c)	$	2,000		$	2,042,908
5.00%, 06/15/26 (c)		415			443,008
5.00%, 06/15/26 (c)		765			818,049
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)
4.00%, 06/15/29 (c)		1,530			1,569,183
5.00%, 06/15/29 (c)		1,250			1,404,215
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
3.00%, 06/15/27 (c)		495			503,266
5.00%, 06/15/27 (c)		500			545,887
5.00%, 06/15/27 (c)		1,000			1,093,054
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c)		835			667,156
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c)		525			526,038
New York State Thruway Authority, Series A (RB)
5.00%, 01/01/26 (c)		600			630,751
5.00%, 01/01/26 (c)		650			683,996
New York State Thruway Authority, Series B (RB) (AGM)
4.00%, 01/01/30 (c)		3,155			3,152,038
4.00%, 01/01/30 (c)		800			812,266
New York State Thruway Authority, Series K (RB)
5.00%, 01/01/25 (c)		2,500			2,577,978
5.00%, 01/01/25 (c)		4,335			4,477,352
New York State Thruway Authority, Series L (RB) 3.50%, 01/01/28 (c)		1,120			1,076,619
New York State Thruway Authority, Series O (RB) 4.00%, 07/01/31 (c)		2,000			1,981,105
New York State Thruway Authority, State Personal Income, Series A-1 (RB)
5.00%, 03/15/31 (c)		2,000			2,333,053
5.00%, 03/15/31 (c)		800			923,432
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 4.00%, 09/15/30 (c)		500			499,983

See Notes to Financial Statements

82

	Par   (000’s		)	Value
New York (continued)
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/27 (c)	$	750		$	814,859
5.00%, 05/19/23 (c)		1,800			1,801,905
5.00%, 09/15/29		2,000			2,293,293
5.00%, 09/15/30 (c)		1,475			1,660,808
New York State Urban Development Corp., State Personal Income, Series C (RB)
4.00%, 09/15/30 (c)		1,000			1,064,835
4.00%, 09/15/30 (c)		1,000			1,022,665
5.00%, 09/15/27 (c)		4,295			4,711,345
5.00%, 09/15/27 (c)		350			384,091
New York State Urban Development Corp., State Sales Tax, Series A (RB)
5.00%, 09/15/29 (c)		1,000			1,133,033
5.00%, 09/15/31 (c)		4,500			5,202,058
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
5.00%, 12/01/30		1,150			1,293,715
5.00%, 12/01/30 (c)		1,000			1,088,414
5.00%, 12/01/30 (c)		750			828,307
Port Authority of New York and New Jersey, Series 179 (RB) 5.00%, 12/01/23 (c)		2,000			2,019,124
Port Authority of New York and New Jersey, Series 184 (RB) 5.00%, 09/01/24 (c)		2,000			2,046,428
Port Authority of New York and New Jersey, Series 205 (RB) 5.00%, 11/15/27 (c)		840			927,826
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/28 (c)		500			546,998
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		500			555,983
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c)		500			557,099
Port Authority of New York and New Jersey, Series 222 (RB)
4.00%, 07/15/30 (c)		2,600			2,727,216
4.00%, 07/15/30 (c)		3,975			4,114,151
5.00%, 07/15/30 (c)		1,000			1,158,289
5.00%, 07/15/30 (c)		1,000			1,168,603
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		615			601,066
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c)		460			445,358

	Par   (000’s		)	Value
New York (continued)
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax (RB)
5.00%, 11/15/31	$	1,000		$	1,203,704
5.00%, 05/15/33 (c)		1,000			1,206,633
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C-1A (RB) 5.00%, 11/15/31 (c)		1,225			1,392,054
Triborough Bridge and Tunnel Authority, Series B (RB)
5.00%, 11/15/31		1,000			1,194,315
5.00%, 05/15/27 (c)		2,085			2,232,274
5.00%, 05/15/27 (c)		1,070			1,167,040
5.00%, 05/15/27 (c)		1,000			1,072,702
5.00%, 05/15/27 (c)		1,255			1,364,444
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
5.00%, 09/01/30 (c)		500			542,527
5.00%, 09/01/30 (c)		1,795			2,014,592
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c)		845			875,940
5.00%, 06/01/27 (c)		500			522,229
Utility Debt Securitization Authority (RB)
5.00%, 12/15/25 (c)		2,830			2,964,253
5.00%, 12/15/27 (c)		2,000			2,176,385
Utility Debt Securitization Authority, Series A (RB)
5.00%, 06/15/26 (c)		610			652,300
5.00%, 06/15/26 (c)		500			531,432
5.00%, 06/15/26 (c)		2,000			2,137,451
Utility Debt Securitization Authority, Series E (RB)
5.00%, 12/15/23 (c)		1,250			1,264,477
5.00%, 12/15/32 (c)		2,000			2,404,230
Westchester County Local Development Corp., Pace University, Series A (RB) 5.00%, 05/01/24 (c)		1,000			1,009,591
					335,675,622
North Carolina: 1.3%
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series B (RB) 1.95%, 11/01/29 (p)		1,500			1,354,921
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 12/01/31 (p)		3,000			3,457,623
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c)		900			948,177
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c)		250			234,938

See Notes to Financial Statements

83

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
North Carolina (continued)
County of Wake (RB) 3.00%, 03/01/31 (c)	$	1,500		$	1,430,228
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c)		1,000			1,020,696
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/31 (c)		1,000			1,033,400
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,127,450
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c)		500			527,787
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		380			421,108
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
4.00%, 01/01/28 (c)		890			933,203
4.00%, 01/01/28 (c)		360			376,170
4.00%, 01/01/28 (c)		800			832,533
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c)		625			513,677
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/29 (c)		1,500			1,698,418
State of North Carolina, Series A (GO)
3.00%, 06/01/28 (c)		380			376,492
5.00%, 06/01/28 (c)		1,140			1,285,395
5.00%, 06/01/30 (c)		1,100			1,290,940
State of North Carolina, Series A (RB) 5.00%, 05/01/29 (c)		1,000			1,139,894
State of North Carolina, Series B (RB)
3.00%, 05/01/27 (c)		800			791,267
5.00%, 05/01/27 (c)		880			964,035
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/31 (c)		1,000			1,156,540
					22,914,892
Ohio: 2.0%
Akron Bath Copley Joint Township Hospital District, Summa Health (RB)
4.00%, 11/15/30 (c)		1,000			974,195
4.00%, 11/15/30 (c)		1,000			944,413

	Par   (000’s		)	Value
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/30 (c)	$	500		$	545,271
5.00%, 06/01/30 (c)		3,000			3,260,177
5.00%, 06/01/30 (c)		500			546,334
City of Columbus, Various Purpose (GO) 4.00%, 10/01/27 (c)		200			210,290
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30		1,000			1,167,927
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c)		1,245			1,418,382
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 12/01/29		1,250			1,421,077
5.00%, 02/01/28 (c)		1,030			1,126,485
5.00%, 06/01/30 (c)		1,000			1,142,834
County of Butler, Ohio Hospital facilities, UC Health (RB) 4.00%, 11/15/27 (c)		1,205			1,108,415
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c)		100			104,103
County of Hamilton, Series A (RB) 4.00%, 12/01/26 (c)		1,000			1,028,005
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		1,000			955,289
Ohio State University, Series A (RB)
5.00%, 12/01/29		2,225			2,575,971
5.00%, 06/01/23 (c)		1,000			1,001,306
Ohio Turnpike and Infrastructure Commission, Series A (RB)
5.00%, 02/15/28 (c)		1,845			2,053,193
5.00%, 02/15/28 (c)		500			556,156
5.00%, 02/15/28 (c)		500			556,397
Ohio Water Development Authority, Drinking Water, Series A (RB) 5.00%, 06/01/31 (c)		1,335			1,532,564
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		1,760			1,966,108
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 06/01/27 (c)		2,065			2,258,254
5.00%, 06/01/30 (c)		1,970			2,216,441
5.00%, 06/01/30 (c)		1,000			1,161,978

See Notes to Financial Statements

84

	Par   (000’s		)	Value
Ohio (continued)
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c)	$	480		$	487,191
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
4.00%, 01/01/28 (c)		760			789,430
5.00%, 01/01/28 (c)		130			141,945
5.00%, 01/01/28 (c)		135			148,179
5.00%, 01/01/28 (c)		140			153,536
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		165			162,512
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,000			1,087,560
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31		1,225			1,465,000
					36,266,918
Oklahoma: 0.2%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c)		330			331,222
Grand River Dam Authority, Series A (RB)
4.00%, 12/01/26 (c)		2,000			2,053,767
5.00%, 12/01/26 (c)		515			553,722
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)		565			609,674
					3,548,385
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			805,031
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c)		700			779,206
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c)		2,350			2,148,183
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,285			1,423,767
Hillsboro School District No. 1J (GO) (SBG)
5.00%, 06/15/27 (c)		590			637,391
5.00%, 06/15/27 (c)		1,000			1,091,286

	Par   (000’s		)	Value
Oregon (continued)
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)
0.00%, 06/15/27 (c) ^	$	1,010		$	680,190
0.00%, 06/15/27 (c) ^		1,215			860,819
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c)		1,280			1,269,759
Portland Community College District (GO) 5.00%, 06/15/33 (c)		1,000			1,180,856
Salem-Keizer School District No. 24J (GO) (SBG)
4.00%, 06/15/28 (c)		740			772,283
4.00%, 06/15/30 (c)		2,000			2,055,694
5.00%, 06/15/28 (c)		545			609,807
State of Oregon, Department of Transportation, Highway User Tax, Series A (RB)
4.00%, 11/15/30 (c)		3,000			3,064,613
5.00%, 11/15/29 (c)		1,650			1,852,393
5.00%, 11/15/30 (c)		1,000			1,141,640
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c)		10			10,669
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 04/01/28 (c)		570			552,227
					20,935,814
Pennsylvania: 3.9%
Allegheny County Hospital Development Authority, Series A (RB)
5.00%, 04/01/28 (c)		1,120			1,199,175
5.00%, 07/15/29 (c)		360			401,887
5.00%, 07/15/29 (c)		810			896,357
Allegheny County Sanitary Authority (RB) 5.00%, 12/01/25 (c)		1,000			1,039,558
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c)		380			411,752
City of Philadelphia, Gas Works (RB)
5.00%, 10/01/26 (c)		880			928,775
5.00%, 10/01/26 (c)		680			712,979
5.00%, 10/01/26 (c)		735			775,251
5.00%, 10/01/26 (c)		970			1,020,237
City of Philadelphia, Series A (GO)
4.00%, 05/01/31 (c)		1,925			1,931,672
5.00%, 08/01/27 (c)		750			816,739
5.00%, 08/01/27 (c)		750			816,695
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c)		1,000			1,020,113

See Notes to Financial Statements

85

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
City of Philadelphia, Series B (GO) 5.00%, 08/01/29 (c)	$	1,500		$	1,637,468
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/25 (c)		1,595			1,645,829
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
5.00%, 06/01/28 (c)		265			288,019
5.00%, 06/01/28 (c)		775			847,763
Commonwealth of Pennsylvania (GO)
3.00%, 01/01/27 (c)		510			509,772
3.00%, 09/15/26 (c)		1,055			991,727
4.00%, 02/01/26 (c)		1,500			1,535,773
4.00%, 05/15/31 (c)		2,000			2,173,264
4.00%, 08/15/25 (c)		1,500			1,527,844
4.00%, 09/15/26 (c)		170			174,168
Geisinger Authority Health System, Series A (RB) 4.00%, 04/01/30 (c)		1,000			988,324
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p)		2,000			2,201,725
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c)		1,100			1,181,040
Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 09/15/26 (c)		385			412,763
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)
3.38%, 11/15/27 (c)		1,000			1,001,266
4.00%, 11/15/27 (c)		205			208,811
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)		125			131,287
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c)		775			792,294
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/26 (c)		1,000			1,037,104
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/25 (c)		2,675			2,806,280

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)
3.12%, 08/15/27 (c)	$	150		$	149,475
5.00%, 08/15/27 (c)		270			293,923
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)		425			409,434
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		700			656,706
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)		315			315,641
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		1,620			1,594,951
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c)		300			292,240
Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/24 (c)		1,000			1,029,289
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/27 (c)		2,000			2,032,300
Pennsylvania Turnpike Commission, Series A (RB)
5.00%, 12/01/26 (c)		310			333,792
5.00%, 12/01/26 (c)		750			801,651
5.00%, 12/01/29 (c)		1,000			1,100,806
5.00%, 12/01/29 (c)		500			561,697
5.00%, 12/01/32 (c)		1,000			1,168,468
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 12/01/28 (c)		1,250			1,356,559
Pennsylvania Turnpike Commission, Series B (RB)
5.00%, 12/01/25 (c)		1,010			1,064,477
5.00%, 06/01/26 (c)		2,650			2,758,995
5.00%, 06/01/31 (c)		700			804,804
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c)		510			549,928
Pennsylvania Turnpike Commission, Series B-2 (RB) (AGM) 5.00%, 06/01/27 (c)		1,735			1,874,901

See Notes to Financial Statements

86

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB)
4.00%, 07/01/27 (c)	$	1,355		$	1,380,070
4.00%, 07/01/27 (c)		110			113,093
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)
5.00%, 09/01/31		1,460			1,718,554
5.00%, 09/01/32		2,000			2,385,561
5.00%, 09/01/33		2,000			2,411,516
School District of Philadelphia, Series A (GO) (SAW) 5.00%, 09/01/28 (c)		660			725,459
School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/26 (c)		1,570			1,619,865
5.00%, 09/01/26 (c)		485			508,895
5.00%, 09/01/26 (c)		1,000			1,033,338
Southeastern Pennsylvania Transportation Authority, Capital Grant (RB) 5.00%, 06/01/27 (c)		845			920,082
Sports and Exhibition Authority, Regional Asset District (RB) (AGM) 5.00%, 08/01/29 (c)		1,000			1,129,890
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM)
5.00%, 12/01/26 (c)		1,750			1,855,804
5.00%, 12/01/26 (c)		1,225			1,295,660
					70,311,535
Rhode Island: 0.3%
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 (c)		380			401,443
Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB) 4.00%, 05/15/31 (c)		1,000			1,011,783
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) 2.05%, 04/01/30 (c)		1,000			784,850
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM) 2.10%, 10/01/29 (c)		1,000			826,904
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		250			275,998

	Par   (000’s		)	Value
Rhode Island (continued)
State of Rhode Island, Series A (GO) 5.00%, 08/01/32 (c)	$	2,000		$	2,279,167
					5,580,145
South Carolina: 0.5%
Lancaster County School District (GO) 3.25%, 03/01/27 (c)		325			324,855
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		100			107,680
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c)		1,000			1,127,706
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/27 (c)		1,000			1,077,295
South Carolina, Public Service Authority, Series A (RB)
4.00%, 12/01/31 (c)		1,115			1,137,182
5.00%, 06/01/26 (c)		1,500			1,537,612
South Carolina, Public Service Authority, Series A (RB) (SAW) 5.00%, 12/01/30 (c)		3,000			3,322,949
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/27 (c)		1,000			1,014,257
					9,649,536
South Dakota: 0.0%
South Dakota Health and Educational Facilities Authority (RB)
5.00%, 09/01/27 (c)		255			273,262
5.00%, 09/01/27 (c)		100			107,056
					380,318
Tennessee: 0.9%
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB)
5.00%, 07/01/23 (c)		915			915,913
5.00%, 07/01/23 (c)		1,500			1,501,099
5.00%, 07/01/23 (c)		810			810,768
5.00%, 07/01/23 (c)		550			550,585
Metropolitan Government of Nashville and Davidson County (GO)
4.00%, 07/01/26 (c)		545			565,412
4.00%, 07/01/26 (c)		580			600,676
4.00%, 07/01/27 (c)		275			286,835
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			135,306

See Notes to Financial Statements

87

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Tennessee (continued)
Shelby County, Public Improvement, Series B (GO)
4.00%, 04/01/30 (c)	$	1,000		$	1,075,965
4.00%, 04/01/30 (c)		3,000			3,237,722
4.00%, 04/01/30 (c)		1,000			1,062,242
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 12/01/30 (c) (p)		2,000			2,119,756
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p)		4,000			4,236,388
					17,098,667
Texas: 8.5%
Aldine Independent School District, Series A (GO)
4.00%, 02/15/27 (c)		675			692,723
4.00%, 02/15/27 (c)		910			937,217
Alvin Independent School District (GO) 3.38%, 02/15/28 (c)		350			327,583
Arlington Independent School District (GO)
4.00%, 02/15/29 (c)		500			523,398
4.00%, 02/15/29 (c)		1,000			1,058,930
Austin Independent School District (GO) 5.00%, 02/01/33 (c)		1,500			1,774,414
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30		2,500			2,922,205
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c)		850			971,332
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29		2,040			2,343,174
City of Austin, Water and Wastewater System (RB) 5.00%, 05/15/24 (c)		1,065			1,083,622
City of Dallas (GO) 5.00%, 02/15/25 (c)		1,055			1,094,857
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c)		600			555,528
City of Dallas, Waterworks and Sewer System, Series A (RB)
5.00%, 10/01/26 (c)		600			642,071
5.00%, 10/01/26 (c)		565			604,997
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/30 (c)		1,000			1,159,562
City of Denton, Utility System (RB) 5.00%, 12/01/26 (c)		965			1,031,647

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/28 (c)	$	1,000		$	1,083,649
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c)		4,500			5,190,027
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c)		1,500			1,536,087
City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/28 (c)		1,000			1,115,651
5.00%, 11/15/28 (c)		750			825,265
City of Houston, Public Improvement, Series A (GO)
5.00%, 03/01/29 (c)		1,215			1,373,609
5.00%, 03/01/29 (c)		1,000			1,127,564
City of Houston, Series A (GO)
5.00%, 03/01/26 (c)		180			190,974
5.00%, 03/01/26 (c)		515			546,996
5.00%, 03/01/27 (c)		520			564,305
5.00%, 03/01/27 (c)		500			543,559
City of Lubbock, Texas Electric Light and Power System (RB) 4.00%, 04/15/30 (c)		1,550			1,552,309
City of San Antonio, Electric and Gas Systems (RB)
4.00%, 02/01/30		1,000			1,066,268
5.00%, 02/01/32 (c)		1,000			1,176,295
City of San Antonio, Electric and Gas Systems, Series B (RB) 4.00%, 02/01/33		1,000			1,080,537
Conroe Independent School District (GO) 5.00%, 02/15/25 (c)		1,430			1,478,760
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c)		320			338,438
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/30 (c)		1,000			1,093,776
County of Bexar, Hospital District (GO)
4.00%, 02/15/26 (c)		115			116,953
5.00%, 02/15/26 (c)		1,315			1,384,961
County of Collin, Community College District (GO)
3.25%, 08/15/27 (c)		500			505,960
4.00%, 08/15/27 (c)		925			965,739
County of El Paso, Hospital District (GO) 4.00%, 08/15/27 (c)		250			245,112

See Notes to Financial Statements

88

	Par   (000’s		)	Value
Texas (continued)
County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB)
4.00%, 11/15/27 (c)	$	950		$	986,464
5.00%, 11/15/27 (c)		850			931,997
County of Harris, Flood Control District, Series A (GO) 5.00%, 10/01/25 (c)		480			504,130
County of Harris, Flood Control District, Series A (RB)
4.00%, 10/01/27 (c)		2,855			2,900,965
4.00%, 10/01/27 (c)		1,000			1,011,139
5.00%, 10/01/27 (c)		210			230,170
County of Harris, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c)		1,100			1,123,379
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c)		675			711,799
County of Harris, Unlimited Tax Road, Series A (GO) 5.00%, 10/01/25 (c)		2,645			2,778,598
County of Tarrant, Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c)		80			84,861
Cypress-Fairbanks Independent School District (GO)
4.00%, 02/15/25 (c)		1,735			1,763,063
4.00%, 02/15/30 (c)		1,275			1,309,215
Cypress-Fairbanks Independent School District, Series A (GO)
3.00%, 02/15/31 (c)		500			495,079
4.00%, 02/15/31 (c)		1,500			1,553,939
5.00%, 02/15/29 (c)		1,805			2,040,907
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,835			2,089,446
Dallas Fort Worth International Airport (RB) 4.12%, 11/01/23 (c)		1,150			1,150,696
Dallas Independent School District (GO)
4.00%, 02/15/30 (c)		1,000			1,089,776
5.00%, 02/15/32 (c)		1,000			1,178,621
5.00%, 02/15/32 (c)		1,500			1,694,272
5.00%, 02/15/32 (c)		1,000			1,166,394
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 02/15/26 (c)		335			344,525
Fort Bend Independent School District (GO)
5.00%, 08/15/27 (c)		645			709,433
5.00%, 08/15/27 (c)		2,000			2,199,899
Frisco Independent School District (GO)
4.00%, 08/15/30 (c)		1,345			1,404,093
4.00%, 08/15/30 (c)		1,350			1,451,912

	Par   (000’s		)	Value
Texas (continued)
5.00%, 02/15/29 (c)	$	2,000		$	2,206,137
Grand Parkway Transportation Corp., First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c)		1,500			1,503,122
Houston Independent School District, Limited Tax School House (GO)
5.00%, 02/15/27 (c)		540			582,216
5.00%, 02/15/27 (c)		750			815,777
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c)		605			677,672
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/27 (c)		2,510			2,671,315
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c)		120			129,663
Lone Star College System (GO)
4.00%, 02/15/26 (c)		1,500			1,544,822
5.00%, 02/15/26 (c)		400			420,952
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c)		1,000			1,166,072
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/30 (c)		1,250			1,377,966
North Texas Municipal Water District, Water System (RB)
5.00%, 09/01/26 (c)		715			757,627
5.00%, 09/01/26 (c)		45			48,303
North Texas Tollway Authority System, Series B (RB)
4.00%, 01/01/31 (c)		2,000			2,068,083
4.00%, 01/01/31 (c)		2,250			2,280,389
4.00%, 01/01/31 (c)		1,975			2,093,319
5.00%, 01/01/24 (c)		3,500			3,539,192
5.00%, 01/01/24 (c)		3,325			3,361,126
5.00%, 01/01/27 (c)		1,000			1,051,101
North Texas Tollway Authority, First Tier, Series A (RB)
4.12%, 01/01/32 (c)		2,000			2,019,327
5.00%, 01/01/26 (c)		1,195			1,253,066
5.00%, 01/01/26 (c)		425			445,651
5.00%, 01/01/26 (c)		1,675			1,756,369
5.00%, 01/01/26 (c)		500			523,966
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c)		450			460,509
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/27 (c)		880			961,637

See Notes to Financial Statements

89

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Texas (continued)
Pflugerville Independent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/32 (c)	$	1,000		$	1,151,249
Plano Independent School District, Unlimited Tax (GO)
5.00%, 08/15/32 (c)		1,000			1,182,169
5.00%, 08/15/32 (c)		1,000			1,167,570
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c)		1,000			1,151,560
San Antonio Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/28 (c)		500			522,007
San Antonio Water System, Junior Lien, Series A (RB) 4.00%, 05/15/31 (c)		1,150			1,171,527
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c)		500			526,751
Texas A&M University, Financing System, Series C (RB) 4.00%, 05/15/26 (c)		10			10,360
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		2,250			2,357,695
5.00%, 12/15/31		1,475			1,552,665
5.00%, 12/15/32		1,000			1,056,340
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)		1,390			1,366,542
4.00%, 12/31/30 (c)		1,150			1,115,606
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c)		1,000			958,136
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c)		1,570			1,601,010
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c)		1,000			1,039,615
Texas Water Development Board (RB)
3.00%, 10/15/30 (c)		950			895,850
3.00%, 10/15/30 (c)		500			500,243
3.00%, 10/15/30 (c)		750			732,794
4.00%, 10/15/30 (c)		2,000			2,158,251

	Par   (000’s		)	Value
Texas (continued)
Texas Water Development Board, Series A (RB)
4.00%, 10/15/25 (c)	$	1,000		$	1,014,705
4.00%, 10/15/27 (c)		1,000			1,038,429
4.00%, 10/15/27 (c)		400			417,241
4.00%, 10/15/27 (c)		2,000			2,037,592
4.00%, 04/15/28 (c)		600			628,560
5.00%, 10/15/27 (c)		250			275,585
5.00%, 10/15/27 (c)		200			219,960
Texas Water Development Board, Series B (RB)
4.00%, 10/15/28 (c)		1,000			1,046,368
4.00%, 10/15/28 (c)		3,000			3,067,894
5.00%, 10/15/28 (c)		1,500			1,686,305
Texas Water Development Board, Series D (RB) 3.00%, 10/15/30 (c)		500			461,250
Tomball Independent School District, Unlimited Tax (GO)
5.00%, 02/15/33 (c)		1,000			1,167,246
5.00%, 02/15/33 (c)		1,100			1,296,972
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/27 (c)		670			733,562
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c)		1,500			1,748,785
University of North Texas, Series A (RB) 5.00%, 04/15/27 (c)		75			81,695
University of Texas, Board of Regents, Series A (RB)
4.00%, 08/15/24 (c)		1,000			1,008,793
5.00%, 07/01/33 (c)		1,000			1,153,215
University of Texas, Board of Regents, Series B (RB) 4.00%, 07/01/24 (c)		1,250			1,266,380
					154,014,682
Utah: 0.5%
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/27 (c)		395			411,909
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c)		2,000			2,080,777
State of Utah, Series B (GO) 5.00%, 01/01/29 (c)		1,275			1,455,661
University of Utah, Series A (RB) 5.00%, 08/01/27 (c)		365			399,403
University of Utah, Series B (RB) 5.00%, 08/01/32 (c)		2,220			2,544,590
Utah Transit Authority, Subordinated Sales Tax (RB)
4.00%, 06/15/26 (c)		850			881,821
4.00%, 06/15/26 (c)		2,000			2,069,003
					9,843,164

See Notes to Financial Statements

90

	Par   (000’s		)	Value
Vermont: 0.1%
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c)	$	1,000		$	1,054,711
Virginia: 1.5%
City of Richmond, Public Utility, Series A (RB) 5.00%, 01/15/26 (c)		1,520			1,607,348
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c)		375			325,397
County of Fairfax, Public Improvement, Series A (GO) (SAW)
4.00%, 04/01/32 (c)		1,000			1,072,931
4.00%, 04/01/32 (c)		1,000			1,092,498
5.00%, 04/01/28 (c)		750			842,065
5.00%, 04/01/29 (c)		1,755			2,009,828
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/29 (c)		1,500			1,389,210
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
3.00%, 02/01/31 (c)		2,750			2,589,831
4.00%, 02/01/26 (c)		2,000			2,076,190
4.00%, 02/01/30 (c)		1,500			1,567,688
5.00%, 02/01/30 (c)		1,950			2,224,005
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c)		110			109,373
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
5.00%, 02/01/28 (c)		880			974,375
5.00%, 02/01/28 (c)		2,180			2,413,702
Virginia College Building Authority, Virginia Educational Facilities, Series A (RB) 3.00%, 02/01/31 (c)		1,250			1,100,650
Virginia Commonwealth Transportation Board (RB) 4.00%, 05/15/26 (c)		500			516,518
Virginia Commonwealth Transportation Board, Series A (RB) 5.00%, 11/15/27 (c)		800			880,990
Virginia Public Building Authority, Series A (RB) 3.00%, 08/01/26 (c)		695			690,978

	Par   (000’s		)	Value
Virginia (continued)
3.12%, 08/01/28 (c)	$	1,050		$	1,045,689
5.00%, 08/01/30 (c)		1,000			1,167,695
Virginia Public Building Authority, Series A-2 (RB)
4.00%, 08/01/31 (c)		1,000			1,046,498
4.00%, 08/01/31 (c)		1,000			1,069,234
Virginia State, Public Building Authority, Series A (RB) 4.00%, 08/01/27 (c)		185			195,509
					28,008,202
Washington: 3.5%
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 07/01/31 (c)		1,000			1,037,875
County of King, Limited Tax (GO) 4.00%, 07/01/27 (c)		2,110			2,216,962
County of King, Limited Tax (GO) (SAW) 5.00%, 01/01/29 (c)		1,000			1,138,922
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/27 (c)		400			436,280
5.00%, 07/01/28 (c)		695			776,142
5.00%, 07/01/30 (c)		1,930			2,238,486
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM)
5.00%, 07/01/29 (c)		1,000			1,110,118
5.00%, 07/01/29 (c)		500			549,866
5.00%, 07/01/30 (c)		1,415			1,603,233
Energy Northwest, Colombia Generating Station Electric, Series C (RB)
5.00%, 07/01/25 (c)		1,250			1,306,049
5.00%, 07/01/28 (c)		1,000			1,112,243
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/30 (c)		1,545			1,482,906
King County School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/27 (c)		880			919,565
King County School District No. 401 Highline (GO) (SBG)
3.12%, 12/01/26 (c)		690			692,244
5.00%, 12/01/26 (c)		700			752,632
King County School District No. 411 Issaquah (GO) (SBG) 4.00%, 06/01/26 (c)		635			657,092
King County School District No. 414 Lake Washington (GO) (SBG) 5.00%, 06/01/27 (c)		835			910,775

See Notes to Financial Statements

91

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Washington (continued)
Kitsap County School District No. 401 Central Kitsap (GO) (SBG)
4.00%, 06/01/26 (c)	$	1,250		$	1,285,635
4.00%, 06/01/26 (c)		1,000			1,023,210
4.00%, 06/01/26 (c)		1,425			1,470,446
Pierce County School District No. 403 Bethel (GO) (SBG)
5.00%, 06/01/29 (c)		500			570,762
5.00%, 06/01/29 (c)		200			223,496
Puyallup School District No. 3 (GO) (SBG) 5.00%, 06/01/27 (c)		970			1,051,377
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c)		825			881,155
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c)		1,000			1,167,895
State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO) 4.00%, 07/01/23 (c)		1,000			1,001,822
State of Washington, Series A (GO) 5.00%, 08/01/26 (c)		755			801,802
State of Washington, Series C (GO) 5.00%, 08/01/27 (c)		880			962,305
State of Washington, Series D (GO) 5.00%, 08/01/27 (c)		880			962,676
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/26 (c)		580			619,479
5.00%, 08/01/26 (c)		245			261,676
5.00%, 08/01/27 (c)		500			542,575
5.00%, 08/01/27 (c)		500			546,765
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c)		2,175			2,534,616
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/27 (c)		735			773,966
State of Washington, Various Purpose, Series R-C (GO)
5.00%, 08/01/27 (c)		880			954,932
5.00%, 08/01/27 (c)		420			459,459
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB)
5.00%, 02/15/28 (c)		1,815			1,877,814
5.00%, 02/15/28 (c)		2,000			2,059,641

	Par   (000’s		)	Value
Washington (continued)
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 05/30/23 (c)	$	1,820		$	1,819,999
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB)
4.00%, 10/01/30 (p)		1,595			1,626,331
5.00%, 10/01/28 (c)		250			266,130
5.00%, 10/01/28 (c)		225			237,553
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		760			793,845
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		1,682			1,579,743
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c)		1,050			1,196,182
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/31 (c)		2,000			2,259,001
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c)		1,000			1,017,603
Washington State, Various Purpose, Series A (GO)
5.00%, 08/01/30 (c)		1,000			1,122,202
5.00%, 08/01/31 (c)		1,250			1,431,450
Washington State, Various Purpose, Series A-1 (GO)
5.00%, 08/01/23 (c)		1,500			1,506,174
5.00%, 08/01/24 (c)		1,500			1,534,800
Washington State, Various Purpose, Series C (GO)
5.00%, 01/01/25 (c)		1,575			1,622,573
5.00%, 02/01/28 (c)		1,145			1,242,754
5.00%, 02/01/28 (c)		1,000			1,105,233
5.00%, 02/01/29 (c)		1,080			1,183,024
5.00%, 02/01/30 (c)		1,000			1,136,395
					63,655,886
West Virginia: 0.3%
State of West Virginia, Series A (GO)
5.00%, 06/01/29 (c)		500			556,751
5.00%, 06/01/29 (c)		1,000			1,146,725
State of West Virginia, Series B (GO) 5.00%, 06/01/28 (c)		675			758,988
West Virginia Hospital Finance Authority, Huntington Hospital, Series A (RB) 4.00%, 01/01/29 (c)		1,430			1,333,672

See Notes to Financial Statements

92

	Par   (000’s		)	Value
West Virginia (continued)
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/31 (c)	$	1,320		$	1,511,523
					5,307,659
Wisconsin: 1.1%
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		350			345,583
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p)		1,335			1,361,224
State of Wisconsin (GO) 5.00%, 05/01/27 (c)		450			494,314
State of Wisconsin, Series A (GO)
4.00%, 05/01/28 (c)		1,655			1,703,864
5.00%, 05/01/25 (c)		2,000			2,079,687
5.00%, 05/01/25 (c)		890			925,460
5.00%, 05/01/32 (c)		1,000			1,172,467
5.00%, 05/01/32 (c)		1,000			1,187,352
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		1,500			1,520,154
Wisconsin Department of Transportation (RB)
5.00%, 07/01/27 (c)		480			528,547
5.00%, 07/01/27 (c)		115			126,711
Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/24 (c)		940			961,193

	Par   (000’s		)	Value
Wisconsin (continued)
5.00%, 07/01/24 (c)	$	510		$	521,498
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
4.00%, 05/15/26 (c)		1,500			1,523,667
4.00%, 05/15/26 (c)		1,875			1,872,641
5.00%, 05/15/26 (c)		100			106,046
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		500			514,488
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c)		125			133,477
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 5.00%, 08/15/24 (c)		2,500			2,561,583
					19,639,956
Wyoming: 0.2%
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 05/15/29 (c)		4,500			3,944,222
Total Municipal Bonds: 98.6% (Cost: $1,864,845,781)					1,795,974,394
Other assets less liabilities: 1.4%					25,592,525
NET ASSETS: 100.0%				$	1,821,566,919

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
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED
PROG	Special District Credit Enhancement Program
TA	Tax Allocation

Footnotes:

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

See Notes to Financial Statements

93

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	% of
Summary of Investments by Sector	Investments			Value
State GO		18.3	%	$	328,662,297
Local GO		15.6			280,036,378
Tax		14.5			260,213,989
Water & Sewer		7.9			141,956,815
Hospitals		6.6			118,657,362
Transportation		6.2			111,245,759
Toll & Turnpike		5.8			104,924,633
Education		5.6			99,751,845
Power		4.9			87,657,958
Leasing COPS & Appropriations		4.4			78,718,467
Utilities		3.2			56,942,534
Airport		2.1			38,150,774
Miscellaneous		1.4			25,809,047
Multi-Family Housing		1.1			19,088,296
Single Family Housing		0.7			12,992,014
Industrial Development Revenue		0.6			11,502,848
Tobacco		0.6			10,419,488
Pollution Control		0.3			5,636,673
Health		0.2			3,607,217
		100.0	%	$	1,795,974,394

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	1,795,974,394	$	—	$	1,795,974,394

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

94

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.4%
Arizona: 1.3%
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/29 (c)	$	500		$	492,352
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c)		1,000			1,049,935
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/30 (c)		750			823,747
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c)		750			690,955
Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB) 5.00%, 01/01/33 (c)		1,000			1,122,557
					4,179,546
California: 17.4%
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 08/01/23 (c)		500			500,627
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/28 (c)		995			1,047,628
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/29 (c)		1,000			1,058,621
Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL) 5.00%, 10/01/25 (c)		500			515,587
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,350			1,252,826
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) 5.00%, 08/15/27 (c)		1,000			1,019,456

	Par   (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c)	$	750		$	768,160
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB) 4.00%, 04/01/30 (c)		1,000			949,764
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) 4.00%, 11/01/27 (c)		1,000			980,340
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c)		750			704,530
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/26 (c)		680			536,049
California Health Facilities Financing Authority, Series A (RB) 4.00%, 05/19/23 (c)		1,000			924,940
California Health Facilities Financing Authority, Series B (RB) 4.00%, 11/15/26 (c)		1,000			963,428
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/28 (c)		500			534,726
California State Public Works Board, Air Resources Board, Series D (RB) 4.00%, 05/01/32 (c)		500			491,646
California State Public Works Board, New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/31 (c)		1,000			1,100,403
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/31 (c)		840			829,130
Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c)		500			528,756
Chino Valley Unified School District, Series B (GO) (SBG) 5.00%, 08/01/30 (c)		620			672,415
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/30 (c)		750			744,470

See Notes to Financial Statements

95

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/27 (c)	$	1,210		$	1,217,764
El Dorado Irrigation District, Series A (CP) (AGM)
4.00%, 03/01/30 (c)		630			630,985
4.00%, 03/01/30 (c)		690			680,543
Fremont Union High School District, Series A (GO) 4.00%, 08/01/27 (c)		500			497,205
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c)		325			256,282
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/28 (c)		1,000			995,443
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/30 (c)		800			889,455
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 01/01/31 (c)		1,000			1,092,498
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/31 (c)		500			546,407
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/32 (c)		500			556,925
5.00%, 07/01/32 (c)		750			828,411
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c)		530			534,476
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/30 (c)		500			501,313
Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		900			877,390
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c)		500			389,492
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/26 (c)		1,015			1,015,304
Riverside  County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		570			564,879

	Par   (000’s		)	Value
California (continued)
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c)	$	500		$	483,652
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/27 (c)		610			640,271
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		750			804,160
San Diego Public Facilities Financing Authority, Series A (RB)
4.00%, 04/15/33 (c)		500			487,389
5.25%, 08/01/33 (c)		500			574,912
San Diego Unified School District, Series I (GO) 4.00%, 07/01/27 (c)		595			589,519
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c)		600			471,434
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c)		610			615,415
San Francisco City and County, International Airport, Series B (RB) 5.00%, 05/01/27 (c)		700			731,299
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/31 (c)		885			875,031
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		750			740,719
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c)		825			710,816
San Jose Financing Authority Wastewater, Series B (RB) 5.00%, 11/01/32 (c)		1,500			1,673,158
San Mateo County Community College District (GO) 5.00%, 09/01/28 (c)		1,570			1,714,823
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/29 (c)		500			501,313
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c)		1,000			718,992

See Notes to Financial Statements

96

	Par   (000’s		)	Value
California (continued)
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/33 (c)	$	500		$	567,380
Southwestern Community College District, Series A (GO) 4.00%, 08/01/27 (c)		750			738,402
State of California, Various Purpose (GO)
3.00%, 10/01/29 (c)		500			390,805
3.00%, 12/01/30 (c)		400			332,780
3.62%, 04/01/26 (c)		645			583,255
4.00%, 10/01/29 (c)		500			504,691
5.00%, 10/01/27 (c)		660			707,632
5.00%, 10/01/28 (c)		935			1,010,443
5.00%, 11/01/23 (c)		1,000			1,006,564
5.00%, 11/01/27 (c)		515			548,783
5.00%, 04/01/29 (c)		1,000			1,081,434
5.00%, 09/01/31 (c)		630			711,445
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c)		875			966,181
University of California, Series BE (RB) 4.00%, 05/15/30 (c)		1,000			1,018,410
University of California, Series BN (RB)
5.00%, 05/15/33 (c)		1,000			1,152,730
5.00%, 05/15/33 (c)		1,000			1,144,987
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,000			1,064,873
Ventura Unified School District, Series A (GO) 4.00%, 08/01/32 (c)		500			494,305
					54,556,277
Colorado: 2.4%
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/28 (c)		1,050			1,005,721
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 06/01/25 (c)		500			514,209
City of Colorado Springs CO Utilities System Revenue (RB) 5.00%, 11/15/30 (c)		600			651,931
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/29 (c)		685			662,626
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		500			363,503
5.00%, 08/01/29 (c)		1,000			1,033,004

	Par   (000’s		)	Value
Colorado (continued)
Colorado Health Facilities Authority, Intermountain Healthcare, Series A (RB) (SAW) 5.00%, 05/15/32 (c)	$	690		$	744,919
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c)		500			517,394
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)
5.00%, 12/31/24 (c)		250			244,011
5.00%, 12/31/24 (c)		250			246,127
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c)		850			584,016
Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c)		800			788,398
					7,355,859
Connecticut: 0.4%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) 4.70%, 11/15/31 (c)		500			509,868
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c)		750			766,534
					1,276,402
Delaware: 0.2%
County of New Castle (GO) 4.00%, 04/01/27 (c)		150			151,709
State of Delaware (GO) 4.00%, 05/01/33 (c)		500			514,868
					666,577
District of Columbia: 1.4%
District of Columbia, Children’s Hospital (RB) 5.00%, 01/15/26 (c)		500			508,950
District of Columbia, Income Tax, Series A (RB) 5.00%, 09/01/29 (c)		750			814,727
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/30 (c)		805			798,253
District of Columbia, Series A (RB)
2.62%, 03/01/30 (c)		575			423,345
3.00%, 03/01/30 (c)		275			235,605

See Notes to Financial Statements

97

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	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		$	963,290
Washington Metropolitan Area Transit Authority, Series A (RB) 3.00%, 07/15/31 (c)		750			614,600
					4,358,770
Florida: 4.7%
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,055			1,103,837
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c)		845			830,028
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB)
4.00%, 11/01/29 (c)		1,000			915,134
5.00%, 11/01/29 (c)		1,000			1,019,742
City of Lakeland, Florida Hospital, Regional Health Systems (RB) 5.00%, 11/15/24 (c)		1,000			1,001,179
City of Orlando, Capital of Improvements, Series B (RB) 5.00%, 10/01/28 (c)		1,000			1,069,444
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c)		200			165,646
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c)		180			150,893
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/32 (c)		500			556,974
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		500			523,288
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB)
4.00%, 09/01/31 (c)		510			487,129
4.00%, 09/01/31 (c)		1,000			963,457
County of Broward, School District (GO) 5.00%, 07/01/31 (c)		665			727,626

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c)	$	500		$	493,276
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c)		500			450,696
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c)		330			200,027
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/30 (c)		500			538,284
Fort Pierce Utilities Authority, Series A (RB) (AGM) 4.00%, 10/01/32 (c)		1,000			951,953
Halifax Hospital Medical Center (RB) 4.00%, 06/01/26 (c)		525			482,091
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c)		500			316,475
South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c)		750			595,130
State of Florida, Department of Transportation, Turnpike System (RB) 5.00%, 07/01/32 (c)		1,000			1,090,708
					14,633,017
Georgia: 2.3%
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c)		660			652,629
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		260			238,093
Clarke County Hospital Authority, Piedmont Healthcare, Inc., Series A (RB) 4.00%, 07/01/26 (c)		1,000			983,724
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/30 (c)		500			352,599
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/30 (c)		630			594,212

See Notes to Financial Statements

98

	Par   (000’s		)	Value
Georgia (continued)
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c)	$	215		$	190,870
Georgia State Road & Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c)		500			388,381
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49		990			1,001,674
Metropolitan Atlanta Rapid Transit Authority Sales Tax,  Series A (RB) 3.00%, 07/01/30 (c)		1,000			798,761
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) 4.50%, 07/01/32 (c)		500			491,713
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/28 (c)		500			505,395
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		855			862,315
					7,060,366
Hawaii: 0.2%
City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c)		750			752,034
Idaho: 0.2%
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c)		500			502,841
Illinois: 4.5%
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c)		890			849,690
Chicago Transit Authority Sales Tax Receipts Fund (RB) 5.25%, 12/01/24 (c)		750			761,152
City of Chicago, Series A (GO) 5.50%, 01/01/30 (c)		750			793,256
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c)		1,000			979,870
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c)		500			494,460
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c)		1,000			1,001,872

	Par   (000’s		)	Value
Illinois (continued)
Illinois Housing Development Authority (RB) 5.00%, 04/01/32 (c)	$	1,000		$	1,035,084
Illinois Housing Development Authority, Series G (RB) 4.85%, 04/01/32 (c)		500			516,734
Illinois State Toll Highway Authority (RB) 4.00%, 01/01/32 (c)		500			483,051
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c)		1,000			1,088,941
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/31 (c)		500			483,106
Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS) 4.00%, 01/01/28 (c)		1,000			943,421
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c)		750			821,730
State of Illinois, Series A (GO)
5.00%, 03/01/31 (c)		1,250			1,312,669
5.00%, 05/01/28 (c)		630			656,058
State of Illinois, Series B (GO) 5.50%, 05/01/32 (c)		1,000			1,094,732
State of Illinois, Series C (GO) 4.00%, 11/01/29 (c)		900			845,258
					14,161,084
Indiana: 0.6%
Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c)		300			333,054
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB)
5.00%, 02/01/29 (c)		1,000			1,044,021
5.00%, 02/01/29 (c)		500			523,724
					1,900,799
Iowa: 0.3%
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		500			502,247
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/30 (c)		530			575,009
					1,077,256
Kentucky: 0.7%
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)		1,225			1,154,823

See Notes to Financial Statements

99

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Kentucky (continued)
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c)	$	750		$	744,472
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) 3.25%, 11/15/26 (c)		235			194,985
					2,094,280
Louisiana: 0.5%
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM) 4.00%, 12/01/28 (c)		700			638,316
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c)		230			222,761
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c)		230			224,845
State of Louisiana, Series A (GO) 4.00%, 04/01/33 (c)		500			505,949
					1,591,871
Maryland: 1.3%
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c)		310			206,669
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c)		500			427,320
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c)		500			379,502
Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)		1,000			1,062,018
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,083,274
Washington Suburban Sanitary Commission (RB) 4.00%, 06/01/33 (c)		1,000			998,932
					4,157,715

	Par   (000’s		)	Value
Massachusetts: 4.0%
Commonwealth of Massachusetts Transportation, Series A (RB)
3.00%, 06/01/30 (c)	$	800		$	622,864
5.00%, 06/01/31 (c)		500			557,529
Commonwealth of Massachusetts Transportation, Series B (RB) 5.00%, 06/01/30 (c)		560			616,329
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/28 (c)		1,000			1,061,421
5.00%, 04/01/27 (c)		275			290,972
Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c)		1,300			796,452
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c)		360			286,614
Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/30 (c)		750			819,812
Commonwealth of Massachusetts, Series E (GO) 5.00%, 11/01/30 (c)		605			663,638
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB)
4.00%, 07/01/31 (c)		800			781,038
4.00%, 07/01/33 (c)		1,000			974,208
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/28 (c)		500			514,149
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) 5.00%, 07/01/25 (c)		500			505,594
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series G (RB) 5.25%, 07/01/33 (c)		1,000			1,050,828
Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c)		1,900			1,915,937
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c)		305			329,470
Massachusetts School Building Authority, Sales Tax, Series A (RB) 5.00%, 08/15/30 (c)		750			808,032
					12,594,887

See Notes to Financial Statements

100

	Par   (000’s		)	Value
Michigan: 2.1%
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)	$	390		$	402,082
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		570			587,659
Michigan Finance Authority (RB)
5.00%, 05/15/25 (c)		225			229,011
5.00%, 05/15/25 (c)		275			286,604
Michigan Finance Authority, Henry Ford Health System, Series A (RB)
4.00%, 11/15/26 (c)		225			210,727
4.00%, 11/02/29 (c)		250			226,732
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c)		500			519,201
Michigan State Building Authority, Facilities Program (RB) 5.00%, 10/15/25 (c)		500			513,391
Michigan State Housing Development Authority (RB) 4.88%, 10/01/32 (c)		1,000			1,024,647
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/24 (c)		725			725,371
Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c)		500			397,525
Michigan State University (RB) 5.00%, 02/15/29 (c)		765			814,813
State of Michigan, Trunk Line, Series A (RB) 4.00%, 11/15/31 (c)		620			608,249
					6,546,012
Minnesota: 0.8%
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c)		530			376,249
Minnesota Housing Finance Agency Residential Housing, Series I (RB)
2.15%, 01/01/30 (c)		890			636,219
3.00%, 01/01/30 (c)		440			427,314
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 01/01/32 (c)		500			526,081

	Par   (000’s		)	Value
Minnesota (continued)
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/31 (c)	$	500		$	518,363
					2,484,226
Missouri: 0.1%
Health and Educational Facilities Authority, Saint Louis University, Series A (RB) 5.00%, 04/01/29 (c)		100			107,466
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c)		190			175,224
					282,690
Nebraska: 0.8%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/42		500			521,364
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c)		550			550,160
Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c)		750			718,543
University of Nebraska Facilities Corp., Series A (RB) 4.00%, 07/15/31 (c)		750			726,191
					2,516,258
Nevada: 0.4%
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		390			399,086
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c)		675			648,339
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c)		275			288,490
					1,335,915
New Hampshire: 0.1%
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c)		500			385,699
New Jersey: 3.4%
Hudson County Improvement Authority, Courthouse Project (RB) 4.00%, 10/01/30 (c)		1,000			980,077

See Notes to Financial Statements

101

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/31 (c)	$	500		$	345,301
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c)		490			324,621
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 4.00%, 07/01/26 (c)		800			797,111
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/31 (c)		555			555,825
New Jersey Housing & Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 04/01/32 (c)		500			499,145
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.25%, 06/15/24 (c)		640			640,259
4.50%, 12/15/28 (c)		910			917,844
5.00%, 06/15/25 (c)		1,000			1,016,462
New Jersey Transportation Trust Fund Authority, Series BB (RB)
3.50%, 12/15/28 (c)		365			312,411
4.00%, 12/15/28 (c)		1,000			970,913
New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c)		1,280			1,251,243
New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c)		955			975,770
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/30 (c)		500			520,668
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c)		500			497,944
					10,605,594
New Mexico: 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c)		175			165,372

	Par   (000’s		)	Value
New Mexico (continued)
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c)	$	290		$	255,174
					420,546
New York: 20.9%
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c)		1,000			1,007,463
City of New York, Series A (GO)
4.00%, 08/01/31 (c)		1,000			972,870
4.00%, 08/01/31 (c)		1,000			1,003,234
City of New York, Series C (GO)
4.00%, 08/01/30 (c)		1,000			999,090
5.00%, 08/01/30 (c)		500			546,622
City of New York, Series D (GO) (BAM)
4.00%, 03/01/30 (c)		1,000			973,560
5.00%, 03/01/30 (c)		1,000			1,088,503
City of New York, Series F (GO) 5.00%, 03/01/31 (c)		1,000			1,083,775
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM) 4.00%, 04/01/30 (c)		925			898,370
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c)		900			860,146
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c)		645			681,535
Hudson Yards Infrastructure Corp., Series A (RB) (AGM) 4.00%, 02/15/27 (c)		1,000			978,281
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c)		715			745,856
Metropolitan Transportation Authority, Series A-1 (RB)
4.00%, 05/15/27 (c)		400			380,603
5.00%, 05/15/25 (c)		590			593,274
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/26 (c)		500			518,787
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c)		1,000			968,301
Metropolitan Transportation Authority, Series C-1 (RB) 4.75%, 05/15/30 (c)		1,000			1,020,359
Metropolitan Transportation Authority, Series D (RB)
4.00%, 05/15/28 (c)		250			235,185
4.00%, 05/15/28 (c)		1,245			1,187,757

See Notes to Financial Statements

102

	Par   (000’s		)	Value
New York (continued)
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/23 (c)	$	600		$	598,461
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/30 (c)		650			556,959
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c)		1,000			996,682
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c)		500			495,602
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c)		800			558,159
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 02/01/29 (c)		525			388,257
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c)		560			426,099
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB)
5.00%, 12/15/29 (c)		1,000			1,071,138
5.00%, 12/15/31 (c)		955			1,054,852
5.00%, 06/15/23 (c)		1,000			1,002,063
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB)
3.75%, 06/15/23 (c)		710			657,331
4.00%, 06/15/24 (c)		500			495,056
5.00%, 12/15/31 (c)		1,000			1,089,994
5.00%, 06/15/24 (c)		1,000			1,010,434
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA 542(C)) 5.00%, 06/15/31 (c)		500			543,267
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/33 (c)		1,000			992,537
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 12/15/27 (c)		750			811,204

	Par   (000’s		)	Value
New York (continued)
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) (SBG) 5.00%, 06/15/30 (c)	$	1,000		$	1,099,859
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW)
3.00%, 07/15/29 (c)		350			271,890
5.00%, 07/15/28 (c)		500			533,413
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/30 (c)		500			495,698
4.00%, 11/01/30 (c)		775			771,219
4.00%, 05/01/29 (c)		1,120			1,106,294
5.00%, 02/01/32 (c)		565			623,920
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/30 (c)		500			489,731
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
2.25%, 02/01/31 (c)		650			393,119
4.00%, 02/01/27 (c)		1,000			984,834
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
4.00%, 02/01/32 (c)		1,000			974,867
5.25%, 02/01/33 (c)		1,000			1,127,199
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c)		660			563,827
New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c)		640			629,098
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c)		800			870,154
New York Convention Center Development Corp., Series A (RB)
0.00%, 11/15/47 ^		230			71,756
0.00%, 11/15/54 ^		170			36,816
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/30 (c)		620			605,750
New York State Dormitory Authority, New School, Series A (RB)
4.00%, 01/01/27 (c)		475			455,911
5.00%, 01/01/27 (c)		420			429,030

See Notes to Financial Statements

103

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	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		$	432,224
New York State Dormitory Authority, Personal Income Tax, Series A (RB)
3.00%, 09/15/30 (c)		500			414,820
3.50%, 03/15/32 (c)		1,000			853,223
5.00%, 03/15/31 (c)		500			541,001
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/25 (c)		730			748,610
New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c)		250			265,000
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c)		550			527,450
New York State Dormitory Authority, State Sales Tax, Series A (RB) 4.00%, 03/15/27 (c)		800			784,978
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c)		1,000			1,070,202
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c)		500			532,948
New York State Environmental Facilities Corp., Clean Water & Drinking Water, Series A (RB) 5.00%, 06/15/32 (c)		1,000			1,106,898
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c)		330			217,166
New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c)		500			485,794
New York State Thruway Authority, Personal Income Tax, Series A (RB) 5.00%, 09/15/32 (c)		1,000			1,098,199
New York State Thruway Authority, Personal Income Tax, Series C (RB) 4.12%, 09/15/32 (c)		750			733,162
New York State Thruway Authority, Series A (RB) 5.00%, 01/01/26 (c)		1,000			1,035,657

	Par   (000’s		)	Value
New York (continued)
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/28 (c)	$	500		$	535,147
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 09/15/30 (c)		550			428,997
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 09/15/31 (c)		1,000			776,292
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c)		820			880,000
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c)		925			888,293
Port Authority of New York & New Jersey (RB)
4.00%, 09/01/28 (c)		1,000			999,970
5.00%, 12/01/23 (c)		500			503,717
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)		1,000			982,102
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB)
4.00%, 11/15/32 (c)		840			806,704
4.25%, 05/15/33 (c)		1,000			985,552
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) 5.00%, 05/15/28 (c)		500			527,249
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
4.00%, 11/15/31 (c)		750			727,445
5.00%, 11/15/31 (c)		1,000			1,087,292
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 11/15/32 (c)		500			515,882
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 11/15/30 (c)		750			798,852
5.00%, 11/15/30 (c)		1,000			1,071,573
					65,388,450
North Carolina: 1.1%
Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c)		600			603,937

See Notes to Financial Statements

104

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/31 (c)	$	500		$	514,671
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/30 (c)		750			775,061
5.00%, 01/01/30 (c)		500			520,977
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		800			910,649
					3,325,295
North Dakota: 0.3%
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/32 (c)		1,000			1,012,268
Ohio: 1.9%
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
4.00%, 02/01/28 (c)		510			496,512
5.00%, 11/01/24 (c)		600			610,473
County of Franklin, Ohio Various purpose Sales Tax (RB) 5.00%, 06/01/28 (c)		1,075			1,143,917
Cuyahoga County, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c)		1,000			991,790
Hamilton County, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		250			220,068
Ohio Higher Educational Facility Commission, Oberlin College Project (RB) 5.00%, 10/01/33 (c)		500			547,641
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		500			547,143
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c)		835			837,996
State of Ohio, Water Pollution Control, Series A (RB) 5.00%, 12/01/31 (c)		500			554,890
					5,950,430
Oklahoma: 0.2%
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/27 (c)		700			685,333

	Par   (000’s		)	Value
Oregon: 0.8%
Multnomah County School District No. 1J, Series B (GO) (SBG)
2.00%, 06/15/30 (c)	$	550		$	372,562
3.25%, 06/15/27 (c)		295			260,375
Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c)		1,000			974,862
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c)		935			759,396
					2,367,195
Pennsylvania: 4.5%
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/30 (c)		645			594,554
City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB)
5.00%, 10/01/27 (c)		500			520,973
5.00%, 10/01/27 (c)		500			519,888
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c)		1,170			1,109,314
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c)		280			288,251
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c)		1,000			1,027,923
Lancaster County Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c)		1,000			1,033,410
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		145			132,732
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/30 (c)		500			363,157
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c)		260			235,609
Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c)		155			164,165

See Notes to Financial Statements

105

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c)	$	290		$	305,597
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 4.00%, 12/01/31 (c)		550			522,919
Pennsylvania Turnpike Commission, Oil Franchise, Series A (RB) (BAM) 4.00%, 12/01/31 (c)		1,000			967,249
Pennsylvania Turnpike Commission, Series A (RB) (AGM) 4.00%, 12/01/29 (c)		570			559,479
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c)		900			933,708
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/31 (c)		1,000			1,000,697
4.00%, 12/01/31 (c)		1,000			960,526
5.00%, 12/01/30 (c)		800			852,492
Philadelphia Gas Works Co. (RB) 5.00%, 08/01/27 (c)		805			829,948
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/29 (c)		1,105			1,107,915
					14,030,506
Rhode Island: 0.2%
State of Rhode Island, Series A (GO) 4.12%, 08/01/32 (c)		600			603,911
South Carolina: 1.5%
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 06/01/30 (c)		1,355			1,337,788
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/28 (c)		1,000			1,016,024
South Carolina Public Service Authority, Series A (RB) 4.00%, 06/01/32 (c)		500			447,159
Spartanburg County, School District No. 4, Series A (GO) 5.25%, 03/01/32 (c)		1,000			1,113,655
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/31 (c)		820			893,987
					4,808,613

	Par   (000’s		)	Value
South Dakota: 0.3%
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/27 (c)	$	750		$	776,495
Tennessee: 0.8%
City of Memphis (GO) 4.00%, 05/01/28 (c)		665			656,566
Tennessee Housing Development Agency, Residential Finance Program (RB)
2.95%, 01/01/29 (c)		335			310,995
3.60%, 01/01/27 (c)		225			219,868
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c)		185			180,052
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/27 (c)		1,040			1,111,013
					2,478,494
Texas: 10.0%
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/31 (c)		1,000			785,300
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/29 (c)		675			664,121
Austin Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/01/33 (c)		1,000			995,690
Board of Regents of the University of Texas System, Series A (RB) 3.00%, 08/15/31 (c)		525			448,754
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)		650			650,757
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c)		750			790,852
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/29 (c)		1,375			1,470,942
City of El Paso (GO) 4.00%, 08/15/29 (c)		950			938,664
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/30 (c)		650			623,220
City of San Antonio, Texas Electric & Gas Systems (RB) 5.00%, 02/01/32 (c)		500			542,371

See Notes to Financial Statements

106

	Par   (000’s		)	Value
Texas (continued)
City of San Antonio, Texas Electric & Gas Systems, Series A (RB) 5.00%, 02/01/31 (c)	$	1,000		$	1,071,710
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c)		600			429,167
Dallas Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/32 (c)		1,000			967,158
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/29 (c)		1,000			962,792
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c)		770			713,304
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c)		640			670,687
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 06/01/25 (c)		590			576,420
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/31 (c)		1,145			992,454
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/29 (c)		500			489,174
Harris County, Hospital District (RB) 4.00%, 02/15/26 (c)		560			542,565
Harris County, Humble Independent School District (GO) 5.00%, 02/15/32 (c)		1,000			1,101,895
Katy Independent School District (GO) 4.00%, 02/15/32 (c)		750			738,353
Leander Independent School District, Series A (GO)
0.00%, 08/16/26 (c) ^		900			392,290
0.00%, 08/16/26 (c) ^		95			37,464
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB) 4.00%, 08/15/27 (c)		555			555,408
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c)		1,000			988,340

	Par   (000’s		)	Value
Texas (continued)
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/31 (c)	$	1,000		$	984,424
Permanent University Fund - University of Texas System (RB) 4.00%, 07/01/33 (c)		500			506,748
Plano Independent School District, Unlimited Tax School Building (GO)
5.00%, 08/15/32 (c)		1,000			1,115,502
5.00%, 08/15/32 (c)		1,000			1,117,854
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c)		900			968,696
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 07/01/32 (c)		1,000			1,049,587
Texas Water Development Board (RB) 4.00%, 10/15/30 (c)		500			494,039
Texas Water Development Board, Series A (RB)
4.00%, 10/15/29 (c)		990			971,059
5.00%, 04/15/28 (c)		840			894,478
Texas Water Development Board, Series B (RB) 4.00%, 10/15/28 (c)		1,000			1,002,007
Tomball Independent School District (GO)
4.00%, 02/15/30 (c)		1,000			1,000,662
5.00%, 02/15/33 (c)		1,000			1,137,400
University of Houston, Series A (RB) 5.00%, 02/15/32 (c)		500			539,379
Ysleta Independent School District (GO) 5.00%, 02/15/32 (c)		500			547,156
					31,468,843
Utah: 0.8%
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c)		360			378,518
University of Utah, Board of Higher Education (RB)
5.00%, 08/01/31 (c)		1,160			1,280,422
5.00%, 08/01/32 (c)		585			657,633
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/26 (c)		210			167,140
					2,483,713

See Notes to Financial Statements

107

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Virginia: 1.4%
Hampton Roads Transportation Accountability Commission, Hampton Roads Transportation, Series A (RB)
4.00%, 07/01/30 (c)	$	665		$	671,003
4.00%, 07/01/32 (c)		600			577,632
5.00%, 07/01/30 (c)		500			544,148
5.00%, 07/01/30 (c)		625			682,080
Rector and Visitors of Virginia University, Series A (RB) 4.00%, 04/01/25 (c)		500			500,919
University of Virginia, Series A (RB) 5.00%, 04/01/27 (c)		1,000			1,067,910
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c)		500			445,350
					4,489,042
Washington: 1.9%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB) 4.00%, 11/01/31 (c)		1,000			991,423
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 4.00%, 07/01/31 (c)		1,000			1,000,143
5.00%, 07/01/31 (c)		600			669,818
5.00%, 07/01/31 (c)		455			509,944
King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c)		650			615,781
State of Washington, Series A (GO) 5.00%, 08/01/29 (c)		1,000			1,093,932
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c)		800			858,478

	Par   (000’s		)	Value
Washington (continued)
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)	$	205		$	183,041
					5,922,560
West Virginia: 0.2%
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/31 (c)		620			674,293
Wisconsin: 1.1%
Public Finance Authority, KU Campus Development Corp. (RB) 5.00%, 03/01/26 (c)		800			813,704
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/25 (c)		500			493,284
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c)		1,000			998,985
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/27 (c)		1,000			945,753
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)
4.00%, 02/15/27 (c)		115			97,287
4.00%, 02/15/27 (c)		105			95,258
					3,444,271
Wyoming: 0.3%
Wyoming Community Development Authority (RB) 4.40%, 06/01/32 (c)		1,000			1,003,709
Total Municipal Bonds: 98.4% (Cost: $326,087,728)					308,409,942
Other assets less liabilities: 1.6%					5,065,138
NET ASSETS: 100.0%				$	313,475,080

See Notes to Financial Statements

108

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

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
Hospitals		16.0	%	$	49,316,202
Local GO		14.3			44,218,500
Tax		13.4			41,316,306
Water & Sewer		9.8			30,346,488
Education		8.3			25,633,673
Toll & Turnpike		6.7			20,712,484
State GO		6.5			20,070,507
Transportation		5.6			17,132,306
Leasing COPS & Appropriations		3.8			11,818,609
Single Family Housing		3.4			10,627,084
Power		3.2			9,934,814
Airport		2.2			6,664,321
Utilities		2.2			6,641,330
Multi-Family Housing		1.1			3,520,057
Miscellaneous		1.1			3,345,861
Tobacco		0.9			2,732,872
Industrial Development Revenue		0.7			1,996,290
Health		0.5			1,540,744
Pollution Control		0.2			554,890
Refunded		0.1			286,604
		100.0	%	$	308,409,942

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Municipal Bonds *	$	—	$	308,409,942	$	—	$	308,409,942

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

109

VANECK MUNI ALLOCATION ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Number of Shares		Value
CLOSED-END FUNDS: 12.2% (a)
BlackRock MuniYield Quality Fund III, Inc.		1,882	$	20,928
BNY Mellon Municipal Income, Inc.		3,056		19,253
DWS Municipal Income Trust		4,509		39,183
Eaton Vance New York Municipal Bond Fund		2,238		21,664
MFS High Yield Municipal Trust		6,033		19,245
MFS Investment Grade Municipal Trust		2,806		20,652
MFS Municipal Income Trust		3,849		20,092
Neuberger Berman California Municipal Fund, Inc.		1,951		21,402
Nuveen Municipal Credit Income Fund		1,814		21,169
Nuveen New Jersey Quality Municipal Income Fund		1,739		20,190
Nuveen Pennsylvania Quality Municipal Income Fund		1,776		20,140
Pioneer Municipal High Income Fund Trust		2,172		19,070

	Number of Shares		Value
Western Asset Managed Municipals Fund, Inc.		2,041	$	20,655
Total Closed-End Funds (Cost: $383,258)				283,643
EXCHANGE TRADED FUNDS: 87.7% (a)
VanEck CEF Muni Income ETF ‡		4,196		90,172
VanEck High Yield Muni ETF ‡		13,368		689,255
VanEck Intermediate Muni ETF ‡		14,882		688,888
VanEck Long Muni ETF ‡		23,888		429,984
VanEck Short High Yield Muni ETF ‡		5,549		124,963
Total Exchange Traded Funds (Cost: $2,176,525)				2,023,262
Total Investments: 99.9% (Cost: $2,559,783)				2,306,905
Other assets less liabilities: 0.1%				1,292
NET ASSETS: 100.0%			$	2,308,197

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 April 30, 2023 were as follows:

													Net Change in
													Unrealized
	Value				Sales			Realized Gain			Dividend		Appreciation			Value
	4/30/2022		Purchases		Proceeds			(Loss)			Income		(Depreciation)			4/30/2023
VanEck CEF Muni Income ETF	$	—	$	100,242	$	(4,412	)	$	(499	)	$	1,764	$	(5,159	)	$	90,172
VanEck High Yield Muni ETF		939,816		280,311		(485,833	)		(32,072	)		26,955		(12,967	)		689,255
VanEck Intermediate Muni ETF		1,295,527		139,321		(760,846	)		(56,331	)		19,221		71,217			688,888
VanEck Long Muni ETF		176,436		877,641		(597,780	)		(52,081	)		7,263		25,768			429,984
VanEck Short High Yield Muni ETF		194,314		—		(67,882	)		(2,990	)		3,902		1,521			124,963
VanEck Short Muni ETF		570,318		509,022		(1,086,877	)		(7,699	)		3,572		15,236			—
	$	3,176,411	$	1,906,537	$	(3,003,630	)	$	(151,672	)	$	62,677	$	95,616		$	2,023,262

Summary of Investments by Sector	% of Investments			Value
Exchange Traded Funds		87.7	%	$	2,023,262
Financials		12.3			283,643
		100.0	%	$	2,306,905

See Notes to Financial Statements

110

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

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Closed-End Funds	$	283,643	$	—	$	—	$	283,643
Exchange Traded Funds		2,023,262		—		—		2,023,262
Total Investments	$	2,306,905	$	—	$	—	$	2,306,905

See Notes to Financial Statements

111

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.5%
Alabama: 2.5%
Alabama Special Care Facilities Financing Authority-Birmingham, Methodist Home (RB) 5.50%, 06/01/26 (c)	$	500		$	476,581
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p)		2,100			2,094,608
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		390			429,326
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,000			1,000,107
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p)		2,100			2,103,032
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		2,000			1,804,102
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		2,371			2,174,666
					10,082,422
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28		250			267,526
Arizona: 2.2%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			471,193
Arizona Industrial Development Authority, Basis School Projects, Series A (RB)
4.75%, 07/01/23 (c)		1,195			1,183,841
5.00%, 07/01/26		150			150,703
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31		1,000			1,001,592
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c) (d) *		500			325,000

	Par   (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) (d) *	$	1,000		$	650,000
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		495			473,714
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			487,034
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		469			438,753
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/29 (c)		1,000			1,093,852
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c)		500			543,880
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25		325			319,307
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		1,390			1,330,482
Salt Verde Financial Corp. (RB)
5.25%, 12/01/24		65			65,896
5.25%, 12/01/28		10			10,568
5.50%, 12/01/29		370			399,277
					8,945,092
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			2,121,223
California: 7.0%
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26		440			443,648
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p)		1,000			1,061,434
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		1,896			1,893,446

See Notes to Financial Statements

112

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c)	$	1,340		$	1,434,080
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27 (c)		50			52,707
5.00%, 02/01/27		50			52,543
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/27		610			642,402
5.00%, 06/30/28		220			234,526
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c)		260			276,898
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		6,625			6,461,089
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		1,000			50,000
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,360			176,800
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB)
3.38%, 07/01/25		400			398,376
3.62%, 07/01/25 (c)		2,000			1,985,042
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c)		1,500			1,386,014
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27		1,000			957,728
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 05/30/23 (c)		3			2,726

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c)	$	300		$	307,543
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)		350			361,077
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		250			249,066
City and County of San Francisco, Airport Commission, International Airport, Series H (RB)
5.00%, 05/01/26		500			523,144
5.00%, 05/01/27		500			531,479
5.00%, 05/01/29		500			546,874
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		5			5,010
City of Oroville Hospital (RB) 5.00%, 04/01/29 (c)		500			460,207
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c)		1,000			979,061
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		250			266,173
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		115			129,162
County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c)		520			575,749
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c)		480			480,186
Irvine Unified School District Community Facilities District  No. 09-1, Series D (ST) 5.00%, 09/01/26		110			115,561
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24		230			234,044
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		260			279,841

See Notes to Financial Statements

113

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)	$	1,250		$	1,258,517
Oakland Unified School District (GO) 5.00%, 08/01/26		380			405,865
Palomar Health (RB)
5.00%, 11/01/25		250			258,484
5.00%, 11/01/26 (c)		90			94,239
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		110			111,776
River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM) 5.00%, 09/01/29 (c)		500			579,847
San Francisco Community College District (GO)
5.00%, 06/15/25		1,000			1,045,714
5.00%, 06/15/25 (c)		205			214,914
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		370			122,100
					27,645,092
Colorado: 1.8%
City and County of Broomfield, Arista Metropolitan District, Series A (GO) 4.38%, 12/01/23 (c)		500			482,748
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c)		295			320,292
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		1,000			1,001,095
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/30/23 (c)		1,000			879,234
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c)		600			621,853
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		580			543,844
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c)		500			471,605
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		140			151,346

	Par   (000’s		)	Value
Colorado (continued)
Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c)	$	500		$	426,882
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		200			187,290
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c)		500			466,400
Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c)		1,000			908,187
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c)		1,000			836,329
					7,297,105
Connecticut: 0.4%
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		120			111,200
Harbor Point Infrastructure Improvement District, Harbor Point Project (TA) 5.00%, 04/01/27 (c)		900			914,335
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c)		450			435,120
					1,460,655
Delaware: 0.2%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		1,000			912,310
District of Columbia: 0.1%
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30		500			479,401
Florida: 4.3%
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31		1,540			1,448,312
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/24 (c)		425			381,484
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/26 (c)		535			487,579

See Notes to Financial Statements

114

	Par   (000’s		)	Value
Florida (continued)
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c)	$	500		$	587,954
City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		500			544,723
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27		600			651,821
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		290			298,925
County of Broward, School District, Series B (CP) 5.00%, 07/01/27 (c)		315			345,506
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c)		500			537,145
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		315			308,014
County of Miami-Dade, School Board, Series D (CP) 5.00%, 02/01/26 (c)		120			125,116
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		500			505,623
County of St. Lucie, School District, Sales Tax (RB) (AGM) 5.00%, 10/01/25		250			261,614
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32		500			498,493
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/29 (c)		500			507,650
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/27 (c)		470			430,673
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27		145			138,740

	Par   (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.38%, 01/01/26 (c) (p)	$	2,730		$	2,596,110
6.50%, 01/01/29 (c) (p)		2,750			2,595,324
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 05/30/23 (c)		500			469,135
JEA Electric System, Series B (RB) 5.00%, 10/01/27 (c)		110			121,012
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/24		250			254,030
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		2,000			2,018,155
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		470			466,823
Village Community Development District No. 13 (SA)
2.62%, 05/01/24		245			240,988
3.00%, 05/01/29		235			216,770
					17,037,719
Georgia: 1.3%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23		250			112,500
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p)		1,000			987,508
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		250			243,901
George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31		1,500			1,287,777
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		380			403,354

See Notes to Financial Statements

115

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Georgia (continued)
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB)
5.00%, 06/01/25	$	300		$	313,062
5.00%, 06/01/28		250			279,246
Main Street Natural Gas, Inc., Series A-1 (RB) 5.50%, 09/15/25		135			138,894
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p)		1,000			999,199
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		250			250,978
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c)		225			216,392
					5,232,811
Guam: 1.2%
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		360			368,572
Guam Government, Business Privilege Tax, Series F (RB)
5.00%, 01/01/30		1,000			1,063,091
5.00%, 01/01/31		1,000			1,069,837
Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25		190			185,238
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28		250			266,213
Guam Government, Series A (RB) 5.00%, 12/01/24		1,000			1,013,522
Guam Power Authority, Series A (RB) 5.00%, 10/01/32 (c)		880			971,111
					4,937,584
Hawaii: 0.4%
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26		1,500			1,457,540
Illinois: 16.5%
Board of Education of the City of Chicago, Series A (GO) (AMBAC) 5.50%, 12/01/31		1,000			1,099,431

	Par   (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29	$	1,000		$	1,054,477
5.00%, 12/01/29 (c)		1,000			1,049,555
5.00%, 12/01/30 (c)		2,000			2,098,610
5.00%, 12/01/30 (c)		1,500			1,569,872
7.00%, 12/01/25 (c)		200			215,308
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/28 (c)		200			215,246
5.00%, 12/01/28 (c)		250			261,482
Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26		230			239,071
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/28 ^		795			642,928
0.01%, 12/01/24		310			291,390
0.01%, 12/01/26		310			270,828
Chicago Board of Education, Series B (GO)
5.00%, 12/01/29 (c)		1,250			1,312,064
5.00%, 12/01/29 (c)		2,000			2,093,435
5.00%, 12/01/29		1,250			1,318,096
5.00%, 12/01/29 (c)		1,950			2,035,397
5.00%, 12/01/29 (c)		1,400			1,457,754
5.00%, 12/01/30		2,000			2,112,197
5.00%, 12/01/30 (c)		2,000			2,098,918
5.00%, 05/30/23 (c)		2,215			2,220,279
Chicago Board of Education, Series C (GO)
5.00%, 12/01/24		1,000			1,014,895
5.00%, 12/01/27 (c)		1,560			1,617,005
5.00%, 12/01/27		500			522,587
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		1,320			1,334,329
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		750			754,069
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c)		260			263,145
Chicago O’Hare International Airport, Series B (RB)
4.00%, 05/30/23 (c)		1,000			1,000,295
5.00%, 01/01/25 (c)		190			195,784
5.00%, 01/01/25 (c)		295			304,083
5.00%, 01/01/25 (c)		105			108,254
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^		575			445,529
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/24 ^		515			484,085
0.00%, 12/01/25 ^		560			507,580
0.00%, 12/01/26 ^		490			428,083

See Notes to Financial Statements

116

	Par   (000’s		)	Value
Illinois (continued)
0.00%, 12/01/28 ^	$	1,515		$	1,225,202
0.00%, 12/01/29 ^		585			453,277
0.01%, 12/01/30		190			140,780
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/24		115			116,669
5.00%, 06/01/25		1,000			1,033,292
5.00%, 06/01/26		535			562,496
Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25		1,000			1,033,292
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		280			286,399
City of Chicago, Second Lien Water (RB)
5.00%, 11/01/24 (c)		270			275,720
5.00%, 11/01/24 (c)		150			153,462
5.00%, 11/01/24 (c)		100			102,060
5.00%, 05/30/23 (c)		100			100,638
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/26 (c)		100			104,580
City of Chicago, Series A (GO)
4.00%, 01/01/31 (c)		500			498,838
5.00%, 01/01/30		1,500			1,619,300
5.25%, 01/01/24 (c)		180			181,173
City of Chicago, Series C (GO) 5.00%, 01/01/25		1,090			1,114,911
Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		240			240,940
County of Cook, Series A (GO) 5.00%, 11/15/26 (c)		500			532,028
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c)		500			437,934
Illinois Finance Authority, Charter School, Art In Motion Project, Series A (RB) 4.00%, 07/01/31		1,000			874,679
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) *		1,190			535,500
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/26 (c)		250			240,813
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 05/30/23 (c)		100			98,031

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)	$	205		$	198,270
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c)		785			818,238
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		395			406,739
5.00%, 06/15/29		545			562,192
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		260			228,400
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^		130			122,325
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c)		500			524,963
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		115			96,000
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)		330			352,835
State of Illinois (GO)
3.50%, 06/01/26 (c)		350			347,416
4.00%, 06/01/26 (c)		1,000			1,013,364
4.00%, 08/08/23 (c)		185			185,337
4.12%, 11/01/26 (c)		100			102,155
4.12%, 08/08/23 (c)		300			300,645
5.00%, 11/01/24		705			719,786
5.00%, 02/01/24 (c)		150			151,607
5.00%, 02/01/27 (c)		600			636,279
5.00%, 02/01/27		500			529,838
5.00%, 05/01/24 (c)		100			101,427
5.25%, 07/10/23 (c)		1,000			1,003,570
5.25%, 07/10/23 (c)		275			275,982
5.50%, 07/10/23 (c)		60			60,242
5.50%, 07/10/23 (c)		270			271,090
5.50%, 07/10/23 (c)		500			502,017
5.50%, 07/10/23 (c)		1,400			1,405,648
State of Illinois (GO) (NATL) 6.00%, 11/01/26		2,000			2,106,626
State of Illinois, Sales Tax (RB)
4.00%, 06/15/26 (c)		810			821,605
5.00%, 06/15/23 (c)		285			285,458
5.00%, 06/15/23 (c)		190			190,282
5.00%, 06/15/26		235			246,031
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/31 (c)		500			470,378

See Notes to Financial Statements

117

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Illinois (continued)
State Of Illinois, Sales Tax, Series A (RB) (BAM) 4.00%, 06/15/30	$	1,000		$	1,045,763
State of Illinois, Sales Tax, Series C (RB) 5.00%, 06/15/31		1,000			1,100,556
State of Illinois, Series A (GO)
4.00%, 08/08/23 (c)		100			100,182
5.00%, 03/01/29		500			546,358
5.00%, 03/01/30		500			552,801
State of Illinois, Series B (GO)
4.00%, 10/01/30 (c)		500			514,431
5.00%, 10/01/28 (c)		1,000			1,080,877
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		315			337,293
State of Illinois, Series D (GO) 5.00%, 11/01/27 (c)		460			494,025
					65,407,106
Indiana: 1.9%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 05/30/23 (c)		290			276,758
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30		1,000			909,948
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		3,015			3,019,904
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		1,000			909,948
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		2,000			1,970,845
Indianapolis Local Public Improvement, Indianapolis Airport Authority Project, Series D (RB) 5.00%, 01/01/29		500			542,869
					7,630,272
Iowa: 0.7%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		945			933,635
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p)		1,000			985,105

	Par   (000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c)	$	300		$	298,455
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		755			728,705
					2,945,900
Kansas: 0.2%
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 05/19/23 (c)		225			212,831
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		600			555,261
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25		100			93,994
					862,086
Kentucky: 1.4%
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32		2,000			1,908,295
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c)		140			146,207
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		140			149,126
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB)
5.00%, 11/01/25		630			661,069
5.00%, 11/01/26 (c)		325			349,006
Kentucky Asset Liability Commission Project, Federal Highway Trust, Series A (RB) 5.25%, 09/01/23 (c)		250			251,399
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		2,000			1,824,975
5.00%, 05/15/26		85			82,305
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c)		175			180,809
					5,553,191

See Notes to Financial Statements

118

	Par   (000’s		)	Value
Louisiana: 1.9%
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27	$	1,025		$	1,015,082
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29		150			148,467
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/25 (c)		305			321,469
City of Shreveport, Water and Sewer, Series C (RB) (BAM) 5.00%, 12/01/26		525			560,408
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		4,310			3,986,171
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *		330			3
Louisiana Public Facilities Authority, Solid Waste Disposal , 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			1,618,618
					7,650,223
Maryland: 1.3%
City of Baltimore, Convention Center Hotel (RB) 5.00%, 09/01/27 (c)		1,200			1,222,156
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		200			197,249
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		350			348,362
County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		200			196,486
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/30/23 (c)		695			701,092

	Par   (000’s		)	Value
Maryland (continued)
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c)	$	155		$	150,489
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30		2,000			1,844,806
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		425			453,177
					5,113,817
Massachusetts: 0.6%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		490			492,500
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c)		310			328,606
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB) 5.00%, 07/01/28		500			547,083
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 05/19/23 (c)		250			247,303
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		335			352,755
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/26 (c)		100			104,799
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		275			280,390
					2,353,436
Michigan: 1.6%
City of Detroit, Michigan Unlimited Tax (GO) 5.00%, 04/01/26		1,000			1,024,843
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c)		500			528,180
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		250			231,941

See Notes to Financial Statements

119

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Michigan (continued)
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)
5.00%, 07/01/26 (c)	$	1,000		$	1,069,028
5.00%, 07/01/26 (c)		500			535,695
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31		500			441,292
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c)		1,000			993,853
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		155			163,149
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27		1,415			1,544,789
					6,532,770
Minnesota: 0.6%
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		100			94,774
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25		415			269,750
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c)		350			333,495
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c)		1,000			914,689
Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB) 5.00%, 07/01/25 (c)		500			519,861
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26		100			100,174
					2,232,743
Mississippi: 0.7%
Mississippi Business Finance Corp., Enviva, Inc. Project, (RB) 7.75%, 07/15/32 (c) (p)		2,195			2,216,692

	Par   (000’s		)	Value
Mississippi (continued)
Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 08/02/27 (p)	$	500		$	476,937
					2,693,629
Missouri: 1.0%
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		600			582,426
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/26 (c)		220			191,031
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c)		1,915			1,650,166
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c)		125			115,935
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c)		365			334,034
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c)		500			453,634
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			500,197
					3,827,423
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/27		500			519,288
5.00%, 09/01/28		100			105,017
5.00%, 09/01/30		125			133,653
					757,958
Nevada: 1.1%
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/30/23 (c)		305			301,854
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)
2.50%, 06/15/24		150			146,741
2.75%, 06/15/28		1,000			907,468
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c)		100			102,097

See Notes to Financial Statements

120

	Par   (000’s		)	Value
Nevada (continued)
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31	$	5		$	4,168
Clark County, School District, Series A (GO) 5.00%, 06/15/24		500			510,339
Clark County, School District, Series B (GO) (AGM)
5.00%, 06/15/29		250			284,407
5.00%, 06/15/29 (c)		250			283,679
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30		250			288,695
Clark County, School District, Series C (GO) 5.00%, 12/15/25 (c)		115			121,078
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		377			386,008
Tahoe Douglas Visitors Authority (RB) 5.00%, 07/01/30 (c)		1,000			1,049,965
					4,386,499
New Hampshire: 0.1%
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c)		250			237,145
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) *		242			53,260
					290,405
New Jersey: 5.4%
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 05/30/23 (c)		2,000			2,013,319
5.62%, 03/05/24 (c)		1,000			1,014,903
5.75%, 05/30/23 (c)		300			300,861
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		760			774,857
5.00%, 07/01/27 (c)		1,000			1,063,801
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		380			392,062
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		500			507,395

	Par   (000’s		)	Value
New Jersey (continued)
5.00%, 11/01/25	$	115		$	119,853
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		110			122,594
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		115			124,751
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		100			110,030
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
5.00%, 05/31/23 (c)		1,500			1,501,958
5.00%, 05/31/23 (c)		35			35,046
5.00%, 05/31/23 (c)		200			200,261
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		500			510,713
5.00%, 06/15/24 (c)		320			326,856
5.00%, 06/15/24 (c)		340			347,285
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
5.00%, 06/15/24 (c)		690			704,401
5.00%, 06/15/24		430			437,084
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.25%, 06/15/25 (c)		440			448,227
4.38%, 06/15/25 (c)		130			132,926
5.00%, 06/15/25 (c)		345			360,944
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c)		750			779,999
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c)		175			158,770
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c)		175			178,270
5.00%, 06/15/24 (c)		145			147,750

See Notes to Financial Statements

121

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24	$	315		$	321,911
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26		500			532,240
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		120			109,803
0.00%, 12/15/26 ^		360			318,832
0.00%, 12/15/32 ^		5			3,545
5.00%, 12/15/28 (c)		205			225,553
5.00%, 06/15/24		300			304,942
5.00%, 06/15/26 (c)		395			417,335
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/26 (c)		110			116,247
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 06/15/23 (c)		490			491,028
5.00%, 06/15/25 (c)		275			285,185
5.25%, 06/15/25 (c)		365			381,686
5.25%, 06/15/25 (c)		100			104,782
5.25%, 06/15/25 (c)		435			454,220
State of New Jersey, Covid-19 General Emergency, Series A (GO)
5.00%, 06/01/26		500			534,485
5.00%, 06/01/27		500			546,590
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		2,000			1,798,014
3.00%, 06/01/26		80			79,705
5.00%, 06/01/27		100			109,318
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		150			163,443
5.00%, 06/01/28 (c)		640			696,520
5.00%, 06/01/28		655			712,668
					21,522,968
New Mexico: 0.8%
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			1,364,968
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series A (RB) 1.80%, 04/01/29		1,100			945,157

	Par   (000’s		)	Value
New Mexico (continued)
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29	$	1,000		$	859,234
					3,169,359
New York: 12.4%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		100			103,091
5.00%, 01/15/27 (c)		100			103,265
5.00%, 01/15/27 (c)		1,800			1,849,417
5.00%, 07/15/24		1,750			1,772,510
5.00%, 07/15/26		100			103,003
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		1,195			1,134,383
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		275			257,869
Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c)		595			556,576
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26		250			265,250
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26		250			269,819
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/26 (c)		275			280,164
5.00%, 07/01/26 (c)		270			275,489
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27		1,000			950,142
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		250			259,171
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)		250			268,265
Metropolitan Transportation Authority, Series D (RB)
5.00%, 11/15/26 (c)		500			519,662
5.00%, 05/15/28 (c)		560			601,097

See Notes to Financial Statements

122

	Par   (000’s		)	Value
New York (continued)
Metropolitan Transportation Authority, Series D-1 (RB)
5.00%, 11/15/25 (c)	$	250		$	257,997
5.00%, 11/15/25 (c)		250			258,548
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 5.00%, 12/01/30 (c)		500			534,342
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 5.00%, 12/01/30 (c)		1,060			1,120,362
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c)		930			817,301
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/25 (c)		500			523,566
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/24 (c)		1,000			1,001,146
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)
5.00%, 08/01/24		250			251,375
5.00%, 08/01/28 (c)		1,000			992,764
5.00%, 08/01/28 (c)		945			934,533
5.00%, 08/01/28 (c)		2,395			2,361,673
5.00%, 09/01/27		1,000			996,888
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/03/29 (p)		1,000			881,970
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p)		600			573,130
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		815			762,675
5.00%, 05/19/23 (c)		620			620,449
5.00%, 05/19/23 (c)		4,155			4,160,106
5.25%, 08/01/30 (c)		865			894,030
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		4,380			4,319,070
5.00%, 01/01/28 (c)		785			823,259

	Par   (000’s		)	Value
New York (continued)
5.00%, 01/01/28 (c)	$	4,405		$	4,619,885
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) 5.00%, 01/01/28 (c)		780			818,137
New York Transportation Development Corp., John F. Kennedy Interational Airport Project, Series A (RB) 5.00%, 12/01/24		2,050			2,083,061
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		2,000			1,750,113
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c)		1,500			1,464,769
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
5.00%, 01/01/26 (c)		1,130			866,623
5.00%, 01/01/26 (c)		750			575,658
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		665			679,106
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
4.00%, 05/30/23 (c)		120			115,134
4.12%, 05/30/23 (c)		100			95,606
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) (BAM-TCRS) 5.00%, 08/15/24		1,800			1,838,055
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			1,152,808
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27		70			73,441
5.00%, 06/01/27 (c)		70			73,577
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c)		275			259,477

See Notes to Financial Statements

123

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29	$	200		$	187,713
					49,307,520
North Carolina: 0.3%
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25		125			130,765
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c)		250			261,350
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		350			359,425
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		500			554,090
					1,305,630
North Dakota: 0.4%
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) (d) *		3,000			1,650,000
Ohio: 1.9%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		500			559,268
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/29 (c)		1,000			961,993
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/25		250			255,545
5.00%, 02/15/26		50			51,564
5.00%, 02/15/27		350			365,647
5.00%, 02/15/27 (c)		110			114,362
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 05/30/23 (c)		1,860			1,860,517
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p)		1,000			887,667
Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB) 2.40%, 10/01/29 (c) (p)		500			440,898

	Par   (000’s		)	Value
Ohio (continued)
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29	$	2,000		$	1,869,279
					7,366,740
Oklahoma: 0.8%
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/26		1,000			984,005
5.00%, 08/15/27		250			245,987
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		2,000			2,016,035
					3,246,027
Oregon: 0.0%
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) *		500			5
Pennsylvania: 4.4%
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27		1,250			1,276,849
5.00%, 05/01/28		1,665			1,703,679
5.00%, 05/01/28		875			896,744
Berks County Industrial Development Authority, Tower Health Project (RB)
4.00%, 11/01/27 (c)		200			123,902
5.00%, 11/01/24		1,000			751,348
5.00%, 11/01/25		1,000			679,977
5.00%, 11/01/26		400			263,922
5.00%, 11/01/27 (c)		1,065			659,938
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/30		800			495,804
5.00%, 02/01/31		425			263,338
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		1,500			974,675
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p)		500			309,877
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25		80			83,140
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24		1,500			1,506,331

See Notes to Financial Statements

124

	Par   (000’s		)	Value
Pennsylvania (continued)
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)
4.25%, 10/15/26	$	1,750		$	1,694,811
5.00%, 10/15/27		250			247,540
5.00%, 10/15/28 (c)		500			488,146
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c)		250			238,124
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/26 (c)		775			765,493
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25		720			704,009
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26		130			133,809
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)		100			106,133
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c)		875			999,229
Philadelphia Authority for Industrial Development, University of the Arts (RB)
4.50%, 03/15/28 (c)		675			654,974
4.50%, 03/15/28 (c)		25			27,136
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31		575			547,063
Philadelphia Gas Works Co. (RB) 5.00%, 10/01/26		100			106,408
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		200			212,092
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
5.00%, 07/01/26		115			119,064
5.00%, 07/01/27 (c)		275			287,524
					17,321,079

	Par   (000’s		)	Value
Puerto Rico: 5.5%
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
5.00%, 07/01/30	$	3,000		$	3,041,262
6.12%, 07/01/24		410			414,797
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/28		1,000			1,017,219
5.00%, 07/01/31 (c)		2,000			2,006,514
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/31 (c)		2,000			1,834,534
5.38%, 07/01/25		3,638			3,708,848
5.62%, 07/01/27		1,000			1,043,374
5.62%, 07/01/29		3,000			3,176,405
5.75%, 07/01/31		2,000			2,145,085
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 05/30/23 (c)		250			251,573
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 05/30/23 (c)		100			101,455
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 05/30/23 (c)		780			784,908
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.01%, 07/01/28 (c)		2,000			1,361,111
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c)		1,308			986,899
					21,873,984
Rhode Island: 0.5%
Rhode Island Commerce Corp., Department of Transportation, Series A (RB)
5.00%, 05/15/30 (c)		400			459,255
5.00%, 05/15/30 (c)		250			285,794
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		155			165,126
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c)		1,000			988,573
					1,898,748
South Carolina: 0.6%
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		600			604,547

See Notes to Financial Statements

125

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) 5.25%, 07/01/25 (c)	$	755		$	784,238
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)		305			294,311
South Carolina Public Service Authority, Series A (RB)
5.00%, 06/01/25 (c)		290			300,427
5.00%, 06/01/26 (c)		525			549,161
					2,532,684
Tennessee: 0.2%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) *		500			300,000
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27		105			87,671
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26		525			538,804
					926,475
Texas: 7.8%
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
5.00%, 01/01/27 (c)		1,200			1,236,349
5.00%, 01/01/27 (c)		1,155			1,191,416
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		775			787,834
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c)		500			504,389
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c)		50			57,137
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,465			2,244,714
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c)		750			844,146
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		1,000			1,051,901

	Par   (000’s		)	Value
Texas (continued)
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24	$	120		$	122,096
Cities of Dallas & Fort Worth, Dallas/Forth Worth International Airport, Series A (RB) 5.00%, 11/01/23 (c)		1,000			1,004,743
City of Austin, Texas Airport System (RB)
5.00%, 11/15/24 (c)		395			401,804
5.00%, 11/15/25		625			648,459
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		180			191,573
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c)		2,250			2,257,051
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27		250			252,552
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 05/30/23 (c)		200			200,574
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		1,000			1,010,382
5.00%, 07/15/28		500			507,591
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,500			1,522,773
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB) 4.75%, 07/01/24		545			545,405
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			1,004,748
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27		1,750			1,768,169

See Notes to Financial Statements

126

	Par   (000’s		)	Value
Texas (continued)
Clifton Higher Education Finance Corp., Series A (RB)
4.62%, 08/15/25	$	60		$	59,465
5.12%, 08/15/25 (c)		200			200,561
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		500			502,951
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 05/30/23 (c)		335			333,084
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^		315			246,380
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 05/30/23 (c)		1,000			1,000,152
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
5.00%, 05/15/25 (c)		335			348,835
5.00%, 05/15/29 (c)		200			224,066
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		105			106,044
Matagorda County Navigation District No 1 (RB) 4.00%, 06/03/23 (c)		2,100			2,063,892
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) *		113			3,398
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 05/19/23 (c)		3,200			3,126,856
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c)		1,000			876,909
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 05/30/23 (c)		185			186,435
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

	Par   (000’s		)	Value
Texas (continued)
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29	$	405		$	338,239
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		185			193,344
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c)		550			437,263
SA Energy Acquisition Public Facility Corp. (RB)
5.50%, 08/01/24		55			55,792
5.50%, 08/01/25		125			128,456
5.50%, 08/01/27		110			116,178
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c)		250			241,353
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)		275			260,340
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
5.25%, 12/15/23		15			15,104
5.25%, 12/15/24		60			61,178
5.25%, 12/15/25		100			103,152
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		350			364,610
					31,119,843
Utah: 0.5%
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27		800			781,166
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31		1,000			1,116,391
					1,897,557
Virgin Islands: 0.9%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)
5.00%, 10/01/28		585			596,400
5.00%, 10/01/32		1,000			1,014,949
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)
5.00%, 10/01/24		200			196,047
5.00%, 10/01/24 (c)		1,000			898,328

See Notes to Financial Statements

127

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Virgin Islands (continued)
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 05/30/23 (c)	$	55		$	53,112
5.00%, 05/30/23 (c)		620			593,175
5.00%, 05/30/23 (c)		75			73,084
5.00%, 05/30/23 (c)		150			149,256
					3,574,351
Virginia: 1.1%
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 05/30/23 (c)		140			132,271
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		325			322,591
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) (d) *		1,835			1,446,509
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) (d) *		1,525			1,159,371
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		710			716,735
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31		635			640,622
					4,418,099
Washington: 1.4%
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		110			110,171
Klickitat County, Public Hospital District No. 2 (RB) 4.00%, 12/01/27		750			720,519
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p)		480			492,442
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,250			2,177,095
Washington State, Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c)		250			248,449

	Par   (000’s		)	Value
Washington (continued)
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)	$	1,000		$	997,638
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
3.75%, 07/01/26		185			175,448
4.00%, 01/01/25 (c)		500			468,677
5.00%, 01/01/25 (c)		365			326,223
					5,716,662
West Virginia: 0.5%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 05/30/23 (c)		680			672,013
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p)		1,000			984,819
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26		150			158,839
					1,815,671
Wisconsin: 1.3%
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)		1,000			981,156
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c)		455			403,364
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		475			459,314
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c)		505			445,818
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		150			143,219
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,505			1,540,916

See Notes to Financial Statements

128

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25	$	1,050		$	1,012,143
					4,985,930
Total Municipal Bonds: 98.5% (Cost: $425,057,148)					391,763,270
Other assets less liabilities: 1.5%					5,846,801
NET ASSETS: 100.0%				$	397,610,071

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

	% of
Summary of Investments by Sector	Investments			Value
Industrial Development Revenue		18.6	%	$	72,992,121
Local GO		11.8			46,145,956
Tax		8.9			34,658,582
Hospitals		7.4			28,976,009
State GO		7.2			28,315,354
Education		6.2			24,242,944
Utilities		6.0			23,534,184
Leasing COPS & Appropriations		5.6			21,739,073
Power		5.5			21,460,722
Health		5.4			21,259,680
Airport		5.3			20,709,452
Transportation		2.9			11,472,609
Water & Sewer		2.4			9,381,383
Toll & Turnpike		2.0			7,914,691
Miscellaneous		2.0			7,759,711
Refunded		0.9			3,510,767
Pollution Control		0.6			2,396,736
Multi-Family Housing		0.6			2,332,199
Tobacco		0.4			1,719,649
Unassigned		0.3			1,241,448
		100.0	%	$	391,763,270

See Notes to Financial Statements

129

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	391,763,270	$	—	$	391,763,270

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

130

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 2.7%
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c)	$	1,000		$	1,104,173
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/25 (c) (p)		1,000			1,001,562
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p)		600			598,459
County of Jefferson (RB) 5.00%, 03/15/27 (c)		525			562,209
Jefferson County, Series A (GO) 5.00%, 04/01/25		340			352,257
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,500			1,500,161
Tuscaloosa City Board of Education (RB)
5.00%, 08/01/26 (c)		825			883,011
5.00%, 08/01/26 (c)		1,055			1,129,184
					7,131,016
Alaska: 0.3%
Alaska Housing Finance Corp., Series A (RB) 4.00%, 06/01/25 (c)		700			714,158
Arizona: 1.1%
City of Phoenix, Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23		250			250,631
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26		700			738,452
Maricopa County Special Health Care District, Series D (GO) 5.00%, 07/01/23		500			501,220
Pima County (GO) 4.00%, 07/01/23		310			310,401
Salt River Project Agricultural Improvement & Power District, Series A (RB)
5.00%, 01/01/26		500			529,711
5.00%, 01/01/27		500			542,794
					2,873,209
California: 17.7%
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/26 (c) (p)		1,180			1,161,644
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p)		385			381,417

	Par   (000’s		)	Value
California (continued)
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p)	$	725		$	712,858
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 08/01/28 (c) (p)		500			505,316
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p)		500			502,408
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		335			323,764
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/25 (p)		585			605,678
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/26 (c) (p)		500			501,606
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/26		885			956,345
5.00%, 10/01/27 (c)		835			923,881
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26		500			539,180
California Statewide Communities Development Authority, Cottage Health System (RB) 5.00%, 11/01/24 (c)		900			926,289
City & County of San Francisco, Series R-1 (GO) 4.00%, 06/15/23 (c)		1,000			1,001,924
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^		500			454,059
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
5.00%, 06/01/23 (c)		500			500,772
5.00%, 06/01/25 (c)		1,870			1,958,380
5.00%, 06/01/25 (c)		1,000			1,047,262
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^		1,000			921,184

See Notes to Financial Statements

131

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24	$	265		$	271,804
Los Angeles Community College District, Series C (GO) 5.00%, 08/01/26		500			539,686
Los Angeles Department of Water & Power, Series B (RB)
5.00%, 07/01/23		550			551,653
5.00%, 07/01/24		250			255,868
Los Angeles Unified School District, Series A (GO)
5.00%, 07/01/24		875			895,536
5.00%, 07/01/26		800			860,397
Metropolitan Water District of Southern California, Series B (RB)
5.00%, 07/01/23 (c)		450			451,356
5.00%, 07/01/24 (c)		1,000			1,023,644
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,000			1,006,814
Oakland Unified School District, Series A (GO)
5.00%, 08/01/23		350			351,432
5.00%, 08/01/25 (c)		1,000			1,051,473
Orange County Transportation Authority, I-405 Improvement Project (RB)
4.00%, 10/15/24		675			684,850
5.00%, 10/15/24		750			771,529
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB) 5.00%, 10/01/26		1,000			1,081,639
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p)		930			927,818
Regents of The University Of California, Limited Project, Series I (RB) 5.00%, 05/15/23		485			485,322
San Bernardino Community College District, Series A (GO) 4.00%, 08/16/27 (c)		540			575,220
San Bernardino Community College District, Series B (GO) 4.00%, 08/01/23 (c)		1,275			1,277,590
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24		1,035			1,075,720
San Joaquin Hills, Agency Toll Road (RB)
0.00%, 01/01/24 ^		1,000			978,533
0.00%, 01/01/25 ^		500			476,140

	Par   (000’s		)	Value
California (continued)
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c)	$	725		$	734,376
Southwestern Community College District, Series D (GO) 5.00%, 08/01/25 (c)		500			525,736
State of California Department of Water Resources (RB) 5.00%, 12/01/26		500			543,825
State of California, Various Purpose (GO)
3.00%, 03/01/26		1,000			1,002,900
4.00%, 10/01/27		1,100			1,163,475
4.00%, 11/01/24		300			304,975
4.00%, 03/01/24		500			504,315
5.00%, 10/01/24		555			571,131
5.00%, 10/01/27		1,000			1,102,852
5.00%, 10/01/27		530			584,511
5.00%, 10/01/27		500			551,426
5.00%, 11/01/23		525			530,181
5.00%, 11/01/26		915			988,297
5.00%, 11/01/27 (c)		1,000			1,108,145
5.00%, 11/01/28		910			1,028,871
5.00%, 12/01/27		500			553,562
5.00%, 04/01/24		300			305,548
5.00%, 04/01/27		750			817,552
5.00%, 08/01/24		325			333,506
5.00%, 08/01/25		1,000			1,048,790
5.00%, 08/01/27		1,305			1,433,664
5.00%, 09/01/23		1,000			1,006,408
5.00%, 09/01/25		300			315,250
5.00%, 09/01/26		1,000			1,075,706
					47,652,993
Colorado: 1.6%
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25		500			522,569
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24		1,000			1,033,225
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23		450			455,184
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28		1,000			1,128,432
State of Colorado, Series A (CP) 5.00%, 12/15/26		500			538,608
University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c)		500			538,011
					4,216,029
Connecticut: 2.6%
State of Connecticut, Series C (GO) 5.00%, 06/15/26		300			320,432

See Notes to Financial Statements

132

	Par   (000’s		)	Value
Connecticut (continued)
State of Connecticut, Series D (GO)
5.00%, 04/15/26	$	1,040		$	1,106,536
5.00%, 08/15/23		300			301,568
State of Connecticut, Series E (GO) 5.00%, 09/15/25		270			283,734
State of Connecticut, Special Tax Obligation, Series A (ST) 5.00%, 05/01/28		600			669,567
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26		275			294,726
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26		1,015			1,082,279
State of Connecticut, Transportation Infrastructure Purposes, Series B (RB) 5.00%, 10/01/24		535			549,799
University of Connecticut, Series A (RB)
5.00%, 04/15/24		575			585,354
5.00%, 04/15/26		550			585,510
5.00%, 04/15/28 (c)		1,000			1,110,435
					6,889,940
Delaware: 0.5%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		500			456,155
Delaware Transportation Authority (RB) 5.00%, 07/01/26		500			536,959
State of Delaware, Series A (GO) 5.00%, 10/01/25		410			432,281
					1,425,395
District of Columbia: 1.0%
District of Columbia, Series C (RB) 5.00%, 10/01/26		785			847,482
District of Columbia, Series D (GO) 5.00%, 06/01/25		315			329,496
District of Columbia, Series E (GO) 5.00%, 06/01/25		500			523,010
Metropolitan Washington Airports Authority, Dulles Toll Road (RB) (AGC) 6.50%, 10/01/26 (c)		1,000			1,123,452
					2,823,440
Florida: 2.9%
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27		500			548,244

	Par   (000’s		)	Value
Florida (continued)
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26	$	300		$	320,289
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/28		1,000			1,122,010
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26		250			269,592
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24		1,000			1,020,487
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c)		655			683,668
Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB) 5.00%, 10/01/27		500			549,889
School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/25 (c)		895			923,624
School District of Broward County, Series C (CP) 5.00%, 07/01/24		340			346,842
State of Florida, Board of Education, Lottery Revenue, Series A (RB)
5.00%, 07/01/23		450			451,293
5.00%, 07/01/24		650			664,654
State of Florida, Department Of Management Services, Series A (RB) 5.00%, 09/01/25		750			783,972
					7,684,564
Georgia: 3.5%
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		500			515,570
Main Street Natural Gas, Inc., Series A (RB)
4.00%, 09/01/23 (c) (p)		500			500,388
4.00%, 09/01/27 (c) (p)		1,250			1,256,023
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p)		1,500			1,507,619
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p)		2,000			1,998,399
State of Georgia, Series A (GO)
5.00%, 02/01/26 (c)		680			726,320
5.00%, 08/01/26		700			753,289
State of Georgia, Series C (GO) 5.00%, 07/01/26		1,000			1,073,918

See Notes to Financial Statements

133

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Georgia (continued)
State of Georgia, Series E (GO) 5.00%, 12/01/24	$	1,100		$	1,136,524
					9,468,050
Guam: 0.4%
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c)		1,000			1,003,413
Hawaii: 0.5%
City & County of Honolulu, Rail Transit Project, Series E (GO)
5.00%, 03/01/26		785			833,900
5.00%, 03/01/27		500			544,102
					1,378,002
Illinois: 4.6%
Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/25		500			519,824
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26		500			527,334
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26		315			332,221
Chicago Park District, Series A (GO) (NATL) 5.50%, 01/01/24 (c)		1,375			1,396,496
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/23		350			350,322
5.00%, 06/01/25		340			351,320
City of Chicago, Series A (GO) 5.00%, 01/01/27		500			524,153
Cook County, Series A (GO) 5.00%, 11/15/26		300			319,010
Illinois Finance Authority, Clean Water Initiative (RB)
5.00%, 01/01/25		600			620,990
5.00%, 01/01/28		500			554,395
5.00%, 07/01/27		685			751,947
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24		500			511,446
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23		250			250,812
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27		415			449,913
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27		650			704,683

	Par   (000’s		)	Value
Illinois (continued)
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/24	$	550		$	555,937
State of Illinois (GO) (AGC) 5.50%, 05/01/25		335			347,785
State of Illinois, Series A (RB) 4.00%, 06/15/28		580			596,810
State of Illinois, Series D (GO)
5.00%, 11/01/23		500			503,433
5.00%, 11/01/25		1,345			1,395,061
5.00%, 11/01/26		800			844,709
					12,408,601
Indiana: 0.8%
Indiana Finance Authority Hospital, Series 2012A, Community Health Network Project (RB) 5.00%, 05/01/23 (c)		1,000			1,000,000
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23		500			504,234
Indiana Finance Authority, Series C (RB) 5.00%, 12/01/24		575			593,641
					2,097,875
Iowa: 0.1%
Iowa Finance Authority (RB) 5.00%, 08/01/23		250			251,122
Kentucky: 1.3%
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 4.00%, 01/01/25 (c) (p)		1,085			1,087,819
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p)		1,100			1,101,829
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26		275			291,598
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p)		1,000			1,046,858
					3,528,104
Louisiana: 0.8%
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p)		500			514,059
Louisiana State Citizens Property Insurance Corp., Series 2 (RB) 5.00%, 06/01/23		590			590,800

See Notes to Financial Statements

134

	Par   (000’s		)	Value
Louisiana (continued)
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 07/01/26 (p)	$	750		$	709,821
State of Louisiana, Series A (GO) 5.00%, 03/01/26		335			355,397
					2,170,077
Maine: 0.2%
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25		500			522,596
Maryland: 3.0%
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26		265			286,967
Department of Transportation of Maryland, Series B (RB) 5.00%, 12/01/23		500			505,502
Prince George’s County, Series A (GO) 5.00%, 07/15/25		425			445,837
State of Maryland, Department of Transportation (RB)
4.00%, 11/01/24 (c)		500			510,911
5.00%, 10/01/26		595			642,156
5.00%, 05/01/23		500			500,000
State of Maryland, Series B (GO)
5.00%, 08/01/24		550			563,713
5.00%, 08/01/25		500			525,065
State of Maryland, State and Local Facilities Loan, First Series (GO) 4.00%, 06/01/24 (c)		560			566,562
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24		1,500			1,525,060
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24		250			256,233
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/26		625			671,367
State of Maryland, State and Local Facilities Loan, Series A (GO) 5.00%, 03/15/29		1,000			1,143,102
					8,142,475
Massachusetts: 3.2%
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c)		860			861,996

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/26	$	250		$	264,855
5.00%, 01/01/27		710			770,767
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26		400			431,566
Commonwealth of Massachusetts, Series D (GO)
5.00%, 07/01/23		900			902,675
5.00%, 07/01/27		250			274,745
Commonwealth of Massachusetts, Series E (GO)
3.00%, 12/01/25		750			753,047
5.00%, 11/01/26		295			318,940
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26		250			269,175
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24		515			526,849
Massachusetts Development Finance Agency, Broad Institute (RB) 5.00%, 04/01/26		450			477,692
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26		500			541,014
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 12/01/24 (c)		1,000			905,217
Massachusetts School Building Authority, Series A (RB) 5.00%, 05/15/23 (c)		500			500,310
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/25 (c)		775			810,950
					8,609,798
Michigan: 1.3%
City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c)		1,000			1,013,139
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24		590			601,126
State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/24		650			659,570

See Notes to Financial Statements

135

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Michigan (continued)
5.00%, 03/15/26	$	1,065		$	1,130,889
					3,404,724
Minnesota: 1.1%
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,000			1,085,144
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,200			1,229,919
State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/26		570			612,655
					2,927,718
Missouri: 0.6%
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23		1,000			1,002,109
Health & Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25		150			155,483
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c)		500			522,956
					1,680,548
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 01/01/24 (c) (p)		500			503,693
Nevada: 0.7%
Clark County (GO) 5.00%, 06/01/25		1,090			1,139,035
County of Clark, Nevada McCarran International Airport, Series A (RB) 5.00%, 07/01/23		300			300,817
County of Clark, Series B (GO) 5.00%, 11/01/23		450			454,285
					1,894,137
New Jersey: 4.1%
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
5.00%, 06/15/27 (c)		615			677,626
5.00%, 06/15/27 (c)		935			1,030,212
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) 5.25%, 06/15/25 (c)		500			525,664

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/23	$	1,000		$	1,001,706
5.00%, 06/15/24		575			584,472
5.00%, 06/15/24 (c)		500			509,484
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25		1,000			1,048,924
New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB) 5.00%, 07/01/23		300			300,787
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23		500			504,925
New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/23		1,175			1,185,212
5.00%, 12/15/26		500			532,035
5.00%, 06/15/24		1,410			1,434,317
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/27		500			546,590
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/25		500			483,505
2.00%, 06/01/26		500			477,253
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		290			290,390
					11,133,102
New Mexico: 0.8%
State of New Mexico (GO) 5.00%, 03/01/24		500			508,384
State of New Mexico, Series A (RB) 5.00%, 07/01/27		840			920,701
State of New Mexico, Series B (GO) 5.00%, 03/01/25		250			260,329
State of New Mexico, Series B (RB) 5.00%, 07/01/26		535			572,861
					2,262,275
New York: 13.3%
City of New York, Series A (GO)
4.00%, 08/01/23		250			250,514
5.00%, 08/01/24		1,500			1,537,399
City of New York, Series C (GO) 5.00%, 08/01/24		750			768,699
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27		500			548,451

See Notes to Financial Statements

136

	Par   (000’s		)	Value
New York (continued)
City of New York, Series C and D (GO)
5.00%, 08/01/23	$	320		$	321,437
5.00%, 08/01/26		325			348,062
City of New York, Series E (GO) 5.00%, 08/01/24		255			261,358
City of New York, Series F-1 (GO) 5.00%, 03/01/27		410			445,383
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26		510			549,287
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p)		2,000			2,023,617
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p)		1,160			1,173,304
Metropolitan Transportation Authority, Series B (RB)
5.00%, 11/15/23		290			291,856
5.00%, 11/15/26		500			524,645
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/23		500			503,208
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p)		305			281,816
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27		750			802,511
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27		440			484,824
New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB) 5.00%, 02/01/27		850			920,544
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)
5.00%, 07/15/24		550			562,674
5.00%, 07/15/25		570			597,248
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26		1,000			1,076,634
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23		575			575,000

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Series C (RB) 5.00%, 11/01/23	$	700		$	706,389
New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c)		700			707,288
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c)		430			442,977
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26		700			753,511
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/27		500			543,668
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27		510			555,820
New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25		1,000			1,037,283
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27		500			543,977
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28		640			712,095
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c)		500			526,184
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/25		1,035			1,077,306
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		680			725,640
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		500			523,278
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28		605			680,067
New York State Housing Finance Agency, Series A-2, Series B-2, Series C (RB) 2.50%, 05/01/27 (c) (p)		975			937,315

See Notes to Financial Statements

137

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 05/19/23 (c)	$	700		$	686,283
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 05/19/23 (c)		750			690,141
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/25		495			514,517
5.00%, 03/15/26 (c)		500			531,931
5.00%, 03/15/27		690			752,251
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25		500			519,714
Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26		530			532,713
Town of Oyster Bay, Water District Notes (G.O. LTD NOTES) 5.00%, 03/08/24		1,000			1,014,675
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/26 (p)		875			804,247
Triborough Bridge & Tunnel Authority, Series A (RB)
5.00%, 11/15/26		1,000			1,082,896
5.00%, 11/15/27		500			555,040
5.00%, 11/15/28		1,000			1,136,615
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 05/15/26 (p)		1,000			1,053,502
Triborough Bridge & Tunnel Authority, Series C-1B (RB) 5.00%, 05/15/26 (p)		500			526,602
					35,722,396
North Carolina: 2.1%
City of Charlotte, North Carolina Water & Sewer System (RB) 5.00%, 07/01/23		500			501,470
County of Guilford, Series B (GO) 5.00%, 05/01/24		500			509,897
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c)		1,000			1,057,088
County of Wake (RB) 5.00%, 09/01/26		375			403,887

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/26 (p)	$	500		$	527,508
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24		2,125			2,153,918
State of North Carolina, Series B (GO) 5.00%, 06/01/23		575			575,827
					5,729,595
Ohio: 2.7%
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28		1,000			1,098,681
City of Columbus, Various Purpose (GO) 5.00%, 10/01/27 (c)		750			827,469
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/26		410			436,987
Franklin County Convention Facilities Authority (RB) 5.00%, 12/01/24 (c)		1,730			1,786,085
Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p)		485			494,518
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^		500			482,084
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23		560			565,839
State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/27		500			509,205
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23		1,000			1,000,000
					7,200,868
Oklahoma: 0.6%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c)		535			569,164
Oklahoma County Independent School District, Series A (GO) 3.00%, 07/01/27		1,000			1,006,708
					1,575,872

See Notes to Financial Statements

138

	Par   (000’s		)	Value
Oregon: 0.9%
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/24 (c)	$	1,000		$	1,020,316
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26		350			374,379
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25		500			523,489
State of Oregon, Article Xi-Q State Projects, Series A (GO) 5.00%, 05/01/23		500			500,000
					2,418,184
Pennsylvania: 3.2%
City of Philadelphia, Series A (GO) 5.00%, 08/01/25		300			313,101
Commonwealth of Pennsylvania, First Series (GO)
5.00%, 01/01/26		560			591,796
5.00%, 01/01/27		315			340,812
5.00%, 03/15/25 (c)		500			519,993
5.00%, 06/15/29		500			510,435
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/26		1,000			1,070,174
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		600			632,557
Delaware River Port Authority, Series B (RB) 5.00%, 01/01/25		350			361,551
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p)		500			508,908
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23		500			502,210
Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25		660			687,775
University of Pittsburgh of the Commonwealth System (RB) 4.00%, 02/15/26 (c)		500			517,050
Westmoreland County Municipal Authority (RB) 5.00%, 08/15/31		1,185			1,191,000
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c)		765			792,374
					8,539,736

	Par   (000’s		)	Value
Rhode Island: 0.4%
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/25 (c)	$	500		$	519,749
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c)		500			511,331
					1,031,080
South Carolina: 0.9%
County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24		510			525,351
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p)		1,765			1,768,178
					2,293,529
South Dakota: 0.2%
South Dakota Health And Educational Facilities Authority, Series A, Avera Health (RB) 5.00%, 07/01/24 (c) (p)		535			541,217
Tennessee: 1.3%
Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 07/01/26		525			562,979
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24		500			505,991
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p)		1,775			1,775,638
Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p)		560			560,000
					3,404,608
Texas: 8.2%
Bexar County (GO) 5.00%, 06/15/26 (c)		500			533,435
Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23		275			276,398
City of Denton, Utility System (RB) 5.00%, 12/01/26		310			332,105
City of Houston, Airport System, Series D (RB)
5.00%, 07/01/23		500			501,329
5.00%, 07/01/24		250			255,261
City of Houston, Series A (GO) 5.00%, 03/01/24 (c)		750			761,151

See Notes to Financial Statements

139

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Texas (continued)
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c)	$	630		$	674,789
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		500			523,949
Comal Independent School District (GO) 5.00%, 02/01/26		775			823,335
Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27		2,000			2,174,078
Dallas Area Rapid Transit, Series A (RB) 5.00%, 12/01/25 (c)		1,000			1,052,974
Dallas County Hospital District (GO) 5.00%, 08/15/23		950			954,582
Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23		375			376,884
Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25		200			210,406
Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c)		500			508,918
Denton Independent School District, Series A (GO) 5.00%, 08/15/25 (c)		500			524,124
Dripping Springs Independent School District (GO) 4.00%, 02/15/24 (c)		1,000			1,005,530
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27		1,000			1,101,724
Houston Independent School District, Limited Tax School House (GO) 5.00%, 02/15/26		250			264,951
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23		160			160,721
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/25 (c)		1,000			1,052,005
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/26 (c)		595			621,836
Pflugerville Independent School District (GO) 5.00%, 02/15/24 (c)		500			506,805
Pflugerville Independent School District, Series A (GO) 5.00%, 02/15/24		1,000			1,015,211

	Par   (000’s		)	Value
Texas (continued)
State of Texas, Water Infrastructure Fund, Series B-3 (GO)
5.00%, 08/01/23	$	400		$	401,696
5.00%, 08/01/24		250			256,233
Texas A&M University, Series D (RB) 5.00%, 05/15/26		820			876,882
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26		600			614,649
Texas Water Development Board (RB)
5.00%, 04/15/26		1,000			1,063,978
5.00%, 08/01/23		350			351,484
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24		500			514,224
University of Houston, Series A (RB) 5.00%, 02/15/26		1,000			1,060,634
Ysleta Independent School District (GO) 5.00%, 08/15/25 (c)		650			681,362
					22,033,643
Utah: 0.6%
County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,021,226
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p)		500			506,173
					1,527,399
Virginia: 2.2%
County of Fairfax, Public Improvement, Series A (GO) 4.00%, 10/01/24		285			289,008
County of Fairfax, Public Improvement, Series A (GO) (SAW) 4.00%, 10/01/23		275			275,906
Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26		1,250			1,337,282
Rector And Visitors of The University Of Virginia, Series A (RB) 5.00%, 06/01/23 (c)		1,000			1,001,389
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
5.00%, 02/01/27		250			271,400
5.00%, 02/01/27		600			651,359

See Notes to Financial Statements

140

	Par   (000’s		)	Value
Virginia (continued)
Virginia Commonwealth Transportation Board (RB)
5.00%, 09/15/23	$	400		$	402,732
5.00%, 09/15/24		325			333,831
5.00%, 09/15/26 (c)		510			548,794
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			918,191
					6,029,892
Washington: 3.0%
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/25 (c)		1,000			1,053,265
City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26		400			424,073
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25		1,000			1,046,986
Energy Northwest Project Electric, Series C (RB)
5.00%, 07/01/24		540			552,112
5.00%, 07/01/25		1,375			1,439,607
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/27 (c)		725			795,555
State of New Mexico, Series A (GO) 5.00%, 06/01/26		1,000			1,068,665
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		750			768,235
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,009,021
					8,157,519
West Virginia: 0.4%
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26		1,000			1,069,763
Wisconsin: 1.0%
City of Milwaukee, Series N4 (GO)
5.00%, 04/01/24		225			227,878
5.00%, 04/01/26		750			785,429
State of Wisconsin, Series 1 (RB) 5.00%, 07/01/29		500			501,428
State of Wisconsin, Series A (GO) 5.00%, 05/01/25		500			521,802

	Par   (000’s		)	Value
Wisconsin (continued)
5.00%, 05/01/25 (c)	$	500		$	522,498
Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24		120			122,733
					2,681,768
Total Municipal Bonds: 98.6% (Cost: $272,437,279)					264,754,123
Other assets less liabilities: 1.4%					3,827,867
NET ASSETS: 100.0%				$	268,581,990

See Notes to Financial Statements

141

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
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
State GO		18.7	%	$	49,458,806
Refunded		15.2			40,185,246
Local GO		13.1			34,667,273
Tax		8.7			23,104,322
Utilities		6.9			18,282,643
Water & Sewer		5.7			14,989,069
Transportation		5.3			14,193,285
Education		4.7			12,479,449
Leasing COPS & Appropriations		4.2			11,032,324
Power		4.1			10,909,273
Toll & Turnpike		4.0			10,656,418
Hospitals		3.9			10,300,517
Miscellaneous		1.6			4,167,218
Multi-Family Housing		1.3			3,500,772
Airport		1.3			3,380,107
Tobacco		0.6			1,722,905
Unassigned		0.4			1,014,675
Industrial Development Revenue		0.3			709,821
		100.0	%	$	264,754,123

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	264,754,123	$	—	$	264,754,123

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

142

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30,2023

	CEF Muni Income ETF			High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni  ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	204,130,828		$	2,743,760,241		$	17,889,717		$	1,795,974,394
Cash		415			19,269,881			175,508			7,811,586
Receivables:
Investment securities sold		534,505			763,056			—			—
Shares of beneficial interest sold		534,481			—			—			—
Dividends and interest		541,035			43,434,745			267,403			22,481,495
Total assets		205,741,264			2,807,227,923			18,332,628			1,826,267,475
Liabilities:
Payables:
Investment securities purchased		534,505			6,037,216			—			4,335,140
Shares of beneficial interest redeemed		534,481			—			—			—
Line of credit		198,947			—			—			—
Due to Adviser		67,025			822,039			3,633			362,416
Deferred Trustee fees		4,195			3,184			—			3,000
Accrued expenses		1,831			—			—			—
Total liabilities		1,340,984			6,862,439			3,633			4,700,556
NET ASSETS	$	204,400,280		$	2,800,365,484		$	18,328,995		$	1,821,566,919
Shares outstanding		9,525,000			54,446,401			400,000			39,298,916
Net asset value, redemption and offering price per share	$	21.46		$	51.43		$	45.82		$	46.35
Net Assets consist of:
Aggregate paid in capital	$	264,321,732		$	3,175,458,412		$	19,518,631		$	1,908,065,431
Total distributable earnings (loss)		(59,921,452	)		(375,092,928	)		(1,189,636	)		(86,498,512	)
NET ASSETS	$	204,400,280		$	2,800,365,484		$	18,328,995		$	1,821,566,919
(1) Cost of investments - Unaffiliated issuers	$	248,479,329		$	3,009,793,329		$	19,018,407		$	1,864,845,781

See Notes to Financial Statements

143

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

	Long Muni ETF			Muni Allocation ETF			Short High Yield Muni ETF			Short Muni ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	308,409,942		$	283,643		$	391,763,270		$	264,754,123
Affiliated issuers (2)		—			2,023,262			—			—
Cash		5,605,568			830			11,667			342,944
Receivables:
Investment securities sold		742,802			—			17,968			—
Dividends and interest		3,949,705			614			5,933,181			3,531,027
Total assets		318,708,017			2,308,349			397,726,086			268,628,094
Liabilities:
Payables:
Investment securities purchased		5,170,166			—			—			—
Due to Adviser		61,254			152			116,015			44,504
Deferred Trustee fees		1,517			—			—			1,600
Total liabilities		5,232,937			152			116,015			46,104
NET ASSETS	$	313,475,080		$	2,308,197		$	397,610,071		$	268,581,990
Shares outstanding		17,500,000			110,000			17,800,000			15,850,000
Net asset value, redemption and offering price per share	$	17.91		$	20.98		$	22.34		$	16.95
Net Assets consist of:
Aggregate paid in capital	$	343,521,044		$	3,375,140		$	443,519,863		$	278,611,151
Total distributable earnings (loss)		(30,045,964	)		(1,066,943	)		(45,909,792	)		(10,029,161	)
NET ASSETS	$	313,475,080		$	2,308,197		$	397,610,071		$	268,581,990
(1) Cost of investments - Unaffiliated issuers	$	326,087,728		$	383,258		$	425,057,148		$	272,437,279
(2) Cost of investments - Affiliated issuers	$	—		$	2,176,525		$	—		$	—

See Notes to Financial Statements

144

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	CEF Muni Income ETF			High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni  ETF
Income:
Dividends	$	7,721,201		$	—		$	—		$	—
Interest		2,392			126,314,228			311,722			42,039,237
Total income		7,723,593			126,314,228			311,722			42,039,237
Expenses:
Management fees		656,019			10,546,251			40,877			4,272,569
Interest and taxes		13,172			124			44			256
Total expenses		669,191			10,546,375			40,921			4,272,825
Net investment income		7,054,402			115,767,853			270,801			37,766,412
Net realized gain (loss) on:
Investments		(7,928,367	)		(32,881,848	)		(50,609	)		(19,049,840	)
In-kind redemptions		(2,151,624	)		(190,171,657	)		—			(22,135,827	)
Capital gain distributions from investment companies		21,559			—			—			—
Net realized loss		(10,058,432	)		(223,053,505	)		(50,609	)		(41,185,667	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,228,703	)		23,487,727			152,910			74,928,897
Net change in unrealized appreciation (depreciation)		(4,228,703	)		23,487,727			152,910			74,928,897
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(7,232,733	)	$	(83,797,925	)	$	373,102		$	71,509,642

See Notes to Financial Statements

145

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	Long Muni ETF			Muni Allocation ETF			Short High Yield Muni ETF			Short Muni ETF
Income:
Dividends - unaffiliated issuers	$	—		$	14,737		$	—		$	—
Dividends - affiliated issuers		—			62,677			—			—
Interest		7,712,621			—			12,381,594			4,683,148
Total income		7,712,621			77,414			12,381,594			4,683,148
Expenses:
Management fees		587,826			2,063			1,449,750			658,675
Interest and taxes		1,470			78			9,434			424
Total expenses		589,296			2,141			1,459,184			659,099
Net investment income		7,123,325			75,273			10,922,410			4,024,049
Net realized gain (loss) on:
Investments - unaffiliated issuers		(12,601,691	)		(3,819	)		(2,173,338	)		(614,352	)
Investments - affiliated issuers		—			(114,409	)		—			—
In-kind redemptions - unaffiliated issuers		(3,811,621	)		(49,464	)		(4,626,681	)		(5,529,627	)
In-kind redemptions - affiliated issuers		—			(37,263	)		—			—
Net realized loss		(16,413,312	)		(204,955	)		(6,800,019	)		(6,143,979	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		11,529,092			27,845			(1,990,336	)		8,399,993
Investments - affiliated issuers		—			95,616			—			—
Net change in unrealized appreciation (depreciation)		11,529,092			123,461			(1,990,336	)		8,399,993
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,239,105		$	(6,221	)	$	2,132,055		$	6,280,063

See Notes to Financial Statements

146

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Muni Income ETF						High Yield Muni ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	7,054,402		$	8,141,777		$	115,767,853		$	122,609,689
Net realized gain (loss)		(10,058,432	)		6,852,427			(223,053,505	)		(21,991,122	)
Net change in unrealized appreciation (depreciation)		(4,228,703	)		(50,282,573	)		23,487,727			(393,264,600	)
Net decrease in net assets resulting from operations		(7,232,733	)		(35,288,369	)		(83,797,925	)		(292,646,033	)
Distributions to shareholders from:
Distributable earnings		(7,307,370	)		(7,955,563	)		(116,558,558	)		(124,522,449	)
Share transactions*:
Proceeds from sale of shares		108,726,605			157,298,802			1,884,282,300			985,416,843
Cost of shares redeemed		(59,193,418	)		(121,225,806	)		(1,901,509,192	)		(1,011,621,866	)
Increase (decrease) in net assets resulting from share transactions		49,533,187			36,072,996			(17,226,892	)		(26,205,023	)
Total increase (decrease) in net assets		34,993,084			(7,170,936	)		(217,583,375	)		(443,373,505	)
Net Assets, beginning of year		169,407,196			176,578,132			3,017,948,859			3,461,322,364
Net Assets, end of year	$	204,400,280		$	169,407,196		$	2,800,365,484		$	3,017,948,859
*Shares of Common Stock Issued (no par value)
Shares sold		4,975,000			5,375,000			36,250,000			15,900,000
Shares redeemed		(2,650,000	)		(4,250,000	)		(36,500,000	)		(16,600,000	)
Net increase (decrease)		2,325,000			1,125,000			(250,000	)		(700,000	)

See Notes to Financial Statements

147

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	HIP Sustainable Muni ETF						Intermediate Muni  ETF
	Year Ended April 30, 2023			Period Ended April 30, 2022 (a)			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	270,801		$	29,000		$	37,766,412		$	30,794,618
Net realized gain (loss)		(50,609	)		(3,603	)		(41,185,667	)		13,113,951
Net change in unrealized appreciation (depreciation)		152,910			(1,281,600	)		74,928,897			(232,378,068	)
Net increase (decrease) in net assets resulting from operations		373,102			(1,256,203	)		71,509,642			(188,469,499	)
Distributions to shareholders from:
Distributable earnings		(244,845	)		(61,690	)		(37,452,413	)		(31,094,619	)
Share transactions*:
Proceeds from sale of shares		4,502,190			15,016,441			529,630,220			471,684,955
Cost of shares redeemed		—			—			(437,272,087	)		(358,316,244	)
Increase in net assets resulting from share transactions		4,502,190			15,016,441			92,358,133			113,368,711
Total increase (decrease) in net assets		4,630,447			13,698,548			126,415,362			(106,195,407	)
Net Assets, beginning of period		13,698,548			—			1,695,151,557			1,801,346,964
Net Assets, end of period	$	18,328,995		$	13,698,548		$	1,821,566,919		$	1,695,151,557
*Shares of Common Stock Issued (no par value)
Shares sold		100,000			300,000			11,650,000			9,250,000
Shares redeemed		—			—			(9,450,000	)		(7,050,000	)
Net increase		100,000			300,000			2,200,000			2,200,000

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

See Notes to Financial Statements

148

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long Muni ETF						Muni Allocation ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	7,123,325		$	5,175,636		$	75,273		$	104,249
Net realized gain (loss)		(16,413,312	)		1,387,980			(204,955	)		103,659
Net change in unrealized appreciation (depreciation)		11,529,092			(39,678,118	)		123,461			(665,761	)
Net increase (decrease) in net assets resulting from operations		2,239,105			(33,114,502	)		(6,221	)		(457,853	)
Distributions to shareholders from:
Distributable earnings		(6,781,265	)		(5,985,800	)		(86,516	)		(97,504	)
Share transactions*:
Proceeds from sale of shares		121,166,375			80,649,182			—			501,848
Cost of shares redeemed		(18,716,807	)		(53,634,924	)		(1,283,855	)		(1,250,769	)
Increase (decrease) in net assets resulting from share transactions		102,449,568			27,014,258			(1,283,855	)		(748,921	)
Total increase (decrease) in net assets		97,907,408			(12,086,044	)		(1,376,592	)		(1,304,278	)
Net Assets, beginning of year		215,567,672			227,653,716			3,684,789			4,989,067
Net Assets, end of year	$	313,475,080		$	215,567,672		$	2,308,197		$	3,684,789
*Shares of Common Stock Issued (no par value)
Shares sold		6,800,000			3,750,000			—			20,000
Shares redeemed		(1,050,000	)		(2,500,000	)		(60,000	)		(50,000	)
Net increase (decrease)		5,750,000			1,250,000			(60,000	)		(30,000	)

See Notes to Financial Statements

149

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Short High Yield Muni ETF						Short Muni ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	10,922,410		$	9,492,905		$	4,024,049		$	2,778,472
Net realized loss		(6,800,019	)		(2,520,675	)		(6,143,979	)		(25,692	)
Net change in unrealized appreciation (depreciation)		(1,990,336	)		(39,252,516	)		8,399,993			(20,861,252	)
Net increase (decrease) in net assets resulting from operations		2,132,055			(32,280,286	)		6,280,063			(18,108,472	)
Distributions to shareholders from:
Distributable earnings		(11,315,025	)		(9,530,270	)		(4,788,660	)		(3,907,985	)
Share transactions*:
Proceeds from sale of shares		49,297,949			159,122,366			49,753,782			58,151,543
Cost of shares redeemed		(60,769,201	)		(4,759,705	)		(110,242,493	)		(5,370,710	)
Increase (decrease) in net assets resulting from share transactions		(11,471,252	)		154,362,661			(60,488,711	)		52,780,833
Total increase (decrease) in net assets		(20,654,222	)		112,552,105			(58,997,308	)		30,764,376
Net Assets, beginning of year		418,264,293			305,712,188			327,579,298			296,814,922
Net Assets, end of year	$	397,610,071		$	418,264,293		$	268,581,990		$	327,579,298
*Shares of Common Stock Issued (no par value)
Shares sold		2,200,000			6,300,000			2,950,000			3,250,000
Shares redeemed		(2,700,000	)		(200,000	)		(6,500,000	)		(300,000	)
Net increase (decrease)		(500,000	)		6,100,000			(3,550,000	)		2,950,000

See Notes to Financial Statements

150

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	CEF Muni Income ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019
Net asset value, beginning of year		$	23.53			$29.07			$	24.34			$	26.18			$	24.97
Net investment income (a)			0.95			1.14				1.14				1.09				1.16
Net realized and unrealized gain (loss) on investments			(2.00	)		(5.56	)			4.71				(1.83	)			1.21
Total from investment operations			(1.05	)		(4.42	)			5.85				(0.74	)			2.37
Distributions from:
Net investment income			(1.02	)		(1.12	)			(1.12	)			(1.10	)			(1.16	)
Net asset value, end of year		$	21.46			$23.53			$	29.07			$	24.34			$	26.18
Total return (b)			(4.53	)%		(15.82	)%			24.38	%			(3.17	)%			9.83	%
Ratios to average net assets
Gross expenses (c)(d)			0.41	%		0.40	%			0.40	%			0.45	%			0.48	%
Net expenses (c)(d)			0.41	%		0.40	%			0.40	%			0.40	%			0.40	%
Net expenses excluding interest and taxes (c)(d)			0.40	%		0.40	%			0.40	%			0.40	%			0.40	%
Net investment income (c)			4.30	%		4.01	%			4.17	%			4.02	%			4.67	%
Supplemental data
Net assets, end of year (in millions)			$204			$169				$177				$142				$144
Portfolio turnover rate (e)			15	%		15	%			11	%			10	%			13	%

(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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(d)	Periods after November 1, 2019 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

151

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	High Yield Muni ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	55.18			$	62.48			$	56.13			$	62.79			$	62.16
Net investment income (a)			2.01				2.09				2.36				2.69				2.67
Net realized and unrealized gain (loss) on investments			(3.73	)			(7.27	)			6.38				(6.73	)			0.64
Total from investment operations			(1.72	)			(5.18	)			8.74				(4.04	)			3.31
Distributions from:
Net investment income			(2.03	)			(2.12	)			(2.39	)			(2.62	)			(2.68	)
Net asset value, end of year		$	51.43			$	55.18			$	62.48			$	56.13			$	62.79
Total return (b)			(3.11	)%			(8.62	)%			15.84	%			(6.86	)%			5.46	%
Ratios to average net assets
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			3.84	%			3.38	%			3.91	%			4.26	%			4.31	%
Supplemental data
Net assets, end of year (in millions)		$	2,800			$	3,018			$	3,461			$	2,570			$	2,656
Portfolio turnover rate (c)			11	%			11	%			9	%			12	%			10	%

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

See Notes to Financial Statements

152

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	HIP Sustainable Muni ETF
	Year Ended April 30, 2023				Period Ended April 30, 2022(a)
Net asset value, beginning of period		$	45.66			$	50.00
Net investment income (b)			0.72				0.10
Net realized and unrealized gain (loss) on investments			0.09				(4.22	)
Total from investment operations			0.81				(4.12	)
Distributions from:
Net investment income			(0.65	)			(0.22	)
Net asset value, end of period		$	45.82			$	45.66
Total return (c)			1.79	%			(8.26	)%(d)
Ratios to average net assets
Expenses			0.24	%			0.24	%(e)
Net investment income			1.59	%			0.33	%(e)
Supplemental data
Net assets, end of period (in millions)			$18				$14
Portfolio turnover rate (f)			14	%			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

153

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Intermediate Muni ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	45.69			$	51.62			$	48.97			$	48.94			$	46.83
Net investment income (a)			0.97				0.83				0.98				1.09				1.12
Net realized and unrealized gain (loss) on investments			0.65				(5.92	)			2.72				0.10				2.11
Total from investment operations			1.62				(5.09	)			3.70				1.19				3.23
Distributions from:
Net investment income			(0.96	)			(0.84	)			(0.98	)			(1.10	)			(1.12	)
Net realized capital gains			—				—	(b)			(0.07	)			(0.06	)			—
Total distributions			(0.96	)			(0.84	)			(1.05	)			(1.16	)			(1.12	)
Net asset value, end of year		$	46.35			$	45.69			$	51.62			$	48.97			$	48.94
Total return (c)			3.59	%			(9.99	)%			7.59	%			2.40	%			6.98	%
Ratios to average net assets
Expenses			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Net investment income			2.12	%			1.64	%			1.90	%			2.17	%			2.37	%
Supplemental data
Net assets, end of year (in millions)		$	1,822			$	1,695			$	1,801			$	1,582			$	1,720
Portfolio turnover rate (d)			17	%			4	%			6	%			7	%			7	%

(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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

154

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Long Muni ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019
Net asset value, beginning of year		$	18.35			$21.68			$	20.18			$	20.40			$	19.63
Net investment income (a)			0.52			0.46				0.52				0.57				0.60
Net realized and unrealized gain (loss) on investments			(0.46	)		(3.26	)			1.54				(0.20	)			0.77
Total from investment operations			0.06			(2.80	)			2.06				0.37				1.37
Distributions from:
Net investment income			(0.50	)		(0.46	)			(0.52	)			(0.57	)			(0.60	)
Net realized capital gains			—			(0.07	)			(0.04	)			(0.02	)			—
Total distributions			(0.50	)		(0.53	)			(0.56	)			(0.59	)			(0.60	)
Net asset value, end of year		$	17.91			$18.35			$	21.68			$	20.18			$	20.40
Total return (b)			0.40	%		(13.26	)%			10.31	%			1.75	%			7.15	%
Ratios to average net assets
Expenses			0.24	%		0.24	%			0.24	%			0.24	%			0.24	%
Net investment income			2.91	%		2.15	%			2.45	%			2.72	%			3.06	%
Supplemental data
Net assets, end of year (in millions)			$313			$216				$228				$200				$153
Portfolio turnover rate (c)			32	%		7	%			23	%			22	%			22	%

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

See Notes to Financial Statements

155

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Muni Allocation ETF
	Year Ended April 30,
	2023				2022			2021				Period Ended April 30, 2020(a)
Net asset value, beginning of period		$	21.68			$24.95			$	22.96			$	25.05
Net investment income (b)			0.61			0.62				0.62				0.72
Net realized and unrealized gain (loss) on investments			(0.61	)		(3.31	)			2.05				(2.20	)
Total from investment operations			—			(2.69	)			2.67				(1.48	)
Distributions from:
Net investment income			(0.70	)		(0.58	)			(0.68	)			(0.61	)
Net asset value, end of period		$	20.98			$21.68			$	24.95			$	22.96
Total return (c)			0.08	%		(11.03	)%			11.70	%			(6.13	)%(d)
Ratios to average net assets
Gross expenses (e)(f)			0.08	%		0.08	%			0.08	%			1.28	%(g)
Net expenses (e)(f)			0.08	%		0.08	%			0.08	%			0.08	%(g)
Net investment income (e)			2.92	%		2.54	%			2.54	%			3.02	%(g)
Supplemental data
Net assets, end of period (in millions)			$2			$4				$5				$5
Portfolio turnover rate (h)			72	%		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

156

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Short High Yield Muni ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	22.86			$	25.06			$	23.09			$	24.70			$	24.24
Net investment income (a)			0.59				0.58				0.73				0.84				0.80
Net realized and unrealized gain (loss) on investments			(0.50	)			(2.18	)			1.99				(1.64	)			0.43
Total from investment operations			0.09				(1.60	)			2.72				(0.80	)			1.23
Distributions from:
Net investment income			(0.61	)			(0.60	)			(0.75	)			(0.81	)			(0.77	)
Net asset value, end of year		$	22.34			$	22.86			$	25.06			$	23.09			$	24.70
Total return (b)			0.43	%			(6.58	)%			11.89	%			(3.44	)%			5.16	%
Ratios to average net assets
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			2.64	%			2.34	%			2.98	%			3.37	%			3.28	%
Supplemental data
Net assets, end of year (in millions)			$398				$418				$306				$263				$203
Portfolio turnover rate (c)			17	%			16	%			14	%			17	%			22	%

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

See Notes to Financial Statements

157

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Short Muni ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	16.89			$	18.04			$	17.55			$	17.54			$	17.18
Net investment income (a)			0.21				0.15				0.23				0.27				0.27
Net realized and unrealized gain (loss) on investments			0.10				(1.09	)			0.51				0.02				0.36
Total from investment operations			0.31				(0.94	)			0.74				0.29				0.63
Distributions from:
Net investment income			(0.25	)			(0.19	)			(0.25	)			(0.28	)			(0.27	)
Net realized capital gains			—				(0.02	)			—				—				—
Total distributions			(0.25	)			(0.21	)			(0.25	)			(0.28	)			(0.27	)
Net asset value, end of year		$	16.95			$	16.89			$	18.04			$	17.55			$	17.54
Total return (b)			1.83	%			(5.27	)%			4.27	%			1.66	%			3.70	%
Ratios to average net assets
Expenses			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income			1.22	%			0.86	%			1.26	%			1.54	%			1.57	%
Supplemental data
Net assets, end of year (in millions)			$269				$328				$297				$204				$201
Portfolio turnover rate (c)			19	%			18	%			30	%			34	%			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)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

158

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2023

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

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

* Refer to Note 10 for more information on indices throughout the year.

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 objectives by investing, under normal circumstances, primarily in VanEck ETFs that invest in publicly traded municipal bonds.

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

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

159

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

The following summarizes the Funds’ significant accounting policies.

A.	Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
	Level 1 — Quoted prices in active markets for identical securities.
	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
	Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. 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.
	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.

160

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, in 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, 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.

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 using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

The Funds earn interest 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 year ended April 30, 2023, are as follows:

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

161

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Unitary Management Fee Rate
Short		0.20

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

At April 30, 2023, the Adviser owned approximately 13% of HIP Sustainable.

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

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of 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 year ended April 30, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
CEF Muni	$	24,407,304	$	24,413,988	$	108,748,349	$	59,185,266
High Yield		866,174,145		330,104,487		1,287,699,288		1,818,751,232
HIP Sustainable		8,048,968		2,188,210		—		—
Intermediate		641,117,004		298,686,560		230,191,117		440,096,605
Long		159,590,753		78,684,634		43,867,674		18,688,032
Muni Allocation		1,906,535		1,917,482		—		1,283,899
Short High Yield		81,384,281		70,984,215		46,507,385		58,877,507
Short		107,211,865		61,484,201		2,462,353		110,006,131

During the year ended April 30, 2023, the High Yield, Intermediate, Long, Short High Yield and Short funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act and aggregated to approximately $2 million of sales for High Yield, $5 million of purchases and $13 million of sales for Intermediate, $5 million of sales for Long, $2 million of purchases for Short High Yield and $13 million of purchases for Short.

Note 6—Income Taxes—As of April 30, 2023, 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:

162

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
CEF Muni		$248,491,260		$472,574		$(44,833,006)		$(44,360,432)
High Yield		3,008,461,858		23,311,783		(288,013,400)		(264,701,617)
HIP Sustainable		19,018,288		53,852		(1,182,423)		(1,128,571)
Intermediate		1,865,518,766		9,639,768		(79,184,140)		(69,544,372)
Long		326,062,863		1,733,288		(19,386,209)		(17,652,921)
Muni Allocation		2,559,783		7,467		(260,345)		(252,878)
Short High Yield		425,340,092		1,089,351		(34,666,173)		(33,576,822)
Short		273,672,314		333,092		(9,251,283)		(8,918,191)

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

Fund	Undistributed Tax-Exempt Income		(Accumulated Capital Losses)/ Undistributed Capital Gains			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
CEF Muni		$484,464		$(16,041,290	)		$(4,195	)		$(44,360,432	)		$(59,921,453	)
High Yield		9,658,990		(120,047,117	)		(3,184	)		(264,701,617	)		(375,092,928	)
HIP Sustainable		37,976		(99,040	)		–			(1,128,571	)		(1,189,635	)
Intermediate		3,513,971		(20,465,111	)		(3,000	)		(69,544,372	)		(86,498,512	)
Long		816,578		(13,208,105	)		(1,517	)		(17,652,921	)		(30,045,965	)
Muni Allocation		5,944		(820,009	)		–			(252,878	)		(1,066,943	)
Short High Yield		877,967		(13,210,936	)		–			(33,576,822	)		(45,909,791	)
Short		355,762		(1,465,132	)		(1,600	)		(8,918,191	)		(10,029,161	)

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

	April 30, 2023				April 30, 2022
Fund	Tax-Exempt Income		Ordinary Income*		Tax-Exempt Income		Ordinary Income*		Long-Term Capital Gains
CEF Muni		$7,256,211		$51,159		$7,850,810		$104,753		$–
High Yield		115,016,067		1,542,491		123,477,189		1,045,260		–
HIP Sustainable		231,881		12,964		61,690		–		–
Intermediate		37,164,901		287,512		31,007,490		61,540		25,589
Long		6,709,990		71,275		5,146,441		9,182		830,177
Muni Allocation		85,852		664		96,923		581		–
Short High Yield		11,247,035		67,990		9,511,759		18,511		–
Short		4,709,425		79,235		3,452,059		33,602		422,324

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

163

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

At April 30 2023, 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	$	(6,236,418	)	$	(9,804,872	)	$	(16,041,290	)
High Yield		(39,183,945	)		(80,863,172	)		(120,047,117	)
HIP Sustainable		(46,340	)		(52,700	)		(99,040	)
Intermediate		(4,121,023	)		(16,344,088	)		(20,465,111	)
Long		(2,390,258	)		(10,817,847	)		(13,208,105	)
Muni Allocation		(774,355	)		(45,654	)		(820,009	)
Short High Yield		(3,942,367	)		(9,268,569	)		(13,210,936	)
Short		(570,417	)		(894,715	)		(1,465,132	)

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

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)		Increase (Decrease) in Aggregate Paid in Capital
CEF Muni	$	2,152,057	$	(2,152,057	)
High Yield		190,346,143		(190,346,143	)
Intermediate		22,153,736		(22,153,736	)
Long		3,811,621		(3,811,621	)
Muni Allocation		86,727		(86,727	)
Short High Yield		4,626,681		(4,626,681	)
Short		5,529,627		(5,529,627	)

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2023, 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.

164

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.

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 which is 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 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. These fees are included in custody and accounting fees in the Statements of Operations. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
CEF Muni		288		$340,483		4.44	%
Intermediate		2		242,098		2.18
Long		21		640,375		3.61
Short High Yield		59		1,076,272		5.24
Short		14		181,367		3.25

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

Note 10—Other— In 2021, the Trustees 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 for each Fund have been implemented within a 9-month period in two phases. During the period from March 1, 2022 to November 30, 2022 (the “Transition”), each Fund

165

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

was seeking to replicate the index set forth under the “Transition Index” column of the table below (each, a “Transition Index”). Each Transition Index was an interim index that gradually increased 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”). Effective December 1, 2022, each Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of its New Index (as defined below).

Fund	Former Index	Transition Index (March 1, 2022 through November 30, 2022)	New Index (Effective 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

Note 11—Subsequent Event— On June 8, 2023, the Trustees approved the liquidation of the Muni Allocation, which is expected to happen on or about June 29, 2023. Shareholders who continue to hold shares of the Fund on the Fund’s liquidation date will receive a liquidating distribution, if any, with a value equal to their proportionate ownership interest in the Fund on that date.

Effective June 20, 2023, the Adviser has agreed to lower the unitary management fee rate for High Yield Muni from 0.35% to 0.32%, and for Short Muni from 0.20% to 0.07%.

166

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

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

Funds                                                      

VanEck CEF Muni Income ETF	VanEck Long Muni ETF
VanEck High Yield Muni ETF	VanEck Muni Allocation ETF
VanEck HIP Sustainable Muni ETF	VanEck Short High Yield Muni ETF
VanEck Intermediate Muni ETF	VanEck Short Muni ETF

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

June 27, 2023

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

167

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2023 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024.

Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.

Please consult your tax advisor for proper treatment of this information.

Fund Name	Ticker Symbol	Tax-Exempt Interest Per Share		Tax-Exempt Interest as a Percentage of the Total Distribution			Taxable Ordinary Income Per Share		Taxable Income as a Percentage of the Total Distribution			Total Tax-Exempt + Ordinary Income Distribution Per Share
CEF Muni	XMPT	$	1.0105		99.22	%	$	0.0079		0.78	%	$	1.0184
High Yield	HYD		2.0005		98.67			0.0269		1.33			2.0274
HIP Sustainable	SMI		0.6140		94.94			0.0327		5.06			0.6467
Intermediate	ITM		0.9538		99.25			0.0072		0.75			0.9610
Long	MLN		0.4909		99.06			0.0047		0.94			0.4956
Muni Allocation	MAAX		0.6943		99.24			0.0053		0.76			0.6996
Short	SMB		0.2426		98.22			0.0044		1.78			0.2470
Short High Yield	SHYD		0.6078		99.40			0.0037		0.60			0.6115

168

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2023 (unaudited)

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees
David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	70	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	70	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	82	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	70	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	82	Director, Food and Friends, Inc., 2013 to present.
Interested Trustee
Jan F. van Eck, 19635	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust	82	Director, National Committee on US- China Relations.

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

169

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.
Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

170

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

171

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

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

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

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

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

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

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

172

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	MUNIAR

ANNUAL REPORT
April 30, 2023

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

800.826.2333 vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
BDC Income ETF	7
China Bond ETF	8
Dynamic High Income ETF	9
Emerging Markets High Yield Bond ETF	10
Fallen Angel High Yield Bond ETF	11
Green Bond ETF	12
IG Floating Rate ETF	13
International High Yield Bond ETF	14
J.P. Morgan EM Local Currency Bond ETF	15
Moody’s Analytics BBB Corporate Bond ETF	16
Moody’s Analytics IG Corporate Bond ETF	17
Mortgage REIT Income ETF	18
Preferred Securities ex Financials ETF	19
About Fund Performance	20
Explanation of Expenses	21
Schedule of Investments
BDC Income ETF	23
China Bond ETF	24
Dynamic High Income ETF	26
Emerging Markets High Yield Bond ETF	28
Fallen Angel High Yield Bond ETF	42
Green Bond ETF	46
IG Floating Rate ETF	54
International High Yield Bond ETF	59
J.P. Morgan EM Local Currency Bond ETF	78
Moody’s Analytics BBB Corporate Bond ETF	84
Moody’s Analytics IG Corporate Bond ETF	88
Mortgage REIT Income ETF	93
Preferred Securities ex Financials ETF	94
Statements of Assets and Liabilities	98
Statements of Operations	102
Statements of Changes in Net Assets	106
Financial Highlights
BDC Income ETF	113
China Bond ETF	114
Dynamic High Income ETF	115
Emerging Markets High Yield Bond ETF	116
Fallen Angel High Yield Bond ETF	117
Green Bond ETF	118
IG Floating Rate ETF	119
International High Yield Bond ETF	120
J.P. Morgan EM Local Currency Bond ETF	121
Moody’s Analytics BBB Corporate Bond ETF	122
Moody’s Analytics IG Corporate Bond ETF	123
Mortgage REIT Income ETF	124
Preferred Securities ex Financials ETF	125
Notes to Financial Statements	126
Report of Independent Registered Public Accounting Firm	137
Tax Information	139
Board of Trustees and Officers	141
Funds’ Liquidity Risk Management Program	144

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

April 30, 2023 (unaudited)

Dear Fellow Shareholders:

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

Discussion

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

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

1. Monetary Policy: Tightening

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

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

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

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

2. Fiscal Tightening

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

3. Global Growth is at Low Levels

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

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

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

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

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

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

Outlook

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

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

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

May 17, 2023

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

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

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

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

2

VANECK ETF TRUST

MANAGEMENT DISCUSSION

April 30, 2023 (unaudited)

CORPORATE BOND

Fallen Angel Bonds

VanEck Fallen Angel High Yield Bond ETF, which gained 0.59% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by approximately 200 basis points annually.¹

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

Investment Grade Floating Rate Notes

Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates have increased by approximately 500 basis points since the beginning of 2022, coinciding with the Federal Reserve’s aggressive rate hikes over the period, with 3-month USD Libor rising to 5.30% on April 28, 2023 compared to 1.33% one year earlier. VanEck IG Floating Rate ETF (the re-named VanEck Investment Grade Floating Rate ETF) gained 3.61% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2023, the portfolio had a weight of approximately 75% in SOFR linked bonds.

All sectors provided positive returns, with the financial sector contributing the most. The real estate sector (the ETF’s smallest sector exposure) contributed the least to performance.

Investment Grade Corporate Bonds

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

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

EQUITY INCOME

Business Development Companies (BDCs)

BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF lost 2.60% for the 12 month period, with the fund impacted negatively by recession fears and credit concerns in the US despite resiliency in terms of defaults and non-accruals.

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

3

VANECK ETF TRUST

MANAGEMENT DISCUSSION(unaudited) (continued)

Mortgage REITs

Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2023. The inverted yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Widespread concerns in commercial real estate has also put pressure on the fund’s portfolio. VanEck Mortgage REIT Income ETF lost 16.95% for the 12 month period.

While companies across the range of capitalizations detracted from performance, those in the ranges between the largest and the smallest detracted the most.

Preferred Securities ex Financials

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

Over the 12 month period ending April 30, 2023, VanEck Preferred Securities ex Financials ETF registered a loss of 2.50%. The utility sector contributed most to the fund’s performance, while the technology and electronics sector detracted the most.

INTERNATIONAL BOND

China Onshore Bonds

Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.9 trillion.² While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

VanEck China Bond ETF, recorded a loss of 0.80% over the 12 month period ending April 30, 2023. Only the consumer cyclicals sector contributed positively to performance and then only minimally. The financial sector detracted the most.

Emerging Markets Local Currency Bonds

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

Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a gain of 5.13% over the 12 month period.

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

4

Emerging Markets High Yield Bonds

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

VanEck Emerging Markets High Yield Bond ETF lost 0.56% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Turkish bonds and those from Macau were the greatest contributors. Issuers from China were the greatest detractors from performance. Leisure bonds contributed the most to total return, while the real estate sector detracted the most from performance.

International High Yield Bonds

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

Over the period, VanEck International High Yield Bond ETF gained 0.78%. Bonds from leisure sector, followed by those from the utility and banking sectors, contributed the most to the fund’s total return. The real estate sector detracted by far the most from performance. Bonds denominated Euro contributed the most, whilst those in U.S. dollars detracted the most. Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese issuers detracted the most from performance.

Green Bonds

Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 with the exception of 2022 amid global interest rate volatility, and the first three months of 2023 was the busiest quarter for issuance on record. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.

VanEck Green Bond ETF gained 0.41% for the 12 month period. From a country of risk perspective, issuers from Japan contributed the most positively to total return. Bonds from the U.S. detracted the most from performance. Financial-related bonds were the greatest contributors to returns and real estate-related bonds detracted the most from performance.

MULTI-ASSET INCOME

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

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

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

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

5

VANECK ETF TRUST

MANAGEMENT DISCUSSION(unaudited) (continued)

1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofA US High Yield Index from 12/31/2003 to 4/30/2023. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.

2 The Bank for International Settlements: Debt securities statistics, September 2022

6

VANECK BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	MVIS® US Business Development Companies Index (MVBDCTRG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of business development companies (BDCs). To be eligible for the MVBDCTRG Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act.
	Index data prior to June 19, 2023 reflects that of the MVIS® US Business Development Companies Index (MVBIZDTG). From June 19, 2023 forward, the index data reflects that of the Fund’s underlying index MVBDCTRG. Index history which includes periods prior to June 19, 2023 links the performance of MVBIZDTG and MVBDCTRG and is not intended for third party use.
2	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

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

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

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

7

VANECK CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

*	Inception of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14.
1	ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index.
	As of October 31, 2018, index data for the CHQU01TR for all periods presented reflect the stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

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

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

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

8

VANECK DYNAMIC HIGH INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

*	Inception of Fund: 11/1/22; First Day of Secondary Market Trading: 11/2/22.
1	The ICE BofA Global High Yield Corporate & Sovereign Index (HG00) tracks the performance of the below investment grade global debt markets denominated in the major developed market currencies.

Hypothetical Growth of $10,000 (Since Inception)

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

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

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

9

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets.
	Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

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

10

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers.
	Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

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

11

VANECK GREEN BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

*	Inception of Fund: 3/3/17; First Day of Secondary Market Trading: 3/4/17.
1	S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index.
	Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the SPGUSST. All Index history reflects a blend of the performance of the aforementioned Indexes.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

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

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

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

12

VANECK IG FLOATING RATE ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes with outstanding issue sizes greater than or equal to $500 million, issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

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

13

VANECK INTERNATIONAL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	ICE BofA ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

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

14

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	J.P. Morgan GBI-EM Global Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

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

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

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

15

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

*	Inception of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20.
1	MVIS® Moody’s Analytics® US BBB Corporate Bond Index (MVBI) is designed to track the performance of U.S. dollar-denominated BBB rated corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

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

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

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

16

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

*	Inception of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20.
1	MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index (MVCI) is designed to track the performance of U.S. dollar-denominated investment grade corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc.
2	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The ICE Index is more representative of broad US market exposure.
3	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

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

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

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

17

VANECK MORTGAGE REIT INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity.
2	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

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

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

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

18

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

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

1	ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN) is a rules-based index designed to track the performance of exchange-listed U.S. dollar denominated hybrid debt, preferred stock and convertible preferred stock publicly issued by non-financial corporations in the U.S. domestic market. It includes both rated and unrated securities, and securities with either a fixed or floating rate coupon or dividend.
	Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021, forward, the index data reflects that of PFAN. All Index history reflects a blend of the performance of the aforementioned Indexes.
2	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000

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

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

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

19

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

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

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

20

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022 to April 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
BDC Income ETF
Actual	$1,000.00	$1,048.30	0.43%	$2.18
Hypothetical (b)	$1,000.00	$1,022.66	0.43%	$2.16
China Bond ETF
Actual	$1,000.00	$1,073.70	0.54%	$2.78
Hypothetical (b)	$1,000.00	$1,022.12	0.54%	$2.71
Dynamic High Income ETF
Actual (c)	$1,000.00	$1,064.70	0.10%	$0.51
Hypothetical (b)	$1,000.00	$1,024.30	0.10%	$0.50
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$1,132.30	0.40%	$2.11
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$1,067.50	0.35%	$1.79
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
Green Bond ETF
Actual	$1,000.00	$1,072.60	0.20%	$1.03
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00
IG Floating Rate ETF
Actual	$1,000.00	$1,035.50	0.14%	$0.71
Hypothetical (b)	$1,000.00	$1,024.10	0.14%	$0.70

21

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
International High Yield Bond ETF
Actual	$1,000.00	$1,132.90	0.40%	$2.12
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$1,148.00	0.30%	$1.60
Hypothetical (b)	$1,000.00	$1,023.31	0.30%	$1.51
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$1,098.60	0.25%	$1.30
Hypothetical (b)	$1,000.00	$1,023.55	0.25%	$1.25
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$1,093.30	0.20%	$1.04
Hypothetical (b)	$1,000.00	$1,023.80	0.20%	$1.00
Mortgage REIT Income ETF
Actual	$1,000.00	$985.60	0.44%	$2.17
Hypothetical (b)	$1,000.00	$1,022.61	0.44%	$2.21
Preferred Securities ex Financials ETF
Actual	$1,000.00	$1,079.50	0.41%	$2.11
Hypothetical (b)	$1,000.00	$1,022.76	0.41%	$2.06

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

22

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

	Number of Shares		Value
Financial Services (continued)
PennantPark Floating Rate Capital Ltd. †		680,436	$	7,382,731
Prospect Capital Corp. †		3,746,296		25,512,276
Sixth Street Specialty Lending, Inc.		1,126,556		20,593,444
SLR Investment Corp. †		683,585		9,905,147
Trinity Capital, Inc. †		508,812		6,187,154
TriplePoint Venture Growth BDC Corp.		515,033		6,113,442
Total Common Stocks (Cost: $617,312,326)				577,603,331
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 16.0%
Money Market Fund: 16.0% (Cost: $92,435,917)
State Street Navigator Securities Lending Government Money Market Portfolio		92,435,917		92,435,917
Total Investments: 116.1% (Cost: $709,748,243)				670,039,248
Liabilities in excess of other assets: (16.1)%				(92,786,304)
NET ASSETS: 100.0%			$	577,252,944

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

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

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

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

23

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

24

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

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

Definitions:

CNY Chinese Yuan

Footnotes:

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

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

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

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

25

VANECK DYNAMIC HIGH INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

	Par   (000’s		)	Value
GOVERNMENT OBLIGATIONS: 16.0%
United States Treasury Note
1.12%, 08/15/40		16		$	10,642
1.38%, 11/15/40		28			19,394
1.88%, 02/15/41		14			10,525
2.25%, 05/15/41		41			32,715
2.75%, 08/15/42		12			10,270
Total Government Obligations (Cost: $78,090)					83,546
	Number of Shares
EXCHANGE TRADED FUNDS: 83.9% (a)
VanEck BDC Income ETF ‡		2,664			38,788
VanEck Durable High Dividend ETF ‡		2,770			87,147

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

Footnotes:

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

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

See Notes to Financial Statements

26

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

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

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

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

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

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

27

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

28

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

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

See Notes to Financial Statements

29

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

30

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

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

See Notes to Financial Statements

31

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

32

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

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

See Notes to Financial Statements

33

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Par   (000’s		)	Value
Indonesia: 2.0%
Adaro Indonesia PT 144A 4.25%, 10/31/24	$	1,250		$	1,203,305
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		400			181,000
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		111			902
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		600			570,000
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		600			525,000
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		1,000			941,438
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			387,200
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		573			558,539
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		825			819,218
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			415,000
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		950			867,490
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		850			818,041
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			528,750
Saka Energi Indonesia PT 144A 4.45%, 05/05/24		650			631,407
					8,447,290
Israel: 3.6%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		1,000			975,250
6.50%, 06/30/27		975			926,250
6.75%, 06/30/30		875			813,349
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36		1,050			962,690
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		4,400			3,980,247
4.10%, 10/01/46		2,623			1,750,973
4.75%, 05/09/27		1,300			1,219,122
5.12%, 05/09/29 †		1,325			1,230,694
6.75%, 03/01/28 †		1,650			1,644,587
7.12%, 01/31/25 †		575			588,758
7.88%, 09/15/29 †		750			786,308

See Notes to Financial Statements

34

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

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

See Notes to Financial Statements

35

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Panama (continued)
Banistmo SA 144A 4.25%, 07/31/27	$	700		$	655,056
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		600			546,060
Multibank, Inc. 144A 7.75%, 02/03/28		500			502,200
					2,233,938
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		500			450,898
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			304,474
					755,372
Peru: 2.3%
Auna SAA 144A 6.50%, 11/20/25		450			354,733
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29		500			488,704
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		500			460,925
Camposol SA 144A 6.00%, 02/03/27		550			311,596
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		925			808,443
InRetail Consumer 144A 3.25%, 03/22/28		950			816,829
InRetail Shopping Malls 144A 5.75%, 04/03/28		525			494,264
Minsur SA 144A 4.50%, 10/28/31 †		850			740,533
Peru LNG Srl 144A 5.38%, 03/22/30		1,450			1,172,347
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,600			1,194,544
5.62%, 06/19/47		3,250			2,064,398
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		500			426,912
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		550			417,089
					9,751,317
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o)		600			549,620

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

See Notes to Financial Statements

37

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

38

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

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

See Notes to Financial Statements

39

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28	$	900		$	667,260
Stillwater Mining Co. 144A
4.00%, 11/16/26		1,025			924,355
4.50%, 11/16/29 †		850			704,327
Wynn Macau Ltd. 144A
4.88%, 10/01/24 †		1,075			1,038,199
5.12%, 12/15/29 †		1,575			1,308,817
5.50%, 01/15/26		1,525			1,413,158
5.50%, 10/01/27		1,250			1,115,438
5.62%, 08/26/28		2,150			1,879,186
					20,608,777
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		550			524,803
Uzbekistan: 0.6%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400			365,020
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		600			556,500
Uzauto Motors AJ 144A 4.85%, 05/04/26		550			474,375
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450			420,188
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		1,050			850,635
					2,666,718
Zambia: 1.4%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †		1,625			1,597,026
6.88%, 10/15/27 †		2,425			2,356,553
7.50%, 04/01/25		2,200			2,196,920
					6,150,499
Total Corporate Bonds (Cost: $477,870,111)					412,526,551
GOVERNMENT OBLIGATIONS: 1.3%
Argentina: 1.0%
Ciudad Autonoma De Buenos Aires 144A

	Par   (000’s		)	Value
Argentina (continued)
7.50%, 06/01/27	$	1,409		$	1,207,111
Provincia de Cordoba 144A
6.88%, 02/01/29		732			471,190
6.99%, 06/01/27 (s)		832			590,308
Provincia de Mendoza 144A 5.75%, 03/19/29 (s)		877			722,620
Provincia de Neuquen 144A 6.62%, 04/27/30 (s)		575			408,250
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		654			538,243
Provincia del Chubut Reg S 7.75%, 07/26/30 (s)		163			134,561
					4,072,283
Turkey: 0.3%
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25		900			815,391
10.75%, 04/12/27		550			545,930
					1,361,321
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			145,521
Total Government Obligations (Cost: $6,869,908)					5,579,125
Total Investments Before Collateral for Securities Loaned: 97.0% (Cost: $484,740,019)					418,105,676
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%
Money Market Fund: 7.6% (Cost: $32,767,820)
State Street Navigator Securities Lending Government Money Market Portfolio		32,767,820			32,767,820
Total Investments: 104.6% (Cost: $517,507,839)					450,873,496
Liabilities in excess of other assets: (4.6)%					(19,860,684)
NET ASSETS: 100.0%				$	431,012,812

Definitions:

LIBOR	London Interbank Offered Rate
USD	United States Dollar

See Notes to Financial Statements

40

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $34,385,345.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $284,192,599, or 65.9% of net assets.

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

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

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

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

41

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

	Par   (000’s		)	Value
United Kingdom (continued)
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)	$	19,700		$	18,972,400
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		52,469			53,869,398
					105,154,981
United States: 76.4%
Apache Corp.
4.25%, 01/15/30 †		13,533			12,382,424
4.38%, 10/15/28 †		8,515			7,986,716
4.75%, 04/15/43 †		11,213			8,756,736
5.10%, 09/01/40		34,914			29,970,527
5.25%, 02/01/42		10,457			8,845,367
5.35%, 07/01/49		10,155			7,924,581
6.00%, 01/15/37		11,616			10,988,968
Bath & Body Works, Inc. 6.95%, 03/01/33 †		9,104			8,041,737
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		7,318			6,834,192
Brinker International, Inc. 144A 5.00%, 10/01/24 †		9,236			9,052,157
Crane NXT Co. 4.20%, 03/15/48		9,100			6,473,931
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		9,255			9,740,888
Delta Air Lines, Inc. 2.90%, 10/28/24		23,584			22,775,004
3.75%, 10/28/29 †		12,416			11,122,357
4.38%, 04/19/28 †		10,743			10,137,954
Diversified Healthcare Trust
4.75%, 05/01/24		6,185			5,652,609
4.75%, 02/15/28		13,189			8,154,347
DPL, Inc. 4.35%, 04/15/29		10,554			9,523,518
Embarq Corp. 8.00%, 06/01/36		37,860			16,321,635
EnLink Midstream Partners LP
4.15%, 06/01/25 †		11,055			10,703,534
5.05%, 04/01/45		11,791			9,372,489
5.45%, 06/01/47		13,108			10,961,958
5.60%, 04/01/44		9,162			7,625,911
Entegris Escrow Corp. 144A 4.75%, 04/15/29		41,959			39,072,737
EQM Midstream Partners LP
4.00%, 08/01/24 †		7,877			7,646,490
4.12%, 12/01/26		13,106			11,910,320
5.50%, 07/15/28 †		22,284			20,333,671
6.50%, 07/15/48		14,436			10,949,573
First Republic Bank
4.38%, 08/01/46		10,489			1,691,351
4.62%, 02/13/47		10,500			1,640,625
FirstEnergy Corp. 1.60%, 01/15/26		7,872			7,239,822

See Notes to Financial Statements

42

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

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

See Notes to Financial Statements

43

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Par   (000’s		)	Value
United States (continued)
Toledo Hospital
4.98%, 11/15/45	$	7,197		$	4,633,895
5.33%, 11/15/28		8,427			7,405,226
6.01%, 11/15/48 †		10,559			7,457,294
Topaz Solar Farms LLC 144A 5.75%, 09/30/39		14,862			14,674,802
Transocean, Inc.
6.80%, 03/15/38		15,973			10,891,909
7.50%, 04/15/31		10,371			7,997,700
Travel + Leisure Co.
6.00%, 04/01/27		10,516			10,357,682
6.60%, 10/01/25		9,184			9,217,154
Trinity Industries, Inc. 4.55%, 10/01/24		10,590			10,337,534
Under Armour, Inc. 3.25%, 06/15/26		15,779			14,505,313
United States Cellular Corp. 6.70%, 12/15/33 †		14,330			13,059,359
United States Steel Corp. 6.65%, 06/01/37 †		7,268			6,880,616
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31		15,700			12,180,510
Western Digital Corp.
2.85%, 02/01/29		13,136			10,404,960
3.10%, 02/01/32 †		13,137			9,546,223
Xerox Corp.
3.80%, 05/15/24 †		7,085			6,939,332
4.80%, 03/01/35		6,551			4,329,069
6.75%, 12/15/39		9,183			6,997,761
XPO CNW, Inc. 6.70%, 05/01/34		7,932			7,277,880
Yum! Brands, Inc.
5.35%, 11/01/43		7,199			6,374,283
6.88%, 11/15/37		8,605			9,204,140
					2,127,844,839
Total Corporate Bonds (Cost: $3,087,035,189)					2,736,589,329
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5%
Money Market Fund: 4.5% (Cost: $124,494,085)
State Street Navigator Securities Lending Government Money Market Portfolio		124,494,085			124,494,085
Total Investments: 102.8% (Cost: $3,211,529,274)					2,861,083,414
Liabilities in excess of other assets: (2.8)%					(77,617,757)
NET ASSETS: 100.0%				$	2,783,465,657

See Notes to Financial Statements

44

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $129,926,938.
(o)	Perpetual Maturity — the date shown is the next call date
^	Zero Coupon Bond
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,605,506, or 21.3% of net assets.

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	2,736,589,329	$	—	$	2,736,589,329
Money Market Fund		124,494,085		—		—		124,494,085
Total Investments	$	124,494,085	$	2,736,589,329	$	—	$	2,861,083,414

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

45

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

46

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

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

See Notes to Financial Statements

47

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

48

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

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

See Notes to Financial Statements

49

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

50

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

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

See Notes to Financial Statements

51

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
0.26%, 11/17/25	$	163		$	157,258
UDR, Inc. 1.90%, 03/15/33		175			131,277
Union Electric Co. 2.62%, 03/15/51		275			183,642
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			189,059
Verizon Communications, Inc.
1.50%, 09/18/30 †		300			242,845
2.85%, 09/03/41		400			290,242
3.88%, 02/08/29		200			193,255
3.88%, 03/01/52		300			240,969
Vornado Realty LP 3.40%, 06/01/31		150			106,762
Welltower OP LLC
2.70%, 02/15/27		250			229,066
3.85%, 06/15/32		100			90,010
Wisconsin Electric Power Co. 4.75%, 09/30/32		250			252,389
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			162,784
					27,480,427
Total Corporate Bonds (Cost: $77,004,655)					69,417,148
GOVERNMENT OBLIGATIONS: 6.7%
Chile: 1.3%
Chile Government International Bond
2.55%, 01/27/32		350			304,728
3.50%, 01/25/50		850			657,880
					962,608
Egypt: 0.2%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			34,547
Egypt Government International Bond Reg S 5.25%, 10/06/25		200			138,190
					172,737
Hong Kong: 1.6%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		200			182,256
1.38%, 02/02/31		400			334,693
2.38%, 02/02/51		200			137,344
2.50%, 05/28/24		250			245,424
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			340,078
					1,239,795
Indonesia: 1.2%
Perusahaan Penerbit SBSN Indonesia III 144A 2.30%, 06/23/25		150			143,574

	Par   (000’s		)	Value
Indonesia (continued)
3.55%, 06/09/51	$	275		$	215,833
3.90%, 08/20/24		250			249,781
4.70%, 06/06/32		300			305,093
					914,281
Israel: 0.3%
Israel Government International Bond 4.50%, 01/17/33		200			200,511
Saudi Arabia: 0.3%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		250			226,853
Supranational: 0.9%
Asian Development Bank
1.75%, 08/14/26		275			258,253
2.12%, 03/19/25		150			144,324
2.38%, 08/10/27		150			142,504
3.12%, 09/26/28		100			97,537
					642,618
United States: 0.9%
City of San Francisco CA Public Utilities Commission Water Revenue
2.83%, 11/01/41		100			77,938
3.30%, 11/01/39		100			85,191
3.47%, 11/01/43		100			82,010
Commonwealth of Massachusetts 3.28%, 06/01/46		150			121,885
District of Columbia Water & Sewer Authority 4.81%, 10/01/14		170			165,664
Metropolitan Transportation Authority 5.17%, 11/15/49		150			142,476
					675,164
Total Government Obligations (Cost: $5,953,369)					5,034,567
	Number of Shares
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 †		7,000			114,030
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $83,131,344)					74,565,745
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8% (Cost: $2,137,597)

See Notes to Financial Statements

52

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

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

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $6,034,699.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $20,826,707, or 27.6% of net assets.

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	69,417,148	$	—	$	69,417,148
Government Obligations *		—		5,034,567		—		5,034,567
Preferred Securities *		114,030		—		—		114,030
Money Market Fund		2,137,597		—		—		2,137,597
Total Investments	$	2,251,627	$	74,451,715	$	—	$	76,703,342

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

53

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

54

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

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

See Notes to Financial Statements

55

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

56

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

	Par   (000’s		)	Value
United States (continued)
5.56% (SOFR+0.75%), 12/11/23	$	4,725		$	4,731,128
Truist Bank 5.04% (SOFR+0.20%), 01/17/24		3,950			3,903,819
Truist Financial Corp. 5.19% (SOFR+0.40%), 06/09/25		23,549			22,670,491
United Parcel Service, Inc. 4.44% (SOFR Compound Index+(0.35)%), 03/15/73		13,150			13,095,644
Verizon Communications, Inc. 5.61% (SOFR Compound Index+0.79%), 03/20/26		18,039			17,923,196
5.96% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		22,759			22,917,670
Volkswagen Group of America Finance LLC 144A 5.73% (SOFR+0.95%), 06/07/24		3,850			3,858,194
Warnermedia Holdings, Inc. 144A 6.59% (SOFR Compound Index+1.78%), 03/15/24		1,575			1,584,095
Wells Fargo & Co. 6.16% (SOFR+1.32%), 04/25/26		18,732			18,800,411
					729,208,973
Total Floating Rate Notes (Cost: $1,138,059,104)					1,129,642,796
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
Money Market Fund: 0.3% (Cost: $3,402,096)
State Street Navigator Securities Lending Government Money Market Portfolio		3,402,096			3,402,096
Total Investments: 98.8% (Cost: $1,141,461,200)					1,133,044,892
Other assets less liabilities: 1.2%					13,275,960
NET ASSETS: 100.0%				$	1,146,320,852

Definitions:

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

See Notes to Financial Statements

57

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $3,317,907.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $260,980,173, or 22.8% of net assets.

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes *	$	—	$	1,129,642,796	$	—	$	1,129,642,796
Money Market Fund		3,402,096		—		—		3,402,096
Total Investments	$	3,402,096	$	1,129,642,796	$	—	$	1,133,044,892

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

58

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

59

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

60

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

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

See Notes to Financial Statements

61

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

62

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

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

See Notes to Financial Statements

63

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

64

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

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

See Notes to Financial Statements

65

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

66

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

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

See Notes to Financial Statements

67

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

68

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

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

See Notes to Financial Statements

69

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

70

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

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

See Notes to Financial Statements

71

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

72

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

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

See Notes to Financial Statements

73

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Par   (000’s		)	Value
Uzbekistan: 0.1%
Uzbekneftegaz JSC 144A 4.75%, 11/16/28	USD	50		$	40,506
Zambia: 0.4%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †	USD	100			98,279
6.88%, 10/15/27	USD	100			97,177
7.50%, 04/01/25	USD	100			99,860
					295,316
Total Corporate Bonds (Cost: $73,082,017)					64,646,108
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%
Money Market Fund: 2.5% (Cost: $1,677,588)
State Street Navigator Securities Lending Government Money Market Portfolio		1,677,588			1,677,588
Total Investments: 100.4% (Cost: $74,759,605)					66,323,696
Liabilities in excess of other assets: (0.4)%					(265,266)
NET ASSETS: 100.0%				$	66,058,430

Definitions:

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

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $1,682,952.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,380,541, or 36.9% of net assets.

See Notes to Financial Statements

74

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

See Notes to Financial Statements

75

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

76

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

See Notes to Financial Statements

77

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

		Par   (000’s	)	Value
Supranational (continued)
Inter-American Development Bank Reg S 7.70%, 02/12/24	MXN	54,300		$	2,897,264
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP	35,400			594,191
7.25%, 03/15/24	IDR	39,600,000			2,729,485
International Finance Corp.
7.00%, 02/14/24	BRL	1,800			350,412
7.00%, 07/20/27	MXN	206,160			10,600,000
7.25%, 02/02/24	MXN	27,780			1,486,713
7.50%, 01/18/28	MXN	117,900			6,181,923
7.75%, 01/18/30	MXN	159,430			8,306,905
8.00%, 10/09/23	IDR	17,500,000			1,200,917
8.00%, 07/27/27	ZAR	2,990			157,532
International Finance Corp. Reg S 8.38%, 05/31/29	MXN	156,050			7,972,486
					102,949,793
United Kingdom: 0.3%
European Bank for Reconstruction & Development 8.00%, 02/06/24	TRY	19,940			867,442
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25	MXN	214,490			10,426,966
					11,294,408
United States: 0.6%
International Bank for Reconstruction & Development
6.65%, 07/30/24	MXN	230,500			12,315,332
7.25%, 01/21/27	MXN	111,000			5,738,908
					18,054,240
Total Corporate Bonds (Cost: $162,573,734)					148,241,245
GOVERNMENT OBLIGATIONS: 93.2%
Brazil: 8.7%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24 ^	BRL	398,380			73,216,531
0.00%, 07/01/24 ^	BRL	131,820			22,964,354
0.00%, 07/01/25 ^	BRL	161,060			25,205,571
0.00%, 01/01/26 ^	BRL	261,090			38,658,254
0.00%, 07/01/26 ^	BRL	118,770			16,642,618
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL	151,995			29,405,733
10.00%, 01/01/27	BRL	170,820			32,399,670
10.00%, 01/01/29	BRL	120,330			22,121,280
10.00%, 01/01/31	BRL	57,540			10,311,108
10.00%, 01/01/33	BRL	33,760			5,934,746

See Notes to Financial Statements

78

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

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

See Notes to Financial Statements

79

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

80

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

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

See Notes to Financial Statements

81

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

		Par   (000’s	)	Value
Thailand (continued)
3.85%, 12/12/25	THB	327,776		$	10,058,981
4.88%, 06/22/29	THB	345,668			11,651,545
					233,997,587
Turkey: 2.8%
Turkey Government Bond
8.00%, 03/12/25	TRY	47,523			2,099,020
9.00%, 07/24/24	TRY	141,398			6,648,849
10.40%, 03/20/24	TRY	37,386			1,822,832
10.50%, 08/11/27	TRY	456,889			18,582,608
10.60%, 02/11/26	TRY	207,193			8,810,490
11.00%, 02/24/27	TRY	142,564			6,025,612
11.70%, 11/13/30	TRY	267,547			11,927,204
12.40%, 03/08/28	TRY	82,707			4,035,784
12.60%, 10/01/25	TRY	285,280			13,143,130
16.90%, 09/02/26	TRY	329,240			16,573,520
					89,669,049
Uruguay: 1.3%
Uruguay Government International Bond 8.25%, 05/21/31	UYU	1,069,887			24,927,264
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU	20,605			500,534
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU	622,131			15,112,730
					40,540,528
Total Government Obligations (Cost: $3,312,101,976)					3,005,112,276
Total Investments Before Collateral for Securities Loaned: 97.8% (Cost: $3,474,675,710)					3,153,353,521
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8% (Cost: $91,541,238)
State Street Navigator Securities Lending Government Money Market Portfolio		91,541,238			91,541,238
Total Investments: 100.6% (Cost: $3,566,216,948)					3,244,894,759
Liabilities in excess of other assets: (0.6)%					(20,549,359	)
NET ASSETS: 100.0%				$	3,224,345,400

See Notes to Financial Statements

82

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

Footnotes:
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $87,798,667.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $66,940,912, or 2.1% of net assets.

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	148,241,245	$	—	$	148,241,245
Government Obligations *		—		3,005,112,276		—		3,005,112,276
Money Market Fund		91,541,238		—		—		91,541,238
Total Investments	$	91,541,238	$	3,153,353,521	$	—	$	3,244,894,759

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

83

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

84

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

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

See Notes to Financial Statements

85

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

		Par   (000’s	)	Value
United States (continued)
Sun Communities Operating LP 2.70%, 07/15/31	$	25		$	20,216
Time Warner Cable Enterprises LLC 8.38%, 07/15/33		50			56,543
Time Warner Cable LLC
6.55%, 05/01/37		25			24,387
7.30%, 07/01/38		100			103,722
T-Mobile USA, Inc.
3.38%, 04/15/29		75			68,808
3.50%, 04/15/25		150			145,995
3.75%, 04/15/27		155			149,350
3.88%, 04/15/30		60			56,527
United Rentals North America, Inc. 144A 6.00%, 12/15/29		25			25,395
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,498
Verizon Communications, Inc.
0.85%, 11/20/25		25			22,795
1.45%, 03/20/26		75			69,117
2.55%, 03/21/31		50			42,592
2.62%, 08/15/26		25			23,663
3.88%, 02/08/29		25			24,157
4.02%, 12/03/29		50			48,036
4.12%, 03/16/27		100			99,119
4.33%, 09/21/28		50			49,494
4.50%, 08/10/33		50			48,327
VICI Properties LP
5.12%, 05/15/32		75			71,646
5.62%, 05/15/52		25			22,642
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			46,792
4.25%, 12/01/26		50			47,705
4.62%, 12/01/29		50			46,498
					6,468,202
Total Corporate Bonds (Cost: $8,784,609)					8,300,011
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1%
Money Market Fund: 2.1% (Cost: $179,987)
State Street Navigator Securities Lending Government Money Market Portfolio		179,987			179,987
Total Investments: 100.4% (Cost: $8,964,596)					8,479,998
Liabilities in excess of other assets: (0.4)%					(35,168	)
NET ASSETS: 100.0%				$	8,444,830

See Notes to Financial Statements

86

Definitions:
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $183,947.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,587,304, or 18.8% of net assets.

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	8,300,011	$	—	$	8,300,011
Money Market Fund		179,987		—		—		179,987
Total Investments	$	179,987	$	8,300,011	$	—	$	8,479,998

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

87

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

88

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

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

See Notes to Financial Statements

89

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

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

See Notes to Financial Statements

90

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

	Par   (000’s		)	Value
United States (continued)
Sprint LLC 7.62%, 02/15/25	$	150		$	154,709
Time Warner Cable LLC
4.50%, 09/15/42		25			19,067
5.88%, 11/15/40		25			22,263
6.55%, 05/01/37		100			97,549
6.75%, 06/15/39		75			72,986
T-Mobile USA, Inc.
1.50%, 02/15/26		25			22,920
3.00%, 02/15/41		25			18,597
3.30%, 02/15/51		50			35,718
3.50%, 04/15/25		50			48,665
3.75%, 04/15/27		150			144,533
3.88%, 04/15/30		125			117,764
United Rentals North America, Inc. 144A   6.00%, 12/15/29		50			50,789
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,498
Verizon Communications, Inc.
3.70%, 03/22/61		75			55,830
4.02%, 12/03/29		150			144,108
4.12%, 03/16/27		125			123,899
4.33%, 09/21/28		50			49,494
VICI Properties LP
4.75%, 02/15/28		50			48,268
5.12%, 05/15/32		50			47,764
5.62%, 05/15/52		25			22,642
VICI Properties LP / VICI Note Co., Inc. 144A
3.50%, 02/15/25		50			48,103
4.25%, 12/01/26		75			71,557
5.62%, 05/01/24		50			49,803
Walt Disney Co. 6.20%, 12/15/34		25			28,596
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26		50			47,703
Weyerhaeuser Co. 4.00%, 04/15/30 †		50			47,307
					8,407,519
Total Corporate Bonds (Cost: $13,282,431)					12,482,855
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $214,133)
State Street Navigator Securities Lending Government Money Market Portfolio		214,133			214,133

See Notes to Financial Statements

91

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

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

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $208,434.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,439,462, or 27.1% of net assets.

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	12,482,855	$	—	$	12,482,855
Money Market Fund		214,133		—		—		214,133
Total Investments	$	214,133	$	12,482,855	$	—	$	12,696,988

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

92

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

	Number of Shares		Value
Financial Services (continued)
Ladder Capital Corp.		742,950	$	6,946,582
MFA Financial, Inc.		491,113		5,249,998
New York Mortgage Trust, Inc. †		523,862		5,385,301
Orchid Island Capital, Inc. †		247,204		2,645,083
PennyMac Mortgage Investment Trust †		435,061		5,407,808
Ready Capital Corp. †		583,645		6,262,511
Redwood Trust, Inc. †		607,263		3,813,612
Rithm Capital Corp.		1,400,179		11,425,461
Starwood Property Trust, Inc. †		867,711		15,523,350
Two Harbors Investment Corp.		523,792		7,296,422
Total Common Stocks  (Cost: $252,557,358)				189,152,475
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1%
Money Market Fund: 8.1%  (Cost: $15,312,549)
State Street Navigator Securities Lending Government Money Market Portfolio		15,312,549		15,312,549
Total Investments: 107.9%  (Cost: $267,869,907)				204,465,024
Liabilities in excess of other assets: (7.9)%				(15,032,547)
NET ASSETS: 100.0%			$	189,432,477

Footnotes:

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

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

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

	Level 1 Quoted Prices		Level 2 Significant  Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	189,152,475	$	—	$	—	$	189,152,475
Money Market Fund		15,312,549		—		—		15,312,549
Total Investments	$	204,465,024	$	—	$	—	$	204,465,024

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

93

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

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

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

See Notes to Financial Statements

94

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

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

See Notes to Financial Statements

95

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

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

	Number of Shares		Value
Utilities (continued)
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		188,767	$	4,190,627
				387,752,816
Total Preferred Securities (Cost: $1,166,680,671)				1,058,952,086
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7%
Money Market Fund: 3.7% (Cost: $39,388,693)
State Street Navigator Securities Lending Government Money Market Portfolio		39,388,693		39,388,693
Total Investments: 103.7% (Cost: $1,206,069,364)				1,098,340,779
Liabilities in excess of other assets: (3.7)%				(38,696,383)
NET ASSETS: 100.0%			$	1,059,644,396

Definitions:

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

Footnotes:

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

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

See Notes to Financial Statements

96

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities
Basic Materials	$	30,266,881	$	—	$	—	$	30,266,881
Consumer Cyclicals		79,700,384		—		—		79,700,384
Consumer Non-Cyclicals		47,588,072		—		—		47,588,072
Energy		49,381,774		—		—		49,381,774
Financials		3,968,286		—		—		3,968,286
Healthcare		51,333,899		—		—		51,333,899
Industrials		55,376,215		—		—		55,376,215
Real Estate		206,857,888		—		—		206,857,888
Technology		146,725,871		—		—		146,725,871
Utilities		380,119,619		7,633,197		—		387,752,816
Money Market Fund		39,388,693		—		—		39,388,693
Total Investments	$	1,090,707,582	$	7,633,197	$	—	$	1,098,340,779

See Notes to Financial Statements

97

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

		BDC Income ETF			China Bond ETF			Dynamic High Income ETF		Emerging Markets High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	577,603,331		$	41,234,674		$	83,546	$	418,105,676
Affiliated issuers (3)			—			—			437,678		—
Short-term investments held as collateral for securities loaned (4)			92,435,917			—			—		32,767,820
Cash			9,439			—			1,254		5,748,047
Cash denominated in foreign currency, at value (5)			—			1,395,399	(a)		—		2,121
Receivables:
Investment securities sold			—			48,685			4,129		8,690,503
Shares of beneficial interest sold			1,453,933			—			—		—
Dividends and interest			663,745			562,770			763		7,754,655
Due from custodian			—			267,322			—		—
Prepaid expenses			—			994			—		—
Total assets			672,166,365			43,509,844			527,370		473,068,822
Liabilities:
Payables:
Investment securities purchased			1,453,981			—			5,594		9,106,155
Collateral for securities loaned			92,435,917			—			—		32,767,820
Line of credit			811,771			—			—		—
Due to Adviser			186,475			11,730			43		141,839
Due to custodian			—			7,420			—		—
Deferred Trustee fees			9,395			1,266			—		40,196
Accrued expenses			15,882			55,682			—		—
Total liabilities			94,913,421			76,098			5,637		42,056,010
NET ASSETS		$	577,252,944		$	43,433,746		$	521,733	$	431,012,812
Shares outstanding			39,700,000			1,900,000			20,000		23,700,000
Net asset value, redemption and offering price per share		$	14.54		$	22.86		$	26.09	$	18.19
Net Assets consist of:
Aggregate paid in capital		$	719,869,300		$	49,440,191		$	501,082	$	688,731,578
Total distributable earnings (loss)			(142,616,356	)		(6,006,445	)		20,651		(257,718,766	)
NET ASSETS		$	577,252,944		$	43,433,746		$	521,733	$	431,012,812
(1)	Value of securities on loan	$	141,163,568		$	—		$	—	$	34,385,345
(2)	Cost of investments - Unaffiliated issuers	$	617,312,326		$	44,342,032		$	78,090	$	484,740,019
(3)	Cost of investments - Affiliated issuers	$	—		$	—		$	420,380	$	—
(4)	Cost of short-term investments held as collateral for securities loaned	$	92,435,917		$	—		$	—	$	32,767,820
(5)	Cost of cash denominated in foreign currency	$	—		$	1,387,460		$	—	$	2,052

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

See Notes to Financial Statements

98

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

		Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	2,736,589,329		$	74,565,745		$	1,129,642,796		$	64,646,108
Short-term investments held as collateral for securities loaned (3)			124,494,085			2,137,597			3,402,096			1,677,588
Cash			13,463,718			363,903			6,534,000			98,629
Cash denominated in foreign currency, at value (4)			—			7			—			298,491
Receivables:
Investment securities sold			154,963,464			502,463			35,952,223			1,700,253
Shares of beneficial interest sold			27,689,970			—			—			—
Dividends and interest			39,876,801			576,136			8,953,217			1,206,685
Total assets			3,097,077,367			78,145,851			1,184,484,332			69,627,754
Liabilities:
Payables:
Investment securities purchased			177,164,652			534,957			34,604,984			1,836,634
Shares of beneficial interest redeemed			11,084,556			—			—			—
Collateral for securities loaned			124,494,085			2,137,597			3,402,096			1,677,588
Due to Adviser			794,138			12,358			133,213			21,717
Deferred Trustee fees			67,963			1,073			21,618			33,385
Accrued expenses			6,316			—			1,569			—
Total liabilities			313,611,710			2,685,985			38,163,480			3,569,324
NET ASSETS		$	2,783,465,657		$	75,459,866		$	1,146,320,852		$	66,058,430
Shares outstanding			100,350,000			3,200,000			45,700,000			3,300,000
Net asset value, redemption and offering price per share		$	27.74		$	23.58		$	25.08		$	20.02
Net Assets consist of:
Aggregate paid in capital		$	3,431,989,611		$	87,760,822		$	1,156,461,372		$	92,230,435
Total distributable earnings (loss)			(648,523,954	)		(12,300,956	)		(10,140,520	)		(26,172,005	)
NET ASSETS		$	2,783,465,657		$	75,459,866		$	1,146,320,852		$	66,058,430
(1)	Value of securities on loan	$	129,926,938		$	6,034,699		$	3,317,907		$	1,682,952
(2)	Cost of investments - Unaffiliated issuers	$	3,087,035,189		$	83,131,344		$	1,138,059,104		$	73,082,017
(3)	Cost of short-term investments held as collateral for securities loaned	$	124,494,085		$	2,137,597		$	3,402,096		$	1,677,588
(4)	Cost of cash denominated in foreign currency	$	—		$	7		$	—		$	294,541

See Notes to Financial Statements

99

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

		J.P. Morgan EM Local Currency Bond ETF			Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	3,153,353,521		$	8,300,011		$	12,482,855		$	189,152,475
Short-term investments held as collateral for securities loaned (3)			91,541,238			179,987			214,133			15,312,549
Cash			1,285,849			49,914			99,100			183,741
Cash denominated in foreign currency, at value (4)			6,888,023			—			—			—
Receivables:
Investment securities sold			72,572,653			742,302			772,727			—
Dividends and interest			65,702,341			98,360			141,488			373,143
Prepaid expenses			13,689			—			—			—
Total assets			3,391,357,314			9,370,574			13,710,303			205,021,908
Liabilities:
Payables:
Investment securities purchased			42,844,879			744,029			810,428			—
Shares of beneficial interest redeemed			29,649,031			—			—			—
Collateral for securities loaned			91,541,238			179,987			214,133			15,312,549
Line of credit			—			—			—			193,417
Due to Adviser			778,030			1,728			2,077			55,504
Deferred Trustee fees			258,607			—			—			16,359
Accrued expenses			1,940,129			—			—			11,602
Total liabilities			167,011,914			925,744			1,026,638			15,589,431
NET ASSETS		$	3,224,345,400		$	8,444,830		$	12,683,665		$	189,432,477
Shares outstanding			128,322,682			400,000			600,000			17,200,000
Net asset value, redemption and offering price per share		$	25.13		$	21.11		$	21.14		$	11.01
Net Assets consist of:
Aggregate paid in capital		$	4,090,910,368		$	9,999,885		$	14,999,828		$	361,357,777
Total distributable earnings (loss)			(866,564,968	)		(1,555,055	)		(2,316,163	)		(171,925,300	)
NET ASSETS		$	3,224,345,400		$	8,444,830		$	12,683,665		$	189,432,477
(1)	Value of securities on loan	$	87,798,667		$	183,947		$	208,434		$	50,909,349
(2)	Cost of investments - Unaffiliated issuers	$	3,474,675,710		$	8,784,609		$	13,282,431		$	252,557,358
(3)	Cost of short-term investments held as collateral for securities loaned	$	91,541,238		$	179,987		$	214,133		$	15,312,549
(4)	Cost of cash denominated in foreign currency	$	6,885,993		$	—		$	—		$	—

See Notes to Financial Statements

100

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

	Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,058,952,086
Short-term investments held as collateral for securities loaned (3)		39,388,693
Cash		4,485,080
Receivables:
Investment securities sold		839,316
Shares of beneficial interest sold		3,473,016
Dividends and interest		3,068,604
Total assets		1,110,206,795
Liabilities:
Payables:
Investment securities purchased		10,774,891
Collateral for securities loaned		39,388,693
Due to Adviser		342,277
Deferred Trustee fees		36,282
Accrued expenses		20,256
Total liabilities		50,562,399
NET ASSETS	$	1,059,644,396
Shares outstanding		60,500,000
Net asset value, redemption and offering price per share	$	17.51
Net Assets consist of:
Aggregate paid in capital	$	1,235,177,953
Total distributable earnings (loss)		(175,533,557	)
NET ASSETS	$	1,059,644,396
(1) Value of securities on loan	$	39,470,761
(2) Cost of investments - Unaffiliated issuers	$	1,166,680,671
(3) Cost of short-term investments held as collateral for securities loaned	$	39,388,693

See Notes to Financial Statements

101

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF (a)			Emerging Markets High Yield Bond ETF
Income:
Dividends - unaffiliated issuers	$	59,355,749		$	—		$	—		$	—
Dividends - affiliated issuers		—			—			11,272			—
Interest		22,979			2,469,335			716			34,301,109
Securities lending income		1,987,210			—			—			240,024
Foreign taxes withheld		—			(1,423	)		—			—
Total income		61,365,938			2,467,912			11,988			34,541,133
Expenses:
Management fees		2,197,290			326,972			258			2,133,780
Professional fees		—			32,580			—			—
Custody and accounting fees		—			20,805			—			—
Reports to shareholders		—			12,838			—			—
Trustees’ fees and expenses		—			2,764			—			—
Registration fees		—			7,673			—			—
Insurance		—			3,712			—			—
Interest and taxes		119,213			4,188			—			171
Other		—			7,372			—			—
Total expenses		2,316,503			418,904			258			2,133,951
Waiver of management fees		—			(6,002	)		—			—
Net expenses		2,316,503			412,902			258			2,133,951
Net investment income		59,049,435			2,055,010			11,730			32,407,182
Net realized gain (loss) on:
Investments - unaffiliated issuers		(37,784,544	)		(5,235,932	)		—			(39,073,684	)
Investments - affiliated issuers		—			—			(2,103	)		—
In-kind redemptions - unaffiliated issuers		11,750,495			—			—			(114,527,770	)
Capital gain distributions from investment companies		2,129,073			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(479,951	)		—			2
Net realized loss		(23,904,976	)		(5,715,883	)		(2,103	)		(153,601,452	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(58,310,532	)		(197,968	)		5,456			74,160,043
Investments - affiliated issuers		—			—			17,298			—
Foreign currency translations and foreign denominated assets and liabilities		—			122,725			—			78
Net change in unrealized appreciation (depreciation)		(58,310,532	)		(75,243	)		22,754			74,160,121
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(23,166,073	)	$	(3,736,116	)	$	32,381		$	(47,034,149	)

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

See Notes to Financial Statements

102

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Income:
Dividends	$	—		$	8,094		$	—		$	14
Interest		150,155,425			2,262,452			45,651,146			3,187,325
Securities lending income		1,944,073			22,696			58,519			22,229
Foreign taxes withheld		—			—			—			(108	)
Total income		152,099,498			2,293,242			45,709,665			3,209,460
Expenses:
Management fees		10,586,530			157,689			1,564,521			242,537
Interest and taxes		17,242			428			8,149			689
Total expenses		10,603,772			158,117			1,572,670			243,226
Net investment income		141,495,726			2,135,125			44,136,995			2,966,234
Net realized gain (loss) on:
Investments		(133,086,519	)		(1,967,650	)		(4,850,420	)		(3,589,569	)
In-kind redemptions		(74,453,640	)		(1,807,967	)		744,392			(2,590,832	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			—			(41,135	)
Net realized loss		(207,540,159	)		(3,775,617	)		(4,106,028	)		(6,221,536	)
Net change in unrealized appreciation (depreciation) on:
Investments		45,359,290			1,503,619			(1,621,240	)		3,243,696
Foreign currency translations and foreign denominated assets and liabilities		—			—			—			61,850
Net change in unrealized appreciation (depreciation)		45,359,290			1,503,619			(1,621,240	)		3,305,546
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(20,685,143	)	$	(136,873	)	$	38,409,727		$	50,244

See Notes to Financial Statements

103

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	J.P. Morgan EM Local Currency Bond ETF			Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Mortgage REIT Income ETF
Income:
Dividends	$	—		$	—		$	—		$	17,502,735
Interest		187,229,790			332,264			464,794			5,150
Securities lending income		183,678			1,788			4,086			151,136
Foreign taxes withheld		(4,682,086	)		—			—			—
Total income		182,731,382			334,052			468,880			17,659,021
Expenses:
Management fees		7,993,895			20,792			25,043			726,235
Professional fees		55,230			—			—			—
Custody and accounting fees		628,304			—			—			—
Reports to shareholders		293,987			—			—			—
Trustees’ fees and expenses		158,714			—			—			—
Registration fees		34,638			—			—			—
Insurance		44,157			—			—			—
Interest and taxes		65,156			58			58			46,834
Other		29,945			—			—			—
Total expenses		9,304,026			20,850			25,101			773,069
Waiver of management fees		(356,765	)		—			—			—
Net expenses		8,947,261			20,850			25,101			773,069
Net investment income		173,784,121			313,202			443,779			16,885,952
Net realized gain (loss) on:
Investments (1)		(225,359,071	)		(879,505	)		(1,334,692	)		(26,078,236	)
In-kind redemptions		(4,402,732	)		—			—			1,052,298
Foreign currency transactions and foreign denominated assets and liabilities		(5,893,789	)		—			—			—
Net realized loss		(235,655,592	)		(879,505	)		(1,334,692	)		(25,025,938	)
Net change in unrealized appreciation (depreciation) on:
Investments (2)		198,001,123			702,133			1,037,261			(27,385,519	)
Foreign currency translations and foreign denominated assets and liabilities		3,335,902			—			—			—
Net change in unrealized appreciation (depreciation)		201,337,025			702,133			1,037,261			(27,385,519	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	139,465,554		$	135,830		$	146,348		$	(35,525,505	)
(1) Net of foreign taxes	$	(222,850	)	$	—		$	—		$	—
(2) Net of foreign taxes	$	(835,250	)	$	—		$	—		$	—

See Notes to Financial Statements

104

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

	Preferred Securities ex Financials ETF
Income:
Dividends	$	64,404,171
Interest		83,028
Securities lending income		1,722,837
Foreign taxes withheld		(168,214	)
Total income		66,041,822
Expenses:
Management fees		3,952,219
Interest and taxes		65,292
Total expenses		4,017,511
Net investment income		62,024,311
Net realized gain (loss) on:
Investments		(15,636,197	)
In-kind redemptions		4,979,384
Net realized loss		(10,656,813	)
Net change in unrealized appreciation (depreciation) on:
Investments		(76,072,758	)
Net change in unrealized appreciation (depreciation)		(76,072,758	)
Net Decrease in Net Assets Resulting from Operations	$	(24,705,260	)

See Notes to Financial Statements

105

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	59,049,435		$	43,156,676		$	2,055,010		$	3,505,616
Net realized gain (loss)		(23,904,976	)		19,570,650			(5,715,883	)		183,640
Net change in unrealized appreciation (depreciation)		(58,310,532	)		(29,787,379	)		(75,243	)		(4,527,783	)
Net increase (decrease) in net assets resulting from operations		(23,166,073	)		32,939,947			(3,736,116	)		(838,527	)
Distributions to shareholders from:
Distributable earnings		(59,501,743	)		(42,704,368	)		—			(4,150,280	)
Return of capital		(1,673,017	)		—			(1,816,350	)		(44,520	)
Total distributions		(61,174,760	)		(42,704,368	)		(1,816,350	)		(4,194,800	)
Share transactions*:
Proceeds from sale of shares		184,695,569			334,820,169			—			91,337,821
Cost of shares redeemed		(148,132,044	)		(111,985,789	)		(80,600,929	)		(60,220,705	)
Increase (decrease) in net assets resulting from share transactions		36,563,525			222,834,380			(80,600,929	)		31,117,116
Total increase (decrease) in net assets		(47,777,308	)		213,069,959			(86,153,395	)		26,083,789
Net Assets, beginning of year		625,030,252			411,960,293			129,587,141			103,503,352
Net Assets, end of year	$	577,252,944		$	625,030,252		$	43,433,746		$	129,587,141
*Shares of Common Stock Issued (no par value)
Shares sold		12,250,000			19,225,000			—			3,700,000
Shares redeemed		(9,850,000	)		(6,500,000	)		(3,600,000	)		(2,500,000	)
Net increase (decrease)		2,400,000			12,725,000			(3,600,000	)		1,200,000

See Notes to Financial Statements

106

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
	Period Ended April 30, 2023 (a)			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	11,730		$	32,407,182		$	64,361,459
Net realized loss		(2,103	)		(153,601,452	)		(92,945,941	)
Net change in unrealized appreciation (depreciation)		22,754			74,160,121			(150,062,233	)
Net increase (decrease) in net assets resulting from operations		32,381			(47,034,149	)		(178,646,715	)
Distributions to shareholders from:
Distributable earnings		(11,730	)		(37,523,220	)		(63,324,700	)
Return of capital		(1,494	)		—			—
Total distributions		(13,224	)		(37,523,220	)		(63,324,700	)
Share transactions*:
Proceeds from sale of shares		502,576			49,753,232			672,209,046
Cost of shares redeemed		—			(685,821,304	)		(63,006,428	)
Increase (decrease) in net assets resulting from share transactions		502,576			(636,068,072	)		609,202,618
Total increase (decrease) in net assets		521,733			(720,625,441	)		367,231,203
Net Assets, beginning of period		—			1,151,638,253			784,407,050
Net Assets, end of period	$	521,733		$	431,012,812		$	1,151,638,253
*Shares of Common Stock Issued (no par value)
Shares sold		20,000			2,700,000			28,600,000
Shares redeemed		—			(38,000,000	)		(2,800,000	)
Net increase (decrease)		20,000			(35,300,000	)		25,800,000

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

See Notes to Financial Statements

107

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fallen Angel High Yield Bond ETF						Green Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	141,495,726		$	180,386,770		$	2,135,125		$	2,007,447
Net realized gain (loss)		(207,540,159	)		238,934,423			(3,775,617	)		(1,668,817	)
Net change in unrealized appreciation (depreciation)		45,359,290			(708,202,399	)		1,503,619			(10,193,647	)
Net decrease in net assets resulting from operations		(20,685,143	)		(288,881,206	)		(136,873	)		(9,855,017	)
Distributions to shareholders from:
Distributable earnings		(148,186,700	)		(188,041,825	)		(2,159,765	)		(2,002,035	)
Share transactions*:
Proceeds from sale of shares		1,920,657,258			2,049,188,613			—			22,989,592
Cost of shares redeemed		(2,794,164,212	)		(2,661,837,362	)		(17,574,625	)		—
Increase (decrease) in net assets resulting from share transactions		(873,506,954	)		(612,648,749	)		(17,574,625	)		22,989,592
Total increase (decrease) in net assets		(1,042,378,797	)		(1,089,571,780	)		(19,871,263	)		11,132,540
Net Assets, beginning of year		3,825,844,454			4,915,416,234			95,331,129			84,198,589
Net Assets, end of year	$	2,783,465,657		$	3,825,844,454		$	75,459,866		$	95,331,129
*Shares of Common Stock Issued (no par value)
Shares sold		69,550,000			63,250,000			—			850,000
Shares redeemed		(101,400,000	)		(83,700,000	)		(750,000	)		—
Net increase (decrease)		(31,850,000	)		(20,450,000	)		(750,000	)		850,000

See Notes to Financial Statements

108

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						International High Yield Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	44,136,995		$	4,345,673		$	2,966,234		$	4,287,712
Net realized loss		(4,106,028	)		(452,629	)		(6,221,536	)		(3,710,828	)
Net change in unrealized appreciation (depreciation)		(1,621,240	)		(9,541,387	)		3,305,546			(15,906,510	)
Net increase (decrease) in net assets resulting from operations		38,409,727			(5,648,343	)		50,244			(15,329,626	)
Distributions to shareholders from:
Distributable earnings		(39,541,190	)		(4,310,490	)		(2,745,823	)		(4,424,650	)
Return of capital		—			—			(324,327	)		—
Total distributions		(39,541,190	)		(4,310,490	)		(3,070,150	)		(4,424,650	)
Share transactions*:
Proceeds from sale of shares		331,514,195			591,005,339			11,761,829			15,502,482
Cost of shares redeemed		(318,579,661	)		(6,337,388	)		(22,099,405	)		(16,605,485	)
Increase (decrease) in net assets resulting from share transactions		12,934,534			584,667,951			(10,337,576	)		(1,103,003	)
Total increase (decrease) in net assets		11,803,071			574,709,118			(13,357,482	)		(20,857,279	)
Net Assets, beginning of year		1,134,517,781			559,808,663			79,415,912			100,273,191
Net Assets, end of year	$	1,146,320,852		$	1,134,517,781		$	66,058,430		$	79,415,912
*Shares of Common Stock Issued (no par value)
Shares sold		13,250,000			23,400,000			600,000			600,000
Shares redeemed		(12,800,000	)		(250,000	)		(1,100,000	)		(700,000	)
Net increase (decrease)		450,000			23,150,000			(500,000	)		(100,000	)

See Notes to Financial Statements

109

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	J.P. Morgan EM Local Currency Bond ETF						Moody’s Analytics BBB Corporate Bond ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	173,784,121		$	174,168,592		$	313,202		$	221,068
Net realized loss		(235,655,592	)		(315,225,088	)		(879,505	)		(195,230	)
Net change in unrealized appreciation (depreciation)		201,337,025			(402,051,015	)		702,133			(1,083,250	)
Net increase (decrease) in net assets resulting from operations		139,465,554			(543,107,511	)		135,830			(1,057,412	)
Distributions to shareholders from:
Distributable earnings		(23,143,273	)		(88,822,978	)		(299,760	)		(226,760	)
Return of capital		(149,840,524	)		(81,656,280	)		—			—
Total distributions		(172,983,797	)		(170,479,258	)		(299,760	)		(226,760	)
Share transactions*:
Proceeds from sale of shares		459,045,576			727,013,716			—			—
Cost of shares redeemed		(274,639,215	)		(319,840,315	)		—			—
Increase in net assets resulting from share transactions		184,406,361			407,173,401			—			—
Total increase (decrease) in net assets		150,888,118			(306,413,368	)		(163,930	)		(1,284,172	)
Net Assets, beginning of year		3,073,457,282			3,379,870,650			8,608,760			9,892,932
Net Assets, end of year	$	3,224,345,400		$	3,073,457,282		$	8,444,830		$	8,608,760
*Shares of Common Stock Issued (no par value)
Shares sold		18,400,000			24,600,000			—			—
Shares redeemed		(11,400,000	)		(11,800,000	)		—			—
Net increase		7,000,000			12,800,000			—			—

See Notes to Financial Statements

110

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics IG Corporate Bond ETF						Mortgage REIT Income ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	443,779		$	311,484		$	16,885,952		$	12,587,387
Net realized gain (loss)		(1,334,692	)		(186,082	)		(25,025,938	)		20,578,763
Net change in unrealized appreciation (depreciation)		1,037,261			(1,588,310	)		(27,385,519	)		(75,253,305	)
Net increase (decrease) in net assets resulting from operations		146,348			(1,462,908	)		(35,525,505	)		(42,087,155	)
Distributions to shareholders from:
Distributable earnings		(430,440	)		(317,460	)		(16,885,952	)		(12,587,387	)
Return of capital		—			—			(5,467,268	)		(12,142,443	)
Total distributions		(430,440	)		(317,460	)		(22,353,220	)		(24,729,830	)
Share transactions*:
Proceeds from sale of shares		—			—			61,069,628			65,857,830
Cost of shares redeemed		—			—			(24,680,759	)		(98,402,686	)
Increase (decrease) in net assets resulting from share transactions		—			—			36,388,869			(32,544,856	)
Total decrease in net assets		(284,092	)		(1,780,368	)		(21,489,856	)		(99,361,841	)
Net Assets, beginning of year		12,967,757			14,748,125			210,922,333			310,284,174
Net Assets, end of year	$	12,683,665		$	12,967,757		$	189,432,477		$	210,922,333
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			5,250,000			3,400,000
Shares redeemed		—			—			(1,900,000	)		(5,500,000	)
Net increase (decrease)		—			—			3,350,000			(2,100,000	)

See Notes to Financial Statements

111

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Year Ended April 30, 2023			Year Ended April 30, 2022
Operations:
Net investment income	$	62,024,311		$	49,350,029
Net realized gain (loss)		(10,656,813	)		7,379,453
Net change in unrealized appreciation (depreciation)		(76,072,758	)		(98,397,267	)
Net decrease in net assets resulting from operations		(24,705,260	)		(41,667,785	)
Distributions to shareholders from:
Distributable earnings		(62,856,300	)		(55,455,503	)
Return of capital		—			(932,857	)
Total distributions		(62,856,300	)		(56,388,360	)
Share transactions*:
Proceeds from sale of shares		232,255,280			200,215,786
Cost of shares redeemed		(87,347,038	)		(47,757,119	)
Increase in net assets resulting from share transactions		144,908,242			152,458,667
Total increase in net assets		57,346,682			54,402,522
Net Assets, beginning of year		1,002,297,714			947,895,192
Net Assets, end of year	$	1,059,644,396		$	1,002,297,714
*Shares of Common Stock Issued (no par value)
Shares sold		13,000,000			9,500,000
Shares redeemed		(4,850,000	)		(2,350,000	)
Net increase		8,150,000			7,150,000

See Notes to Financial Statements

112

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	BDC Income ETF
	Year Ended April 30,
	2023				2022				2021				2020			2019
Net asset value, beginning of year		$	16.76			$	16.76			$	10.75			$16.55			$	16.10
Net investment income (a)			1.63				1.44				1.43			1.54				1.59
Net realized and unrealized gain (loss) on investments			(2.18	)			(0.06	)			6.02			(5.86	)			0.41
Total from investment operations			(0.55	)			1.38				7.45			(4.32	)			2.00
Distributions from:
Net investment income			(1.63	)			(1.38	)			(1.44	)		(1.48	)			(1.55	)
Return of capital			(0.04	)			—				—	(b)		—				—
Total distributions			(1.67	)			(1.38	)			(1.44	)		(1.48	)			(1.55	)
Net asset value, end of year		$	14.54			$	16.76			$	16.76			$10.75			$	16.55
Total return (c)			(2.60	)%			8.23	%			73.81	%		(27.77	)%			13.27	%
Ratios to average net assets
Gross expenses (d)			0.42	%			0.41	%			0.46	%		0.48	%			0.47	%
Net expenses (d)			0.42	%			0.41	%			0.41	%		0.41	%			0.41	%
Net expenses excluding interest and taxes (d)			0.40	%			0.40	%			0.40	%		0.40	%			0.40	%
Net investment income			10.75	%			8.34	%			10.57	%		9.95	%			9.73	%
Supplemental data
Net assets, end of year (in millions)			$577				$625				$412			$170				$207
Portfolio turnover rate (e)			28	%			29	%			26	%		22	%			13	%

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

See Notes to Financial Statements

113

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	China Bond ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	23.56			$	24.07			$	22.39			$	22.89			$	24.14
Net investment income (a)			0.57				0.66				0.73				0.87				0.75
Net realized and unrealized gain (loss) on investments			(0.76	)			(0.40	)			1.60				(0.49	)			(1.24	)
Total from investment operations			(0.19	)			0.26				2.33				0.38				(0.49	)
Distributions from:
Net investment income			—				(0.76	)			(0.65	)			(0.79	)			(0.38	)
Return of capital			(0.51	)			(0.01	)			—				(0.09	)			(0.38	)
Total distributions			(0.51	)			(0.77	)			(0.65	)			(0.88	)			(0.76	)
Net asset value, end of year		$	22.86			$	23.56			$	24.07			$	22.39			$	22.89
Total return (b)			(0.80	)%			1.02	%			10.56	%			1.76	%			(1.98	)%
Ratios to average net assets
Gross expenses			0.51	%			0.52	%			0.68	%			3.53	%			2.25	%
Net expenses			0.51	%			0.51	%			0.50	%			0.50	%			0.50	%
Net expenses excluding interest and taxes			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			2.51	%			2.70	%			3.07	%			3.93	%			3.29	%
Supplemental data
Net assets, end of year (in millions)			$43				$130				$104				$4				$5
Portfolio turnover rate (c)			10	%			60	%			17	%			21	%			22	%

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

See Notes to Financial Statements

114

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Dynamic High Income ETF
	Period Ended April 30, 2023(a)
Net asset value, beginning of period		$	25.13
Net investment income (b)			0.59
Net realized and unrealized gain on investments			1.03
Total from investment operations			1.62
Distributions from:
Net investment income			(0.59	)
Return of capital			(0.07	)
Total distributions			(0.66	)
Net asset value, end of period		$	26.09
Total return (c)			6.47	%(d)
Ratios to average net assets
Expenses			0.10	%(e)
Net investment income			4.55	%(e)
Supplemental data
Net assets, end of period (in millions)			$1
Portfolio turnover rate (f)			8	%(d)

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

See Notes to Financial Statements

115

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Emerging Markets High Yield Bond ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019
Net asset value, beginning of year		$	19.52			$23.63			$	20.54			$	23.34			$	23.83
Net investment income (a)			1.10			1.20				1.29				1.42				1.33
Net realized and unrealized gain (loss) on investments			(1.25	)		(4.11	)			3.06				(2.77	)			(0.46	)
Total from investment operations			(0.15	)		(2.91	)			4.35				(1.35	)			0.87
Distributions from:
Net investment income			(1.18	)		(1.20	)			(1.26	)			(1.45	)			(1.36	)
Net asset value, end of year		$	18.19			$19.52			$	23.63			$	20.54			$	23.34
Total return (b)			(0.56	)%		(12.84	)%			21.53	%			(6.27	)%			3.93	%
Ratios to average net assets
Gross expenses (c)			0.40	%		0.40	%			0.45	%			0.47	%			0.46	%
Net expenses (c)			0.40	%		0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			6.08	%		5.39	%			5.58	%			6.19	%			5.81	%
Supplemental data
Net assets, end of year (in millions)			$431			$1,152				$784				$308				$261
Portfolio turnover rate (d)			21	%		34	%			31	%			28	%			27	%

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

See Notes to Financial Statements

116

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Fallen Angel High Yield Bond ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	28.94			$	32.20			$	26.84			$	29.00			$	29.19
Net investment income (a)			1.29				1.19				1.49				1.54				1.64
Net realized and unrealized gain (loss) on investments			(1.15	)			(3.22	)			5.35				(2.16	)			(0.24	)
Total from investment operations			0.14				(2.03	)			6.84				(0.62	)			1.40
Distributions from:
Net investment income			(1.34	)			(1.23	)			(1.48	)			(1.54	)			(1.59	)
Net asset value, end of year		$	27.74			$	28.94			$	32.20			$	26.84			$	29.00
Total return (b)			0.60	%			(6.63	)%			25.95	%			(2.38	)%			5.04	%
Ratios to average net assets
Gross expenses (c)			0.35	%			0.35	%			0.43	%			0.43	%			0.45	%
Net expenses (c)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			4.68	%			3.70	%			4.83	%			5.35	%			5.76	%
Supplemental data
Net assets, end of year (in millions)		$	2,783			$	3,826			$	4,915			$	1,683				$976
Portfolio turnover rate (d)			31	%			44	%			27	%			68	%			29	%

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

See Notes to Financial Statements

117

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Green Bond ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	24.13			$	27.16			$	26.85			$	25.87			$	26.54
Net investment income (a)			0.63				0.55				0.55				0.58				0.34
Net realized and unrealized gain (loss) on investments			(0.54	)			(3.03	)			0.28	(b)			1.00				(0.68	)
Total from investment operations			0.09				(2.48	)			0.83				1.58				(0.34	)
Distributions from:
Net investment income			(0.64	)			(0.55	)			(0.52	)			(0.50	)			(0.29	)
Return of capital			—				—				—				(0.10	)			(0.04	)
Total distributions			(0.64	)			(0.55	)			(0.52	)			(0.60	)			(0.33	)
Net asset value, end of year		$	23.58			$	24.13			$	27.16			$	26.85			$	25.87
Total return (c)			0.41	%			(9.30	)%			3.07	%			6.17	%			(1.25	)%
Ratios to average net assets
Gross expenses (d)			0.20	%			0.20	%			0.65	%			0.83	%			1.02	%
Net expenses (d)			0.20	%			0.20	%			0.20	%			0.23	%			0.33	%
Net investment income			2.71	%			2.07	%			2.01	%			2.17	%			1.32	%
Supplemental data
Net assets, end of year (in millions)			$75				$95				$84				$32				$26
Portfolio turnover rate (e)			20	%			19	%			25	%			83	%			28	%

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

See Notes to Financial Statements

118

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	IG Floating Rate ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	25.07			$	25.33			$	24.61			$	25.25			$	25.32
Net investment income (a)			0.98				0.14				0.23				0.68				0.77
Net realized and unrealized gain (loss) on investments			(0.09	)			(0.25	)			0.76				(0.61	)			(0.10	)
Total from investment operations			0.89				(0.11	)			0.99				0.07				0.67
Distributions from:
Net investment income			(0.88	)			(0.15	)			(0.27	)			(0.71	)			(0.74	)
Net asset value, end of year		$	25.08			$	25.07			$	25.33			$	24.61			$	25.25
Total return (b)			3.61	%			(0.45	)%			4.07	%			0.26	%			2.71	%
Ratios to average net assets
Gross expenses (c)			0.14	%			0.14	%			0.39	%			0.40	%			0.40	%
Net expenses (c)			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Net investment income			3.95	%			0.56	%			0.93	%			2.70	%			3.05	%
Supplemental data
Net assets, end of year (in millions)		$	1,146			$	1,135				$560				$461				$542
Portfolio turnover rate (d)			55	%			78	%			72	%			40	%			30	%

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

See Notes to Financial Statements

119

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	International High Yield Bond ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019
Net asset value, beginning of year		$	20.90			$25.71			$	22.21			$	24.54			$	25.20
Net investment income (a)			0.96			1.02				1.13				1.26				1.13
Net realized and unrealized gain (loss) on investments			(0.85	)		(4.78	)			3.54				(2.33	)			(0.65	)
Total from investment operations			0.11			(3.76	)			4.67				(1.07	)			0.48
Distributions from:
Net investment income			(0.89	)		(1.05	)			(1.10	)			(1.17	)			(1.08	)
Return of capital			(0.10	)		—				(0.07	)			(0.09	)			(0.06	)
Total distributions			(0.99	)		(1.05	)			(1.17	)			(1.26	)			(1.14	)
Net asset value, end of year		$	20.02			$20.90			$	25.71			$	22.21			$	24.54
Total return (b)			0.78	%		(15.07	)%			21.30	%			(4.67	)%			2.08	%
Ratios to average net assets
Gross expenses (c)			0.40	%		0.40	%			0.56	%			0.62	%			0.54	%
Net expenses (c)			0.40	%		0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			4.89	%		4.21	%			4.54	%			5.17	%			4.66	%
Supplemental data
Net assets, end of year (in millions)			$66			$79				$100				$89				$113
Portfolio turnover rate (d)			22	%		25	%			33	%			37	%			32	%

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

See Notes to Financial Statements

120

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	J.P. Morgan EM Local Currency Bond ETF
	Year Ended April 30,
	2023				2022			2021				2020				2019
Net asset value, beginning of year		$	25.33			$31.14			$	29.36			$	33.11			$	37.56
Net investment income (a)			1.43			1.47				1.55				2.00				2.14
Net realized and unrealized gain (loss) on investments			(0.21	)		(5.84	)			1.78				(3.75	)			(4.45	)
Total from investment operations			1.22			(4.37	)			3.33				(1.75	)			(2.31	)
Distributions from:
Net investment income			(0.18	)		(0.77	)			(0.01	)			(0.48	)			(1.36	)
Return of capital			(1.24	)		(0.67	)			(1.54	)			(1.52	)			(0.78	)
Total distributions			(1.42	)		(1.44	)			(1.55	)			(2.00	)			(2.14	)
Net asset value, end of year		$	25.13			$25.33			$	31.14			$	29.36			$	33.11
Total return (b)			5.16	%		(14.56	)%			11.40	%			(5.79	)%			(6.05	)%
Ratios to average net assets
Gross expenses			0.31	%		0.32	%			0.31	%			0.36	%			0.41	%
Net expenses			0.30	%		0.30	%			0.30	%			0.30	%			0.31	%
Net investment income			5.87	%		5.00	%			4.92	%			6.05	%			6.35	%
Supplemental data
Net assets, end of year (in millions)		$	3,224			$3,073			$	3,380			$	3,339			$	5,332
Portfolio turnover rate (c)			29	%		33	%			40	%			39	%			36	%

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

See Notes to Financial Statements

121

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
	Year Ended April 30,
	2023				2022			Period Ended April 30, 2021(a)
Net asset value, beginning of period		$	21.52			$24.73			$	25.00
Net investment income (b)			0.78			0.55				0.22
Net realized and unrealized loss on investments			(0.44	)		(3.19	)			(0.30	)
Total from investment operations			0.34			(2.64	)			(0.08	)
Distributions from:
Net investment income			(0.75	)		(0.57	)			(0.19	)
Net asset value, end of period		$	21.11			$21.52			$	24.73
Total return (c)			1.70	%		(10.96	)%			(0.32	)%(d)
Ratios to average net assets
Expenses			0.25	%		0.25	%			0.25	%(e)
Net investment income			3.75	%		2.26	%			2.14	%(e)
Supplemental data
Net assets, end of period (in millions)			$8			$9				$10
Portfolio turnover rate (f)			91	%		48	%			35	%(d)

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

See Notes to Financial Statements

122

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
	Year Ended April 30,
	2023				2022			Period Ended April 30, 2021(a)
Net asset value, beginning of period		$	21.61			$24.58			$	25.00
Net investment income (b)			0.74			0.52				0.21
Net realized and unrealized loss on investments			(0.49	)		(2.96	)			(0.45	)
Total from investment operations			0.25			(2.44	)			(0.24	)
Distributions from:
Net investment income			(0.72	)		(0.53	)			(0.18	)
Net asset value, end of period		$	21.14			$21.61			$	24.58
Total return (c)			1.22	%		(10.15	)%			(0.97	)%(d)
Ratios to average net assets
Expenses			0.20	%		0.20	%			0.20	%(e)
Net investment income			3.53	%		2.13	%			2.10	%(e)
Supplemental data
Net assets, end of period (in millions)			$13			$13				$15
Portfolio turnover rate (f)			84	%		53	%			28	%(d)

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

See Notes to Financial Statements

123

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Mortgage REIT Income ETF
	Year Ended April 30,
	2023			2022			2021				2020			2019
Net asset value, beginning of year		$15.23			$19.45			$	11.42			$23.63			$	22.71
Net investment income (a)		1.21			0.76				0.86			1.45				1.68
Net realized and unrealized gain (loss) on investments		(3.82	)		(3.44	)			8.49			(11.90	)			0.94
Total from investment operations		(2.61	)		(2.68	)			9.35			(10.45	)			2.62
Distributions from:
Net investment income		(1.21	)		(0.79	)			(0.83	)		(1.45	)			(1.67	)
Return of capital		(0.40	)		(0.75	)			(0.49	)		(0.31	)			(0.03	)
Total distributions		(1.61	)		(1.54	)			(1.32	)		(1.76	)			(1.70	)
Net asset value, end of year		$11.01			$15.23			$	19.45			$11.42			$	23.63
Total return (b)		(16.95	)%		(14.74	)%			85.71	%		(46.63	)%			12.00	%
Ratios to average net assets
Gross expenses (c)		0.43	%		0.41	%			0.49	%		0.50	%			0.49	%
Net expenses (c)		0.43	%		0.41	%			0.41	%		0.41	%			0.42	%
Net expenses excluding interest and taxes (c)		0.40	%		0.40	%			0.40	%		0.40	%			0.40	%
Net investment income		9.30	%		4.15	%			5.55	%		6.70	%			7.19	%
Supplemental data
Net assets, end of year (in millions)		$189			$211				$310			$119				$175
Portfolio turnover rate (d)		19	%		12	%			31	%		16	%			35	%

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

See Notes to Financial Statements

124

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Preferred Securities ex Financials ETF
	Year Ended April 30,
	2023				2022				2021				2020				2019
Net asset value, beginning of year		$	19.15			$	20.97			$	18.23			$	19.37			$	19.09
Net investment income (a)			1.12				1.01				0.98				1.06				1.13
Net realized and unrealized gain (loss) on investments			(1.62	)			(1.68	)			2.72				(1.12	)			0.32
Total from investment operations			(0.50	)			(0.67	)			3.70				(0.06	)			1.45
Distributions from:
Net investment income			(1.14	)			(1.13	)			(0.96	)			(1.08	)			(1.17	)
Return of capital			—				(0.02	)			—				—				—
Total distributions			(1.14	)			(1.15	)			(0.96	)			(1.08	)			(1.17	)
Net asset value, end of year		$	17.51			$	19.15			$	20.97			$	18.23			$	19.37
Total return (b)			(2.50	)%			(3.61	)%			20.78	%			(0.54	)%			7.90	%
Ratios to average net assets
Gross expenses (c)			0.41	%			0.40	%			0.43	%			0.44	%			0.46	%
Net expenses (c)			0.41	%			0.40	%			0.40	%			0.41	%			0.41	%
Net expenses excluding interest and taxes (c)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			6.28	%			4.79	%			4.97	%			5.41	%			5.92	%
Supplemental data
Net assets, end of year (in millions)		$	1,060			$	1,002				$948				$689				$584
Portfolio turnover rate (d)			27	%			37	%			36	%			45	%			31	%

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

See Notes to Financial Statements

125

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2023

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

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

*Formerly known as Investment Grade Floating Rate ETF.

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

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

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

126

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

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

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

The following summarizes the Funds’ significant accounting policies.

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

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

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

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

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

127

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of April 30, 2023.

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 April 30,

128

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

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 using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

129

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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

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

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

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

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

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

130

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

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

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

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

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

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

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

131

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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

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

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

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

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

132

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

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

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

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

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

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

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

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

133

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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

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

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

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

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

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

134

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

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

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

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

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

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

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

135

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Corporate Bonds		Equity Securities		Government Obligations
BDC Income	$	–	$	92,435,917	$	–
Emerging Markets High Yield		32,767,820		–		–
Fallen Angel		124,494,085		–		–
Green Bond		2,124,565		13,032		–
International High Yield		1,677,588		–		–
J.P. Morgan EM		–		–		91,541,238
Moody’s Analytics BBB		179,987		–		–
Moody’s Analytics IG		214,133		–		–
Mortgage REIT		–		15,312,549		–
Preferred Securities		–		39,388,693		–

* Remaining contractual maturity: overnight and continuous

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

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

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

136

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

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

Funds

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

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

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

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

Basis for Opinions

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

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

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

137

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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

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

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

138

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

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

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

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

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

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

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

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

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

139

VANECK ETF TRUST

TAX INFORMATION

(unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

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

140

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2023 (unaudited)

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex3 Overseen	Other Directorships Held By Trustee During Past Five Years
Independent Trustees
David H. Chow, 1957*†	Trustee Chairperson	Since 2006 2008 to 2022	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	70	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	70	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	82	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Chairperson Trustee	Since 2022 Since 2012	Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.	70	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	82	Director, Food and Friends, Inc., 2013 to present.
Interested Trustee
Jan F. van Eck, 19635	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust	82	Director, National Committee on US-China Relations.

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

141

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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

Officer’s Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office2 And Length of Time Served	Principal Occupation(s) During Past Five Years
Officer Information
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.
Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

142

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

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

143

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

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

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

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

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

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

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

144

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

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

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

 

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

Item 2. CODE OF ETHICS.

(a)	The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
(b)	The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.
(c)	The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(d)	The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(e)	Not applicable.
(f)	The Registrant’s Code of Ethics is attached as an Exhibit hereto.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

	The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is April 30.
(a)	Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended April 30, 2023 and April 30, 2022, were $450,180 and $0, respectively.
(b)	Audit-Related Fees. Not applicable.
(c)	Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended April 30, 2023 and April 30, 2022, were $183,250 and $0, respectively.
(d)	All Other Fees
	None.
(e)	The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services.
	The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.

(f)	Not applicable.
(g)	Not applicable.
(h)	Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short served as Chairman of the Audit Committee until December 1, 2022. Since such date, Ms. Hesslein is the Chairwoman of the Audit Committee.

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 MANAGER 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.

None.

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(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.

(a) Not applicable.

(b) Not applicable.

Item 13. EXHIBITS.

(a)(1)	The code of ethics is attached as EX-99.CODE ETH
(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) 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 and CFO

Date July 7, 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, CEO

Date July 7, 2023

By (Signature and Title)  /s/ John J. Crimmins, Treasurer and CFO

Date July 7, 2023