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, 2024

Item 1. Report to Shareholders

  ANNUAL REPORT
April 30, 2024

CEF Muni Income ETF	XMPT
High Yield Muni ETF	HYD
HIP Sustainable Muni ETF	SMI
Intermediate Muni ETF	ITM
Long Muni ETF	MLN
Short High Yield Muni ETF	SHYD
Short Muni ETF	SMB

800.826.2333 vaneck.com

President’s Letter	1
Management Discussion	4
Performance Comparison
CEF Muni Income ETF	6
High Yield Muni ETF	7
HIP Sustainable Muni ETF	8
Intermediate Muni ETF	9
Long Muni ETF	10
Short High Yield Muni ETF	11
Short Muni ETF	12
About Fund Performance	13
Explanation of Expenses	14
Schedule of Investments
CEF Muni Income ETF	16
High Yield Muni ETF	18
HIP Sustainable Muni ETF	61
Intermediate Muni ETF	64
Long Muni ETF	94
Short High Yield Muni ETF	111
Short Muni ETF	127
Statements of Assets and Liabilities	138
Statements of Operations	140
Statements of Changes in Net Assets	142
Financial Highlights
CEF Muni Income ETF	146
High Yield Muni ETF	147
HIP Sustainable Muni ETF	148
Intermediate Muni ETF	149
Long Muni ETF	150
Short High Yield Muni ETF	151
Short Muni ETF	152
Notes to Financial Statements	153
Report of Independent Registered Public Accounting Firm	160
Tax Information	161
Board of Trustees and Officers	162
Funds’ Liquidity Risk Management Program	165

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, 2024.

VANECK ETFs

PRESIDENT’S LETTER

April 30, 2024 (unaudited)

Dear Fellow Shareholders:

The 2025 Problem—The Fiscal Deficit Bell is Ringing

They say that no one rings the bell at market tops and bottoms, but some important bells are ringing. Most importantly, gold prices are hitting all-time highs despite outflows from U.S. gold bullion ETFs. Gold prices aren’t rallying in a small way. They are reaching, bitcoin-like, for the sky. The biggest change in our view from year-end 2023 is (a) that the markets are beginning to see fiscal spending as out of control and (b) global economic growth has turned positive, a good sign for commodity investors.

At the end of 2023, we suggested that the three major macro factors—monetary policy, government spending and global economic growth—would not change much in 2024. While a big market impact (with surging 10-year interest rates) from out of control fiscal spending may only rest at 10% probability, we repeat that investors should prepare for this with a gold/bitcoin/real assets allocation. These assets are already in a bull market, which means that healthy corrections can be expected (20%?).

Discussion of Major Macro Factors

Let’s review the three main factors that impact markets.

1. Monetary Policy: Not Very Stimulative to Maybe Looser

I feel like a broken record, but our favorite inflation measure is wage inflation, not food or gas prices. That is the kind of inflation which is endemic and hard to manage once it takes hold. And with wage inflation around 4.5%, not near the U.S. Federal Reserve’s (“Fed’s”) 2% target, we didn’t expect a big Fed loosening coming into 2024. And that was “correct”—the Fed has not cut interest rates yet this year.

Yet, the two most important central banks in the world have softened their language. First, the Fed said that it would reduce its selling schedule of bonds in Jerome Powell’s comments after the March meeting. And Powell said that the 2% inflation was always a “long-term” target, which suggests that the 2% target is less important in 2024. Therefore, the Fed might be looser (even though wage inflation continues). And while it’s probably false, there have been rumors in China of central bank bond-buying which they haven’t done in over a decade and never under Xi Jinping. So, maybe marginally looser monetary policy, but with high wage inflation, no major changes are expected.

2. Government Spending: “Also Muted” to Out of Control

We entered 2024 expecting that the Republicans, in control of the House of Representatives, would seek to slow government spending. While we probably didn’t sufficiently appreciate the amount of some of the Biden Administration’s spending, as with the environmental Inflation Reduction Act (“IRA”), we didn’t expect any upside surprises in government spending in 2024. But by focusing on the change in spending, we probably underappreciated how large the fiscal deficits continue to be. These deficits are keeping the economy hot—at full employment—and are also pressuring inflation higher.

Now let’s look at 2025, which I think the markets are beginning to do. 2025 is a very important policy year for fiscal discipline. The reason is that Social Security will go bankrupt in 2033. If major fiscal problems are only addressed the year after a Presidential election, then it has to be addressed in 2025, because 2029 is WAY too late to fix any entitlement problem. But in the first quarter, we just learned that the major parties have nominated the two most profligate “peacetime” spenders in U.S. history.

We have 7% budget deficits in the middle of an economic boom! We may look back on this the same way we now look back at 1% interest rates on 10 year debt—an amazing situation that shouldn’t be and can’t last. But timing markets is almost impossible.

Are there signals, besides gold, that the market is concerned about 2025? Are other bells ringing? Actually, yes. U.S. credit default swaps are at elevated levels after rising in 2023 during the budget standoff. And emerging market debt has actually been outperforming U.S. debt for the last three years. See my investment outlook¹ on www.vaneck.com for the charts.

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VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

My last piece of evidence for the “out of control” scenario is an article from alternative media site, the Free Press. In an article mainly on social commentary, we suddenly see a chart on government spending.

Federal government current expenditures: Interest payments, Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate

 

Source: U.S. Bureau of Economic Analysis as of January 25, 2024. Shaded areas indicate U.S. recessions.

3. Global Growth – from Low Levels to Expansion

In the first quarter of 2024, the world economy moved into expansion mode, with good upwards momentum. As well, economic data from China in March was quite strong. For growth, my favorite statistics is PMI, partially because it shows a “yes or no” answer. If PMI is over 50, we are in expansion mode. And both global growth and China manufacturing moved into expansion mode in Q1. This is the reason commodity returns have been strong so far this year. And this data supports an allocation to commodities.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the twelve month period ended April 30, 2024. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

2

Jan F. van Eck
CEO and President
VanEck ETF Trust

May 20, 2024

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.² Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 https://www.vaneck.com/us/en/insights/investment-outlook/

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

3

VANECK ETFs

MANAGEMENT DISCUSSION

April 30, 2024 (unaudited)

CEF MUNI INCOME ETF

• Rising interest rates and higher short-term borrowing costs put pressure on municipal bond closed-end fund performance. The discount-to-net asset value generally widened for most of the Fund’s underlying holdings as the municipal curve remained inverted.

• Underlying closed-end fund holdings traded at a weighted average discount-to-net asset value of -12.29% over the reporting period, which is much wider than the since inception average discount of -5.66%.

• The Nuveen Municipal Credit Income Fund and the Nuveen AMT-Free Municipal Credit Income Fund were the largest contributors to the Fund’s performance for the fiscal year ended April 30, 2024. The Nuveen Municipal Credit Opportunities Fund and the Invesco Value Municipal income Trust were the largest detractors from the Fund’s performance for the reporting period.

HIGH YIELD MUNI ETF

• The broad high yield municipal bond market outperformed investment grade as credit spreads narrowed over the reporting period and benefitted from the segment’s longer duration and higher carry.

• Securities from Puerto Rico and California were the largest contributors to the Fund’s performance while securities from Alabama and Hawaii were the largest detractors.

• The Fund’s exposure to the industrial development revenue and tax sectors provided the largest contribution to performance over the reporting period, while exposure to pollution control and power bonds were the smallest contributors with no sectors in aggregate detracting from the Fund’s performance for the reporting period.

HIP SUSTAINABLE MUNI ETF

• On whole, most sustainable funds lagged their conventional peers by a small margin in 2023. Some of the macroeconomic pressures that contributed to their modest performance included high interest rates and persistent inflation.

• Securities from California and New York were the largest contributors to the Fund’s performance while securities from Massachusetts and Texas were the largest detractors.

• The Fund’s exposure to the tax and state general obligation sectors provided the largest contribution to performance over the reporting period while exposure to local general obligation sector was the largest detractor for the reporting period.

INTERMEDIATE MUNI ETF

• An inversion in the short end of the municipal yield curve and rising rates put pressure on intermediate maturity bonds.

• Securities from New York and California were the largest contributors to the Fund’s performance while securities from Montana and West Virginia were the largest detractors.

4

• The Fund’s exposure to the tax and local general obligation sectors provided the largest contribution to performance over the reporting period, while exposure to single family housing and pollution control were the smallest contributors, with no sectors in aggregate detracting from the Fund’s performance for the reporting period.

LONG MUNI ETF

• The long end of the investment grade municipal yield curve rose more modestly than any other segments of the curve, but the U.S. Federal Reserve’s monetary policy strategy still put pressure on longer maturity bonds.

• Securities from California and New York were the largest contributors to the Fund’s performance while securities from Wyoming and Virginia were the largest detractors.

• The Fund’s exposure to the hospital and local general obligation sectors provided the largest contribution to performance over the reporting period, while exposure to pollution control bonds were the largest detractors for the reporting period.

SHORT HIGH YIELD MUNI ETF

• The broad high yield municipal bond market outperformed the investment grade segment as credit spreads narrowed over the reporting period.

• The U.S. Federal Reserve’s monetary policy strategy was a drag on short maturity bonds, as short-term rates increased higher and faster than longer-term rates.

• Securities from Puerto Rico and Illinois were the largest contributors to the Fund’s performance while securities from Mississippi and Alabama were the largest detractors.

• The Fund’s exposure to the tax and local general obligation sectors provided the largest contribution to performance over the reporting period while exposure to pollution control bonds were the largest detractors.

SHORT MUNI ETF

• The U.S. Federal Reserve’s monetary policy strategy put pressure on short maturity bonds, as short-term rates increased higher and faster than longer-term rates.

• Securities from California and New York were the largest contributors to the Fund’s performance, while securities from Iowa and Guam were the smallest contributors.

• The Fund’s exposure to the state general obligation and the utilities sectors provided the largest contribution to performance over the reporting period, while exposure to industrial development revenue and tobacco bonds were the smallest contributors, with no sectors in aggregate detracting from the Fund’s performance for the reporting period.

5

VANECK CEF MUNI INCOME ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			CEFMXTR1			US002
One Year		1.09	%		1.16	%		1.55	%		(1.40	)%
Five Year		(0.43	)%		(0.42	)%		(0.01	)%		(0.14	)%
Ten Year		2.57	%		2.58	%		2.96	%		1.24	%

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 CEFMXTR 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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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 13 for more information.

6

VANECK HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MHYX1			US002
One Year		3.59	%		4.04	%		5.57	%		(1.40	)%
Five Year		(0.16	)%		(0.12	)%		2.46	%		(0.14	)%
Ten Year		2.68	%		2.72	%		4.64	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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 13 for more information.

7

VANECK HIP SUSTAINABLE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MUNI1
One Year		1.92	%		2.14	%		2.12	%
Life*		(1.89	)%		(1.80	)%		(1.41	)%

*	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 U.S. dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the U.S. 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 13 for more information.

8

VANECK INTERMEDIATE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MBNI1			US002
One Year		1.52	%		1.48	%		1.73	%		(1.40	)%
Five Year		0.83	%		0.83	%		1.31	%		(0.14	)%
Ten Year		2.15	%		2.18	%		2.71	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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 13 for more information.

9

VANECK LONG MUNI ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MBNL1			US002
One Year		1.61	%		2.01	%		2.34	%		(1.40	)%
Five Year		(0.05	)%		(0.06	)%		0.78	%		(0.14	)%
Ten Year		2.36	%		2.34	%		3.11	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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 13 for more information.

10

VANECK SHORT HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MIHX1			US002
One Year		2.03	%		2.82	%		4.29	%		(1.40	)%
Five Year		0.84	%		0.83	%		2.71	%		(0.14	)%
Ten Year		1.74	%		1.75	%		3.51	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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 13 for more information.

11

VANECK SHORT MUNI ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MBNS1			US002
One Year		2.62	%		2.12	%		2.15	%		(1.40	)%
Five Year		0.89	%		0.87	%		1.07	%		(0.14	)%
Ten Year		1.05	%		1.02	%		1.35	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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 13 for more information.

12

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, BMHYTR and LMT1TR 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.

13

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, 2023, to April 30, 2024.

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, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2023 - April 30, 2024(a)
CEF Muni Income ETF
Actual	$1,000.00	$1,163.60	0.41%	$2.21
Hypothetical (b)	$1,000.00	$1,022.82	0.41%	$2.06
High Yield Muni ETF
Actual	$1,000.00	$1,100.40	0.32%	$1.67
Hypothetical (b)	$1,000.00	$1,023.27	0.32%	$1.61
HIP Sustainable Muni ETF
Actual	$1,000.00	$1,070.10	0.24%	$1.24
Hypothetical (b)	$1,000.00	$1,023.67	0.24%	$1.21
Intermediate Muni  ETF
Actual	$1,000.00	$1,068.20	0.22%	$1.13
Hypothetical (b)	$1,000.00	$1,023.77	0.22%	$1.11
Long Muni ETF
Actual	$1,000.00	$1,106.60	0.24%	$1.26
Hypothetical (b)	$1,000.00	$1,023.67	0.24%	$1.21
Short High Yield Muni ETF
Actual	$1,000.00	$1,057.70	0.35%	$1.79
Hypothetical (b)	$1,000.00	$1,023.12	0.35%	$1.76

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	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2023 - April 30, 2024(a)
Short Muni ETF
Actual	$1,000.00	$1,028.80	0.07%	$0.35
Hypothetical (b)	$1,000.00	$1,024.52	0.07%	$0.35

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2024), 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

15

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Number of Shares		Value
CLOSED-END FUNDS: 100.2% (a)
abrdn National Municipal Income Fund		105,120	$	1,043,842
Alliance Bernstein National Municipal Income Fund, Inc.		242,571		2,544,570
BlackRock 2037 Municipal Target Term Trust		36,733		883,796
Blackrock Investment Quality Municipal Trust, Inc.		100,779		1,210,356
BlackRock Long-Term Municipal Advantage Trust		59,875		579,590
BlackRock MuniAssets Fund, Inc.		167,953		1,822,290
BlackRock Municipal 2030 Target Term Trust		510,579		10,456,658
BlackRock Municipal Income Fund, Inc.		534,109		6,142,253
BlackRock Municipal Income Quality Trust		192,214		2,095,133
BlackRock Municipal Income Trust		326,481		3,238,691
BlackRock Municipal Income Trust II		359,174		3,731,818
BlackRock MuniHoldings Fund, Inc.		398,332		4,560,901
BlackRock MuniHoldings Quality Fund II, Inc.		184,321		1,797,130
BlackRock MuniVest Fund II, Inc.		159,691		1,659,189
BlackRock MuniVest Fund, Inc.		485,421		3,310,571
BlackRock MuniYield Fund, Inc.		340,547		3,575,743
BlackRock MuniYield Quality Fund II, Inc.		166,216		1,630,579
BlackRock MuniYield Quality Fund III, Inc.		404,225		4,418,179
BlackRock MuniYield Quality Fund, Inc.		423,802		4,979,673
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		157,540		1,573,825
BNY Mellon Municipal Income, Inc.		159,166		1,057,021
BNY Mellon Strategic Municipal Bond Fund, Inc.		415,315		2,334,070
BNY Mellon Strategic Municipals, Inc.		526,366		3,100,296
DWS Municipal Income Trust		303,740		2,827,819
Eaton Vance Municipal Bond Fund		530,412		5,272,295

	Number of Shares		Value
Eaton Vance Municipal Income 2028 Term Trust		54,734	$	991,233
Eaton Vance Municipal Income Trust		295,750		2,904,265
Eaton Vance National Municipal Opportunities Trust		95,650		1,554,408
Invesco Advantage Municipal Income Trust II		343,728		2,842,631
Invesco Municipal Income Opportunities Trust		197,174		1,200,790
Invesco Municipal Opportunity Trust		512,831		4,759,072
Invesco Municipal Trust		427,635		3,977,005
Invesco Quality Municipal Income Trust		444,621		4,148,314
Invesco Trust for Investment Grade Municipals		416,052		3,973,297
Invesco Value Municipal Income Trust		363,284		4,123,273
MFS Municipal Income Trust		316,315		1,608,462
Neuberger Berman Municipal Fund, Inc.		225,315		2,273,428
Nuveen AMT-Free Municipal Credit Income Fund		1,527,761		17,645,640
Nuveen AMT-Free Municipal Value Fund		111,773		1,504,465
Nuveen AMT-Free Quality Municipal Income Fund		1,670,557		17,774,726
Nuveen Dynamic Municipal Opportunities Fund		291,960		3,118,133
Nuveen Municipal Credit Income Fund		1,493,598		17,460,161
Nuveen Municipal High Income Opportunity Fund		652,928		6,718,629
Nuveen Municipal Value Fund, Inc.		1,097,394		9,294,927
Nuveen Quality Municipal Income Fund		1,626,285		17,775,295
Nuveen Select Tax-Free Income Portfolio		203,459		2,854,530
PIMCO Municipal Income Fund		113,591		1,010,960
PIMCO Municipal Income Fund II		342,747		2,807,098
PIMCO Municipal Income Fund III		197,292		1,461,934

See Notes to Financial Statements

16

	Number of Shares		Value
Pioneer Municipal High Income Advantage Fund, Inc.		183,478	$	1,432,963
Pioneer Municipal High Income Fund Trust		174,188		1,478,856
Pioneer Municipal High Income Opportunities Fund, Inc.		129,246		1,421,706
Putnam Managed Municipal Income Trust		281,503		1,646,793
Putnam Municipal Opportunities Trust		196,908		1,913,946
Western Asset Managed Municipals Fund, Inc.		417,011		4,132,579
Total Closed-End Funds: 100.2% (Cost: $258,686,899)				221,655,807
Liabilities in excess of other assets: (0.2)%				(517,319)
NET ASSETS: 100.0%			$	221,138,488

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 Asset Class	% of Investments		Value
Municipal Fixed Income		100.0%	$	221,655,807

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	221,655,807	$	—	$	—	$	221,655,807

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.1%
Alabama: 1.8%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.75%, 06/01/45 (c)	$	2,000		$	1,768,505
5.75%, 06/01/35 (c)		1,400			1,356,491
6.00%, 06/01/50 (c)		5,900			5,300,432
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM)
5.00%, 10/01/34 (c)		1,000			1,024,970
5.00%, 10/01/29 (c)		1,675			1,719,632
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p)		10,000			9,807,300
Black Belt Energy Gas District, Series A (RB) 5.25%, 01/01/54 (c) (p)		5,000			5,291,173
County of Jefferson, Alabama Sewer Warrants (RB) 5.25%, 10/01/49 (c)		1,000			1,053,704
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p)		1,180			1,295,097
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/49 (c)		8,540			8,770,876
Jefferson County, Alabama Sewer Revenue (RB) 5.25%, 10/01/45 (c)		2,175			2,332,222
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/33 (c)		1,350			1,025,068
Southeast Alabama Gas Supply District, Project No. 2, Series B (RB) 5.00%, 06/01/49 (c) (p)		2,600			2,710,979
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
4.50%, 05/01/32 (c)		2,914			2,911,808
5.25%, 05/01/44 (c)		7,000			7,015,216
					53,383,473
Alaska: 0.0%
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^		3,000			367,854

	Par   (000’s		)	Value
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/38 (c)	$	4,250		$	4,145,036
6.50%, 09/01/28		250			260,056
6.62%, 09/01/35 (c)		1,000			1,028,884
					5,433,976
Arizona: 2.6%
Arizona Industrial Development Authority (RB)
5.00%, 07/01/54 (c)		1,000			898,335
5.00%, 07/01/51 (c)		2,420			2,091,636
5.00%, 07/01/51 (c)		1,000			864,312
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/54 (c)		1,000			851,885
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/29 (c)		500			484,537
Arizona Industrial Development Authority, Academies of Math and Science Projects (RB) 5.00%, 07/01/39 (c)		1,000			987,381
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 07/01/29 (c)		200			202,272
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/37 (c)		1,270			1,303,650
6.00%, 07/01/47 (c)		2,940			2,982,746
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 03/01/37 (c)		1,545			1,497,938
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/37 (c)		250			250,972
5.25%, 07/01/47 (c)		500			486,252
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/47 (c)		270			253,762
5.00%, 07/01/51 (c)		515			476,813
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/47 (c)		500			469,930

See Notes to Financial Statements

18

	Par   (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/53 (c)	$	1,000		$	954,043
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 07/01/37 (c)		2,650			2,652,858
5.50%, 07/01/52 (c)		2,100			1,987,877
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/47 (c)		1,000			1,009,418
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/29 (c)		500			471,125
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		6,427			5,937,290
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/51 (c)		1,400			1,066,031
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM) 5.00%, 07/01/44 (c)		6,990			7,180,636
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/27 (c)		250			236,710
5.00%, 11/15/40 (c)		1,000			856,583
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/56 (c)		1,340			1,153,620
Industrial Development Authority of the City of Phoenix Arizona/The (RB) 6.75%, 07/01/44 (c)		1,000			1,002,444
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		200			198,422
5.00%, 07/01/46 (c)		1,000			947,243
5.00%, 07/01/45 (c)		500			477,350
5.00%, 07/01/35 (c)		900			902,865
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/42 (c)		1,250			1,236,400

	Par   (000’s		)	Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/45 (c)	$	4,435		$	4,233,993
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/36 (c)		750			753,305
Maricopa County Arizona Industrial Development Authority, Valley Christian Schools Project, Series A (RB) 6.38%, 07/01/58 (c)		1,000			1,014,873
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/52 (c)		1,000			1,016,066
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/54 (c)		1,400			1,405,438
5.00%, 07/01/49 (c)		1,300			1,311,565
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/54 (c)		500			460,601
5.00%, 07/01/49 (c)		1,990			1,860,264
5.00%, 07/01/39 (c)		500			493,172
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/47 (c)		1,750			1,696,191
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/57 (c)		5,000			3,568,801
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/34 (c)		1,000			945,691
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/51 (c)		1,000			732,709
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/45 (c)		1,250			1,252,470

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Arizona (continued)
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/36 (c)	$	250		$	250,358
5.38%, 07/01/46 (c)		250			240,399
5.50%, 07/01/51 (c)		250			240,418
Pima County, Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/30 (c)		1,000			1,011,888
Sacramento County, Community Facilities District No. 2005-2 (RB) 5.00%, 12/01/32		2,000			2,104,558
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		7,105			7,556,941
5.25%, 12/01/25		265			269,437
5.25%, 12/01/27		215			222,710
5.25%, 12/01/28		245			254,893
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/54 (c)		355			316,392
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/37 (c)		1,200			841,288
6.12%, 10/01/52 (c)		600			356,660
					76,784,417
Arkansas: 1.1%
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/49 (c)		7,520			7,363,662
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB)
5.45%, 09/01/52 (c)		19,750			20,001,181
5.70%, 05/01/53 (c)		3,205			3,296,099
					30,660,942
California: 12.0%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/37 (c)		5,535			5,628,495
5.00%, 10/01/36 (c)		2,230			2,270,726
5.00%, 10/01/35 (c)		1,650			1,681,792
5.00%, 10/01/34 (c)		3,000			3,062,317
Alameda Corridor Transportation Authority, Series A (RB) (AGM) 0.00%, 10/01/53 (c) ^		1,905			458,344
Anaheim Community Facilities District No. 08-1 (ST) 4.00%, 09/01/46 (c)		420			365,495

	Par   (000’s		)	Value
California (continued)
4.00%, 09/01/36 (c)	$	160		$	156,287
4.00%, 09/01/41 (c)		615			561,701
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/36 (c)		2,000			2,080,890
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/36 (c)		1,480			1,477,269
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 01/01/54 (c) (p)		10,970			11,450,374
California Community Choice Financing Authority, Clean Energy, Series B-1 (RB) 5.00%, 07/01/53 (c) (p)		1,580			1,656,886
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 05/01/54 (c) (p)		10,000			10,619,301
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/53 (c)		1,695			1,714,459
California Community Housing Agency Senior Essential Housing, Series A-1 (RB) (AGM) 3.00%, 02/01/57 (c)		3,000			1,835,245
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/50 (c)		3,100			2,893,905
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 02/01/56 (c)		2,000			1,642,159
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/56 (c)		4,000			2,784,349
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 02/01/56 (c)		2,000			1,392,313
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/50 (c)		3,000			2,097,995

See Notes to Financial Statements

20

	Par   (000’s		)	Value
California (continued)
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 02/01/50 (c)	$	2,000		$	1,478,686
California Community Housing Agency, Series A-1 (RB) 4.00%, 02/01/56 (c)		4,500			4,016,889
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/56 (c)		6,000			4,717,717
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 06/01/35 (c)		5			5,111
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 06/01/36 (c)		15			14,706
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c)		3,050			2,892,370
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/49 (c)		250			219,387
4.20%, 08/15/42 (c)		500			467,423
5.00%, 08/15/37 (c)		460			473,430
5.00%, 08/15/42 (c)		990			1,008,777
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/48 (c)		590			604,618
California Housing Finance Agency (RB)
3.25%, 08/20/36		1,925			1,747,011
3.50%, 11/20/35		2,384			2,204,182
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		6,503			6,476,962
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 05/01/55 (c)		2,300			2,093,230
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/32 (c)		1,085			1,192,337

	Par   (000’s		)	Value
California (continued)
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/55 (c)	$	1,000		$	840,908
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/45 (c)		500			502,062
6.12%, 11/01/33 (c)		1,000			1,001,772
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/62 (c)		1,000			940,144
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 05/15/38 (c)		500			517,530
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c)		150			138,832
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/46 (c)		5,000			4,782,196
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/41 (c)		1,500			1,464,032
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/42 (c)		1,165			1,087,663
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/30 (c)		200			206,309
5.00%, 07/01/31 (c)		250			257,755
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/49 (c)		500			467,265
5.00%, 10/01/57 (c)		500			453,472
5.00%, 10/01/39 (c)		500			493,632
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/45 (c)		2,390			2,262,283

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 12/31/29 (c)	$	500		$	497,703
5.00%, 06/30/29 (c)		600			597,420
5.00%, 12/31/43 (c)		2,490			2,449,413
5.00%, 06/30/28		65			64,762
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 12/31/30 (c)		1,950			1,782,455
5.00%, 12/31/37 (c)		1,000			986,987
5.00%, 12/31/34 (c)		700			693,517
5.00%, 06/30/31 (c)		1,035			1,029,048
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/47 (c)		230			221,767
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/41 (c)		500			488,147
5.00%, 07/01/49 (c)		1,000			941,303
5.00%, 07/01/38 (c)		130			129,170
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/49 (c)		3,000			2,656,352
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c)		250			231,387
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		19,000			18,893,268
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/37 (c)		5,000			5,002,459
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			13,500
7.50%, 12/01/39 (c) (d) *		6,863			686
7.50%, 07/01/32 (c) (d) *		10,500			141,750
8.00%, 07/01/39 (c) (d) *		6,635			89,573
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,000			13,500

	Par   (000’s		)	Value
California (continued)
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB)
5.00%, 07/01/38 (c)	$	1,000		$	1,064,191
5.00%, 07/01/37 (c)		1,000			1,070,490
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/54 (c)		400			367,020
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/36 (c)		2,000			2,015,355
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/52 (c)		1,000			927,271
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/51 (c)		1,000			823,939
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/47 (c)		2,000			1,864,816
6.38%, 07/01/46 (c)		5,000			5,152,370
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/47 (c)		250			244,202
5.25%, 06/01/52 (c)		250			245,307
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		1,210			1,173,910
5.00%, 11/01/41 (c)		1,000			994,234
6.38%, 11/01/43 (c)		1,000			1,001,268
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/49 (c)		250			250,093
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 07/01/39 (c) (d) *		21			19,561
5.75%, 07/01/24 (c) (d) *		4			3,743

See Notes to Financial Statements

22

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 07/01/25 (c) (d) *	$	1		$	549
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/33 (c)		545			556,184
5.00%, 05/15/30 (c)		385			394,065
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/39 (c)		435			438,474
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/33 (c)		1,075			1,076,286
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 12/01/41 (c)		17,050			17,150,155
5.00%, 12/01/36 (c)		3,595			3,644,551
5.25%, 12/01/44 (c)		5,300			5,315,306
5.25%, 12/01/34 (c)		1,740			1,752,392
5.25%, 12/01/56 (c)		14,900			14,971,378
5.25%, 12/01/48 (c)		1,000			1,015,328
5.50%, 12/01/54 (c)		11,630			11,666,137
5.50%, 12/01/58 (c)		3,500			3,565,987
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/33 (c)		2,000			2,137,998
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) 5.00%, 12/01/46 (c)		4,730			4,739,240
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/36 (c)		615			569,194
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/47 (c)		3,170			3,182,843

	Par   (000’s		)	Value
California (continued)
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/01/43 (c)	$	900		$	919,896
City & County of San Francisco, Special Tax District No 2020-1, Series A (ST) 4.00%, 09/01/41 (c)		1,635			1,435,032
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/51 (c)		500			433,782
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/40 (c)		250			251,648
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/33 (c)		250			250,425
4.00%, 09/01/34 (c)		250			250,465
4.00%, 09/01/32 (c)		230			230,532
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/42 (c)		750			755,896
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/37 (c)		180			174,464
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/39 (c)		810			819,633
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/36 (c)		500			463,537
5.00%, 09/01/34 (c)		155			159,129
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/47 (c)		3,450			3,472,483
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/37 (c)		200			202,180
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/40 (c)		1,045			1,055,120
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/56 (c)		4,000			2,663,283
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/56 (c)		8,360			5,556,395

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 08/01/49 (c)	$	1,000		$	809,259
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 08/01/56 (c)		2,500			2,133,463
Compton Public Finance Authority (RB)
4.00%, 09/01/27 (c)		800			793,077
4.50%, 09/01/32 (c)		1,585			1,572,961
County of Los Angeles Community Facilities District No 2021-01 (ST) 5.00%, 09/01/47 (c)		1,000			1,003,052
CSCDA Community Improvement Authority (RB)
2.80%, 03/01/47 (c)		1,935			1,430,624
3.12%, 07/01/56 (c)		2,500			1,650,457
3.60%, 05/01/47 (c)		2,000			1,646,088
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/46 (c)		1,000			789,980
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/56 (c)		7,750			5,905,023
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)
3.00%, 12/01/56 (c)		2,000			1,379,652
3.00%, 03/01/57 (c)		4,000			2,696,737
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/57 (c)		1,000			714,249
4.00%, 05/01/57 (c)		1,500			1,067,777
CSCDA Community Improvement Authority, Essential Housing, Acacia on Santa Rosa Creek, Series A (RB) (NATL) 4.00%, 10/01/56 (c)		2,500			2,114,902
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/45 (c)		1,000			753,577

	Par   (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Essential Housing, Waterscape Apartments, Series A (RB) 3.00%, 09/01/56 (c)	$	2,060		$	1,402,835
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/57 (c)		3,000			1,757,139
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/56 (c)		4,205			3,052,573
CSCDA Community Improvement Authority, Link-Glendale, Series A-2 (RB) 4.00%, 07/01/56 (c)		5,350			3,880,222
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB) 3.25%, 07/01/56 (c)		2,000			1,362,744
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/43 (c)		2,500			1,926,948
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 12/01/48 (c)		1,000			730,247
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/46 (c)		1,635			1,249,624
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/56 (c)		1,000			729,762
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 10/01/48 (c)		500			360,534
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 12/01/58 (c)		3,000			2,222,527
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/39 (c)		500			517,249
5.00%, 09/01/44 (c)		500			511,643
5.00%, 09/01/49 (c)		500			506,686

See Notes to Financial Statements

24

	Par   (000’s		)	Value
California (continued)
5.00%, 09/01/37 (c)	$	1,150		$	1,184,192
5.00%, 09/01/47 (c)		485			489,796
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/32 (c)		1,100			1,143,551
5.00%, 09/01/37 (c)		2,000			2,058,208
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 01/15/53 (c)		100			90,101
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 01/15/53 (c)		475			391,362
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 06/01/66 (c) ^		101,000			10,255,833
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/46 (c)		250			210,206
Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 06/01/47 (c) ^		100,000			21,120,050
Irvine Unified School District (ST) 5.00%, 09/01/51 (c)		1,075			1,085,345
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/40 (c)		405			407,774
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/27 (c)		27			27,040
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		420			444,941
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/38 (c)		975			967,393
5.25%, 08/15/45 (c)		455			458,352
Palm Desert California Improvement, Section 29 Assessment District No. 2004- 02 (SA) 4.00%, 09/02/37 (c)		1,200			1,134,985
Palomar Health (RB) 5.00%, 11/01/31 (c)		250			242,663
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			118,409
Perris Union High School District Financing Authority (ST) 5.00%, 09/01/41 (c)		1,000			1,003,983

	Par   (000’s		)	Value
California (continued)
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/34 (c)	$	750		$	761,885
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/38 (c)		500			510,356
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/48 (c)		500			505,970
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/45 (c)		495			498,457
5.00%, 09/01/40 (c)		345			348,989
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/56 (c)		745			783,269
San Diego County, California Regional Airport, Series A (RB) 4.00%, 07/01/46 (c)		1,050			1,029,061
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB) 5.00%, 01/01/47 (c)		1,475			1,507,878
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/40 (c)		2,750			2,750,965
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/49 (c)		300			302,464
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/49 (c)		200			201,203
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/32 ^		145			107,209
0.00%, 01/15/36 ^		105			65,312
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 09/01/41 (c)		500			503,630
Successor Agency of Pttsburg, Los Medanos Community Development Project, Series A (TA) (AGM) 5.00%, 09/01/29 (c)		1,020			1,054,281

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/45 (c)	$	100		$	100,521
5.00%, 09/01/40 (c)		100			100,775
Val Verde Unified School District (ST) 5.00%, 09/01/37 (c)		750			755,505
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			231,625
5.30%, 09/01/31 (c) (d) *		530			144,425
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/42 (c)		445			450,512
					348,490,984
Colorado: 2.5%
Aerotropolis Colorado Regional Transportation Authority (RB) 4.38%, 12/01/52 (c)		2,000			1,639,384
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/43 (c)		2,010			2,033,540
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/46 (c)		1,000			996,829
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/35 (c)		500			482,391
5.00%, 12/01/40 (c)		500			452,802
Broadway Station Metropolitan District No. 3, Series A (GO) 5.00%, 12/01/49 (c)		1,425			1,106,061
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO) 5.00%, 12/01/51 (c)		1,000			889,989
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/47 (c)		500			449,198
5.00%, 12/01/29 (c)		500			494,336
5.00%, 12/01/37 (c)		500			480,003
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c)		10,195			10,187,622
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/48 (c)		2,250			2,079,106
Colorado Bridge Enterprise, Central 70 Project (RB) 4.00%, 06/30/51 (c)		2,700			2,266,240

	Par   (000’s		)	Value
Colorado (continued)
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/49 (c)	$	500		$	460,837
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/38 (c)		510			492,605
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/49 (c)		5			3,695
4.00%, 08/01/49 (c)		4,735			4,306,828
5.00%, 08/01/44 (c)		2,000			2,056,132
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 12/01/35 (c)		1,000			1,001,240
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/57 (c)		536			53,616
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c)		350			350,452
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/39 (c)		500			438,471
5.75%, 12/01/49 (c)		500			426,083
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/38 (c)		1,000			972,165
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/29 (c)		720			702,368
5.25%, 11/01/37 (c)		2,345			2,287,670
5.50%, 11/01/44 (c)		1,865			1,795,166
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 12/01/50 (c)		1,000			977,757
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/47 (c)		1,000			851,696
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/50 (c)		1,000			956,800
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/39 (c)		1,000			935,009

See Notes to Financial Statements

26

	Par   (000’s		)	Value
Colorado (continued)
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 12/01/35 (c)	$	540		$	466,133
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/41 (c)		4,000			3,963,646
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38		2,000			2,415,499
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 12/01/44 (c)		960			713,233
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 12/01/51 (c)		3,000			2,220,200
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,500			1,456,886
Southglenn Metropolitan District (GO) 5.00%, 12/01/46 (c)		1,000			902,874
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/47 (c)		1,200			1,146,320
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/50 (c)		1,000			838,203
6.50%, 12/01/54 (c)		1,000			1,017,352
Sterling Ranch Community Authority Board, Douglas County, Colorado (SA) 5.62%, 12/01/43 (c)		1,000			1,014,422
Trails at Crowfoot Metropolitan District No 3 (GO) 5.00%, 12/01/49 (c)		1,000			931,838
Transport Metropolitan District No. 3 (GO)
5.00%, 12/01/51 (c)		4,000			3,160,471
5.00%, 12/01/41 (c)		2,000			1,692,789
Tree Farm Metropolitan District, Eagle County, Colorado (GO) 4.75%, 12/01/50 (c)		2,000			1,711,340
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/34 (c)		500			495,894
5.38%, 12/01/39 (c)		1,500			1,455,810
Verve Metropolitan District No. 1 (GO)
5.00%, 12/01/36 (c)		1,025			878,034
5.75%, 12/01/33 (c)		1,000			942,441

	Par   (000’s		)	Value
Colorado (continued)
Village Metropolitan District/The (GO) 5.00%, 12/01/49 (c)	$	1,750		$	1,649,023
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 12/01/36 (c)		1,000			863,042
4.00%, 12/01/41 (c)		1,000			784,010
					73,345,551
Connecticut: 0.7%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 06/01/26 (c)		630			627,242
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/46 (c)		3,500			2,991,786
5.00%, 09/01/53 (c)		1,200			976,065
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/50 (c)		2,630			2,268,887
5.00%, 07/01/44 (c)		1,100			992,166
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/54 (c)		5,000			3,808,031
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/55 (c)		2,000			1,551,126
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/38 (c)		500			466,352
5.00%, 07/01/33 (c)		1,000			1,023,209
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/44 (c)		250			190,982
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/49 (c)		250			181,872
Steel Point Infrastructure Improvement District (TA)
4.00%, 04/01/51 (c)		2,000			1,573,862
4.00%, 04/01/41 (c)		1,125			953,645

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Connecticut (continued)
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/50 (c)	$	3,000		$	2,602,380
					20,207,605
Delaware: 0.2%
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 07/01/48 (c)		1,450			1,439,846
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/52 (c)		915			676,873
5.00%, 06/01/46 (c)		1,000			912,649
5.00%, 06/01/36 (c)		250			247,313
Delaware State Economic Development Authority (RB) 5.00%, 06/01/51 (c)		1,100			980,480
					4,257,161
District of Columbia: 0.7%
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.00%, 06/15/46 (c) ^		7,500			1,749,488
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/30 (c)		1,225			1,343,250
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/32 (c)		250			251,727
5.00%, 07/01/42 (c)		1,180			1,124,399
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/50 (c)		3,500			3,263,528
5.00%, 06/01/40 (c)		500			489,171
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		9,325			4,866,841
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		1,020			555,309
4.00%, 10/01/44 (c)		7,315			6,939,857
4.00%, 10/01/36 (c)		250			252,359
6.50%, 10/01/44 (c)		245			267,451
					21,103,380

	Par   (000’s		)	Value
Florida: 4.6%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB) 5.00%, 12/01/34 (c)	$	1,055		$	1,061,152
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/52 (c)		1,000			1,032,210
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/38 (c)		2,150			2,151,957
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/50 (c)		295			207,561
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/56 (c)		7,200			6,588,525
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 12/15/35 (c)		1,335			1,294,873
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 12/15/40 (c)		500			459,670
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 07/01/29 (c)		400			388,316
5.12%, 07/01/39 (c)		500			480,844
5.25%, 07/01/49 (c)		500			457,015
5.38%, 07/01/54 (c)		500			455,337
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		185			182,213
5.25%, 06/15/47 (c)		500			477,433
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) (SBG) 5.00%, 06/15/39 (c)		1,000			958,962
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,130,960
5.25%, 12/01/43 (c)		2,000			1,963,921
5.25%, 12/01/58 (c)		2,200			2,097,749
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 01/01/55 (c)		2,250			1,860,071

See Notes to Financial Statements

28

	Par   (000’s		)	Value
Florida (continued)
Charlotte County Industrial Development Authority, Town & Country Utilities Project (RB) 5.00%, 10/01/49 (c)	$	1,000		$	985,522
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/31 (c)		3,000			3,140,110
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27		1,100			1,147,202
5.00%, 11/01/38 (c)		500			514,037
5.00%, 11/01/32 (c)		2,500			2,608,633
City Of South Miami Health Facilities Authority, Inc. (RB) 4.00%, 08/15/42 (c)		2,040			1,916,214
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 12/01/35 (c)		230			215,183
5.00%, 12/01/44 (c)		1,305			1,273,413
5.00%, 12/01/40 (c)		1,210			1,210,463
Clay County, Florida Sales Surtax (RB) 4.00%, 10/01/39 (c)		1,100			1,076,334
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		440			11,879
8.12%, 05/15/44 (c) (d) *		343			9,261
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c)		2,135			2,168,884
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c)		1,645			1,680,223
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 08/15/31 (c)		2,000			2,088,997
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 4.00%, 08/15/45 (c)		2,000			1,769,112
Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) 5.50%, 07/01/53 (c)		1,000			1,036,944
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/15/52 (c)		1,000			960,650

	Par   (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/47 (c)	$	2,225		$	2,173,063
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/35 (c)		425			406,843
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/55 (c)		2,000			1,245,515
5.25%, 06/01/50 (c)		1,000			831,929
Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series B (RB) 5.25%, 06/15/41 (c)		1,000			972,435
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/29 (c)		1,000			1,000,943
6.00%, 06/15/35 (c)		500			505,507
6.12%, 06/15/46 (c)		685			688,834
6.62%, 06/15/43 (c)		1,000			1,089,635
6.75%, 06/15/53 (c)		1,000			1,085,106
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/52 (c)		1,000			874,987
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.38%, 01/01/49 (c) (p)		5,300			5,359,787
6.50%, 01/01/49 (c) (p)		9,750			9,860,945
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 6.12%, 07/01/32 (c) (p)		4,000			4,083,270
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/40 (c)		1,450			1,355,911
5.50%, 11/01/50 (c)		2,450			2,228,239
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 08/01/45 (c)		6,500			5,918,975
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/50 (c)		2,000			1,833,064

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Florida (continued)
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/42 (c)	$	500		$	482,256
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/57 (c)		1,000			832,663
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 4.00%, 11/15/46 (c)		2,500			2,296,496
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
5.00%, 11/15/39 (c)		1,880			1,883,721
5.00%, 11/15/44 (c)		3,000			3,005,715
Miami World Center Community Development District (SA)
5.12%, 11/01/39 (c)		750			759,207
5.25%, 11/01/49 (c)		250			252,861
Miami-Dade County Aviation, Series A (RB) (BAM-TCRS) 5.00%, 10/01/36 (c)		3,000			3,003,714
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/61 (c)		1,000			968,049
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/28 (c)		1,360			1,405,653
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/40 (c)		2,500			2,508,372
5.00%, 10/01/35 (c)		500			504,929
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/40 (c)		1,000			1,003,349
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) 5.00%, 05/01/37 (c)		85			84,996
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/48 (c)		2,000			2,028,556
North Broward Hospital District, Series B (RB) 5.00%, 01/01/32 (c)		155			161,684
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/37 (c)		200			201,617
5.00%, 08/01/46 (c)		200			197,867

	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%, 06/01/55 (c)	$	3,230		$	2,932,765
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/51 (c)		2,500			2,396,453
5.00%, 04/01/39 (c)		1,000			1,004,277
Palm Cost Park Community Development District (SA) 5.70%, 05/01/37 (c)		140			141,823
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understaing Inc. Project (RB) 5.00%, 07/01/39 (c)		1,900			1,899,871
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		4,820			4,611,984
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/49 (c)		500			423,321
5.75%, 11/15/54 (c)		1,500			1,283,129
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 11/15/26 (c)		1,200			1,174,606
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c)		1,100			1,039,581
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		150			148,843
3.62%, 05/01/31 (c)		995			985,305
4.25%, 05/01/43 (c)		905			863,817
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		715			688,509
3.50%, 05/01/51 (c)		1,500			1,235,768
3.55%, 05/01/39 (c)		2,755			2,520,175
					134,508,750

See Notes to Financial Statements

30

	Par   (000’s		)	Value
Georgia: 1.4%
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 11/01/45 (c)	$	6,525		$	5,819,741
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c)		1,250			1,240,971
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) 4.00%, 04/01/41 (c)		2,500			2,019,022
Gainesville & Hall County Hospital Authority (RB) 5.00%, 02/15/45 (c)		3,575			3,620,307
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/37 (c)		700			551,444
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/54 (c)		4,750			4,063,393
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			421,483
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/47 (c)		2,680			2,589,082
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/37 (c)		250			257,008
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 08/01/52 (c) (p)		15,000			14,565,030
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/37 (c)		5,000			4,851,981
5.00%, 11/01/47 (c)		1,000			912,388
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/60 (c)		375			371,107
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/39 (c)		500			449,859
5.25%, 10/01/49 (c)		500			423,284
					42,156,100

	Par   (000’s		)	Value
Guam: 0.9%
Guam Government (GO) 5.00%, 11/15/31 (c)	$	1,055		$	1,074,813
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/39 (c)		600			555,407
5.00%, 11/15/33 (c)		5,805			5,873,115
5.00%, 11/15/39 (c)		1,085			1,089,776
5.00%, 11/15/35 (c)		1,100			1,111,423
5.00%, 11/15/34 (c)		1,040			1,051,780
Guam Government, Business Privilege Tax, Series F (RB)
4.00%, 01/01/42 (c)		7,000			6,438,181
4.00%, 01/01/36 (c)		1,000			983,047
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			484,848
5.00%, 02/01/40 (c)		500			486,718
Guam Government, Limited Obligation, Series A (RB)
5.00%, 12/01/34 (c)		2,290			2,332,007
5.00%, 12/01/46 (c)		3,120			2,978,492
Guam Power Authority, Series A (RB) 5.00%, 10/01/40 (c)		500			505,930
					24,965,537
Hawaii: 0.2%
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 07/01/32 (c)		1,645			1,486,754
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/27 (c)		1,400			1,400,842
6.62%, 07/01/33 (c)		2,085			2,087,176
					4,974,772
Idaho: 0.1%
Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP) 5.25%, 05/15/51 (c)		2,000			1,938,213
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/33 (c)		450			396,097
5.00%, 09/01/37 (c)		1,135			1,124,559
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/31 (c)		100			84,368
					3,543,237
Illinois: 9.8%
Chicago Board of Education (GO) 5.25%, 12/01/35 (c)		3,000			3,230,821

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 (GO) (AGM) 5.00%, 12/01/33 (c)	$	1,250		$	1,303,812
Chicago Board of Education, Series A (GO)
5.00%, 12/01/30 (c)		1,265			1,300,144
5.00%, 12/01/33 (c)		250			256,788
5.00%, 12/01/30 (c)		1,195			1,241,234
5.00%, 12/01/29		1,000			1,047,927
5.00%, 12/01/32 (c)		5,575			5,842,190
5.00%, 12/01/39 (c)		6,000			6,128,240
5.00%, 12/01/35 (c)		2,400			2,500,314
5.00%, 12/01/33 (c)		5,100			5,341,500
5.00%, 12/01/40 (c)		6,350			6,455,447
5.00%, 12/01/36 (c)		6,990			7,233,290
5.00%, 12/01/37 (c)		3,610			3,711,021
5.00%, 12/01/34 (c)		395			413,056
5.00%, 12/01/47 (c)		10,000			9,912,289
5.00%, 12/01/42 (c)		17,755			17,645,299
5.88%, 12/01/47 (c)		2,600			2,833,242
7.00%, 12/01/44 (c)		4,210			4,358,221
7.00%, 12/01/26 (c)		5,200			5,427,468
7.00%, 12/01/46 (c)		2,250			2,423,290
Chicago Board of Education, Series A (GO) (AGM) 5.00%, 12/01/34 (c)		1,250			1,302,836
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			146,626
5.50%, 12/01/26		175			177,362
5.50%, 12/01/31		1,285			1,355,901
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			652,373
0.00%, 12/01/28 ^		390			320,238
0.00%, 12/01/30 ^		55			41,339
5.50%, 12/01/26		355			361,425
Chicago Board of Education, Series B (GO)
4.00%, 12/01/39 (c)		5,000			4,667,536
4.00%, 12/01/40 (c)		5,000			4,597,875
5.00%, 12/01/27		1,500			1,546,809
5.00%, 12/01/33 (c)		200			207,586
5.00%, 12/01/31 (c)		3,600			3,773,452
5.00%, 12/01/33 (c)		1,105			1,102,458
5.00%, 12/01/34 (c)		1,680			1,670,390
6.50%, 12/01/46 (c)		4,000			4,156,248
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27		2,000			2,062,413
5.00%, 12/01/30 (c)		2,000			2,044,937
5.00%, 12/01/34 (c)		8,805			8,958,463
5.25%, 12/01/35 (c)		11,015			11,014,492
5.25%, 12/01/39 (c)		12,180			12,153,766
6.00%, 12/01/35 (c)		1,160			1,168,586
Chicago Board of Education, Series C (GO) (AGM) 5.00%, 12/01/30 (c)		500			522,500

	Par   (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c)	$	3,640		$	3,639,943
Chicago Board of Education, Series G (GO) 5.00%, 12/01/44 (c)		3,000			2,971,192
Chicago Board of Education, Series H (GO)
5.00%, 12/01/46 (c)		12,710			12,489,990
5.00%, 12/01/36 (c)		9,730			9,844,346
Chicago O’Hare International Airport, Series A (RB) (AGM) 5.25%, 01/01/45 (c)		3,000			3,178,737
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/25 ^		355			331,748
0.00%, 12/01/29 ^		1,460			1,145,390
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/25 ^		1,650			1,541,927
0.00%, 12/01/26 ^		1,630			1,460,347
0.00%, 12/01/27 ^		1,030			884,137
0.00%, 12/01/28 ^		690			567,592
0.00%, 12/01/29 ^		645			506,011
0.00%, 12/01/31 ^		520			372,814
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		100			102,216
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/28 ^		345			302,178
0.00%, 01/01/30 ^		420			332,583
0.00%, 01/01/33 ^		985			679,811
0.00%, 01/01/34 ^		760			499,873
City of Chicago, Series A (GO)
5.00%, 01/01/27		725			747,178
5.00%, 01/01/27		200			206,118
5.00%, 01/01/33 (c)		3,000			3,227,209
5.00%, 01/01/34 (c)		3,000			3,221,640
5.00%, 01/01/32 (c)		1,500			1,615,277
5.50%, 01/01/49 (c)		3,000			3,095,621
5.50%, 01/01/41 (c)		1,000			1,058,919
6.00%, 01/01/38 (c)		5,000			5,210,171
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			115,521
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,939,075
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			138,665
5.00%, 01/01/26		380			386,965
5.00%, 01/01/27 (c)		250			253,932
City of Chicago, Series D (GO) 5.50%, 01/01/40 (c)		5,000			5,015,070

See Notes to Financial Statements

32

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Series F (GO) 5.50%, 01/01/42 (c)	$	1,175		$	1,177,753
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		880			939,639
City of Harvey, Series A (GO) 4.50%, 01/01/54		4,659			3,528,253
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,216,998
Illinois Finance Authority (RB) 7.38%, 09/01/42 (c) (p)		2,500			2,687,090
Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB) 5.00%, 02/15/47 (c)		4,125			3,904,679
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/42 (c)		1,000			821,593
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/38 (c)		390			339,803
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/15/39 (c)		35			33,593
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) 5.00%, 07/01/30 (c)		1,000			954,966
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		3,000			690,000
5.00%, 02/15/37 (c) (d) *		6,500			1,495,000
5.12%, 02/15/45 (c) (d) *		6,130			1,409,900
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/52 (c)		100			82,657
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/40 (c)		175			159,303
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/45 (c)		500			501,685
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/35 (c)		5			4,436
5.00%, 11/01/30 (c)		250			234,790
5.00%, 11/01/29 (c)		500			474,636

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 04/01/32 (c)	$	475		$	463,681
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,043,070
5.00%, 06/15/30 (c)		3,055			3,215,103
5.00%, 06/15/29		1,000			1,054,314
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/27 (c)		3,000			2,999,124
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			628,905
Illinois State, Series A (GO)
5.00%, 12/01/31 (c)		500			522,244
5.00%, 05/01/43 (c)		500			509,317
Metropolitan Pier & Exposition Authority (RB) 0.00%, 12/15/50 ^		35,755			8,811,848
Metropolitan Pier & Exposition Authority (RB) (NATL) 0.00%, 12/15/33 ^		1,500			1,033,284
Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/40 (c)		1,000			1,010,178
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
3.00%, 06/15/25 (c)		2,000			1,967,371
5.00%, 06/15/50 (c)		3,000			3,061,452
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/30 ^		475			370,805
0.00%, 12/15/34 ^		590			388,979
0.00%, 06/15/30 ^		745			592,486
0.00%, 06/15/31 ^		125			95,377
0.00%, 06/15/34 ^		190			127,920
0.00%, 06/15/39 ^		115			58,521
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 10/01/38 (c)		585			470,222
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB)
4.00%, 12/01/31 (c)		2,000			2,012,759
State of Illinois (GO)
3.50%, 06/01/31 (c)		175			164,973
4.00%, 01/01/31 (c)		610			610,650
4.00%, 06/01/35 (c)		270			266,325
4.00%, 06/01/34 (c)		360			355,587
4.00%, 06/01/37 (c)		460			446,451

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Illinois (continued)
4.12%, 11/01/31 (c)	$	600		$	602,752
5.00%, 11/01/24		200			200,973
5.00%, 02/01/27		500			517,258
5.00%, 05/01/35 (c)		100			100,086
5.00%, 02/01/26 (c)		375			375,344
5.00%, 05/01/34 (c)		175			175,223
5.00%, 02/01/27 (c)		350			350,305
5.00%, 06/01/26		125			128,202
State of Illinois (RB) 3.00%, 06/15/31 (c)		100			94,105
State of Illinois, Series A (GO)
5.00%, 10/01/28		500			529,300
5.00%, 11/01/28		5			5,301
5.00%, 12/01/34 (c)		100			104,059
5.00%, 03/01/46 (c)		4,865			5,007,721
5.00%, 05/01/41 (c)		365			373,078
State of Illinois, Series C (GO) 4.00%, 11/01/43 (c)		1,425			1,321,283
State of Illinois, Series D (GO) 5.00%, 11/01/25		250			254,360
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/63 (c)		1,000			992,452
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/41 (c)		500			459,720
Village of Bridgeview (GO) 5.00%, 12/01/42 (c)		360			328,946
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			74,433
0.00%, 01/01/31 ^		245			186,381
0.00%, 01/01/33 ^		540			374,907
					286,187,309
Indiana: 1.0%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c)		175			166,517
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/32 (c)		150			150,035
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30		1,500			1,376,303
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/51 (c)		4,000			4,013,112

	Par   (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30	$	7,000		$	6,950,266
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		5,000			4,587,675
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		5,500			5,480,545
Indianapolis Local Public Improvement Bond Bank (RB)
5.75%, 03/01/43 (c)		2,340			2,557,820
6.00%, 03/01/53 (c)		1,000			1,085,289
6.12%, 03/01/57 (c)		3,135			3,399,780
					29,767,342
Iowa: 0.9%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/29 (c)		1,025			976,477
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/43 (c)		655			597,881
5.00%, 05/15/48 (c)		4,000			3,503,419
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 08/01/42 (c)		14,000			13,681,545
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/50 (c) (p)		5,105			5,299,463
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		1,170			1,145,772
5.00%, 10/01/37 (c)		2,115			1,936,490
					27,141,047
Kansas: 0.3%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/41 (c)		250			220,868
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/43 (c)		1,000			949,347
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/46 (c)		3,000			2,370,189

See Notes to Financial Statements

34

	Par   (000’s		)	Value
Kansas (continued)
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/27 (c)	$	500		$	499,081
City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/38 (c)		1,355			1,137,676
City of Wichita, Health Care Facilities, Series III (RB)
5.00%, 05/15/50 (c)		500			357,386
5.00%, 05/15/34 (c)		250			223,853
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/36 (c)		1,000			913,505
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)
6.25%, 12/01/42 (c)		1,000			1,006,527
6.50%, 12/01/52 (c)		1,000			1,006,455
					8,684,887
Kentucky: 1.0%
Christian County School District Finance Corp. (RB) (AGM) 4.50%, 10/01/48 (c)		1,000			1,026,724
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/36 (c)		100			101,678
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) 4.45%, 01/01/42 (c)		2,250			2,209,362
Kentucky Economic Development Finance Authority Hospital, Series A (RB)
5.00%, 06/01/45 (c)		1,720			1,720,544
5.00%, 06/01/31 (c)		1,315			1,346,003
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 12/01/47 (c)		760			750,243
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/45 (c)		4,655			4,785,702
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/31 (c)		2,545			2,345,595
5.00%, 05/15/46 (c)		250			189,005
5.00%, 05/15/36 (c)		350			301,099

	Par   (000’s		)	Value
Kentucky (continued)
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/15/32 (c)	$	400		$	366,685
5.50%, 11/15/45 (c)		250			198,547
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			176,472
5.00%, 06/01/41 (c)		990			994,771
5.25%, 06/01/41 (c)		750			756,359
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/40 (c)		500			503,250
Kentucky Public Energy Authority, Gas Supply, SeriesA-1 (RB) 5.00%, 05/01/55 (c) (p)		2,500			2,600,442
Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AGM)
5.00%, 05/15/52 (c)		4,000			4,119,036
5.00%, 05/15/47 (c)		3,170			3,294,169
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/29 (c)		1,045			1,076,902
					28,862,588
Louisiana: 1.7%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/39 (c)		3,800			3,569,279
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/25		100			102,110
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/45 (c)		925			775,156
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/46 (c)		2,850			2,524,032
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/44 (c)		1,900			1,693,974

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, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/35 (c)	$	175		$	127,206
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		5,745			5,424,656
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/46 (c)		1,500			1,570,485
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%, 07/01/39 (c) (d) * ∞		1,647			17
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/39 (c) (d) * ∞		1,389			14
Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/48 (c)		5,000			5,283,526
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/40 (c)		2,160			2,160,003
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 08/01/41 (p)		750			761,005
6.35%, 07/01/40 (c)		11,355			12,279,339
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 10/01/40 (c)		6,000			6,488,422
Parish of St John the Baptist LA (RB) 2.20%, 06/01/37 (p)		6,500			6,190,969
Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB) 4.00%, 02/01/37 (c)		1,530			1,489,322
					50,439,538

	Par   (000’s		)	Value
Maine: 0.3%
Maine Health & Higher Educational Facilities Authority (RB) (AGM) 4.75%, 07/01/53 (c)	$	1,500		$	1,523,782
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/46 (c)		1,695			1,352,050
5.00%, 07/01/41 (c)		1,000			937,421
5.00%, 07/01/46 (c)		5,345			4,683,353
					8,496,606
Maryland: 1.6%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/51 (c)		1,000			963,453
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/39 (c)		1,000			961,775
5.00%, 09/01/46 (c)		2,000			1,808,342
5.00%, 09/01/30 (c)		1,000			1,007,323
5.00%, 09/01/42 (c)		2,250			2,100,764
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/38 (c)		500			495,930
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/43 (c)		250			244,883
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB) 5.00%, 09/01/37 (c)		1,000			981,810
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/50 (c)		1,995			1,719,866
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/45 (c)		6,470			6,004,896
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/32 (c)		2,000			2,001,684
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/43 (c)		1,900			1,785,771
Howard County, Series A (TA) 4.50%, 02/15/47 (c)		2,500			2,244,804
Maryland Economic Development Corp. (RB) 5.25%, 06/30/55 (c)		2,000			2,048,858

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Maryland (continued)
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/25 (c)	$	6,785		$	6,834,077
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 07/01/27 (c)		100			97,247
4.38%, 07/01/36 (c)		470			450,003
4.50%, 07/01/44 (c)		530			479,652
Maryland Economic Development Corp., Port Covington Project (TA)
4.00%, 09/01/50 (c)		3,250			2,576,434
4.00%, 09/01/40 (c)		2,250			1,979,524
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)
5.25%, 06/30/52 (c)		1,085			1,114,441
5.25%, 06/30/47 (c)		5,000			5,152,219
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/42 (c)		400			359,146
5.00%, 07/01/38 (c)		250			252,568
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/30 (c)		210			209,461
4.25%, 07/01/35 (c)		145			145,040
5.00%, 07/01/40 (c)		500			502,834
5.00%, 07/01/33 (c)		625			633,119
Maryland Health and Higher Educational Facilities Authority, Peninsula Regional Health System Issue, Series A (RB) 4.00%, 07/01/48 (c)		1,435			1,305,088
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/37 (c)		1,000			968,077
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 07/01/36 (c)		500			501,228
					47,930,317
Massachusetts: 1.6%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/39 (c)		365			365,925

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts (RB) (BAM-TCRS NATL) 5.50%, 01/01/34	$	1,420		$	1,649,917
Massachusetts Development Finance Agency (RB) 5.00%, 07/01/34 (c)		1,120			1,151,939
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) 4.00%, 07/01/45 (c)		535			463,242
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/44 (c)		2,120			2,082,216
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series G (RB) 5.25%, 07/01/52 (c)		5,435			5,717,152
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/48 (c)		1,000			994,374
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/35 (c)		500			503,567
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/43 (c)		1,035			1,036,071
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/45 (c)		2,400			1,979,099
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/34 (c)		1,000			901,130
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/34 (c)		350			321,879
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/38 (c)		500			516,924
5.12%, 11/15/46 (c)		500			511,490
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 10/01/32 (c)		1,000			984,524
4.12%, 10/01/42 (c)		2,500			2,249,781
5.00%, 10/01/47 (c)		1,400			1,399,939
5.00%, 10/01/57 (c)		14,550			14,068,033

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, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/36 (c)	$	1,500		$	1,407,513
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/56 (c)		5			3,988
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/41 (c)		1,930			1,939,928
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/48 (c)		1,000			963,109
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/29 (c)		190			194,230
5.00%, 07/01/46 (c)		510			511,437
Massachusetts Development Finance Agency, Worcester Polytechnic Institute Issue (RB) 5.00%, 09/01/59 (c)		2,000			2,065,709
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/33 (c)		1,250			1,268,595
					45,251,711
Michigan: 0.6%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/41 (c)		290			275,486
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/45 (c)		250			260,246
City of Detroit, Michigan Unlimited Tax, Series A (GO)
5.00%, 04/01/46 (c)		135			135,872
5.00%, 04/01/50 (c)		1,475			1,476,527
Detroit Service Learning Academy, Public School Academy (RB) (AGM) 4.00%, 07/01/41 (c)		1,000			833,702
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/41 (c)		500			419,885

	Par   (000’s		)	Value
Michigan (continued)
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/28 (c)	$	395		$	382,553
Ivywood Classical Academy (RB) 6.25%, 01/01/59 (c)		1,000			997,782
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/35 (c)		250			238,545
5.50%, 11/15/45 (c)		300			269,635
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/39 (c)		215			215,174
5.00%, 07/01/44 (c)		3,575			3,576,685
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/34 (c)		795			796,354
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 06/01/65 (c) ^		15,500			1,622,449
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		100			99,837
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 06/01/32 (c)		1,000			961,749
5.50%, 06/01/47 (c)		1,900			1,622,083
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 06/30/48 (c)		1,250			1,251,435
5.00%, 12/31/32 (c)		700			724,768
5.00%, 06/30/31 (c)		600			621,501
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 06/01/52 (c) ^		260			32,273
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/41 (c)		1,000			846,819
					17,661,360
Minnesota: 0.7%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/37 (c)		135			125,177
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c)		405			390,460
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/40 (c)		245			221,596
5.50%, 07/01/35 (c)		250			239,129

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Minnesota (continued)
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/34 (c)	$	3,000		$	2,513,371
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/40 (c)		500			500,856
5.50%, 07/01/50 (c)		2,860			2,860,721
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/50 (c)		500			488,611
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/33 (c)		115			104,962
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/53 (d) (p) *		1,927			192,740
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/35 (c)		1,000			987,429
5.75%, 09/01/46 (c)		325			326,938
Duluth Economic Development Authority (RB) 4.00%, 07/01/41 (c)		2,255			1,788,042
Housing & Redevelopment Authority of The City of St Paul Minnesota (RB) 4.00%, 11/15/43 (c)		2,000			1,754,200
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/49 (c)		2,000			1,954,276
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/46 (c)		3,730			3,306,775
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/01/40 (c)		940			785,977
Minnesota Higher Education Facilities Authority, Bethel University (RB) 5.00%, 05/01/47 (c)		2,000			1,756,775
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/36 (c)		250			227,722
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/56 (c)		1,150			790,731
					21,316,488

	Par   (000’s		)	Value
Mississippi: 0.3%
Mississippi Development Bank, Magnolia Regional Health Center Project (RB)
4.00%, 10/01/41 (c)	$	3,500		$	2,836,600
5.00%, 10/01/32 (c)		1,530			1,557,044
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c)		3,000			3,014,305
					7,407,949
Missouri: 0.8%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/34 (c)		410			280,776
4.00%, 08/01/38 (c)		565			384,090
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/35 (c)		500			468,765
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 10/01/26 (c)		40			39,700
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/35 (c)		250			204,732
Health & Educational Facilities Authority of the State of Missouri (RB) 4.00%, 11/15/42 (c)		1,150			1,077,943
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/42 (c)		475			413,929
I-470 Western Gateway Transportation Development District, Series A (RB) 5.25%, 12/01/48 (c)		1,100			1,069,048
Industrial Development Authority of the City of Lee’s Summit, Missouri, Series A (RB) 5.00%, 08/15/39 (c)		1,000			1,022,465
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46		5,352			3,747,445
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/50 (c)		2,000			1,585,303
5.25%, 05/15/37 (c)		1,500			1,356,376

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Missouri (continued)
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/36 (c)	$	1,550		$	1,531,682
5.00%, 08/15/32 (c)		2,430			2,430,744
5.00%, 08/15/42 (c)		2,000			1,846,372
5.62%, 08/15/54 (c)		500			503,629
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/42 (c)		3,000			2,978,847
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/50 (c)		1,000			737,615
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/38 (c)		500			500,930
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/35 (c)		150			143,508
University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB) 4.88%, 06/15/36 (c)		1,000			1,002,871
					23,326,770
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/31 (c)		2,000			1,894,271
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/45 (c)		415			379,991
Montana Facility Finance Authority, Health Care Facilities, Children’s Home & Hospital Project, Series A (RB) 4.00%, 07/01/50 (c)		1,970			1,276,820
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/38 (c)		500			480,730
5.00%, 07/01/48 (c)		1,270			1,265,357
					5,297,169
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/30		2,000			2,104,202

	Par   (000’s		)	Value
Nebraska (continued)
5.00%, 09/01/34	$	1,000		$	1,054,958
5.00%, 09/01/36		500			520,392
Central Plains Energy Project, Series G (RB) 5.00%, 05/01/53 (c) (p)		235			245,353
					3,924,905
Nevada: 0.3%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/44 (c)		230			189,185
4.00%, 06/01/49 (c)		530			415,581
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c)		965			948,098
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000			2,064,309
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/35 (c)		160			160,856
Director of the State of Nevada Department of Business and Industry, Brightline West Passenger Rail Project, Series A-3 (RB) 8.12%, 01/01/50 (c) (p)		1,000			1,026,572
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/35 (c)		610			552,912
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 06/01/49 (c)		225			205,961
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 06/01/43 (c)		470			443,151
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/38 (c)		400			394,674
5.00%, 12/15/48 (c)		500			463,287
5.00%, 12/15/35 (c)		2,000			2,006,363
5.12%, 12/15/45 (c)		1,000			963,870
					9,834,819
New Hampshire: 0.4%
National Finance Authority, Ascentria Care Alliance Project (RB)
5.00%, 07/01/51 (c)		1,220			969,665
5.00%, 07/01/56 (c)		2,000			1,553,287
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 11/01/42 (c)		3,375			3,044,943

See Notes to Financial Statements

40

	Par   (000’s		)	Value
New Hampshire (continued)
National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB) 5.25%, 07/01/48 (c)	$	1,000		$	1,013,842
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/41 (c)		1,000			838,604
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/46 (c)		2,600			2,368,551
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/37 (c) (d) *		1,212			290,788
6.12%, 07/01/52 (c) (d) *		808			193,859
6.25%, 07/01/42 (c) (d) *		404			96,929
					10,370,468
New Jersey: 2.9%
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/44 (c)		8,450			8,459,707
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/39 (c)		1,410			1,413,569
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/36 (c)		470			451,037
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 09/15/29 (c)		1,645			1,647,436
5.50%, 06/01/33 (c)		60			60,616
5.62%, 11/15/30 (c)		285			287,529
5.62%, 11/15/30 (c)		2,035			2,053,061
5.75%, 09/15/27 (c)		725			725,438
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		55			55,233
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/29 (c)		655			644,126
5.00%, 01/01/34 (c)		500			491,327
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/34 (c)		2,000			1,976,019
4.00%, 07/01/32 (c)		1,640			1,650,372
5.00%, 07/01/33 (c)		4,640			4,748,149

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 5.00%, 07/01/28 (c)	$	2,500		$	2,598,452
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			471,246
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		120			120,525
New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) 5.00%, 10/01/47 (c)		3,300			3,320,407
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 06/15/36 (c)		305			319,112
5.00%, 06/15/35 (c)		725			758,544
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 06/15/29 (c)		165			174,693
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 06/15/48 (c)		2,880			2,940,600
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 06/15/38 (c)		600			638,271
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 06/15/35 (c)		500			506,121
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/26 (c)		100			100,109
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 06/15/49 (c)		1,705			1,597,940
4.00%, 06/15/40 (c)		600			591,615
4.00%, 06/15/35 (c)		700			712,798
4.00%, 06/15/38 (c)		600			600,656

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 WW (RB)
5.00%, 06/15/35 (c)	$	680		$	691,703
5.00%, 06/15/37 (c)		630			640,842
5.25%, 06/15/28 (c)		435			441,154
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.38%, 06/15/27 (c)		420			421,575
5.00%, 06/15/26 (c)		105			106,807
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/34 (c)		350			350,145
5.38%, 01/01/43 (c)		2,900			2,901,015
5.50%, 01/01/27 (c)		500			500,471
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c)		150			136,687
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/26 (c)		330			331,221
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/47 (c)		490			377,935
New Jersey Educational Facilities Authority, The College of saint Elizabeth Issue, Series D (RB) 5.00%, 07/01/46 (c)		2,500			2,234,902
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/28 (c)		500			523,983
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		270			253,892
0.00%, 12/15/25 ^		230			216,279
0.00%, 12/15/33 ^		5			3,480
4.25%, 06/15/44 (c)		1,405			1,373,109
5.00%, 12/15/26		5			5,187
5.00%, 12/15/28		200			214,374
5.00%, 12/15/39 (c)		385			405,604
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.75%, 06/15/35 (c)		150			151,450
5.00%, 06/15/46 (c)		340			341,646

	Par   (000’s		)	Value
New Jersey (continued)
5.25%, 06/15/41 (c)	$	505		$	510,445
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
0.00%, 12/15/25 ^		250			235,085
0.00%, 12/15/28 ^		185			155,991
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^		365			274,842
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			103,429
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/34 (c)		360			376,869
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/46 (c)		18,290			18,702,023
5.25%, 06/01/46 (c)		2,675			2,770,097
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/46 (c)		8,530			8,614,131
					84,481,081
New Mexico: 0.1%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/49 (c)		3,480			2,811,566
New York: 11.5%
Brooklyn Arena Local Development Corp., Barclays Center (RB)
0.00%, 07/15/32 ^		395			282,013
0.00%, 07/15/33 ^		370			252,393
0.00%, 07/15/47 ^		180			56,715
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 07/15/42 (c)		9,515			9,610,048
5.00%, 07/15/26		345			353,724
Build NYC Resource Corp. (RB) 4.00%, 08/01/42 (c)		1,310			1,158,354
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/45 (c)		4,820			4,820,209
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28		5,005			4,737,402
5.25%, 12/31/33 (c)		9,700			8,780,776

See Notes to Financial Statements

42

	Par   (000’s		)	Value
New York (continued)
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) 5.75%, 06/01/42 (c)	$	1,000		$	1,037,800
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)
5.25%, 07/01/57 (c)		1,000			1,017,025
5.25%, 07/01/52 (c)		1,000			1,020,381
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/50 (c)		1,200			1,056,737
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/51 (c)		4,750			4,348,404
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB) 5.50%, 06/15/63 (c)		1,000			974,846
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/40 (c)		1,250			1,189,219
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/29 (c)		1,000			1,022,139
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/40 (c)		1,500			1,530,242
5.00%, 07/01/51 (c)		3,370			3,329,071
5.00%, 07/01/45 (c)		1,000			1,006,397
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 06/01/38 (c)		5			4,804
5.00%, 06/01/45 (c)		2,000			1,876,020
Metropolitan Transportation Authority (RB) 4.25%, 11/15/42 (c)		990			955,721
Metropolitan Transportation Authority, Series D (RB) 4.00%, 11/15/42 (c)		1,000			930,448
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 3.00%, 12/01/40 (c)		5			3,599
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
4.00%, 12/01/35 (c)		2,100			2,066,110
5.00%, 12/01/31 (c)		500			519,915

	Par   (000’s		)	Value
New York (continued)
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 06/01/46 (c)	$	2,905		$	2,651,692
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 02/15/48 (c)		2,500			2,489,872
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 07/01/28 (c)		1,725			1,724,427
New York Counties Tobacco Trust IV, Series A (RB)
3.75%, 06/01/45 (c)		500			392,107
5.00%, 06/01/42 (c)		7,335			6,826,020
5.00%, 06/01/45 (c)		785			710,897
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 06/01/55 (c) ^		5			423
New York Counties Tobacco Trust VI, Series A-2B (RB)
5.00%, 06/01/51 (c)		5,000			4,536,357
5.00%, 06/01/45 (c)		1,270			1,185,270
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.38%, 11/15/40 (c)		10,000			10,020,946
New York Liberty Development Corp., 4 World Trade Center Project, Series A (RB) 2.50%, 11/15/36 (c)		2,000			1,643,749
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 09/15/69 (c)		7,000			6,217,643
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		5,000			5,760,729
New York State Dormitory Authority (RB) (AGM) 5.00%, 07/01/43 (c)		2,375			2,459,709
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		480			515,712
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			153,586
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/41 (c)		1,550			1,584,085

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27	$	1,000		$	1,008,790
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 07/01/46 (c)		2,500			2,525,536
New York State Dormitory Authority, Series A (RB) 5.00%, 07/01/31 (c)		1,370			1,413,988
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/50 (c)		1,000			982,525
New York Transportation Development Corp. (RB) 5.38%, 06/30/60 (c)		10,000			10,447,512
New York Transportation Development Corp. (RB) (AGM) 5.00%, 12/01/32		6,080			6,607,210
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
5.00%, 08/01/31 (c)		9,640			9,640,678
5.00%, 08/01/26 (c)		5,010			5,011,512
5.25%, 08/01/31 (c)		8,005			8,403,793
5.38%, 08/01/36 (c)		2,000			2,105,769
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 01/01/36 (c)		2,750			2,727,100
4.00%, 10/01/30		8,665			8,645,966
4.38%, 10/01/45 (c)		20,000			19,337,510
5.00%, 01/01/33 (c)		5,230			5,384,793
5.00%, 01/01/31 (c)		610			630,406
5.00%, 01/01/32 (c)		1,300			1,341,044
5.00%, 01/01/30 (c)		4,600			4,755,841
5.00%, 10/01/35 (c)		16,150			17,070,124
5.00%, 10/01/40 (c)		13,300			13,741,242
5.62%, 04/01/40 (c)		7,895			8,585,033
6.00%, 04/01/35 (c)		6,000			6,803,401
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) 6.00%, 06/30/54 (c)		3,475			3,810,346
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		5,765			5,407,798

	Par   (000’s		)	Value
New York (continued)
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
4.00%, 07/01/31 (c)	$	1,000		$	978,866
5.00%, 07/01/30 (c)		420			420,201
5.00%, 07/01/34 (c)		4,230			4,231,527
5.00%, 07/01/46 (c)		10,130			9,880,157
5.00%, 07/01/41 (c)		11,445			11,265,066
5.25%, 01/01/50 (c)		12,720			12,592,771
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)
5.00%, 12/01/42 (c)		1,000			1,037,253
5.00%, 12/01/41 (c)		1,000			1,041,130
5.00%, 12/01/39 (c)		1,000			1,052,077
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) 5.00%, 12/01/30		5,000			5,353,366
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 11/01/42 (c)		2,250			2,009,961
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/45 (c)		355			261,099
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^		10,515			1,012,301
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.00%, 09/01/36 (c)		1,000			1,074,481
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
5.00%, 06/01/48 (c)		2,000			1,779,433
5.00%, 06/01/45 (c)		18,780			16,985,993
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
5.00%, 09/15/37 (c)		400			328,207
5.25%, 09/15/53 (c)		180			130,063
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/46 (c)		3,000			2,841,797
Westchester County Local Development Corp., Pace University, Series A (RB) 5.50%, 05/01/42 (c)		5,000			5,000,099

See Notes to Financial Statements

44

	Par   (000’s		)	Value
New York (continued)
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/41 (c)	$	200		$	203,744
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/45 (c)		4,575			4,470,829
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/54 (c)		275			261,001
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/39 (c)		315			317,082
					333,730,157
North Carolina: 0.8%
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) 5.00%, 12/31/37 (c)		1,000			1,004,827
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB)
5.00%, 10/01/30 (c)		1,000			992,387
5.00%, 10/01/35 (c)		1,770			1,720,449
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 07/01/49 (c)		205			190,318
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		60			60,003
North Carolina Medical Care Commission, Retirement Facilities (RB)
4.70%, 07/01/37 (c)		550			462,833
5.00%, 10/01/31 (c)		3,530			3,542,573
5.00%, 10/01/37 (c)		1,140			1,118,125
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/30 (c)		165			161,454
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/49 (c)		385			332,617
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/37 (c)		465			436,820

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Turnpike Authority (RB) (AGM) 4.00%, 01/01/55 (c)	$	3,625		$	3,269,767
North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB) 5.00%, 01/01/40 (c)		5,000			5,135,730
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/30 (c)		1,000			1,031,284
5.00%, 01/01/49 (c)		1,430			1,453,728
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
5.00%, 01/01/32 (c)		100			107,251
5.00%, 01/01/58 (c)		2,500			2,640,604
					23,660,770
North Dakota: 0.2%
City of Grand Forks ND (RB) (AGM) 5.00%, 12/01/53 (c)		2,000			2,039,216
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/32 (c)		2,000			2,071,933
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/41 (c)		1,000			884,085
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		607			303,337
7.75%, 09/01/38 (c) (d) *		1,268			633,802
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 12/15/43 (c) (d) *		5,500			165,000
Ward County, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/43 (c)		1,000			901,728
					6,999,101
Ohio: 3.6%
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)
5.25%, 11/15/46 (c)		5,000			5,047,322
5.25%, 11/15/41 (c)		500			507,587
Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM) 5.25%, 12/01/53 (c)		2,000			2,118,085
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/55 (c)		31,075			28,173,266

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-3 (RB) 0.00%, 06/01/57 (c) ^	$	120,500		$	11,946,816
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/47 (c)		1,000			901,514
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		700			711,896
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/48 (c)		3,800			2,679,564
County of Allen OH Hospital Facilities Revenue (RB) 4.00%, 11/01/44 (c)		2,160			2,059,547
County of Butler (RB) 5.00%, 11/15/32 (c)		1,035			1,045,150
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 12/01/25 (c)		1,805			1,806,073
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/47 (c)		340			326,090
5.25%, 02/15/47 (c)		10,000			10,023,847
5.50%, 02/15/52 (c)		1,225			1,240,248
5.50%, 02/15/57 (c)		3,000			3,034,238
County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM) 5.25%, 11/15/48 (c)		2,000			1,988,903
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
4.00%, 11/15/45 (c)		2,250			1,913,695
4.00%, 11/15/42 (c)		3,940			3,457,889
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 02/15/44 (c)		1,750			1,612,936
5.00%, 02/15/33 (c)		490			483,887
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/49 (c)		11,000			10,128,103
Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB) 4.25%, 11/01/40 (p)		1,000			987,946

	Par   (000’s		)	Value
Ohio (continued)
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 11/01/39 (p)	$	1,000		$	1,002,160
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,750			2,601,427
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 09/15/27 (c)		5,000			5,000,970
Ohio University, A State University of Ohio, Series A (RB) 5.00%, 12/01/45 (c)		1,250			1,276,601
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
5.00%, 12/01/43 (c)		1,240			1,074,815
5.00%, 12/01/35 (c)		245			230,063
5.50%, 12/01/43 (c)		70			64,618
Washington County, Ohio Hospital Facilities, Memorial Health System (RB) 6.75%, 12/01/52 (c)		2,235			2,406,118
					105,851,374
Oklahoma: 1.3%
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/39 (c)		1,000			1,006,159
Norman Regional Hospital Authority (RB)
3.25%, 09/01/38 (c)		340			250,497
4.00%, 09/01/37 (c)		2,365			2,062,243
4.00%, 09/01/45 (c)		1,000			802,471
Oklahoma Development Finance Authority, Oklahoma City University Project (RB) 5.00%, 08/01/44 (c)		4,305			4,082,762
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/33 (c)		700			720,586
5.25%, 08/15/43 (c)		2,900			2,959,695
5.25%, 08/15/48 (c)		8,000			8,087,823
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)
5.50%, 08/15/52 (c)		1,300			1,322,060
5.50%, 08/15/57 (c)		6,290			6,401,599

See Notes to Financial Statements

46

	Par   (000’s		)	Value
Oklahoma (continued)
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/40 (c)	$	375		$	338,249
Tulsa Airports Improvement Trust (RB) 5.50%, 06/01/35 (c)		5,000			5,000,969
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/35 (c) (p)		4,455			4,483,680
					37,518,793
Oregon: 0.1%
Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM) 4.00%, 12/01/36 (c)		1,000			865,870
Oregon State Facilities Authority (RB) 5.00%, 10/01/35 (c)		2,260			2,301,985
Oregon State Facilities Authority, Samaritan Health Services Project (RB) 5.00%, 10/01/46 (c)		1,000			989,586
					4,157,441
Pennsylvania: 4.4%
Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AGM) 5.50%, 01/01/48 (c)		1,410			1,523,755
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/42 (c)		2,000			1,973,821
5.00%, 05/01/32 (c)		250			254,517
5.00%, 05/01/33 (c)		250			254,076
5.00%, 05/01/28		670			672,442
5.00%, 05/01/42 (c)		2,245			2,220,820
5.00%, 05/01/28		1,000			1,018,527
5.38%, 05/01/42 (c)		4,000			3,893,413
Berks County Industrial Development Authority, Tower Health Project (RB)
5.00%, 11/01/24		500			416,791
5.00%, 11/01/26		120			79,150
5.00%, 11/01/28 (c)		470			265,973
5.00%, 11/01/34 (c)		110			57,238
5.00%, 11/01/30 (c)		1,000			535,427
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 11/01/44 (c)		1,000			516,391
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/47 (c)		3,425			1,767,808

	Par   (000’s		)	Value
Pennsylvania (continued)
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/27	$	1,000		$	639,572
5.00%, 02/01/30		860			465,784
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/40 (c) (p)		6,000			3,837,430
Butler County Hospital Authority, Butler Health System Project, Series A (RB) 5.00%, 07/01/39 (c)		1,465			1,391,897
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/48 (c)		1,000			979,867
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/46 (c)		430			345,242
Chester County Industrial Development Authority (RB) 5.25%, 10/15/47 (c)		1,250			1,151,925
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/38 (c)		1,200			1,159,207
5.12%, 03/01/48 (c)		1,897			1,743,027
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/33 (c)		185			179,189
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/46 (c)		440			443,147
6.00%, 06/01/51 (c)		345			345,763
Cumberland County Municipal Authority (RB) 5.00%, 01/01/45 (c)		3,000			2,650,372
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/46 (c)		395			372,805
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		2,880			3,107,509
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/37 (c)		1,000			940,404

See Notes to Financial Statements

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
5.00%, 12/01/49 (c)	$	500		$	407,054
5.00%, 12/01/54 (c)		215			168,858
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/37 (c)		1,000			944,526
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
5.00%, 03/01/40 (c)		425			366,288
5.00%, 03/01/45 (c)		310			254,555
5.00%, 03/01/50 (c)		425			338,093
McCandless Industrial Development Authority, LA Roche University Project, Series A (RB) 6.75%, 12/01/46 (c)		1,000			947,944
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/40 (c)		5,150			4,707,504
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/47 (c)		2,000			1,871,176
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/47 (c)		4,800			4,961,674
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p)		2,500			2,549,839
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/30 (c)		150			146,737
5.25%, 01/01/40 (c)		870			795,173
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/30 (c)		300			268,779
6.00%, 07/01/45 (c)		590			441,106
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/39 (c)		1,000			915,107

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Solid Wast Disposal, Covanta Project, Series A (RB) 3.25%, 08/01/39 (c)	$	2,750		$	2,083,567
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/38 (c) (d) *		3,040			1,159,000
6.75%, 12/01/53 (c) (d) *		6,470			2,466,688
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB)
5.25%, 06/30/53 (c)		3,000			3,115,153
5.50%, 06/30/43 (c)		2,500			2,715,519
5.50%, 06/30/40 (c)		3,000			3,298,594
5.75%, 06/30/48 (c)		6,000			6,528,163
6.00%, 06/30/61 (c)		6,000			6,592,586
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/25		1,105			1,113,756
5.00%, 12/31/28 (c)		575			581,725
5.00%, 12/31/26 (c)		1,485			1,497,588
5.00%, 06/30/42 (c)		6,945			6,845,179
5.00%, 12/31/30 (c)		410			415,196
Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/42 (c)		1,100			1,073,814
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 05/01/37 (c)		1,915			1,629,399
5.00%, 05/01/42 (c)		1,000			804,100
Pennsylvania Turnpike Commission, Series B (RB) (BAM) 4.00%, 12/01/39 (c)		2,840			2,843,317
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/43 (c)		1,000			1,003,499
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) 6.38%, 06/01/40 (c)		440			439,993

See Notes to Financial Statements

48

	Par   (000’s		)	Value
Pennsylvania (continued)
6.50%, 06/01/45 (c)	$	440		$	439,944
6.62%, 06/01/50 (c)		415			415,204
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 06/15/39 (c)		355			337,965
Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AGM) 5.00%, 04/01/46 (c)		1,000			912,980
Philadelphia Authority for Industrial Development, LA Salle University (RB) 4.00%, 05/01/42 (c)		2,000			1,404,139
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)
5.00%, 06/15/50 (c)		1,000			946,959
5.00%, 06/15/40 (c)		500			495,605
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/29 (c)		3,000			3,030,545
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/40 (c)		5,695			5,719,908
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/32 (c)		735			692,114
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/33 (c)		1,000			1,015,413
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB)
5.00%, 07/01/31 (c)		1,240			1,259,638
5.00%, 07/01/32 (c)		220			223,444
Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM) 5.00%, 07/01/37 (c)		2,470			2,637,270
Reading Pennsylvania School District (GO) (AGM) 5.00%, 03/01/37 (c)		1,535			1,581,738

	Par   (000’s		)	Value
Pennsylvania (continued)
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/36 (c)	$	1,500		$	1,425,474
The School District of Philadelphia, Se (GO) (SAW) 5.00%, 09/01/26		3,000			3,089,067
					127,121,945
Puerto Rico: 9.0%
Children’s Trust Fund, Tobacco Settlement< Series A (RB) 0.00%, 05/15/57 (c) ^		200,000			16,003,840
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^		80			23,464
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
4.00%, 07/01/42 (c)		7,365			6,876,130
5.00%, 07/01/47 (c)		15,000			15,197,312
5.00%, 07/01/30		7,500			7,939,336
5.00%, 07/01/37 (c)		6,290			6,607,962
6.12%, 07/01/24		55			55,193
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/29		3,000			3,151,411
5.00%, 07/01/37 (c)		3,365			3,517,252
Puerto Rico Commonwealth, Series A-1 (GO) 4.00%, 07/01/41 (c)		8,260			7,685,080
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/35 (c)		8,573			8,316,841
4.00%, 07/01/37 (c)		9,500			9,104,531
4.00%, 07/01/33 (c)		13,570			13,374,844
5.75%, 07/01/31		10,055			11,227,099
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 07/01/33 (c)		20			19,590
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (RB)
4.75%, 07/01/53 (c)		3,000			2,935,368
5.00%, 07/01/58 (c)		3,000			3,000,354
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.00%, 07/01/24 ^		2			1,987
4.50%, 07/01/34 (c)		2,800			2,810,881
5.00%, 07/01/58 (c)		36,645			36,649,321
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/40 (c)		10,414			10,429,071

See Notes to Financial Statements

49

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/53 (c)	$	25,720		$	25,165,888
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/40 (c)		12,590			12,329,779
4.33%, 07/01/40 (c)		26,145			25,604,612
4.55%, 07/01/40 (c)		6,432			6,441,308
4.78%, 07/01/58 (c)		5,000			4,903,958
Puerto Rico Sales Tax Rev Restructed BDS Cofina A-1 (RB) 0.00%, 07/01/51 (c) ^		100,246			22,985,796
					262,358,208
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)
5.00%, 09/01/26		100			99,026
5.00%, 09/01/36 (c)		3,750			3,515,312
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/31 (c)		500			484,266
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
5.00%, 05/15/33 (c)		1,000			1,011,751
5.00%, 05/15/39 (c)		2,215			2,221,397
					7,331,752
South Carolina: 0.4%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/49 (c)		800			652,235
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/34 (c)		1,000			1,025,418
Scago Educational Facilities, School District of Pickens County Project (RB) 5.00%, 12/01/29 (c)		1,425			1,442,190
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/37 (c)		650			644,708
5.00%, 11/01/33 (c)		500			505,559
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.75%, 06/15/49 (c)		500			505,037
5.75%, 06/15/39 (c)		500			507,965

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/47 (c)	$	3,000		$	2,556,005
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/43 (c)		320			264,114
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/27 (c)		210			205,593
5.25%, 11/15/52 (c)		2,000			1,839,580
5.25%, 11/15/37 (c)		2,000			2,008,909
					12,157,313
South Dakota: 0.2%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/42 (c)		750			661,532
5.00%, 11/01/46 (c)		500			423,976
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)
4.00%, 08/01/51 (c)		1,550			1,241,670
4.00%, 08/01/56 (c)		1,000			779,298
Lincoln County, South Dakota Economic Development Bonds, The Augustana College Association Project, Series A (RB) 4.00%, 08/01/61 (c)		1,300			990,290
South Dakota Health & Educational Facilities Authority (RB) 5.00%, 07/01/46 (c)		2,000			1,987,732
					6,084,498
Tennessee: 0.8%
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/35 (c)		2,000			1,834,661
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/44 (c)		310			318,701
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/44 (c)		6,180			6,023,498
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/40 (c)		295			261,242
4.00%, 09/01/47 (c)		290			230,341
5.00%, 04/01/36 (c)		1,055			1,068,695

See Notes to Financial Statements

50

	Par   (000’s		)	Value
Tennessee (continued)
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB) 5.25%, 10/01/58 (c)	$	2,000		$	2,014,654
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p)		5,000			5,257,912
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26		5,000			5,052,541
The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/37 (c)		200			196,689
					22,258,934
Texas: 5.6%
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 12/01/45 (c)		1,500			995,305
Arlington Higher Education Finance Corp. (RB)
4.50%, 06/15/56 (c) (p)		1,000			998,694
5.75%, 06/01/43 (c)		1,000			1,019,140
6.00%, 06/01/53 (c)		1,000			1,012,579
6.25%, 06/01/63 (c)		1,000			1,021,117
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB)
4.38%, 02/15/51 (c)		1,000			711,061
6.75%, 02/15/62 (c)		5			4,938
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c)		500			505,101
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			281,155
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			708,258
5.00%, 01/01/34 (c)		500			492,343
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/40 (c)		610			559,703
5.00%, 12/01/45 (c)		215			189,935

	Par   (000’s		)	Value
Texas (continued)
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/39 (c)	$	5,010		$	4,523,087
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/39 (c)		1,785			1,653,146
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c)		2,700			2,533,072
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c)		7,000			7,140,593
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/41 (c)		7,500			7,045,978
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) 4.00%, 07/15/41 (c)		18,855			17,711,784
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		5,590			5,670,466
5.00%, 07/15/28		2,500			2,551,052
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,000			1,020,421
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c)		4,335			4,346,716
City of New Braunfels, Utility System (RB) 4.00%, 07/01/50 (c)		445			407,153
Clifton Higher Education Finance Corp., Series A (RB)
5.12%, 08/15/30 (c)		730			742,606
5.50%, 08/15/35 (c)		610			622,789
6.00%, 06/15/48 (c)		1,000			1,001,639
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/27 (c)		1,000			1,014,734

See Notes to Financial Statements

51

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Texas (continued)
5.75%, 08/15/33 (c)	$	500		$	511,013
6.00%, 08/15/38 (c)		500			511,348
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/50 (c)		2,035			1,283,425
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/32 (c)		850			849,935
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/62 (c)		1,000			970,739
El Paso County Hospital District (GO) 5.00%, 08/15/43 (c)		4,680			4,477,516
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/25 ^		495			463,475
0.00%, 11/15/27 ^		590			509,252
0.00%, 11/15/29 ^		1,405			1,119,333
0.00%, 11/15/30 ^		115			87,773
0.00%, 11/15/41 (c) ^		1,140			416,751
0.00%, 11/15/35 (c) ^		120			67,169
0.00%, 11/15/40 (c) ^		170			66,421
0.00%, 11/15/32 (c) ^		705			481,701
0.00%, 11/15/37 (c) ^		350			169,638
0.00%, 11/15/39 (c) ^		145			60,769
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)
0.00%, 11/15/31 (c) ^		100			64,920
0.00%, 11/15/35 (c) ^		3,455			1,766,879
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			1,043,204
Matagorda County, Navigation District 1 (RB) 4.00%, 06/01/30 (c)		5,000			4,933,884
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)
5.12%, 02/15/30 (c) (d) *		237			2,369
5.12%, 02/15/42 (c) (d) *		907			9,069
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c)		11,500			11,382,307
Montgomery County Toll Road Authority (RB)
5.00%, 09/15/48 (c)		5,915			5,941,799
5.00%, 09/15/43 (c)		3,310			3,328,855

	Par   (000’s		)	Value
Texas (continued)
New Hampshire Health and Education Facilities Authority, (RB) 4.00%, 08/15/41 (c)	$	2,315		$	1,935,195
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/52 (c) (d) *		235			94,000
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/46 (c) (d) *		1,595			558,250
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/36 (c)		230			203,227
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c)		150			150,796
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/46 (c)		750			621,882
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/47 (c)		440			408,100
5.00%, 07/01/35 (c)		100			92,750
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/49 (c)		1,000			854,275
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project, Series A (RB) 5.25%, 10/01/55 (c)		1,500			1,244,943
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
5.00%, 01/01/50 (c)		250			185,557
5.00%, 01/01/55 (c)		250			180,418
5.50%, 01/01/35 (c)		1,000			936,246
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/41 (c)		400			400,552
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/39 (c)		2,725			2,537,781

See Notes to Financial Statements

52

	Par   (000’s		)	Value
Texas (continued)
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
5.00%, 08/15/36 (c)	$	1,055		$	1,023,823
5.00%, 08/15/46 (c)		1,400			1,275,439
Reagan Hospital District, Series A (GO) 5.12%, 02/01/39 (c)		1,000			944,187
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/38 (c) (d) *		9,900			990
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 07/01/48 (c)		2,500			2,540,782
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/37 (c)		125			120,135
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/48 (c) (d) *		535			294,250
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		1,375			1,425,673
5.00%, 12/15/32		3,425			3,607,122
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		925			953,132
Texas Private Activity Bond Surface Transportation Corp. (RB)
4.00%, 12/31/39 (c)		2,550			2,541,566
5.50%, 06/30/43 (c)		1,000			1,060,576
5.50%, 06/30/42 (c)		2,250			2,390,539
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) 5.00%, 12/31/40 (c)		230			230,314
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)
4.00%, 12/31/38 (c)		3,175			3,178,076
4.00%, 06/30/39 (c)		1,700			1,694,508

	Par   (000’s		)	Value
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB) 5.50%, 12/31/58 (c)	$	1,000		$	1,073,352
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) 5.00%, 06/30/58 (c)		10,250			10,328,097
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/37 (c)		500			491,040
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/37 (c)		6,735			6,746,287
5.00%, 08/15/32 (c)		600			601,534
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/35 (c)		1,000			1,000,630
6.25%, 09/01/40 (c)		1,000			984,587
6.38%, 09/01/45 (c)		1,000			984,324
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/51 (c) (d) *		3,645			72,897
					162,971,941
Utah: 0.3%
Black Desert Public Infrastructure District (GO) 4.00%, 03/01/51 (c)		3,100			2,261,950
Medical School Campus, Public Infrastructure District, Series A (GO) 5.50%, 02/01/50 (c)		2,000			1,623,384
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/50 (c)		2,000			1,889,495
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
5.25%, 06/15/37 (c)		1,500			1,436,951
5.38%, 06/15/48 (c)		2,195			1,968,066
					9,179,846
Vermont: 0.0%
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 4.00%, 05/01/37 (c)		500			456,663

See Notes to Financial Statements

53

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	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		$	1,045,640
5.00%, 10/01/39 (c)		5,000			5,219,458
5.00%, 10/01/32		5,010			5,383,703
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 10/01/29 (c)		720			727,700
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/44 (c)		550			435,525
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/30 (c)		1,000			976,659
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 07/01/24 (c)		65			64,672
5.00%, 07/01/27 (c)		170			160,056
5.00%, 07/01/25 (c)		1,170			1,136,335
					15,149,748
Virginia: 2.1%
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/44 (c) (d) *		250			140,864
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/35 (c)		200			201,351
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 07/01/46 (c)		8,000			8,037,214
5.00%, 07/01/51 (c)		1,025			1,026,335
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/47 (c)		380			380,029
City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/33 (c)		240			240,046
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/36 (c)		3,715			3,481,337
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 01/01/50 (c)		1,500			1,362,709
5.00%, 01/01/59 (c)		1,000			882,015

	Par   (000’s		)	Value
Virginia (continued)
James City County Economic Development Authority (RB) 6.88%, 12/01/58 (c)	$	1,000		$	1,084,390
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/47 (c)		4,950			4,973,687
Roanoke County Economic Development Authority (RB) 5.00%, 09/01/34 (c) (d) *		230			210,065
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/54 (c) (d) (p) *		455			415,564
Roanoke Economic Development Authority, Residential Care Facility, Series A (RB) 5.38%, 09/01/54 (c) (d) *		1,595			1,456,757
Tobacco Settlement Financing Corp./VA (RB) 5.00%, 06/01/47 (c)		5,000			4,613,785
Virginia Beach Development Authority (RB)
7.00%, 09/01/59 (c)		1,000			1,105,001
7.00%, 09/01/53 (c)		1,000			1,108,997
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/30 (c)		1,300			1,305,434
Virginia Small Business Financing Authority (RB)
4.00%, 01/01/38 (c)		3,000			2,949,309
5.00%, 12/31/49 (c)		1,000			1,005,154
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 01/01/34 (c)		2,500			2,669,832
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM) 4.00%, 12/01/36 (c)		1,000			973,901
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
4.00%, 01/01/40 (c)		1,250			1,156,412
4.00%, 07/01/41 (c)		1,000			918,295
4.00%, 01/01/48 (c)		3,925			3,463,034
4.00%, 01/01/41 (c)		1,000			919,869
5.00%, 01/01/33 (c)		4,945			5,286,462

See Notes to Financial Statements

54

	Par   (000’s		)	Value
Virginia (continued)
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/52 (c)	$	2,000		$	2,007,889
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 12/31/56 (c)		5,520			5,530,816
Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB) 4.00%, 01/01/39 (c)		2,810			2,634,817
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 10/01/40 (p)		1,000			935,375
					62,476,745
Washington: 1.0%
Kalispel Tribe Indians Priority, Series A (RB)
5.00%, 01/01/32 (c)		250			254,346
5.25%, 01/01/38 (c)		250			254,983
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/30 (c)		500			505,029
6.00%, 12/01/35 (c)		500			507,659
6.25%, 12/01/45 (c)		250			248,307
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/44 (c)		100			93,982
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/37 (c)		3,000			3,032,330
5.00%, 08/15/34 (c)		205			209,388
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
5.00%, 07/01/36 (c)		1,150			1,060,964
5.00%, 07/01/46 (c)		2,150			1,767,314
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/41 (c)		3,000			2,373,195
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 5.00%, 01/01/51 (c)		2,495			1,920,309

	Par   (000’s		)	Value
Washington (continued)
5.00%, 01/01/36 (c)	$	2,125		$	1,931,753
Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB)
5.00%, 07/01/54 (c)		500			503,834
5.50%, 07/01/59 (c)		1,000			1,043,243
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		4,114			3,742,642
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 01/01/55 (c)		6,000			4,517,121
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
5.00%, 07/01/51 (c)		1,250			988,271
5.00%, 07/01/46 (c)		500			408,486
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,700			2,639,686
					28,002,842
West Virginia: 0.2%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.00%, 06/01/34 (c)		760			701,069
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/45 (c)		700			484,343
3.25%, 10/01/50 (c)		820			555,742
3.50%, 10/01/40 (c)		1,000			842,156
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/45 (c) (p)		1,900			1,905,288
West Virginia Economic Development Authority, West Virginia Lottery (RB) 4.00%, 06/15/32 (c)		1,600			1,623,559
					6,112,157
Wisconsin: 2.1%
Public Finance Authority (RB)
5.00%, 06/15/54 (c)		1,375			1,278,114
6.25%, 10/01/53 (c)		1,000			1,011,741
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c)		1,000			825,045

See Notes to Financial Statements

55

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/48 (c)	$	250		$	222,601
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/51 (c)		5,250			3,949,827
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
5.00%, 02/01/36 (c)		495			478,736
5.12%, 02/01/46 (c)		550			496,599
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/29 (c)		400			385,353
5.00%, 06/15/49 (c)		500			426,886
5.00%, 06/15/39 (c)		500			460,056
Public Finance Authority, Crossroads Health Project, Series A (RB)
8.00%, 07/01/53 (c)		1,000			1,007,894
8.12%, 07/01/58 (c)		1,000			1,008,207
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/54 (c)		1,000			665,536
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 5.00%, 02/01/62 (c)		960			918,784
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)
5.00%, 09/01/38 (c)		1,500			1,388,297
5.00%, 09/01/25		50			49,933
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/29 (c)		395			359,004
5.00%, 03/01/37 (c)		1,250			1,187,397
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 07/01/51 (c) (d) *		890			619,374
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) 6.25%, 01/01/38 (c)		500			225,000
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/37 (c)		1,350			1,334,920

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Miami Worldcenter Project, Series A (TA) 5.00%, 06/01/41 (c)	$	1,000		$	996,524
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/29 (c)		370			344,796
5.00%, 09/01/49 (c)		500			408,462
5.00%, 09/01/39 (c)		500			450,293
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/37 (c)		1,405			1,419,846
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/45 (c)		4,000			4,037,449
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)
4.00%, 07/01/41 (c)		500			399,769
4.00%, 09/01/51 (c)		1,500			1,084,631
4.25%, 07/01/54 (c)		4,765			3,655,932
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/56 (c)		1,060			741,366
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/50 (c) (d) *		4,265			426
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
5.00%, 10/01/34 (c)		2,000			2,048,464
5.00%, 10/01/39 (c)		1,950			1,960,011
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/41 (c)		1,000			808,744
Public Finance Authority, Wingate University, Series A (RB) 5.25%, 10/01/48 (c)		2,255			2,096,639
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 07/01/42 (c)		9,000			8,944,249
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/55 (c)		5,545			4,584,042

See Notes to Financial Statements

56

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/48 (c)	$	105		$	79,920
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/38 (c)		850			672,275
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/39 (c)		1,950			1,765,980
5.00%, 11/01/54 (c)		500			398,803
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/49 (c)		260			237,370
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 02/01/38 (c)		3,950			3,706,530
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM) 5.00%, 02/15/32 (c)		1,500			1,608,313
					60,750,138
Wyoming: 0.1%
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 07/15/39 (c)		3,000			2,643,154
Total Municipal Bonds: 98.1% (Cost: $3,044,946,805)					2,860,351,179
Other assets less liabilities: 1.9%					54,970,389
NET ASSETS: 100.0%				$	2,915,321,568

See Notes to Financial Statements

57

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

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

Footnotes:

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

Summary of Investments by Sector	% of Investments			Value
Industrial Development Revenue		15.6	%	$	447,109,195
Tax		12.1			347,117,541
Hospitals		11.7			334,997,202
Education		9.8			281,050,252
Local GO		9.7			276,196,900
Health		6.6			189,635,735
Tobacco		6.0			172,439,877
Leasing COPS & Appropriations		4.4			124,620,709
Toll & Turnpike		4.3			122,941,416
Multi-Family Housing		3.4			97,248,067
Utilities		3.0			85,146,309
Airport		2.7			77,986,797
Power		2.4			68,263,442
State GO		2.2			63,704,000
Water & Sewer		1.6			46,325,146
Miscellaneous		1.3			37,007,662
Transportation		1.2			32,887,783
Special Tax		0.8			22,985,796
Pollution Control		0.8			21,086,563
Refunded		0.3			8,146,248
Unassigned		0.1			3,454,539
		100.0	%	$	2,860,351,179

See Notes to Financial Statements

58

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	53,383,473	$	—	$	53,383,473
Alaska		—		367,854		—		367,854
American Samoa		—		5,433,976		—		5,433,976
Arizona		—		76,784,417		—		76,784,417
Arkansas		—		30,660,942		—		30,660,942
California		—		348,490,984		—		348,490,984
Colorado		—		73,345,551		—		73,345,551
Connecticut		—		20,207,605		—		20,207,605
Delaware		—		4,257,161		—		4,257,161
District of Columbia		—		21,103,380		—		21,103,380
Florida		—		134,508,750		—		134,508,750
Georgia		—		42,156,100		—		42,156,100
Guam		—		24,965,537		—		24,965,537
Hawaii		—		4,974,772		—		4,974,772
Idaho		—		3,543,237		—		3,543,237
Illinois		—		286,187,309		—		286,187,309
Indiana		—		29,767,342		—		29,767,342
Iowa		—		27,141,047		—		27,141,047
Kansas		—		8,684,887		—		8,684,887
Kentucky		—		28,862,588		—		28,862,588
Louisiana		—		50,439,484		54		50,439,538
Maine		—		8,496,606		—		8,496,606
Maryland		—		47,930,317		—		47,930,317
Massachusetts		—		45,251,711		—		45,251,711
Michigan		—		17,661,360		—		17,661,360
Minnesota		—		21,316,488		—		21,316,488
Mississippi		—		7,407,949		—		7,407,949
Missouri		—		23,326,770		—		23,326,770
Montana		—		5,297,169		—		5,297,169
Nebraska		—		3,924,905		—		3,924,905
Nevada		—		9,834,819		—		9,834,819
New Hampshire		—		10,370,468		—		10,370,468
New Jersey		—		84,481,081		—		84,481,081
New Mexico		—		2,811,566		—		2,811,566
New York		—		333,730,157		—		333,730,157
North Carolina		—		23,660,770		—		23,660,770
North Dakota		—		6,999,101		—		6,999,101
Ohio		—		105,851,374		—		105,851,374
Oklahoma		—		37,518,793		—		37,518,793
Oregon		—		4,157,441		—		4,157,441
Pennsylvania		—		127,121,945		—		127,121,945
Puerto Rico		—		262,358,208		—		262,358,208
Rhode Island		—		7,331,752		—		7,331,752
South Carolina		—		12,157,313		—		12,157,313
South Dakota		—		6,084,498		—		6,084,498
Tennessee		—		22,258,934		—		22,258,934
Texas		—		162,971,941		—		162,971,941
Utah		—		9,179,846		—		9,179,846
Vermont		—		456,663		—		456,663
Virgin Islands		—		15,149,748		—		15,149,748
Virginia		—		62,476,745		—		62,476,745
Washington		—		28,002,842		—		28,002,842
West Virginia		—		6,112,157		—		6,112,157
Wisconsin		—		60,750,138		—		60,750,138
Wyoming		—		2,643,154		—		2,643,154

See Notes to Financial Statements

59

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Total $ — $ 2,860,351,125 $ 54 $ 2,860,351,179

See Notes to Financial Statements

60

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.0%
Arizona: 1.8%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/51 (c)	$	400		$	329,425
California: 30.8%
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/39 (c)		275			228,006
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/42 (c)		300			290,268
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/51 (c)		475			487,667
El Dorado Irrigation District, Series C (RB) 4.00%, 03/01/34 (c)		250			253,385
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/40 (c)		250			254,611
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/28 (c)		250			255,194
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/53 (c)		250			245,638
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/34 (c)		370			392,725
State of California, Various Purpose (GO)
4.00%, 10/01/33 (c)		370			393,383
5.00%, 10/01/29 (c)		500			540,748
5.00%, 08/01/27 (c)		410			415,196
5.00%, 04/01/27		250			262,717
5.00%, 08/01/27		300			317,346
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/46 (c)		250			267,344
University of California, Series BB (RB) 5.00%, 05/15/49 (c)		250			263,489
University of California, Series BH (RB) 4.00%, 05/15/46 (c)		280			281,363
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/49 (c)		720			492,551
					5,641,631

	Par   (000’s		)	Value
Colorado: 1.4%
State of Colorado, Series A (CP) 4.00%, 12/15/40 (c)	$	250		$	250,929
Connecticut: 4.2%
State of Connecticut, Series A (GO) 4.00%, 04/15/36 (c)		250			254,469
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 08/01/28 (c)		250			254,274
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26		250			259,877
					768,620
Hawaii: 2.8%
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/33 (c)		510			515,108
Massachusetts: 3.3%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/27 (c)		250			250,418
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24		360			362,444
					612,862
Michigan: 1.2%
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 4.00%, 12/01/49 (c)		250			229,361
Nevada: 1.3%
Las Vegas Valley Water District, Series A (GO) 4.00%, 06/01/46 (c)		250			241,030
New York: 28.2%
City of New York, Series B-1 (GO) 5.00%, 10/01/37 (c)		250			261,431
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/46 (c)		500			509,240
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29		255			280,381
Metropolitan Transportation Authority (RB) 4.25%, 11/15/42 (c)		325			313,747
Metropolitan Transportation Authority, Series B (RB) 4.25%, 11/15/39 (c)		240			240,066
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24		250			252,022

See Notes to Financial Statements

61

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/39 (c)	$	400		$	404,438
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 4.00%, 06/15/45 (c)		250			243,632
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/42 (c)		300			299,972
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/41 (c)		250			251,529
New York State Dormitory Authority (RB) (BAM) 4.00%, 02/15/37 (c)		280			285,140
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 07/01/27 (c)		250			257,148
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/29 (c)		250			252,484
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/38 (c)		275			284,512
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 03/15/42 (c)		250			267,521
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/42 (c)		500			507,232
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series C (RB) 4.00%, 05/15/46 (c)		250			240,766
					5,151,261
North Carolina: 1.6%
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		265			296,613
Ohio: 2.6%
County of Franklin OH (RB) 4.12%, 05/15/45 (c)		250			240,657

	Par   (000’s		)	Value
Ohio (continued)
County of Franklin, Hospital Facilities, Series A (RB) (XLCA) 4.00%, 05/15/47 (c)	$	250		$	238,206
					478,863
Oregon: 1.4%
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/29 (c)		250			253,062
Pennsylvania: 4.6%
Commonwealth of Pennsylvania, 2nd Series (GO) (AGM) 4.00%, 08/15/29 (c)		250			251,255
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/46 (c)		250			236,633
5.00%, 12/01/51 (c)		330			346,133
					834,021
South Dakota: 1.4%
South Dakota Housing Development Authority, Series A (RB) 4.55%, 05/01/48 (c)		250			248,894
Texas: 3.1%
Wylie Independent School District (GO) 5.00%, 08/15/39 (c)		500			559,912
Washington: 5.4%
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/51 (c)		250			233,632
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/32 (c)		250			255,496
King County, Washington School District No. 414 (GO) (SBG) 4.00%, 12/01/30 (c)		250			253,205
Port of Seattle, First Lien (RB) 5.00%, 09/01/24		250			250,617
					992,950
Wisconsin: 2.9%
State of Wisconsin, Department of Transportation (RB) 5.00%, 07/01/28 (c)		265			279,488
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/38 (c)		250			245,098
					524,586
Total Municipal Bonds: 98.0% (Cost: $19,059,224)					17,929,128
Other assets less liabilities: 2.0%					363,070
NET ASSETS: 100.0%				$	18,292,198

See Notes to Financial Statements

62

Definitions:
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
XLCA	Syncora Guarantee, Inc.

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

Summary of Investments by Sector	% of Investments			Value
State GO		17.1	%	$	3,064,903
Tax		16.3			2,927,585
Local GO		13.0			2,318,818
Hospitals		11.2			2,013,847
Transportation		7.3			1,311,662
Water & Sewer		6.5			1,163,178
Education		6.3			1,131,425
Power		5.7			1,023,253
Airport		4.9			880,392
Toll & Turnpike		3.3			582,766
Leasing COPS & Appropriations		2.8			501,347
Refunded		1.4			254,611
Utilities		1.4			253,385
Miscellaneous		1.4			253,062
Single Family Housing		1.4			248,894
		100.0	%	$	17,929,128

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	17,929,128	$	—	$	17,929,128

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

63

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.3%
Alabama: 1.5%
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/36 (c)	$	2,000		$	2,060,392
5.00%, 11/01/31 (c)		525			588,621
5.00%, 11/01/34 (c)		2,015			2,255,298
Black Belt Energy Gas District, Series A (RB)
4.00%, 06/01/51 (c) (p)		5,065			4,992,406
5.25%, 01/01/54 (c) (p)		2,000			2,116,469
Black Belt Energy Gas District, Series B (RB) 5.25%, 12/01/53 (c) (p)		1,000			1,068,534
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/33 (c)		860			801,487
County of Jefferson, Alabama Sewer Warrants (RB)
5.00%, 10/01/38 (c)		2,000			2,173,026
5.00%, 10/01/37 (c)		1,000			1,096,299
5.25%, 10/01/40 (c)		1,000			1,096,462
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34		2,500			2,626,759
Southeast Alabama Gas Supply District, Project No. 1, Series A (RB) 5.00%, 08/01/54 (c) (p)		1,000			1,056,636
Southeast Alabama Gas Supply District, Project No. 2, Series B (RB) 5.00%, 06/01/49 (c) (p)		2,000			2,085,368
Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/51 (c) (p)		3,000			2,937,945
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/35 (c)		820			839,525
					27,795,227
Alaska: 0.1%
Alaska Housing Finance Corp., Series B (RB) 2.15%, 06/01/36 (c)		1,040			824,852
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/31 (c)		305			310,668
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/35 (c)		635			646,063
					1,781,583
Arizona: 1.5%
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		1,836			1,696,368

	Par   (000’s		)	Value
Arizona (continued)
Arizona Transportation Board, Highway (RB)
5.00%, 07/01/30 (c)	$	835		$	862,951
5.00%, 07/01/31 (c)		1,050			1,085,147
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/31 (c)		1,550			1,569,754
City of Phoenix Civic Improvement Corp., Excise Tax, Series A (RB) 5.00%, 07/01/35 (c)		1,785			1,812,946
City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB) 5.00%, 07/01/40 (c)		1,895			2,102,117
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/32 (c)		1,000			1,072,847
5.00%, 07/01/34 (c)		1,275			1,363,072
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB) 5.00%, 07/01/33 (c)		550			578,016
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 06/01/35 (c)		1,150			920,079
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 06/01/35 (c)		1,500			1,200,103
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB)
4.00%, 01/01/38 (c)		1,500			1,485,962
4.00%, 01/01/41 (c)		2,000			1,959,647
5.00%, 01/01/38 (c)		605			620,733
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/32 (c)		2,380			2,534,372
5.00%, 01/01/32		1,000			1,141,243
5.00%, 12/01/32 (c)		1,000			1,014,263
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37		4,600			4,892,601
					27,912,221
Arkansas: 0.1%
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/34 (c)		1,000			1,066,788

See Notes to Financial Statements

64

	Par   (000’s		)	Value
California: 16.9%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB) 5.00%, 10/01/35 (c)	$	1,000		$	1,063,562
Bay Area Toll Authority, Series S-7 (RB)
3.25%, 04/01/36 (c)		1,270			1,186,105
4.00%, 04/01/33 (c)		2,905			2,950,728
Beverly Hills Unified School District (GO) 0.00%, 08/01/30 ^		1,000			827,004
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 01/01/54 (c) (p)		6,065			6,330,585
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p)		7,000			6,920,470
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/39 (c)		1,000			829,111
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/31 (c)		310			322,176
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/34 (c)		400			374,130
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/37 (c)		1,060			1,068,126
4.00%, 04/01/38 (c)		500			498,460
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/31 (c)		750			802,597
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/35 (c)		1,575			1,661,047
California Housing Finance Agency (RB)
3.25%, 08/20/36		1,925			1,747,012
3.50%, 11/20/35		1,192			1,102,091
3.75%, 03/25/35		6,137			5,926,792
California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) 5.00%, 09/01/31 (c)		2,200			2,208,630

	Par   (000’s		)	Value
California (continued)
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/32 (c)	$	360		$	341,480
3.00%, 09/01/31 (c)		500			476,838
California State Public Works Board, May Lee State Office Complex, Series A (RB)
5.00%, 04/01/41 (c)		1,920			2,134,215
5.00%, 04/01/40 (c)		1,000			1,121,217
California State Public Works Board, New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/40 (c)		2,650			2,902,957
California State Public Works Board, Various Capital Projects, Series A (RB) 5.00%, 08/01/35 (c)		2,000			2,248,225
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 12/01/35 (c)		1,845			2,106,264
5.00%, 12/01/34 (c)		2,000			2,305,390
California State Public Works Board, Various Capital Projects, Series C (RB)
4.00%, 11/01/31 (c)		1,000			1,010,243
4.00%, 08/01/37 (c)		2,000			2,076,980
5.00%, 08/01/34 (c)		1,000			1,132,044
California State University, Series A (RB)
5.00%, 11/01/31 (c)		2,035			2,087,605
5.00%, 11/01/31 (c)		1,510			1,565,218
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/37 (c)		1,000			899,349
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP)
4.00%, 04/01/36 (c)		2,000			2,005,499
4.00%, 04/01/30 (c)		1,000			1,003,820
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/36 (c)		1,000			1,049,092
5.00%, 05/15/37 (c)		1,400			1,572,442
City of San Jose, California Airport, Series B (RB) (BAM) 4.00%, 03/01/34 (c)		325			343,208

See Notes to Financial Statements

65

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 08/01/39 (c) ^	$	1,250		$	617,024
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 12/01/33 (c)		3,000			3,001,570
County of Santa Clara, Series C (GO) 5.00%, 08/01/33 (c)		525			559,068
East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/32 (c)		1,000			1,017,959
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/35 (c)		2,590			2,404,034
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS) 4.00%, 07/01/35 (c)		1,150			1,167,811
Fontana Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 10/01/32 (c)		760			805,049
Fremont Union High School District (GO) 4.00%, 08/01/40 (c)		2,350			2,332,078
Kern High School District, Series C (GO) (AGM)
2.00%, 08/01/31 (c)		1,600			1,399,943
2.00%, 08/01/32 (c)		3,000			2,570,497
Los Angeles Community College District, Series J (GO)
4.00%, 08/01/32 (c)		400			409,995
4.00%, 08/01/33 (c)		750			766,984
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/36 (c)		1,000			1,164,660
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB)
4.00%, 06/01/35 (c)		1,000			1,061,942
4.00%, 06/01/36 (c)		1,045			1,103,888
4.00%, 06/01/38 (c)		1,460			1,524,219
4.00%, 06/01/39 (c)		1,000			1,037,645
5.00%, 06/01/35 (c)		1,000			1,126,310
5.00%, 07/01/31 (c)		795			845,901
5.00%, 07/01/36 (c)		900			1,030,117
5.00%, 07/01/37 (c)		1,060			1,202,683
5.00%, 07/01/38 (c)		2,530			2,853,281

	Par   (000’s		)	Value
California (continued)
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) 4.00%, 12/01/38 (c)	$	1,500		$	1,545,317
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/39 (c)		1,900			1,951,444
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/40 (c)		2,000			2,214,021
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/40 (c)		1,380			1,545,670
Los Angeles Department of Water and Power, Series C (RB)
5.00%, 07/01/34 (c)		1,125			1,275,826
5.00%, 07/01/36 (c)		1,500			1,683,809
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/32 (c)		790			791,415
5.00%, 07/01/32 (c)		1,210			1,211,686
5.00%, 07/01/38 (c)		2,000			2,127,684
5.00%, 07/01/39 (c)		1,000			1,135,435
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/35 (c)		2,000			2,021,843
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO)
4.00%, 07/01/38 (c)		1,605			1,664,999
4.00%, 07/01/37 (c)		2,000			2,089,970
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)
4.00%, 07/01/37 (c)		1,500			1,582,880
5.00%, 07/01/35 (c)		1,300			1,481,760
Los Angeles Unified School District, Series A (GO)
4.00%, 07/01/33 (c)		1,580			1,658,606
5.00%, 07/01/30 (c)		1,720			1,891,149
5.00%, 07/01/30		500			559,211
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/30 (c)		915			950,072
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/35 (c)		1,880			1,763,275
4.00%, 07/01/36 (c)		2,000			2,105,621
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/37 (c)		1,000			1,044,985

See Notes to Financial Statements

66

	Par   (000’s		)	Value
California (continued)
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/35 (c)	$	1,000		$	1,067,976
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/40 (c)		500			505,479
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/39 (c)		1,055			1,079,203
Orange County, Local Transportation Authority Sales Tax (RB) 4.00%, 02/15/38 (c)		1,500			1,525,873
Palomar Health, Series B (GO) 4.00%, 08/01/35 (c)		1,000			973,351
Peralta Community College District, Series D (GO) 4.00%, 08/01/39 (c)		2,000			1,968,189
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) 5.00%, 11/01/34 (c)		785			832,514
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/33 (c)		650			677,182
Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/37 (c)		560			592,708
Riverside County Transportation Commission, Series B-1 (RB) 4.00%, 06/01/41 (c)		1,425			1,429,472
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 12/01/31 (c)		1,000			1,000,712
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/34 (c)		535			590,687
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/34 (c)		2,075			2,336,835
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/35 (c)		2,000			2,151,239
San Diego Unified School District, Series I (GO)
0.00%, 07/01/35 (c) ^		1,000			640,118
5.00%, 07/01/32 (c)		650			689,705

	Par   (000’s		)	Value
California (continued)
San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB) 4.00%, 05/01/37 (c)	$	1,010		$	1,046,101
San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB)
5.00%, 10/01/36 (c)		1,000			1,159,411
5.00%, 10/01/39 (c)		1,500			1,711,010
San Francisco City & County, Public Utilities Commission Wastewater, Series B (RB) 5.00%, 10/01/39 (c)		1,000			1,140,673
San Francisco County Transportation Authority (RB) 3.00%, 02/01/34 (c)		500			473,156
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/34 (c)		2,000			2,068,132
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c)		1,000			1,043,569
San Marcos Unified School District (GO) 4.00%, 08/01/33 (c)		400			410,332
Santa Clara County Financing Authority, Capital Facilities, Series A (RB)
4.00%, 05/01/36 (c)		840			883,659
5.00%, 05/01/34 (c)		1,855			2,133,728
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/35 (c)		1,000			919,137
4.00%, 05/15/32 (c)		1,510			1,512,547
Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO) 3.35%, 08/01/36 (c)		1,520			1,478,315
Santa Clara Unified School District (GO)
3.00%, 07/01/35 (c)		1,535			1,422,818
3.00%, 07/01/34 (c)		395			373,493
3.00%, 07/01/34 (c)		2,000			1,882,120
Santa Monica-Malibu Unified School District, Series C (GO)
5.00%, 08/01/39 (c)		1,000			1,127,011
5.00%, 08/01/40 (c)		1,000			1,121,282
State of California (GO) 4.00%, 10/01/34 (c)		2,000			2,124,517
State of California (GO) (AGM) 5.25%, 08/01/32		5,750			6,628,576
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/31 (c)		915			980,400

See Notes to Financial Statements

67

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
State of California, Various Purpose (GO)
3.00%, 10/01/33 (c)	$	2,000		$	1,959,474
3.00%, 10/01/36 (c)		350			327,990
3.12%, 04/01/35 (c)		1,575			1,545,657
4.00%, 11/01/34 (c)		2,945			3,117,983
4.00%, 11/01/35 (c)		1,310			1,375,821
4.00%, 11/01/38 (c)		2,000			2,047,193
4.00%, 03/01/36 (c)		9,500			9,854,718
4.00%, 03/01/37 (c)		5,020			5,179,540
4.00%, 09/01/37 (c)		2,000			2,090,093
4.00%, 10/01/39 (c)		2,300			2,351,806
4.00%, 10/01/33 (c)		1,795			1,908,439
4.00%, 08/01/33 (c)		700			704,599
4.00%, 09/01/32 (c)		1,815			1,827,650
4.00%, 09/01/34 (c)		1,500			1,509,776
5.00%, 10/01/30 (c)		1,065			1,152,090
5.00%, 10/01/31 (c)		5,050			5,565,155
5.00%, 10/01/30 (c)		2,340			2,578,700
5.00%, 10/01/31		4,000			4,554,626
5.00%, 11/01/31 (c)		2,645			2,809,665
5.00%, 11/01/30 (c)		1,020			1,083,527
5.00%, 11/01/34 (c)		1,610			1,803,009
5.00%, 12/01/36 (c)		2,000			2,214,730
5.00%, 03/01/35 (c)		2,330			2,577,805
5.00%, 04/01/32 (c)		2,500			2,732,789
5.00%, 04/01/35 (c)		3,500			3,805,879
5.00%, 04/01/36 (c)		3,000			3,242,513
5.00%, 04/01/30		2,910			3,236,115
5.00%, 04/01/32		4,270			4,896,711
5.00%, 10/01/39 (c)		2,615			2,938,990
5.00%, 10/01/36 (c)		2,000			2,284,729
5.00%, 05/01/31 (c)		2,480			2,484,649
5.00%, 10/01/33 (c)		500			500,937
5.00%, 08/01/32 (c)		1,000			1,001,839
5.00%, 08/01/33 (c)		1,000			1,001,814
5.00%, 08/01/35 (c)		490			507,060
5.00%, 08/01/30 (c)		2,250			2,380,430
5.00%, 08/01/36 (c)		3,245			3,473,568
5.00%, 09/01/30 (c)		1,095			1,138,691
5.00%, 09/01/35 (c)		2,250			2,573,467
5.00%, 09/01/36 (c)		2,000			2,298,219
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/34 (c)		1,000			1,033,058
State Public Works Board, Various Capital Projects, Series B (RB)
4.00%, 05/01/38 (c)		1,500			1,543,312
4.00%, 05/01/37 (c)		2,000			2,078,287
University of California, Series AM (RB) 4.00%, 05/15/34 (c)		3,000			3,000,074
University of California, Series BE (RB) 5.00%, 05/15/36 (c)		1,500			1,667,843

	Par    (000’s		)	Value
California (continued)
University of California, Series BM (RB) 5.00%, 05/15/35 (c)	$	1,000		$	1,165,347
University of California, Series BN (RB)
5.00%, 05/15/37 (c)		1,000			1,151,963
5.00%, 05/15/35 (c)		2,000			2,330,695
5.00%, 05/15/36 (c)		1,000			1,160,548
University of California, Series BQ (RB) 5.00%, 05/15/35 (c)		1,000			1,165,347
University of California, Series BV (RB)
5.00%, 05/15/38 (c)		2,000			2,311,797
5.00%, 05/15/40 (c)		1,000			1,135,144
University of California, Series I (RB) 4.00%, 05/15/35 (c)		2,160			2,165,042
University of California, Series O (RB) 5.00%, 05/15/36 (c)		1,170			1,256,393
University of California, Series Q (RB) 4.00%, 05/15/39 (c)		2,500			2,578,425
					304,582,999
Colorado: 1.9%
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/30 (c)		540			561,671
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/30 (c)		1,000			1,023,071
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/36 (c) ^		1,200			704,069
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/38 (c)		2,000			1,992,806
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB)
5.00%, 12/01/34		2,000			2,268,886
5.00%, 12/01/39 (c)		1,000			1,103,072
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/38 (c)		2,350			2,269,845
Colorado Health Facilities Authority, Sanford, Series A (RB) 4.00%, 11/01/39 (c)		2,000			1,937,246
Denver City and County School District No. 1 (GO) (SAW)
3.00%, 12/01/36 (c)		1,430			1,293,855
5.00%, 12/01/39 (c)		1,000			1,085,777

See Notes to Financial Statements

68

	Par (000’s		)	Value
Colorado (continued)
Denver City and County School, Board of Water Commissioners, Series A (RB) 3.00%, 12/15/37 (c)	$	1,000		$	891,523
Jefferson County School District R-1 (GO) 5.00%, 12/15/30 (c)		1,110			1,199,956
Pueblo City, Schools District No. 60 (GO) (SAW)
3.00%, 12/15/37 (c)		500			434,326
5.00%, 12/15/34 (c)		1,010			1,103,444
5.00%, 12/15/38 (c)		1,625			1,741,522
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/36 (c)		1,820			1,875,773
Regional Transportation District, Fastracks Project, Series B (RB)
5.00%, 11/01/34 (c)		1,995			2,094,304
5.00%, 11/01/33 (c)		530			557,273
State of Colorado, Series A (CP)
4.00%, 12/15/36 (c)		1,315			1,334,540
4.00%, 12/15/39 (c)		1,540			1,552,260
4.00%, 12/15/36 (c)		1,750			1,794,995
5.00%, 12/15/34 (c)		1,000			1,123,125
State of Colorado, Series A (CP) (SAW) 4.00%, 12/15/37 (c)		2,000			2,031,716
University of Colorado, Series A-2 (RB) 3.00%, 06/01/33 (c)		800			718,053
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/36 (c)		2,165			2,344,890
					35,037,998
Connecticut: 2.2%
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/38 (c)		1,530			1,543,831
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/34 (c)		1,290			1,017,503
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/32 (c)		260			241,241
Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 07/01/34 (c)		335			358,393

	Par   (000’s		)	Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/32 (c)	$	1,700		$	1,740,103
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/33 (c)		1,000			1,003,512
State of Connecticut, Series A (GO)
3.00%, 01/15/32 (c)		2,200			2,102,332
3.00%, 01/15/35 (c)		2,500			2,329,023
3.00%, 01/15/34 (c)		1,000			937,377
3.00%, 01/15/36 (c)		1,000			918,291
4.00%, 01/15/37 (c)		2,000			2,051,622
4.00%, 01/15/31		1,780			1,884,411
5.00%, 01/15/37 (c)		1,000			1,144,942
State of Connecticut, Series C (GO)
4.00%, 06/01/34 (c)		1,950			2,035,891
4.00%, 06/01/36 (c)		850			877,415
State of Connecticut, Series E (GO)
5.00%, 11/15/32		1,000			1,152,453
5.00%, 09/15/30 (c)		1,665			1,791,798
State of Connecticut, Series F (GO)
5.00%, 11/15/32 (c)		1,525			1,553,618
5.00%, 11/15/31 (c)		1,550			1,580,061
State of Connecticut, Special Tax, Series A (RB)
5.00%, 05/01/31		1,650			1,861,912
5.00%, 05/01/35 (c)		1,500			1,682,824
5.00%, 09/01/31 (c)		1,250			1,254,655
5.00%, 09/01/30 (c)		1,300			1,304,838
5.00%, 09/01/32 (c)		475			489,358
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/37 (c)		2,500			2,731,326
State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB)
4.00%, 05/01/36 (c)		1,225			1,269,960
5.00%, 05/01/33 (c)		1,025			1,152,199
State of Connecticut, Transportation Infrustructure Purposes, Series D (RB) 4.00%, 11/01/38 (c)		2,000			2,035,740
					40,046,629
Delaware: 0.2%
Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/40 (c)		1,000			973,308
State of Delaware (GO) 2.00%, 02/01/35 (c)		1,000			807,596

See Notes to Financial Statements

69

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Delaware (continued)
State of Delaware, Series A (GO)
2.00%, 01/01/36 (c)	$	650		$	516,886
5.00%, 05/01/36 (c)		1,000			1,158,732
					3,456,522
District of Columbia: 1.7%
District of Columbia Water & Sewer Authority (RB) 4.00%, 10/01/33 (c)		1,000			1,000,844
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/34 (c)		2,250			2,457,052
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/30 (c)		645			672,109
District of Columbia, Income Tax, Series A (RB) 4.00%, 03/01/40 (c)		2,000			2,011,916
District of Columbia, Series A (GO)
5.00%, 01/01/37 (c)		1,000			1,140,333
5.00%, 06/01/33 (c)		580			608,995
5.00%, 06/01/34 (c)		1,000			1,049,777
5.00%, 06/01/35 (c)		750			803,908
District of Columbia, Series A (RB) 5.00%, 03/01/36 (c)		1,000			1,089,048
District of Columbia, Series C (GO) 5.00%, 06/01/38 (c)		1,980			1,981,442
District of Columbia, Series C (RB) 5.00%, 05/01/36 (c)		1,000			1,101,759
District of Columbia, Series D (GO) 5.00%, 06/01/32 (c)		1,350			1,350,983
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/30 (c)		1,000			1,056,708
Washington Metropolitan Area Transit Authority (RB) 5.00%, 07/01/36 (c)		1,000			1,040,513
Washington Metropolitan Area Transit Authority, Series A (RB)
4.00%, 07/15/34 (c)		4,000			4,166,469
5.00%, 07/15/37 (c)		1,400			1,516,680
5.00%, 07/15/37 (c)		2,000			2,195,720
Washington Metropolitan Area Transit Authority, Series A-2 (RB)
5.00%, 07/01/34 (c)		810			849,253
5.00%, 07/01/33 (c)		550			578,495

	Par   (000’s		)	Value
District of Columbia (continued)
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/31 (c)	$	650		$	684,129
5.00%, 07/01/30 (c)		555			584,299
5.00%, 07/01/37 (c)		1,140			1,181,464
5.00%, 07/01/34 (c)		1,880			1,971,106
					31,093,002
Florida: 2.8%
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/36 (c)		2,000			2,032,150
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/34 (c)		520			481,384
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/31 (c)		1,250			1,260,941
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/38 (c)		2,000			2,081,390
Central Florida Expressway Authority, Series B (RB) 4.00%, 07/01/39 (c)		2,000			1,943,629
City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/34 (c)		1,045			1,100,841
City of Jacksonville, Series A (RB) 5.00%, 10/01/32 (c)		1,095			1,192,572
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/31 (c)		2,000			2,093,406
5.00%, 11/01/37 (c)		560			577,755
County of Leon, Tallahassee City, Blueprint Intergovernmental Agency (RB) 5.00%, 10/01/38 (c)		1,000			1,116,734
County of Miami-Dade (RB)
0.00%, 10/01/31 (c) ^		565			416,457
0.00%, 10/01/32 (c) ^		400			281,626
5.00%, 10/01/34 (c)		2,005			2,059,670
County of Miami-Dade, Building Better Communities Program, Series A (GO)
5.00%, 07/01/30 (c)		520			535,650
5.00%, 07/01/34 (c)		555			570,187
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/36 (c)		1,600			1,657,159
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/39 (c)		2,000			1,909,977

See Notes to Financial Statements

70

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/39 (c)	$	1,500		$	1,464,784
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/34 (c)		865			870,449
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/32 (c)		3,500			3,933,118
County of Miami-Dade, Water and Sewer System, Series A (RB) 5.00%, 10/01/32 (c)		1,500			1,522,644
County of Miami-Dade, Water and Sewer System, Series B (RB)
3.00%, 10/01/34 (c)		370			343,354
5.00%, 10/01/33 (c)		605			613,883
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/35 (c)		2,000			2,032,626
Florida Housing Finance Corp., Homeowner Mortgage (RB) 2.10%, 07/01/35 (c)		950			776,276
JEA Electric System, Series A (RB) 5.00%, 10/01/39 (c)		2,000			1,909,302
JEA Electric System, Series B (RB)
3.38%, 10/01/34 (c)		520			491,519
5.00%, 10/01/32 (c)		885			926,567
5.00%, 10/01/30 (c)		850			894,872
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/34 (c)		605			642,471
Orange County Health Facilities Authority (RB) 5.00%, 10/01/39 (c)		1,000			1,019,840
Orange County, Health Facilities Authority, Series A (RB) 5.00%, 10/01/36 (c)		1,325			1,360,581
Orange County, Tourist Development Tax (RB) 5.00%, 10/01/30		490			543,848
Polk County, School District (RB) (SAW) 5.00%, 10/01/30 (c)		1,000			1,094,452
Reedy Creek Improvement District, Series A (GO)
4.00%, 06/01/31 (c)		1,000			1,017,475
5.00%, 06/01/35 (c)		1,000			1,019,496
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/32 (c)		800			833,798

	Par   (000’s		)	Value
Florida (continued)
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/35 (c)	$	510		$	475,145
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
2.38%, 06/01/31 (c)		590			529,990
3.00%, 06/01/30 (c)		1,000			964,900
State of Florida, Department of Transportation Financing Corp. (RB)
3.00%, 07/01/35 (c)		1,000			929,927
3.00%, 07/01/31 (c)		1,000			961,984
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		880			975,300
Volusia County, School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/30 (c)		1,320			1,323,916
					50,784,045
Georgia: 2.6%
Athens-Clarke County, Georgia Water and Sewerage (RB) 4.00%, 01/01/32 (c)		1,450			1,451,554
City of Atlanta, Airport Passenger Facility Charge, Series C (RB)
5.00%, 07/01/35 (c)		800			870,873
5.00%, 07/01/38 (c)		2,275			2,436,648
City of Atlanta, Water and Wastewater (RB) 5.00%, 11/01/32 (c)		1,000			1,015,313
County of Fulton (GO) 4.00%, 07/01/40 (c)		1,500			1,484,217
Dekalb County, Water and Sewerage, Series B (RB) (AGM) 5.00%, 10/01/35 (c)		1,530			1,583,666
Fulton County, Georgia Water and Sewerage, Series A (RB) 3.00%, 01/01/37 (c)		3,000			2,725,934
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/31 (c)		925			833,837
Main Street Natural Gas, Inc., Gas Supply, Series A (RB)
5.00%, 05/15/35		2,000			2,093,993
5.00%, 05/15/37		2,000			2,099,397
5.00%, 05/15/38		1,000			1,033,285
5.00%, 05/01/54 (c) (p)		2,000			2,118,961
Main Street Natural Gas, Inc., Gas Supply, Series C (RB) 5.00%, 09/01/53 (c) (p)		1,000			1,053,443

See Notes to Financial Statements

71

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Georgia (continued)
Main Street Natural Gas, Inc., Gas Supply, Series E (RB) 5.00%, 12/01/53 (c) (p)	$	2,000		$	2,113,229
Private Colleges and Universities Authority, Emory University, Series B (RB)
4.00%, 10/01/38 (c)		2,000			2,002,084
4.00%, 09/01/40 (c)		2,000			2,012,256
4.00%, 09/01/36 (c)		2,175			2,246,193
5.00%, 09/01/33		1,000			1,160,712
State of Georgia, Road and Tollway Authority (RB)
5.00%, 06/01/31 (c)		2,550			2,842,700
5.00%, 06/01/32 (c)		2,000			2,228,875
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/35 (c)		3,255			3,433,725
State of Georgia, Series A (GO)
4.00%, 08/01/34 (c)		935			983,979
5.00%, 02/01/32 (c)		2,000			2,101,453
5.00%, 02/01/33 (c)		1,200			1,260,612
State of Georgia, Series C (GO) 5.00%, 07/01/30 (c)		3,000			3,183,596
					46,370,535
Hawaii: 0.6%
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/31 (c)		1,930			2,135,667
City and County of Honolulu, Series B (GO) 5.00%, 09/01/32 (c)		1,015			1,065,182
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/33 (c)		970			979,714
City and County of Honolulu, Wastewater System, Series B (RB) 5.00%, 07/01/36 (c)		875			948,459
State of Hawaii (RB) 5.00%, 01/01/36 (c)		1,000			1,111,353
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/34 (c)		2,000			2,214,113
State of Hawaii, Series FK (GO)
3.25%, 05/01/33 (c)		1,000			958,832
5.00%, 05/01/34 (c)		690			720,926
					10,134,246
Illinois: 4.8%
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/35 (c)		1,000			1,092,371
Chicago O’Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/37 (c)		1,000			1,017,194

	Par   (000’s		)	Value
Illinois (continued)
Chicago O’Hare International Airport, Series B (RB)
5.00%, 01/01/41 (c)	$	2,120		$	2,144,877
5.00%, 01/01/39 (c)		2,000			2,053,606
5.00%, 01/01/34 (c)		365			379,051
Chicago O’Hare International Airport, Series D (RB) 4.12%, 01/01/40 (c)		1,150			1,141,525
City of Chicago, Second Lien Water (RB) (AGM)
5.00%, 11/01/36 (c)		1,500			1,569,344
5.00%, 11/01/34 (c)		1,420			1,488,905
City of Chicago, Series A (GO)
5.00%, 01/01/30		1,000			1,069,149
5.00%, 01/01/33 (c)		2,455			2,640,932
5.00%, 01/01/32 (c)		1,000			1,076,852
City of Chicago, Series B (GO) 4.00%, 01/01/40 (c)		1,064			1,008,856
City of Chicago, Series C (GO) 5.00%, 01/01/38 (c)		1,150			1,152,814
City of Chicago, Wastewater Transmission, Series A (RB) (BAM) 5.00%, 01/01/40 (c)		1,000			1,100,571
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/36 (c)		750			772,404
City of Chicago, Wastewater Transmission, Series B (RB) (AGM) 5.00%, 01/01/37 (c)		1,000			1,112,403
Illinois Finance Authority, Carle Foundation, Series A (RB)
4.00%, 08/15/38 (c)		1,500			1,497,309
4.00%, 08/15/37 (c)		1,500			1,511,344
5.00%, 08/15/35 (c)		1,000			1,103,838
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 07/01/35 (c)		1,600			1,673,155
4.00%, 07/01/37 (c)		1,000			1,032,578
5.00%, 07/01/33 (c)		700			729,501
5.00%, 07/01/36 (c)		2,560			2,780,213
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/34 (c)		1,400			1,529,529
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/34 (c)		1,435			1,515,934
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)
4.00%, 08/15/40 (c)		1,625			1,589,385
5.00%, 08/15/33 (c)		1,000			1,100,300
5.00%, 08/15/34 (c)		1,295			1,420,117
5.00%, 08/15/32 (c)		1,365			1,506,870
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB) 4.12%, 08/15/37 (c)		2,145			2,041,109

See Notes to Financial Statements

72

	Par   (000’s		)	Value
Illinois (continued)
Illinois Housing Development Authority, Series B (RB) 3.45%, 10/01/33 (c)	$	420		$	394,154
Illinois Municipal Electric Agency Power Supply System, Series A (RB) 4.00%, 02/01/34 (c)		1,500			1,483,730
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/37 (c)		1,000			1,002,514
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33		1,000			1,163,713
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 02/01/35 (c)		2,000			1,966,382
Illinois State Toll Highway Authority, Series A (RB)
5.00%, 01/01/40 (c)		2,000			2,021,828
5.00%, 01/01/37 (c)		3,000			3,451,114
Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/37 (c)		1,500			1,531,835
5.00%, 01/01/40 (c)		1,000			1,017,893
Illinois State, Series C (GO) 4.00%, 10/01/40 (c)		1,000			946,574
Metropolitan Water Reclamation District of Greater Chicago (GO) (NATL-IBC FGIC) 5.25%, 12/01/35		1,000			1,199,533
Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/32 (c)		1,235			1,242,652
4.00%, 12/01/36 (c)		1,500			1,485,894
5.00%, 12/01/30 (c)		990			1,022,053
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/34 (c)		570			599,281
5.00%, 01/01/34 (c)		1,000			1,132,034
State of Illinois (GO)
4.00%, 10/01/34 (c)		2,000			2,004,709
4.00%, 06/01/33 (c)		2,155			2,137,769
4.00%, 07/01/37 (c)		1,000			985,462
5.00%, 05/01/36 (c)		1,000			1,088,356
5.00%, 07/01/36 (c)		1,000			1,088,627
State of Illinois (RB) 3.00%, 06/15/32 (c)		680			633,944
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/32 (c)		3,000			2,796,810
State of Illinois, Sales Tax, Series C (RB) 5.00%, 06/15/30		1,000			1,095,764
State of Illinois, Series A (GO) 4.00%, 03/01/40 (c)		2,460			2,347,586

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 10/01/33 (c)	$	2,500		$	2,631,127
5.00%, 12/01/35 (c)		1,000			1,038,559
5.00%, 03/01/34 (c)		1,000			1,084,813
5.00%, 05/01/35 (c)		2,250			2,343,419
5.25%, 12/01/30 (c)		1,200			1,263,835
State of Illinois, Series B (GO) 5.00%, 11/01/30 (c)		1,000			1,074,383
					87,128,383
Indiana: 0.7%
Avon Indiana Community School Building Corp., AD Valorem Property Tax First Mortgage (RB) 5.25%, 07/15/39 (c)		1,000			1,123,369
City of Indianapolis, Indiana Water System, Series A (RB) 5.00%, 10/01/36 (c)		1,720			1,826,851
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/35 (c)		2,500			2,602,561
Indiana Finance Authority, Indiana University Health Inc., Series B (RB) 5.00%, 10/01/55 (c) (p)		1,000			1,107,031
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		1,545			1,534,023
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) 5.00%, 02/01/31 (c)		1,715			1,855,115
Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel, Series E (RB) 5.50%, 03/01/38 (c)		1,000			1,097,980
Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM) 4.00%, 06/01/39 (c)		1,000			1,005,626
					12,152,556
Iowa: 0.4%
Iowa Finance Authority (RB) 5.00%, 08/01/31 (c)		1,000			1,052,248
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/50 (c) (p)		3,210			3,303,985
Iowa Finance Authority, Series A (RB)
5.00%, 08/01/37 (c)		1,000			1,116,024
5.00%, 08/01/36 (c)		1,000			1,151,577
5.00%, 08/01/37 (c)		1,000			1,139,981
					7,763,815

See Notes to Financial Statements

73

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Kansas: 0.4%
County of Butler, Unified School District No. 385 (GO) 4.00%, 09/01/30 (c)	$	500		$	509,233
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/34 (c)		750			758,983
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/54 (p)		2,450			2,698,754
State of Kansas, Department of Transportation, Series A (RB) 5.00%, 09/01/32 (c)		1,165			1,224,926
University of Kansas Hospital Authority (RB) 4.00%, 09/01/40 (c)		2,000			1,909,859
					7,101,755
Kentucky: 0.6%
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB)
4.00%, 08/01/52 (c) (p)		1,200			1,186,057
5.25%, 04/01/54 (c) (p)		3,000			3,172,576
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/34 (c)		3,285			3,495,756
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
4.00%, 10/01/36 (c)		1,000			973,453
5.00%, 10/01/31 (c)		290			296,736
University of Kentucky, Series A (RB)
3.00%, 10/01/35 (c)		770			694,333
4.00%, 10/01/30 (c)		500			504,079
					10,322,990
Louisiana: 0.9%
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM)
4.00%, 12/01/37 (c)		1,300			1,314,547
5.00%, 12/01/33 (c)		615			665,004
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/35 (c)		500			513,364
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/36 (c)		1,455			1,164,549
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		5,040			4,758,967

	Par   (000’s		)	Value
Louisiana (continued)
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/36 (c)	$	1,000		$	1,115,129
State of Louisiana, Series A (GO)
5.00%, 03/01/33 (c)		930			1,027,848
5.00%, 03/01/38 (c)		1,000			1,095,460
5.00%, 03/01/32 (c)		750			842,099
5.00%, 04/01/35 (c)		1,000			1,149,502
5.00%, 04/01/36 (c)		1,000			1,141,270
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/34 (c)		910			1,005,018
					15,792,757
Maryland: 1.7%
City of Baltimore, Wastewater Project, Series C (RB) 5.00%, 07/01/39 (c)		1,500			1,508,392
County of Baltimore (GO) 4.00%, 03/01/34 (c)		890			929,323
County of Baltimore (GO) (AGC) 4.00%, 03/01/34 (c)		1,925			1,988,684
County of Baltimore (GO) (CA MTG INS) 4.00%, 03/01/36 (c)		2,420			2,488,410
County of Montgomery, Series A (GO) 3.00%, 08/01/32 (c)		750			719,945
Maryland Department of Transportation (RB) 3.00%, 09/01/31 (c)		500			479,397
Prince George’s County, Public Improvement, Series A (GO)
5.00%, 07/15/36 (c)		2,500			2,672,961
5.00%, 08/01/35 (c)		2,500			2,915,178
5.00%, 08/01/34 (c)		1,500			1,754,974
Prince George’s County, Public Improvement, Series A (GO) (SAW) 4.00%, 07/15/30 (c)		1,000			1,034,055
State of Maryland (GO) 4.00%, 06/01/30 (c)		1,500			1,497,673
State of Maryland, Department of Transportation (RB)
3.00%, 11/01/30 (c)		520			502,173
3.12%, 05/01/31 (c)		855			830,293
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/31 (c)		2,340			2,011,791
State of Maryland, Department of Transportation, Series B (RB) 4.00%, 05/01/30 (c)		750			773,800
State of Maryland, State and Local Facilities Loan (GO)
4.00%, 08/01/32 (c)		530			545,787
5.00%, 03/15/32 (c)		3,000			3,279,851
5.00%, 08/01/30 (c)		1,000			1,082,149

See Notes to Financial Statements

74

	Par   (000’s		)	Value
Maryland (continued)
State of Maryland, State and Local Facilities Loan, Series A (GO)
3.00%, 08/01/31 (c)	$	1,000		$	964,309
5.00%, 03/15/31 (c)		1,500			1,671,813
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/34 (c)		1,650			1,710,061
					31,361,019
Massachusetts: 3.3%
City of Boston, Series A (GO) 5.00%, 11/01/39 (c)		2,000			2,266,260
Commonwealth of Massachusetts (RB) (BAM-TCRS NATL) 5.50%, 01/01/34		3,000			3,485,739
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/34		1,000			1,139,428
Commonwealth of Massachusetts Transportation Fund, Series A (RB) 5.00%, 06/01/33 (c)		1,275			1,276,577
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/35 (c)		980			981,179
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/40 (c)		1,500			1,683,170
5.00%, 10/01/31		3,000			3,420,262
Commonwealth of Massachusetts, Series B (GO)
5.00%, 07/01/31 (c)		600			622,308
5.00%, 07/01/34 (c)		1,860			1,928,230
Commonwealth of Massachusetts, Series C (GO) 5.00%, 05/01/30		1,000			1,116,653
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31		2,665			3,019,873
Commonwealth of Massachusetts, Series D (GO)
4.00%, 11/01/37 (c)		2,000			2,051,336
4.00%, 05/01/35 (c)		1,165			1,187,761
5.00%, 07/01/36 (c)		365			402,771
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/38 (c)		2,000			2,178,410
Commonwealth of Massachusetts, Series E (GO)
3.00%, 11/01/33 (c)		1,275			1,195,996
4.00%, 04/01/33 (c)		1,000			1,001,856
4.00%, 04/01/38 (c)		1,000			989,312

	Par   (000’s		)	Value
Massachusetts (continued)
4.00%, 09/01/39 (c)	$	3,000		$	2,966,542
5.00%, 11/01/32 (c)		1,000			1,121,985
5.00%, 09/01/37 (c)		1,010			1,075,977
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 05/01/31 (c)		1,100			1,100,218
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/33 (c)		500			521,828
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/37 (c)		800			892,885
Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB)
4.00%, 07/01/38 (c)		2,000			2,045,775
5.00%, 07/01/40 (c)		1,000			1,115,916
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/35 (c)		255			272,920
Massachusetts Development Finance Agency, Children’s Hospital, Series T (RB) 5.00%, 03/01/34 (c)		1,000			1,166,024
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 4.00%, 07/15/36 (c)		1,035			1,046,067
Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB)
4.00%, 02/15/36		1,000			1,093,786
5.00%, 02/15/33		2,000			2,339,267
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 07/01/35 (c)		1,500			1,513,112
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/35 (c)		500			512,931
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 08/15/37 (c)		1,150			1,169,121
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30		2,000			2,289,092

See Notes to Financial Statements

75

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/31 (c)	$	2,115		$	2,247,811
The Commonwealth of Massachusetts, Series A (GO) 5.00%, 03/01/36 (c)		1,000			1,167,260
University of Massachusetts Building Authority (RB)
5.00%, 11/01/30 (c)		1,020			1,087,186
5.00%, 11/01/34 (c)		750			819,403
5.00%, 05/01/34 (c)		1,220			1,333,962
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/32 (c)		500			547,022
					59,393,211
Michigan: 1.5%
Detroit City School District, Series A (GO) (AGM) 5.25%, 05/01/32		2,220			2,505,706
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series A (RB) 5.00%, 07/01/37 (c)		3,000			3,414,598
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
5.00%, 07/01/30 (c)		500			516,515
5.00%, 07/01/31 (c)		570			588,495
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) 5.00%, 07/01/33 (c)		1,025			1,058,164
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/36 (c)		2,000			2,003,736
Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB) 5.00%, 05/15/38 (c)		1,500			1,509,841
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/33 (c)		355			335,167
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) 5.00%, 10/01/34 (c)		725			727,390
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)
4.00%, 12/01/40 (c)		1,000			967,676
5.00%, 12/01/35 (c)		585			609,614
5.00%, 12/01/34 (c)		2,000			2,090,040

	Par   (000’s		)	Value
Michigan (continued)
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/40 (c)	$	725		$	724,971
Michigan State Housing Development Authority, Series B (RB) 4.50%, 12/01/38 (c)		1,500			1,526,919
Michigan State University, Series A (RB) 5.00%, 08/15/40 (c)		2,000			2,015,748
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/32 (c)		570			590,068
State of Michigan, Environmental Program (GO) 3.00%, 05/01/30 (c)		410			393,767
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/36 (c)		750			685,316
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 12/01/31 (c)		1,370			1,274,217
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/36 (c)		1,000			1,154,683
State of Michigan, Trunk Line Fund, Series A (RB) 5.00%, 11/15/35 (c)		1,900			2,144,613
					26,837,244
Minnesota: 0.8%
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/31 (c)		1,000			1,036,076
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/31 (c)		325			340,013
Minnesota Agricultural & Economic Development Board (RB) 5.00%, 01/01/38 (c)		1,000			1,111,956
Minnesota Public Facilities Authority, Series A (RB)
5.00%, 03/01/33 (c)		1,500			1,546,085
5.00%, 03/01/31		1,000			1,128,883
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/31 (c)		1,000			1,059,379
State of Minnesota, Various Purpose, Series A (GO)
5.00%, 08/01/33 (c)		1,000			1,101,978
5.00%, 08/01/36 (c)		1,000			1,093,777
5.00%, 08/01/37 (c)		2,000			2,204,287
5.00%, 08/01/36 (c)		2,000			2,220,055

See Notes to Financial Statements

76

	Par   (000’s		)	Value
Minnesota (continued)
State of Minnesota, Various Purpose, Series D (GO) 3.00%, 10/01/30 (c)	$	1,000		$	971,851
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/33 (c)		1,000			958,132
					14,772,472
Mississippi: 0.1%
State of Mississippi, Series A (RB)
5.00%, 10/15/36 (c)		550			566,323
5.00%, 10/15/34 (c)		1,000			1,038,039
					1,604,362
Missouri: 0.5%
City of Springfield, Public Utility (RB) 4.00%, 08/01/31 (c)		1,000			1,000,719
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/38 (c)		1,000			1,101,901
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,400			1,570,603
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 12/01/32 (c)		685			691,321
Springfield School District No. R-12 (GO) 4.00%, 03/01/34 (c)		650			671,894
Springfield School District No. R-12 (GO) (SAW)
4.00%, 03/01/35 (c)		2,415			2,489,546
5.00%, 03/01/36 (c)		450			486,206
St. Louis School District, Board of Education (GO) (AGM) 5.00%, 04/01/37 (c)		1,000			1,111,222
					9,123,412
Nebraska: 0.6%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/31		1,215			1,279,112
5.00%, 09/01/32		1,280			1,346,379
5.00%, 09/01/34		4,300			4,536,319
5.00%, 09/01/35		2,000			2,099,946
Nebraska Public Power District, Series B (RB) 5.00%, 01/01/37 (c)		1,000			1,012,838
					10,274,594
Nevada: 0.9%
Clark County School District, Limited Tax, Series A (GO) 5.00%, 06/15/40 (c)		1,000			1,100,684
Clark County, Nevada Airport System, Series A-2 (RB) 5.00%, 07/01/30 (c)		1,000			1,001,626

	Par   (000’s		)	Value
Nevada (continued)
5.00%, 07/01/35 (c)	$	1,500		$	1,502,438
Clark County, Nevada Limited Tax, Flood Control (GO) 4.00%, 11/01/33 (c)		1,675			1,681,473
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/32 (c)		470			512,013
Clark County, School District, Series A (GO) 4.00%, 06/15/41 (c)		1,000			988,177
Clark County, School District, Series A (GO) (AGM)
5.00%, 06/15/34 (c)		915			1,003,221
5.00%, 06/15/32 (c)		1,000			1,097,448
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/38 (c)		1,500			1,279,201
Clark County, School District, Series C (GO) 5.00%, 06/15/32 (c)		1,050			1,104,829
Clark County, Transportation Improvement, Limited Tax, Series B (GO) 4.00%, 12/01/39 (c)		2,245			2,259,200
County of Clark, Motor Vehicle Fuel Tax (RB) (AGM) 4.00%, 07/01/40 (c)		1,105			1,099,621
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/32 (c)		1,000			951,094
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
4.00%, 12/01/33 (c)		760			777,225
4.00%, 12/01/32 (c)		760			779,000
					17,137,250
New Jersey: 3.8%
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/39 (c)		1,210			1,213,063
County of Camden, Board of Education of Township of Cherry Hill (GO) 4.00%, 08/01/35 (c)		1,000			1,032,423
County of Hudson (GO)
2.00%, 11/15/34 (c)		2,000			1,608,020
2.00%, 11/15/35 (c)		685			539,690
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/31 (c)		755			727,222

See Notes to Financial Statements

77

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/33 (c)	$	1,000		$	1,085,591
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
5.00%, 06/15/37 (c)		1,970			2,106,156
5.00%, 06/15/36 (c)		1,250			1,346,370
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 06/15/36 (c)		1,080			1,088,240
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 06/15/36 (c)		2,455			2,486,713
4.00%, 06/15/39 (c)		1,000			992,377
New Jersey Economic Development Authority, School Facilities Construction, Series SSS (RB) 5.00%, 06/15/34		1,500			1,721,677
New Jersey Educational Facilities Authority, Princeton University, Series A-2 (RB) 5.00%, 03/01/41 (c)		2,500			2,812,114
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
2.00%, 03/01/37 (c)		1,975			1,483,974
2.00%, 03/01/36 (c)		1,000			777,463
2.00%, 03/01/38 (c)		2,000			1,439,451
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/32 (c)		500			529,455
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/34 (c)		360			348,095
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/31 (c)		1,000			1,076,580
New Jersey State Turnpike Authority, Series B (RB)
5.00%, 01/01/34 (c)		2,900			3,081,122
5.00%, 01/01/33 (c)		1,080			1,147,957
New Jersey Transportation Trust Fund Authority, Series A (RB)
4.00%, 12/15/31 (c)		2,830			2,892,951
4.00%, 06/15/40 (c)		1,000			986,025
4.25%, 06/15/40 (c)		3,045			3,072,601

	Par   (000’s		)	Value
New Jersey (continued)
5.00%, 12/15/36 (c)	$	1,000		$	1,056,261
5.00%, 12/15/33 (c)		1,395			1,490,863
5.00%, 12/15/34 (c)		1,100			1,172,298
5.00%, 06/15/30 (c)		435			446,220
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/31 (c)		780			785,859
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.00%, 06/15/39 (c)		1,000			993,493
4.12%, 06/15/39 (c)		1,000			992,993
4.75%, 06/15/38 (c)		2,950			2,972,238
5.00%, 06/15/40 (c)		1,000			1,090,170
New Jersey Transportation Trust Fund Authority, Series BB (RB) 4.00%, 06/15/36 (c)		1,045			1,058,740
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 06/15/32 (c)		1,720			1,729,882
New Jersey Turnpike Authority, Series A (RB) 5.00%, 01/01/34 (c)		4,000			4,005,195
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/36 (c)		3,000			3,175,433
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/33 (c)		2,130			2,180,268
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/30 (c)		3,000			2,632,212
2.00%, 06/01/34 (c)		3,000			2,410,922
5.00%, 06/01/38 (c)		2,000			2,144,752
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/31 (c)		500			528,471
5.00%, 06/01/32 (c)		2,755			2,910,998
					69,372,598
New Mexico: 0.1%
State of New Mexico (GO) 5.00%, 03/01/33		1,000			1,157,655
New York: 18.5%
Battery Park City Authorization, Series B (RB) 5.00%, 11/01/36 (c)		1,000			1,167,211
City of New York Trust for Cultural Resources, Lincoln Center for Performing Arts Inc., Series A (RB) 4.00%, 12/01/34 (c)		3,000			3,126,869
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/32 (c)		500			461,187

See Notes to Financial Statements

78

	Par   (000’s		)	Value
New York (continued)
City of New York, Series A (GO)
4.00%, 08/01/34 (c)	$	485		$	488,490
4.00%, 08/01/38 (c)		600			601,091
5.00%, 08/01/37 (c)		1,000			1,123,819
5.00%, 09/01/34 (c)		2,170			2,471,650
City of New York, Series A-1 (GO) 5.00%, 09/01/37 (c)		2,000			2,224,969
City of New York, Series B-1 (GO)
5.00%, 10/01/31 (c)		500			546,554
5.00%, 10/01/32 (c)		1,125			1,228,753
5.00%, 11/01/30		1,000			1,111,233
5.25%, 10/01/40 (c)		1,575			1,759,825
City of New York, Series C (GO) 5.00%, 08/01/33 (c)		1,165			1,175,293
City of New York, Series D (GO) 4.00%, 04/01/41 (c)		1,000			982,069
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/37 (c)		1,565			1,698,605
City of New York, Series E (GO)
5.00%, 04/01/37 (c)		1,000			1,123,291
5.00%, 08/01/30 (c)		540			557,580
City of New York, Series E-1 (GO)
5.00%, 03/01/39 (c)		2,000			2,098,651
5.00%, 03/01/32 (c)		1,015			1,079,597
5.25%, 03/01/34 (c)		1,000			1,071,683
5.25%, 03/01/31 (c)		1,500			1,610,218
City of New York, Series F-1 (GO)
5.00%, 08/01/38 (c)		1,000			1,118,405
5.00%, 08/01/39 (c)		1,330			1,481,006
5.00%, 08/01/37 (c)		1,000			1,123,819
5.00%, 08/01/36 (c)		1,000			1,136,928
City of New York, Series I-1 (GO) 4.25%, 03/01/35 (c)		1,000			1,000,080
City of New York, Series L (GO) 5.00%, 04/01/32 (c)		655			710,373
City of New York, Series L-5 (GO) 5.00%, 04/01/34 (c)		1,865			2,085,920
City of New York, Series L-6 (GO) 5.00%, 04/01/30 (c)		1,000			1,085,374
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM) 4.00%, 04/01/40 (c)		925			899,354
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/37 (c)		865			666,799

	Par   (000’s		)	Value
New York (continued)
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB)
4.00%, 11/15/35 (c)	$	1,000		$	1,060,789
5.00%, 11/15/35 (c)		1,500			1,709,663
County of Suffolk, New York Water System, Series A (RB) 5.00%, 06/01/36 (c)		1,515			1,628,242
County of Suffolk, Public Improvement, Series C (GO)
4.00%, 09/01/36 (c)		1,000			1,031,389
5.00%, 09/01/35 (c)		1,500			1,660,484
Hudson Yards Infrastructure Corp., Series A (RB)
5.00%, 02/15/31 (c)		1,400			1,464,477
5.00%, 02/15/33 (c)		460			481,038
5.00%, 02/15/32 (c)		1,700			1,778,127
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/33 (c)		750			796,419
5.00%, 09/01/31 (c)		305			324,119
5.00%, 09/01/32 (c)		500			531,070
Long Island Power Authority, Electric System, Series A (RB)
3.00%, 09/01/36 (c)		450			421,732
5.00%, 09/01/36 (c)		1,500			1,658,697
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/36 (c)		2,000			2,063,894
Metropolitan Transportation Authority, Series A (RB)
4.00%, 11/15/33 (c)		340			337,768
5.00%, 11/15/40 (c)		1,000			1,090,743
Metropolitan Transportation Authority, Series A-1 (RB) 4.00%, 11/15/40 (c)		1,000			981,160
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 11/15/45 (p)		1,935			2,074,553
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 11/15/32 (c)		1,980			1,994,850
4.00%, 11/15/34 (c)		395			397,191
5.00%, 11/15/31 (c)		1,445			1,529,813
5.00%, 11/15/33 (c)		2,540			2,685,426
5.00%, 11/15/30 (c)		1,540			1,629,766
5.00%, 11/15/34 (c)		810			855,569
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		1,035			717,310
Metropolitan Transportation Authority, Series D (RB)
3.12%, 11/15/35 (c)		265			234,974
4.00%, 11/15/32 (c)		400			400,950
5.00%, 11/15/30 (c)		1,085			1,148,244
5.00%, 11/15/32 (c)		1,570			1,660,908
5.00%, 11/15/33 (c)		535			565,631

See Notes to Financial Statements

79

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/33 (c)	$	2,000		$	2,039,067
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30		1,000			1,108,596
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC) 2.90%, 11/01/37 (c)		1,000			849,354
New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 11/01/35 (c)		1,100			890,132
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 11/01/40 (c)		525			377,428
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM)
4.00%, 01/01/32 (c)		500			517,377
5.00%, 01/01/31		2,700			2,973,109
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM)
4.00%, 03/01/32 (c)		2,500			2,572,315
4.00%, 03/01/31 (c)		2,765			2,845,876
New York City Municipal Water Finance Authority, Series AA (RB) 5.00%, 06/15/32 (c)		1,000			1,099,349
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 06/15/38 (c)		1,000			1,029,695
New York City Municipal Water Finance Authority, Series DD (RB)
5.00%, 06/15/34 (c)		3,685			4,288,911
5.00%, 06/15/34		5,360			6,311,024
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/33 (c)		500			545,134
New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW)
4.00%, 07/15/35 (c)		1,015			1,061,117
5.00%, 07/15/40 (c)		1,305			1,312,599

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority Future Tax, Series A-1 (RB)
5.00%, 05/01/37 (c)	$	1,000		$	1,135,790
5.00%, 05/01/36 (c)		1,000			1,145,984
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/39 (c)		1,000			1,116,203
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 4.00%, 07/15/36 (c)		1,375			1,427,491
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/31 (c)		1,010			1,079,269
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)
5.00%, 07/15/33 (c)		1,605			1,712,326
5.00%, 07/15/35 (c)		1,000			1,065,196
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) 5.00%, 07/15/33 (c)		500			533,435
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
3.00%, 11/01/37 (c)		2,000			1,776,786
5.00%, 11/01/36 (c)		3,000			3,315,120
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
4.00%, 05/01/31 (c)		630			634,876
5.00%, 11/01/32 (c)		1,000			1,135,197
5.00%, 05/01/33 (c)		450			462,178
5.00%, 05/01/35 (c)		655			672,216
5.00%, 05/01/34 (c)		880			903,472
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
4.00%, 08/01/35 (c)		2,000			2,010,127
5.00%, 05/01/36 (c)		1,000			1,152,963
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/39 (c)		1,190			1,197,108
5.00%, 11/01/32 (c)		1,065			1,119,535
5.00%, 11/01/34 (c)		2,980			2,981,413
5.00%, 08/01/32 (c)		1,345			1,347,340
5.00%, 08/01/33 (c)		895			922,865
5.00%, 08/01/31 (c)		690			712,086
5.00%, 08/01/32 (c)		540			557,049
5.00%, 08/01/32 (c)		1,000			1,056,233

See Notes to Financial Statements

80

	Par   (000’s		)	Value
New York (continued)
5.00%, 08/01/34 (c)	$	780		$	827,934
5.00%, 08/01/31 (c)		1,000			1,115,763
5.00%, 08/01/34 (c)		1,000			1,129,260
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
5.00%, 11/01/30 (c)		2,280			2,397,951
5.00%, 11/01/33 (c)		900			945,901
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 05/01/40 (c)		775			773,236
4.00%, 05/01/39 (c)		1,690			1,698,789
5.00%, 05/01/37 (c)		2,500			2,754,793
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/38 (c)		1,500			1,519,012
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/35 (c)		1,195			1,205,822
5.00%, 02/01/31 (c)		1,500			1,535,412
5.00%, 02/01/39 (c)		1,710			1,767,092
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30		6,000			6,345,700
New York City Transitional Finance Authority, Series C (RB) 5.00%, 05/01/33		1,000			1,158,459
New York City Transitional Finance Authority, Series D (RB)
5.00%, 11/01/39 (c)		4,300			4,860,180
5.00%, 11/01/36 (c)		1,000			1,153,269
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 06/15/40 (c)		660			557,880
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/40 (c)		800			850,015
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		1,000			1,152,146
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/37 (c)		1,000			1,016,784

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/30 (c)	$	1,000		$	1,024,978
New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/30 (c)		3,000			3,047,422
5.00%, 07/01/33 (c)		1,140			1,199,121
5.00%, 07/01/32 (c)		385			414,573
5.00%, 07/01/40 (c)		400			421,943
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/38 (c)		1,250			1,311,011
New York State Dormitory Authority, Sales Tax, Series A (RB)
5.00%, 03/15/40 (c)		1,500			1,658,570
5.00%, 03/15/36 (c)		2,000			2,283,628
5.00%, 03/15/37 (c)		1,000			1,130,613
5.00%, 03/15/34 (c)		2,150			2,152,436
5.00%, 03/15/38 (c)		1,310			1,311,484
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) 4.00%, 10/01/35 (c)		1,315			1,350,429
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB)
5.00%, 10/01/35 (c)		2,040			2,294,738
5.00%, 10/01/36 (c)		1,000			1,116,194
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
5.00%, 10/01/30 (c)		1,325			1,367,927
5.00%, 10/01/32 (c)		1,200			1,238,316
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
3.00%, 03/15/38 (c)		3,120			2,759,071
4.00%, 02/15/33 (c)		1,000			1,020,176
4.00%, 02/15/36 (c)		1,235			1,254,080
4.00%, 02/15/35 (c)		2,475			2,520,501
4.00%, 03/15/37 (c)		1,075			1,097,093
4.00%, 03/15/38 (c)		2,795			2,838,107
4.00%, 03/15/37 (c)		1,135			1,156,894
5.00%, 02/15/32 (c)		595			621,537
5.00%, 02/15/31 (c)		2,115			2,208,961
5.00%, 03/15/36 (c)		3,910			4,207,909
5.00%, 03/15/35 (c)		1,950			2,106,360
5.00%, 03/15/34 (c)		2,370			2,562,797
5.00%, 03/15/37 (c)		1,000			1,143,110
5.00%, 03/15/38 (c)		1,000			1,132,581
5.00%, 03/15/41 (c)		2,000			2,217,036
5.00%, 02/15/39 (c)		2,000			2,033,827

See Notes to Financial Statements

81

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
5.00%, 03/15/39 (c)	$	2,000		$	2,223,874
5.25%, 03/15/38 (c)		1,305			1,396,996
New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
5.00%, 02/15/34 (c)		1,095			1,104,158
5.00%, 02/15/37 (c)		2,270			2,371,238
5.00%, 02/15/31 (c)		2,000			2,108,437
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/33 (c)		2,000			2,210,105
5.00%, 02/15/32 (c)		940			963,941
New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
4.00%, 03/15/38 (c)		1,500			1,526,044
4.00%, 03/15/37 (c)		2,000			2,046,286
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 03/15/33 (c)		1,000			1,046,473
5.00%, 03/15/34 (c)		2,110			2,203,014
5.00%, 03/15/31 (c)		515			541,139
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/31 (c)		520			554,275
5.00%, 03/15/35 (c)		1,970			2,089,278
New York State Environmental Facilities Corp., Clean Water and Drinking Water, Series A (RB) 5.00%, 06/15/40 (c)		1,000			1,129,661
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
5.00%, 06/15/32 (c)		415			425,766
5.00%, 06/15/30 (c)		765			785,474
5.00%, 06/15/33 (c)		2,000			2,002,883
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)
4.00%, 06/15/37 (c)		1,530			1,554,546
5.00%, 06/15/36 (c)		1,250			1,363,216
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) 5.00%, 06/15/33 (c)		1,000			1,059,107
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 11/01/35 (c)		835			666,168

	Par   (000’s		)	Value
New York (continued)
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/40 (c)	$	525		$	525,433
New York State Thruway Authority, Series A (RB)
5.00%, 01/01/41 (c)		1,000			1,011,554
5.00%, 01/01/33 (c)		600			611,573
5.00%, 01/01/31 (c)		650			662,749
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/37 (c)		800			815,805
New York State Thruway Authority, Series K (RB)
5.00%, 01/01/31 (c)		2,500			2,520,476
5.00%, 01/01/32 (c)		4,335			4,370,220
New York State Thruway Authority, Series L (RB)
3.50%, 01/01/37 (c)		1,120			1,094,469
4.00%, 01/01/36 (c)		2,500			2,558,844
New York State Thruway Authority, Series P (RB) 5.00%, 01/01/38 (c)		1,000			1,129,367
New York State Thruway Authority, State Personal Income, Series A-1 (RB)
5.00%, 03/15/34 (c)		2,000			2,247,566
5.00%, 03/15/35 (c)		800			896,661
New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/37 (c)		1,475			1,617,965
New York State Urban Development Corp., State Personal Income, Series C (RB)
4.00%, 03/15/34 (c)		1,000			1,042,146
4.00%, 03/15/37 (c)		1,000			1,021,002
5.00%, 03/15/31 (c)		350			368,297
5.00%, 03/15/32 (c)		4,295			4,517,508
New York State Urban Development Corp., State Sales Tax, Series A (RB)
5.00%, 03/15/35 (c)		1,000			1,094,389
5.00%, 03/15/36 (c)		4,500			5,067,471
New York State, Urban Development Coporation, Series B (RB) 5.00%, 03/15/36 (c)		1,000			1,147,823
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
5.00%, 12/01/30		1,150			1,255,771
5.00%, 12/01/37 (c)		1,000			1,068,446
5.00%, 12/01/35 (c)		750			812,527

See Notes to Financial Statements

82

	Par   (000’s		)	Value
New York (continued)
Port Authority of New York and New Jersey, Series 184 (RB) 5.00%, 09/01/30 (c)	$	2,000		$	2,007,151
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/36 (c)		500			531,919
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/34 (c)		500			535,330
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/36 (c)		500			545,124
Port Authority of New York and New Jersey, Series 222 (RB)
4.00%, 07/15/37 (c)		3,975			4,070,283
4.00%, 07/15/36 (c)		2,600			2,692,442
5.00%, 07/15/35 (c)		1,000			1,108,705
5.00%, 07/15/34 (c)		1,000			1,111,179
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 10/01/31 (c)		615			571,994
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/32 (c)		460			431,270
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB)
5.00%, 11/15/31		1,000			1,145,033
5.00%, 11/15/34 (c)		1,000			1,157,309
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) 5.00%, 05/15/31		1,130			1,284,278
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
5.00%, 05/15/37 (c)		1,225			1,366,220
5.00%, 11/15/36 (c)		3,000			3,442,705
Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/40 (c)		750			842,535
Triborough Bridge and Tunnel Authority, Series B (RB)
5.00%, 11/15/31		1,000			1,140,666
5.00%, 11/15/32 (c)		1,070			1,121,649
5.00%, 11/15/33 (c)		1,255			1,315,325
5.00%, 11/15/37 (c)		1,000			1,043,458
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
5.00%, 09/01/31 (c)		1,795			1,948,028
5.00%, 09/01/37 (c)		500			532,529
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/35 (c)		845			874,018
5.00%, 06/01/33 (c)		500			518,746
Utility Debt Securitization Authority (RB) 5.00%, 12/15/36 (c)		2,830			2,878,975

	Par   (000’s		)	Value
New York (continued)
5.00%, 12/15/38 (c)	$	2,000		$	2,106,702
Utility Debt Securitization Authority, Series A (RB)
5.00%, 12/15/32 (c)		610			630,230
5.00%, 12/15/33 (c)		2,000			2,065,914
5.00%, 12/15/35 (c)		500			515,650
Utility Debt Securitization Authority, Series E (RB) 5.00%, 12/15/35 (c)		2,000			2,326,401
					334,585,763
North Carolina: 1.3%
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 01/15/49 (p)		3,000			3,316,609
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/35 (c)		1,925			1,937,899
County of Mecklenburg, Series A (GO) 4.00%, 04/01/30 (c)		900			917,790
County of Mecklenburg, Series B (GO) 2.00%, 12/01/30 (c)		250			219,748
County of Wake (RB) 3.00%, 03/01/35 (c)		1,500			1,408,632
North Carolina Charlotte Douglas International Airport, Series A (RB)
4.00%, 07/01/38 (c)		1,000			1,010,295
4.00%, 07/01/39 (c)		1,670			1,660,853
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/37 (c)		1,000			1,030,004
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/32 (c)		1,000			1,093,150
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/32 (c)		500			515,443
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
4.00%, 01/01/35 (c)		800			819,902
4.00%, 01/01/33 (c)		890			912,966
4.00%, 01/01/34 (c)		360			369,209
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/36 (c)		625			498,524
State of North Carolina, Series A (GO) 3.00%, 06/01/34 (c)		380			364,071

See Notes to Financial Statements

83

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
North Carolina (continued)
5.00%, 06/01/30 (c)	$	1,140		$	1,232,916
5.00%, 06/01/31 (c)		1,100			1,231,465
State of North Carolina, Series A (RB)
5.00%, 05/01/31 (c)		1,000			1,095,831
5.00%, 05/01/34 (c)		1,000			1,145,515
State of North Carolina, Series B (RB) 3.00%, 05/01/31 (c)		800			766,399
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/37 (c)		1,000			1,128,347
					22,675,568
Ohio: 1.7%
Akron Bath Copley Joint Township Hospital District, Summa Health (RB)
4.00%, 11/15/35 (c)		1,000			949,060
4.00%, 11/15/36 (c)		1,000			936,709
American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) 5.00%, 02/15/37 (c)		1,000			1,120,311
American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) 4.00%, 02/15/34 (c)		1,520			1,582,948
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/32 (c)		500			537,184
5.00%, 06/01/33 (c)		500			536,507
5.00%, 06/01/34 (c)		3,000			3,212,220
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30		1,000			1,114,366
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/31 (c)		1,245			1,362,457
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 08/01/30 (c)		1,030			1,091,737
5.00%, 12/01/30 (c)		1,000			1,095,015
County of Butler, Ohio Hospital Facilities, UC Health (RB) 4.00%, 11/15/37 (c)		500			445,392
County of Hamilton, Series A (RB) 4.00%, 12/01/31 (c)		1,000			1,011,682
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/35 (c)		1,000			923,293
Ohio Turnpike and Infrastructure Commission, Series A (RB)
5.00%, 02/15/31 (c)		500			532,314
5.00%, 02/15/32 (c)		500			532,102

	Par   (000’s		)	Value
Ohio (continued)
Ohio Water Development Authority, Drinking Water, Series A (RB) 5.00%, 12/01/36 (c)	$	1,335		$	1,491,119
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/37 (c)		1,760			1,904,074
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 12/01/31 (c)		2,065			2,172,274
5.00%, 12/01/37 (c)		1,970			2,155,630
5.00%, 06/01/33 (c)		1,000			1,113,935
5.00%, 12/01/40 (c)		1,000			1,127,439
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 4.00%, 01/01/34 (c)		760			776,186
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/41 (c)		835			821,109
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/33 (c)		1,000			1,048,893
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31		1,225			1,392,675
					30,986,631
Oklahoma: 0.2%
Grand River Dam Authority, Series A (RB)
4.00%, 06/01/33 (c)		2,000			2,015,503
5.00%, 06/01/31 (c)		515			531,289
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/35 (c)		565			589,283
					3,136,075
Oregon: 1.3%
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/33 (c)		720			781,845
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/34 (c)		700			757,877
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 03/01/37 (c)		2,350			2,096,925
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/35 (c)		1,285			1,371,246
Hillsboro School District No. 1J (GO) (SBG)
5.00%, 06/15/35 (c)		590			614,860
5.00%, 06/15/31 (c)		1,000			1,049,373

See Notes to Financial Statements

84

	Par   (000’s		)	Value
Oregon (continued)
Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG)
4.00%, 06/15/35 (c)	$	740		$	757,010
5.00%, 06/15/32 (c)		545			584,488
Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG) 4.00%, 06/15/38 (c)		2,000			2,024,821
Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG)
0.01%, 06/15/33 (c)		1,010			687,056
0.01%, 06/15/32 (c)		1,215			866,187
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/33 (c)		1,280			1,213,545
Multnomah County, School District No. 1J (GO) (SBG) 5.00%, 06/15/35 (c)		1,000			1,159,889
Portland Community College District (GO) 5.00%, 06/15/36 (c)		1,000			1,142,746
State of Oregon, Department of Transportation, Highway User Tax, Series A (RB)
4.00%, 11/15/38 (c)		3,000			3,053,842
5.00%, 11/15/36 (c)		1,650			1,802,361
5.00%, 11/15/36 (c)		1,000			1,106,470
State of Oregon, Series A (GO) 5.00%, 05/01/36 (c)		1,000			1,151,064
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 10/01/34 (c)		570			549,847
					22,771,452
Pennsylvania: 3.8%
Allegheny County Hospital Development Authority, Series A (RB)
5.00%, 04/01/33 (c)		1,120			1,172,728
5.00%, 07/15/30 (c)		360			388,587
5.00%, 07/15/33 (c)		810			869,506
Allegheny County Sanitary Authority Sewer (RB) 5.00%, 12/01/35 (c)		1,000			1,012,148
City of Philadelphia, Gas Works (RB)
5.00%, 10/01/33 (c)		680			697,436
5.00%, 10/01/32 (c)		970			995,772
5.00%, 10/01/30 (c)		880			905,019
5.00%, 10/01/31 (c)		735			755,212
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/36 (c)		1,000			1,009,236
City of Philadelphia, Series B (GO) 5.00%, 02/01/37 (c)		1,500			1,601,942

	Par   (000’s		)	Value
Pennsylvania (continued)
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/33 (c)	$	1,595		$	1,611,361
Commonwealth of Pennsylvania (GO)
3.00%, 01/01/31 (c)		510			490,259
3.00%, 09/15/35 (c)		1,055			983,325
4.00%, 02/01/32 (c)		1,500			1,512,056
4.00%, 05/15/32 (c)		2,000			2,110,190
4.00%, 08/15/34 (c)		1,500			1,503,880
5.00%, 09/01/32		2,000			2,303,446
5.00%, 09/01/37 (c)		1,000			1,135,080
Geisinger Authority Health System, Series A (RB)
4.00%, 04/01/39 (c)		1,000			977,751
5.00%, 02/15/39 (c)		3,100			3,174,652
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/43 (c) (p)		2,000			2,142,288
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/38 (c)		1,100			1,152,994
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) 3.38%, 11/15/33 (c)		1,000			979,648
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/31 (c)		1,000			1,010,015
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/34 (c)		2,675			2,722,397
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB)
2.80%, 10/01/31 (c)		700			638,581
3.20%, 10/01/31 (c)		425			399,851
3.65%, 10/01/32 (c)		315			304,129
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB)
3.20%, 10/01/32 (c)		300			278,237
3.45%, 10/01/32 (c)		620			585,767
Pennsylvania State System of Higher Education, Series AT-1 (RB) 4.00%, 06/15/34 (c)		765			767,938
Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/32 (c)		1,000			1,004,312

See Notes to Financial Statements

85

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(continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/37 (c)	$	2,000		$	2,009,820
Pennsylvania Turnpike Commission, Series A (RB)
5.00%, 12/01/32 (c)		750			776,918
5.00%, 12/01/37 (c)		1,250			1,331,442
5.00%, 12/01/30 (c)		500			546,611
5.00%, 12/01/37 (c)		1,000			1,070,214
5.00%, 12/01/33 (c)		1,000			1,134,255
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/38 (c)		1,000			1,008,319
4.00%, 12/01/37 (c)		1,025			1,046,144
4.00%, 12/01/36 (c)		1,000			1,029,245
5.00%, 12/01/34 (c)		1,010			1,030,626
5.00%, 06/01/36 (c)		2,650			2,712,448
5.00%, 12/01/34 (c)		700			783,177
Pennsylvania Turnpike Commission, Series B (RB) (AGM)
5.00%, 06/01/34 (c)		510			539,362
5.00%, 06/01/33 (c)		1,735			1,814,432
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)
5.00%, 09/01/31		1,460			1,649,107
5.00%, 09/01/32		2,000			2,289,134
5.00%, 09/01/33		2,000			2,317,896
School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/38 (c)		1,570			1,585,453
5.00%, 09/01/37 (c)		1,000			1,011,166
5.00%, 09/01/32 (c)		485			492,992
State of Pennsylvania (GO) 5.00%, 09/01/31		2,000			2,271,723
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM)
5.00%, 06/01/33 (c)		1,225			1,258,276
5.00%, 06/01/32 (c)		1,750			1,797,536
					68,702,039
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB) 4.00%, 05/15/39 (c)		1,000			1,000,408
Rhode Island Health and Educational Building Corp., Hospital Financing (RB) 5.00%, 05/15/34		1,000			1,108,535
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM) 2.10%, 10/01/35 (c)		1,000			811,903

	Par   (000’s		)	Value
Rhode Island (continued)
State of Rhode Island, Series A (GO) 5.00%, 08/01/39 (c)	$	2,000		$	2,226,255
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/40 (c)		1,000			1,007,401
					6,154,502
South Carolina: 0.7%
City of Columbia, Waterworks and Sewer System, Series B (RB) 4.00%, 02/01/41 (c)		1,000			984,544
Lancaster County, School District (GO)
3.25%, 03/01/32 (c)		325			315,384
4.00%, 03/01/35 (c)		1,000			1,014,201
Patriots Energy Group Financing Agency, Gas Supply, Series A (RB) 5.25%, 10/01/54 (c) (p)		5,000			5,261,449
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/32 (c)		1,000			1,083,570
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/37 (c)		1,000			1,044,415
South Carolina, Public Service Authority, Series A (RB)
4.00%, 12/01/33 (c)		1,115			1,131,579
5.00%, 12/01/37 (c)		1,500			1,523,811
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/39 (c)		1,000			1,000,022
					13,358,975
South Dakota: 0.2%
South Dakota Health and Educational Facilities Authority (RB)
5.00%, 09/01/40 (c)		2,750			2,812,198
5.00%, 09/01/30 (c)		255			267,098
					3,079,296
Tennessee: 1.1%
County of Shelby, Public Improvement, Series B (GO) 4.00%, 04/01/40 (c)		1,000			1,006,301
Metropolitan Government of Nashville and Davidson County (GO)
4.00%, 01/01/31 (c)		545			550,882
4.00%, 01/01/32 (c)		580			585,024
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB)
5.00%, 07/01/31 (c)		1,000			1,099,081
5.00%, 07/01/40 (c)		3,050			3,085,363

See Notes to Financial Statements

86

	Par   (000’s		)	Value
Tennessee (continued)
Shelby County, Public Improvement, Series B (GO)
4.00%, 04/01/34 (c)	$	1,000		$	1,046,947
4.00%, 04/01/35 (c)		1,000			1,041,687
4.00%, 04/01/33 (c)		3,000			3,146,713
State of Tennessee, Series A (GO) 5.00%, 05/01/35 (c)		1,000			1,163,340
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p)		2,000			2,103,164
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p)		4,000			4,205,955
					19,034,457
Texas: 8.7%
Aldine Independent School District, Series A (GO)
4.00%, 02/15/34 (c)		675			685,341
4.00%, 02/15/33 (c)		910			924,328
Arlington Independent School District, Unlimited Tax School Building (GO)
4.00%, 02/15/35 (c)		500			513,565
4.00%, 02/15/34 (c)		1,000			1,029,052
Austin Independent School District,  Unlimited Tax School Building (GO) 5.00%, 08/01/36 (c)		1,500			1,708,943
Bexar County Hospital District, Limited Tax (GO) 4.00%, 02/15/35 (c)		1,000			1,013,630
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30		2,950			3,300,353
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/31 (c)		850			929,043
City of Austin, Water and Wastewater System (RB) 5.00%, 11/15/30 (c)		1,065			1,065,907
City of Dallas, Series A (GO) 3.00%, 02/15/36 (c)		600			536,949
City of Dallas, Waterworks and Sewer System, Series A (RB)
5.00%, 10/01/30 (c)		565			583,548
5.00%, 10/01/31 (c)		600			619,697
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/33 (c)		1,500			1,675,934
City of Denton, Utility System (RB) 5.00%, 12/01/31 (c)		965			999,051
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/36 (c)		1,000			1,061,205

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Combined Utility System, First Lien, Series A (RB)
5.00%, 11/15/33 (c)	$	4,500		$	5,017,097
5.00%, 11/15/36 (c)		1,000			1,144,505
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/36 (c)		1,500			1,538,337
City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/33 (c)		1,000			1,077,728
5.00%, 11/15/35 (c)		750			804,330
City of Houston, Public Improvement, Series A (GO) 5.00%, 03/01/32 (c)		1,000			1,079,642
City of Houston, Series A (GO)
5.00%, 03/01/32 (c)		520			543,448
5.00%, 03/01/31 (c)		500			522,578
City of Houston, Texas Public Improvement, Series A (GO) 5.00%, 03/01/34 (c)		1,000			1,141,445
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/33 (c)		1,000			1,130,874
City of San Antonio, Electric and Gas Systems, Series B (RB)
4.00%, 02/01/33		1,000			1,048,348
5.00%, 02/01/39 (c)		1,000			1,106,888
Conroe Independent School District (GO) 5.00%, 02/15/31 (c)		1,430			1,444,508
Corpus Christi Independent School District (GO) 4.00%, 08/15/32 (c)		320			326,756
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/32 (c)		1,000			1,038,561
County of Collin, Community College District (GO)
3.25%, 08/15/33 (c)		500			495,809
4.00%, 08/15/31 (c)		925			945,111
County of Dallas, Garland Independent School District, Series A (GO) 5.00%, 02/15/37 (c)		500			565,634
County of Dallas, Highland Park Independent School District (GO) 3.00%, 02/15/35 (c)		1,540			1,414,715
County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB)
4.00%, 11/15/32 (c)		950			956,343
5.00%, 11/15/30 (c)		850			891,990

See Notes to Financial Statements

87

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Texas (continued)
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/33 (c)	$	675		$	696,675
Cypress-Fairbanks Independent School District (GO)
4.00%, 02/15/31 (c)		1,735			1,736,226
4.00%, 02/15/38 (c)		1,275			1,295,006
Cypress-Fairbanks Independent School District, Series A (GO)
3.00%, 02/15/34 (c)		500			471,897
4.00%, 02/15/37 (c)		1,500			1,540,838
5.00%, 02/15/31 (c)		1,805			1,956,911
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/33 (c)		1,835			2,015,508
Dallas Independent School District, Unlimited Tax School Building (GO)
4.00%, 02/15/31 (c)		1,000			1,052,857
5.00%, 02/15/40 (c)		1,500			1,646,679
5.00%, 02/15/36 (c)		1,000			1,132,082
5.00%, 02/15/35 (c)		1,000			1,138,176
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 08/15/32 (c)		335			338,141
EP Tuscany Zaragosa PFC Residential Development, Tuscany at Mega hills and Villas (RB) 4.00%, 12/01/33 (c)		2,000			1,904,480
Fort Bend Independent School District (GO) 5.00%, 08/15/30 (c)		2,000			2,098,562
Frisco Independent School District (GO)
4.00%, 02/15/36 (c)		1,345			1,387,167
4.00%, 02/15/32 (c)		1,350			1,402,181
5.00%, 08/15/36 (c)		2,000			2,163,369
Harris County Flood Control District Improvement, Series A (GO) 4.00%, 10/01/35 (c)		1,000			1,030,238
Harris County, Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series A (RB) 3.00%, 10/01/40 (c)		1,145			960,182
Hays Consolidated Independent School District (GO) 5.00%, 02/15/40 (c)		1,000			1,092,097
Houston Independent School District, Limited Tax School House (GO)
4.00%, 02/15/39 (c)		1,000			991,080
5.00%, 02/15/34 (c)		540			565,373

	Par   (000’s		)	Value
Texas (continued)
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/32 (c)	$	605		$	646,932
Hurst Euless Bedford Independent School District (GO) 4.00%, 08/15/40 (c)		1,000			1,011,542
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/38 (c)		2,510			2,591,629
Lone Star College System (GO)
4.00%, 02/15/32 (c)		1,500			1,506,841
5.00%, 02/15/33 (c)		400			409,846
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/32 (c)		1,000			1,115,877
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/37 (c)		1,250			1,345,373
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/36 (c)		1,000			1,127,574
Midland Independent School District, Unlimited School Building (GO) 4.00%, 02/15/39 (c)		2,555			2,587,353
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB)
4.00%, 08/15/36 (c)		1,005			1,003,699
4.00%, 08/15/40 (c)		555			537,098
North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/35 (c)		715			735,206
North Texas Tollway Authority System, Series B (RB)
4.00%, 01/01/38 (c)		2,250			2,258,227
4.00%, 01/01/33 (c)		1,975			2,041,119
4.00%, 01/01/36 (c)		2,000			2,041,619
5.00%, 01/01/39 (c)		1,000			1,023,896
North Texas Tollway Authority, First Tier, Series A (RB)
4.12%, 01/01/40 (c)		2,000			2,018,568
5.00%, 01/01/33 (c)		500			510,834
5.00%, 01/01/31 (c)		1,675			1,713,840
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/35 (c)		450			454,330
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/32 (c)		880			923,861

See Notes to Financial Statements

88

	Par   (000’s		)	Value
Texas (continued)
Permanent University Fund, University of Texas System (RB) 5.00%, 07/01/33 (c)	$	1,180		$	1,352,626
Pflugerville Independent School District, Unlimited Tax, Series A (GO)
5.00%, 02/15/34 (c)		1,875			2,123,656
5.00%, 02/15/37 (c)		1,000			1,110,877
Plano Independent School District, Unlimited Tax (GO)
5.00%, 02/15/36 (c)		1,000			1,131,726
5.00%, 02/15/35 (c)		1,000			1,138,139
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/34 (c)		1,000			1,108,125
San Antonio Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/34 (c)		500			511,625
State of Texas, Conroe Independent School Disrict (GO) 5.00%, 02/15/38 (c)		1,000			1,133,313
State of Texas, Tarrant County College District (GO) 5.00%, 08/15/40 (c)		2,020			2,206,342
State of Texas, Transportation Commission (GO) 4.00%, 10/01/32 (c)		1,525			1,508,415
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/30 (c)		500			516,102
Texas Department of Housing & Community Affairs, Series A (RB) (GNMA/FNMA) 3.80%, 07/01/39 (c)		1,670			1,549,263
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/31		1,475			1,545,485
5.00%, 12/15/32		1,000			1,053,174
Texas Municipal Gas Acquisition & Supply Corp. IV, Series B (RB) 5.50%, 01/01/54 (c) (p)		3,000			3,310,157
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) 4.00%, 06/30/36 (c)		1,390			1,407,842
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/37 (c)		1,000			982,080

	Par   (000’s		)	Value
Texas (continued)
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/34 (c)	$	1,570		$	1,573,970
Texas Transportation Commission, Highway Improvement (GO) 5.00%, 04/01/40 (c)		2,500			2,788,027
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/38 (c)		1,000			1,024,905
Texas Water Development Board (RB)
3.00%, 10/15/35 (c)		750			683,991
3.00%, 10/15/36 (c)		950			848,747
3.00%, 10/15/34 (c)		500			462,823
4.00%, 10/15/35 (c)		2,000			2,007,658
4.00%, 10/15/31 (c)		2,000			2,101,989
Texas Water Development Board, Series A (RB)
3.00%, 10/15/35 (c)		2,650			2,403,558
4.00%, 10/15/34 (c)		1,000			1,001,791
4.00%, 10/15/33 (c)		400			406,506
4.00%, 10/15/34 (c)		1,000			1,014,783
4.00%, 10/15/33 (c)		600			612,413
4.60%, 10/15/39 (c)		1,000			1,072,553
4.65%, 10/15/40 (c)		2,000			2,136,271
5.00%, 04/15/30 (c)		250			263,920
Texas Water Development Board, Series B (RB)
4.00%, 10/15/37 (c)		3,000			3,028,755
4.00%, 10/15/34 (c)		1,000			1,022,886
5.00%, 10/15/32 (c)		1,500			1,615,435
Texas Water Development Board, Series D (RB) 3.00%, 10/15/37 (c)		500			436,336
Tomball Independent School District, Unlimited Tax (GO)
5.00%, 02/15/38 (c)		1,000			1,121,443
5.00%, 02/15/37 (c)		1,100			1,247,274
Travis County, Permanent Improvements, Limited Tax (GO) 5.00%, 03/01/40 (c)		1,000			1,114,738
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/30 (c)		670			705,605
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/35 (c)		1,500			1,693,045
University of Texas, Board of Regents, Series A (RB)
5.00%, 07/01/40 (c)		1,000			1,111,774
5.00%, 08/15/34 (c)		2,000			2,284,747
					156,577,072

See Notes to Financial Statements

89

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Utah: 0.4%
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/34 (c)	$	395		$	401,439
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/36 (c)		2,000			2,094,942
University of Utah, Series A (RB) 5.00%, 08/01/31 (c)		365			385,541
University of Utah, Series B (RB) 5.00%, 08/01/38 (c)		2,220			2,467,135
Utah Transit Authority, Subordinated Sales Tax (RB) 4.00%, 12/15/31 (c)		2,000			2,018,021
					7,367,078
Vermont: 0.2%
University of Vermont & State Agricultural College (RB) 4.00%, 10/01/40 (c)		2,000			1,951,912
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 12/01/31 (c)		1,000			1,025,861
					2,977,773
Virginia: 1.6%
Arlington County, Public Improvement (GO) 5.00%, 06/15/34 (c)		2,000			2,302,162
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 10/01/34 (c)		375			304,765
County of Fairfax, Public Improvement, Series A (GO) (SAW)
4.00%, 10/01/35 (c)		1,000			1,064,181
4.00%, 10/01/36 (c)		1,000			1,055,995
5.00%, 10/01/31 (c)		750			806,096
5.00%, 10/01/32 (c)		1,755			1,921,432
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/36 (c)		1,500			1,358,234
Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/40 (c)		665			670,791
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
3.00%, 02/01/36 (c)		2,750			2,545,197
4.00%, 02/01/38 (c)		2,095			2,116,627
4.00%, 02/01/36 (c)		1,500			1,535,726
4.00%, 02/01/41 (c)		1,000			991,662
5.00%, 02/01/35 (c)		1,950			2,147,604

	Par   (000’s		)	Value
Virginia (continued)
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/31 (c)	$	2,180		$	2,325,106
Virginia Commonwealth Transportation Board, Series A (RB)
4.00%, 05/15/36 (c)		1,000			1,019,401
4.00%, 05/15/31 (c)		500			506,274
5.00%, 05/15/32 (c)		800			848,028
Virginia Public Building Authority, Series A (RB)
3.00%, 08/01/32 (c)		695			655,978
3.12%, 08/01/34 (c)		1,050			1,013,310
5.00%, 08/01/33 (c)		1,000			1,116,556
Virginia Public Building Authority, Series A-2 (RB)
4.00%, 08/01/35 (c)		1,000			1,054,606
4.00%, 08/01/37 (c)		1,000			1,037,344
					28,397,075
Washington: 3.9%
City of Seattle, Municipal Light and Power Improvement, Series A (RB)
4.00%, 07/01/36 (c)		1,000			1,034,527
4.00%, 07/01/37 (c)		1,000			1,023,664
County of King, Limited Tax (GO) 4.00%, 07/01/30 (c)		2,110			2,150,771
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/33 (c)		400			419,704
5.00%, 07/01/32 (c)		695			746,693
5.00%, 07/01/33 (c)		1,930			2,146,619
5.00%, 07/01/35 (c)		2,000			2,306,576
5.00%, 07/01/36 (c)		1,000			1,144,545
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM)
5.00%, 07/01/36 (c)		1,000			1,082,964
5.00%, 07/01/38 (c)		500			535,527
5.00%, 07/01/36 (c)		2,605			2,869,709
Energy Northwest, Colombia Generating Station Electric, Series C (RB)
5.00%, 07/01/30 (c)		1,250			1,268,902
5.00%, 07/01/34 (c)		1,000			1,071,592
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/37 (c)		3,845			3,706,766
King County, School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/33 (c)		880			897,048

See Notes to Financial Statements

90

	Par   (000’s		)	Value
Washington (continued)
King County, School District No. 401 Highline (GO) (SBG)
3.12%, 12/01/32 (c)	$	690		$	654,052
5.00%, 12/01/30 (c)		700			728,826
King County, School District No. 411 Issaquah (GO) (SBG) 4.00%, 12/01/31 (c)		635			642,048
King County, School District No. 414 Lake Washington (GO) (SBG) 5.00%, 12/01/31 (c)		980			1,025,046
King County, Washington Sewer, Series B (RB) 4.00%, 07/01/35 (c)		1,000			987,727
Kitsap County, School District No. 401 Central Kitsap (GO) (SBG)
4.00%, 12/01/34 (c)		1,000			1,006,764
4.00%, 12/01/32 (c)		1,425			1,436,489
4.00%, 12/01/33 (c)		1,250			1,260,161
Pierce County, School District No. 403 Bethel (GO) (SBG) 5.00%, 12/01/32 (c)		500			545,911
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/31 (c)		825			853,577
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/31 (c)		1,000			1,111,790
State of Washington, Series A (GO) 5.00%, 08/01/33 (c)		755			778,342
State of Washington, Series C (GO) 5.00%, 08/01/32 (c)		880			926,635
State of Washington, Series D (GO) 5.00%, 08/01/31 (c)		880			928,024
State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/34 (c)		500			525,394
State of Washington, Various Purpose, Series C (GO)
5.00%, 02/01/40 (c)		2,165			2,267,212
5.00%, 02/01/35 (c)		2,175			2,440,914
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/40 (c)		735			756,138
State of Washington, Various Purpose, Series R-C (GO) 5.00%, 08/01/34 (c)		880			924,693
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB)
5.00%, 08/15/36 (c)		1,815			1,876,595
5.00%, 08/15/37 (c)		2,000			2,057,731

	Par   (000’s		)	Value
Washington (continued)
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/34 (c)	$	1,820		$	1,758,761
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) 4.00%, 10/01/42 (p)		1,595			1,567,751
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB) 5.00%, 10/01/38 (c)		2,270			2,214,565
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		1,655			1,505,761
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/36 (c)		1,050			1,154,398
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/39 (c)		2,000			2,195,046
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/36 (c)		1,000			1,004,293
Washington State, Various Purpose, Series A (GO)
5.00%, 08/01/38 (c)		1,000			1,087,116
5.00%, 08/01/37 (c)		1,250			1,389,049
5.00%, 08/01/38 (c)		2,000			2,253,658
Washington State, Various Purpose, Series A-1 (GO) 5.00%, 08/01/30 (c)		1,500			1,504,189
Washington State, Various Purpose, Series C (GO)
5.00%, 07/01/31 (c)		1,575			1,588,623
5.00%, 02/01/38 (c)		1,145			1,207,036
5.00%, 02/01/35 (c)		1,000			1,064,306
5.00%, 02/01/39 (c)		1,080			1,149,673
5.00%, 02/01/36 (c)		1,000			1,096,377
					69,880,278
West Virginia: 0.2%
State of West Virginia, Series A (GO)
5.00%, 06/01/36 (c)		500			542,645
5.00%, 12/01/31 (c)		1,000			1,095,066
State of West Virginia, Series B (GO) 5.00%, 12/01/30 (c)		675			723,993
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/36 (c)		1,320			1,466,982
					3,828,686

See Notes to Financial Statements

91

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SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Wisconsin: 0.8%
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/36 (c)	$	350		$	333,821
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/41 (p)		1,335			1,312,193
State of Wisconsin (GO) 5.00%, 11/01/31 (c)		450			472,086
State of Wisconsin, Series A (GO)
5.00%, 05/01/35 (c)		890			902,777
5.00%, 05/01/36 (c)		1,000			1,130,942
5.00%, 05/01/35 (c)		1,000			1,135,767
Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/31 (c)		940			941,061
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
4.00%, 11/15/39 (c)		1,875			1,816,296
4.00%, 11/15/35 (c)		1,500			1,491,226

	Par   (000’s		)	Value
Wisconsin (continued)
5.00%, 11/15/36 (c)	$	1,000		$	1,021,460
Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/31 (c)		500			501,776
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 5.00%, 08/15/31 (c)		2,500			2,505,443
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.12%, 09/01/35 (c)		1,000			1,000,988
					14,565,836
Wyoming: 0.2%
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 07/15/39 (c)		4,500			3,964,730
Total Municipal Bonds: 98.3% (Cost: $1,839,732,180)					1,773,401,154
Other assets less liabilities: 1.7%					31,264,415
NET ASSETS: 100.0%				$	1,804,665,569

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

See Notes to Financial Statements

92

Summary of Investments by Sector	% of Investments			Value
State GO		16.0	%	$	284,174,503
Local GO		15.4			272,474,250
Tax		14.8			262,539,129
Water & Sewer		7.7			136,408,976
Hospitals		6.8			120,509,880
Education		6.7			119,374,915
Transportation		5.6			100,152,568
Toll & Turnpike		5.4			96,254,203
Power		5.1			90,555,080
Utilities		4.4			77,354,102
Leasing COPS & Appropriations		4.1			72,182,174
Miscellaneous		2.0			35,904,408
Airport		2.0			35,773,195
Multi-Family Housing		1.4			25,185,938
Single Family Housing		0.7			12,407,391
Industrial Development Revenue		0.7			12,351,842
Tobacco		0.6			10,125,545
Pollution Control		0.4			7,562,020
Unassigned		0.1			1,211,686
Health		0.1			899,349
		100.0	%	$	1,773,401,154

The summary of inputs used to value the Fund's investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	1,773,401,154	$	—	$	1,773,401,154

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

93

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SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.2%
Alabama: 0.7%
Alabama Corrections Institution Finance Authority, Series A (RB) 5.25%, 07/01/47 (c)	$	1,000		$	1,073,034
City of Huntsville, Alabama Scholl, Series D (GO) 5.00%, 03/01/53 (c)		1,000			1,068,167
County of Jefferson, Alabama Sewer Warrants (RB) 5.25%, 10/01/49 (c)		1,000			1,053,704
					3,194,905
Arizona: 1.5%
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/44 (c)		500			475,657
City of Phoenix Civic Improvement Corp., Series A (RB)
4.00%, 07/01/44 (c)		1,500			1,450,971
5.00%, 07/01/49 (c)		1,000			1,036,643
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/44 (c)		750			798,931
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/46 (c)		750			691,699
Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB)
5.00%, 01/01/50 (c)		1,000			1,064,146
5.00%, 01/01/47 (c)		1,000			1,072,910
					6,590,957
Arkansas: 0.2%
City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM) 4.25%, 08/01/53 (c)		1,000			973,788
California: 16.6%
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/48 (c)		995			1,032,519
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/50 (c)		1,000			1,045,287

	Par   (000’s		)	Value
California (continued)
Alameda County, Pleasanton United School District (GO) 4.00%, 08/01/52 (c)	$	1,500		$	1,465,739
Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL) 5.00%, 10/01/45 (c)		500			508,551
Austin Independent School District, Unlimited Tax (RB) 3.00%, 08/15/51 (c)		1,000			768,436
Bay Area Toll Authority, Toll Bridge, Series S (RB) 4.00%, 04/01/47 (c)		1,000			977,908
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c)		850			806,070
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) 5.00%, 08/15/47 (c)		1,000			1,013,407
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/49 (c)		750			759,454
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB)
4.00%, 04/01/45 (c)		1,000			954,379
5.00%, 12/01/45 (c)		1,000			1,075,282
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB)
4.00%, 11/01/51 (c)		1,000			956,156
4.00%, 11/01/44 (c)		1,000			978,750
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/50 (c)		750			703,357
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/41 (c)		680			545,303
California Health Facilities Financing Authority, Series A (RB) 4.00%, 03/01/43 (c)		1,000			905,887
California Health Facilities Financing Authority, Series B (RB) 4.00%, 11/15/41 (c)		1,000			969,598

See Notes to Financial Statements

94

	Par   (000’s		)	Value
California (continued)
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/47 (c)	$	500		$	520,997
California State Public Works Board, Series A (RB) 5.00%, 04/01/49 (c)		1,500			1,621,467
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/46 (c)		1,055			1,018,612
Chabot-Las Positas Community College District, Series C (GO) 5.25%, 08/01/48 (c)		1,000			1,116,204
Chaffey Joint Union High School District, Series C (GO) 5.25%, 08/01/47 (c)		500			518,243
Chaffey Joint Union High School District, Series G (GO) 5.25%, 08/01/52 (c)		1,000			1,094,546
Chino Valley Unified School District, Series B (GO) (SBG) 5.00%, 08/01/55 (c)		620			652,100
City and County of San Francisco, Public Utilities Commission Water, Series D (RB) 3.00%, 11/01/50 (c)		500			380,999
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/48 (c)		750			730,700
County of Bernardino, Raito Unified School District (GO) (BAM) 5.00%, 08/01/52 (c)		1,000			1,069,514
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/45 (c)		1,210			1,191,181
El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/45 (c)		630			616,881
Fremont Union High School District, Series A (GO) 4.00%, 08/01/46 (c)		500			496,362
Glendale Community College District, Series B (GO) 3.00%, 08/01/47 (c)		325			249,001
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/43 (c)		1,000			1,000,638
Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST) 5.00%, 09/01/43 (c)		500			552,862

	Par   (000’s		)	Value
California (continued)
Los Angeles Department of Water and Power, Series A (RB)
5.00%, 07/01/44 (c)	$	500		$	500,225
5.00%, 07/01/49 (c)		800			872,242
Los Angeles Department of Water and Power, Series B (RB) 5.25%, 07/01/53 (c)		500			549,102
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/47 (c)		500			544,173
5.00%, 07/01/52 (c)		750			808,121
Los Angeles Department of Water and Power, Series E (RB) 5.00%, 07/01/53 (c)		1,000			1,080,626
Los Angeles Unified School District, Unlimited and Valorem Property Tax (GO) 5.25%, 07/01/47 (c)		1,000			1,110,680
Metropolitan Water District of Southern California, Series A (RB)
5.00%, 04/01/53 (c)		1,000			1,082,714
5.00%, 04/01/48 (c)		1,500			1,643,236
Miracosta Community College District, Series A (GO) 4.00%, 08/01/42 (c)		530			530,020
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/44 (c)		1,015			1,012,987
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/53 (c)		1,000			982,553
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/43 (c)		570			570,093
Sacramento Area Flood Control Agency, Series A (SA) 5.00%, 10/01/47 (c)		1,500			1,536,103
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/49 (c)		500			480,778
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/42 (c)		610			631,006
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/44 (c)		750			792,433

See Notes to Financial Statements

95

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
San Diego Public Facilities Financing Authority, Series A (RB) 5.25%, 08/01/48 (c)	$	1,000		$	1,118,691
San Diego Unified School District, Series I (GO) 4.00%, 07/01/47 (c)		595			582,636
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/49 (c)		600			460,967
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/45 (c)		610			601,577
San Francisco City and County, International Airport, Series B (RB)
4.00%, 05/01/52 (c)		1,000			960,482
5.00%, 05/01/47 (c)		700			720,308
5.00%, 05/01/52 (c)		1,000			1,066,985
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/48 (c)		885			873,597
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/46 (c)		750			735,888
San Jacinto County, Transportation Authority, Limited Tax (RB) 4.00%, 03/01/41 (c)		1,000			994,060
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/41 (c)		825			697,745
San Mateo County Community College District, Series B (GO) 5.00%, 09/01/45 (c)		820			867,942
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/44 (c)		500			500,121
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/44 (c)		1,000			688,313
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/53 (c)		500			550,252
Southwestern Community College District, Series A (GO) 4.00%, 08/01/47 (c)		750			740,663
State of California, Various Purpose (GO)
3.00%, 12/01/43 (c)		400			337,823
3.62%, 10/01/47 (c)		645			571,687
4.00%, 10/01/44 (c)		500			493,629

	Par   (000’s		)	Value
California (continued)
5.00%, 10/01/48 (c)	$	935		$	974,360
5.00%, 11/01/47 (c)		515			532,097
5.00%, 09/01/48 (c)		2,000			2,181,445
5.00%, 04/01/49 (c)		1,000			1,049,090
5.00%, 10/01/42 (c)		1,500			1,656,230
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/46 (c)		625			668,361
Sunnyvale Financing Authority, Civic Center Project (RB) (AGM) 4.00%, 04/01/45 (c)		695			682,054
University of California, Series BK (RB) 5.00%, 05/15/52 (c)		2,000			2,152,992
University of California, Series BN (RB)
5.00%, 05/15/41 (c)		1,000			1,118,754
5.00%, 05/15/42 (c)		1,000			1,115,172
University of California, Series EE (RB) 5.00%, 05/15/43 (c)		500			538,734
University of California, Series M (RB) 5.00%, 05/15/42 (c)		1,950			2,037,999
University of California, Series O (RB) 5.00%, 05/15/58 (c)		1,000			1,039,090
University of California, Series Q (RB) 5.00%, 05/15/46 (c)		500			538,716
Ventura Unified School District, Series A (GO) 4.00%, 08/01/52 (c)		500			486,953
					73,358,895
Colorado: 1.9%
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/47 (c)		1,050			997,632
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 12/01/41 (c)		500			505,490
City of Colorado Springs, Utilities System, Series C (RB) 5.00%, 11/15/50 (c)		600			631,632
Colorado Bridge and Tunnel Enterprise, Series A (RB) (AGM) 5.25%, 12/01/49 (c)		500			546,158
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/43 (c)		685			670,067
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB) 5.50%, 11/01/47 (c)		1,000			1,089,693

See Notes to Financial Statements

96

	Par   (000’s		)	Value
Colorado (continued)
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/49 (c)	$	500		$	369,496
4.00%, 08/01/49 (c)		745			677,632
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/44 (c)		500			519,826
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c)		250			250,323
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 11/01/41 (c)		850			564,187
Weld County School District No. 5J (GO) (SAW) 4.00%, 12/01/45 (c)		1,000			970,228
Weld County School District No. 6 (GO) (SAW) 4.00%, 12/01/45 (c)		800			786,210
					8,578,574
Connecticut: 0.5%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB)
4.60%, 11/15/49 (c)		1,000			992,260
4.70%, 11/15/43 (c)		500			503,478
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 12/01/45 (c)		750			759,107
					2,254,845
Delaware: 0.3%
State of Delaware, Series A (GO)
4.00%, 05/01/41 (c)		1,000			1,008,395
4.00%, 05/01/42 (c)		500			502,174
					1,510,569
District of Columbia: 1.5%
District of Columbia, Children’s Hospital (RB) 5.00%, 07/15/44 (c)		500			505,067
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/45 (c)		805			790,686
District of Columbia, Series A (RB) 2.62%, 03/01/45 (c)		575			410,830
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM) 4.00%, 10/01/52 (c)		1,000			943,063

	Par   (000’s		)	Value
District of Columbia (continued)
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series B (RB) 4.00%, 10/01/49 (c)	$	1,250		$	1,141,396
Washington Metropolitan Area Transit Authority, Series A (RB)
3.00%, 07/15/43 (c)		750			599,208
4.00%, 07/15/46 (c)		1,000			952,132
5.00%, 07/15/48 (c)		1,000			1,069,110
					6,411,492
Florida: 4.6%
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/52 (c)		1,055			1,088,982
Cape Coral Florida Water and Sewer (RB) (BAM) 5.25%, 10/01/53 (c)		1,000			1,088,964
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/41 (c)		845			810,698
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB)
4.00%, 11/01/45 (c)		1,000			886,347
5.00%, 11/01/50 (c)		1,000			1,014,289
City of Lakeland, Florida Hospital, Regional Health Systems (RB) 5.00%, 11/15/45 (c)		1,000			1,003,287
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/47 (c)		500			534,331
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c)		500			510,706
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB)
4.00%, 09/01/47 (c)		1,000			950,925
4.00%, 09/01/51 (c)		1,010			944,675
County of Miami-Dade, Florida Seaport, Series A (RB) (AGM) 4.00%, 10/01/49 (c)		2,000			1,933,476
County of Miami-Dade, Florida Water and Sewer System (RB) 4.00%, 10/01/48 (c)		1,000			963,145
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/51 (c)		500			459,649

See Notes to Financial Statements

97

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(continued)

	Par   (000’s		)	Value
Florida (continued)
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 05/15/53 (c)	$	330		$	231,426
County of Saint Luce, School Board, Series A (CP) (AGM) 5.00%, 07/01/48 (c)		1,000			1,054,013
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/50 (c)		500			525,418
Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series A (RB) 4.00%, 12/01/50 (c)		750			682,381
Fort Pierce Utilities Authority, Series A (RB) (AGM) 4.00%, 10/01/52 (c)		1,000			915,606
Halifax Hospital Medical Center (RB) 4.00%, 06/01/46 (c)		525			480,776
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 08/01/51 (c)		500			293,214
Jea Water and Sewer System, Series A (RB) 5.25%, 10/01/49 (c)		1,000			1,100,353
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/48 (c)		1,000			1,014,278
Orange County Health Facilities Authority, Series A (RB) 5.00%, 10/01/47 (c)		1,000			1,022,705
South Broward Hospital District, Series A (RB) 3.00%, 05/01/46 (c)		750			572,228
					20,081,872
Georgia: 1.8%
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/44 (c)		660			641,253
County of Burke, Development Authority, Series D (RB) 4.12%, 11/01/45 (c)		260			231,898
County of Clarke, Hospital Authority, Piedmont Healthcare, Inc., Series A (RB) 4.00%, 07/01/41 (c)		500			485,009
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/43 (c)		500			345,202

	Par   (000’s		)	Value
Georgia (continued)
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)
4.00%, 02/15/42 (c)	$	1,000		$	960,381
4.00%, 02/15/45 (c)		1,295			1,230,229
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/41 (c)		215			182,228
Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/51 (c)		500			367,135
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49		990			1,009,950
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/47 (c)		1,000			766,348
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) 4.50%, 07/01/63 (c)		500			476,779
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 01/01/63 (c)		500			506,101
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/41 (c)		855			857,510
					8,060,023
Hawaii: 0.2%
City and County of Honolulu, Series C (GO) 4.00%, 08/01/43 (c)		750			747,740
Idaho: 0.3%
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/44 (c)		500			498,565
Idaho Housing and Finance Association, Single Family Mortgage. Series A (RB) 4.60%, 01/01/49 (c)		750			744,271
					1,242,836
Illinois: 3.8%
City of Chicago, Second Lien Water Project, Series A (RB) (AGM) 5.25%, 11/01/53 (c)		500			535,808
City of Chicago, Series A (GO) 5.50%, 01/01/43 (c)		750			789,620
City of Chicago, Wastewater Transmission Project, Series A (RB) (AGM)
5.25%, 01/01/53 (c)		500			533,976
5.50%, 01/01/62 (c)		1,550			1,678,266

See Notes to Financial Statements

98

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/44 (c)	$	1,000		$	1,004,925
Illinois Housing Development Authority, Series G (RB) 5.00%, 10/01/46 (c)		1,000			1,019,779
Illinois Housing Development Authority, Series K (RB) (FNMA/GNMA/FHLMC COLL) 5.35%, 04/01/47 (c)		1,000			1,028,586
Illinois State Toll Highway Authority, Series A (RB)
4.00%, 01/01/46 (c)		1,000			955,964
4.00%, 01/01/44 (c)		1,005			975,725
Illinois State Toll Highway Authority, Series E (RB) 5.25%, 10/01/52 (c)		530			548,384
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) 5.00%, 06/15/53 (c)		735			736,743
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/46 (c)		1,500			1,449,060
Sales Tax Securitization Corp., Series A (RB) 4.00%, 01/01/48 (c)		1,000			885,978
Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS) 4.00%, 01/01/48 (c)		1,000			908,289
State of Illinois (GO) (AGC) 5.75%, 05/01/45 (c)		750			806,571
State of Illinois, Series A (GO)
5.00%, 03/01/46 (c)		1,250			1,286,670
5.00%, 05/01/41 (c)		630			643,944
State of Illinois, Series C (GO) 4.00%, 11/01/44 (c)		900			831,103
					16,619,391
Indiana: 0.6%
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/42 (c)		1,000			1,013,628
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB)
5.00%, 02/01/54 (c)		1,000			1,030,679
5.00%, 02/01/49 (c)		500			517,584
					2,561,891
Iowa: 0.4%
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/50 (c) (p)		500			519,046

	Par   (000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/49 (c)	$	530		$	559,627
Iowa Finance Authority, Single Family Mortgage, Series C (RB) 4.85%, 07/01/43 (c)		500			510,652
					1,589,325
Kentucky: 0.4%
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/48 (c)		1,225			1,133,034
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/41 (c)		750			724,241
					1,857,275
Louisiana: 0.8%
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM) 4.00%, 12/01/49 (c)		700			639,418
Louisiana Stadium and Exposition District, Series A (RB) 5.25%, 07/01/53 (c)		1,500			1,606,217
State of Louisiana, Series A (GO) 4.00%, 04/01/43 (c)		1,500			1,492,626
					3,738,261
Maine: 0.2%
Maine Turnpike Authority (RB) 4.00%, 07/01/50 (c)		750			705,289
Maryland: 1.4%
County of Baltimore, Metropolitan District (GO) 5.00%, 03/01/49 (c)		1,000			1,080,527
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 09/01/41 (c)		310			197,699
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/51 (c)		500			405,133
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/46 (c)		500			393,336
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health (RB) 5.00%, 07/01/47 (c)		1,000			1,003,745

See Notes to Financial Statements

99

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(continued)

	Par   (000’s		)	Value
Maryland (continued)
Maryland Stadium Authority, Built to Learn, Series A (RB) 4.00%, 06/01/52 (c)	$	1,000		$	914,732
Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/42 (c)		1,000			1,036,530
Montgomery County, Trinity Health Credit Group, Series MD (RB) 5.00%, 12/01/44 (c)		1,000			1,005,926
					6,037,628
Massachusetts: 3.9%
Commonwealth of Massachusetts Transportation, Series A (RB) 3.00%, 06/01/50 (c)		800			590,905
Commonwealth of Massachusetts Transportation, Series B (RB) 5.00%, 06/01/52 (c)		1,000			1,061,164
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/45 (c)		1,000			1,035,530
5.00%, 01/01/49 (c)		500			536,738
5.00%, 04/01/42 (c)		275			283,998
5.00%, 05/01/53 (c)		1,000			1,063,865
Commonwealth of Massachusetts, Series B (GO)
2.12%, 04/01/51 (c)		1,300			764,657
5.00%, 11/01/52 (c)		1,190			1,264,216
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/48 (c)		360			271,657
Commonwealth of Massachusetts, Series D (GO)
5.00%, 10/01/53 (c)		1,000			1,066,255
5.00%, 07/01/45 (c)		750			796,578
Commonwealth of Massachusetts, Series E (GO)
5.00%, 11/01/50 (c)		1,000			1,049,637
5.00%, 11/01/45 (c)		605			644,039
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB)
4.00%, 07/01/51 (c)		800			757,733
4.00%, 07/01/53 (c)		1,000			940,472
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/53 (c)		500			504,719
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/44 (c)		500			491,089

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series G (RB) 5.25%, 07/01/52 (c)	$	1,000		$	1,051,914
Massachusetts Development Finance Agency, Boston University, Series FF (RB) 5.00%, 10/01/48 (c)		1,105			1,182,835
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/44 (c)		305			321,232
Massachusetts School Building Authority, Sales Tax, Series A (RB)
5.00%, 02/15/44 (c)		555			582,563
5.00%, 08/15/50 (c)		750			784,430
					17,046,226
Michigan: 2.2%
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/46 (c)		390			395,675
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/46 (c)		570			578,295
Michigan Finance Authority (RB) (BAM-TCRS) 4.00%, 11/01/48 (c)		1,000			926,429
Michigan Finance Authority, Beaumont Health, Series A (RB) 5.00%, 11/01/44 (c)		1,000			1,010,406
Michigan Finance Authority, McLaren Health Care, System A (RB) 4.00%, 02/15/47 (c)		1,000			925,838
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/42 (c)		500			512,600
Michigan State Building Authority, Facilities Program, Series I (RB) 5.00%, 10/15/50 (c)		500			503,459
Michigan State Housing Development Authority, Rental Housing, Series A (RB)
3.35%, 10/01/49 (c)		500			392,291
3.60%, 10/01/60 (c)		1,000			773,040
4.88%, 10/01/43 (c)		1,000			1,004,194
Michigan State University, Board of Trustee, Series B (RB) 5.00%, 02/15/48 (c)		765			799,301
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/46 (c)		1,000			1,079,608

See Notes to Financial Statements

100

	Par   (000’s		)	Value
Michigan (continued)
State of Michigan, Trunk Line Fund, Series A (RB) 4.00%, 11/15/46 (c)	$	620		$	599,146
					9,500,282
Minnesota: 0.7%
Duluth Economic Development Authority, Minnesota Health Facilities, Series A (RB) 5.25%, 02/15/58 (c)		1,000			1,014,214
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/51 (c)		530			347,304
Minnesota Housing Finance Agency Residential Housing, Series I (RB)
2.15%, 07/01/45 (c)		890			561,874
3.00%, 01/01/51 (c)		385			371,514
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 07/01/45 (c)		500			516,445
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/43 (c)		500			507,458
					3,318,809
Mississippi: 0.1%
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c)		500			502,384
Missouri: 0.7%
County of Jackson, Series A (RB)
4.25%, 12/01/53 (c)		1,000			950,808
4.38%, 12/01/58 (c)		1,000			964,145
Health & Educational Facilities Authority of the State of Missouri (RB) 5.00%, 11/15/45 (c)		1,000			993,529
					2,908,482
Nebraska: 0.6%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/42		500			516,896
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/50 (c)		550			520,087
Nebraska Investment Finance Authority, Single Family Housing, Series E (RB) 4.80%, 09/01/53 (c)		500			502,915
University of Nebraska Facilities Corp., Series A (RB) 4.00%, 07/15/59 (c)		750			691,170

	Par   (000’s		)	Value
Nebraska (continued)
4.00%, 07/15/62 (c)	$	500		$	458,612
					2,689,680
Nevada: 0.6%
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/42 (c)		390			393,996
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/50 (c)		675			638,029
County of Clarke, School District, Limited Tax, Series A (GO) 4.00%, 06/15/42 (c)		500			490,519
Las Vegas Convention and Visitors Authority, Series B (RB) 4.00%, 07/01/49 (c)		1,000			939,890
					2,462,434
New Hampshire: 0.1%
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/46 (c)		500			375,289
New Jersey: 4.0%
New Jersey Economic Development Authority School Facilities, Series FFF (RB) 4.62%, 06/15/48 (c)		1,000			990,717
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series B (RB) 5.25%, 03/01/54 (c)		1,500			1,646,932
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/41 (c)		500			329,800
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/51 (c)		490			294,057
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 4.00%, 07/01/41 (c)		800			776,965
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/41 (c)		305			306,358
New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 10/01/53 (c)		500			502,569

See Notes to Financial Statements

101

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(continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series K (RB) 4.55%, 10/01/44 (c)	$	1,000		$	1,001,864
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.00%, 06/15/45 (c)		1,500			1,423,844
4.50%, 06/15/49 (c)		910			881,207
5.00%, 06/15/45 (c)		1,000			1,005,671
New Jersey Transportation Trust Fund Authority, Series BB (RB)
3.50%, 06/15/46 (c)		365			306,622
4.00%, 06/15/44 (c)		1,000			954,491
5.25%, 06/15/50 (c)		1,000			1,070,783
New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/48 (c)		1,000			966,012
4.00%, 01/01/51 (c)		1,000			954,841
New Jersey Turnpike Authority, Series B (RB) 5.25%, 01/01/49 (c)		1,500			1,643,743
New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/45 (c)		955			959,320
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/45 (c)		500			514,025
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/46 (c)		500			511,264
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/46 (c)		465			469,586
					17,510,671
New Mexico: 0.0%
New Mexico Mortgage Finance Authority, Single Family Mortgage, Series F (RB) 3.05%, 07/01/44 (c)		290			233,744
New York: 21.3%
Battery Park City Authority, Series A (RB) 4.00%, 11/01/44 (c)		1,000			988,272
City of New York, Series A (GO) 4.00%, 08/01/50 (c)		1,000			949,793
City of New York, Series C (GO) 4.00%, 08/01/41 (c)		1,000			981,804
City of New York, Series D (GO) (BAM)
4.00%, 03/01/50 (c)		1,000			950,233
5.00%, 03/01/43 (c)		750			796,149
City of New York, Series F (GO) 5.00%, 03/01/50 (c)		1,000			1,049,361

	Par   (000’s		)	Value
New York (continued)
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/50 (c)	$	900		$	850,367
Dutchess County Local Development Corp., Bard College Project, Series A (RB) 5.00%, 07/01/51 (c)		1,000			987,855
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/42 (c)		645			663,489
Hudson Yards Infrastructure Corp., Series A (RB) (AGM) 4.00%, 02/15/47 (c)		1,000			953,210
Long Island Power Authority Electric System (RB) 5.00%, 09/01/42 (c)		1,000			1,033,300
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 09/01/45 (c)		1,000			1,005,358
Metropolitan Transportation Authority, Series A (RB)
4.00%, 11/15/51 (c)		1,000			936,500
5.00%, 11/15/44 (c)		1,000			1,070,765
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/44 (c)		715			741,136
Metropolitan Transportation Authority, Series A-1 (RB)
4.00%, 11/15/43 (c)		400			368,670
4.00%, 11/15/49 (c)		1,000			895,534
5.00%, 11/15/45 (c)		590			592,778
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/51 (c)		500			506,199
Metropolitan Transportation Authority, Series C-1 (RB)
4.75%, 11/15/45 (c)		1,000			1,018,040
5.25%, 11/15/56 (c)		1,050			1,066,969
Metropolitan Transportation Authority, Series D (RB)
4.00%, 11/15/46 (c)		250			228,313
4.00%, 11/15/42 (c)		1,245			1,158,408
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/43 (c)		180			180,102
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/46 (c)		650			555,680
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/56 (c)		1,000			983,798

See Notes to Financial Statements

102

	Par   (000’s		)	Value
New York (continued)
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/49 (c)	$	500		$	480,367
New York City Housing Development Corp., Housing Impact, Series A (RB) 4.80%, 02/01/53 (c)		500			501,863
New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB)
4.75%, 11/01/54 (c)		1,000			999,566
4.85%, 11/01/53 (c)		1,500			1,509,545
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 11/01/41 (c)		800			542,338
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 4.85%, 11/01/53 (c)		750			755,036
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 11/01/49 (c)		555			406,663
New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB)
4.00%, 06/15/50 (c)		1,000			957,086
5.00%, 06/15/48 (c)		850			898,693
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB)
4.00%, 06/15/45 (c)		2,000			1,949,060
5.00%, 06/15/49 (c)		1,000			1,042,578
5.00%, 06/15/44 (c)		955			1,026,270
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB)
3.75%, 06/15/47 (c)		710			616,995
4.00%, 06/15/52 (c)		500			477,603
4.00%, 06/15/45 (c)		1,500			1,400,744
5.00%, 06/15/52 (c)		1,000			1,053,988
5.25%, 06/15/54 (c)		1,500			1,640,017
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB)
4.00%, 06/15/51 (c)		1,000			957,605
5.00%, 06/15/51 (c)		500			526,100
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB)
4.12%, 06/15/47 (c)		1,000			977,563

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/49 (c)	$	350		$	262,712
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
4.38%, 05/01/53 (c)		1,500			1,481,173
5.25%, 05/01/50 (c)		1,000			1,086,323
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/42 (c)		1,500			1,478,953
4.00%, 08/01/45 (c)		1,000			968,244
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.25%, 05/01/48 (c)		1,000			1,091,319
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 05/01/41 (c)		500			495,826
4.00%, 05/01/44 (c)		1,000			974,094
4.00%, 11/01/42 (c)		1,120			1,093,903
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/47 (c)		500			481,374
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
2.25%, 02/01/51 (c)		650			379,521
4.00%, 02/01/44 (c)		1,000			961,264
5.00%, 02/01/43 (c)		1,000			1,026,969
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
4.00%, 02/01/51 (c)		1,000			951,430
5.25%, 02/01/47 (c)		1,000			1,088,930
New York City Water and Sewer System, Series BB (RB) 4.00%, 06/15/50 (c)		640			612,535
New York City, Series D (GO) 4.00%, 04/01/50 (c)		1,000			950,163
New York City, Series D-1 (GO) 5.00%, 12/01/43 (c)		1,000			1,049,038
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/43 (c)		620			607,136

See Notes to Financial Statements

103

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(continued)

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, New School, Series A (RB)
4.00%, 07/01/43 (c)	$	475		$	448,305
5.00%, 07/01/46 (c)		420			424,290
New York State Dormitory Authority, Northwell Health, Series A (RB) 5.00%, 05/01/52 (c)		1,300			1,345,674
New York State Dormitory Authority, Personal Income Tax, Series A (RB)
3.00%, 03/15/42 (c)		500			411,085
5.00%, 03/15/49 (c)		500			525,092
5.25%, 03/15/52 (c)		800			867,089
New York State Dormitory Authority, Personal Income Tax, Series B (RB)
5.00%, 02/15/44 (c)		730			732,393
5.00%, 02/15/42 (c)		1,500			1,549,317
New York State Dormitory Authority, Sales Tax, Series A (RB) 4.00%, 03/15/48 (c)		1,000			954,608
New York State Dormitory Authority, St. John's University, Series A (RB) 4.00%, 07/01/48 (c)		550			503,753
New York State Dormitory Authority, State Sales Tax, Series A (RB)
4.00%, 03/15/47 (c)		800			763,210
4.00%, 03/15/49 (c)		1,000			957,641
5.00%, 03/15/45 (c)		1,000			1,034,121
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/48 (c)		500			516,791
New York State Mortgage Agency, Homeowner Mortgage (RB) 4.90%, 10/01/53 (c)		1,355			1,363,706
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 04/01/50 (c)		330			214,638
New York State Power Authority, Series A (RB) 4.00%, 11/15/50 (c)		500			476,934
New York State Thruway Authority, Junior Indebtedness, Series B (RB) 4.00%, 01/01/45 (c)		1,440			1,371,214
New York State Thruway Authority, Personal Income Tax, Series A (RB) 4.00%, 03/15/55 (c)		1,000			913,566

	Par   (000’s		)	Value
New York (continued)
New York State Thruway Authority, Series P (RB) 5.25%, 01/01/54 (c)	$	1,000		$	1,084,641
New York State Urban Development Corp., Personal Income Tax (RB) 5.00%, 03/15/63 (c)		2,000			2,100,249
New York State Urban Development Corp., Personal Income Tax, Series A (RB)
4.00%, 03/15/53 (c)		1,000			928,755
5.00%, 03/15/43 (c)		500			523,650
New York State Urban Development Corp., Personal Income Tax, Series C (RB)
3.00%, 03/15/48 (c)		550			408,733
5.00%, 03/15/47 (c)		2,000			2,102,906
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 03/15/50 (c)		1,000			733,236
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/48 (c)		820			857,172
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
4.00%, 12/01/41 (c)		1,230			1,192,402
4.00%, 12/01/42 (c)		925			889,492
Port Authority of New York & New Jersey (RB) 5.00%, 10/15/41 (c)		1,000			1,014,467
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB)
4.00%, 05/15/57 (c)		840			784,188
4.25%, 05/15/58 (c)		1,000			968,079
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB)
5.00%, 05/15/56 (c)		500			512,416
5.25%, 11/15/53 (c)		750			811,808
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
4.00%, 05/15/51 (c)		750			713,844
5.00%, 05/15/51 (c)		1,000			1,054,951
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 05/15/47 (c)		500			512,991
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 11/15/49 (c)		1,000			1,049,844
5.00%, 11/15/54 (c)		750			782,559
5.00%, 11/15/51 (c)		1,000			1,049,992

See Notes to Financial Statements

104

	Par   (000’s		)	Value
New York (continued)
TSASC, Inc., Tobacco Settlement, Series A (RB) 5.00%, 06/01/41 (c)	$	1,000		$	1,016,785
					93,739,257
North Carolina: 0.8%
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/42 (c)		500			510,920
North Carolina Housing Finance Agency, Home Ownership, Series A (RB) 4.38%, 07/01/44 (c)		1,000			983,170
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 4.00%, 11/01/49 (c)		1,000			966,334
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/44 (c)		500			512,536
5.00%, 01/01/49 (c)		750			762,445
					3,735,405
North Dakota: 0.2%
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/47 (c)		1,000			1,006,681
Ohio: 1.8%
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 4.00%, 06/01/48 (c)		1,000			891,736
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 11/01/43 (c)		600			602,065
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/42 (c)		1,000			1,002,451
5.00%, 02/15/57 (c)		1,000			962,151
5.25%, 02/15/47 (c)		1,000			1,002,385
5.50%, 02/15/57 (c)		1,000			1,011,413
County of Franklin, Ohio Various Purpose Sales Tax (RB) 5.00%, 06/01/48 (c)		1,075			1,114,119
County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/46 (c)		250			233,371
County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB) 5.00%, 08/15/42 (c)		1,000			1,020,881
					7,840,572

	Par   (000’s		)	Value
Oklahoma: 0.3%
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/48 (c)	$	700		$	666,140
University of Oklahoma, Series A (RB) (BAM) 5.00%, 07/01/49 (c)		835			894,256
					1,560,396
Oregon: 0.9%
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/42 (c)		500			551,680
Multnomah County School District No. 1J, Series B (GO) (SBG)
2.00%, 06/15/42 (c)		550			355,898
3.25%, 06/15/42 (c)		295			252,155
Oregon Health and Science University, Series A (RB) 4.00%, 07/01/51 (c)		1,000			937,537
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/44 (c)		935			740,854
University of Oregon, Series A (RB) 5.00%, 04/01/50 (c)		1,000			1,042,591
					3,880,715
Pennsylvania: 4.0%
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/50 (c)		645			599,414
City of Philadelphia, Pennsylvania Gas Works (RB) 5.00%, 08/01/47 (c)		805			817,390
City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB)
5.00%, 10/01/52 (c)		500			509,857
5.00%, 10/01/47 (c)		500			511,955
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 07/01/46 (c)		1,170			1,111,153
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/50 (c)		1,000			1,021,037
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/51 (c)		1,000			1,019,596
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB) 5.25%, 07/01/46 (c)		1,000			1,019,877

See Notes to Financial Statements

105

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/41 (c)	$	500		$	358,287
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB)
4.30%, 10/01/41 (c)		1,000			984,503
4.85%, 10/01/43 (c)		500			509,557
5.00%, 10/01/43 (c)		1,000			1,027,383
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 10/01/42 (c)		260			232,529
Pennsylvania State University (RB) 5.25%, 09/01/53 (c)		1,000			1,088,164
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/48 (c)		290			300,068
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (BAM) 4.00%, 12/01/51 (c)		1,000			951,129
Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/44 (c)		1,000			1,004,399
Pennsylvania Turnpike Commission, Series A (RB) (AGM) 4.00%, 12/01/49 (c)		1,045			999,870
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/47 (c)		900			927,864
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/46 (c)		1,000			946,533
5.00%, 12/01/45 (c)		800			850,084
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/46 (c)		1,105			1,062,065
					17,852,714
Rhode Island: 0.1%
State of Rhode Island, Series A (GO) 4.12%, 08/01/42 (c)		600			606,471
South Carolina: 1.0%
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 12/01/44 (c)		855			814,695
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/48 (c)		1,000			1,008,259

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Public Service Authority, Santee Cooper, Series A (RB) 4.00%, 12/01/52 (c)	$	500		$	446,540
South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/55 (c)		1,500			1,503,253
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/46 (c)		820			871,770
					4,644,517
Tennessee: 0.9%
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) 5.00%, 07/01/46 (c)		1,500			1,510,111
Tennessee Housing Development Agency, Residential Finance Program (RB) 2.95%, 07/01/49 (c)		335			241,423
Tennessee Housing Development Agency, Residential Finance Program, Series A (RB) 5.40%, 07/01/53 (c)		1,000			1,036,930
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/42 (c)		1,040			1,069,962
					3,858,426
Texas: 11.4%
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/46 (c)		1,000			743,616
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/44 (c)		675			649,899
Austin Independent School District, Unlimited Tax School Building (GO)
4.00%, 08/01/48 (c)		1,000			955,274
4.00%, 08/01/44 (c)		750			739,069
Board of Regents of the University of Texas System, Series A (RB)
3.00%, 08/15/41 (c)		525			434,501
4.00%, 07/01/41 (c)		500			502,684
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/45 (c)		750			778,876

See Notes to Financial Statements

106

	Par   (000’s		)	Value
Texas (continued)
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/49 (c)	$	1,375		$	1,433,779
City of Austin, Waterwaste System (RB) 5.00%, 11/15/43 (c)		1,000			1,082,128
City of El Paso (GO) 4.00%, 08/15/45 (c)		950			910,565
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/46 (c)		650			606,332
City of Royse, Independent School District (GO) 5.00%, 02/15/48 (c)		950			1,014,441
City of San Antonio, Texas Electric & Gas Systems (RB)
5.00%, 02/01/44 (c)		500			531,627
5.00%, 02/01/44 (c)		260			252,905
Colin and Kaufman Counties, School Independent District (GO) 4.00%, 02/15/53 (c)		1,000			938,364
Conroe Independent School District, Unlimited Tax School (GO) 5.00%, 02/15/49 (c)		1,000			1,072,558
County of Collin, Limited Tax (GO) 4.00%, 02/15/43 (c)		1,000			989,804
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/43 (c)		600			397,964
Dallas Fort Worth International Airport, Series B (RB) 4.00%, 11/01/45 (c)		2,500			2,413,404
Dallas Independent School District, Unlimited Tax School Building (GO)
4.00%, 02/15/53 (c)		1,000			933,709
4.00%, 02/15/54 (c)		1,000			929,451
5.00%, 02/15/49 (c)		1,000			1,068,672
Denton Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/48 (c)		1,000			1,075,227
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/48 (c)		1,000			955,050
Ford Bens County, Unlimited Tax Road (GO) 5.25%, 03/01/53 (c)		1,000			1,081,408
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 10/01/49 (c)		770			702,910

	Par   (000’s		)	Value
Texas (continued)
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 10/01/48 (c)	$	640		$	658,426
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 12/01/45 (c)		590			546,351
Harris County, Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series A (RB) 4.00%, 10/01/47 (c)		1,000			943,381
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/45 (c)		500			485,651
Harris County, Hospital District (RB) 4.00%, 02/15/42 (c)		560			524,050
Harris County, Texas Toll Road, Series A (RB) 4.00%, 08/15/48 (c)		1,000			950,705
Hurst Euless Bedford Independent School District (GO) 5.00%, 08/15/43 (c)		1,000			1,103,833
Katy Independent School District (GO) 4.00%, 02/15/53 (c)		750			693,373
Keller Independent School District (GO) 4.00%, 02/15/47 (c)		1,000			954,607
Lamar Consolidated Independent School District (GO) (AGM) 5.50%, 02/15/58 (c)		2,000			2,190,413
Leander Independent School District, Series A (GO) 0.00%, 08/16/42 (c) ^		900			382,625
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/45 (c)		1,500			1,511,193
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB) 5.00%, 05/15/43 (c)		500			515,370
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/49 (c)		750			716,645
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/47 (c)		1,000			971,579

See Notes to Financial Statements

107

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Texas (continued)
Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO) 5.00%, 02/15/48 (c)	$	1,000		$	1,036,450
San Jacinto College District, Series A (GO) 5.00%, 02/15/44 (c)		900			934,259
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 01/01/53 (c)		1,000			1,026,915
Texarkana Independent School District (GO)
4.00%, 02/15/53 (c)		1,000			935,257
4.00%, 08/15/53 (c)		1,015			953,510
Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB) 5.25%, 07/01/53 (c)		1,000			1,025,550
Texas Water Development Board (RB)
4.00%, 10/15/45 (c)		500			486,217
4.80%, 10/15/52 (c)		1,000			1,034,981
Texas Water Development Board, Series A (RB)
4.00%, 10/15/49 (c)		990			936,165
5.00%, 10/15/43 (c)		840			874,134
Texas Water Development Board, Series B (RB) 4.00%, 10/15/43 (c)		1,000			978,704
Tomball Independent School District (GO)
4.00%, 02/15/45 (c)		1,000			969,939
5.00%, 02/15/42 (c)		1,000			1,090,348
University of Houston, Series A (RB) 5.00%, 02/15/56 (c)		500			525,200
Waller Independent School District, Series A (GO) 4.00%, 02/15/48 (c)		500			480,438
Ysleta Independent School District (GO) 5.00%, 08/15/56 (c)		500			524,524
					50,155,010
Utah: 0.6%
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/43 (c)		360			375,037
University of Utah, Board of Higher Education, Series A (RB)
4.00%, 08/01/51 (c)		1,000			949,367
5.00%, 08/01/46 (c)		1,160			1,242,678
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/47 (c)		210			160,933
					2,728,015

	Par   (000’s		)	Value
Virginia: 1.2%
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/48 (c)	$	1,000		$	953,604
Hampton Roads Transportation Accountability Commission, Series A (RB)
4.00%, 07/01/57 (c)		600			558,063
5.00%, 07/01/60 (c)		500			521,429
5.00%, 07/01/50 (c)		625			655,853
University of Virginia, Series A (RB) 5.00%, 04/01/42 (c)		1,000			1,039,560
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 01/01/45 (c)		500			451,117
Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AGM) 4.38%, 07/01/63 (c)		1,000			962,353
					5,141,979
Washington: 1.8%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB) 5.00%, 11/01/41 (c)		1,000			1,024,883
City of Seattle, Washington Municipal Light and Power, Series A (RB)
4.00%, 05/01/45 (c)		1,000			951,151
5.00%, 03/01/53 (c)		1,000			1,058,523
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 4.00%, 07/01/42 (c)		1,000			988,016
King County, Highline School District No. 401, Unlimited Tax (GO) (SBG) 4.00%, 12/01/42 (c)		500			492,695
King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/45 (c)		650			607,178
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/42 (c)		1,000			1,061,694
5.00%, 08/01/43 (c)		1,090			1,171,245
Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB) 5.00%, 07/01/54 (c)		500			503,835
					7,859,220

See Notes to Financial Statements

108

	Par   (000’s		)	Value
West Virginia: 0.4%
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 4.38%, 06/01/53 (c)	$	1,000		$	957,260
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/47 (c)		620			655,616
					1,612,876
Wisconsin: 0.9%
Public Finance Authority, Pooled Charter School (RB) 5.75%, 07/01/62 (c)		1,000			1,074,490
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/41 (c)		500			489,107

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Children's Hospital, Inc. (RB) 4.00%, 08/15/47 (c)	$	1,000		$	941,398
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/46 (c)		250			242,936
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.85%, 09/01/43 (c)		1,000			1,018,534
					3,766,465
Total Municipal Bonds: 98.2% (Cost: $450,991,900)					432,652,276
Other assets less liabilities: 1.8%					7,849,211
NET ASSETS: 100.0%				$	440,501,487

Definitions:

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

Footnotes:

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

See Notes to Financial Statements

109

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector	% of Investments			Value
Hospitals		14.5	%	$	62,865,801
Local GO		14.4			62,409,896
Tax		14.4			62,376,676
Water & Sewer		9.6			41,375,736
Education		8.1			35,256,627
Toll & Turnpike		6.8			29,445,551
State GO		6.2			26,652,785
Transportation		5.6			24,362,779
Single Family Housing		4.5			19,312,165
Power		3.6			15,795,719
Leasing COPS & Appropriations		2.9			12,455,440
Airport		2.7			11,624,769
Multi-Family Housing		1.8			7,876,796
Utilities		1.7			7,232,130
Tobacco		0.9			3,695,442
Miscellaneous		0.8			3,619,421
Industrial Development Revenue		0.6			2,600,941
Health		0.6			2,459,840
Unassigned		0.2			1,001,864
Pollution Control		0.1			231,898
		100.0	%	$	432,652,276

The summary of inputs used to value the Fund's investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	432,652,276	$	—	$	432,652,276

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

110

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.3%
Alabama: 2.3%
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p)	$	1,000		$	980,730
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 10/01/52 (c) (p)		2,100			2,098,286
City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB) 5.50%, 06/01/30 (c)		500			488,136
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p)		390			428,040
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/50 (c) (p)		1,000			999,194
Southeast Alabama Gas Supply District, Project No. 2, Series B (RB) 5.00%, 06/01/49 (c) (p)		1,000			1,042,684
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/32 (c)		1,224			1,222,959
					7,260,029
Arizona: 2.1%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/29 (c)		500			484,537
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) 4.75%, 07/01/29 (c)		1,085			1,084,442
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31		925			923,538
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/30 (c)		445			432,580
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/29 (c)		500			471,125
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		459			424,092

	Par   (000’s		)	Value
Arizona (continued)
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/30 (c)	$	1,000		$	1,066,449
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25		225			223,225
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		1,390			1,358,849
Salt Verde Financial Corp. (RB)
5.25%, 12/01/28		10			10,404
5.50%, 12/01/29		370			392,438
					6,871,679
Arkansas: 0.6%
Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB) 5.00%, 09/01/44 (c) (p)		2,000			2,081,785
California: 7.6%
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26		300			298,556
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 12/01/53 (c) (p)		1,000			1,047,704
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 01/01/54 (c) (p)		3,000			3,131,369
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		2,787			2,775,841
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 05/15/30 (c)		1,340			1,416,200
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27		50			51,277
5.00%, 02/01/28 (c)		50			51,493
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/27		610			609,200
5.00%, 06/30/28		220			219,193

See Notes to Financial Statements

111

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/31 (c)	$	260		$	258,505
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		6,625			6,587,784
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		1,000			13,500
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,360			18,360
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) 3.38%, 07/01/25		400			398,474
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27		810			785,840
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 07/01/24 (c) (d) *		2			1,796
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 07/01/22 (c) (d) *		6			6,096
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/33 (c)		300			306,157
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		250			255,188
City and County of San Francisco, Airport Commission, International Airport, Series H (RB)
5.00%, 05/01/26		500			512,076
5.00%, 05/01/27		500			518,511

	Par   (000’s		)	Value
California (continued)
5.00%, 05/01/29	$	500		$	532,663
Compton Public Finance Authority (RB) 4.50%, 09/01/32 (c)		1,000			992,404
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		250			259,888
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		115			124,699
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/29 (c)		785			757,452
Irvine Unified School District Community Facilities District  No. 09-1, Series D (ST) 5.00%, 09/01/26		110			112,845
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		240			254,252
Oakland Unified School District (GO) 5.00%, 08/01/26		380			394,019
Palomar Health (RB)
5.00%, 11/01/25		250			250,972
5.00%, 11/01/27 (c)		90			89,740
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		110			110,192
San Francisco Community College District (GO)
5.00%, 06/15/26 (c)		205			208,823
5.00%, 06/15/25		1,000			1,019,397
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		370			100,825
					24,471,291
Colorado: 2.6%
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/29 (c)		295			310,423
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c)		2,425			2,423,245
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/15/30 (c)		1,000			920,198
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/27 (c)		600			611,889

See Notes to Financial Statements

112

	Par   (000’s		)	Value
Colorado (continued)
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/29 (c)	$	510		$	497,511
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/29 (c)		1,000			933,012
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		140			147,381
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/29 (c)		500			482,840
Velocity Metropolitan District No. 3 (GO) 5.12%, 12/01/34 (c)		1,000			991,789
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 12/01/31 (c)		1,000			922,386
					8,240,674
Connecticut: 0.6%
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/30 (c)		120			115,544
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)
5.00%, 07/01/27		430			427,614
5.00%, 07/01/29		870			867,593
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/30 (c)		395			394,395
					1,805,146
Delaware: 0.3%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/45 (c) (p)		1,000			940,432
District of Columbia: 0.1%
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30		500			483,971
Florida: 4.6%
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31		1,540			1,455,639

	Par   (000’s		)	Value
Florida (continued)
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/27 (c)	$	350		$	324,297
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/31 (c)		535			489,701
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/33 (c)		500			563,609
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c)		290			294,603
County of Broward, School District, Series B (CP) 5.00%, 07/01/30 (c)		315			329,792
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 08/15/31 (c)		1,500			1,566,747
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/30 (c)		315			310,128
County of Miami-Dade, School Board, Series D (CP) 5.00%, 02/01/30 (c)		120			122,679
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		400			407,542
County of St. Lucie, School District, Sales Tax (RB) (AGM) 5.00%, 10/01/25		250			254,659
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32		500			499,627
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/32 (c)		500			508,032
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/30 (c)		470			443,624
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) 6.50%, 01/01/49 (c) (p)		2,750			2,781,292

See Notes to Financial Statements

113

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)
5.00%, 05/01/29 (c)	$	1,140		$	1,138,503
6.12%, 07/01/32 (c) (p)		485			495,097
JEA Electric System, Series B (RB) 5.00%, 10/01/29 (c)		110			115,856
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		1,930			1,846,707
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		460			461,097
Village Community Development District No. 13 (SA)
2.62%, 05/01/24		125			125,000
3.00%, 05/01/29		235			226,293
					14,760,524
Georgia: 1.9%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 (d) *		250			112,500
DeKalb County Housing Authority, Georgia Affordable Multifamily Housing, Series A (RB) 4.00%, 12/01/33 (c)		1,500			1,474,672
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c)		250			248,194
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		380			385,009
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB)
5.00%, 06/01/25		300			304,797
5.00%, 06/01/28		360			387,269
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/34 (c)		1,500			1,510,137
Main Street Natural Gas, Inc., Series A-1 (RB) 5.50%, 09/15/25		135			136,245

	Par   (000’s		)	Value
Georgia (continued)
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 03/01/50 (c) (p)	$	1,000		$	1,000,808
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		250			251,257
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/29 (c)		200			196,003
					6,006,891
Guam: 1.4%
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/27 (c)		360			364,846
Guam Government, Business Privilege Tax, Series F (RB)
5.00%, 01/01/30		1,000			1,055,734
5.00%, 01/01/31		1,000			1,062,379
Guam Government, Series A (RB) 5.00%, 12/01/25		1,000			1,010,669
Guam Power Authority, Series A (RB) 5.00%, 10/01/33 (c)		940			1,006,469
					4,500,097
Hawaii: 0.1%
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26		500			399,146
Illinois: 12.2%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			1,047,927
5.00%, 12/01/30 (c)		1,000			1,038,689
5.00%, 12/01/32 (c)		2,000			2,095,853
5.00%, 12/01/33 (c)		1,500			1,571,029
7.00%, 12/01/26 (c)		200			208,749
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/29 (c)		200			208,829
5.00%, 12/01/29 (c)		250			256,755
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/26		230			233,104
5.50%, 12/01/31		1,000			1,055,176
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/28 ^		795			652,793
0.01%, 12/01/26		310			277,735
Chicago Board of Education, Series B (GO) 5.00%, 12/01/29		1,250			1,309,908

See Notes to Financial Statements

114

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 12/01/32 (c)	$	1,950		$	2,024,920
5.00%, 12/01/30 (c)		1,250			1,298,362
5.00%, 12/01/33 (c)		1,400			1,453,100
5.00%, 12/01/31 (c)		2,000			2,077,279
5.00%, 12/01/31 (c)		2,000			2,096,362
5.00%, 12/01/30		2,000			2,112,984
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27		500			515,603
5.00%, 12/01/30 (c)		1,560			1,595,051
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c)		1,320			1,319,979
Chicago O’Hare International Airport, Series B (RB)
5.00%, 01/01/31 (c)		295			297,369
5.00%, 01/01/29 (c)		190			191,442
5.00%, 01/01/26 (c)		105			105,643
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^		575			451,095
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/25 ^		560			523,321
0.00%, 12/01/26 ^		490			439,000
0.00%, 12/01/28 ^		1,515			1,246,235
0.00%, 12/01/29 ^		585			458,940
0.01%, 12/01/30		190			142,806
City of Chicago, Second Lien Water (RB)
5.00%, 11/01/30 (c)		100			100,580
5.00%, 11/01/28 (c)		150			150,823
5.00%, 11/01/29 (c)		270			271,560
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/30 (c)		100			103,238
City of Chicago, Series A (GO) 5.00%, 01/01/30		1,500			1,603,723
County of Cook, Series A (GO) 5.00%, 11/15/28 (c)		500			515,858
Eastern Illinois Economic Development Authority (RB) 5.00%, 11/01/33 (c)		1,000			989,581
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/33 (c)		500			465,169
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) *		1,190			273,700
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/28 (c)		250			239,798
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 04/01/27 (c)		80			78,960

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/27 (c)	$	155		$	152,705
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 02/01/26 (c)		785			796,699
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		395			412,013
5.00%, 06/15/29		545			574,601
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		260			236,979
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/28 (c)		500			521,871
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		115			98,481
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/29 (c)		330			341,919
State of Illinois (GO)
3.50%, 06/01/30 (c)		350			334,946
4.12%, 11/01/31 (c)		100			100,459
5.00%, 05/01/27 (c)		100			100,086
5.00%, 02/01/25 (c)		150			150,116
State of Illinois, Sales Tax (RB)
5.00%, 06/15/25 (c)		285			285,476
5.00%, 06/15/24 (c)		190			190,390
5.00%, 06/15/26		235			241,630
State of Illinois, Series A (GO) 5.00%, 03/01/33 (c)		700			761,181
State of Illinois, Series C (GO) 5.00%, 11/01/29 (c)		315			328,905
State of Illinois, Series D (GO) 5.00%, 11/01/28 (c)		460			480,226
					39,207,711
Indiana: 1.3%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c)		240			228,366
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		2,015			2,000,684
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		2,000			1,992,925
					4,221,975

See Notes to Financial Statements

115

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SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Iowa: 0.8%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP)
4.00%, 06/01/29 (c)	$	945		$	900,264
4.00%, 06/01/31 (c)		1,000			937,810
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/28 (c)		245			244,308
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		530			519,025
					2,601,407
Kansas: 0.2%
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 06/01/30 (c)		100			96,493
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/34 (c)		600			537,249
					633,742
Kentucky: 0.8%
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32		1,830			1,770,491
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/28 (c)		140			142,243
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		140			144,704
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/28 (c)		325			337,239
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		65			63,588
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/30 (c)		175			176,831
					2,635,096
Louisiana: 2.0%
Calcasieu Parish Service District, Lake Charles  Memorial Hospital Project (RB) 5.00%, 12/01/27		1,025			1,012,075

	Par   (000’s		)	Value
Louisiana (continued)
Calcasieu Parish Service District, Lake Charles  Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29	$	150		$	148,225
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/45 (c)		305			312,618
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		2,310			2,181,193
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * ∞		330			4
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%, 06/01/38 (p)		1,500			1,631,355
6.10%, 12/01/40 (p)		1,000			1,087,548
					6,373,023
Maryland: 0.6%
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		200			196,350
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		300			300,800
County of Howard, Series A (TA) 4.00%, 02/15/28 (c)		200			195,592
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/25 (c)		695			700,027
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		425			444,871
					1,837,640
Massachusetts: 0.6%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/29 (c)		490			496,260

See Notes to Financial Statements

116

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/28 (c)	$	310		$	318,353
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/27 (c)		250			249,440
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/28 (c)		335			346,082
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/28 (c)		100			102,096
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/27 (c)		275			276,559
					1,788,790
Michigan: 0.8%
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31		500			438,312
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/29 (c)		1,000			987,404
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 06/30/30 (c)		155			160,339
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27		1,000			1,060,741
					2,646,796
Minnesota: 1.1%
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c)		80			77,128
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 (d) *		415			269,750
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/30 (c)		350			339,761
City of Minneapolis, Fairview Health Services, Series A (RB)
5.00%, 11/15/33 (c)		1,000			1,036,808
5.00%, 11/15/35 (c)		1,000			1,033,423
5.00%, 11/15/34 (c)		605			626,828

	Par   (000’s		)	Value
Minnesota (continued)
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26	$	75		$	75,348
					3,459,046
Missouri: 0.6%
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/30 (c)		430			416,356
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/29 (c)		185			164,317
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/32 (c)		125			125,038
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/30 (c)		330			299,305
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/30 (c)		500			458,264
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/28 (c)		500			509,116
					1,972,396
Nebraska: 0.8%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/27		500			516,175
5.00%, 09/01/28		100			104,153
5.00%, 09/01/30		125			131,512
5.00%, 09/01/31		1,000			1,052,767
5.00%, 09/01/34		650			685,723
					2,490,330
Nevada: 1.0%
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c)		250			245,621
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB) 2.75%, 06/15/28		760			724,261
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/25 (c)		100			100,162

See Notes to Financial Statements

117

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SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Nevada (continued)
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31	$	5		$	4,229
Clark County, School District, Series B (GO) (AGM)
5.00%, 06/15/29		250			272,738
5.00%, 06/15/30 (c)		250			270,844
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30		250			277,190
Clark County, School District, Series C (GO) 5.00%, 06/15/28 (c)		115			117,217
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 (d) *		344			137,646
Tahoe-Douglas Visitors Authority (RB) 5.00%, 07/01/33 (c)		1,000			1,047,414
					3,197,322
New Hampshire: 0.1%
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 11/01/27 (c)		250			246,870
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/27 (c) (d) *		234			56,219
					303,089
New Jersey: 4.6%
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 09/15/29 (c)		2,000			2,002,962
5.62%, 11/15/30 (c)		1,000			1,008,875
5.75%, 09/15/27 (c)		1,375			1,375,830
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/32 (c)		1,155			1,162,305
4.00%, 07/01/34 (c)		600			592,805
5.00%, 07/01/33 (c)		1,000			1,023,308
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		380			386,292
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/25		115			117,163

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/30 (c)	$	110		$	119,590
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 06/15/28 (c)		115			119,997
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 06/15/30 (c)		100			105,874
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/26 (c)		340			340,370
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.25%, 06/15/26 (c)		440			440,196
4.38%, 06/15/27 (c)		130			130,488
5.00%, 06/15/26 (c)		345			350,937
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 06/15/29 (c)		750			761,717
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c)		175			159,469
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/26 (c)		145			145,190
5.00%, 06/15/25 (c)		175			175,192
New Jersey Health Care Facilities Financing Authority, Barnabas Health, Series A (RB) 5.00%, 07/01/29 (c)		500			516,662
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26		500			516,075
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		120			112,841
0.00%, 12/15/26 ^		360			326,550
0.00%, 12/15/32 ^		5			3,616
5.00%, 12/15/30 (c)		205			219,421
5.00%, 06/15/30 (c)		395			405,188

See Notes to Financial Statements

118

	Par   (000 ’s		)	Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/29 (c)	$	110		$	112,820
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 06/15/26 (c)		275			278,375
5.25%, 06/15/29 (c)		365			371,137
5.25%, 06/15/27 (c)		100			101,597
5.25%, 06/15/28 (c)		435			442,111
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/26		500			516,641
State of New Jersey, Various Purposes (GO)
3.00%, 06/01/26		80			78,333
5.00%, 06/01/27		100			105,138
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/29 (c)		150			158,376
					14,783,441
New Mexico: 0.4%
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan and Four Corners Projects, Series B (RB) 2.15%, 04/01/33 (c)		700			561,043
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29		1,000			872,571
					1,433,614
New York: 13.8%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 07/15/27 (c)		100			102,945
5.00%, 07/15/28 (c)		100			102,816
5.00%, 07/15/30 (c)		1,800			1,846,038
5.00%, 07/15/26		100			102,529
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		1,100			1,041,187
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		275			260,580
Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/31 (c)		595			568,068

	Par   (000’s		)	Value
New York (continued)
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26	$	250		$	256,928
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26		250			260,374
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/30 (c)		270			273,414
5.00%, 07/01/28 (c)		275			277,918
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27		485			468,193
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/30 (c)		250			256,558
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/29 (c)		250			264,831
Metropolitan Transportation Authority, Series D (RB)
5.00%, 11/15/31 (c)		500			517,089
5.00%, 11/15/30 (c)		560			592,642
Metropolitan Transportation Authority, Series D-1 (RB)
5.00%, 11/15/28 (c)		250			255,492
5.00%, 11/15/30 (c)		250			255,117
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
4.00%, 12/01/35 (c)		675			664,107
5.00%, 12/01/31 (c)		500			519,915
5.00%, 12/01/34 (c)		1,060			1,100,216
Monroe County Industrial Development Corp., St. Ann's Community Project (RB) 4.00%, 01/01/30 (c)		810			732,758
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/26 (c)		500			508,728
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/34 (c)		1,000			1,002,493
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)
5.00%, 08/01/30 (c)		945			968,604
5.00%, 08/01/29 (c)		1,000			1,023,697
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/01/44 (p)		1,000			908,921

See Notes to Financial Statements

119

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SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
New York (continued)
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.75%, 09/01/50 (c) (p)	$	600		$	584,500
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		620			600,280
5.00%, 08/01/31 (c)		4,155			4,155,292
5.00%, 08/01/26 (c)		475			475,144
5.25%, 08/01/31 (c)		1,790			1,879,174
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 01/01/36 (c)		1,000			991,673
4.00%, 10/01/30		4,380			4,370,379
5.00%, 01/01/31 (c)		4,405			4,552,354
5.00%, 01/01/30 (c)		1,785			1,845,473
5.00%, 10/01/35 (c)		1,000			1,056,974
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) 5.00%, 01/01/29 (c)		780			805,430
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		2,100			1,969,883
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM)
5.00%, 12/01/30		1,430			1,531,063
5.00%, 12/01/31		1,885			2,036,838
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/29 (c)		665			652,054
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
4.00%, 05/15/27 (c)		120			112,212
4.12%, 05/15/28 (c)		100			92,533
Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/31 (c)		1,000			1,102,402
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/28 (c)		70			72,906
5.00%, 06/01/27		70			72,869

	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		$	196,821
					44,288,412
North Carolina: 0.4%
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/33 (c)		250			254,051
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		350			352,786
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/32 (c)		500			536,253
					1,143,090
North Dakota: 0.2%
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/34 (c)		500			517,168
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 12/15/31 (c) (d) *		3,000			90,000
					607,168
Ohio: 2.1%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		500			537,666
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/32 (c)		920			898,583
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/26		50			50,624
5.00%, 02/15/28 (c)		110			111,694
5.00%, 02/15/27		350			357,834
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 02/15/27 (c)		1,430			1,417,133
Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB) 2.40%, 12/01/38 (c) (p)		500			436,093
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 06/01/41 (c) (p)		1,000			876,335

See Notes to Financial Statements

120

	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		$	1,891,947
					6,577,909
Oklahoma: 1.0%
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/26		1,000			1,008,853
5.00%, 08/15/27		250			254,317
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/35 (c) (p)		2,000			2,012,875
					3,276,045
Pennsylvania: 3.7%
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27		1,050			1,068,566
5.00%, 05/01/28		1,420			1,425,175
5.00%, 05/01/28		875			891,211
Berks County Industrial Development Authority, Tower Health Project (RB)
4.00%, 11/01/31 (c)		200			105,832
5.00%, 11/01/24		1,000			833,582
5.00%, 11/01/25		1,000			713,402
5.00%, 11/01/26		400			263,834
5.00%, 11/01/30 (c)		1,065			570,230
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/30		800			433,288
5.00%, 02/01/31		425			227,147
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/40 (c) (p)		1,500			959,357
City of Philadelphia, Pennsylvania Gas Works (RB)
5.00%, 10/01/26		100			103,199
5.00%, 08/01/25		80			81,208
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) 5.00%, 10/15/30 (c)		500			451,174
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/28 (c)		660			633,821

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 5.00%, 06/30/32	$	1,000		$	1,091,100
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26		130			130,876
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/30 (c)		100			103,345
Philadelphia Authority for Industrial Development, University of the Arts (RB)
4.50%, 03/15/29 (c)		550			530,843
4.50%, 03/15/29 (c)		25			26,258
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31		565			541,066
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 06/01/29 (c)		200			205,978
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
5.00%, 07/01/26		115			116,201
5.00%, 07/01/29 (c)		275			279,854
					11,786,547
Puerto Rico: 8.2%
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 5.00%, 07/01/30		3,000			3,175,734
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/28		1,000			1,042,630
5.00%, 07/01/33 (c)		2,000			2,127,249
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/33 (c)		4,000			3,942,474
5.38%, 07/01/25		3,638			3,663,864
5.62%, 07/01/27		1,000			1,040,241
5.62%, 07/01/29		3,000			3,237,143
5.75%, 07/01/31		2,000			2,233,173
Puerto Rico Electric Power Authority, Series SS (RB) (NATL) 5.00%, 07/01/24 (c)		545			545,061

See Notes to Financial Statements

121

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 08/01/30 (c)	$	780		$	785,181
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.01%, 07/01/31 (c)		2,000			1,509,450
0.01%, 07/01/33 (c)		1,500			1,036,904
4.50%, 07/01/34 (c)		1,000			1,003,886
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/29 (c)		1,308			1,073,115
					26,416,105
Rhode Island: 0.6%
Rhode Island Commerce Corp., Department of Transportation, Series A (RB)
5.00%, 05/15/31 (c)		400			440,018
5.00%, 05/15/33 (c)		250			274,954
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		155			159,856
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/31 (c)		1,000			968,531
					1,843,359
South Carolina: 0.5%
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 06/15/29 (c)		600			605,681
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/27 (c)		250			244,753
South Carolina Public Service Authority, Series A (RB)
5.00%, 12/01/26 (c)		290			292,341
5.00%, 12/01/31 (c)		525			536,965
					1,679,740
Tennessee: 0.5%
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27		105			91,150
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p)		1,000			1,051,489
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26		525			533,154
					1,675,793

	Par   (000’s		)	Value
Texas: 8.6%
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
5.00%, 01/01/33 (c)	$	1,200		$	1,212,242
5.00%, 01/01/32 (c)		1,155			1,167,007
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		775			774,989
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/30 (c)		500			495,766
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/31 (c)		50			54,650
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c)		2,465			2,312,601
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/32 (c)		750			821,522
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c)		1,000			1,020,085
City of Austin, Texas Airport System (RB)
5.00%, 11/15/28 (c)		395			396,335
5.00%, 11/15/25		625			634,491
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		180			186,683
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/29 (c)		3,000			3,000,334
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27		250			253,559
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/30 (c)		200			200,132
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		2,000			2,028,789
5.00%, 07/15/28		500			510,211

See Notes to Financial Statements

122

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28	$	1,500		$	1,530,631
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c)		1,000			1,002,703
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			1,775,190
Clifton Higher Education Finance Corp., Series A (RB)
4.62%, 08/15/25		40			40,150
5.12%, 08/15/30 (c)		200			203,454
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 05/01/25 (c)		335			334,975
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^		315			250,954
Harris County, Houston Sports Authority, Third Lien, Series A (RB) (NATL) 0.00%, 11/15/33 (c) ^		1,005			579,338
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
5.00%, 05/15/31 (c)		335			338,720
5.00%, 05/15/33 (c)		200			215,941
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		105			106,270
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/30 (c) (d) *		102			1,015
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c)		3,200			3,167,251
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/28 (c)		1,000			921,308

	Par   (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c)	$	150		$	150,796
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) 5.00%, 07/01/23 (d) *		100			92,750
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/27 (c)		185			188,986
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 01/01/31 (c)		550			469,953
SA Energy Acquisition Public Facility Corp. (RB)
5.50%, 08/01/24		55			55,131
5.50%, 08/01/25		125			126,801
5.50%, 08/01/27		110			113,305
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/31 (c)		250			242,558
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/27 (c)		225			219,286
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) 5.25%, 12/15/25		100			101,193
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		350			360,644
					27,658,699
Utah: 0.5%
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27		700			679,319
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31		1,000			1,084,662
					1,763,981
Virgin Islands: 0.4%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) 5.00%, 10/01/32		1,000			1,074,591

See Notes to Financial Statements

123

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SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Virgin Islands (continued)
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24	$	100		$	99,857
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 07/01/25 (c)		55			53,417
5.00%, 07/01/24 (c)		75			74,622
					1,302,487
Virginia: 1.7%
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 09/01/30 (c)		140			131,304
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/28 (c)		325			319,472
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/29 (c) (d) *		1,530			1,397,391
Virginia Beach Development Authority, Residential Care Facility, Series A (RB)
5.75%, 09/01/30 (c)		1,000			1,035,130
5.75%, 09/01/33 (c)		1,000			1,101,289
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/30 (c)		710			712,968
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31		635			642,907
					5,340,461
Washington: 1.7%
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		75			74,217
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/30 (c)		1,800			1,800,223
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/49 (c) (p)		480			485,302
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,250			2,199,739

	Par   (000’s		)	Value
Washington (continued)
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
4.00%, 01/01/26 (c)	$	500		$	486,425
5.00%, 01/01/31 (c)		365			346,507
					5,392,413
West Virginia: 0.6%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 06/01/31 (c)		680			670,493
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/45 (c) (p)		1,000			995,072
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26		150			154,049
					1,819,614
Wisconsin: 1.7%
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 11/01/30 (c)		1,000			977,819
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/29 (c)		430			390,815
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		350			342,077
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/29 (c)		445			414,687
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/27 (c)		150			145,325
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,235			1,245,395
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25		1,050			1,026,391

See Notes to Financial Statements

124

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 3.00%, 08/15/26 (c)	$	825		$	805,796
					5,348,305
Total Municipal Bonds: 98.3% (Cost: $337,420,831)					315,327,211
Other assets less liabilities: 1.7%					5,399,500
NET ASSETS: 100.0%				$	320,726,711

Definitions:

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

Summary of Investments by Sector	% of Investments			Value
Industrial Development Revenue		23.0	%	$	72,557,749
Local GO		11.6			36,483,567
Hospitals		9.1			28,571,201
Tax		8.8			27,668,027
Education		6.6			20,749,982
State GO		5.4			17,072,926
Utilities		5.4			17,061,594
Airport		5.0			15,871,770
Power		4.9			15,423,038
Health		4.8			15,071,822
Leasing COPS & Appropriations		4.2			13,193,354
Transportation		2.3			7,310,534
Miscellaneous		2.3			7,309,539
Water & Sewer		2.2			6,971,814
Toll & Turnpike		1.7			5,324,638
Multi-Family Housing		1.5			4,674,604
Pollution Control		0.6			1,974,446
Refunded		0.3			1,023,481
Unassigned		0.2			708,973
Tobacco		0.1			304,152
		100.0	%	$	315,327,211

See Notes to Financial Statements

125

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SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	7,260,029	$	—	$	7,260,029
Arizona		—		6,871,679		—		6,871,679
Arkansas		—		2,081,785		—		2,081,785
California		—		24,471,291		—		24,471,291
Colorado		—		8,240,674		—		8,240,674
Connecticut		—		1,805,146		—		1,805,146
Delaware		—		940,432		—		940,432
District of Columbia		—		483,971		—		483,971
Florida		—		14,760,524		—		14,760,524
Georgia		—		6,006,891		—		6,006,891
Guam		—		4,500,097		—		4,500,097
Hawaii		—		399,146		—		399,146
Illinois		—		39,207,711		—		39,207,711
Indiana		—		4,221,975		—		4,221,975
Iowa		—		2,601,407		—		2,601,407
Kansas		—		633,742		—		633,742
Kentucky		—		2,635,096		—		2,635,096
Louisiana		—		6,373,014		9		6,373,023
Maryland		—		1,837,640		—		1,837,640
Massachusetts		—		1,788,790		—		1,788,790
Michigan		—		2,646,796		—		2,646,796
Minnesota		—		3,459,046		—		3,459,046
Missouri		—		1,972,396		—		1,972,396
Nebraska		—		2,490,330		—		2,490,330
Nevada		—		3,197,322		—		3,197,322
New Hampshire		—		303,089		—		303,089
New Jersey		—		14,783,441		—		14,783,441
New Mexico		—		1,433,614		—		1,433,614
New York		—		44,288,412		—		44,288,412
North Carolina		—		1,143,090		—		1,143,090
North Dakota		—		607,168		—		607,168
Ohio		—		6,577,909		—		6,577,909
Oklahoma		—		3,276,045		—		3,276,045
Pennsylvania		—		11,786,547		—		11,786,547
Puerto Rico		—		26,416,105		—		26,416,105
Rhode Island		—		1,843,359		—		1,843,359
South Carolina		—		1,679,740		—		1,679,740
Tennessee		—		1,675,793		—		1,675,793
Texas		—		27,658,699		—		27,658,699
Utah		—		1,763,981		—		1,763,981
Virgin Islands		—		1,302,487		—		1,302,487
Virginia		—		5,340,461		—		5,340,461
Washington		—		5,392,413		—		5,392,413
West Virginia		—		1,819,614		—		1,819,614
Wisconsin		—		5,348,305		—		5,348,305
Total	$	—	$	315,327,202	$	9	$	315,327,211

See Notes to Financial Statements

126

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SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
MUNICIPAL BONDS: 97.5%
Alabama: 3.1%
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 06/01/37 (c)	$	1,000		$	1,060,553
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/49 (c) (p)		1,000			1,000,854
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 10/01/52 (c) (p)		600			599,510
Black Belt Energy Gas District, Series D-1 (RB) 5.50%, 06/01/49 (c) (p)		1,000			1,056,029
County of Jefferson (RB) 5.00%, 09/15/28 (c)		525			549,764
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/50 (c) (p)		1,500			1,498,791
Southeast Energy Authority, Cooperative District Commodity Supply, Series A (RB) 5.25%, 01/01/54 (c) (p)		1,000			1,050,238
The Black Belt Energy Gas District, Gas Project, Series E (RB) 5.00%, 05/01/53 (p)		1,000			1,035,657
					7,851,396
Arizona: 1.4%
Arizona Industrial Development Authority, Series A (RB) 5.00%, 11/01/28 (c)		500			527,277
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/29 (c)		620			640,536
Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
5.00%, 01/01/26		700			717,178
5.00%, 01/01/53 (c) (p)		500			512,264
Salt River Project Agricultural Improvement & Power District, Series A (RB)
5.00%, 01/01/26		500			513,658
5.00%, 01/01/27		500			523,170
					3,434,083
California: 18.1%
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/47 (c) (p)		1,155			1,127,872
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/47 (c) (p)		375			370,399

	Par   (000’s		)	Value
California (continued)
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 05/01/53 (c) (p)	$	500		$	498,382
California Community Choice Financing Authority, Clean Energy, Series B-1 (RB) 5.00%, 07/01/53 (c) (p)		1,000			1,048,662
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 05/01/54 (c) (p)		1,000			1,061,930
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27		500			535,007
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/36 (c) (p)		500			499,309
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/36 (c) (p)		335			324,652
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/39 (p)		585			590,748
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/47 (c) (p)		500			491,488
California State Public Works Board, Kern Valley State Prison, Series D (RB) 5.00%, 06/01/25		825			838,984
California State Public Works Board, Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/29		675			744,025
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 10/01/26		830			863,967
5.00%, 10/01/28 (c)		785			832,411
California State Public Works Board, Various Correctional Facilities, Series D (RB) 5.00%, 09/01/26		500			519,611
California State University, Systemwide, Series B-3 (RB) 3.12%, 11/01/51 (c) (p)		500			495,741

See Notes to Financial Statements

127

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(continued)

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 09/01/29 (c)	$	2,500		$	2,153,900
City & County of San Francisco, Series R-1 (GO) 4.00%, 06/15/28 (c)		1,000			1,000,005
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/30 (c)		1,000			1,003,820
City of San Francisco, Public Utilities Commission Water, Series C (RB) 5.00%, 11/01/28		500			547,401
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^		500			457,166
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
5.00%, 06/01/45 (c)		1,870			1,904,493
5.00%, 06/01/40 (c)		1,000			1,018,445
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^		1,000			929,411
Los Angeles County Metropolitan Transportation Authority, Series A (RB) 5.00%, 07/01/25		500			509,946
Los Angeles Department of Water and Power System, Series A (RB) 5.00%, 07/01/29		500			555,213
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/24		875			876,684
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 08/01/24 (c)		1,000			1,001,941
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/49 (p)		1,000			1,000,266
Oakland Unified School District, Series A (GO) 5.00%, 08/01/40 (c)		1,000			1,020,862
Orange County Transportation Authority, I-405 Improvement Project (RB)
4.00%, 10/15/24		675			676,620
5.00%, 10/15/24		750			755,139

	Par   (000’s		)	Value
California (continued)
Public Facilities Financing Authory of the City of San Diego, Subordinated Water, Series B (RB) 5.00%, 08/01/27 (c)	$	500		$	521,496
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB) 5.00%, 10/01/26		1,000			1,046,854
San Bernardino Community College District, Series A (GO) 4.00%, 08/01/49 (c)		540			558,390
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24		535			538,962
San Francisco Community College District (GO) 5.00%, 06/15/25		1,000			1,019,397
San Joaquin Hills, Agency Toll Road (RB) 0.00%, 01/01/25 ^		500			488,306
Southwestern Community College District, Series D (GO) 5.00%, 08/01/44 (c)		500			510,123
State of California, Department of Water Resources, Series BB (RB) 5.00%, 12/01/26		500			526,237
State of California, Various Purpose (GO)
5.00%, 10/01/24		555			558,258
5.00%, 10/01/27		530			562,519
5.00%, 10/01/27		1,000			1,061,357
5.00%, 10/01/27		500			530,678
5.00%, 10/01/29		1,000			1,101,669
5.00%, 11/01/26		915			953,806
5.00%, 11/01/28 (c)		1,000			1,063,716
5.00%, 11/01/28		910			985,049
5.00%, 10/01/29 (c)		1,000			1,033,064
5.00%, 04/01/27		750			788,150
5.00%, 08/01/24		325			326,051
5.00%, 08/01/25		1,000			1,019,921
5.00%, 08/01/27		1,305			1,380,455
5.00%, 09/01/26		1,000			1,038,994
5.00%, 09/01/27		1,000			1,059,576
5.00%, 09/01/28		1,000			1,079,098
					46,006,626
Colorado: 1.7%
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) 5.00%, 12/15/35 (c)		500			522,621
City Of Colorado Springs, Colorado Utilities System, Series A-1 (RB) 5.00%, 11/15/26		500			521,852

See Notes to Financial Statements

128

	Par   (000’s		)	Value
Colorado (continued)
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25	$	500		$	509,251
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24		500			504,028
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28		1,000			1,085,539
State of Colorado, Series A (CP) 5.00%, 12/15/26		500			522,709
University of Colorado, Series A-2 (RB) 4.00%, 06/01/34 (c)		500			519,397
					4,185,397
Connecticut: 2.5%
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29		1,000			972,582
State of Connecticut, Series E (GO) 5.00%, 11/15/25		670			687,015
State of Connecticut, Special Tax, Transportation Infrastructure Purpose, Series A (ST) 5.00%, 05/01/28		600			643,990
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26		1,015			1,047,614
State of Connecticut, Transportation Infrastructure Purposes, Series B (RB) 5.00%, 10/01/24		535			537,900
University of Connecticut, Series A (RB)
5.00%, 01/15/30 (c)		745			775,586
5.00%, 04/15/26		550			567,832
5.00%, 04/15/29 (c)		1,000			1,068,893
					6,301,412
Delaware: 0.6%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/45 (c) (p)		500			470,216
Delaware Transportation Authority (RB) 5.00%, 07/01/26		500			518,380
State of Delaware, Series A (GO) 5.00%, 10/01/25		410			419,405
					1,408,001
District of Columbia: 1.0%
District of Columbia, Series D (GO) 5.00%, 06/01/25		315			320,340

	Par   (000’s		)	Value
District of Columbia (continued)
District of Columbia, Series E (GO) 5.00%, 06/01/25	$	500		$	508,475
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28		500			541,894
Metropolitan Washington Airports Authority, Dulles Toll Road, Series C (RB) (AGC) 6.50%, 10/01/41 (c)		1,000			1,073,556
					2,444,265
Florida: 2.5%
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27		500			527,117
County of Miami-Dade (RB) 5.00%, 10/01/29 (c)		510			526,881
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/28		1,000			1,076,492
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24		1,000			1,000,934
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/26 (c)		655			665,504
School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/28 (c)		895			904,789
School District of Broward County, Series C (CP) 5.00%, 07/01/24		340			340,524
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/29 (c)		710			742,484
State of Florida, Board of Education, Lottery Revenue, Series A (RB) 5.00%, 07/01/24		650			651,175
					6,435,900
Georgia: 3.6%
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		500			503,616
Georgia State Road and Tollway Authority (RB) 5.00%, 06/01/29		800			876,130
Main Street Natural Gas, Inc., Gas Supply, Series B (RB) 5.00%, 07/01/53 (c) (p)		1,000			1,050,303
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 07/01/52 (c) (p)		1,250			1,248,304
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 08/01/49 (c) (p)		500			500,095

See Notes to Financial Statements

129

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(continued)

	Par   (000’s		)	Value
Georgia (continued)
5.00%, 12/01/52 (c) (p)	$	500		$	519,445
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 08/01/52 (c) (p)		500			485,501
4.00%, 03/01/50 (c) (p)		1,500			1,501,212
State of Georgia, Series A (GO)
5.00%, 02/01/29 (c)		680			700,277
5.00%, 08/01/26		700			727,212
State of Georgia, Series C (GO) 5.00%, 07/01/26		1,000			1,037,185
					9,149,280
Hawaii: 1.1%
City & County of Honolulu, Rail Transit Project, Series E (GO)
5.00%, 03/01/26		785			808,268
5.00%, 03/01/27		500			524,534
State of Hawaii, General Obligation, Series EO (GO) 5.00%, 08/01/25 (c)		520			521,758
State of Hawaii, Series ET (GO) 3.00%, 10/01/29 (c)		1,000			980,492
					2,835,052
Illinois: 5.2%
Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/25		500			505,546
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26		500			513,086
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26		315			323,244
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/25		340			343,239
City of Chicago, Series A (GO)
5.00%, 01/01/27		365			376,165
5.00%, 01/01/30		1,000			1,069,149
City of Chicago, Series B (GO) 4.00%, 01/01/30		358			363,244
Illinois Finance Authority, Clean Water Initiative (RB)
5.00%, 01/01/28		500			533,715
5.00%, 07/01/27		685			723,844
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24		500			500,854
Illinois Finance Authority, Northshore University Health System, Series A (RB) (AGM) 5.00%, 08/15/26		500			516,710
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27		415			433,258

	Par   (000’s		)	Value
Illinois (continued)
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27	$	650		$	678,597
Illinois State, Series A (GO) 5.00%, 11/01/27		1,000			1,045,238
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 5.00%, 12/01/29 (c)		780			809,149
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/28 (c)		735			773,975
State of Illinois (GO) 3.50%, 06/01/29 (c)		685			664,014
State of Illinois (GO) (AGC) 5.50%, 05/01/25		335			340,257
State of Illinois, Series A (RB) 4.00%, 06/15/28		580			595,290
State of Illinois, Series D (GO)
5.00%, 11/01/25		1,345			1,368,457
5.00%, 11/01/26		800			825,232
					13,302,263
Indiana: 0.6%
Indiana Finance Authority, Series C (RB) 5.00%, 12/01/24		575			579,454
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29		935			1,024,901
					1,604,355
Kentucky: 1.0%
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 4.00%, 01/01/49 (c) (p)		500			499,842
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 12/01/49 (c) (p)		1,100			1,099,832
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/47 (c) (p)		1,000			1,022,227
					2,621,901
Louisiana: 0.9%
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/50 (c) (p)		500			503,983
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 06/01/37 (p)		750			717,017
State of Louisiana, Series A (GO) 5.00%, 02/01/29		1,000			1,090,701
					2,311,701

See Notes to Financial Statements

130

	Par   (000’s		)	Value
Maine: 0.2%
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25	$	500		$	508,262
Maryland: 2.5%
County of Baltimore (GO) 5.00%, 03/01/30		945			1,053,083
County of Montgomery, Consolidated Public Improvement, Series A (GO) 4.00%, 08/01/29		750			791,333
State of Maryland, Department of Transportation (RB)
4.00%, 11/01/27 (c)		500			498,208
5.00%, 10/01/26		595			619,068
State of Maryland, Series B (GO) 5.00%, 08/01/24		550			551,613
State of Maryland, State and Local Facilities Loan (GO) 4.00%, 06/01/27 (c)		560			558,163
State of Maryland, State and Local Facilities Loan, Series A (GO)
5.00%, 03/15/28 (c)		500			526,801
5.00%, 03/15/28		500			536,751
5.00%, 03/15/29		1,000			1,094,706
					6,229,726
Massachusetts: 2.8%
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/27		680			719,771
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/27		710			743,272
5.00%, 05/01/27		500			527,079
5.00%, 07/01/27		500			528,817
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26		400			416,653
Commonwealth of Massachusetts, Series E (GO) 3.00%, 12/01/25		750			741,228
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24		515			515,880
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26		500			520,987
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 06/01/26 (c)		500			460,716

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/49 (c)	$	775		$	786,812
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/40 (c)		1,000			1,037,772
					6,998,987
Michigan: 0.6%
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24		590			590,763
State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/26		500			514,558
State of Michigan, Trunk Line, Series B (RB) 5.00%, 11/15/27		500			531,480
					1,636,801
Minnesota: 1.5%
Minneapolis- St. Paul Metropolitan Airports, Series A (RB) 5.00%, 01/01/29		1,000			1,079,006
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/30 (c)		515			538,698
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,000			1,045,870
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,200			1,203,787
					3,867,361
Mississippi: 0.2%
State of Mississippi, Series A (GO) 5.00%, 10/01/29 (c)		430			455,495
Missouri: 0.8%
Curators of the University of Missouri, Series A (RB) 5.00%, 11/01/29 (c)		1,405			1,413,834
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 01/01/26 (c)		500			508,572
					1,922,406

See Notes to Financial Statements

131

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Montana: 0.2%
City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB) 3.88%, 07/01/28 (c)	$	500		$	502,868
Nevada: 0.7%
Clark County (GO) 5.00%, 06/01/25		1,090			1,106,503
Clark County, Nevada Airport System, Series A (RB) 5.00%, 07/01/29		500			547,132
					1,653,635
New Jersey: 4.5%
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		660			662,887
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) 5.00%, 06/15/34 (c)		615			649,778
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
5.25%, 06/15/40 (c)		1,500			1,529,896
5.25%, 06/15/29 (c)		1,000			1,019,931
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/26 (c)		500			500,655
5.00%, 06/15/24		575			575,522
New Jersey Educational Facilities Authority, Princeton University, Series B (RB)
5.00%, 07/01/25		1,000			1,018,742
5.00%, 07/01/28 (c)		1,000			1,059,936
New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/24		1,000			1,006,680
5.00%, 12/15/26		500			518,704
5.00%, 06/15/24		1,410			1,411,451
New Jersey Transportation Trust Fund Authority, Series AA (RB) 5.00%, 06/15/25		500			506,744
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/25		500			486,515
2.00%, 06/01/26		500			475,481
					11,422,922
New Mexico: 0.6%
State of New Mexico, Series A (RB) 5.00%, 07/01/27		840			887,893

	Par   (000’s		)	Value
New Mexico (continued)
State of New Mexico, Series B (RB) 5.00%, 07/01/26	$	535		$	553,192
					1,441,085
New York: 14.0%
City of New York, Series A (GO) 5.00%, 08/01/24		1,500			1,504,734
City of New York, Series A-1 (GO) 5.00%, 08/01/29		1,000			1,092,290
City of New York, Series C (GO) 5.00%, 08/01/24		750			752,367
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27		500			527,010
City of New York, Series C and D (GO) 5.00%, 08/01/26		325			336,347
City of New York, Series F-1 (GO) 5.00%, 03/01/27		410			428,758
County of Nassau, Series C (GO) 5.00%, 10/01/25		550			562,463
Dormitory Authority of the State of New York State, Series A (RB) 5.00%, 03/15/26		1,265			1,304,615
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26		510			530,004
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/48 (p)		2,000			2,008,415
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 11/15/34 (p)		1,160			1,160,379
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/26		500			519,757
New York City Housing Development Corp., Multi-Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 05/01/61 (c) (p)		300			284,854
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27		440			468,241
New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB) 5.00%, 02/01/27		850			890,888
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)
5.00%, 07/15/24		550			551,237
5.00%, 07/15/25		570			580,423

See Notes to Financial Statements

132

	Par   (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26	$	1,000		$	1,041,678
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/30 (c)		1,190			1,244,908
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 06/15/26 (c)		430			433,581
New York City, Series A-1 (GO) 5.00%, 09/01/27		1,000			1,055,681
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26		700			727,369
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/29		1,000			1,088,069
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27		510			537,097
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27		500			525,607
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28		640			686,073
New York State Dormitory Authority, State Sales Tax, Series B (RB)
5.00%, 03/15/26 (c)		500			511,613
5.00%, 03/15/29 (c)		595			605,003
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/25		1,035			1,049,312
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		680			702,576
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		500			508,568
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28		605			653,493

	Par   (000’s		)	Value
New York (continued)
New York State Housing Finance Agency, Series A-2 (RB) 2.50%, 11/01/60 (c) (p)	$	975		$	926,568
New York State Housing Finance Agency, Series C (RB) (SONYMA HUD SECT 8) 3.80%, 11/01/62 (c) (p)		500			499,513
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 05/01/24 (c)		215			215,000
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 11/01/25 (c)		630			590,994
New York State Thruway Authority, Series P (RB) 5.00%, 01/01/27		1,000			1,046,861
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/25		495			501,632
5.00%, 03/15/28 (c)		500			516,140
5.00%, 03/15/27		690			725,080
New York State Urban Development Corp., State Personal Income, Series C (RB) 5.00%, 03/15/27		500			524,955
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25		500			506,699
Triborough Bridge & Tunnel Authority, Series  A-2 (RB) 2.00%, 05/15/45 (p)		875			833,914
Triborough Bridge & Tunnel Authority, Series A (RB)
5.00%, 11/15/26		1,000			1,044,202
5.00%, 11/15/27		500			532,861
5.00%, 11/15/28		1,000			1,087,228
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 11/15/28 (c)		1,000			1,076,983
					35,502,040
North Carolina: 1.6%
County of Guilford, Series B (GO) 5.00%, 05/01/24		500			500,000
County of Mecklenburg, Series A (GO) 4.00%, 04/01/29 (c)		500			510,657
County of Wake (RB) 5.00%, 09/01/26		375			390,137

See Notes to Financial Statements

133

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SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/51 (p)	$	500		$	510,269
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/30 (c)		1,500			1,635,614
State of North Carolina, Series B (RB) 5.00%, 05/01/29 (c)		585			616,557
					4,163,234
Ohio: 2.4%
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28		500			528,824
City of Columbus, Various Purpose (GO) 5.00%, 04/01/29 (c)		750			795,663
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 12/01/29		1,250			1,361,024
Lancaster Port Authority, Gas Supply (RB) (SBG) 5.00%, 08/01/49 (c) (p)		485			488,534
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^		500			498,203
Ohio Water Development Authority, Series A (RB) 5.00%, 06/01/29 (c)		770			839,906
Ohio Water Development Authority, Series B (RB) 5.00%, 12/01/27 (c)		1,000			1,040,929
State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/27		500			500,000
					6,053,083
Oklahoma: 0.1%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/29 (c)		330			317,027
Oregon: 0.8%
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/25 (c)		1,000			1,001,209
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/26		500			522,303
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25		500			508,538
					2,032,050

	Par   (000’s		)	Value
Pennsylvania: 3.3%
Allegheny County Sanitary Authority (RB) (BAM) 5.00%, 12/01/27 (c)	$	500		$	509,757
City of Philadelphia, Series A (GO) 5.00%, 08/01/25		300			304,785
Commonwealth of Pennsylvania (GO)
5.00%, 01/01/26		560			575,022
5.00%, 03/15/27 (c)		500			505,739
5.00%, 06/15/29		500			500,605
Commonwealth of Pennsylvania (GO) (SBG) 5.00%, 07/15/26		1,000			1,035,384
Commonwealth of Pennsylvania, First Series (GO) 5.00%, 07/15/27		1,000			1,055,023
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		600			613,469
Delaware River Port Authority, Series B (RB) 5.00%, 01/01/25		350			353,131
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		805			868,592
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p)		500			509,968
Pennsylvania State (GO) 5.00%, 09/01/27		1,000			1,057,626
University of Pittsburgh of the Commonwealth, System of Higher Education (RB) 4.00%, 04/15/26 (c)		500			505,382
					8,394,483
Rhode Island: 0.4%
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/26 (c)		500			506,098
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/26 (c)		500			506,278
					1,012,376
Tennessee: 1.3%
Johnson City Health & Educational Facilities Board, Series A (RB) 5.00%, 07/01/25		500			504,238

See Notes to Financial Statements

134

	Par   (000’s		)	Value
Tennessee (continued)
Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 07/01/26	$	525		$	544,076
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/49 (c) (p)		1,775			1,774,947
Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB) 5.00%, 05/01/53 (c) (p)		500			515,275
					3,338,536
Texas: 9.0%
Austin Independent School District (GO) 5.00%, 08/01/28		505			545,359
Bexar County, Limited Tax (GO) 5.00%, 06/15/27 (c)		500			516,582
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29		1,000			1,100,697
City of Dallas, Series A (GO) 5.00%, 02/15/25		500			505,685
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/27 (c)		630			649,820
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		500			509,324
Comal Independent School District (GO) 5.00%, 02/01/26		775			796,077
Commonwealth of Pennsylvania (GO) 5.00%, 02/15/27		2,000			2,095,747
County of Harris, Flood Control District, Series A (GO) 5.00%, 10/01/29 (c)		480			488,683
Dallas Independent School District, Series A (GO) 4.00%, 02/15/34 (c)		500			500,697
Denton Independent School District (GO) 5.00%, 08/15/29		1,000			1,097,101
Denton Independent School District, Series A (GO) 5.00%, 08/15/45 (c)		500			509,483
Ford Bend Independent School District, Limited Tax, Series B (GO) 5.00%, 02/15/28		910			971,809
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27		1,000			1,056,398
Houston Independent School District (GO) 5.00%, 02/15/25		1,000			1,011,059

	Par   (000’s		)	Value
Texas (continued)
Houston Texas Utility System, Series A (RB) 5.00%, 11/15/27	$	1,000		$	1,059,340
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/27		500			525,409
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/42 (c)		1,000			1,017,000
North Texas Tollway Authority System, Series A (RB) 5.00%, 01/01/27		500			522,258
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/30 (c)		1,195			1,222,965
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26		600			611,048
Texas Municipal Gas Acquisition & Supply Corp. IV, Series A (RB) 5.50%, 01/01/54 (c) (p)		1,000			1,070,627
Texas Transportation Commission Highway Improvement (GO) 5.00%, 04/01/30		1,000			1,110,920
Texas Water Development Board (RB) 5.00%, 04/15/26		1,000			1,032,231
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24		500			502,925
University of Houston, Series A (RB) 5.00%, 02/15/26		1,000			1,028,985
Ysleta Independent School District (GO) 5.00%, 08/15/45 (c)		650			661,917
					22,720,146
Utah: 0.2%
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 05/15/57 (c) (p)		500			500,213
Virginia: 1.8%
County of Fairfax, Public Improvement, Series A (GO) (SAW) 4.00%, 10/01/25		990			999,151
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26		750			774,710

See Notes to Financial Statements

135

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Virginia (continued)
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/27	$	600		$	629,670
Virginia Commonwealth Transportation Board (RB) 5.00%, 03/15/27 (c)		510			529,805
Virginia Public Building Authority, Public Facilities, Series A (RB) 5.00%, 08/01/29 (c)		720			763,444
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 10/01/40 (p)		1,000			935,375
					4,632,155
Washington: 3.0%
Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB) 5.00%, 11/01/26		520			542,308
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/31 (c)		500			512,186
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25		1,000			1,017,250
Energy Northwest Project Electric, Series C (RB)
5.00%, 07/01/24		540			540,878
5.00%, 07/01/25		1,375			1,398,718
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/28 (c)		725			764,282
State of New Mexico, Series A (GO) 5.00%, 06/01/26		1,000			1,033,485
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		750			752,237
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/49 (c) (p)		1,000			1,001,310
					7,562,654
West Virginia: 0.4%
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26		1,000			1,037,171

	Par   (000’s		)	Value
Wisconsin: 1.3%
City of Milwaukee, Series N4 (GO) 5.00%, 04/01/26	$	750		$	767,142
State of Wisconsin, Series A (GO)
5.00%, 05/01/25		500			507,670
5.00%, 05/01/28 (c)		500			507,625
State of Wisconsin, Series D (GO) 4.00%, 05/01/29 (c)		1,500			1,500,000
					3,282,437
Total Municipal Bonds: 97.5% (Cost: $252,269,839)					247,078,785
Other assets less liabilities: 2.5%					6,394,118
NET ASSETS: 100.0%				$	253,472,903

See Notes to Financial Statements

136

Definitions:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
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 the date the security may be redeemed by the issuer
(p)	Putable Security — the redemption date shown is the date the security may be redeemed by the investor
^	Zero Coupon Bond

Summary of Investments by Sector	% of Investments			Value
State GO		18.3	%	$	45,308,158
Local GO		14.3			35,314,587
Refunded		10.3			25,402,557
Tax		9.1			22,493,599
Utilities		8.0			19,777,983
Education		6.1			14,937,545
Transportation		5.8			14,309,906
Water & Sewer		5.5			13,467,453
Hospitals		4.4			10,964,337
Power		4.4			10,881,061
Leasing COPS & Appropriations		4.2			10,433,388
Toll & Turnpike		3.4			8,492,666
Airport		1.4			3,543,060
Pollution Control		1.4			3,496,675
Multi-Family Housing		1.2			2,977,645
Miscellaneous		1.1			2,600,503
Tobacco		0.6			1,435,689
Industrial Development Revenue		0.3			717,018
Special Tax		0.2			524,955
		100.0	%	$	247,078,785

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Municipal Bonds *	$	—	$	247,078,785	$	—	$	247,078,785

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

137

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2024

		CEF Muni Income ETF			High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni ETF
Assets:
Investments, at value Unaffiliated issuers (1)		$	221,655,807		$	2,860,351,179		$	17,929,128		$	1,773,401,154
Cash			766			14,291,954			120,253			16,792,454
Receivables:
Investment securities sold			—			2,076,601			—			—
Dividends and interest			782,830			43,449,708			246,424			22,244,815
Total assets			222,439,403			2,920,169,442			18,295,805			1,812,438,423
Liabilities:
Payables:
Investment securities purchased			—			4,080,810			—			7,501,810
Line of credit			1,219,468			—			—			—
Due to Adviser			74,311			763,880			3,607			268,044
Deferred Trustee fees			4,195			3,184			—			3,000
Accrued expenses			2,941			—			—			—
Total liabilities			1,300,915			4,847,874			3,607			7,772,854
NET ASSETS		$	221,138,488		$	2,915,321,568		$	18,292,198		$	1,804,665,569
Shares outstanding			10,650,000			56,846,401			400,000			39,348,916
Net asset value, redemption and offering price per share		$	20.76		$	51.28		$	45.73		$	45.86
Net Assets consist of:
Aggregate paid in capital		$	287,047,847		$	3,277,686,381		$	19,518,631		$	1,898,119,224
Total distributable loss			(65,909,359	)		(362,364,813	)		(1,226,433	)		(93,453,655	)
NET ASSETS		$	221,138,488		$	2,915,321,568		$	18,292,198		$	1,804,665,569
(1)	Cost of investments - Unaffiliated issuers	$	258,686,899		$	3,044,946,805		$	19,059,224		$	1,839,732,180

See Notes to Financial Staements

138

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2024

		Long Muni ETF			Short High Yield Muni ETF			Short Muni ETF
Assets:
Investments, at value Unaffiliated issuers (1)		$	432,652,276		$	315,327,211		$	247,078,785
Cash			3,675,414			587,693			4,389,410
Receivables:
Investment securities sold			—			5,676,913			—
Shares of beneficial interest sold			—			—			848,546
Dividends and interest			5,761,613			4,796,714			3,303,275
Total assets			442,089,303			326,388,531			255,620,016
Liabilities:
Payables:
Investment securities purchased			1,500,000			—			2,131,460
Shares of beneficial interest redeemed			—			5,568,060			—
Due to Adviser			86,119			93,666			13,802
Deferred Trustee fees			1,517			—			1,600
Accrued expenses			180			94			251
Total liabilities			1,587,816			5,661,820			2,147,113
NET ASSETS		$	440,501,487		$	320,726,711		$	253,472,903
Shares outstanding			24,950,000			14,400,000			14,950,000
Net asset value, redemption and offering price per share		$	17.66		$	22.27		$	16.95
Net Assets consist of:
Aggregate paid in capital		$	475,872,760		$	367,800,926		$	262,678,660
Total distributable loss			(35,371,273	)		(47,074,215	)		(9,205,757	)
NET ASSETS		$	440,501,487		$	320,726,711		$	253,472,903
(1)	Cost of investments - Unaffiliated issuers	$	450,991,900		$	337,420,831		$	252,269,839

See Notes to Financial Statements

139

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2024

	CEF Muni Income ETF			High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni ETF
Income:
Dividends	$	9,046,116		$	—		$	—		$	—
Interest		4,778			133,484,214			455,600			51,654,980
Total income		9,050,894			133,484,214			455,600			51,654,980
Expenses:
Management fees		860,118			9,221,777			43,719			4,275,649
Interest		22,883			2,890			—			27
Taxes		58			58			58			25
Total expenses		883,059			9,224,725			43,777			4,275,701
Net investment income		8,167,835			124,259,489			411,823			47,379,279
Net realized gain (loss) on:
Investments		(12,820,832	)		(72,396,848	)		(34,254	)		(10,010,278	)
In-kind redemptions		1,989,021			(15,300,780	)		—			(4,688,707	)
Net realized loss		(10,831,811	)		(87,697,628	)		(34,254	)		(14,698,985	)
Net change in unrealized appreciation (depreciation) on:
Investments		7,317,408			81,437,462			(1,406	)		2,540,360
Net change in unrealized appreciation (depreciation)		7,317,408			81,437,462			(1,406	)		2,540,360
Net increase in net assets resulting from operations	$	4,653,432		$	117,999,323		$	376,163		$	35,220,654

See Notes to Financial Statements

140

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2024

	Long Muni ETF			Short High Yield Muni ETF			Short Muni ETF
Income:
Interest	$	15,979,267		$	12,268,023		$	4,921,924
Total income		15,979,267			12,268,023			4,921,924
Expenses:
Management fees		1,013,976			1,267,376			223,495
Interest		180			4,290			373
Taxes		25			58			25
Total expenses		1,014,181			1,271,724			223,893
Net investment income		14,965,086			10,996,299			4,698,031
Net realized gain (loss) on:
Investments		(5,203,462	)		(12,137,987	)		(1,176,149	)
In-kind redemptions		(751,336	)		(844,612	)		(704,119	)
Net realized loss		(5,954,798	)		(12,982,599	)		(1,880,268	)
Net change in unrealized appreciation (depreciation) on:
Investments		(661,838	)		11,200,258			2,492,102
Net change in unrealized appreciation (depreciation)		(661,838	)		11,200,258			2,492,102
Net increase in net assets resulting from operations	$	8,348,450		$	9,213,958		$	5,309,865

See Notes to Financial Statements

141

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Muni Income ETF						High Yield Muni ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	8,167,835		$	7,054,402		$	124,259,489		$	115,767,853
Net realized loss		(10,831,811	)		(10,058,432	)		(87,697,628	)		(223,053,505	)
Net change in unrealized appreciation (depreciation)		7,317,408			(4,228,703	)		81,437,462			23,487,727
Net increase (decrease) in net assets resulting from operations		4,653,432			(7,232,733	)		117,999,323			(83,797,925	)
Distributions to shareholders from:
Distributable earnings		(8,652,299	)		(7,307,370	)		(120,571,988	)		(116,558,558	)
Return of capital		(943,651	)		—			—			—
Total distributions		(9,595,950	)		(7,307,370	)		(120,571,988	)		(116,558,558	)
Share transactions*:
Proceeds from sale of shares		54,357,867			108,726,605			905,560,236			1,884,282,300
Cost of shares redeemed		(32,677,141	)		(59,193,418	)		(788,031,487	)		(1,901,509,192	)
Net Increase (decrease) in net assets resulting from share transactions		21,680,726			49,533,187			117,528,749			(17,226,892	)
Total increase (decrease) in net assets		16,738,208			34,993,084			114,956,084			(217,583,375	)
Net Assets, beginning of year		204,400,280			169,407,196			2,800,365,484			3,017,948,859
Net Assets, end of year	$	221,138,488		$	204,400,280		$	2,915,321,568		$	2,800,365,484
*Shares of Common Stock Issued (no par value)
Shares sold		2,725,000			4,975,000			18,050,000			36,250,000
Shares redeemed		(1,600,000	)		(2,650,000	)		(15,650,000	)		(36,500,000	)
Net increase (decrease)		1,125,000			2,325,000			2,400,000			(250,000	)

See Notes to Financial Statements

142

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	HIP Sustainable Muni ETF						Intermediate Muni ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	411,823		$	270,801		$	47,379,279		$	37,766,412
Net realized loss		(34,254	)		(50,609	)		(14,698,985	)		(41,185,667	)
Net change in unrealized appreciation (depreciation)		(1,406	)		152,910			2,540,360			74,928,897
Net increase in net assets resulting from operations		376,163			373,102			35,220,654			71,509,642
Distributions to shareholders from:
Distributable earnings		(412,960	)		(244,845	)		(46,864,503	)		(37,452,413	)
Share transactions*:
Proceeds from sale of shares		—			4,502,190			298,049,733			529,630,220
Cost of shares redeemed		—			—			(303,307,234	)		(437,272,087	)
Net Increase (decrease) in net assets resulting from share transactions		—			4,502,190			(5,257,501	)		92,358,133
Total increase (decrease) in net assets		(36,797	)		4,630,447			(16,901,350	)		126,415,362
Net Assets, beginning of year		18,328,995			13,698,548			1,821,566,919			1,695,151,557
Net Assets, end of year	$	18,292,198		$	18,328,995		$	1,804,665,569		$	1,821,566,919
*Shares of Common Stock Issued (no par value)
Shares sold		—			100,000			6,650,000			11,650,000
Shares redeemed		—			—			(6,600,000	)		(9,450,000	)
Net increase		—			100,000			50,000			2,200,000

See Notes to Financial Statements

143

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long Muni ETF						Short High Yield Muni ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	14,965,086		$	7,123,325		$	10,996,299		$	10,922,410
Net realized loss		(5,954,798	)		(16,413,312	)		(12,982,599	)		(6,800,019	)
Net change in unrealized appreciation (depreciation)		(661,838	)		11,529,092			11,200,258			(1,990,336	)
Net increase in net assets resulting from operations		8,348,450			2,239,105			9,213,958			2,132,055
Distributions to shareholders from:
Distributable earnings		(14,425,095	)		(6,781,265	)		(11,222,995	)		(11,315,025	)
Share transactions*:
Proceeds from sale of shares		250,100,275			121,166,375			6,528,708			49,297,949
Cost of shares redeemed		(116,997,223	)		(18,716,807	)		(81,403,031	)		(60,769,201	)
Net Increase (decrease) in net assets resulting from share transactions		133,103,052			102,449,568			(74,874,323	)		(11,471,252	)
Total increase (decrease) in net assets		127,026,407			97,907,408			(76,883,360	)		(20,654,222	)
Net Assets, beginning of year		313,475,080			215,567,672			397,610,071			418,264,293
Net Assets, end of year	$	440,501,487		$	313,475,080		$	320,726,711		$	397,610,071
*Shares of Common Stock Issued (no par value)
Shares sold		14,150,000			6,800,000			300,000			2,200,000
Shares redeemed		(6,700,000	)		(1,050,000	)		(3,700,000	)		(2,700,000	)
Net increase (decrease)		7,450,000			5,750,000			(3,400,000	)		(500,000	)

See Notes to Financial Statements

144

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Short Muni ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	4,698,031		$	4,024,049
Net realized loss		(1,880,268	)		(6,143,979	)
Net change in unrealized appreciation (depreciation)		2,492,102			8,399,993
Net increase in net assets resulting from operations		5,309,865			6,280,063
Distributions to shareholders from:
Distributable earnings		(5,190,580	)		(4,788,660	)
Share transactions*:
Proceeds from sale of shares		34,692,781			49,753,782
Cost of shares redeemed		(49,921,153	)		(110,242,493	)
Net Decrease in net assets resulting from share transactions		(15,228,372	)		(60,488,711	)
Total decrease in net assets		(15,109,087	)		(58,997,308	)
Net Assets, beginning of year		268,581,990			327,579,298
Net Assets, end of year	$	253,472,903		$	268,581,990
*Shares of Common Stock Issued (no par value)
Shares sold		2,050,000			2,950,000
Shares redeemed		(2,950,000	)		(6,500,000	)
Net decrease		(900,000	)		(3,550,000	)

See Notes to Financial Statements

145

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	CEF Muni Income ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	21.46			$	23.53			$	29.07			$	24.34			$	26.18
Net investment income (a)			0.79				0.95				1.14				1.14				1.09
Net realized and unrealized gain (loss) on investments			(0.57	)			(2.00	)			(5.56	)			4.71				(1.83	)
Total from investment operations			0.22				(1.05	)			(4.42	)			5.85				(0.74	)
Distributions from:
Net investment income			(0.83	)			(1.02	)			(1.12	)			(1.12	)			(1.10	)
Return of capital			(0.09	)			—				—				—				—
Total distributions			(0.92	)			(1.02	)			(1.12	)			(1.12	)			(1.10	)
Net asset value, end of year		$	20.76			$	21.46			$	23.53			$	29.07			$	24.34
Total return (b)			1.16	%			(4.53	)%			(15.82	)%			24.38	%			(3.17	)%
Ratios to average net assets
Gross expenses (c)(d)			0.41	%			0.41	%			0.40	%			0.40	%			0.45	%
Net expenses (c)(d)			0.41	%			0.41	%			0.40	%			0.40	%			0.40	%
Net expenses excluding interest and taxes (c)(d)			0.40	%			0.40	%			N/A				N/A				N/A
Net investment income (c)			3.80	%			4.30	%			4.01	%			4.17	%			4.02	%
Supplemental data
Net assets, end of year (in millions)			$221				$204				$169				$177				$142
Portfolio turnover rate (e)			14	%			15	%			15	%			11	%			10	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

146

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	High Yield Muni ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	51.43			$	55.18			$	62.48			$	56.13			$	62.79
Net investment income (a)			2.22				2.01				2.09				2.36				2.69
Net realized and unrealized gain (loss) on investments			(0.21	)			(3.73	)			(7.27	)			6.38				(6.73	)
Total from investment operations			2.01				(1.72	)			(5.18	)			8.74				(4.04	)
Distributions from:
Net investment income			(2.16	)			(2.03	)			(2.12	)			(2.39	)			(2.62	)
Net asset value, end of year		$	51.28			$	51.43			$	55.18			$	62.48			$	56.13
Total return (b)			4.04	%			(3.11	)%			(8.62	)%			15.84	%			(6.86	)%
Ratios to average net assets
Expenses			0.32	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			4.37	%			3.84	%			3.38	%			3.91	%			4.26	%
Supplemental data
Net assets, end of year (in millions)		$	2,915			$	2,800			$	3,018			$	3,461			$	2,570
Portfolio turnover rate (c)			29	%			11	%			11	%			9	%			12	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

147

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	HIP Sustainable Muni ETF
									Period
									Ended
	Year Ended April 30,								April 30,
	2024				2023				2022  (a)
Net asset value, beginning of period		$	45.82			$	45.66			$	50.00
Net investment income (b)			1.03				0.72				0.10
Net realized and unrealized gain (loss) on investments			(0.09	)			0.09				(4.22	)
Total from investment operations			0.94				0.81				(4.12	)
Distributions from:
Net investment income			(1.03	)			(0.65	)			(0.22	)
Net asset value, end of period		$	45.73			$	45.82			$	45.66
Total return (c)			2.08	%			1.79	%			(8.26	)%
Ratios to average net assets
Expenses			0.24	%			0.24	%			0.24	%(d)
Net investment income			2.26	%			1.59	%			0.33	%(d)
Supplemental data
Net assets, end of period (in millions)			$18				$18				$14
Portfolio turnover rate (e)			11	%			14	%			11	%

(a)	For the period September 9, 2021 (commencement of operations) through April 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and 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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

148

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Intermediate Muni  ETF
	Year Ended April 30,
			2024			2023			2022			2021			2020
Net asset value, beginning of year		$	46.35		$	45.69		$	51.62		$	48.97		$	48.94
Net investment income (a)			1.17			0.97			0.83			0.98			1.09
Net realized and unrealized gain (loss) on investments			(0.50	)		0.65			(5.92	)		2.72			0.10
Total from investment operations			0.67			1.62			(5.09	)		3.70			1.19
Distributions from:
Net investment income			(1.16	)		(0.96	)		(0.84	)		(0.98	)		(1.10	)
Net realized capital gains			—			—			—	(b)		(0.07	)		(0.06	)
Total distributions			(1.16	)		(0.96	)		(0.84	)		(1.05	)		(1.16	)
Net asset value, end of year		$	45.86		$	46.35		$	45.69		$	51.62		$	48.97
Total return (c)			1.48	%		3.59	%		(9.99	)%		7.59	%		2.40	%
Ratios to average net assets
Expenses			0.23	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income			2.56	%		2.12	%		1.64	%		1.90	%		2.17	%
Supplemental data
Net assets, end of year (in millions)		$	1,805		$	1,822		$	1,695		$	1,801		$	1,582
Portfolio turnover rate (d)			16	%		17	%		4	%		6	%		7	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

149

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Long Muni ETF
	Year Ended April 30,
			2024			2023			2022			2021			2020
Net asset value, beginning of year		$	17.91		$	18.35		$	21.68		$	20.18		$	20.40
Net investment income (a)			0.62			0.52			0.46			0.52			0.57
Net realized and unrealized gain (loss) on investments			(0.26	)		(0.46	)		(3.26	)		1.54			(0.20	)
Total from investment operations			0.36			0.06			(2.80	)		2.06			0.37
Distributions from:
Net investment income			(0.61	)		(0.50	)		(0.46	)		(0.52	)		(0.57	)
Net realized capital gains			—			—			(0.07	)		(0.04	)		(0.02	)
Total distributions			(0.61	)		(0.50	)		(0.53	)		(0.56	)		(0.59	)
Net asset value, end of year		$	17.66		$	17.91		$	18.35		$	21.68		$	20.18
Total return (b)			2.02	%		0.40	%		(13.26	)%		10.31	%		1.75	%
Ratios to average net assets
Expenses			0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income			3.54	%		2.91	%		2.15	%		2.45	%		2.72	%
Supplemental data
Net assets, end of year (in millions)			$441			$313			$216			$228			$200
Portfolio turnover rate (c)			23	%		32	%		7	%		23	%		22	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

150

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Short High Yield Muni ETF
	Year Ended April 30,
			2024			2023			2022			2021			2020
Net asset value, beginning of year		$	22.34		$	22.86		$	25.06		$	23.09		$	24.70
Net investment income (a)			0.67			0.59			0.58			0.73			0.84
Net realized and unrealized gain (loss) on investments			(0.06	)		(0.50	)		(2.18	)		1.99			(1.64	)
Total from investment operations			0.61			0.09			(1.60	)		2.72			(0.80	)
Distributions from:
Net investment income			(0.68	)		(0.61	)		(0.60	)		(0.75	)		(0.81	)
Net asset value, end of year		$	22.27		$	22.34		$	22.86		$	25.06		$	23.09
Total return (b)			2.82	%		0.43	%		(6.58	)%		11.89	%		(3.44	)%
Ratios to average net assets
Expenses			0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			3.04	%		2.64	%		2.34	%		2.98	%		3.37	%
Supplemental data
Net assets, end of year (in millions)			$321			$398			$418			$306			$263
Portfolio turnover rate (c)			18	%		17	%		16	%		14	%		17	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

151

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Short Muni ETF
	Year Ended April 30,
			2024			2023			2022			2021			2020
Net asset value, beginning of year		$	16.95		$	16.89		$	18.04		$	17.55		$	17.54
Net investment income (a)			0.31			0.21			0.15			0.23			0.27
Net realized and unrealized gain (loss) on investments			0.04			0.10			(1.09	)		0.51			0.02
Total from investment operations			0.35			0.31			(0.94	)		0.74			0.29
Distributions from:
Net investment income			(0.35	)		(0.25	)		(0.19	)		(0.25	)		(0.28	)
Net realized capital gains			—			—			(0.02	)		—			—
Total distributions			(0.35	)		(0.25	)		(0.21	)		(0.25	)		(0.28	)
Net asset value, end of year		$	16.95		$	16.95		$	16.89		$	18.04		$	17.55
Total return (b)			2.12	%		1.83	%		(5.27	)%		4.27	%		1.66	%
Ratios to average net assets
Expenses			0.09	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.86	%		1.22	%		0.86	%		1.26	%		1.54	%
Supplemental data
Net assets, end of year (in millions)			$253			$269			$328			$297			$204
Portfolio turnover rate (c)			36	%		19	%		18	%		30	%		34	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

152

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2024

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
Short High Yield Muni ETF (“Short High Yield”)	Diversified
Short Muni ETF (“Short”)	Diversified

Each Fund’s investment objective (except for HIP Sustainable) 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

The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The Funds (except CEF Muni and HIP Sustainable) 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.

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

153

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NOTES TO FINANCIAL STATEMENTS

(continued)

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. 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.

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.

154

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 and return of capital, 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. After each calendar year end, these investments report the actual tax character of these 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, 2024, are as follows:

Fund	Management Fee Rate
CEF Muni		0.40	%
High Yield*		0.32
HIP Sustainable		0.24
Intermediate**		0.18
Long		0.24
Short High Yield		0.35
Short*		0.07

*	Prior to June 20, 2023, the unitary management fee rate for High Yield and Short was 0.35% and 0.20%, respectively.
**	Prior to March 7, 2024, the unitary management fee rate for Intermediate was 0.24%.

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(continued)

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, 2024, the Adviser owned approximately 13% of HIP Sustainable.

Note 4—Capital Share Transactions—As of April 30, 2024, 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, 2024, 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	$	30,903,018	$	30,549,231	$	54,354,844	$	32,644,664
High Yield		1,055,628,569		797,416,167		31,998,764		155,185,527
HIP Sustainable		2,434,237		1,991,992		—		—
Intermediate		492,235,668		293,702,933		2,454,431		183,240,130
Long		282,422,023		93,930,162		—		54,413,224
Short High Yield		65,790,106		120,046,791		—		15,688,393
Short		100,991,022		90,479,690		—		20,879,913

During the year ended April 30, 2024, the High Yield, Intermediate, Long 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 $5 million of purchases and $1 million of sales for High Yield, $19 million of purchases and $38 million of sales for Intermediate, $1 million of purchases and $18 million sales for Long and $33 million of purchases and $1 million of sales for Short.

Note 6—Income Taxes—As of April 30, 2024, 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:

156

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CEF Muni		$258,695,735		$1,492,600		$(38,532,528	)		$(37,039,928	)
High Yield		3,045,213,975		44,531,507		(229,394,303	)		(184,862,796	)
HIP Sustainable		19,057,834		51,846		(1,180,552	)		(1,128,706	)
Intermediate		1,840,558,776		10,906,333		(78,063,955	)		(67,157,622	)
Long		450,908,855		2,261,950		(20,518,529	)		(18,256,579	)
Short High Yield		338,085,790		1,973,588		(24,732,167	)		(22,758,579	)
Short		253,543,258		300,129		(6,764,602	)		(6,464,473	)

At April 30 2024, 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		$–		$(28,865,237	)		$(4,194	)		$(37,039,928	)		$(65,909,359	)
High Yield		13,854,172		(190,682,345	)		(673,844	)		(184,862,796	)		(362,364,813	)
HIP Sustainable		35,568		(133,295	)		–			(1,128,706	)		(1,226,433	)
Intermediate		4,034,506		(30,327,538	)		(3,001	)		(67,157,622	)		(93,453,655	)
Long		1,285,164		(18,398,342	)		(1,516	)		(18,256,579	)		(35,371,273	)
Short High Yield		995,311		(25,072,743	)		(238,204	)		(22,758,579	)		(47,074,215	)
Short		467,770		(3,207,454	)		(1,600	)		(6,464,473	)		(9,205,757	)

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

	April 30, 2024						April 30, 2023
Fund	Tax-Exempt Income		Ordinary Income*		Return of Capital		Tax-Exempt Income		Ordinary Income*
CEF Muni		$8,563,523		$88,776		$943,651		$7,256,211		$51,159
High Yield		118,758,707		1,813,281		–		115,016,067		1,542,491
HIP Sustainable		396,009		16,951		–		231,881		12,964
Intermediate		46,387,875		476,628		–		37,164,901		287,512
Long		14,222,682		202,413		–		6,709,990		71,275
Short High Yield		11,115,147		107,848		–		11,247,035		67,990
Short		5,071,706		118,874		–		4,709,425		79,235

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

At April 30 2024, 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	$	(6,412,713	)	$	(22,452,524	)	$	(28,865,237	)
High Yield		(47,580,255	)		(143,102,090	)		(190,682,345	)
HIP Sustainable		(46,341	)		(86,954	)		(133,295	)
Intermediate		(5,200,343	)		(25,127,195	)		(30,327,538	)
Long		(5,098,505	)		(13,299,837	)		(18,398,342	)
Short High Yield		(5,658,481	)		(19,414,262	)		(25,072,743	)
Short		(635,922	)		(2,571,532	)		(3,207,454	)

During the year ended April 30, 2024, 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.

157

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
CEF Muni	$	(1,989,040	)	$	1,989,040
High Yield		15,300,780			(15,300,780	)
Intermediate		4,688,706			(4,688,706	)
Long		751,336			(751,336	)
Short High Yield		844,614			(844,614	)
Short		704,119			(704,119	)

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, 2024, the Funds did not incur any interest or penalties.

Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.

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

CEF Muni invests in closed-end funds that may trade at a discount or premium to their net asset value. The Fund is 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, the Fund 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.

158

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 Fund. 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 obligations of the 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. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2024, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
CEF Muni		297		$413,063		6.62	%
High Yield		7		1,980,525		6.68
Intermediate		1		143,761		6.68
Long		2		484,254		6.68
Short High Yield		42		505,778		6.50

Outstanding loan balances as of April 30, 2024, if any, are reflected in the Statements of Assets and Liabilities.

Note 10—New Regulatory Requirements— On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed with the SEC on a semi-annual basis on Form N-CSR.

The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery). These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

159

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 seven 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 listed in the table below (seven of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, and the statements of changes in net assets and the financial highlights for each of the two years in the period ended April 30, 2024, including the related notes (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 listed in the table below as of April 30, 2024, the results of each of their operations for the year ended April 30, 2024, and the changes in each of their net assets and each of the financial highlights for each of the two years in the period ended April 30, 2024, 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 Short High Yield Muni ETF
VanEck HIP Sustainable Muni ETF	VanEck Short Muni ETF
VanEck Intermediate 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 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, 2024, 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 26, 2024

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

160

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, 2024 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 2024 income tax purposes will be sent to them in early 2025.

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		Return of Capital Per Share (a)		Return of Capital as a Percentage of the Total Distribution		Total Tax-Exempt + Ordinary Income + Return of Capital Distribution Per Share
CEF Muni	XMPT	$	0.8237		89.44%	$	0.0085		0.92%	$	0.0888		9.64%	$	0.9210
High Yield	HYD		2.1244		98.50		0.0324		1.50		-		-		2.1568
HIP Sustainable	SMI		0.9900		95.90		0.0424		4.10		-		-		1.0324
Intermediate	ITM		1.1474		98.99		0.0118		1.01		-		-		1.1592
Long	MLN		0.5982		98.59		0.0085		1.41		-		-		0.6067
Short High Yield	SHYD		0.6738		99.01		0.0067		0.99		-		-		0.6805
Short	SMB		0.3388		97.70		0.0080		2.30		-		-		0.3468

(a) A return of capital is not considered tax-exempt income to shareholders. Shareholders who received these distributions 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 us the more detailed information provided on Form 8937-Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.

161

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2024 (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	Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	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).	69	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).	79	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.	69	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.	79	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 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	79	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.

162

*	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
Lawrence G. Altadonna, 1966	Vice President and Treasurer	Since 2024	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Fund Assistant Treasurer and Vice President of Credit Suisse Asset Management, LLC (June 2022- January 2024).
Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	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.
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, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. Formerly, Treasurer of other investment companies advised by VEAC and VEARA.
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.
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.
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.

163

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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.
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.

164

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, 2023 to December 31, 2023 (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.

165

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, 2024

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	4
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	55
International High Yield Bond ETF	60
J.P. Morgan EM Local Currency Bond ETF	73
Moody’s Analytics BBB Corporate Bond ETF	79
Moody’s Analytics IG Corporate Bond ETF	83
Mortgage REIT Income ETF	88
Preferred Securities ex Financials ETF	89
Statements of Assets and Liabilities	92
Statements of Operations	96
Statements of Changes in Net Assets	100
Financial Highlights
BDC Income ETF	107
China Bond ETF	108
Dynamic High Income ETF	109
Emerging Markets High Yield Bond ETF	110
Fallen Angel High Yield Bond ETF	111
Green Bond ETF	112
IG Floating Rate ETF	113
International High Yield Bond ETF	114
J.P. Morgan EM Local Currency Bond ETF	115
Moody’s Analytics BBB Corporate Bond ETF	116
Moody’s Analytics IG Corporate Bond ETF	117
Mortgage REIT Income ETF	118
Preferred Securities ex Financials ETF	119
Notes to Financial Statements	120
Report of Independent Registered Public Accounting Firm	132
Tax Information	134
Board of Trustees and Officers	136
Funds’ Liquidity Risk Management Program	139

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, 2024.

VANECK ETF TRUST

PRESIDENT’S LETTER

April 30, 2024 (unaudited)

Dear Fellow Shareholders:

The 2025 Problem—The Fiscal Deficit Bell is Ringing

They say that no one rings the bell at market tops and bottoms, but some important bells are ringing. Most importantly, gold prices are hitting all-time highs despite outflows from U.S. gold bullion ETFs. Gold prices aren’t rallying in a small way. They are reaching, bitcoin-like, for the sky. The biggest change in our view from year-end 2023 is (a) that the markets are beginning to see fiscal spending as out of control and (b) global economic growth has turned positive, a good sign for commodity investors.

At the end of 2023, we suggested that the three major macro factors—monetary policy, government spending and global economic growth—would not change much in 2024. While a big market impact (with surging 10-year interest rates) from out of control fiscal spending may only rest at 10% probability, we repeat that investors should prepare for this with a gold/bitcoin/real assets allocation. These assets are already in a bull market, which means that healthy corrections can be expected (20%?).

Discussion of Major Macro Factors

Let’s review the three main factors that impact markets.

1. Monetary Policy: Not Very Stimulative to Maybe Looser

I feel like a broken record, but our favorite inflation measure is wage inflation, not food or gas prices. That is the kind of inflation which is endemic and hard to manage once it takes hold. And with wage inflation around 4.5%, not near the U.S. Federal Reserve’s (“Fed’s”) 2% target, we didn’t expect a big Fed loosening coming into 2024. And that was “correct”—the Fed has not cut interest rates yet this year.

Yet, the two most important central banks in the world have softened their language. First, the Fed said that it would reduce its selling schedule of bonds in Jerome Powell’s comments after the March meeting. And Powell said that the 2% inflation was always a “long-term” target, which suggests that the 2% target is less important in 2024. Therefore, the Fed might be looser (even though wage inflation continues). And while it’s probably false, there have been rumors in China of central bank bond-buying which they haven’t done in over a decade and never under Xi Jinping. So, maybe marginally looser monetary policy, but with high wage inflation, no major changes are expected.

2. Government Spending: “Also Muted” to Out of Control

We entered 2024 expecting that the Republicans, in control of the House of Representatives, would seek to slow government spending. While we probably didn’t sufficiently appreciate the amount of some of the Biden Administration’s spending, as with the environmental Inflation Reduction Act (“IRA”), we didn’t expect any upside surprises in government spending in 2024. But by focusing on the change in spending, we probably underappreciated how large the fiscal deficits continue to be. These deficits are keeping the economy hot—at full employment—and are also pressuring inflation higher.

Now let’s look at 2025, which I think the markets are beginning to do. 2025 is a very important policy year for fiscal discipline. The reason is that Social Security will go bankrupt in 2033. If major fiscal problems are only addressed the year after a Presidential election, then it has to be addressed in 2025, because 2029 is WAY too late to fix any entitlement problem. But in the first quarter, we just learned that the major parties have nominated the two most profligate “peacetime” spenders in U.S. history.

We have 7% budget deficits in the middle of an economic boom! We may look back on this the same way we now look back at 1% interest rates on 10 year debt—an amazing situation that shouldn’t be and can’t last. But timing markets is almost impossible.

Are there signals, besides gold, that the market is concerned about 2025? Are other bells ringing? Actually, yes. U.S. credit default swaps are at elevated levels after rising in 2023 during the budget standoff. And emerging market debt has actually been outperforming U.S. debt for the last three years. See my investment outlook¹ on www.vaneck.com for the charts.

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

My last piece of evidence for the “out of control” scenario is an article from alternative media site, the Free Press. In an article mainly on social commentary, we suddenly see a chart on government spending.

Federal government current expenditures: Interest payments, Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate

Source: U.S. Bureau of Economic Analysis as of January 25, 2024. Shaded areas indicate U.S. recessions.

3. Global Growth – from Low Levels to Expansion

In the first quarter of 2024, the world economy moved into expansion mode, with good upwards momentum. As well, economic data from China in March was quite strong. For growth, my favorite statistics is PMI, partially because it shows a “yes or no” answer. If PMI is over 50, we are in expansion mode. And both global growth and China manufacturing moved into expansion mode in Q1. This is the reason commodity returns have been strong so far this year. And this data supports an allocation to commodities.

2

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the twelve month period ended April 30, 2024. 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 20, 2024

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.² Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 https://www.vaneck.com/us/en/insights/investment-outlook/

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

3

VANECK ETF TRUST

MANAGEMENT DISCUSSION

April 30, 2024 (unaudited)

BDC Income ETF

• The Fund benefited from rising interest rates which drove higher business development companies’ (“BDCs”) net interest income given the floating rate nature of their loan portfolios.

• Resilient credit fundamentals also supported BDC performance, as average non-accrual levels and realized loss rates remained relatively low.

• Ares Capital Corporation was the leading contributor to Fund performance during the 12 month period ended April 30, 2024 (the “Period”), while Prospect Capital Corp was the leading detractor and one of only three BDCs held to post negative returns.

China Bond ETF

• Onshore Chinese bonds were supported by declining bond yields, reflecting a sluggish domestic recovery and market expectations for additional stimulus, which was offset by currency depreciation against the U.S. dollar.

• Sovereign bonds and policy banks contributed positively to performance, while credit related issuers detracted from performance.

• Within credit, the Utility and Insurance sectors were the largest contributors to performance over the year, while Real Estate, Energy and Financial Services detracted.

Dynamic High Income ETF

• Higher yields made fixed income and some income generating equities more appealing and generally provided a favorable environment for active managers to make opportunistic allocations.

• The largest contributors to return were attributable to strong returns from master limited partnerships and publicly traded business development companies. Fallen angel high yield bonds, the largest exposure in the Fund, also contributed positively.

• Notable detractors from Fund performance were attributable to the Fund’s allocation to long-term U.S. treasuries and to declines in real estate investment trusts (“REITs”) performance, despite the Fund’s modest allocation to the sector.

Emerging Markets High Yield Bond ETF

• The Fund benefited from a significant compression in emerging markets high yield bond spreads over the period and high carry, which drove positive returns and offset higher interest rates over the period.

• Industrial sector bonds, particularly from Energy issuers, made the biggest contribution to Fund performance for the period followed by Financials and Utilities, while the Real Estate sector was the biggest detractor.

• Argentina, Turkey and Mexico contributed the most to performance for the period, while exposure to China was the only detractor.

Fallen Angel High Yield Bond ETF

• High yield total returns rebounded (as compared to the prior fiscal two years), as higher carry and credit spread tightening contributed positively to performance, despite higher interest rates during the period.

• The Retail sector was the largest contributor to performance, followed by Energy and Telecom. No sectors detracted from performance.

• BB rated bonds contributed most to Fund performance, however lower quality bonds had the highest total returns in the period.

4

Green Bond ETF

• Although bond yields rose overall during the period, U.S. dollar denominated green bond returns were supported by high carry and, for corporate bonds, credit spread compression.

• Bonds in the Financials, Utilities and Consumer, Cyclicals sectors contributed most to performance while the Government Activity, Mortgage Securities and Consumer, Non-Cyclicals sectors detracted.

• From a country of risk perspective, India, China and the Republic of Korea contributed most to performance while Saudi Arabia, Chile and Supranational issuers detracted.

IG Floating Rate ETF

• The Fund benefited from higher interest rates which drove higher coupons, as the U.S. Federal Reserve increased its policy rate over the year from 5.0% to 5.5% and maintained its hawkish stance.

• The largest contribution to Fund performance came from the Financial sector, which has the largest weight within the Fund, followed by Technology and Industrials. No sectors had negative performance during the period.

• In terms of country of risk, the largest contribution to performance came from U.S. issuers, followed by UK and Australia issuers.

International High Yield Bond ETF

• Despite interest rate volatility and strength of the U.S. dollar over the period, the Fund benefited from a sharp decline in high yield spreads and high overall carry.

• Issuers in the Energy and Banking sector contributed the most to Fund performance while Real Estate and Capital Goods were the only sectors that detracted.

• In terms of country of risk, UK and Canadian issuers had the highest contribution to performance, while Chinese and Irish issuers detracted the most.

J.P. Morgan EM Local Currency Bond ETF

• Despite several headwinds over the period such as a stronger dollar, continued high interest rates in the U.S. and ongoing geopolitical risks, emerging markets local currency sovereign bonds benefited from favorable Fundamentals and high carry, and outperformed developed markets sovereign bonds over the period.

• During the period, bonds denominated in Colombian Peso, the Brazilian Real and Polish Zloty were the top contributors to Fund performance, whereas bonds denominated in Turkish Lira, Indonesian Rupee and Thai Bhat detracted the most.

• Local interest rates contributed positively to performance, but this was partially offset by currency depreciation.

Moody’s Analytics BBB Corporate Bond ETF

• Although intermediate-term bond yields rose overall during the period, returns of BBB rated corporate bonds were supported by high carry and credit spread compression.

• The Banking sector was the biggest contributor to Fund performance, followed by Utility and Telecom, while the Retail, Basic Industry and Insurance sectors were the only sectors that detracted.

• All maturity bands contributed positively to performance, with 1-3 year maturity bonds contributing the most.

5

VANECK ETF TRUST

MANAGEMENT DISCUSSION(unaudited) (continued)

Moody’s Analytics IG Corporate Bond ETF

• Although intermediate-term bond yields rose overall during the period, returns of investment grade rated corporate bonds were supported by high carry and credit spread compression.

• The Banking sector was the largest contributor to performance, followed by Financial Services and Consumer Goods, while the Energy and Retail sectors were the only sectors that detracted.

• Bonds with 3-5 year maturities contributed the most, while bonds with a maturity greater than 15 years were the only ones to detract.

Mortgage REIT Income ETF

• Rising interest rates, low mortgage originations and concerns around commercial real estate weighed on mortgage real estate investment trusts (mREITs) during the period.

• Despite headwinds, the Fund registered a positive total return with residential mREITs as the primary contributor to performance while commercial and hybrid mREITs also contributed, but to a lesser extent.

• Rithm Capital was the leading contributor to Fund performance during the period, while New York Mortgage Trust was the leading detractor.

Preferred Securities ex Financials ETF

• During the period, the Fund faced pressure from rising interest rates and general economic uncertainty; however, price declines were more than offset by income earned from coupons and dividends resulting in positive total return.

• Real estate contributed, by far, the most to the Fund’s performance over the period and, to a lesser degree, retail and energy sectors also contributed positively.

• The Fund’s exposure to materials, media and health care were the primary detractors from performance.

6

VANECK BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVBDCTRG1			SPTR2
One Year		27.94	%		28.03	%		27.95	%		22.66	%
Five Year		11.11	%		11.12	%		11.04	%		13.19	%
Ten Year		8.17	%		8.18	%		8.17	%		12.41	%

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 MVBDCTRG. 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.

7

VANECK CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			CHQU01TR1			US002
One Year		0.75	%		(1.16	)%		0.64	%		(1.40	)%
Five Year		2.21	%		2.19	%		3.01	%		(0.14	)%
Life*		1.67	%		1.67	%		2.59	%		1.06	%

*	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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			HG001
One Year		6.39	%		6.33	%		10.64	%
Life*		8.72	%		8.67	%		13.77	%

*	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 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.

9

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			EMLH1			US002
One Year		9.49	%		10.50	%		10.70	%		(1.40	)%
Five Year		1.59	%		1.75	%		1.71	%		(0.14	)%
Ten Year		2.99	%		3.08	%		3.40	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			H0CF1			US002
One Year		7.88	%		8.28	%		8.45	%		(1.40	)%
Five Year		4.43	%		4.57	%		5.05	%		(0.14	)%
Ten Year		5.67	%		5.66	%		6.22	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			SPGRUSST1			US002
One Year		2.32	%		1.89	%		2.20	%		(1.40	)%
Five Year		0.40	%		0.31	%		0.58	%		(0.14	)%
Life*		1.31	%		1.21	%		1.62	%		0.78	%

*	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 SPGRUSST. 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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVFLTR1			US002
One Year		8.11	%		8.12	%		8.13	%		(1.40	)%
Five Year		3.08	%		3.08	%		3.15	%		(0.14	)%
Ten Year		2.39	%		2.39	%		2.60	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			HXUS1			US002
One Year		6.27	%		7.13	%		8.63	%		(1.40	)%
Five Year		1.17	%		1.18	%		1.67	%		(0.14	)%
Ten Year		1.82	%		1.87	%		2.40	%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			GBIEMCOR1			US002
One Year		0.33	%		1.03	%		0.69	%		(1.40	)%
Five Year		(1.09	)%		(0.96	)%		(0.72	)%		(0.14	)%
Ten Year		(1.30	)%		(1.26	)%		(0.84	)%		1.24	%

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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVBI1			US002
One Year		2.76	%		3.02	%		3.41	%		(1.40	)%
Life*		(2.14	)%		(2.10	)%		(2.06	)%		(3.74	)%

*	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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVCI1			US002
One Year		2.20	%		2.36	%		2.77	%		(1.40	)%
Life*		(2.37	)%		(2.35	)%		(2.31	)%		(3.74	)%

*	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 U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed 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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			MVMORTTG1			SPTR2
One Year		8.81	%		8.59	%		8.66	%		22.66	%
Five Year		(5.31	)%		(5.28	)%		(5.11	)%		13.19	%
Ten Year		1.16	%		1.16	%		1.46	%		12.41	%

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, 2024 (unaudited)

Average Annual Total Return
	Share Price			NAV			PFAN1			SPTR2
One Year		4.85	%		5.04	%		5.45	%		22.66	%
Five Year		3.43	%		3.47	%		3.91	%		13.19	%
Ten Year		3.99	%		4.04	%		4.23	%		12.41	%

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, MVBIZDTG, MVFLTR, MVMORTTG, MVBI and MVCI are published by MarketVector Indexes GmbH (MarketVector), 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). HG00, US00, 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, 2023 to April 30, 2024.

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, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2023 - April 30, 2024(a)
BDC Income ETF
Actual	$1,000.00	$ 1,182.50	0.43%	$2.33
Hypothetical (b)	$1,000.00	$ 1,022.73	0.43%	$2.16
China Bond ETF
Actual	$1,000.00	$ 1,033.50	0.50%	$2.53
Hypothetical (b)	$1,000.00	$ 1,022.38	0.50%	$2.51
Dynamic High Income ETF
Actual	$1,000.00	$ 1,106.60	0.11%	$0.58
Hypothetical (b)	$1,000.00	$ 1,024.32	0.11%	$0.55
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$ 1,104.90	0.40%	$2.09
Hypothetical (b)	$1,000.00	$ 1,022.87	0.40%	$2.01
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$ 1,091.70	0.32%	$1.66
Hypothetical (b)	$1,000.00	$ 1,023.27	0.32%	$1.61
Green Bond ETF
Actual	$1,000.00	$ 1,056.30	0.20%	$1.02
Hypothetical (b)	$1,000.00	$ 1,023.87	0.20%	$1.01
IG Floating Rate ETF
Actual	$1,000.00	$ 1,042.30	0.14%	$0.71
Hypothetical (b)	$1,000.00	$ 1,024.17	0.14%	$0.70

21

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2023 - April 30, 2024(a)
International High Yield Bond ETF
Actual	$1,000.00	$ 1,083.20	0.40%	$2.07
Hypothetical (b)	$1,000.00	$ 1,022.87	0.40%	$2.01
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$ 1,036.80	0.30%	$1.52
Hypothetical (b)	$1,000.00	$ 1,023.37	0.30%	$1.51
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$ 1,080.50	0.25%	$1.29
Hypothetical (b)	$1,000.00	$ 1,023.62	0.25%	$1.26
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$ 1,074.80	0.20%	$1.03
Hypothetical (b)	$1,000.00	$ 1,023.87	0.20%	$1.01
Mortgage REIT Income ETF
Actual	$1,000.00	$ 1,148.70	0.44%	$2.35
Hypothetical (b)	$1,000.00	$ 1,022.68	0.44%	$2.21
Preferred Securities ex Financials ETF
Actual	$1,000.00	$ 1,120.30	0.40%	$2.11
Hypothetical (b)	$1,000.00	$ 1,022.87	0.40%	$2.01

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2024), 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

22

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Number of Shares		Value
COMMON STOCKS: 100.0%
Financial Services: 100.0%
Ares Capital Corp.		10,278,053	$	211,830,672
Bain Capital Specialty Finance, Inc.		917,441		15,257,044
Barings BDC, Inc.		1,900,302		17,634,803
BlackRock TCP Capital Corp. †		1,762,606		17,767,068
Blackstone Secured Lending Fund †		1,607,040		50,927,098
Blue Owl Capital Corp. †		8,624,358		137,127,292
Capital Southwest Corp. †		885,100		22,853,282
Carlyle Secured Lending, Inc.		1,046,044		17,960,576
CION Investment Corp. †		1,121,617		12,820,082
Fidus Investment Corp. †		631,164		12,850,499
FS KKR Capital Corp. †		6,963,544		133,142,961
Gladstone Investment Corp. †		739,101		10,569,144
Goldman Sachs BDC, Inc. †		2,123,241		32,995,165
Golub Capital BDC, Inc. †		2,986,288		51,871,823
Hercules Capital, Inc. †		2,621,911		50,130,938
Main Street Capital Corp. †		1,043,122		51,738,851
MidCap Financial Investment Corp. †		1,343,779		20,425,441
Morgan Stanley Direct Lending Fund		1,629,325		35,030,488
New Mountain Finance Corp. †		1,779,648		22,370,175

	Number of Shares		Value
Financial Services (continued)
Oaktree Specialty Lending Corp. †		1,626,178	$	31,157,570
PennantPark Floating Rate Capital Ltd. †		1,205,645		13,708,184
Prospect Capital Corp. †		7,161,403		37,310,910
Sixth Street Specialty Lending, Inc.		1,891,116		41,018,306
SLR Investment Corp.		954,950		14,668,032
Trinity Capital, Inc.		956,302		14,507,101
TriplePoint Venture Growth BDC Corp. †		774,768		7,275,072
Total Common Stocks (Cost: $1,031,458,983)				1,084,948,577
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.3%
Money Market Fund: 8.3% (Cost: $89,871,466)
State Street Navigator Securities Lending Government Money Market Portfolio		89,871,466		89,871,466
Total Investments: 108.3% (Cost: $1,121,330,449)				1,174,820,043
Liabilities in excess of other assets: (8.3)%				(90,478,308)
NET ASSETS: 100.0%			$	1,084,341,735

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $139,211,087.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		100.0	%	$	1,084,948,577

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	1,084,948,577	$	—	$	—	$	1,084,948,577
Money Market Fund		89,871,466		—		—		89,871,466
Total Investments	$	1,174,820,043	$	—	$	—	$	1,174,820,043

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

23

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 70.7%
Basic Materials: 5.8%
China Chengtong Holdings Group Ltd. 3.53%, 10/28/26	CNY	10,000		$	1,387,601
Energy: 8.2%
China National Petroleum Corp. 4.16%, 08/16/25	CNY	6,000			848,055
China Petroleum & Chemical Corp. 3.20%, 07/27/26	CNY	8,000			1,120,916
					1,968,971
Financials: 41.7%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	1,130			156,306
2.96%, 04/17/30	CNY	1,160			165,412
3.63%, 07/19/26	CNY	2,700			384,358
3.74%, 07/12/29	CNY	2,740			404,212
3.75%, 01/25/29	CNY	2,620			385,765
3.79%, 10/26/30	CNY	1,110			166,052
3.85%, 01/06/27	CNY	1,610			231,757
4.39%, 09/08/27	CNY	3,270			482,739
4.65%, 05/11/28	CNY	1,360			204,614
Central Huijin Investment Ltd. 2.87%, 04/20/26	CNY	6,000			836,689
China Development Bank
2.77%, 10/24/32	CNY	3,810			537,994
3.18%, 04/05/26	CNY	1,070			150,581
3.34%, 07/14/25	CNY	1,060			148,544
3.41%, 06/07/31	CNY	1,640			240,830
3.45%, 09/20/29	CNY	4,800			699,724
3.48%, 01/08/29	CNY	4,460			647,610
3.65%, 05/21/29	CNY	1,950			286,086
3.66%, 03/01/31	CNY	1,170			174,008
3.70%, 10/20/30	CNY	4,150			616,834
4.04%, 04/10/27	CNY	1,760			255,508
4.04%, 07/06/28	CNY	2,720			402,093
China Reform Holdings Corp. Ltd. 2.65%, 09/06/27	CNY	10,000			1,383,826
Export-Import Bank of China

	Par   (000’s		)	Value
Financials (continued)
2.90%, 08/19/32	CNY	1,390		$	197,967
3.23%, 03/23/30	CNY	1,900			274,580
3.38%, 07/16/31	CNY	1,750			256,579
3.74%, 11/16/30	CNY	2,380			355,099
					10,045,767
Real Estate: 0.0%
China Fortune Land Development Co. Ltd.
5.50%, 10/22/22 (d) *∞	CNY	1,000			2
7.00%, 03/03/21 (d) *∞	CNY	1,000			1
					3
Utilities: 15.0%
China Southern Power Grid Co. Ltd. 2.42%, 10/24/25	CNY	8,000			1,112,786
State Grid Corp. of China 2.88%, 08/30/27	CNY	8,000			1,119,708
State Power Investment Corp. Ltd. 2.82%, 07/04/26	CNY	10,000			1,392,177
					3,624,671
Total Corporate Bonds (Cost: $18,018,112)					17,027,013
GOVERNMENT OBLIGATIONS: 16.2%
China Government Bond
2.52%, 08/25/33	CNY	2,120			296,004
2.68%, 05/21/30	CNY	3,450			486,122
2.69%, 08/12/26	CNY	2,050			287,064
3.02%, 10/22/25	CNY	2,150			301,460
3.02%, 05/27/31	CNY	2,710			390,923
3.03%, 03/11/26	CNY	1,850			260,493
3.25%, 06/06/26	CNY	2,220			315,039
3.27%, 11/19/30	CNY	2,980			438,181
3.28%, 12/03/27	CNY	1,050			151,508
3.32%, 04/15/52	CNY	3,090			481,728
3.81%, 09/14/50	CNY	2,870			481,262
Total Government Obligations (Cost: $4,229,280)					3,889,784
Total Investments: 86.9% (Cost: $22,247,392)					20,916,797
Other assets less liabilities: 13.1%					3,159,311
NET ASSETS: 100.0%				$	24,076,108

Definitions:

CNY Chinese Yuan

Footnotes:

(d)	Security in default
*	Non-income producing
∞	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.

See Notes to Financial Statements

24

Summary of Investments by Sector	% of Investments			Value
Financials		48.0	%	$	10,045,767
Government		18.6			3,889,784
Utilities		17.3			3,624,671
Energy		9.4			1,968,971
Basic Materials		6.7			1,387,601
Real Estate		0.0			3
		100.0	%	$	20,916,797

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Basic Materials	$	—	$	1,387,601	$	—	$	1,387,601
Energy		—		1,968,971		—		1,968,971
Financials		—		10,045,767		—		10,045,767
Real Estate		—		—		3		3
Utilities		—		3,624,671		—		3,624,671
Government Obligations *		—		3,889,784		—		3,889,784
Total Investments	$	—	$	20,916,794	$	3	$	20,916,797

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

25

VANECK DYNAMIC HIGH INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
GOVERNMENT OBLIGATION: 7.1% (Cost: $56,234)
United States Treasury Note/ Bond 4.75%, 11/15/43		57		$	55,931
	Number of Shares
EXCHANGE TRADED FUNDS: 93.1% (a)
First Trust SMID Cap Rising Dividend Achievers ETF		963			31,558
iShares Residential and Multisector Real Estate ETF		391			27,491
VanEck BDC Income ETF ‡		3,996			66,533
VanEck CLO ETF ‡		187			9,864
VanEck Durable High Dividend ETF ‡		1,046			32,895

	Number of Shares		Value
VanEck Emerging Markets High Yield Bond ETF ‡		3,679	$	69,055
VanEck Energy Income ETF ‡		1,004		75,987
VanEck Fallen Angel High Yield Bond ETF ‡		9,978		282,079
VanEck IG Floating Rate ETF ‡		388		9,886
VanEck Preferred Securities ex Financials ETF ‡		3,795		64,439
WisdomTree International Hedged Quality Dividend Growth Fund		706		31,417
WisdomTree U.S. Quality Dividend Growth Fund		426		31,098
Total Exchange Traded Funds (Cost: $702,297)				732,302
Total Investments: 100.2% (Cost: $758,531)				788,233
Liabilities in excess of other assets: (0.2)%				(1,938)
NET ASSETS: 100.0%			$	786,295

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		92.9	%	$	732,302
Government		7.1			55,931
		100.0	%	$	788,233

See Notes to Financial Statements

26

Transactions in securities of affiliates for the period ended April 30, 2024 were as follows:

	Value 4/30/2023		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 4/30/2024		Dividend Income
VanEck BDC Income ETF		$38,788		$20,232		$–		$(113)#		$7,638*		$66,533		$7,107
VanEck CLO ETF		–		9,861		–		–		3		9,864		–
VanEck Durable High Dividend ETF		87,147		43,288		(96,536)		481		(1,485)		32,895		3,804
VanEck Emerging Markets High Yield Bond ETF		26,067		41,951		–		–		1,037		69,055		2,583
VanEck Energy Income ETF		41,775		21,167		–		(833)†		14,234‡		75,987		1,299
VanEck Fallen Angel High Yield Bond ETF		100,233		180,551		–		–		1,295		282,079		9,136
VanEck IG Floating Rate ETF		–		9,875		–		–		11		9,886		–
VanEck International High Yield Bond ETF		54,177		26,778		(83,742)		8,030^		(5,078)		–		2,815
VanEck J.P. Morgan EM Local Currency Bond ETF		26,447		13,318		(39,035)		2,107∞		(2,640)		–		1,038
VanEck Mortgage REIT Income ETF		18,744		9,764		(28,550)		(1,747)		1,789		–		2,473
VanEck Preferred Securities ex Financials ETF		44,300		21,998		–		–		(1,859)		64,439		4,913
		$437,678		$398,783		$(247,863)		$7,925		$14,945		$610,738		$35,168

#	Includes Return of Capital distribution reclassification of $113
*	Includes Return of Capital distribution reclassification of $12
‡	Includes Return of Capital distribution reclassification of $356
^	Includes Return of Capital distribution reclassification of $165
∞	Includes Return of Capital distribution reclassification of $197
†	Includes Return of Capital distribution reclassification of $833

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Government Obligation *	$	—	$	55,931	$	—	$	55,931
Exchange Traded Funds		732,302		—		—		732,302
Total Investments	$	732,302	$	55,931	$	—	$	788,233

* 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, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 94.5%
Argentina: 3.3%
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27	$	397		$	359,052
MercadoLibre, Inc.
2.38%, 01/14/26		525			489,709
3.12%, 01/14/31		875			718,348
Pampa Energia SA 144A
7.50%, 01/24/27		850			809,592
9.12%, 04/15/29		425			423,318
Pan American Energy LLC 144A 9.12%, 04/30/27		410			423,129
Telecom Argentina SA 144A 8.00%, 07/18/26		525			502,012
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		700			679,984
YPF Energia Electrica SA 144A 10.00%, 07/25/26		500			498,358
YPF SA 144A 6.95%, 07/21/27		1,125			1,020,868
7.00%, 09/30/33(s)		825			719,105
7.00%, 12/15/47		725			516,214
8.50%, 07/28/25		1,575			1,535,006
8.50%, 06/27/29		562			530,432
9.00%, 02/12/26(s)		769			775,763
9.00%, 06/30/29(s)		1,050			1,039,780
9.50%, 01/17/31		925			935,271
					11,975,941
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		300			268,289
Azerbaijan: 1.1%
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26		2,750			2,767,270
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		1,075			1,088,050
					3,855,320
Bahrain: 0.7%
Bapco Energies BSCC 144A
7.50%, 10/25/27		1,400			1,415,484
8.38%, 11/07/28		650			687,450
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27		600			565,971
					2,668,905
Bermuda: 0.3%
Digicel Group Holdings Ltd. 144A
0.00%, 12/31/30^		32			17,520
0.00%, 12/31/30^		378			28,381

	Par   (000’s		)	Value
Bermuda (continued)
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	$	1,000		$	958,220
					1,004,121
Brazil: 6.8%
Adecoagro SA 144A 6.00%, 09/21/27		700			677,725
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		500			472,209
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		550			541,472
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		425			365,469
Banco BTG Pactual SA 144A 2.75%, 01/11/26†		350			329,890
Banco do Brasil SA/Cayman 144A 6.00%, 03/18/31		450			436,567
Banco Votorantim SA 144A 4.38%, 07/29/25		400			388,273
Braskem America Finance Co. 144A 7.12%, 07/22/41		375			335,629
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,275			1,007,913
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28		650			580,862
4.50%, 01/31/30		950			801,677
5.88%, 01/31/50†		500			374,598
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		350			343,425
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		302			297,429
BRF SA 144A
4.88%, 01/24/30		325			286,498
5.75%, 09/21/50		425			321,796
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30		475			426,834
Cosan Luxembourg SA 144A
5.50%, 09/20/29		425			399,875
7.00%, 01/20/27		250			249,950
CSN Inova Ventures 144A 6.75%, 01/28/28		925			885,882
Embraer Netherlands Finance BV 5.40%, 02/01/27†		275			270,185
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		325			331,550
ERO Copper Corp. 144A 6.50%, 02/15/30†		250			236,919

See Notes to Financial Statements

28

	Par   (000’s		)	Value
Brazil (continued)
Globo Comunicacao e Participacoes SA 144A
4.88%, 01/22/30	$	325		$	283,653
5.50%, 01/14/32		275			239,472
Klabin Austria GmbH 144A
3.20%, 01/12/31		325			265,840
5.75%, 04/03/29		425			414,432
7.00%, 04/03/49		478			466,138
MARB BondCo Plc 144A 3.95%, 01/29/31		750			602,255
MV24 Capital BV 144A 6.75%, 06/01/34		585			538,168
Natura &Co. Luxembourg Holdings Sarl 144A 4.12%, 05/03/28		300			270,804
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		300			293,340
7.00%, 05/14/26		450			447,583
Nexa Resources SA 144A 6.50%, 01/18/28		325			325,651
Petrobras Global Finance BV
5.09%, 01/15/30		275			258,012
5.60%, 01/03/31		525			497,540
5.62%, 05/20/43		200			170,547
5.75%, 02/01/29		225			219,178
6.00%, 01/27/28		575			574,320
6.75%, 01/27/41		350			333,664
6.75%, 06/03/50		225			204,295
6.85%, 06/05/15†		750			651,980
6.88%, 01/20/40		280			270,178
6.90%, 03/19/49†		375			347,991
7.25%, 03/17/44		425			417,470
7.38%, 01/17/27		350			360,351
8.75%, 05/23/26		175			183,605
Rede D’or Finance Sarl 144A
4.50%, 01/22/30		499			438,988
4.95%, 01/17/28		250			235,129
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		215			223,244
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		312			316,871
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		250			237,852
Samarco Mineracao SA 144A 9.50%, 06/30/31		2,300			2,100,675
Simpar Europe SA 144A 5.20%, 01/26/31		325			260,228
Tupy Overseas SA 144A 4.50%, 02/16/31		250			214,776
Ultrapar International SA 144A
5.25%, 10/06/26		300			291,650
5.25%, 06/06/29		200			190,291
Usiminas International Sarl 144A

	Par   (000’s		)	Value
Brazil (continued)
5.88%, 07/18/26	$	500		$	491,659
XP, Inc. 144A 3.25%, 07/01/26		500			467,243
					24,467,700
British Virgin Islands: 0.5%
Five Holding Ltd. 144A 9.38%, 10/03/28		500			500,191
New Metro Global Ltd. Reg S
4.50%, 05/02/26		500			202,749
4.62%, 10/15/25		400			192,015
Studio City Co. Ltd. 144A 7.00%, 02/15/27		500			495,388
Wanda Properties Global Co. Ltd. Reg S 11.00%, 02/13/26		350			270,025
YI Bright International Ltd. Reg S 7.40%, 08/17/26		200			201,490
					1,861,858
Canada: 1.4%
First Quantum Minerals Ltd. 144A
8.62%, 06/01/31		1,825			1,768,696
9.38%, 03/01/29		2,100			2,172,292
Frontera Energy Corp. 144A 7.88%, 06/21/28		550			449,180
Gran Tierra Energy, Inc. 144A 9.50%, 10/15/29		700			659,222
					5,049,390
Cayman Islands: 4.8%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		2,100			1,968,204
Arada Sukuk Ltd. Reg S 8.12%, 06/08/27		700			712,221
Banco Bradesco SA 144A 4.38%, 03/18/27		350			336,427
Banco BTG Pactual SA/Cayman Islands 144A 6.25%, 04/08/29		250			248,201
Banco do Brasil SA 144A
3.25%, 09/30/26		450			423,847
4.88%, 01/11/29		350			328,226
6.25%, 04/18/30		400			397,697
Binghatti Sukuk SPC Ltd. Reg S 9.62%, 02/28/27		400			411,500
CT Trust 144A 5.12%, 02/03/32		1,000			869,520
Dar Al-Arkan Sukuk Co. Ltd. Reg S
7.75%, 02/07/26		500			503,063
8.00%, 02/25/29		800			817,000
EDO Sukuk Ltd. 144A 5.88%, 09/21/33		1,400			1,412,075
Ittihad International Ltd. 144A 9.75%, 11/09/28		500			504,250

See Notes to Financial Statements

29

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Cayman Islands (continued)
KT21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31	$	350		$	341,250
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31		600			623,619
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027(o)		600			616,471
Melco Resorts Finance Ltd. 144A 7.62%, 04/17/32		1,000			979,700
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		950			904,211
Nogaholding Sukuk Ltd. Reg S 6.62%, 05/25/33		950			980,256
Oryx Funding Ltd. 144A 5.80%, 02/03/31		900			888,971
Otel Sukuk Ltd. 144A 5.38%, 01/24/31		700			684,673
PD Sukuk Ltd. Reg S 8.75%, 09/23/25		400			406,540
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		418			350,566
Rutas 2 & 7 Finance Ltd. 144A 0.00%, 09/30/36^		625			423,787
Sable International Finance Ltd. 144A 5.75%, 09/07/27		700			668,923
StoneCo Ltd. 144A 3.95%, 06/16/28		350			301,233
					17,102,431
Chile: 1.4%
Agrosuper SA 144A 4.60%, 01/20/32†		725			610,831
CAP SA 144A 3.90%, 04/27/31		450			357,796
Falabella SA 144A
3.38%, 01/15/32		925			706,504
3.75%, 10/30/27		500			448,002
Latam Airlines Group SA 144A
13.38%, 10/15/27†		500			556,688
13.38%, 10/15/29		1,000			1,150,311
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		600			459,491
5.12%, 01/15/28		575			457,343
VTR Finance NV 144A 6.38%, 07/15/28		600			423,847
					5,170,813

	Par   (000’s		)	Value
China: 4.9%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25	$	300		$	36,489
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025(o)		3,875			3,755,014
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		800			755,157
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25		1,000			937,267
Fuqing Investment Management Ltd. Reg S 3.25%, 06/23/25		700			624,690
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24(d) *		200			14,934
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026(o)		8,380			7,914,176
Longfor Group Holdings Ltd. Reg S
3.85%, 01/13/32		400			213,248
3.95%, 09/16/29		1,050			630,447
4.50%, 01/16/28		800			536,794
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25		400			399,991
Pingan Real Estate Capital Ltd. Reg S 3.45%, 07/29/26		300			246,008
RKPF Overseas 2019 A Ltd. Reg S 6.00%, 09/04/25		400			104,492
West China Cement Ltd. Reg S 4.95%, 07/08/26		800			652,365
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25		600			595,020
					17,416,092
Colombia: 5.6%
Aris Mining Corp. 144A 6.88%, 08/09/26		450			417,866
Banco de Bogota SA 144A 6.25%, 05/12/26		1,450			1,424,471
Canacol Energy Ltd. 144A 5.75%, 11/24/28		700			330,284
Ecopetrol SA
4.62%, 11/02/31		1,036			837,212
5.38%, 06/26/26		1,250			1,219,567

See Notes to Financial Statements

30

	Par   (000’s		)	Value
Colombia (continued)
5.88%, 05/28/45	$	1,675		$	1,189,306
5.88%, 11/02/51		625			423,791
6.88%, 04/29/30		1,675			1,598,954
7.38%, 09/18/43		708			623,992
8.38%, 01/19/36		1,550			1,507,796
8.62%, 01/19/29		1,000			1,040,983
8.88%, 01/13/33		1,900			1,945,839
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		1,400			1,194,879
4.38%, 02/15/31		775			631,548
Geopark Ltd. 144A 5.50%, 01/17/27		675			607,081
Grupo Aval Ltd. 144A 4.38%, 02/04/30		1,400			1,165,733
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		700			682,407
Oleoducto Central SA 144A 4.00%, 07/14/27		600			555,883
Orazul Energy Peru SA 144A 5.62%, 04/28/27		500			470,875
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30		850			748,114
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		700			690,669
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		613			607,172
					19,914,422
Costa Rica: 0.3%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43†		575			502,464
6.75%, 10/07/31		450			449,100
					951,564
Cyprus: 0.3%
MHP Lux SA 144A
6.25%, 09/19/29		525			357,352
6.95%, 04/03/26		775			623,303
					980,655
Czech Republic: 0.3%
Energo-Pro AS 144A
8.50%, 02/04/27		650			653,347
11.00%, 11/02/28		400			434,000
					1,087,347
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		400			364,621
France: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		500			501,925

	Par   (000’s		)	Value
Georgia: 0.3%
Georgian Railway JSC 144A 4.00%, 06/17/28	$	575		$	521,297
Silknet JSC 144A 8.38%, 01/31/27		475			481,199
					1,002,496
Ghana: 0.2%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26†		875			848,055
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25		675			680,154
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		450			431,194
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29		1,450			1,354,945
					1,786,139
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		475			465,263
Hong Kong: 7.1%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25		650			69,056
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			962,500
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026(o)		1,050			955,500
Central Plaza Development Ltd. Reg S 3.85%, 07/14/25		600			551,190
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		650			615,386
4.85%, 01/27/28		675			605,239
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026(o)		750			706,897
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027(o)		900			876,439

See Notes to Financial Statements

31

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Hong Kong (continued)
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26	$	500		$	434,146
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			448,615
Fortune Star BVI Ltd. Reg S
5.00%, 05/18/26		750			668,175
5.05%, 01/27/27		600			511,919
Franshion Brilliant Ltd. Reg S 4.25%, 07/23/29		650			445,540
6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026(o)		700			593,179
Health & Happiness H&H International Holdings Ltd. Reg S 13.50%, 06/26/26		400			422,517
Huarong Finance 2017 Co. Ltd. Reg S
4.25%, 11/07/27		1,700			1,549,618
4.75%, 04/27/27		1,050			983,062
4.95%, 11/07/47		550			424,754
Huarong Finance 2019 Co. Ltd. Reg S 4.50%, 05/29/29		750			670,252
Li & Fung Ltd. Reg S 5.00%, 08/18/25		400			389,598
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		1,400			1,364,597
5.25%, 04/26/26		525			504,363
5.38%, 12/04/29		1,600			1,431,860
5.62%, 07/17/27†		825			780,830
5.75%, 07/21/28		1,175			1,090,676
Nanyang Commercial Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027(o)		800			801,382
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028(o)		400			409,848
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		700			129,701
5.20%, 01/12/26		800			164,736
Seaspan Corp. 144A 5.50%, 08/01/29		1,000			861,435
Studio City Finance Ltd. 144A
5.00%, 01/15/29		1,489			1,267,448
6.50%, 01/15/28		675			631,120
Vanke Real Estate Hong Kong Co. Ltd. Reg S
3.15%, 05/12/25		650			424,408
3.50%, 11/12/29		450			181,714
3.98%, 11/09/27		1,300			559,392
Westwood Group Holdings Ltd. Reg S

	Par   (000’s		)	Value
Hong Kong (continued)
2.80%, 01/20/26	$	750		$	703,125
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		750			605,808
Yuexiu REIT MTN Co. Ltd. Reg S 2.65%, 02/02/26		550			485,692
					25,281,717
Hungary: 0.3%
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33		950			980,875
India: 3.7%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42		600			553,771
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39		431			349,622
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		700			691,956
6.45%, 06/04/29		700			682,482
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27		550			508,062
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		550			527,779
5.45%, 10/22/26		400			387,850
IRB Infrastructure Developers Ltd. 144A 7.11%, 03/11/32		600			593,550
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		765			667,982
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		600			552,571
JSW Steel Ltd. 144A
3.95%, 04/05/27		750			691,641
5.05%, 04/05/32		725			620,804
Periama Holdings LLC Reg S 5.95%, 04/19/26		975			962,133
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		850			758,128
Shriram Finance Ltd. 144A
4.15%, 07/18/25		550			532,113
6.62%, 04/22/27		1,000			993,728
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			398,170
UPL Corp. Ltd. Reg S

See Notes to Financial Statements

32

	Par   (000’s		)	Value
India (continued)
5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025(o)	$	500		$	346,510
Vedanta Resources Finance II Plc 144A
9.25%, 04/23/26		825			666,731
13.88%, 01/21/27		658			617,245
Vedanta Resources Ltd. 144A 6.12%, 08/09/24		1,128			1,001,432
					13,104,260
Indonesia: 1.2%
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15(d) *∞		111			1,068
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		575			551,700
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		625			630,076
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			453,760
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		750			730,787
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		675			677,384
Nickel Industries Ltd. 144A 11.25%, 10/21/28		600			649,386
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			554,724
					4,248,885
Ireland: 0.4%
C&W Senior Finance Ltd. 144A 6.88%, 09/15/27		1,600			1,516,880
Israel: 2.9%
Energean Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33		1,050			1,013,002
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		825			804,416
6.50%, 06/30/27		825			776,138
6.75%, 06/30/30		745			667,092
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36		883			839,607
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		3,680			3,412,497
4.10%, 10/01/46		2,248			1,500,661
6.75%, 03/01/28†		1,400			1,422,336
					10,435,749
Kuwait: 0.3%
Kuwait Projects Co. SPC Ltd. Reg S

	Par   (000’s		)	Value
Kuwait (continued)
4.23%, 10/29/26	$	600		$	540,070
4.50%, 02/23/27		750			660,000
					1,200,070
Luxembourg: 2.7%
3R Lux SARL 144A 9.75%, 02/05/31		325			341,935
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		339			325,159
Aegea Finance Sarl 144A
6.75%, 05/20/29		250			242,640
9.00%, 01/20/31		325			340,328
Ambipar Lux Sarl 144A 9.88%, 02/06/31		500			495,283
Cosan Luxembourg SA 144A
7.25%, 06/27/31		325			326,291
7.50%, 06/27/30		375			380,121
CSN Resources SA 144A
4.62%, 06/10/31		625			491,921
5.88%, 04/08/32†		450			376,331
Energean Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26		795			749,665
5.38%, 03/30/28		875			778,631
5.88%, 03/30/31		875			748,274
FORESEA Holding SA 144A 7.50%, 06/15/30†		200			185,732
FS Luxembourg Sarl 144A 8.88%, 02/12/31		350			333,437
Hidrovias International Finance SARL 144A 4.95%, 02/08/31		250			205,997
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,046			906,854
Minerva Luxembourg SA 144A
4.38%, 03/18/31		875			712,213
8.88%, 09/13/33†		500			513,169
Movida Europe SA 144A 7.85%, 04/11/29		300			280,324
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26		400			391,305
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		167			140,227
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32		325			269,474
					9,535,311
Macao: 0.3%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		1,000			944,628
Mauritius: 2.6%
Axian Telecom 144A 7.38%, 02/16/27		525			510,216

See Notes to Financial Statements

33

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Mauritius (continued)
Azure Power Energy Ltd. 144A 3.58%, 08/19/26	$	539		$	482,347
CA Magnum Holdings 144A 5.38%, 10/31/26		1,325			1,250,668
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		435			400,744
Diamond II Ltd. 144A 7.95%, 07/28/26		575			576,343
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,328			1,186,900
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		1,250			1,180,938
India Airport Infra 144A 6.25%, 10/25/25		475			474,250
India Clean Energy Holdings 144A 4.50%, 04/18/27		550			493,529
India Green Power Holdings 144A 4.00%, 02/22/27		607			549,863
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		800			472,466
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026(o)		775			734,227
UPL Corp. Ltd. Reg S
4.50%, 03/08/28		400			344,268
4.62%, 06/16/30		800			641,275
					9,298,034
Mexico: 6.7%
Alsea SAB de CV 144A 7.75%, 12/14/26		725			733,090
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		700			620,361
Braskem Idesa SAPI 144A 6.99%, 02/20/32†		1,625			1,221,394
Cemex SAB de CV 144A 3.88%, 07/11/31†		1,525			1,327,921
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026(o)		1,400			1,347,227
5.20%, 09/17/30		1,000			947,448
5.45%, 11/19/29		950			917,803
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028(o)		1,400			1,503,267
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		550			448,806
Electricidad Firme de Mexico Holdings SA de CV 144A

	Par   (000’s		)	Value
Mexico (continued)
4.90%, 11/20/26	$	450		$	429,760
Grupo Aeromexico SAB de CV 144A 8.50%, 03/17/27		850			833,993
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		475			457,385
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		625			581,653
Metalsa Sapi De Cv 144A 3.75%, 05/04/31		450			364,042
Nemak SAB de CV 144A 3.62%, 06/28/31		675			528,527
Petroleos Mexicanos
4.50%, 01/23/26		275			258,514
5.35%, 02/12/28		475			415,568
5.50%, 06/27/44		175			102,566
5.62%, 01/23/46		150			86,872
5.95%, 01/28/31		900			710,678
6.35%, 02/12/48†		375			231,890
6.38%, 01/23/45		300			186,123
6.49%, 01/23/27		375			351,910
6.50%, 03/13/27		950			890,322
6.50%, 01/23/29		300			265,946
6.50%, 06/02/41		375			247,985
6.62%, 06/15/35		650			480,646
6.62%, 06/15/38		125			86,174
6.70%, 02/16/32		1,625			1,329,795
6.75%, 09/21/47†		1,325			846,762
6.84%, 01/23/30		575			498,717
6.88%, 08/04/26		600			582,729
6.95%, 01/28/60		900			573,260
7.69%, 01/23/50		1,925			1,341,420
8.75%, 06/02/29		450			434,830
10.00%, 02/07/33†		475			465,684
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25		375			356,765
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28		800			427,557
10.50%, 12/31/28		500			404,677
					23,840,067
Morocco: 0.8%
OCP SA 144A
3.75%, 06/23/31		1,125			938,212
4.50%, 10/22/25		750			735,600
5.12%, 06/23/51		950			687,695
6.88%, 04/25/44		725			668,090
					3,029,597
Netherlands: 1.9%
Braskem Netherlands Finance BV 144A
7.25%, 02/13/33		575			545,510
8.50%, 01/12/31		550			559,444
Coruripe Netherlands BV 144A 10.00%, 02/10/27		200			178,856

See Notes to Financial Statements

34

	Par   (000’s		)	Value
Netherlands (continued)
Embraer Netherlands Finance BV 144A 7.00%, 07/28/30	$	500		$	512,075
Greenko Dutch BV 144A 3.85%, 03/29/26		956			893,392
Greenko Dutch BV Reg S 3.85%, 03/29/26		182			170,170
Petrobras Global Finance BV
5.50%, 06/10/51		325			249,300
6.50%, 07/03/33†		500			493,668
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27†		1,125			1,077,303
5.12%, 05/09/29†		1,005			952,751
7.88%, 09/15/29		675			709,511
8.12%, 09/15/31†		550			594,224
					6,936,204
Nigeria: 0.9%
Access Bank Plc 144A 6.12%, 09/21/26		600			558,000
EBN Finance Co. BV 144A 7.12%, 02/16/26		450			431,653
Fidelity Bank Plc 144A 7.62%, 10/28/26		500			476,075
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		450			448,209
SEPLAT Energy Plc 144A 7.75%, 04/01/26		900			871,807
United Bank for Africa Plc 144A 6.75%, 11/19/26		500			478,983
					3,264,727
Oman: 1.6%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		700			680,854
Lamar Funding Ltd. 144A 3.96%, 05/07/25		1,375			1,340,364
Mazoon Assets Co. SAOC 144A
5.20%, 11/08/27		700			687,176
5.50%, 02/14/29		675			664,936
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		600			585,457
OQ SAOC 144A 5.12%, 05/06/28		950			922,178
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28		975			991,926
					5,872,891
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			481,193
Panama: 1.0%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30		1,620			1,363,914

	Par   (000’s		)	Value
Panama (continued)
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031(o)	$	550		$	461,568
Banistmo SA 144A 4.25%, 07/31/27		550			505,805
Empresa de Transmision Electrica SA 144A 5.12%, 05/02/49		700			482,557
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		500			453,352
Multibank, Inc. 144A 7.75%, 02/03/28		300			300,795
					3,567,991
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		300			282,210
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			371,818
					654,028
Peru: 2.1%
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		400			384,281
7.62% (US Treasury Yield Curve Rate T 1 Year+3.65%), 01/16/34		425			437,000
Camposol SA 144A 6.00%, 02/03/27		475			372,719
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		725			695,754
InRetail Shopping Malls 144A 5.75%, 04/03/28		525			509,486
Minsur SA 144A 4.50%, 10/28/31†		700			608,774
Peru LNG Srl 144A 5.38%, 03/22/30		1,225			1,046,377
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,425			1,068,597
5.62%, 06/19/47		2,700			1,668,729
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		525			448,400
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		475			322,781
					7,562,898
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S

See Notes to Financial Statements

35

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Philippines (continued)
6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025(o) $		400		$	392,998
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25†		450			432,014
3.88%, 11/15/29		1,150			1,008,936
					1,440,950
Saudi Arabia: 0.2%
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 02/26/27		600			595,185
Singapore: 1.6%
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27		625			630,876
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		679			646,198
GLP Pte Ltd. Reg S 3.88%, 06/04/25		1,450			1,267,445
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026(o)		1,100			530,915
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027(o)		400			189,267
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		700			674,625
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29		625			640,620
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		626			620,003
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		500			477,541
					5,677,490
South Africa: 1.6%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		1,400			1,326,073
8.45%, 08/10/28		675			666,130
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		550			500,156
MTN Mauritius Investments Ltd. 144A 6.50%, 10/13/26		700			699,601
Sasol Financing USA LLC 6.50%, 09/27/28†		1,075			1,021,762
Transnet SOC Ltd. 144A 8.25%, 02/06/28		1,400			1,379,896
					5,593,618
Spain: 0.6%
AES Espana BV 144A

	Par   (000’s		)	Value
Spain (continued)
5.70%, 05/04/28	$	400		$	376,894
AI Candelaria Spain SA 144A 5.75%, 06/15/33		750			580,471
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		700			495,082
International Airport Finance SA 144A 12.00%, 03/15/33		509			542,723
					1,995,170
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40		425			417,806
Thailand: 0.6%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,600			1,393,889
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,000			924,252
					2,318,141
Trinidad and Tobago: 0.7%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		700			735,350
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		525			476,054
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		325			315,294
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		850			825,477
					2,352,175
Turkey: 6.9%
Akbank TAS 144A
6.80%, 02/06/26		825			828,609
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		650			636,584
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28		575			499,146
Arcelik AS Reg S 8.50%, 09/25/28		500			518,550
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		900			871,020
Ford Otomotiv Sanayi AS 144A 7.12%, 04/25/29		600			600,714

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Turkey (continued)
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36	$	495		$	457,653
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28		800			822,848
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		550			563,392
QNB Finansbank AS Reg S 10.75% (US Treasury Yield Curve Rate T 5 Year+6.24%), 11/15/33		450			487,645
TAV Havalimanlari Holding AS 144A 8.50%, 12/07/28		575			589,030
TC Ziraat Bankasi AS 144A
5.38%, 03/02/26		800			779,720
8.00%, 01/16/29		600			606,235
9.50%, 08/01/26		750			787,385
Turk Ekonomi Bankasi AS Reg S 9.38% (US Treasury Yield Curve Rate T 5 Year+5.41%), 01/17/34		500			515,587
Turkcell Iletisim Hizmetleri AS 144A
5.75%, 10/15/25		675			669,503
5.80%, 04/11/28		675			646,842
Turkiye Garanti Bankasi AS 144A 8.38% (US Treasury Yield Curve Rate T 5 Year+4.09%), 02/28/34†		650			646,931
Turkiye Ihracat Kredi Bankasi AS 144A
5.75%, 07/06/26		1,050			1,024,084
7.50%, 02/06/28		750			748,905
9.00%, 01/28/27		600			624,738
9.38%, 01/31/26		650			678,694
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		550			542,845
9.38%, 10/19/28		400			426,856
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		975			984,165
Turkiye Vakiflar Bankasi TAO 144A
5.50%, 10/01/26		675			652,049
6.50%, 01/08/26†		1,025			1,022,143
9.00%, 10/12/28		1,000			1,047,647
Turkiye Varlik Fonu Yonetimi AS Reg S 8.25%, 02/14/29		750			759,375
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25†		800			797,636

	Par   (000’s		)	Value
Turkey (continued)
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31	$	700		$	699,490
9.25%, 10/16/28		1,000			1,062,290
9.25% (US Treasury Yield Curve Rate T 5 Year+5.28%), 01/17/34		925			948,301
Ziraat Katilim Varlik Kiralama AS Reg S 9.38%, 11/12/26		700			739,382
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26		400			393,800
					24,679,794
Ukraine: 0.7%
Kernel Holding SA 144A 6.75%, 10/27/27		400			291,572
Metinvest BV 144A
7.65%, 10/01/27		450			313,875
7.75%, 10/17/29		700			463,155
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/28		650			399,704
NPC Ukrenergo 144A 6.88%, 11/09/28		1,100			413,655
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26		900			541,281
					2,423,242
United Arab Emirates: 1.8%
Alpha Star Holding VII Ltd. Reg S 7.75%, 04/27/26		700			705,191
Alpha Star Holding VIII Ltd. Reg S 8.38%, 04/12/27		600			612,719
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025(o)		1,950			1,937,042
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		1,250			1,243,260
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025(o)		550			543,775
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29		1,500			1,420,866
					6,462,853
United Kingdom: 3.2%
Allwyn Entertainment Financing UK Plc 144A

See Notes to Financial Statements

37

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United Kingdom (continued)
7.88%, 04/30/29	$	850		$	870,179
Avianca Midco 2 Plc 144A
9.00%, 12/01/28		425			401,643
9.00%, 12/01/28		1,900			1,795,582
Bidvest Group UK Plc 144A 3.62%, 09/23/26		1,125			1,040,487
Endeavour Mining Plc 144A 5.00%, 10/14/26		675			636,187
IHS Holding Ltd. 144A
5.62%, 11/29/26		675			622,222
6.25%, 11/29/28		750			649,836
Tullow Oil Plc 144A 10.25%, 05/15/26		2,000			1,950,100
Ukraine Railways Via Rail Capital Markets Plc Reg S 7.88%, 07/15/28		200			117,750
Vedanta Resources Finance II Plc 144A 13.88%, 12/09/28		1,386			1,261,680
WE Soda Investments Holding Plc 144A
9.38%, 02/14/31		600			612,316
9.50%, 10/06/28		1,400			1,448,899
					11,406,881
United States: 4.7%
ABRA Global Finance 144A 11.50%, 03/02/28		620			561,594
Azul Secured Finance LLP 144A
10.88%, 05/28/30		350			285,123
11.93%, 08/28/28		550			546,691
Energuate Trust 144A 5.88%, 05/03/27		500			473,143
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,000			818,871
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		650			621,435
7.75%, 05/01/27		600			584,815
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27		500			480,730
MGM China Holdings Ltd. 144A
5.25%, 06/18/25		658			648,127
5.88%, 05/15/26		1,100			1,081,150
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		876			836,415
Playtika Holding Corp. 144A 4.25%, 03/15/29		800			689,102
Sasol Financing USA LLC
4.38%, 09/18/26†		800			754,080
5.50%, 03/18/31		1,200			998,473
Sasol Financing USA LLC 144A 8.75%, 05/03/29		1,300			1,308,255

	Par   (000’s		)	Value
United States (continued)
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28†	$	858		$	743,434
Stillwater Mining Co. 144A
4.00%, 11/16/26		900			806,274
4.50%, 11/16/29		750			591,473
Wynn Macau Ltd. 144A
5.12%, 12/15/29		575			508,199
5.50%, 01/15/26		1,325			1,286,998
5.50%, 10/01/27†		625			591,608
5.62%, 08/26/28		1,825			1,684,561
					16,900,551
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		450			442,800
Uzbekistan: 0.5%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400			385,400
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		400			384,976
Uzauto Motors AJ 144A 4.85%, 05/04/26		400			373,600
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		900			755,550
					1,899,526
Zambia: 0.6%
First Quantum Minerals Ltd. 144A 6.88%, 10/15/27		2,075			1,998,050
Total Corporate Bonds (Cost: $366,387,997)					338,176,736
GOVERNMENT OBLIGATIONS: 2.8%
Argentina: 2.1%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,250			1,218,781
Provincia de Buenos Aires/ Government Bonds 144A 6.38%, 09/01/37(s)		8,418			3,735,522
Provincia de Cordoba 144A
6.88%, 02/01/29(s)		682			506,331
6.99%, 06/01/27(s)		682			545,761
Provincia de Mendoza 144A 5.75%, 03/19/29(s)		654			529,615
Provincia de Neuquen 144A 6.75%, 04/27/30(s)		475			394,000
Provincia del Chubut 144A 7.75%, 07/26/30(s)		634			570,232
					7,500,242
Turkey: 0.6%
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25		750			738,328
10.50%, 12/06/28		950			1,019,968

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Turkey (continued)
10.75%, 04/12/27	$	475		$	509,423
					2,267,719
Ukraine: 0.1%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			289,335
Total Government Obligations (Cost: $10,324,479)					10,057,296
Total Investments Before Collateral for Securities Loaned: 97.3% (Cost: $376,712,476)					348,234,032

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%
Money Market Fund: 2.7% (Cost: $9,793,937)
State Street Navigator Securities Lending Government Money Market Portfolio		9,793,937	$	9,793,937
Total Investments: 100.0% (Cost: $386,506,413)				358,027,969
Other assets less liabilities: 0.0%				2,105
NET ASSETS: 100.0%			$	358,030,074

Definitions:

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 $12,053,662.
∞	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. These securities have an aggregate value of $244,120,229, or 68.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		28.7	%	$	99,836,239
Energy		19.6			68,241,341
Basic Materials		11.9			41,638,334
Industrials		10.2			35,412,224
Utilities		8.0			27,837,813
Consumer Cyclicals		5.1			17,695,515
Technology		4.2			14,480,472
Consumer Non-Cyclicals		3.4			11,837,937
Healthcare		3.3			11,605,522
Government		2.9			10,057,296
Real Estate		2.7			9,591,339
		100.0	%	$	348,234,032

See Notes to Financial Statements

39

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	11,975,941	$	—	$	11,975,941
Austria		—		268,289		—		268,289
Azerbaijan		—		3,855,320		—		3,855,320
Bahrain		—		2,668,905		—		2,668,905
Bermuda		—		1,004,121		—		1,004,121
Brazil		—		24,467,700		—		24,467,700
British Virgin Islands		—		1,861,858		—		1,861,858
Canada		—		5,049,390		—		5,049,390
Cayman Islands		—		17,102,431		—		17,102,431
Chile		—		5,170,813		—		5,170,813
China		—		17,416,092		—		17,416,092
Colombia		—		19,914,422		—		19,914,422
Costa Rica		—		951,564		—		951,564
Cyprus		—		980,655		—		980,655
Czech Republic		—		1,087,347		—		1,087,347
Dominican Republic		—		364,621		—		364,621
France		—		501,925		—		501,925
Georgia		—		1,002,496		—		1,002,496
Ghana		—		848,055		—		848,055
Greece		—		680,154		—		680,154
Guatemala		—		1,786,139		—		1,786,139
Honduras		—		465,263		—		465,263
Hong Kong		—		25,281,717		—		25,281,717
Hungary		—		980,875		—		980,875
India		—		13,104,260		—		13,104,260
Indonesia		—		4,247,817		1,068		4,248,885
Ireland		—		1,516,880		—		1,516,880
Israel		—		10,435,749		—		10,435,749
Kuwait		—		1,200,070		—		1,200,070
Luxembourg		—		9,535,311		—		9,535,311
Macao		—		944,628		—		944,628
Mauritius		—		9,298,034		—		9,298,034
Mexico		—		23,840,067		—		23,840,067
Morocco		—		3,029,597		—		3,029,597
Netherlands		—		6,936,204		—		6,936,204
Nigeria		—		3,264,727		—		3,264,727
Oman		—		5,872,891		—		5,872,891
Pakistan		—		481,193		—		481,193
Panama		—		3,567,991		—		3,567,991
Paraguay		—		654,028		—		654,028
Peru		—		7,562,898		—		7,562,898
Philippines		—		392,998		—		392,998
Poland		—		1,440,950		—		1,440,950
Saudi Arabia		—		595,185		—		595,185
Singapore		—		5,677,490		—		5,677,490
South Africa		—		5,593,618		—		5,593,618
Spain		—		1,995,170		—		1,995,170
Tanzania		—		417,806		—		417,806
Thailand		—		2,318,141		—		2,318,141
Trinidad and Tobago		—		2,352,175		—		2,352,175
Turkey		—		24,679,794		—		24,679,794
Ukraine		—		2,423,242		—		2,423,242
United Arab Emirates		—		6,462,853		—		6,462,853
United Kingdom		—		11,406,881		—		11,406,881
United States		—		16,900,551		—		16,900,551

See Notes to Financial Statements

40

Uruguay	$	—	$	442,800	$	—	$	442,800
Uzbekistan		—		1,899,526		—		1,899,526
Zambia		—		1,998,050		—		1,998,050
Government Obligations *		—		10,057,296		—		10,057,296
Money Market Fund		9,793,937		—		—		9,793,937
Total Investments	$	9,793,937	$	348,232,964	$	1,068	$	358,027,969

^* 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, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 98.1%
Australia: 3.1%
Buckeye Partners LP
3.95%, 12/01/26	$	30,059		$	28,324,433
4.12%, 12/01/27		20,044			18,679,828
5.60%, 10/15/44		15,030			11,607,414
5.85%, 11/15/43		20,050			16,948,265
Port of Newcastle Investments Financing Pty Ltd. 144A 5.90%, 11/24/31 †		15,080			13,753,481
					89,313,421
Canada: 4.3%
Bombardier, Inc. 144A 7.45%, 05/01/34		25,579			28,238,704
Methanex Corp.
5.25%, 12/15/29 †		35,064			33,269,393
5.65%, 12/01/44		15,025			12,728,776
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 †		37,625			35,815,065
TransAlta Corp. 6.50%, 03/15/40		15,081			14,623,232
					124,675,170
Germany: 1.9%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		50,189			54,214,439
Ireland: 2.7%
Perrigo Finance Unlimited Co.
4.38%, 03/15/26		35,100			33,953,230
4.65%, 06/15/30		37,569			34,458,941
4.90%, 12/15/44		15,235			12,017,299
					80,429,470
Italy: 6.1%
Telecom Italia Capital SA
6.00%, 09/30/34 †		50,120			42,261,217
6.38%, 11/15/33		50,037			44,251,772
7.20%, 07/18/36		50,105			45,433,786
7.72%, 06/04/38		50,109			46,638,821
					178,585,596
United Kingdom: 5.3%
Marks & Spencer Plc 144A 7.12%, 12/01/37		15,035			15,408,170
Standard Chartered Plc 144A 7.01%, 07/30/37 (o)		37,584			38,108,334
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		100,229			101,850,310
					155,366,814
United States: 74.7%
Advance Auto Parts, Inc.
1.75%, 10/01/27 †		17,550			15,079,643
3.50%, 03/15/32 †		17,570			14,671,885
3.90%, 04/15/30		25,055			22,378,520

	Par   (000’s		)	Value
United States (continued)
5.90%, 03/09/26	$	15,030		$	14,994,367
5.95%, 03/09/28 †		15,056			14,882,409
Banc of California 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31		19,295			17,675,378
Bath & Body Works, Inc. 6.95%, 03/01/33		14,269			13,801,904
Brandywine Operating Partnership LP
3.95%, 11/15/27		22,563			20,220,076
4.55%, 10/01/29 †		17,554			15,068,664
8.05%, 03/15/28 †		17,545			17,847,975
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		14,241			13,721,204
Constellation Insurance, Inc. 144A
6.62%, 05/01/31 †		12,584			11,877,933
6.80%, 01/24/30		21,332			20,473,391
Crane NXT Co. 4.20%, 03/15/48		17,620			12,104,940
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		17,547			18,126,384
Delta Air Lines, Inc. 3.75%, 10/28/29		23,754			21,435,838
4.38%, 04/19/28 †		20,545			19,675,821
Diversified Healthcare Trust 4.75%, 02/15/28		25,090			19,772,382
DPL, Inc. 4.35%, 04/15/29		20,071			18,115,161
Embarq Corp. 8.00%, 06/01/36		60,764			24,913,240
Entegris, Inc. 144A 4.75%, 04/15/29		80,194			75,711,752
EQM Midstream Partners LP
4.12%, 12/01/26		25,061			24,001,188
5.50%, 07/15/28		42,614			41,544,565
6.50%, 07/15/48		27,565			27,219,759
Fluor Corp. 4.25%, 09/15/28		29,594			27,634,590
Frontier Florida LLC 6.86%, 02/01/28 †		15,083			14,312,450
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26		26,299			25,152,226
Genworth Holdings, Inc. 6.50%, 06/15/34 †		13,159			12,285,504
Global Marine, Inc. 7.00%, 06/01/28		13,073			12,054,740
HB Fuller Co. 4.00%, 02/15/27		15,057			14,350,893
Hillenbrand, Inc. 5.00%, 09/15/26		18,787			18,368,426
Hudson Pacific Properties LP
3.25%, 01/15/30 †		20,068			15,246,060
3.95%, 11/01/27 †		20,070			17,747,327
4.65%, 04/01/29 †		25,087			21,161,443
5.95%, 02/15/28		17,549			16,061,115

See Notes to Financial Statements

42

	Par   (000’s		)	Value
United States (continued)
Kohl’s Corp.
4.25%, 07/17/25 †	$	17,667		$	17,239,565
4.62%, 05/01/31		25,093			20,713,499
5.55%, 07/17/45 †		21,435			14,727,345
Lumen Technologies, Inc. 7.60%, 09/15/39		17,965			5,369,188
Macy’s Retail Holdings LLC
4.30%, 02/15/43 †		12,554			9,941,430
4.50%, 12/15/34 †		18,379			15,682,029
5.12%, 01/15/42 †		12,533			10,563,504
Murphy Oil Corp. 5.88%, 12/01/42		17,019			15,002,954
Navient Corp. 5.62%, 08/01/33		29,780			23,680,970
Newell Brands, Inc.
5.70%, 04/01/26 †		99,462			97,960,019
6.88%, 04/01/36		21,072			18,416,372
7.00%, 04/01/46		33,380			27,116,451
Nordstrom, Inc.
4.00%, 03/15/27		17,553			16,675,599
4.25%, 08/01/31 †		21,310			18,403,121
4.38%, 04/01/30 †		25,036			22,369,004
5.00%, 01/15/44 †		48,405			36,794,455
6.95%, 03/15/28 †		15,049			14,938,480
Oceaneering International, Inc. 6.00%, 02/01/28 †		15,029			14,796,659
Office Properties Income Trust
2.40%, 02/01/27		17,525			8,539,175
2.65%, 06/15/26		15,076			8,602,868
3.45%, 10/15/31		20,019			8,324,952
Qwest Corp. 7.25%, 09/15/25 †		12,533			12,430,543
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S
4.62%, 04/16/29		50,254			44,639,663
4.62%, 04/06/31		17,651			14,989,582
Rockies Express Pipeline LLC 144A
3.60%, 05/15/25		18,447			17,891,584
4.80%, 05/15/30		17,550			15,815,739
4.95%, 07/15/29		27,573			25,372,089
6.88%, 04/15/40		25,089			23,868,976
7.50%, 07/15/38		12,533			12,865,716
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28		25,020			23,009,072
7.50%, 10/15/27		15,047			15,683,443
Safeway, Inc. 7.25%, 02/01/31		13,102			13,683,846
Seagate HDD Cayman
4.09%, 06/01/29		24,733			22,527,560
4.12%, 01/15/31		13,813			12,003,505
4.88%, 06/01/27 †		25,332			24,492,753
5.75%, 12/01/34		24,521			23,270,736
Sealed Air Corp. 144A 6.88%, 07/15/33 †		22,591			22,768,539
Service Properties Trust

	Par   (000’s		)	Value
United States (continued)
3.95%, 01/15/28	$	20,050		$	17,123,997
4.38%, 02/15/30		20,036			15,268,003
4.75%, 10/01/26		22,572			20,978,727
4.95%, 02/15/27 †		20,055			18,474,285
4.95%, 10/01/29 †		21,310			17,450,006
5.25%, 02/15/26		17,559			16,905,144
Spirit AeroSystems, Inc.
3.85%, 06/15/26		15,032			14,369,783
4.60%, 06/15/28		35,100			32,379,875
Steelcase, Inc. 5.12%, 01/18/29		22,596			21,163,234
Tenet Healthcare Corp. 6.88%, 11/15/31 †		18,131			18,703,613
Toledo Hospital
4.98%, 11/15/45		13,749			9,411,191
5.33%, 11/15/28 †		16,071			15,113,811
6.01%, 11/15/48 †		20,101			16,192,562
Topaz Solar Farms LLC 144A 5.75%, 09/30/39		26,553			26,313,943
Transocean, Inc.
6.80%, 03/15/38 †		30,531			24,736,555
7.50%, 04/15/31 †		19,829			17,914,905
Travel + Leisure Co.
6.00%, 04/01/27		20,072			19,842,900
6.60%, 10/01/25		17,554			17,667,030
Under Armour, Inc. 3.25%, 06/15/26		30,077			28,345,927
United States Cellular Corp. 6.70%, 12/15/33 †		27,310			26,677,274
United States Steel Corp. 6.65%, 06/01/37		13,757			13,552,274
Valley National Bancorp 3.00% (Term SOFR USD 3 Month+2.36%), 06/15/31		15,091			11,331,676
Vornado Realty LP
2.15%, 06/01/26		20,070			18,227,747
3.40%, 06/01/31		17,573			13,656,945
Walgreen Co. 4.40%, 09/15/42		12,870			10,322,873
Walgreens Boots Alliance, Inc.
3.20%, 04/15/30 †		25,040			21,485,337
3.45%, 06/01/26		72,540			68,597,945
4.10%, 04/15/50 †		34,910			24,567,593
4.50%, 11/18/34 †		15,186			13,073,304
4.65%, 06/01/46 †		15,890			12,821,512
4.80%, 11/18/44 †		36,270			29,337,238
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 †		30,079			25,656,485
Xerox Corp.
4.80%, 03/01/35		12,615			8,525,375
6.75%, 12/15/39 †		17,602			13,425,616
XPO CNW, Inc. 6.70%, 05/01/34		14,997			15,269,436
Yum! Brands, Inc. 5.35%, 11/01/43		13,839			12,875,699

See Notes to Financial Statements

43

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued) 6.88%, 11/15/37	$	16,338		$	17,358,999
					2,185,978,957
Total Corporate Bonds (Cost: $3,019,239,929)					2,868,563,867

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.0%
Money Market Fund: 5.0% (Cost: $147,489,017)
State Street Navigator Securities Lending Government Money Market Portfolio		147,489,017		147,489,017
Total Investments: 103.1% (Cost: $3,166,728,946)				3,016,052,884
Liabilities in excess of other assets: (3.1)%				(89,708,360)
NET ASSETS: 100.0%			$	2,926,344,524

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 $180,703,191.
(o)	Perpetual Maturity — the date shown is the next call date
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. These securities have an aggregate value of $463,650,081, or 15.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Cyclicals		22.9	%	$	656,914,143
Technology		19.7			565,598,514
Energy		12.2			348,645,370
Real Estate		10.7			306,676,891
Industrials		8.7			250,708,070
Financials		8.0			229,025,313
Consumer Non-Cyclicals		7.3			209,297,818
Healthcare		4.9			139,850,646
Basic Materials		4.0			114,796,259
Utilities		1.1			32,738,393
Communications		0.5			14,312,450
		100.0	%	$	2,868,563,867

See Notes to Financial Statements

44

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	2,868,563,867	$	—	$	2,868,563,867
Money Market Fund		147,489,017		—		—		147,489,017
Total Investments	$	147,489,017	$	2,868,563,867	$	—	$	3,016,052,884

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

45

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 87.8%
Argentina: 0.1%
Genneia SA 144A 8.75%, 09/02/27	$	70		$	68,285
Australia: 1.2%
Bank of China Ltd. Reg S 0.75%, 09/29/24		200			195,863
China Construction Bank Corp. Reg S 4.50%, 05/31/26		200			196,819
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32		300			290,825
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42		450			447,493
					1,131,000
Bermuda: 0.4%
Bacardi Ltd. / Bacardi- Martini BV 144A 5.25%, 01/15/29 †		200			194,770
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		200			191,644
					386,414
Brazil: 1.1%
Banco BTG Pactual SA 144A 2.75%, 01/11/26 †		150			141,381
Klabin Austria GmbH 144A 7.00%, 04/03/49		150			146,278
Klabin Finance SA 144A 4.88%, 09/19/27		140			135,330
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		200			190,281
Suzano Austria GmbH 144A 5.75%, 07/14/26		50			49,849
Suzano International Finance BV 5.50%, 01/17/27 †		375			370,203
					1,033,322
British Virgin Islands: 0.3%
Amipeace Ltd. Reg S 1.75%, 11/09/26		300			273,967
Canada: 1.5%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		100			97,785
Brookfield Finance, Inc. 2.72%, 04/15/31		250			208,815
Canadian Imperial Bank of Commerce 0.95%, 10/23/25		250			234,002
CDP Financial, Inc. Reg S

	Par   (000’s		)	Value
Canada (continued)
1.00%, 05/26/26	$	350		$	321,598
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		200			157,935
TransAlta Corp. 7.75%, 11/15/29		200			204,909
Tucson Electric Power Co. 1.50%, 08/01/30		150			119,750
					1,344,794
Cayman Islands: 1.2%
Adib Sukuk Co. II Ltd. Reg S 5.70%, 11/15/28		200			202,431
Aldar Investment Properties Sukuk Ltd. Reg S 4.88%, 05/24/33		200			190,551
DP World Crescent Ltd. Reg S 5.50%, 09/13/33		350			343,240
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31		200			159,603
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25		200			189,494
					1,085,319
Chile: 1.3%
Colbun SA 144A 3.15%, 01/19/32		150			123,569
Interchile SA 144A 4.50%, 06/30/56		350			279,723
Inversiones CMPC SA 144A
4.38%, 04/04/27		250			238,741
6.12%, 06/23/33		200			198,012
Sociedad Quimica y Minera de Chile SA 144A
3.50%, 09/10/51		300			190,055
6.50%, 11/07/33 †		200			200,652
					1,230,752
China: 2.2%
China Construction Bank Corp. Reg S 1.25%, 08/04/25		400			379,015
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		400			376,509
ICBCIL Finance Co. Ltd. Reg S 6.63% (Term SOFR USD 3 Month+1.05%), 11/20/24		200			200,494
Industrial & Commercial Bank of China Ltd. Reg S 6.39% (SOFR Compound Index+1.04%), 09/16/24		500			500,968
Lenovo Group Ltd. 144A 6.54%, 07/27/32		200			206,892
Midea Investment Development Co. Ltd. Reg S

See Notes to Financial Statements

46

	Par   (000’s		)	Value
China (continued)
2.88%, 02/24/27	$	200		$	185,324
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		200			197,259
					2,046,461
Colombia: 0.1%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		150			136,368
Denmark: 0.2%
Kommunekredit Reg S 5.12%, 11/01/27		200			200,342
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		86			71,395
France: 0.8%
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27		300			275,151
Electricite de France SA 144A 3.62%, 10/13/25		450			437,567
					712,718
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28		100			90,660
Germany: 2.9%
Bank of China Ltd. Reg S 3.12%, 06/16/25		200			194,727
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30		550			430,521
1.00%, 10/01/26		1,050			956,001
1.75%, 09/14/29 †		500			428,808
4.38%, 02/28/34		450			435,832
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25		188			182,507
					2,628,396
Hong Kong: 2.9%
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25		500			485,337
Airport Authority Reg S 1.75%, 01/12/27		300			274,844
China Development Bank Reg S 0.62%, 09/09/24		200			196,326
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		200			179,446
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26		200			184,550
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25		200			194,375
Industrial Bank Co. Ltd. Reg S

	Par   (000’s		)	Value
Hong Kong (continued)
3.25%, 05/18/25	$	200		$	195,407
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26		200			188,609
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		200			187,488
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		400			324,813
Xiaomi Best Time International Ltd. Reg S 4.10%, 07/14/51		100			69,040
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		200			161,549
					2,641,784
Hungary: 0.2%
MVM Energetika Zrt Reg S 7.50%, 06/09/28		200			205,988
India: 1.8%
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		250			247,624
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42		100			92,295
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39		173			139,849
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 †		100			86,062
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			187,085
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		161			140,628
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			186,437
REC Ltd. 144A 5.62%, 04/11/28		200			198,590
REC Ltd. Reg S 3.88%, 07/07/27		200			188,357
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		200			178,383
					1,645,310
Indonesia: 0.6%
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28		200			196,674

See Notes to Financial Statements

47

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Indonesia (continued)
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38	$	400		$	356,380
					553,054
Ireland: 1.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27		200			194,088
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26		350			350,949
Smurfit Kappa Treasury ULC 144A
5.20%, 01/15/30		300			293,024
5.78%, 04/03/54		300			287,765
					1,125,826
Japan: 3.7%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			185,239
Honda Motor Co. Ltd.
2.27%, 03/10/25		200			194,614
2.97%, 03/10/32		600			516,596
Japan Bank for International Cooperation
1.62%, 01/20/27		200			182,185
4.38%, 10/05/27		250			244,404
Marubeni Corp. Reg S 1.58%, 09/17/26		200			181,429
Norinchukin Bank 144A
1.28%, 09/22/26		450			406,883
2.08%, 09/22/31		200			159,004
NTT Finance Corp. 144A
4.24%, 07/25/25		200			196,658
4.37%, 07/27/27		250			242,397
Renesas Electronics Corp. 144A 1.54%, 11/26/24		150			146,177
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29		200			175,317
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		375			348,263
Toyota Motor Credit Corp. 2.15%, 02/13/30		200			169,027
					3,348,193
Luxembourg: 2.3%
European Investment Bank
1.62%, 05/13/31		500			407,716
3.75%, 02/14/33		1,300			1,206,268
FS Luxembourg Sarl 144A 8.88%, 02/12/31		200			190,535

	Par   (000’s		)	Value
Luxembourg (continued)
Raizen Fuels Finance SA 144A 6.45%, 03/05/34	$	300		$	299,100
					2,103,619
Macao: 0.8%
Bank of China Ltd. Reg S 6.13% (SOFR Compound Index+0.78%), 04/28/25		500			500,133
China Construction Bank Corp. Reg S 5.86% (SOFR Compound Index+0.50%), 12/21/24		200			199,713
					699,846
Mauritius: 0.9%
Diamond II Ltd. 144A 7.95%, 07/28/26		100			100,233
Greenko Power II Ltd. 144A 4.30%, 12/13/28		90			80,468
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		250			246,556
India Clean Energy Holdings 144A 4.50%, 04/18/27		100			89,733
India Cleantech Energy 144A 4.70%, 08/10/26		128			119,467
India Green Power Holdings 144A 4.00%, 02/22/27		187			169,189
					805,646
Mexico: 0.4%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		250			188,515
Trust Fibra Uno 144A 7.38%, 02/13/34		200			195,878
					384,393
Netherlands: 3.7%
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29		350			302,066
Alcoa Nederland Holding BV 144A 7.12%, 03/15/31		200			202,552
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26		350			327,556
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27		250			230,002
Greenko Dutch BV 144A 3.85%, 03/29/26		455			425,425
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		450			427,156
4.62%, 01/06/26		300			295,089

See Notes to Financial Statements

48

	Par   (000’s		)	Value
Netherlands (continued)
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30	$	100		$	79,541
2.38%, 03/24/26		350			332,438
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/31		550			449,136
3.40%, 05/01/30		200			177,678
5.00%, 01/15/33		200			189,767
					3,438,406
Norway: 0.6%
Kommunalbanken AS 144A
0.50%, 10/21/24		200			195,480
2.12%, 02/11/25		325			316,417
					511,897
Pakistan: 0.2%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		200			148,059
Portugal: 0.4%
EDP Finance BV 144A 1.71%, 01/24/28		400			348,730
Qatar: 0.2%
QNB Finance Ltd. Reg S 1.62%, 09/22/25		200			189,125
Saudi Arabia: 0.5%
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		500			419,835
Singapore: 2.0%
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27		100			100,940
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		170			161,550
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		300			289,125
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24		450			439,420
5.95% (SOFR Compound Index+0.60%), 10/25/26		800			801,786
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		78			77,500
					1,870,321
South Africa: 0.2%
Bank of China Ltd. Reg S 1.88%, 02/16/25		200			194,308
South Korea: 5.5%
Export-Import Bank of Korea
2.12%, 01/18/32		550			441,716
5.12%, 01/11/33		200			196,083

	Par   (000’s		)	Value
South Korea (continued)
Export-Import Bank of Korea 144A 1.75%, 10/19/28	$	250		$	216,563
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		300			276,794
Kia Corp. 144A
1.75%, 10/16/26		200			182,206
2.38%, 02/14/25		200			194,721
Korea Development Bank 0.75%, 01/25/25		200			193,208
Korea East-West Power Co. Ltd. 144A 3.60%, 05/06/25		200			195,872
Korea Electric Power Corp. 144A
3.62%, 06/14/25		200			195,648
4.88%, 01/31/27		450			443,500
5.38%, 04/06/26		200			199,358
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28		200			197,034
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25		200			194,660
Korea Water Resources Corp. Reg S 3.50%, 04/27/25		200			195,881
LG Chem Ltd. 144A
1.38%, 07/07/26		200			181,418
2.38%, 07/07/31		225			182,319
3.25%, 10/15/24		250			247,025
3.62%, 04/15/29		50			45,719
LG Energy Solution Ltd. 144A
5.62%, 09/25/26		200			198,806
5.75%, 09/25/28		100			100,061
POSCO 144A 4.88%, 01/23/27		150			146,844
SK Hynix, Inc. 144A
2.38%, 01/19/31		250			200,649
6.50%, 01/17/33		200			205,995
SK On Co. Ltd. Reg S 5.38%, 05/11/26		200			198,631
					5,030,711
Spain: 0.6%
Avangrid, Inc.
3.20%, 04/15/25		331			322,805
3.80%, 06/01/29		250			228,154
					550,959
Supranational: 4.0%
European Bank for Reconstruction & Development
1.50%, 02/13/25		100			96,991
1.62%, 09/27/24		500			492,349
European Investment Bank
0.75%, 09/23/30		600			468,950
1.62%, 10/09/29		380			323,132

See Notes to Financial Statements

49

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Supranational (continued)
2.12%, 04/13/26 †	$	300		$	283,783
2.38%, 05/24/27		650			604,024
European Investment Bank 144A 2.88%, 06/13/25		750			730,183
International Bank for Reconstruction & Development
2.12%, 03/03/25		280			272,679
3.12%, 11/20/25		75			72,652
International Finance Corp. 2.12%, 04/07/26		344			325,386
					3,670,129
Sweden: 0.3%
Swedbank AB 144A 1.54%, 11/16/26		350			318,104
Turkey: 0.2%
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		200			193,560
United Arab Emirates: 1.7%
Emirates NBD Bank PJSC Reg S 5.88%, 10/11/28		200			204,344
Industrial & Commercial Bank of China Ltd. Reg S 6.28% (SOFR Compound Index+0.93%), 01/19/26		400			402,816
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		200			183,525
4.64%, 05/14/29		200			192,353
Masdar Abu Dhabi Future Energy Co. Reg S 4.88%, 07/25/33		200			191,026
MDGH GMTN RSC Ltd. 144A 5.88%, 05/01/34		200			205,525
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49		190			149,988
					1,529,577
United Kingdom: 2.0%
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28		200			181,290
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32		150			118,692
China Construction Bank Corp. Reg S 3.12%, 05/17/25		350			340,893
China Merchants Bank Co. Ltd. Reg S 6.01% (SOFR Compound Index+0.65%), 06/13/26		200			200,609
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			244,186

	Par   (000’s		)	Value
United Kingdom (continued)
Shanghai Pudong Development Bank Co. Ltd./London Reg S 3.25%, 07/14/25	$	200		$	194,420
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			186,271
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31		450			375,983
					1,842,344
United States: 37.4%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		200			194,899
AES Corp.
1.38%, 01/15/26		350			324,229
2.45%, 01/15/31		355			285,764
5.45%, 06/01/28		200			196,996
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		350			267,162
2.95%, 03/15/34		311			245,459
3.80%, 04/15/26		150			144,805
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46		388			352,773
American Homes 4 Rent LP 5.50%, 02/01/34		200			192,922
Amgen, Inc. 3.00%, 02/22/29		250			226,401
Apple, Inc. 3.00%, 06/20/27		300			282,372
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A
3.25%, 09/01/28		200			173,458
4.00%, 09/01/29 †		305			251,698
Arizona Public Service Co. 2.65%, 09/15/50		200			113,088
AvalonBay Communities, Inc.
1.90%, 12/01/28		100			86,278
2.05%, 01/15/32 †		250			199,861
Bank of America Corp. 2.46% (Term SOFR USD 3 Month+1.13%), 10/22/25		650			639,462
Bank of China Ltd. Reg S 4.62%, 06/26/26		300			294,914
Boston Properties LP
2.45%, 10/01/33		400			289,969
3.40%, 06/21/29 †		225			197,021
4.50%, 12/01/28		575			536,306
6.50%, 01/15/34		300			300,013
CenterPoint Energy Houston Electric LLC 5.30%, 04/01/53		100			94,136

See Notes to Financial Statements

50

	Par   (000’s		)	Value
United States (continued)
Clearway Energy Operating LLC 144A
3.75%, 02/15/31	$	350		$	296,303
4.75%, 03/15/28		275			259,405
Comcast Corp. 4.65%, 02/15/33		300			283,920
Constellation Energy Generation LLC 5.75%, 03/15/54		300			282,527
Dana, Inc. 4.25%, 09/01/30		125			108,435
Deutsche Bank AG 1.69%, 03/19/26		300			279,472
Dominion Energy, Inc. 2.25%, 08/15/31		250			199,235
DTE Electric Co.
1.90%, 04/01/28		150			132,429
3.25%, 04/01/51		200			132,101
3.95%, 03/01/49		290			224,436
Duke Energy Carolinas LLC 3.95%, 11/15/28 †		450			426,165
Duke Energy Progress LLC 3.45%, 03/15/29		300			276,575
Equinix, Inc.
1.00%, 09/15/25		300			280,724
2.50%, 05/15/31		400			326,292
3.90%, 04/15/32		350			309,658
ERP Operating LP 4.15%, 12/01/28		200			190,537
Evergy Kansas Central, Inc. 2.55%, 07/01/26		100			94,184
Fannie Mae-Aces
1.44%, 10/25/29		300			246,205
2.44%, 10/25/29		37			32,436
2.52%, 08/25/29		235			206,978
2.64%, 07/25/24		69			68,110
2.82%, 02/25/27		203			191,297
2.94%, 06/25/29		8			7,497
3.00%, 01/25/28		371			344,999
3.06%, 09/25/27		246			230,039
3.13%, 03/25/28		204			189,887
3.17%, 03/25/28		378			351,818
3.17%, 02/25/30		319			288,390
3.20%, 11/25/27		13			11,951
3.41%, 06/25/28		316			295,715
3.67%, 09/25/28		488			458,912
3.86%, 09/25/30		89			82,495
Federal Realty OP LP 1.25%, 02/15/26		100			92,533
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27		200			180,798
Ford Motor Co.
3.25%, 02/12/32		1,150			926,671
6.10%, 08/19/32		250			245,324
Freddie Mac Multifamily Structured Pass Through Certificates

	Par   (000’s		)	Value
United States (continued)
1.30%, 06/25/30	$	30		$	24,162
1.49%, 11/25/30		400			321,534
2.88%, 04/25/26		285			272,804
General Motors Co.
5.40%, 10/15/29		150			147,612
5.60%, 10/15/32 †		550			540,683
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28		200			196,385
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 †		150			149,372
Healthpeak OP LLC
1.35%, 02/01/27		200			179,275
2.12%, 12/01/28 †		100			86,633
Host Hotels & Resorts LP
2.90%, 12/15/31		250			203,493
3.38%, 12/15/29		100			87,332
Hyundai Capital America 144A 5.80%, 06/26/25		200			199,828
Interstate Power & Light Co.
3.50%, 09/30/49		300			205,571
4.10%, 09/26/28		350			331,279
Jabil, Inc. 4.25%, 05/15/27		200			191,766
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		200			161,303
JPMorgan Chase & Co. 0.77% (SOFR+0.49%), 08/09/25		500			492,818
6.07% (SOFR+1.33%), 10/22/27		500			505,975
Kaiser Foundation Hospitals
2.81%, 06/01/41		500			351,053
3.15%, 05/01/27		80			75,514
Kilroy Realty LP
2.50%, 11/15/32		50			36,599
2.65%, 11/15/33		150			107,333
4.75%, 12/15/28		100			94,000
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29		100			82,872
LYB International Finance III LLC 5.62%, 05/15/33		150			149,062
Massachusetts Institute of Technology 3.96%, 07/01/38		200			176,276
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25		300			284,495
MidAmerican Energy Co.
2.70%, 08/01/52		200			116,813
3.10%, 05/01/27		425			399,320
3.15%, 04/15/50		200			130,583

See Notes to Financial Statements

51

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
3.65%, 04/15/29	$	150		$	139,345
3.65%, 08/01/48		400			291,979
3.95%, 08/01/47		175			133,698
4.25%, 07/15/49		275			221,619
5.35%, 01/15/34		300			299,574
Nature Conservancy/The 3.96%, 03/01/52		100			77,914
New York State Electric & Gas Corp. 144A
2.15%, 10/01/31		200			155,777
5.85%, 08/15/33		200			200,698
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		425			369,629
NiSource, Inc. 5.00%, 06/15/52		100			86,563
Northern States Power Co.
2.25%, 04/01/31		150			123,120
2.60%, 06/01/51		250			144,835
2.90%, 03/01/50		250			156,524
3.20%, 04/01/52		200			130,199
5.40%, 03/15/54		200			189,856
NSTAR Electric Co. 3.25%, 05/15/29		225			205,328
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32		100			91,495
Owens Corning 3.95%, 08/15/29 †		125			116,289
PacifiCorp
2.90%, 06/15/52		250			141,446
5.35%, 12/01/53		200			174,808
5.50%, 05/15/54 †		450			402,434
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		250			223,810
PepsiCo, Inc.
2.88%, 10/15/49		250			161,681
3.90%, 07/18/32		500			458,167
PG&E Recovery Funding LLC 5.54%, 07/15/47		350			341,791
Piedmont Operating Partnership LP 3.15%, 08/15/30		150			115,911
PNC Financial Services Group, Inc. 2.20%, 11/01/24		160			157,314
4.76% (SOFR Compound Index+1.08%), 01/26/27		400			394,218
Prologis LP
1.25%, 10/15/30 †		275			214,103
1.75%, 02/01/31		200			159,050
Public Service Co. of Colorado
3.20%, 03/01/50		250			160,668
3.70%, 06/15/28		200			188,160
4.10%, 06/15/48		110			82,662

	Par   (000’s		)	Value
United States (continued)
Public Service Co. of Oklahoma
2.20%, 08/15/31	$	200		$	159,334
3.15%, 08/15/51		250			156,723
Public Service Electric and Gas Co.
3.10%, 03/15/32		250			213,025
4.65%, 03/15/33		200			188,825
RWE Finance US LLC 144A 5.88%, 04/16/34		400			392,561
San Diego Gas & Electric Co. 4.95%, 08/15/28		200			197,157
SCE Recovery Funding LLC
4.70%, 06/15/40		145			136,164
5.11%, 12/15/47		200			185,854
Seattle Children’s Hospital 2.72%, 10/01/50		150			92,832
SK Battery America, Inc. Reg S 2.12%, 01/26/26		415			383,638
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		600			480,272
Sonoco Products Co. 2.85%, 02/01/32		400			329,213
Southern Power Co. 4.15%, 12/01/25		350			342,138
Southwestern Public Service Co. 3.15%, 05/01/50		250			156,026
Sunnova Energy Corp. 144A 5.88%, 09/01/26		200			124,579
UDR, Inc. 1.90%, 03/15/33		175			129,284
Union Electric Co. 2.62%, 03/15/51		200			116,616
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			194,804
Verizon Communications, Inc.
1.50%, 09/18/30		300			239,027
2.85%, 09/03/41		900			614,112
3.88%, 03/01/52 †		300			221,619
5.50%, 02/23/54		500			475,181
Vornado Realty LP 3.40%, 06/01/31		150			116,573
Welltower OP LLC
2.70%, 02/15/27		250			232,280
3.85%, 06/15/32		100			88,109
Wisconsin Electric Power Co. 4.75%, 09/30/32		250			238,682
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			158,023
ZF North America Capital, Inc. 144A 6.75%, 04/23/30		300			300,896

See Notes to Financial Statements

52

	Par   (000’s		)	Value
United States (continued)
6.88%, 04/14/28	$	200		$	201,547
7.12%, 04/14/30		200			204,699
					34,326,642
Total Corporate Bonds (Cost: $88,138,034)					80,536,559
GOVERNMENT OBLIGATIONS: 10.1%
Cayman Islands: 2.6%
Gaci First Investment Co. Reg S
4.75%, 02/14/30		200			191,512
4.88%, 02/14/35		300			276,920
5.00%, 10/13/27		600			590,738
5.12%, 02/14/53		250			206,240
5.25%, 10/13/32		850			833,008
5.38%, 10/13/22		300			246,083
					2,344,501
Chile: 1.0%
Chile Government International Bond
2.55%, 01/27/32		350			287,010
3.50%, 01/25/50		850			586,324
					873,334
China: 0.3%
New Development Bank Reg S 5.12%, 04/26/26		300			296,243
Egypt: 0.0%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			47,497
Hong Kong: 2.6%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		200			185,057
2.38%, 02/02/51		200			119,421
4.00%, 06/07/28		200			194,204
4.00%, 06/07/33		700			659,620
4.25%, 06/07/26		200			196,568
4.50%, 01/11/28		450			444,900
4.62%, 01/11/33		300			296,499
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			325,668
					2,421,937
Indonesia: 1.4%
Perusahaan Penerbit SBSN Indonesia III 144A
2.30%, 06/23/25		350			336,840
3.55%, 06/09/51		275			193,778
3.90%, 08/20/24		250			248,828
4.70%, 06/06/32		500			474,031
					1,253,477
Israel: 0.6%
Israel Government International Bond

	Par   (000’s		)	Value
Israel (continued)
4.50%, 01/17/33	$	600		$	537,477
Japan: 0.2%
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25		200			194,090
Saudi Arabia: 0.3%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		300			273,110
Supranational: 0.9%
Asian Development Bank
1.75%, 08/14/26		275			255,713
2.12%, 03/19/25		150			145,811
2.38%, 08/10/27		150			138,604
3.12%, 09/26/28		100			93,249
Central American Bank for Economic Integration Reg S 6.42% (Term SOFR USD 3 Month+1.11%), 11/15/24		200			200,186
					833,563
Turkey: 0.2%
Istanbul Metropolitan Municipality 144A 10.50%, 12/06/28		200			214,730
Total Government Obligations (Cost: $10,188,885)					9,289,959
MUNICIPAL BONDS: 0.7%
United States: 0.7%
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46		150			114,714
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14		170			145,561
Metropolitan Transportation Authority (RB) 5.17%, 11/15/49		200			198,006
Tennessee Valley Authority 1.50%, 09/15/31 †		200			160,164
Total Municipal Bonds (Cost: $820,527)					618,445
	Number of Shares
PREFERRED SECURITIES: 0.2% (Cost: $173,320)
Canada: 0.2%
Brookfield Finance, Inc. (USD)4.62%, 10/16/80 †		7,000			119,490
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $99,320,766)					90,564,453

See Notes to Financial Statements

53

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares	Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $1,573,215)

	Number of Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio		1,573,215	$	1,573,215
Total Investments: 100.5% (Cost: $100,893,981)				92,137,668
Liabilities in excess of other assets: (0.5)%				(417,552)
NET ASSETS: 100.0%			$	91,720,116

Definitions:

GO	General Obligation
RB	Revenue Bond
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $3,184,026.
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. These securities have an aggregate value of $29,239,911, or 31.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		34.1	%	$	30,855,305
Utilities		22.1			20,057,962
Government		10.8			9,748,240
Real Estate		7.3			6,571,195
Basic Materials		5.3			4,802,995
Consumer Cyclicals		5.0			4,553,301
Technology		4.9			4,392,386
Mortgage Securities		4.4			3,978,003
Industrials		2.4			2,175,512
Consumer Non-Cyclicals		1.4			1,302,232
Energy		1.2			1,127,332
Healthcare		0.8			745,800
Academic & Educational Services		0.2			176,276
Institutions, Associations & Organizations		0.1			77,914
		100.0	%	$	90,564,453

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	80,536,559	$	—	$	80,536,559
Government Obligations *		—		9,289,959		—		9,289,959
Municipal Bonds *		—		618,445		—		618,445
Preferred Securities *		119,490		—		—		119,490
Money Market Fund		1,573,215		—		—		1,573,215
Total Investments	$	1,692,705	$	90,444,963	$	—	$	92,137,668

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

54

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
FLOATING RATE NOTES: 98.6%
Australia: 10.4%
Australia & New Zealand Banking Group Ltd. 144A 5.91% (SOFR+0.56%), 03/18/26	$	11,650		$	11,672,126
6.10% (SOFR+0.75%), 07/03/25 †		5,665			5,688,745
6.16% (SOFR+0.81%), 01/18/27		29,500			29,730,223
Commonwealth Bank of Australia 144A 5.75% (SOFR+0.40%), 07/07/25		8,157			8,165,322
5.88% (SOFR+0.52%), 06/15/26		20,679			20,690,861
5.99% (SOFR+0.63%), 09/12/25		6,650			6,673,438
6.10% (SOFR+0.74%), 03/14/25		3,550			3,565,398
6.11% (SOFR+0.75%), 03/13/26		5,525			5,554,990
Macquarie Bank Ltd. 144A 6.67% (SOFR+1.31%), 03/21/25		2,900			2,926,154
Macquarie Group Ltd. 144A 6.27% (SOFR+0.92%), 09/23/27		13,500			13,506,736
National Australia Bank Ltd. 144A 5.73% (SOFR+0.38%), 01/12/25		2,925			2,927,663
6.00% (SOFR+0.65%), 01/12/27		21,275			21,341,666
6.01% (SOFR+0.65%), 12/10/25		2,992			3,004,582
6.11% (SOFR+0.76%), 05/13/25		4,250			4,265,608
6.22% (SOFR+0.86%), 06/09/25		3,675			3,695,487
Westpac Banking Corp. 5.66% (SOFR+0.30%), 11/18/24		4,076			4,077,182
6.07% (SOFR+0.72%), 11/17/25		5,700			5,722,328
6.36% (SOFR+1.00%), 08/26/25		6,250			6,304,067
					159,512,576
Canada: 2.6%
Bank of Montreal 6.51% (SOFR Compound Index+1.16%), 12/11/26		5,000			5,067,373
Canadian Imperial Bank of Commerce 6.29% (SOFR Compound Index+0.94%), 04/07/25		3,611			3,631,475
Royal Bank of Canada 6.06% (SOFR Compound Index+0.71%), 01/21/27		5,000			5,026,904

	Par   (000’s		)	Value
Canada (continued)
6.30% (SOFR Compound Index+0.95%), 01/19/27	$	20,350		$	20,538,634
Toronto-Dominion Bank 6.08% (SOFR+0.73%), 04/05/27		5,000			5,004,075
TransCanada PipeLines Ltd. 6.87% (SOFR Compound Index+1.52%), 03/09/26		350			350,351
					39,618,812
Finland: 1.3%
Nordea Bank Abp 144A 6.09% (SOFR+0.74%), 03/19/27		20,150			20,208,762
France: 3.3%
Banque Federative du Credit Mutuel SA 144A 5.76% (SOFR Compound Index+0.41%), 02/04/25		3,847			3,847,995
BPCE SA 144A 7.33% (SOFR Compound Index+1.98%), 10/19/27		5,000			5,094,737
Credit Agricole SA 144A 6.22% (SOFR+0.87%), 03/11/27		24,150			24,245,899
6.64% (SOFR+1.29%), 07/05/26		5,575			5,654,760
Societe Generale SA 144A 6.40% (SOFR+1.05%), 01/21/26		8,680			8,691,258
7.01% (SOFR+1.66%), 01/19/28		3,000			3,028,295
					50,562,944
Japan: 4.3%
Mitsubishi UFJ Financial Group, Inc. 6.29% (SOFR+0.94%), 02/20/26		6,936			6,955,880
Mizuho Financial Group, Inc. 6.32% (SOFR+0.96%), 05/22/26		20,050			20,143,529
Sumitomo Mitsui Financial Group, Inc. 6.23% (SOFR+0.88%), 01/14/27		20,620			20,778,797
Sumitomo Mitsui Trust Bank Ltd. 144A 6.48% (SOFR+1.12%), 03/09/26		5,550			5,605,433
6.51% (SOFR+1.15%), 09/14/26		13,100			13,260,329
					66,743,968
Netherlands: 3.1%
ABN AMRO Bank NV 144A 7.14% (SOFR Compound Index+1.78%), 09/18/27		20,225			20,487,094
ING Groep NV 6.92% (SOFR+1.56%), 09/11/27		21,700			22,023,460

See Notes to Financial Statements

55

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Netherlands (continued)
7.01% (SOFR Compound Index+1.64%), 03/28/26	$	5,735		$	5,781,445
					48,291,999
Singapore: 0.6%
DBS Group Holdings Ltd. 144A 5.97% (SOFR+0.61%), 09/12/25		8,125			8,153,133
Pepsico Singapore Financing I Pte Ltd. 5.91% (SOFR Compound Index+0.56%), 02/16/27		1,625			1,626,517
					9,779,650
South Korea: 1.2%
Korea National Oil Corp. 144A 6.19% (SOFR+0.83%), 04/03/27		10,000			10,058,500
6.43% (SOFR+1.08%), 11/14/26		8,750			8,882,904
					18,941,404
Spain: 0.2%
Banco Santander SA 6.73% (SOFR+1.38%), 03/14/28		3,000			3,019,974
Sweden: 1.4%
Svenska Handelsbanken AB 144A 6.61% (SOFR+1.25%), 06/15/26		20,384			20,687,799
Switzerland: 0.5%
UBS Group AG 144A 6.93% (SOFR+1.58%), 05/12/26		7,669			7,734,652
United Kingdom: 8.7%
ANZ New Zealand Int’l Ltd. 144A 5.96% (SOFR+0.60%), 02/18/25		2,775			2,781,356
Barclays Plc 6.84% (SOFR+1.49%), 03/12/28		22,375			22,577,622
HSBC Holdings Plc 6.92% (SOFR+1.57%), 08/14/27		30,030			30,567,782
6.96% (Term SOFR USD 3 Month+1.64%), 09/12/26		13,742			13,885,275
Lloyds Banking Group Plc 6.91% (SOFR Compound Index+1.56%), 08/07/27		20,050			20,334,075
NatWest Group Plc 6.61% (SOFR+1.25%), 03/01/28		3,500			3,522,800
NatWest Markets Plc 144A 6.81% (SOFR+1.45%), 03/22/25		2,655			2,677,006
Standard Chartered Plc 144A

	Par   (000’s		)	Value
United Kingdom (continued)
6.29% (SOFR+0.93%), 11/23/25	$	5,550		$	5,551,562
7.11% (SOFR+1.74%), 03/30/26		5,668			5,711,895
7.28% (SOFR+1.93%), 07/06/27		20,600			20,963,854
UBS AG 6.29% (SOFR+0.93%), 09/11/25		5,725			5,764,791
					134,338,018
United States: 61.0%
American Express Co. 6.00% (SOFR Compound Index+0.65%), 11/04/26		18,930			18,986,210
6.10% (SOFR+0.75%), 04/23/27		10,000			10,019,078
6.29% (SOFR Compound Index+0.93%), 03/04/25		2,745			2,765,761
6.33% (SOFR Compound Index+0.97%), 07/28/27		563			566,294
6.35% (SOFR Compound Index+1.00%), 02/16/28		13,000			13,067,881
6.71% (SOFR Compound Index+1.35%), 10/30/26		1,350			1,366,369
American Honda Finance Corp. 5.95% (SOFR+0.60%), 08/14/25		4,450			4,458,914
6.06% (SOFR+0.71%), 01/09/26		5,000			5,021,647
6.12% (SOFR+0.77%), 03/12/27		1,063			1,069,430
6.13% (SOFR Compound Index+0.78%), 04/23/25		7,950			7,983,563
6.14% (SOFR Compound Index+0.79%), 10/03/25		318			319,543
6.27% (SOFR+0.92%), 01/12/26		300			302,305
Athene Global Funding 144A 6.07% (SOFR Compound Index+0.71%), 01/07/25		6,000			6,007,212
6.56% (SOFR Compound Index+1.21%), 03/25/27		4,000			4,008,968
Bank of America Corp. 6.40% (SOFR+1.05%), 02/04/28		25,590			25,783,938
6.71% (SOFR+1.35%), 09/15/27		19,000			19,271,479
Bank of America NA 6.38% (SOFR+1.02%), 08/18/26		22,825			23,151,305
Bank of New York Mellon 5.80% (SOFR+0.45%), 03/13/26		5,825			5,832,606
BMW US Capital LLC 144A 5.97% (SOFR Compound Index+0.62%), 08/11/25		6,998			7,020,893
6.20% (SOFR Compound Index+0.84%), 04/01/25		100			100,501

See Notes to Financial Statements

56

	Par   (000’s		)	Value
United States (continued)
Bristol-Myers Squibb Co. 5.84% (SOFR+0.49%), 02/20/26	$	5,825		$	5,847,125
Capital One Financial Corp. 6.70% (SOFR+1.35%), 05/09/25		1,150			1,150,145
Caterpillar Financial Services Corp. 5.80% (SOFR+0.46%), 08/11/25		150			150,477
5.81% (SOFR+0.46%), 02/27/26		7,100			7,119,247
5.87% (SOFR+0.52%), 06/13/25		950			953,572
Charles Schwab Corp. 5.87% (SOFR Compound Index+0.52%), 05/13/26		5,733			5,728,425
6.41% (SOFR Compound Index+1.05%), 03/03/27		20,837			21,021,558
Citigroup, Inc. 6.02% (SOFR+0.67%), 05/01/25		2,944			2,944,646
6.14% (Term SOFR USD 3 Month+0.81%), 08/25/36		25,308			21,723,064
6.64% (SOFR+1.28%), 02/24/28		22,303			22,561,663
6.81% (Term SOFR USD 3 Month+1.51%), 07/01/26		24,531			24,811,277
Cooperatieve Rabobank UA 6.05% (SOFR Compound Index+0.70%), 07/18/25		7,575			7,608,311
6.06% (SOFR Compound Index+0.71%), 01/09/26		8,725			8,769,439
6.06% (SOFR Compound Index+0.71%), 03/05/27		24,750			24,825,007
Corebridge Global Funding 144A 6.65% (SOFR+1.30%), 09/25/26		7,800			7,847,449
Daimler Truck Finance North America LLC 144A 6.10% (SOFR+0.75%), 12/13/24		325			325,790
Ford Motor Credit Co. LLC 8.30% (SOFR+2.95%), 03/06/26		400			413,345
GA Global Funding Trust 144A 6.71% (SOFR+1.36%), 04/11/25		55			55,289
General Electric Co. 5.91% (Term SOFR USD 3 Month+0.64%), 05/05/26		10,171			10,197,687
General Motors Financial Co., Inc. 6.39% (SOFR+1.04%), 02/26/27		300			300,059
6.65% (SOFR Compound Index+1.30%), 04/07/25		860			867,669

	Par   (000’s		)	Value
United States (continued)
6.70% (SOFR Compound Index+1.35%), 05/08/27	$	15,750		$	15,886,965
Georgia Power Co. 6.10% (SOFR Compound Index+0.75%), 05/08/25		3,937			3,952,865
Glencore Funding LLC 144A 6.41% (SOFR Compound Index+1.06%), 04/04/27		6,250			6,256,016
Goldman Sachs Bank USA 6.12% (SOFR+0.77%), 03/18/27		32,000			32,036,057
Goldman Sachs Group, Inc. 6.42% (SOFR+1.06%), 08/10/26		20,418			20,513,113
6.74% (Term SOFR USD 3 Month+1.43%), 05/15/26		28,331			28,586,925
7.34% (Term SOFR USD 3 Month+2.01%), 10/28/27		28,549			29,471,333
Hartford Financial Services Group, Inc. 144A 7.69% (Term SOFR USD 3 Month+2.39%), 02/12/47		19,983			17,761,663
HSBC USA, Inc. 6.32% (SOFR+0.96%), 03/04/27		10,175			10,235,087
Hyundai Capital America 144A 6.39% (SOFR+1.04%), 03/19/27		12,500			12,533,230
6.50% (SOFR+1.15%), 08/04/25		5,675			5,704,636
6.67% (SOFR+1.32%), 11/03/25		450			453,216
6.85% (SOFR+1.50%), 01/08/27		1,575			1,598,317
John Deere Capital Corp. 5.79% (SOFR+0.44%), 03/06/26		5,600			5,616,972
5.83% (SOFR+0.48%), 10/22/25		11,000			11,025,808
5.85% (SOFR+0.50%), 07/03/25		4,810			4,826,110
5.91% (SOFR+0.56%), 03/07/25		200			200,645
5.92% (SOFR+0.57%), 03/03/26		310			311,577
6.14% (SOFR Compound Index+0.79%), 06/08/26		2,262			2,283,512
JPMorgan Chase & Co. 5.89% (SOFR+0.54%), 06/01/25		2,725			2,726,130
5.94% (SOFR+0.58%), 06/23/25		2,725			2,727,218
6.13% (SOFR+0.77%), 09/22/27 †		19,275			19,284,053
6.24% (SOFR+0.89%), 04/22/27 †		19,189			19,257,388
6.28% (SOFR+0.92%), 02/24/26		8,561			8,609,792

See Notes to Financial Statements

57

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
6.33% (SOFR+0.97%), 06/14/25	$	2,723		$	2,726,076
6.54% (SOFR+1.18%), 02/24/28		32,983			33,324,874
6.55% (SOFR+1.20%), 01/23/28		22,750			23,018,878
6.67% (SOFR+1.32%), 04/26/26		5,727			5,779,014
JPMorgan Chase Bank NA 6.36% (SOFR+1.00%), 12/08/26		18,250			18,487,134
Keurig Dr Pepper, Inc. 6.24% (SOFR Compound Index+0.88%), 03/15/27		5,500			5,540,038
MassMutual Global Funding II 144A 6.13% (SOFR+0.77%), 01/29/27		250			251,071
6.33% (SOFR+0.98%), 07/10/26		20,275			20,462,792
Mercedes-Benz Finance North America LLC 144A 6.02% (SOFR+0.67%), 01/09/26		7,500			7,530,127
6.28% (SOFR+0.93%), 03/30/25		272			273,546
Metropolitan Life Global Funding I 144A 6.26% (SOFR Compound Index+0.91%), 03/21/25		5,000			5,026,343
Morgan Stanley 6.31% (SOFR+0.95%), 02/18/26		8,809			8,852,400
Morgan Stanley Bank NA 6.13% (SOFR+0.78%), 07/16/25		4,350			4,372,587
6.43% (SOFR+1.08%), 01/14/28		14,500			14,618,918
National Rural Utilities Cooperative Finance Corp. 6.05% (SOFR+0.70%), 05/07/25		500			502,233
6.15% (SOFR+0.80%), 02/05/27		7,500			7,535,172
New York Life Global Funding 144A 5.83% (SOFR+0.48%), 06/09/26		150			149,792
5.93% (SOFR Compound Index+0.58%), 01/16/26		6,800			6,820,702
5.96% (SOFR Compound Index+0.61%), 04/21/25		5,000			5,017,854
6.02% (SOFR+0.67%), 04/02/27		16,250			16,296,638
6.28% (SOFR Compound Index+0.93%), 04/02/26		150			151,499
NextEra Energy Capital Holdings, Inc.

	Par   (000’s		)	Value
United States (continued)
6.11% (SOFR Compound Index+0.76%), 01/29/26	$	6,950		$	6,968,726
Northwestern Mutual Global Funding 144A 6.05% (SOFR+0.70%), 06/13/25		850			853,828
Pacific Life Global Funding II 144A 5.97% (SOFR+0.62%), 06/04/26		375			375,234
6.20% (SOFR+0.85%), 02/05/27		20,325			20,384,803
6.21% (SOFR Compound Index+0.86%), 06/16/25		725			729,450
6.41% (SOFR Compound Index+1.05%), 07/28/26		350			352,512
PepsiCo, Inc. 5.75% (SOFR Compound Index+0.40%), 02/13/26		5,000			5,009,982
Principal Life Global Funding II 144A 6.25% (SOFR+0.90%), 08/28/25		500			502,875
Protective Life Global Funding 144A 6.05% (SOFR+0.70%), 04/10/26		800			802,470
6.34% (SOFR+0.98%), 03/28/25		3,000			3,017,277
Public Storage Operating Co. 5.95% (SOFR Compound Index+0.60%), 07/25/25		935			938,591
6.05% (SOFR Compound Index+0.70%), 04/16/27		17,300			17,367,046
Roche Holdings, Inc. 144A 5.92% (SOFR+0.56%), 03/10/25		10,250			10,279,976
Spire Missouri, Inc. 5.85% (SOFR+0.50%), 12/02/24		500			500,038
State Street Corp. 6.19% (SOFR Compound Index+0.84%), 08/03/26		365			367,848
Toyota Motor Credit Corp. 5.67% (SOFR+0.32%), 01/13/25		50			50,028
5.91% (SOFR+0.56%), 01/10/25		5,000			5,008,889
5.93% (SOFR+0.60%), 06/09/25		6,675			6,699,201
6.00% (SOFR+0.65%), 01/05/26		9,800			9,835,703
6.00% (SOFR+0.65%), 03/19/27		1,000			1,002,817
6.24% (SOFR Compound Index+0.89%), 05/18/26		589			593,439
Truist Financial Corp. 5.76% (SOFR+0.40%), 06/09/25		5,579			5,568,784

See Notes to Financial Statements

58

	Par   (000’s		)	Value
United States (continued)
Verizon Communications, Inc. 6.15% (SOFR Compound Index+0.79%), 03/20/26	$	5,926		$	5,971,030
6.67% (Term SOFR USD 3 Month+1.36%), 05/15/25		4,847			4,905,444
Volkswagen Group of America Finance LLC 144A 6.18% (SOFR+0.83%), 03/20/26		7,500			7,514,841
6.29% (SOFR+0.93%), 09/12/25		5,825			5,858,405
Wells Fargo & Co. 6.42% (SOFR+1.07%), 04/22/28		7,500			7,545,544
6.67% (SOFR+1.32%), 04/25/26		8,375			8,455,650
Wells Fargo Bank NA

	Par   (000’s		)	Value
United States (continued)
6.43% (SOFR+1.07%), 12/11/26	$	21,175		$	21,469,199
					939,851,087
Total Floating Rate Notes (Cost: $1,510,682,784)					1,519,291,645
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
Money Market Fund: 0.3% (Cost: $4,149,731)
State Street Navigator Securities Lending Government Money Market Portfolio		4,149,731			4,149,731
Total Investments: 98.9% (Cost: $1,514,832,515)					1,523,441,376
Other assets less liabilities: 1.1%					16,331,134
NET ASSETS: 100.0%				$	1,539,772,510

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 $3,804,013.
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. These securities have an aggregate value of $529,061,437, or 34.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		87.5	%	$	1,328,971,530
Consumer Cyclicals		4.6			69,872,741
Industrials		1.7			26,074,517
Energy		1.7			25,547,770
Consumer Non-Cyclicals		1.5			22,374,224
Real Estate		1.2			18,305,636
Utilities		0.7			11,421,629
Technology		0.7			10,876,473
Healthcare		0.4			5,847,125
		100.0	%	$	1,519,291,645

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes *	$	—	$	1,519,291,645	$	—	$	1,519,291,645
Money Market Fund		4,149,731		—		—		4,149,731
Total Investments	$	4,149,731	$	1,519,291,645	$	—	$	1,523,441,376

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

59

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 97.7%
Argentina: 1.2%
MercadoLibre, Inc. 3.12%, 01/14/31	USD	25		$	20,524
Pampa Energia SA 144A
7.50%, 01/24/27	USD	50			47,623
9.12%, 04/15/29	USD	25			24,901
Pan American Energy LLC 144A 9.12%, 04/30/27	USD	25			25,801
Telecom Argentina SA 144A 8.00%, 07/18/26	USD	25			23,905
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25	USD	25			24,285
YPF SA 144A
6.95%, 07/21/27	USD	50			45,372
7.00%, 09/30/33(s)	USD	25			21,791
7.00%, 12/15/47	USD	25			17,800
8.50%, 07/28/25	USD	50			48,730
9.00%, 02/12/26(s)	USD	31			31,031
9.00%, 06/30/29(s)	USD	25			24,757
					356,520
Australia: 1.0%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD	100			88,147
4.50%, 09/15/27	USD	25			23,603
6.12%, 04/15/32	USD	50			48,471
Mineral Resources Ltd. 144A
8.12%, 05/01/27	USD	100			101,060
9.25%, 10/01/28	USD	25			26,240
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30†	USD	30			27,533
					315,054
Austria: 0.2%
Benteler International AG 144A 10.50%, 05/15/28	USD	50			53,284
Bermuda: 0.5%
Borr IHC Ltd. / Borr Finance LLC 144A 10.00%, 11/15/28	USD	100			103,732
Digicel Group Holdings Ltd. 144A
0.00%, 12/31/30^	USD	3			1,655
0.00%, 12/31/30^	USD	36			2,680
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29†	USD	50			47,911
					155,978
Brazil: 5.6%
Adecoagro SA 144A 6.00%, 09/21/27	USD	50			48,409
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD	50			47,221

	Par   (000’s		)	Value
Brazil (continued)
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31	USD	50		$	42,996
Banco do Brasil SA/Cayman 144A 6.00%, 03/18/31	USD	50			48,508
Braskem Idesa SAPI 144A 7.45%, 11/15/29	USD	75			59,289
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28	USD	50			44,682
4.50%, 01/31/30	USD	75			63,290
5.88%, 01/31/50	USD	50			37,460
BRF SA 144A 4.88%, 01/24/30	USD	100			88,153
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD	50			44,930
Cosan Luxembourg SA 144A
5.50%, 09/20/29	USD	50			47,044
7.00%, 01/20/27	USD	50			49,990
CSN Inova Ventures 144A 6.75%, 01/28/28	USD	50			47,886
Embraer Netherlands Finance BV 5.40%, 02/01/27†	USD	25			24,562
Klabin Austria GmbH 144A
5.75%, 04/03/29	USD	50			48,757
7.00%, 04/03/49	USD	50			48,759
MARB BondCo Plc 144A 3.95%, 01/29/31	USD	100			80,301
MV24 Capital BV 144A 6.75%, 06/01/34	USD	81			74,230
Nexa Resources SA 144A 6.50%, 01/18/28	USD	50			50,100
Petrobras Global Finance BV
5.60%, 01/03/31	USD	50			47,385
5.62%, 05/20/43	USD	25			21,319
5.75%, 02/01/29	USD	25			24,353
6.00%, 01/27/28	USD	50			49,941
6.25%, 12/14/26	GBP	100			125,249
6.85%, 06/05/15†	USD	50			43,465
6.88%, 01/20/40	USD	25			24,123
6.90%, 03/19/49†	USD	25			23,199
7.25%, 03/17/44	USD	25			24,557
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD	50			43,987
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD	50			47,570
Samarco Mineracao SA 144A 9.50%, 06/30/31	USD	100			91,334
Ultrapar International SA 144A 5.25%, 10/06/26	USD	50			48,608
Usiminas International Sarl 144A 5.88%, 07/18/26	USD	50			49,166

See Notes to Financial Statements

60

	Par   (000’s		)	Value
Brazil (continued)
XP, Inc. 144A 3.25%, 07/01/26	USD	50		$	46,724
					1,707,547
Bulgaria: 0.3%
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25	EUR	100			105,282
Burkina Faso: 0.1%
IAMGOLD Corp. 144A 5.75%, 10/15/28	USD	25			23,138
Canada: 8.5%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29†	USD	25			22,343
3.88%, 01/15/28	USD	75			69,254
4.00%, 10/15/30	USD	125			107,880
Air Canada 144A
3.88%, 08/15/26	USD	25			23,737
4.62%, 08/15/29	CAD	100			69,513
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82	USD	50			43,414
AltaGas Ltd.
5.25% (Generic Canadian 5 Year+3.81%), 01/11/82	CAD	15			9,441
7.35% (Generic Canadian 5 Year+4.54%), 08/17/82	CAD	25			18,432
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD	25			22,503
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD	25			23,009
Bausch + Lomb Corp. 144A 8.38%, 10/01/28	USD	50			51,700
Baytex Energy Corp. 144A 8.50%, 04/30/30	USD	50			52,171
Bombardier, Inc. 144A
7.12%, 06/15/26	USD	75			75,878
7.88%, 04/15/27	USD	83			82,535
8.75%, 11/15/30	USD	25			26,628
Brookfield Property Finance ULC
3.93%, 08/24/25	CAD	25			17,689
3.93%, 01/15/27	CAD	50			34,287
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD	50			48,127
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82	CAD	25			18,265
Cascades, Inc./Cascades USA Inc 144A

	Par   (000’s		)	Value
Canada (continued)
5.38%, 01/15/28	USD	25		$	23,474
Cineplex, Inc. 144A 7.62%, 03/31/29	CAD	25			18,481
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD	25			12,868
Eldorado Gold Corp. 144A 6.25%, 09/01/29	USD	25			23,573
Emera, Inc. 6.75%, 06/15/76	USD	50			49,617
Enerflex Ltd. 144A 9.00%, 10/15/27	USD	25			25,624
First Quantum Minerals Ltd. 144A
8.62%, 06/01/31	USD	50			48,457
9.38%, 03/01/29	USD	50			51,721
Garda World Security Corp. 144A
6.00%, 06/01/29	USD	50			44,253
9.50%, 11/01/27	USD	25			24,907
GFL Environmental, Inc. 144A
3.50%, 09/01/28	USD	25			22,500
3.75%, 08/01/25	USD	50			48,675
4.25%, 06/01/25	USD	50			49,328
4.38%, 08/15/29	USD	25			22,589
4.75%, 06/15/29	USD	25			23,091
5.12%, 12/15/26	USD	25			24,372
goeasy Ltd. 144A
4.38%, 05/01/26	USD	25			24,031
9.25%, 12/01/28	USD	15			15,852
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26	USD	50			48,412
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co-Issuer LLC 144A 6.00%, 09/15/28†	USD	40			38,231
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD	25			17,676
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30	USD	25			25,717
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD	50			35,782
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32	CAD	25			17,205
Mattamy Group Corp. 144A
4.62%, 03/01/30†	USD	25			22,413
5.25%, 12/15/27	USD	25			23,958
MEG Energy Corp. 144A 5.88%, 02/01/29	USD	25			24,211
Mercer International, Inc.

See Notes to Financial Statements

61

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Canada (continued)
5.12%, 02/01/29	USD	50		$	43,722
Methanex Corp. 5.25%, 12/15/29	USD	50			47,441
New Gold, Inc. 144A 7.50%, 07/15/27	USD	25			24,870
Northriver Midstream Finance LP 144A 5.62%, 02/15/26	USD	25			24,497
NOVA Chemicals Corp. 144A
4.25%, 05/15/29†	USD	50			41,900
5.25%, 06/01/27	USD	40			37,670
9.00%, 02/15/30	USD	25			25,791
Open Text Corp. 144A
3.88%, 02/15/28	USD	25			22,843
3.88%, 12/01/29	USD	50			43,807
Parkland Corp. 144A
4.50%, 10/01/29	USD	75			68,033
5.88%, 07/15/27	USD	50			48,903
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD	50			31,843
Precision Drilling Corp. 144A 7.12%, 01/15/26	USD	25			25,019
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81	CAD	50			34,951
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82	USD	50			47,595
SNC-Lavalin Group, Inc. 7.00%, 06/12/26	CAD	25			18,772
Strathcona Resources Ltd. 144A 6.88%, 08/01/26	USD	25			24,781
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD	50			45,272
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD	25			24,311
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD	25			12,172
Terraform Global Operating LP 144A 6.12%, 03/01/26	USD	25			24,709
TransAlta Corp. 7.75%, 11/15/29	USD	25			25,614
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26	EUR	100			104,631
Videotron Ltd.
3.12%, 01/15/31	CAD	50			31,655
4.50%, 01/15/30	CAD	125			86,426
					2,591,052

	Par   (000’s		)	Value
Cayman Islands: 1.1%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD	100		$	93,724
Banco do Brasil SA 144A 6.25%, 04/18/30	USD	50			49,712
CT Trust 144A 5.12%, 02/03/32	USD	100			86,952
Oryx Funding Ltd. 144A 5.80%, 02/03/31	USD	100			98,775
					329,163
Chile: 0.2%
Latam Airlines Group SA 144A 13.38%, 10/15/29	USD	50			57,516
China: 1.6%
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			193,807
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		300			283,324
					477,131
Colombia: 2.6%
Banco de Bogota SA 144A 6.25%, 05/12/26	USD	100			98,239
Ecopetrol SA
4.62%, 11/02/31	USD	75			60,609
5.38%, 06/26/26	USD	50			48,783
5.88%, 05/28/45	USD	75			53,253
6.88%, 04/29/30	USD	75			71,595
8.38%, 01/19/36	USD	75			72,958
8.62%, 01/19/29	USD	50			52,049
8.88%, 01/13/33	USD	100			102,413
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD	75			64,011
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25	USD	25			23,650
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD	100			83,267
Orazul Energy Peru SA 144A 5.62%, 04/28/27	USD	50			47,087
					777,914
Costa Rica: 0.3%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD	100			87,385
Cyprus: 0.1%
MHP Lux SA 144A 6.95%, 04/03/26	USD	50			40,213

See Notes to Financial Statements

62

		Par   (000’s	)		Value
Czech Republic: 0.7%
Allwyn International AS Reg S 3.88%, 02/15/27	EUR	100		$	104,331
EP Infrastructure AS Reg S 1.70%, 07/30/26	EUR	100			98,534
					202,865
Denmark: 0.3%
Orsted AS Reg S 1.75% (EUR Swap Annual 5 Year+1.95%), 12/09/19	EUR	100			96,128
Finland: 0.2%
SBB Treasury Oyj Reg S 1.12%, 11/26/29	EUR	100			64,621
France: 10.2%
Air France-KLM Reg S 8.12%, 05/31/28	EUR	100			120,335
Altice France SA 144A
5.12%, 07/15/29	USD	100			65,282
5.50%, 10/15/29†	USD	50			32,788
Banijay Entertainment SASU 144A 8.12%, 05/01/29	USD	50			51,203
CAB Selas Reg S 3.38%, 02/01/28	EUR	100			93,877
Cerba Healthcare SACA Reg S 3.50%, 05/31/28	EUR	100			87,691
CGG SA 144A 8.75%, 04/01/27	USD	100			93,805
Constellium SE 144A 3.75%, 04/15/29	USD	100			88,770
eircom Finance DAC Reg S 3.50%, 05/15/26	EUR	100			103,852
Electricite de France SA Reg S
3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030(o)	EUR	200			187,129
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026(o)	EUR	100			106,443
Elis SA Reg S 1.62%, 04/03/28	EUR	100			98,461
ELO SACA Reg S 6.00%, 03/22/29	EUR	100			106,232
Emeria SASU Reg S 3.38%, 03/31/28	EUR	100			91,557
Eutelsat SA Reg S 2.25%, 07/13/27	EUR	100			89,015
Forvia SE Reg S
2.38%, 06/15/27	EUR	100			101,185
2.75%, 02/15/27	EUR	100			102,343
Iliad Holding SASU 144A
6.50%, 10/15/26	USD	100			99,614
7.00%, 10/15/28	USD	100			97,878
Iliad Holding SASU Reg S 5.12%, 10/15/26	EUR	100			107,290
Loxam SAS Reg S

		Par   (000’s	)		Value
France (continued)
3.75%, 07/15/26	EUR	100		$	105,759
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR	100			104,385
Picard Groupe SAS Reg S 3.88%, 07/01/26	EUR	100			104,479
Renault SA Reg S
1.00%, 11/28/25	EUR	50			51,191
1.25%, 06/24/25	EUR	100			103,490
2.38%, 05/25/26	EUR	100			103,224
Rexel SA Reg S 2.12%, 06/15/28	EUR	100			99,407
SNF Group SACA Reg S 2.62%, 02/01/29	EUR	100			99,846
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25	EUR	100			108,765
Valeo SE Reg S
1.00%, 08/03/28	EUR	100			92,420
5.38%, 05/28/27	EUR	100			109,733
Veolia Environnement SA Reg S 2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028(o) EUR		100			96,561
					3,104,010
Germany: 3.9%
Bayer AG Reg S
3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79	EUR	100			94,558
5.38% (EUR Swap Annual 5 Year+4.46%), 03/25/82	EUR	100			99,632
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28	EUR	100			103,249
Commerzbank AG Reg S
4.00%, 03/23/26	EUR	150			160,388
4.00%, 03/30/27	EUR	50			53,789
Gruenenthal GmbH Reg S 3.62%, 11/15/26	EUR	100			104,850
IHO Verwaltungs GmbH 144A 6.00%, 05/15/27	USD	100			98,360
Mahle GmbH Reg S 2.38%, 05/14/28	EUR	100			94,449
Nidda Healthcare Holding GmbH Reg S 7.50%, 08/21/26	EUR	100			110,526
Schaeffler AG Reg S
2.88%, 03/26/27	EUR	50			52,025
3.38%, 10/12/28	EUR	100			103,397
ZF Europe Finance BV Reg S 3.00%, 10/23/29	EUR	100			98,423
					1,173,646
Ghana: 0.3%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26	USD	100			96,921

See Notes to Financial Statements

63

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Greece: 1.7%
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31	EUR	100		$	105,455
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27	EUR	100			101,590
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26	EUR	100			104,644
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30	EUR	100			105,847
Public Power Corp. SA Reg S 4.38%, 03/30/26	EUR	100			106,956
					524,492
Guatemala: 0.3%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29	USD	100			93,444
Hong Kong: 1.6%
Huarong Finance 2017 Co. Ltd. Reg S 4.25%, 11/07/27	USD	200			182,308
Melco Resorts Finance Ltd. 144A
5.38%, 12/04/29	USD	100			89,491
5.62%, 07/17/27†	USD	50			47,323
5.75%, 07/21/28	USD	50			46,412
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD	200			41,184
Studio City Finance Ltd. 144A 5.00%, 01/15/29	USD	100			85,121
					491,839
India: 1.1%
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD	100			97,498
JSW Steel Ltd. 144A 5.05%, 04/05/32	USD	100			85,628
ReNew Pvt Ltd. 144A 5.88%, 03/05/27	USD	91			87,429
Shriram Finance Ltd. 144A 6.62%, 04/22/27	USD	50			49,686
					320,241
Indonesia: 0.3%
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15(d) *∞	USD	150			1,444
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27	USD	100			97,438
					98,882

	Par   (000’s		)	Value
Ireland: 1.2%
AerCap Global Aviation Trust 144A 6.50% (Term SOFR USD 3 Month+4.56%), 06/15/45	USD	50		$	49,756
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 4.75%, 07/15/27	GBP	100			61,670
C&W Senior Finance Ltd. 144A 6.88%, 09/15/27	USD	100			94,805
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP	150			168,129
					374,360
Israel: 0.9%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25	USD	25			24,376
6.50%, 06/30/27	USD	25			23,519
6.75%, 06/30/30	USD	15			13,431
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD	25			23,771
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD	90			83,458
4.10%, 10/01/46	USD	75			50,067
6.75%, 03/01/28†	USD	50			50,798
					269,420
Italy: 6.7%
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025(o)	EUR	100			104,091
Banca Monte dei Paschi di Siena SpA Reg S 6.75% (Euribor 3 Month ACT/360+3.21%), 03/02/26	EUR	100			108,380
Banco BPM SpA Reg S 3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31	EUR	100			103,783
BPER Banca SPA Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27	EUR	100			101,948
Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26	EUR	100			102,629
Intesa Sanpaolo SpA 144A
4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32	USD	25			20,503
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42	USD	25			17,992
Intesa Sanpaolo SpA Reg S 2.92%, 10/14/30	EUR	100			97,419

See Notes to Financial Statements

64

	Par   (000’s		)	Value
Italy (continued)
3.93%, 09/15/26	EUR	100		$	106,600
Mundys SpA Reg S 1.88%, 02/12/28	EUR	100			98,570
Nexi SpA Reg S 2.12%, 04/30/29	EUR	100			95,791
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029(o)	EUR	100			91,982
Telecom Italia Capital SA
6.38%, 11/15/33	USD	25			22,109
7.72%, 06/04/38	USD	100			93,075
Telecom Italia SpA Reg S
1.62%, 01/18/29	EUR	100			91,381
2.38%, 10/12/27	EUR	100			98,247
3.62%, 05/25/26	EUR	100			104,549
Telecom Italia SpA/Milano Reg S 6.88%, 02/15/28	EUR	100			112,084
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027(o)	EUR	100			98,589
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35	USD	75			69,030
UniCredit SpA Reg S 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32	EUR	200			202,387
Webuild SpA Reg S 5.88%, 12/15/25	EUR	100			108,570
					2,049,709
Japan: 1.6%
Rakuten Group, Inc. 144A
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026(o)	USD	100			83,301
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2026(o) †	USD	25			18,141
SoftBank Group Corp. Reg S
5.12%, 09/19/27	USD	200			189,912
6.88% (USD SOFR Spread- Adjusted ICE Swap Rate 5 Year+4.85%), 7/19/2027(o)	USD	200			194,285
					485,639
Luxembourg: 6.7%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32	USD	48			46,451
Adler Financing Sarl 12.50%, 06/30/25	EUR	75			92,474
Agps Bondco Plc Reg S 5.00%, 01/14/29	EUR	100			37,736
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26	USD	100			98,259

	Par   (000’s		)	Value
Luxembourg (continued)
Altice Financing SA 144A 5.00%, 01/15/28	USD	250		$	197,577
Altice France Holding SA 144A 10.50%, 05/15/27	USD	150			53,391
Altice France Holding SA Reg S 8.00%, 05/15/27	EUR	100			32,345
Altice France SA 144A
5.50%, 01/15/28	USD	100			67,659
8.12%, 02/01/27	USD	100			75,381
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD	50			41,719
5.25%, 08/15/27	USD	125			63,880
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28	EUR	100			101,768
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27	EUR	100			105,247
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26	EUR	26			9,326
Consolidated Energy Finance SA 144A 12.00%, 02/15/31	USD	50			51,813
CSN Resources SA 144A 4.62%, 06/10/31	USD	100			78,707
Energean Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26	USD	35			33,004
5.38%, 03/30/28	USD	25			22,247
5.88%, 03/30/31	USD	35			29,931
Engineering - Ingegneria Informatica - SpA Reg S 5.88%, 09/30/26	EUR	100			103,175
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025(o)	EUR	100			104,072
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD	48			41,221
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD	100			81,396
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26	USD	50			48,913
Stena International SA Reg S 7.25%, 02/15/28	EUR	100			112,941
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26	EUR	100			105,214
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR	100			101,980

See Notes to Financial Statements

65

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Luxembourg (continued)
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD	100		$	95,763
					2,033,590
Malta: 0.3%
VistaJet Malta Finance Plc / Vista Management Holding, Inc. 144A
6.38%, 02/01/30†	USD	50			38,762
7.88%, 05/01/27†	USD	50			44,516
					83,278
Mauritius: 0.7%
CA Magnum Holdings 144A 5.38%, 10/31/26	USD	100			94,390
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD	135			120,702
					215,092
Mexico: 4.1%
Cemex SAB de CV 144A
3.88%, 07/11/31†	USD	50			43,539
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026(o)	USD	50			48,115
5.20%, 09/17/30	USD	25			23,686
5.45%, 11/19/29	USD	25			24,153
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028(o)	USD	50			53,688
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD	50			46,532
Nemak SAB de CV 144A 3.62%, 06/28/31	USD	100			78,300
Petroleos Mexicanos
5.35%, 02/12/28	USD	50			43,744
5.95%, 01/28/31	USD	100			78,964
6.50%, 03/13/27	USD	100			93,718
6.62%, 06/15/35	USD	50			36,973
6.70%, 02/16/32	USD	150			122,750
6.75%, 09/21/47†	USD	100			63,907
6.84%, 01/23/30	USD	50			43,367
6.88%, 08/04/26	USD	50			48,561
6.95%, 01/28/60	USD	75			47,772
7.69%, 01/23/50	USD	175			121,947
Petroleos Mexicanos Reg S
3.75%, 11/16/25	GBP	100			116,081
4.88%, 02/21/28	EUR	100			95,074
Total Play Telecomunicaciones SA de CV 144A 6.38%, 09/20/28	USD	50			26,722
					1,257,593
Morocco: 0.3%
OCP SA 144A 6.88%, 04/25/44	USD	100			92,150
Netherlands: 5.4%
Braskem Netherlands Finance BV 144A 7.25%, 02/13/33	USD	50			47,436

	Par   (000’s		)	Value
Netherlands (continued)
Dufry One BV Reg S 2.00%, 02/15/27	EUR	100		$	101,053
Embraer Netherlands Finance BV 144A 7.00%, 07/28/30	USD	50			51,208
Petrobras Global Finance BV
5.50%, 06/10/51	USD	25			19,177
6.50%, 07/03/33†	USD	25			24,683
PPF Telecom Group BV Reg S 3.25%, 09/29/27	EUR	100			103,977
Selecta Group BV Reg S 8.00%, 04/01/26	EUR	53			55,102
Sunrise FinCo I BV 144A 4.88%, 07/15/31	USD	100			87,182
Telefonica Europe BV Reg S
2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029(o)	EUR	100			93,999
6.13% (EUR Swap Annual 7 Year+3.35%), 2/3/2030(o)	EUR	100			110,901
TenneT Holding BV Reg S 2.37% (EUR Swap Annual 5 Year+2.72%), 7/22/2025(o)	EUR	100			104,108
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27	EUR	100			104,322
4.38%, 05/09/30	EUR	100			102,623
7.38%, 09/15/29	EUR	100			118,355
TMNL Holding BV Reg S 3.75%, 01/15/29	EUR	100			100,376
United Group BV Reg S 3.62%, 02/15/28	EUR	100			100,170
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR	100			92,559
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028(o)	EUR	100			93,605
Ziggo Bond Co. BV 144A 5.12%, 02/28/30	USD	50			41,539
Ziggo BV 144A 4.88%, 01/15/30	USD	100			87,591
					1,639,966
Norway: 0.4%
Adevinta ASA Reg S 2.62%, 11/15/25	EUR	100			107,131
Panama: 0.4%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30	USD	74			61,996
Banistmo SA 144A 4.25%, 07/31/27	USD	50			45,982
					107,978
Peru: 0.6%
Minsur SA 144A 4.50%, 10/28/31	USD	50			43,484
Peru LNG Srl 144A 5.38%, 03/22/30	USD	100			85,418

See Notes to Financial Statements

66

	Par   (000’s		)	Value
Peru (continued)
Petroleos del Peru SA 144A 4.75%, 06/19/32	USD	75		$	56,242
					185,144
Poland: 0.7%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			87,734
mBank SA Reg S 8.38% (Euribor 3 Month ACT/360+4.90%), 09/11/27	EUR	100			113,502
					201,236
Portugal: 1.0%
EDP - Energias de Portugal SA Reg S
1.70% (EUR Swap Annual 5 Year+1.84%), 07/20/80	EUR	100			103,497
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81	EUR	100			100,820
Novo Banco SA Reg S 4.25% (Euribor 3 Month ACT/360+1.30%), 03/08/28	EUR	100			105,978
					310,295
Romania: 0.4%
Banca Transilvania SA Reg S 8.88% (EUAMDB01+5.58%), 04/27/27	EUR	100			113,204
Singapore: 0.3%
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	78			77,500
South Africa: 0.5%
Sasol Financing USA LLC 6.50%, 09/27/28†	USD	50			47,524
Transnet SOC Ltd. 144A 8.25%, 02/06/28	USD	100			98,564
					146,088
Spain: 2.3%
Abengoa Abenewco 2 SA Reg S
1.50%, 10/26/24(d) *	USD	63			1,835
1.50%, 10/26/24(d) *∞	USD	64			804
Abengoa SA 0.00%, 03/31/27(s) ^∞	EUR	100			536
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31	EUR	100			103,249
Banco de Sabadell SA Reg S 2.50% (EUR Swap Annual 5 Year+2.95%), 04/15/31	EUR	100			102,671
Grifols SA Reg S 1.62%, 02/15/25	EUR	150			156,779
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR	100			104,468
Telefonica Europe BV Reg S 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026(o)	EUR	100			104,827

	Par   (000’s		)	Value
Spain (continued)
Unicaja Banco SA Reg S 7.25% (EUR Swap Annual 1 Year+4.25%), 11/15/27	EUR	100		$	113,374
					688,543
Sweden: 1.6%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026(o)	EUR	100			93,403
Intrum AB Reg S
3.00%, 09/15/27	EUR	100			65,852
4.88%, 08/15/25	EUR	100			88,371
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025(o)	EUR	100			27,647
Verisure Holding AB Reg S 3.25%, 02/15/27	EUR	100			102,849
Verisure Midholding AB Reg S 5.25%, 02/15/29	EUR	100			103,310
					481,432
Switzerland: 0.3%
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25	EUR	100			104,982
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	USD	40			39,323
Turkey: 1.9%
Akbank TAS 144A 6.80%, 02/06/26	USD	50			50,219
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28	USD	50			51,428
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26	USD	100			97,465
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28	USD	100			95,828
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26	USD	100			97,532
Turkiye Vakiflar Bankasi TAO 144A 6.50%, 01/08/26	USD	100			99,721
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31	USD	100			99,927
					592,120
United Arab Emirates: 0.6%
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26	USD	100			99,461

See Notes to Financial Statements

67

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s)		Value
United Arab Emirates (continued)
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29	USD	100	$	94,724
				194,185
United Kingdom: 10.3%
Ardonagh Finco Ltd. 144A 7.75%, 02/15/31	USD	100		98,486
Aston Martin Capital Holdings Ltd. 144A 10.00%, 03/31/29	USD	50		49,020
Avianca Midco 2 Plc 144A 9.00%, 12/01/28	USD	75		70,878
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28	EUR	100		101,011
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26	GBP	100		123,372
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80	EUR	100		103,289
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26	USD	100		96,936
Drax Finco Plc Reg S 2.62%, 11/01/25	EUR	100		104,689
eG Global Finance Plc 144A 12.00%, 11/30/28	USD	100		103,332
Global Auto Holdings Ltd./ AAG FH UK Ltd 144A 8.75%, 01/15/32	USD	50		47,253
Howden UK Refinance Plc / Howden UK Refinance 2 PLC / Howden US Refinance LLC 144A 7.25%, 02/15/31	USD	50		49,399
IHS Holding Ltd. 144A 5.62%, 11/29/26	USD	50		46,091
INEOS Finance Plc Reg S 6.62%, 05/15/28	EUR	100		109,318
INEOS Quattro Finance 2 Plc 144A 9.62%, 03/15/29†	USD	100		105,762
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27	EUR	100		99,203
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28	USD	100		97,297
Jaguar Land Rover Automotive Plc Reg S 4.50%, 07/15/28	EUR	100		105,794
Jerrold Finco Plc Reg S 5.25%, 01/15/27	GBP	100		119,463
Marks & Spencer Plc 144A 7.12%, 12/01/37	USD	40		40,993
Motion Bondco DAC 144A 6.62%, 11/15/27†	USD	100		96,520

	Par   (000’s)		Value
United Kingdom (continued)
NGG Finance Plc Reg S 5.62% (GBP Swap 12 Year+3.48%), 06/18/73	GBP	100	$	123,928
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28	EUR	100		99,519
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29†	USD	100		88,012
Standard Chartered Plc 144A 7.01%, 07/30/37(o)	USD	50		50,698
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25	GBP	100		120,344
Tullow Oil Plc 144A 10.25%, 05/15/26	USD	94		91,655
Vedanta Resources Finance II Plc 144A 13.88%, 12/09/28	USD	84		76,466
Victoria Plc Reg S 3.62%, 08/24/26	EUR	100		88,325
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29	USD	25		22,742
Virgin Media Secured Finance Plc Reg S 4.25%, 01/15/30	GBP	100		106,005
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31	USD	25		20,888
Vmed O2 UK Financing I Plc Reg S 4.00%, 01/31/29	GBP	100		108,635
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	USD	75		76,213
Vodafone Group Plc Reg S
4.88% (GBP Swap 5 Year+3.27%), 10/03/78	GBP	100		122,908
8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86	GBP	100		133,579
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28	USD	50		51,746
				3,149,769
United States: 4.1%
Amer Sports Co. 144A 6.75%, 02/16/31	USD	25		24,641
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27	USD	50		48,415
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	75		69,581
MGM China Holdings Ltd. 144A

See Notes to Financial Statements

68

	Par   (000’s		)	Value
United States (continued)
5.88%, 05/15/26	USD	100		$	98,286
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	92			88,044
Open Text Holdings, Inc. 144A 4.12%, 02/15/30	USD	50			43,977
Playtika Holding Corp. 144A 4.25%, 03/15/29	USD	25			21,534
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR	100			98,837
Ritchie Bros Holdings, Inc. 144A 7.75%, 03/15/31	USD	50			51,919
Sasol Financing USA LLC
4.38%, 09/18/26†	USD	50			47,130
5.50%, 03/18/31	USD	50			41,603
Sigma Holdco BV Reg S 5.75%, 05/15/26	EUR	100			100,294
Stillwater Mining Co. 144A 4.00%, 11/16/26	USD	100			89,586
Telesat Canada / Telesat LLC 144A 6.50%, 10/15/27	USD	25			7,395
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD	75			66,287
5.50%, 01/15/26	USD	25			24,283
5.50%, 10/01/27†	USD	50			47,329
ZF North America Capital, Inc. 144A
6.75%, 04/23/30	USD	125			125,373
6.88%, 04/14/28	USD	50			50,387
7.12%, 04/14/30	USD	100			102,350
					1,247,251
Uzbekistan: 0.1%
Uzbekneftegaz JSC 144A 4.75%, 11/16/28	USD	50			41,975

	Par   (000’s		)	Value
Zambia: 0.3%
First Quantum Minerals Ltd. 144A 6.88%, 10/15/27	USD	100		$	96,292
Total Corporate Bonds (Cost: $32,540,832)					29,729,511
	Number of Shares
COMMON STOCK: 0.0% (Cost: $93,861)
France: 0.0%
Casino Guichard Perrachon SA (EUR) *		32,888			1,008
WARRANTS: 0.0% (Cost: $16,090)
France: 0.0%
Casino Guichard Perrachon SA, EUR 0.17, exp. 04/27/29		32,888			14
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $32,650,783)					29,730,533
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8% (Cost: $860,040)
State Street Navigator Securities Lending Government Money Market Portfolio		860,040			860,040
Total Investments: 100.5% (Cost: $33,510,823)					30,590,573
Liabilities in excess of other assets: (0.5)%					(162,572)
NET ASSETS: 100.0%				$	30,428,001

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
SOFR	Secured Overnight Financing 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 $944,012.

See Notes to Financial Statements

69

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

∞	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. These securities have an aggregate value of $12,746,217, or 41.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		29.1	%	$	8,656,719
Technology		13.0			3,863,134
Energy		11.9			3,525,574
Industrials		11.5			3,426,803
Consumer Cyclicals		8.5			2,515,929
Basic Materials		8.1			2,396,696
Utilities		7.5			2,232,459
Healthcare		5.0			1,496,624
Consumer Non-Cyclicals		2.9			872,599
Real Estate		1.6			464,514
Institutions, Associations & Organizations		0.9			279,482
		100.0	%	$	29,730,533

See Notes to Financial Statements

70

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	356,520	$	—	$	356,520
Australia		—		315,054		—		315,054
Austria		—		53,284		—		53,284
Bermuda		—		155,978		—		155,978
Brazil		—		1,707,547		—		1,707,547
Bulgaria		—		105,282		—		105,282
Burkina Faso		—		23,138		—		23,138
Canada		—		2,591,052		—		2,591,052
Cayman Islands		—		329,163		—		329,163
Chile		—		57,516		—		57,516
China		—		477,131		—		477,131
Colombia		—		777,914		—		777,914
Costa Rica		—		87,385		—		87,385
Cyprus		—		40,213		—		40,213
Czech Republic		—		202,865		—		202,865
Denmark		—		96,128		—		96,128
Finland		—		64,621		—		64,621
France		—		3,104,010		—		3,104,010
Germany		—		1,173,646		—		1,173,646
Ghana		—		96,921		—		96,921
Greece		—		524,492		—		524,492
Guatemala		—		93,444		—		93,444
Hong Kong		—		491,839		—		491,839
India		—		320,241		—		320,241
Indonesia		—		97,438		1,444		98,882
Ireland		—		374,360		—		374,360
Israel		—		269,420		—		269,420
Italy		—		2,049,709		—		2,049,709
Japan		—		485,639		—		485,639
Luxembourg		—		2,033,590		—		2,033,590
Malta		—		83,278		—		83,278
Mauritius		—		215,092		—		215,092
Mexico		—		1,257,593		—		1,257,593
Morocco		—		92,150		—		92,150
Netherlands		—		1,639,966		—		1,639,966
Norway		—		107,131		—		107,131
Panama		—		107,978		—		107,978
Peru		—		185,144		—		185,144
Poland		—		201,236		—		201,236
Portugal		—		310,295		—		310,295
Romania		—		113,204		—		113,204
Singapore		—		77,500		—		77,500
South Africa		—		146,088		—		146,088
Spain		—		687,203		1,340		688,543
Sweden		—		481,432		—		481,432
Switzerland		—		104,982		—		104,982
Tanzania		—		39,323		—		39,323
Turkey		—		592,120		—		592,120
United Arab Emirates		—		194,185		—		194,185
United Kingdom		—		3,149,769		—		3,149,769
United States		—		1,247,251		—		1,247,251
Uzbekistan		—		41,975		—		41,975
Zambia		—		96,292		—		96,292
Common Stock *		—		1,008		—		1,008
Warrants *		14		—		—		14

See Notes to Financial Statements

71

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Money Market Fund		860,040		—		—		860,040
Total Investments	$	860,054	$	29,727,735	$	2,784	$	30,590,573

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

72

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

		Par   (000’s	)	Value
CORPORATE BONDS: 7.4%
Canada: 0.0%
Export Development Canada Reg S 30.00%, 12/05/25	TRY	34,000		$	888,212
Cayman Islands: 0.2%
QNB Finance Ltd. 13.50%, 10/06/25	TRY	30,800			626,460
QNB Finance Ltd. Reg S
3.50%, 03/09/26	CNY	14,100			1,946,565
6.90%, 01/23/25	IDR	45,000,000			2,729,308
					5,302,333
Colombia: 0.1%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP	3,596,000			912,351
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP	4,500,000			1,140,850
					2,053,201
Germany: 0.1%
Kreditanstalt fuer Wiederaufbau 0.62%, 07/25/25	PLN	16,000			3,722,710
Indonesia: 0.4%
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR	43,810,000			2,584,975
6.38%, 03/15/34	IDR	43,510,000			2,562,480
6.88%, 03/15/36	IDR	27,780,000			1,696,705
8.88%, 11/15/31	IDR	54,120,000			3,711,035
Perusahaan Penerbit SBSN Indonesia 5.88%, 07/15/28	IDR	14,260,000			845,052
					11,400,247
Luxembourg: 0.4%
European Investment Bank Reg S
1.00%, 02/25/28	PLN	20,442			4,249,893
3.00%, 11/25/29	PLN	34,250			7,371,330
					11,621,223
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR	82,555			2,603,956
7.50%, 09/15/33	ZAR	11,000			415,031
7.85%, 04/02/26	ZAR	24,350			1,244,738
Transnet SOC Ltd. 9.50%, 08/19/25	ZAR	21,000			1,099,793
Transnet SOC Ltd. Reg S 13.50%, 04/18/28	ZAR	5,150			282,711
					5,646,229
Supranational: 3.2%
European Investment Bank
7.75%, 01/30/25	MXN	25,600			1,460,887
8.12%, 12/21/26	ZAR	202,095			10,599,890

		Par   (000’s	)	Value
Supranational (continued)
European Investment Bank 144A 5.75%, 01/24/25	IDR	51,750,000		$	3,157,052
European Investment Bank Reg S
2.75%, 08/25/26	PLN	55,008			12,777,223
8.00%, 05/05/27	ZAR	17,585			916,079
Inter-American Development Bank 7.50%, 12/05/24	MXN	387,765			22,366,725
International Finance Corp.
7.00%, 07/20/27	MXN	206,160			10,947,769
7.50%, 01/18/28	MXN	117,900			6,349,723
7.75%, 01/18/30	MXN	167,130			8,882,310
8.00%, 07/27/27	ZAR	3,050			158,327
International Finance Corp. Reg S 8.38%, 05/31/29	MXN	214,440			11,736,263
					89,352,248
United Kingdom: 1.6%
European Bank for Reconstruction & Development
0.87%, 03/04/26	PLN	7,000			1,567,479
3.70%, 02/02/26	CZK	114,000			4,790,336
4.25%, 02/07/28	IDR	47,900,000			2,711,682
5.67%, 11/04/24	CZK	44,200			1,887,928
6.50%, 05/19/25	PLN	6,100			1,516,585
8.00%, 06/24/24	PLN	4,000			993,451
30.00%, 08/25/25	TRY	117,100			3,151,734
European Bank for Reconstruction & Development Reg S
0.37%, 12/22/24	PLN	15,870			3,801,693
3.01%, 03/13/28	PLN	20,740			4,630,417
5.08%, 12/15/25	MXN	339,790			18,172,817
					43,224,122
United States: 1.2%
International Bank for Reconstruction & Development
2.00%, 02/18/26	CNY	30,000			4,081,340
2.75%, 01/19/27	CNY	21,000			2,900,812
4.25%, 01/22/26	MXN	155,000			8,189,615
4.60%, 02/09/26	IDR	41,600,000			2,470,416
5.30%, 06/25/30	MXN	45,000			2,065,058
5.73%, 08/02/27	PLN	3,600			888,680
7.25%, 01/21/27	MXN	166,000			8,975,311
International Finance Corp. 5.02%, 02/11/28	MXN	40,000			2,012,419
					31,583,651
Total Corporate Bonds (Cost: $217,713,669)					204,794,176

See Notes to Financial Statements

73

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

		Par   (000’s	)	Value
GOVERNMENT OBLIGATIONS: 90.8%
Brazil: 7.8%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/25 ^	BRL	129,310		$	22,228,528
0.00%, 01/01/26 ^	BRL	190,450			31,010,888
0.00%, 07/01/26 ^	BRL	218,990			33,800,485
0.00%, 07/01/27 ^	BRL	107,680			14,862,952
0.00%, 01/01/28 ^	BRL	22,300			2,901,545
0.00%, 01/01/30 ^	BRL	15,860			1,652,719
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL	137,105			26,351,363
10.00%, 01/01/27	BRL	141,530			26,706,698
10.00%, 01/01/29	BRL	156,260			28,705,124
10.00%, 01/01/31	BRL	71,140			12,720,772
10.00%, 01/01/33	BRL	72,650			12,794,538
10.00%, 01/01/35	BRL	16,690			2,906,572
					216,642,184
Chile: 4.1%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP	23,535,000			24,000,082
4.50%, 03/01/26	CLP	14,215,000			14,578,909
5.00%, 03/01/35	CLP	17,640,000			16,959,866
6.00%, 01/01/43	CLP	14,550,000			15,280,005
Bonos de la Tesoreria de la Republica de Chile 144A Reg S
2.30%, 10/01/28	CLP	4,450,000			4,014,282
4.70%, 09/01/30	CLP	17,095,000			16,649,633
5.00%, 10/01/28	CLP	6,415,000			6,452,091
6.00%, 04/01/33	CLP	11,705,000			12,252,982
7.00%, 05/01/34	CLP	4,135,000			4,636,453
					114,824,303
China: 9.7%
Asian Infrastructure Investment Bank Reg S
5.00%, 03/05/26	MXN	55,650			2,924,560
30.00%, 09/29/27	TRY	17,000			525,072
China Government Bond
1.99%, 04/09/25	CNY	44,670			6,180,649
2.18%, 08/25/25	CNY	32,760			4,541,575
2.18%, 08/15/26	CNY	7,300			1,012,327
2.24%, 05/25/25	CNY	15,880			2,203,909
2.26%, 02/24/25	CNY	23,030			3,193,683
2.28%, 11/25/25	CNY	22,480			3,121,849
2.30%, 05/15/26	CNY	32,200			4,474,021
2.35%, 02/25/34	CNY	11,140			1,546,124
2.37%, 01/20/27	CNY	14,920			2,078,716
2.37%, 01/15/29	CNY	23,830			3,325,768
2.39%, 11/15/26	CNY	44,360			6,176,209
2.40%, 07/15/28	CNY	12,110			1,686,600
2.44%, 10/15/27	CNY	30,380			4,240,462
2.46%, 02/15/26	CNY	2,120			295,383
2.48%, 04/15/27	CNY	33,690			4,708,681
2.48%, 09/25/28	CNY	7,680			1,073,281
2.50%, 07/25/27	CNY	15,300			2,138,881
2.52%, 08/25/33	CNY	41,120			5,750,448

		Par   (000’s	)	Value
China (continued)
2.54%, 12/25/30	CNY	32,740		$	4,587,822
2.55%, 10/15/28	CNY	32,830			4,606,282
2.60%, 09/15/30	CNY	34,620			4,866,500
2.60%, 09/01/32	CNY	27,380			3,840,895
2.62%, 04/15/28	CNY	45,690			6,416,997
2.62%, 09/25/29	CNY	30,420			4,284,411
2.62%, 06/25/30	CNY	21,300			2,992,860
2.64%, 01/15/28	CNY	32,920			4,624,701
2.67%, 05/25/33	CNY	24,480			3,465,379
2.67%, 11/25/33	CNY	43,510			6,166,165
2.68%, 05/21/30	CNY	53,680			7,575,741
2.69%, 08/12/26	CNY	59,690			8,371,668
2.69%, 08/15/32	CNY	28,640			4,053,586
2.75%, 06/15/29	CNY	29,140			4,126,459
2.75%, 02/17/32	CNY	33,470			4,754,451
2.76%, 05/15/32	CNY	25,610			3,638,669
2.79%, 12/15/29	CNY	28,690			4,079,287
2.80%, 03/24/29	CNY	32,040			4,550,339
2.80%, 03/25/30	CNY	30,310			4,310,642
2.80%, 11/15/32	CNY	40,910			5,850,926
2.85%, 06/04/27	CNY	47,560			6,726,849
2.88%, 02/25/33	CNY	50,990			7,323,323
2.89%, 11/18/31	CNY	26,790			3,841,708
2.91%, 10/14/28	CNY	56,230			8,012,548
3.00%, 10/15/53	CNY	11,040			1,670,972
3.01%, 05/13/28	CNY	43,950			6,286,510
3.02%, 10/22/25	CNY	43,840			6,156,694
3.02%, 05/27/31	CNY	48,940			7,070,858
3.03%, 03/11/26	CNY	21,530			3,036,371
3.12%, 12/05/26	CNY	27,190			3,872,213
3.12%, 10/25/52	CNY	23,610			3,562,525
3.13%, 11/21/29	CNY	31,030			4,499,601
3.19%, 04/15/53	CNY	11,960			1,860,693
3.22%, 12/06/25	CNY	26,380			3,726,178
3.25%, 06/06/26	CNY	39,530			5,618,555
3.25%, 11/22/28	CNY	31,310			4,547,066
3.27%, 11/19/30	CNY	46,630			6,867,337
3.28%, 12/03/27	CNY	43,100			6,228,874
3.29%, 05/23/29	CNY	35,560			5,200,363
3.32%, 04/15/52	CNY	17,770			2,774,708
3.53%, 10/18/51	CNY	17,720			2,853,800
3.72%, 04/12/51	CNY	22,020			3,658,932
3.81%, 09/14/50	CNY	36,040			6,052,996
					269,811,652
Colombia: 5.1%
Colombian TES
5.75%, 11/03/27	COP	40,675,500			9,174,891
6.00%, 04/28/28	COP	68,729,100			15,412,152
6.25%, 11/26/25	COP	21,797,000			5,378,820
6.25%, 07/09/36	COP	25,375,000			4,539,708
7.00%, 03/26/31	COP	63,143,000			13,701,062
7.00%, 06/30/32	COP	57,832,200			12,117,986
7.25%, 10/18/34	COP	57,618,700			11,769,129
7.25%, 10/26/50	COP	58,709,200			10,205,840
7.50%, 08/26/26	COP	61,969,100			15,168,409
7.75%, 09/18/30	COP	45,373,100			10,368,109
9.25%, 05/28/42	COP	78,751,400			17,316,700

See Notes to Financial Statements

74

		Par   (000’s	)	Value
Colombia (continued)
13.25%, 02/09/33	COP	53,417,000		$	15,749,245
					140,902,051
Czech Republic: 5.6%
Czech Republic Government Bond
0.01%, 12/12/24	CZK	51,240			2,115,547
0.05%, 11/29/29	CZK	116,100			3,927,520
0.25%, 02/10/27	CZK	249,610			9,531,509
1.20%, 03/13/31	CZK	264,530			9,229,151
1.25%, 02/14/25	CZK	170,790			7,084,451
1.50%, 04/24/40	CZK	118,760			3,397,099
1.75%, 06/23/32	CZK	263,020			9,260,697
1.95%, 07/30/37	CZK	87,970			2,835,808
2.00%, 10/13/33	CZK	256,210			8,985,993
2.75%, 07/23/29	CZK	253,340			10,028,864
3.50%, 05/30/35	CZK	139,850			5,512,021
4.50%, 11/11/32	CZK	115,190			4,960,816
4.90%, 04/14/34	CZK	118,370			5,258,643
5.00%, 09/30/30	CZK	260,910			11,557,806
5.50%, 12/12/28	CZK	172,870			7,736,659
5.75%, 03/29/29	CZK	112,550			5,096,356
6.00%, 02/26/26	CZK	155,310			6,808,032
6.20%, 06/16/31	CZK	65,070			3,089,709
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK	253,910			8,929,158
1.00%, 06/26/26	CZK	254,190			10,099,564
2.40%, 09/17/25	CZK	141,280			5,855,502
2.50%, 08/25/28	CZK	258,820			10,266,377
4.20%, 12/04/36	CZK	134,730			5,651,781
					157,219,063
Dominican Republic: 1.2%
Dominican Republic International Bond 144A
9.75%, 06/05/26	DOP	141,100			2,430,043
11.25%, 09/15/35	DOP	442,000			7,988,723
13.62%, 02/03/33	DOP	858,450			17,547,472
Dominican Republic International Bond Reg S
9.75%, 06/05/26	DOP	115,390			1,987,262
11.25%, 09/15/35	DOP	92,000			1,662,811
13.62%, 02/03/33	DOP	124,680			2,548,569
					34,164,880
Hungary: 4.6%
Hungary Government Bond
1.00%, 11/26/25	HUF	3,916,650			9,755,133
1.50%, 04/22/26	HUF	3,509,920			8,624,638
1.50%, 08/26/26	HUF	2,510,970			6,057,080
2.00%, 05/23/29	HUF	2,893,980			6,227,882
2.25%, 04/20/33 †	HUF	4,179,360			7,834,027
2.25%, 06/22/34	HUF	1,156,250			2,083,776
2.75%, 12/22/26	HUF	2,760,100			6,759,459
3.00%, 10/27/27	HUF	3,626,420			8,669,298
3.00%, 08/21/30	HUF	3,705,860			8,046,771

		Par   (000’s	)	Value
Hungary (continued)
3.00%, 10/27/38	HUF	2,878,280		$	5,043,979
3.00%, 04/25/41	HUF	1,741,540			2,886,779
3.25%, 10/22/31	HUF	4,380,830			9,348,595
4.50%, 03/23/28	HUF	1,733,510			4,326,780
4.75%, 11/24/32	HUF	3,877,500			9,023,065
5.50%, 06/24/25	HUF	3,096,250			8,311,016
6.75%, 10/22/28	HUF	5,476,420			14,730,590
7.00%, 10/24/35	HUF	980,700			2,678,552
9.50%, 10/21/26	HUF	2,220,770			6,369,451
					126,776,871
Indonesia: 8.3%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR	139,525,000			8,151,288
5.50%, 04/15/26	IDR	119,425,000			7,125,620
6.12%, 05/15/28	IDR	94,862,000			5,618,545
6.25%, 06/15/36	IDR	61,540,000			3,517,358
6.38%, 08/15/28	IDR	120,425,000			7,205,229
6.38%, 04/15/32	IDR	195,160,000			11,437,995
6.38%, 07/15/37	IDR	26,400,000			1,534,425
6.50%, 06/15/25	IDR	66,190,000			4,028,390
6.50%, 02/15/31	IDR	215,987,000			12,709,005
6.62%, 05/15/33	IDR	111,933,000			6,742,459
6.62%, 02/15/34	IDR	97,330,000			5,735,646
6.88%, 04/15/29	IDR	107,838,000			6,562,964
7.00%, 05/15/27	IDR	132,588,000			8,177,371
7.00%, 09/15/30	IDR	198,855,000			12,109,129
7.00%, 02/15/33	IDR	189,288,000			11,624,856
7.12%, 06/15/38	IDR	97,670,000			5,973,067
7.12%, 06/15/42	IDR	132,582,000			8,064,648
7.12%, 06/15/43	IDR	80,490,000			4,934,765
7.50%, 08/15/32	IDR	73,230,000			4,587,909
7.50%, 06/15/35	IDR	171,710,000			10,791,140
7.50%, 05/15/38	IDR	80,299,000			5,072,738
7.50%, 04/15/40	IDR	174,232,000			11,002,303
8.25%, 05/15/29	IDR	134,761,000			8,664,063
8.25%, 06/15/32	IDR	53,204,000			3,504,396
8.25%, 05/15/36	IDR	118,525,000			7,890,605
8.38%, 09/15/26	IDR	164,002,000			10,377,572
8.38%, 03/15/34	IDR	171,488,000			11,400,859
8.38%, 04/15/39	IDR	68,343,000			4,654,620
8.75%, 05/15/31	IDR	82,227,000			5,474,544
9.00%, 03/15/29	IDR	108,742,000			7,190,010
9.50%, 07/15/31	IDR	30,011,000			2,096,894
10.50%, 08/15/30	IDR	47,802,000			3,454,454
11.00%, 09/15/25	IDR	32,382,000			2,109,259
					229,524,126
Malaysia: 8.0%
Malaysia Government Bond
2.63%, 04/15/31	MYR	30,381			5,872,788
3.50%, 05/31/27	MYR	28,227			5,892,498
3.52%, 04/20/28	MYR	20,177			4,192,303
3.58%, 07/15/32	MYR	23,676			4,820,503
3.73%, 06/15/28	MYR	29,550			6,176,365
3.76%, 05/22/40	MYR	36,563			7,306,372
3.83%, 07/05/34	MYR	23,503			4,841,182
3.88%, 03/14/25	MYR	22,046			4,639,076
3.88%, 08/15/29	MYR	28,237			5,943,031

See Notes to Financial Statements

75

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

		Par   (000’s	)	Value
Malaysia (continued)
3.90%, 11/30/26	MYR	29,656		$	6,265,120
3.90%, 11/16/27	MYR	31,535			6,670,443
3.91%, 07/15/26	MYR	26,697			5,637,139
3.96%, 09/15/25	MYR	28,023			5,910,277
4.07%, 06/15/50	MYR	34,997			7,093,182
4.25%, 05/31/35	MYR	20,043			4,275,924
4.46%, 03/31/53	MYR	20,003			4,299,456
4.50%, 04/30/29	MYR	12,163			2,628,453
4.64%, 11/07/33	MYR	29,435			6,483,339
4.70%, 10/15/42	MYR	29,908			6,646,384
4.76%, 04/07/37	MYR	32,559			7,292,886
4.89%, 06/08/38	MYR	31,450			7,132,840
4.92%, 07/06/48	MYR	20,722			4,769,626
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR	30,362			6,311,102
3.45%, 07/15/36	MYR	27,171			5,380,537
3.46%, 10/15/30	MYR	35,044			7,170,297
3.60%, 07/31/28	MYR	27,437			5,718,279
3.73%, 03/31/26	MYR	31,154			6,558,286
3.99%, 10/15/25	MYR	31,634			6,680,486
4.07%, 09/30/26	MYR	33,397			7,073,472
4.13%, 08/15/25	MYR	22,474			4,751,447
4.13%, 07/09/29	MYR	28,708			6,107,677
4.19%, 10/07/32	MYR	27,884			5,944,765
4.25%, 09/30/30	MYR	27,767			5,947,181
4.26%, 07/26/27	MYR	14,615			3,117,646
4.29%, 08/14/43	MYR	26,148			5,527,330
4.37%, 10/31/28	MYR	31,945			6,862,310
4.42%, 09/30/41	MYR	26,178			5,688,248
4.47%, 09/15/39	MYR	29,250			6,397,449
4.66%, 03/31/38	MYR	13,575			3,030,474
					223,056,173
Mexico: 5.3%
Mexican Bonos
5.00%, 03/06/25	MXN	10,043			562,493
5.50%, 03/04/27	MXN	294,232			15,260,317
5.75%, 03/05/26	MXN	7,511			404,757
7.00%, 09/03/26	MXN	12,487			679,092
7.50%, 06/03/27	MXN	214,120			11,641,522
7.50%, 05/26/33	MXN	338,328			16,945,887
7.75%, 05/29/31	MXN	478,957			24,927,056
7.75%, 11/23/34	MXN	154,640			7,775,433
7.75%, 11/13/42	MXN	393,023			18,632,887
8.00%, 05/24/35	MXN	29,484			1,501,774
8.00%, 11/07/47	MXN	309,675			14,894,956
8.00%, 07/31/53	MXN	273,988			13,048,862
8.50%, 03/01/29	MXN	26,533			1,465,688
8.50%, 05/31/29	MXN	35,737			1,969,005
8.50%, 11/18/38	MXN	253,811			13,211,272
10.00%, 11/20/36	MXN	89,619			5,286,099
					148,207,100
Peru: 4.3%
Peru Government Bond
5.35%, 08/12/40	PEN	36,729			7,864,946
5.40%, 08/12/34	PEN	54,690			12,621,022
5.94%, 02/12/29	PEN	60,877			16,189,251
6.15%, 08/12/32	PEN	67,510			17,019,100

		Par   (000’s	)	Value
Peru (continued)
6.35%, 08/12/28	PEN	39,090		$	10,630,175
6.90%, 08/12/37	PEN	65,489			16,607,247
6.95%, 08/12/31	PEN	63,627			17,129,569
8.20%, 08/12/26	PEN	23,922			6,750,481
Peru Government Bond 144A Reg S 7.30%, 08/12/33	PEN	57,058			15,344,973
					120,156,764
Philippines: 0.1%
Asian Development Bank 2.50%, 02/15/27	CNY	14,000			1,914,239
Poland: 5.0%
Republic of Poland Government Bond
0.01%, 10/25/25	PLN	19,832			4,548,080
0.25%, 10/25/26	PLN	45,975			10,055,462
0.75%, 04/25/25	PLN	17,284			4,098,401
1.25%, 10/25/30	PLN	70,288			13,361,651
1.75%, 04/25/32	PLN	65,022			12,095,573
2.50%, 07/25/26	PLN	17,354			4,040,339
2.50%, 07/25/27	PLN	50,849			11,511,845
2.75%, 04/25/28	PLN	39,621			8,866,005
2.75%, 10/25/29	PLN	49,284			10,604,592
3.25%, 07/25/25	PLN	53,429			12,898,067
3.75%, 05/25/27	PLN	46,071			10,870,686
4.75%, 07/25/29	PLN	10,530			2,508,218
6.00%, 10/25/33 †	PLN	74,192			18,702,686
7.50%, 07/25/28	PLN	52,316			13,856,881
					138,018,486
Romania: 5.0%
Romania Government Bond
2.50%, 10/25/27	RON	25,805			4,913,694
3.25%, 06/24/26	RON	30,945			6,288,668
3.50%, 11/25/25	RON	24,525			5,083,084
3.65%, 07/28/25	RON	27,710			5,792,927
3.65%, 09/24/31	RON	30,410			5,375,251
4.15%, 01/26/28	RON	30,355			6,072,826
4.15%, 10/24/30	RON	29,360			5,507,475
4.25%, 04/28/36	RON	24,340			4,106,699
4.75%, 02/24/25	RON	30,005			6,383,662
4.75%, 10/11/34	RON	30,545			5,526,873
4.85%, 04/22/26	RON	29,140			6,128,034
4.85%, 07/25/29	RON	29,700			5,937,461
5.00%, 02/12/29	RON	30,300			6,115,637
5.80%, 07/26/27	RON	31,050			6,584,448
6.70%, 02/25/32	RON	31,420			6,720,927
7.20%, 10/28/26	RON	26,810			5,877,649
7.20%, 05/31/27	RON	22,950			5,052,776
7.20%, 10/30/33	RON	23,740			5,229,583
7.35%, 04/28/31	RON	27,160			6,064,484
7.90%, 02/24/38	RON	27,150			6,318,598
8.00%, 04/29/30	RON	31,465			7,185,379
8.25%, 09/29/32	RON	33,685			7,854,683
8.75%, 10/30/28	RON	33,570			7,830,773
					137,951,591
Serbia: 1.2%
Serbia Treasury Bonds

See Notes to Financial Statements

76

		Par   (000’s	)	Value
Serbia (continued)
4.50%, 01/11/26	RSD	893,170		$	8,158,555
4.50%, 08/20/32	RSD	1,376,600			11,486,469
5.88%, 02/08/28	RSD	916,540			8,635,690
7.00%, 10/26/31	RSD	671,170			6,553,897
					34,834,611
South Africa: 6.1%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR	153,418			5,131,812
6.50%, 02/28/41	ZAR	136,125			4,194,537
7.00%, 02/28/31	ZAR	282,863			12,062,748
8.00%, 01/31/30	ZAR	518,920			24,476,009
8.25%, 03/31/32	ZAR	453,345			20,034,599
8.50%, 01/31/37	ZAR	428,691			17,019,583
8.75%, 01/31/44	ZAR	370,842			13,974,772
8.75%, 02/28/48	ZAR	615,392			23,097,240
8.88%, 02/28/35	ZAR	463,695			19,839,621
9.00%, 01/31/40	ZAR	361,678			14,351,406
10.50%, 12/21/26	ZAR	213,494			11,609,989
11.62%, 03/31/53	ZAR	56,346			2,749,745
					168,542,061
Thailand: 7.2%
Thailand Government Bond
0.95%, 06/17/25	THB	315,374			8,379,895
1.00%, 06/17/27	THB	422,785			10,923,409
1.45%, 12/17/24	THB	335,588			9,007,721
1.58%, 12/17/35	THB	291,502			6,881,073
1.60%, 12/17/29	THB	285,607			7,309,327
1.60%, 06/17/35	THB	157,709			3,762,525
2.00%, 12/17/31	THB	401,247			10,316,741
2.00%, 06/17/42	THB	209,406			4,746,846
2.12%, 12/17/26	THB	331,221			8,881,629
2.25%, 03/17/27	THB	340,940			9,159,046
2.35%, 06/17/26	THB	326,797			8,817,209
2.40%, 03/17/29	THB	240,887			6,454,046
2.65%, 06/17/28	THB	377,257			10,231,557
2.80%, 06/17/34	THB	87,585			2,376,482
2.88%, 12/17/28	THB	277,367			7,596,560
2.88%, 06/17/46	THB	251,454			6,334,694
3.30%, 06/17/38	THB	348,985			9,707,596
3.35%, 06/17/33	THB	343,006			9,687,249
3.39%, 06/17/37	THB	317,083			8,939,010
3.40%, 06/17/36	THB	278,253			7,840,521
3.45%, 06/17/43	THB	272,440			7,529,022
3.65%, 06/20/31	THB	276,526			7,929,592
3.77%, 06/25/32	THB	376,151			10,919,534
3.85%, 12/12/25	THB	287,664			7,940,997

		Par   (000’s	)	Value
Thailand (continued)
4.88%, 06/22/29	THB	309,086		$	9,255,169
					200,927,450
Turkey: 1.0%
Turkiye Government Bond
8.00%, 03/12/25	TRY	19,055			456,122
10.50%, 08/11/27	TRY	126,924			2,356,071
10.60%, 02/11/26	TRY	43,918			892,901
11.00%, 02/24/27	TRY	32,279			622,619
11.70%, 11/13/30	TRY	108,464			2,016,751
12.40%, 03/08/28	TRY	286,861			5,621,772
12.60%, 10/01/25	TRY	15,234			335,721
16.90%, 09/02/26	TRY	88,213			1,954,900
17.30%, 07/19/28	TRY	236,865			5,589,389
17.80%, 07/13/33	TRY	182,425			4,102,302
26.20%, 10/05/33	TRY	112,560			3,473,119
					27,421,667
Uruguay: 1.2%
Uruguay Government International Bond
8.25%, 05/21/31	UYU	850,945			21,170,941
9.75%, 07/20/33	UYU	268,980			7,317,006
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU	25,635			657,265
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU	174,926			4,484,989
					33,630,201
Total Government Obligations (Cost: $2,760,257,039)					2,524,525,473
Total Investments Before Collateral for Securities Loaned: 98.2% (Cost: $2,977,970,708)					2,729,319,649
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%
Money Market Fund: 0.2% (Cost: $5,691,051)
State Street Navigator Securities Lending Government Money Market Portfolio		5,691,051			5,691,051
Total Investments: 98.4% (Cost: $2,983,661,759)					2,735,010,700
Other assets less liabilities: 1.6%					43,665,481
NET ASSETS: 100.0%				$	2,778,676,181

See Notes to Financial Statements

77

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
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 $5,532,214.
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. These securities have an aggregate value of $91,130,969, or 3.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Government		92.9	%	$	2,535,925,720
Financials		6.8			186,835,349
Utilities		0.2			5,176,076
Industrials		0.1			1,382,504
		100.0	%	$	2,729,319,649

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	204,794,176	$	—	$	204,794,176
Government Obligations *		—		2,524,525,473		—		2,524,525,473
Money Market Fund		5,691,051		—		—		5,691,051
Total Investments	$	5,691,051	$	2,729,319,649	$	—	$	2,735,010,700

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

78

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 98.2%
Bermuda: 0.2%
Arch Capital Group Ltd. 3.63%, 06/30/50	$	25		$	17,368
Canada: 6.1%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		40			37,669
3.80%, 01/25/50		25			18,176
Bank of Nova Scotia
4.50%, 12/16/25		50			48,906
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37		50			44,152
Canadian Natural Resources Ltd. 3.85%, 06/01/27		25			23,794
Canadian Pacific Railway Co. 1.75%, 12/02/26		25			22,809
CI Financial Corp.
3.20%, 12/17/30		25			19,917
4.10%, 06/15/51		25			14,701
Emera US Finance LP 4.75%, 06/15/46		50			39,025
Enbridge, Inc.
2.50%, 08/01/33		25			19,328
3.12%, 11/15/29		75			66,666
4.25%, 12/01/26		25			24,240
8.50% (US Treasury Yield Curve Rate T 5 Year+4.43%), 01/15/84		50			52,877
Fortis, Inc. 3.06%, 10/04/26		25			23,550
Toronto-Dominion Bank 8.12% (US Treasury Yield Curve Rate T 5 Year+4.08%), 10/31/82		50			51,540
					507,350
France: 6.6%
BNP Paribas SA 144A 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35		75			60,490
4.38%, 09/28/25		25			24,421
Credit Agricole SA 144A 6.25% (SOFR+2.67%), 01/10/35		50			49,471
Societe Generale SA 144A 1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26		50			46,436
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		50			45,705
3.00%, 01/22/30		100			85,330
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33		50			40,951
3.62%, 03/01/41		125			82,505

	Par   (000 ’s		)	Value
France (continued)
4.75%, 11/24/25	$	50		$	48,803
4.75%, 09/14/28		50			48,114
6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35		25			24,437
					556,663
Italy: 2.0%
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33		25			25,198
7.00%, 11/21/25		50			50,638
7.20%, 11/28/33		50			52,280
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32		50			41,318
					169,434
Mexico: 0.7%
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51		50			36,781
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		25			22,858
					59,639
Netherlands: 3.2%
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			86,506
Deutsche Telekom International Finance BV 144A 4.38%, 06/21/28		25			24,039
Enel Finance International NV 144A 6.80%, 10/14/25		25			25,427
Prosus NV 144A
3.06%, 07/13/31		50			40,094
3.68%, 01/21/30		25			21,531
4.99%, 01/19/52		100			72,875
					270,472
Norway: 0.3%
Var Energi ASA 144A 8.00%, 11/15/32		25			27,530
United Kingdom: 1.0%
Ferguson Finance Plc 144A 4.50%, 10/24/28		25			24,080
HSBC Holdings Plc 6.50%, 09/15/37		25			25,253
Lloyds Banking Group Plc 3.37% (US Treasury Yield Curve Rate T 5 Year+1.50%), 12/14/46		50			33,882
					83,215
United States: 78.1%
Alcon Finance Corp. 144A 3.00%, 09/23/29		25			22,193
Altria Group, Inc. 3.40%, 05/06/30		25			22,191

See Notes to Financial Statements

79

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
3.88%, 09/16/46	$	75		$	53,178
4.25%, 08/09/42		50			39,042
4.80%, 02/14/29		75			72,819
5.80%, 02/14/39		50			48,855
5.95%, 02/14/49 †		25			24,134
Ares Capital Corp.
2.15%, 07/15/26		25			22,963
3.25%, 07/15/25		25			24,114
3.88%, 01/15/26		50			48,158
AT&T, Inc.
3.65%, 09/15/59		100			64,926
3.85%, 06/01/60		75			50,829
BAT Capital Corp. 3.73%, 09/25/40		50			36,238
Becton Dickinson & Co. 3.70%, 06/06/27		50			47,486
Berry Global, Inc. 1.57%, 01/15/26		50			46,590
Berry Global, Inc. 144A 4.88%, 07/15/26		25			24,489
Blue Owl Capital Corp. 3.40%, 07/15/26		50			46,898
Brighthouse Financial, Inc. 4.70%, 06/22/47		25			19,031
Broadcom, Inc.
3.15%, 11/15/25		50			48,186
4.15%, 11/15/30		50			46,158
Broadcom, Inc. 144A
1.95%, 02/15/28		50			43,958
3.42%, 04/15/33		50			42,007
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34		75			75,522
Carlisle Cos, Inc. 2.75%, 03/01/30		25			21,554
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31		25			21,297
Centene Corp.
2.62%, 08/01/31		75			60,080
3.38%, 02/15/30		75			65,404
4.62%, 12/15/29		75			69,902
CF Industries, Inc. 144A 4.50%, 12/01/26		25			24,196
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,874
2.30%, 02/01/32		50			37,284
2.80%, 04/01/31		25			19,863
4.91%, 07/23/25		75			73,992
5.05%, 03/30/29		75			70,861
5.12%, 07/01/49		20			14,665
5.38%, 04/01/38		50			41,451
5.38%, 05/01/47		75			57,370
6.48%, 10/23/45		75			66,435

	Par   (000’s		)	Value
United States (continued)
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29	$	50		$	45,435
5.12%, 06/30/27		25			24,652
Cheniere Energy, Inc. 4.62%, 10/15/28		25			23,917
Cigna Group 3.40%, 03/15/50		75			50,026
Citigroup, Inc. 5.83% (SOFR+2.06%), 02/13/35		75			72,215
Columbia Pipeline Group, Inc. 4.50%, 06/01/25		25			24,620
Conagra Brands, Inc.
4.85%, 11/01/28 †		50			48,414
5.30%, 11/01/38		50			45,838
Constellation Brands, Inc. 2.25%, 08/01/31		50			40,057
Deutsche Bank AG
2.13% (SOFR+1.87%), 11/24/26		50			47,059
3.74% (SOFR+2.26%), 01/07/33		75			60,306
Equinix, Inc.
2.15%, 07/15/30		25			20,384
3.20%, 11/18/29		25			22,050
3.90%, 04/15/32		25			22,118
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52		50			30,202
Fiserv, Inc.
3.20%, 07/01/26		50			47,636
3.85%, 06/01/25		50			48,998
4.20%, 10/01/28		50			47,392
5.45%, 03/02/28		75			74,805
5.62%, 08/21/33		25			24,823
Gartner, Inc. 144A 3.75%, 10/01/30		25			21,781
General Mills, Inc.
2.88%, 04/15/30		50			43,554
4.95%, 03/29/33 †		25			23,961
GLP Capital LP / GLP Financing II, Inc. 5.30%, 01/15/29		25			24,288
HCA, Inc.
4.12%, 06/15/29		50			46,470
5.12%, 06/15/39		50			45,112
5.25%, 06/15/26		25			24,748
5.25%, 06/15/49		50			43,295
5.50%, 06/15/47		50			44,988
International Flavors & Fragrances, Inc. 5.00%, 09/26/48		50			41,287
International Flavors & Fragrances, Inc. 144A 1.83%, 10/15/27		75			65,788
IQVIA, Inc.

See Notes to Financial Statements

80

	Par   (000’s		)	Value
United States (continued)
6.25%, 02/01/29	$	25		$	25,428
ITC Holdings Corp. 144A 4.95%, 09/22/27		25			24,481
J M Smucker Co. 6.20%, 11/15/33		25			25,836
Kellanova 3.25%, 04/01/26		25			23,984
Keurig Dr Pepper, Inc. 5.10%, 03/15/27		50			49,664
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		25			23,439
4.05%, 04/15/32		50			45,411
KeyCorp 2.55%, 10/01/29		50			41,505
Kraft Heinz Foods Co.
3.00%, 06/01/26		50			47,741
5.00%, 06/04/42		25			22,343
5.20%, 07/15/45		50			45,114
6.88%, 01/26/39		25			27,256
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		50			55,258
Lowe’s Cos, Inc.
4.40%, 09/08/25		25			24,651
4.45%, 04/01/62		25			19,116
5.80%, 09/15/62		25			23,995
LPL Holdings, Inc. 144A 4.00%, 03/15/29		25			22,679
Marathon Petroleum Corp. 4.70%, 05/01/25		25			24,751
McCormick & Co., Inc. 3.40%, 08/15/27		25			23,450
McDonald’s Corp.
2.12%, 03/01/30		150			126,224
3.50%, 07/01/27		50			47,401
3.62%, 09/01/49		50			35,796
MetLife, Inc. 144A 9.25%, 04/08/38		25			28,789
Mondelez International, Inc.
1.50%, 05/04/25		25			23,985
2.75%, 04/13/30		25			21,668
3.00%, 03/17/32		25			21,078
MPLX LP 4.88%, 06/01/25		25			24,769
MSCI, Inc. 144A 3.62%, 09/01/30		25			21,785
NextEra Energy Capital Holdings, Inc. 2.25%, 06/01/30		25			20,766
Oracle Corp.
3.60%, 04/01/40		75			56,229
3.80%, 11/15/37		50			40,068
3.85%, 07/15/36		50			40,986
3.85%, 04/01/60		75			49,971
3.95%, 03/25/51 †		50			35,746
4.00%, 07/15/46		50			37,067
4.10%, 03/25/61		50			34,812
4.38%, 05/15/55		50			37,771
5.38%, 07/15/40		50			46,182

	Par   (000’s		)	Value
United States (continued)
6.12%, 07/08/39	$	25		$	25,140
Pacific Gas and Electric Co.
2.10%, 08/01/27		75			66,818
2.50%, 02/01/31		50			40,564
3.25%, 06/01/31		50			42,318
3.50%, 08/01/50 †		50			32,093
3.75%, 07/01/28		50			46,134
4.50%, 07/01/40		50			40,611
4.95%, 07/01/50 †		75			61,055
6.75%, 01/15/53 †		25			25,793
6.95%, 03/15/34		25			26,434
Republic Services, Inc.
1.75%, 02/15/32		25			19,270
3.95%, 05/15/28		50			47,561
Reynolds American, Inc. 5.85%, 08/15/45		75			67,650
Sherwin-Williams Co. 3.45%, 06/01/27		50			47,226
Southern Co. 3.70%, 04/30/30		50			45,275
Sprint Capital Corp. 6.88%, 11/15/28		50			52,402
Sprint LLC 7.62%, 03/01/26		75			77,020
Time Warner Cable LLC
4.50%, 09/15/42		50			35,210
5.50%, 09/01/41		50			39,833
7.30%, 07/01/38		100			97,235
T-Mobile USA, Inc.
2.05%, 02/15/28		50			44,216
2.55%, 02/15/31		50			41,488
3.38%, 04/15/29		75			68,137
3.60%, 11/15/60		50			32,780
3.75%, 04/15/27		100			95,313
3.88%, 04/15/30		60			54,927
4.38%, 04/15/40		50			42,619
4.85%, 01/15/29		50			48,753
Tyson Foods, Inc.
4.00%, 03/01/26		25			24,278
4.55%, 06/02/47		50			39,518
5.10%, 09/28/48		25			21,409
United Rentals North America, Inc. 144A 6.00%, 12/15/29		25			24,769
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,497
Verizon Communications, Inc.
0.85%, 11/20/25		25			23,254
2.10%, 03/22/28		50			44,285
2.35%, 03/15/32 †		100			79,827
2.55%, 03/21/31		50			41,517
3.00%, 03/22/27		50			46,882
3.00%, 11/20/60		75			43,448
3.88%, 02/08/29		25			23,429
4.33%, 09/21/28		50			47,927
4.50%, 08/10/33		50			46,191
VICI Properties LP

See Notes to Financial Statements

81

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
5.12%, 05/15/32	$	25		$	23,246
5.62%, 05/15/52		25			21,849
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			46,933
4.25%, 12/01/26		50			47,743
4.62%, 12/01/29		50			46,419
VMware LLC
1.40%, 08/15/26		25			22,739
4.50%, 05/15/25		50			49,406

	Par   (000’s		)	Value
United States (continued)
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26	$	25		$	23,715
Weyerhaeuser Co. 4.00%, 11/15/29		50			46,255
					6,452,018
Total Corporate Bonds (Cost: $8,537,128)					8,143,689
Total Investments: 98.2% (Cost: $8,537,128)					8,143,689
Other assets less liabilities: 1.8%					150,975
NET ASSETS: 100.0%				$	8,294,664

Definitions:

SOFR Secured Overnight Financing Rate

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $237,762.
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. These securities have an aggregate value of $1,640,425, or 19.8% of net assets.

Summary of Investments by Sector	% of Investments			Value
Technology		25.0	%	$	2,039,216
Financials		19.6			1,595,247
Consumer Non-Cyclicals		13.9			1,129,232
Consumer Cyclicals		10.7			873,810
Industrials		7.1			581,712
Utilities		6.7			547,217
Healthcare		6.7			545,131
Energy		4.5			368,337
Real Estate		4.0			321,286
Basic Materials		1.8			142,501
		100.0	%	$	8,143,689

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	8,143,689	$	—	$	8,143,689

^* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

82

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Par   (000’s		)	Value
CORPORATE BONDS: 98.3%
Canada: 7.3%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27	$	50		$	47,086
3.80%, 01/25/50		25			18,176
Bank of Montreal 7.70% (US Treasury Yield Curve Rate T 5 Year+3.45%), 05/26/84		25			25,019
Bank of Nova Scotia
1.30%, 06/11/25		50			47,699
1.30%, 09/15/26		50			45,369
2.45%, 02/02/32		100			80,382
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37		25			22,076
8.00% (US Treasury Yield Curve Rate T 5 Year+4.02%), 01/27/84		25			25,195
Brookfield Finance, Inc. 4.35%, 04/15/30		75			70,085
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			25,213
Canadian Pacific Railway Co.
1.75%, 12/02/26		25			22,809
6.12%, 09/15/15		25			24,768
CI Financial Corp. 4.10%, 06/15/51		50			29,402
Element Fleet Management Corp. 144A 6.27%, 06/26/26		25			25,146
Emera US Finance LP 3.55%, 06/15/26		25			23,818
Enbridge, Inc.
2.50%, 08/01/33		50			38,657
3.12%, 11/15/29		100			88,887
4.25%, 12/01/26		25			24,240
5.70%, 03/08/33 †		25			24,722
Fortis, Inc. 3.06%, 10/04/26		25			23,550
Royal Bank of Canada 1.40%, 11/02/26		50			45,443
Toronto-Dominion Bank
1.15%, 06/12/25		50			47,668
1.20%, 06/03/26		50			45,824
2.80%, 03/10/27		25			23,272
					894,506
Denmark: 0.4%
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27		50			45,397
Finland: 0.2%
Nordea Bank Abp 144A 0.75%, 08/28/25		25			23,483

	Par   (000’s		)	Value
France: 6.6%
BNP Paribas SA 144A 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35	$	50		$	40,327
4.38%, 05/12/26		75			72,662
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29		150			147,778
5.18% (SOFR+1.52%), 01/09/30		75			73,574
5.33% (US Treasury Yield Curve Rate T 1 Year+1.50%), 06/12/29		25			24,771
Credit Agricole SA 144A
5.51%, 07/05/33		75			74,282
5.59%, 07/05/26		50			50,029
Societe Generale SA 144A 1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26		100			92,872
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		100			91,410
3.00%, 01/22/30		100			85,330
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33		50			40,951
4.68%, 06/15/27		50			48,883
					842,869
Germany: 0.3%
Deutsche Bank AG 3.73% (SOFR+2.76%), 01/14/32		50			41,186
India: 0.4%
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27		50			45,247
Italy: 1.7%
Intesa Sanpaolo SpA 144A 6.62%, 06/20/33		100			100,794
7.20%, 11/28/33		50			52,280
7.78% (US Treasury Yield Curve Rate T 1 Year+3.90%), 06/20/54		25			25,635
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27		50			46,045
					224,754
Japan: 0.2%
Nomura Holdings, Inc. 1.85%, 07/16/25		25			23,792
Mexico: 0.4%
Sitios Latinoamerica SAB de  CV 144A 5.38%, 04/04/32		50			45,715

See Notes to Financial Statements

83

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
Netherlands: 1.5%
Prosus NV 144A
3.06%, 07/13/31	$	50		$	40,094
3.68%, 01/21/30		50			43,063
4.03%, 08/03/50		50			31,668
4.99%, 01/19/52		100			72,875
					187,700
Norway: 0.4%
Var Energi ASA 144A 8.00%, 11/15/32		50			55,059
Saudi Arabia: 2.6%
Saudi Arabian Oil Co. 144A
3.25%, 11/24/50		75			48,328
3.50%, 04/16/29		50			46,007
3.50%, 11/24/70		50			31,028
4.25%, 04/16/39		150			126,831
4.38%, 04/16/49		100			79,422
					331,616
Sweden: 0.6%
Skandinaviska Enskilda Banken AB 144A 1.40%, 11/19/25		25			23,477
Svenska Handelsbanken AB 144A 3.95%, 06/10/27		50			47,899
					71,376
Switzerland: 1.4%
UBS Group AG 144A 1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27		50			46,157
2.75% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/33		50			39,746
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43		50			34,800
5.70% (US Treasury Yield Curve Rate T 1 Year+1.77%), 02/08/35		50			48,505
					169,208
Taiwan: 0.8%
TSMC Global Ltd. 144A
0.75%, 09/28/25		50			46,759
1.25%, 04/23/26		50			46,116
					92,875
United Kingdom: 3.2%
Barclays Plc 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		100			82,697
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32		100			81,098
2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/32		50			40,550

	Par   (000’s		)	Value
United Kingdom (continued)
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42	$	50		$	35,016
4.38%, 01/12/26		50			48,777
4.84%, 05/09/28		50			47,747
HSBC Holdings Plc 4.25%, 08/18/25		50			48,882
					384,767
United States: 70.3%
Altria Group, Inc.
2.45%, 02/04/32 †		75			59,235
3.40%, 02/04/41		25			17,517
4.25%, 08/09/42		100			78,084
4.80%, 02/14/29		75			72,819
5.38%, 01/31/44		25			23,376
5.80%, 02/14/39		50			48,855
5.95%, 02/14/49 †		60			57,921
Apple, Inc.
1.12%, 05/11/25		50			47,883
2.05%, 09/11/26		100			93,154
2.85%, 08/05/61		75			44,684
3.20%, 05/11/27		100			94,843
3.35%, 02/09/27 †		50			47,778
4.10%, 08/08/62		50			39,319
Ares Capital Corp.
2.15%, 07/15/26		25			22,963
2.88%, 06/15/28		100			87,880
AT&T, Inc.
3.65%, 09/15/59		175			113,620
3.80%, 12/01/57		125			84,402
3.85%, 06/01/60		75			50,829
Becton Dickinson & Co. 3.70%, 06/06/27		50			47,486
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			14,992
3.80%, 07/15/48		50			35,948
4.25%, 10/15/50		50			38,304
4.45%, 01/15/49		50			40,173
5.15%, 11/15/43		25			23,184
6.12%, 04/01/36		50			51,187
Berkshire Hathaway Finance Corp.
2.85%, 10/15/50		75			47,242
3.85%, 03/15/52		50			37,874
4.20%, 08/15/48		150			124,712
Berry Global, Inc. 1.57%, 01/15/26		25			23,295
Berry Global, Inc. 144A 4.88%, 07/15/26		50			48,978
Blue Owl Capital Corp. 3.40%, 07/15/26		50			46,898
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27		75			71,991
Broadcom, Inc. 3.15%, 11/15/25		25			24,093
Broadcom, Inc. 144A

See Notes to Financial Statements

84

	Par   (000’s		)	Value
United States (continued)
3.42%, 04/15/33	$	125		$	105,017
4.93%, 05/15/37		75			68,523
Cameron LNG LLC 144A 3.70%, 01/15/39		75			59,220
Campbell Soup Co. 4.15%, 03/15/28		25			23,827
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34		50			50,348
Centene Corp.
3.00%, 10/15/30		100			83,913
3.38%, 02/15/30		50			43,603
4.62%, 12/15/29		50			46,602
CF Industries, Inc. 144A 4.50%, 12/01/26		25			24,196
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,874
2.80%, 04/01/31		25			19,863
3.85%, 04/01/61		50			27,960
4.91%, 07/23/25		75			73,992
5.05%, 03/30/29		100			94,482
5.38%, 04/01/38		25			20,726
5.38%, 05/01/47		25			19,123
6.48%, 10/23/45		100			88,580
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		25			22,717
5.12%, 06/30/27		25			24,652
Cheniere Energy, Inc. 4.62%, 10/15/28		25			23,917
Coca-Cola Co. 3.45%, 03/25/30		50			45,951
Conagra Brands, Inc.
1.38%, 11/01/27		50			43,257
4.85%, 11/01/28 †		25			24,207
Constellation Brands, Inc.
2.25%, 08/01/31		25			20,028
3.15%, 08/01/29 †		50			44,660
Corning, Inc. 5.45%, 11/15/79		25			22,089
Costco Wholesale Corp. 1.38%, 06/20/27		50			44,748
Credit Suisse AG
1.25%, 08/07/26		100			90,743
5.00%, 07/09/27		100			97,825
Deutsche Bank AG 2.13% (SOFR+1.87%), 11/24/26		100			94,117
3.74% (SOFR+2.26%), 01/07/33		50			40,204
Duke Energy Carolinas LLC
3.20%, 08/15/49		25			16,483
4.95%, 01/15/33		75			72,238
Equinix, Inc. 3.20%, 11/18/29		50			44,100

	Par   (000’s		)	Value
United States (continued)
Fiserv, Inc.
2.25%, 06/01/27	$	100		$	90,892
3.50%, 07/01/29		50			45,566
3.85%, 06/01/25		25			24,499
4.20%, 10/01/28		75			71,089
5.15%, 03/15/27		25			24,761
Gartner, Inc. 144A 4.50%, 07/01/28		25			23,532
General Mills, Inc. 2.88%, 04/15/30		100			87,107
GLP Capital LP / GLP Financing II, Inc.
5.25%, 06/01/25		25			24,785
5.30%, 01/15/29		50			48,577
HCA, Inc.
2.38%, 07/15/31		50			40,051
4.12%, 06/15/29		100			92,940
5.25%, 06/15/26		25			24,748
5.50%, 06/15/47		125			112,469
Home Depot, Inc.
2.70%, 04/15/30		50			43,588
5.95%, 04/01/41		25			25,915
Huntington Bancshare)s, Inc. 2.55%, 02/04/30		25			20,858
International Flavors & Fragrances, Inc. 144A 1.83%, 10/15/27		75			65,788
ITC Holdings Corp. 144A 4.95%, 09/22/27		25			24,481
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		50			46,878
4.05%, 04/15/32		50			45,411
4.60%, 05/25/28		25			24,271
KeyBank NA 4.15%, 08/08/25 †		50			48,547
KeyCorp 2.55%, 10/01/29		50			41,505
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			22,597
Kraft Heinz Foods Co.
3.00%, 06/01/26		50			47,741
5.00%, 06/04/42		25			22,343
5.20%, 07/15/45		100			90,227
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		75			82,887
Lowe’s Cos, Inc. 3.00%, 10/15/50 †		25			15,372
4.45%, 04/01/62		25			19,116
5.80%, 09/15/62		25			23,995
McCormick & Co., Inc. 3.40%, 08/15/27		25			23,450
McDonald’s Corp.
2.12%, 03/01/30		25			21,037
3.50%, 07/01/27		25			23,700
3.60%, 07/01/30		25			22,754
3.62%, 09/01/49		50			35,796
3.80%, 04/01/28		75			71,219

See Notes to Financial Statements

85

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

	Par   (000’s		)	Value
United States (continued)
4.45%, 03/01/47	$	25		$	20,590
4.70%, 12/09/35		75			69,944
4.88%, 12/09/45		50			44,188
6.30%, 10/15/37		50			52,704
Meta Platforms, Inc. 4.65%, 08/15/62		50			41,636
Metropolitan Life Global Funding I 144A
1.88%, 01/11/27		75			68,354
5.15%, 03/28/33		25			24,233
Mondelez International, Inc.
2.62%, 03/17/27		50			46,432
2.62%, 09/04/50		25			14,772
2.75%, 04/13/30		25			21,668
Nestle Holdings, Inc. 144A
3.50%, 09/24/25		25			24,357
4.00%, 09/12/25		50			49,107
5.00%, 03/14/28		50			49,683
Oracle Corp.
3.85%, 07/15/36		75			61,480
4.12%, 05/15/45 †		100			76,326
4.30%, 07/08/34		50			44,424
4.38%, 05/15/55		50			37,771
5.38%, 07/15/40		100			92,364
6.50%, 04/15/38		50			52,115
Pacific Gas and Electric Co.
3.25%, 06/01/31		50			42,318
3.50%, 08/01/50 †		50			32,093
3.75%, 07/01/28		75			69,201
4.50%, 07/01/40		50			40,611
4.55%, 07/01/30		75			69,648
4.95%, 07/01/50 †		75			61,055
6.15%, 01/15/33		50			50,083
PepsiCo, Inc.
2.75%, 04/30/25		50			48,735
2.75%, 03/19/30		50			43,981
3.60%, 02/18/28		75			71,403
Philip Morris International, Inc.
0.88%, 05/01/26		50			45,734
2.75%, 02/25/26		25			23,847
3.38%, 08/15/29		75			68,399
3.88%, 08/21/42		50			38,285
4.12%, 03/04/43		50			39,469
4.38%, 11/15/41		65			53,659
5.38%, 02/15/33		25			24,515
5.62%, 11/17/29		25			25,220
5.75%, 11/17/32		50			50,358
Public Service Co. of Colorado 1.88%, 06/15/31		50			39,391
Republic Services, Inc.
1.75%, 02/15/32		25			19,270
3.95%, 05/15/28		50			47,561
San Diego Gas & Electric Co. 1.70%, 10/01/30		75			59,959
Sherwin-Williams Co. 3.45%, 06/01/27		50			47,226

	Par   (000’s		)	Value
United States (continued)
Southern Co. 3.25%, 07/01/26	$	50		$	47,691
Sprint Capital Corp. 6.88%, 11/15/28		75			78,603
Sprint LLC 7.62%, 03/01/26		75			77,020
Sysco Corp. 3.75%, 10/01/25		25			24,328
Time Warner Cable LLC
4.50%, 09/15/42		25			17,605
5.88%, 11/15/40		25			20,681
6.55%, 05/01/37		100			90,941
6.75%, 06/15/39		75			68,732
T-Mobile USA, Inc.
1.50%, 02/15/26		25			23,266
3.00%, 02/15/41		25			17,490
3.60%, 11/15/60		75			49,171
3.75%, 04/15/27		100			95,313
3.88%, 04/15/30		125			114,431
4.38%, 04/15/40		50			42,619
Tyson Foods, Inc.
3.55%, 06/02/27		50			47,212
5.10%, 09/28/48		25			21,409
5.70%, 03/15/34		25			24,533
United Rentals North America, Inc. 144A 6.00%, 12/15/29		50			49,538
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,497
Verizon Communications, Inc.
2.35%, 03/15/32		50			39,913
3.00%, 11/20/60		25			14,483
3.70%, 03/22/61		75			51,206
4.02%, 12/03/29		150			139,840
4.12%, 03/16/27		75			72,601
4.33%, 09/21/28		50			47,927
VICI Properties LP
4.75%, 02/15/28		50			48,059
5.12%, 05/15/32		50			46,491
5.62%, 05/15/52		25			21,849
VICI Properties LP / VICI Note Co., Inc. 144A
4.12%, 08/15/30		50			44,598
4.25%, 12/01/26		75			71,614
Vistra Operations Co. LLC 144A 4.30%, 07/15/29		25			23,097
VMware LLC 4.50%, 05/15/25		50			49,406
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26		25			23,715
Weyerhaeuser Co.

See Notes to Financial Statements

86

	Par   (000’s		)	Value
United States (continued)
4.00%, 04/15/30	$	50		$	46,116
					8,704,960
Total Corporate Bonds (Cost: $13,051,185)					12,184,510
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Money Market Fund: 0.4% (Cost: $45,033)
State Street Navigator Securities Lending Government Money Market Portfolio		45,033			45,033
Total Investments: 98.7% (Cost: $13,096,218)					12,229,543
Other assets less liabilities: 1.3%					163,961
NET ASSETS: 100.0%				$	12,393,504

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 $386,890.
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. These securities have an aggregate value of $3,132,910, or 25.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		25.6	%	$	3,118,368
Technology		21.0			2,556,235
Consumer Non-Cyclicals		18.7			2,273,406
Consumer Cyclicals		9.0			1,098,225
Utilities		6.0			730,457
Energy		5.7			700,169
Industrials		5.5			675,952
Healthcare		4.0			491,812
Real Estate		3.3			396,191
Basic Materials		1.2			143,695
		100.0	%	$	12,184,510

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	12,184,510	$	—	$	12,184,510
Money Market Fund		45,033		—		—		45,033
Total Investments	$	45,033	$	12,184,510	$	—	$	12,229,543

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

87

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Number of Shares		Value
COMMON STOCKS: 99.8%
Financial Services: 99.8%
AGNC Investment Corp. †		3,237,132	$	29,619,758
Annaly Capital Management, Inc.		2,022,051		37,893,236
Apollo Commercial Real Estate Finance, Inc. †		813,574		7,834,718
Arbor Realty Trust, Inc. †		933,563		11,977,613
Ares Commercial Real Estate Corp. †		429,626		2,917,161
ARMOUR Residential REIT, Inc. †		313,271		5,692,134
Blackstone Mortgage Trust, Inc. †		670,571		11,828,872
BrightSpire Capital, Inc.		823,161		5,177,683
Chimera Investment Corp.		1,570,358		6,469,875
Claros Mortgage Trust, Inc.		337,011		2,931,996
Dynex Capital, Inc. †		441,852		5,156,413
Ellington Financial, Inc. †		590,621		6,756,704
Franklin BSP Realty Trust, Inc.		512,934		6,406,546
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		472,128		11,807,921
KKR Real Estate Finance Trust, Inc.		282,615		2,659,407
Ladder Capital Corp.		856,752		9,192,949

	Number of Shares		Value
Financial Services (continued)
MFA Financial, Inc.		726,168	$	7,690,119
New York Mortgage Trust, Inc.		601,511		4,120,350
Orchid Island Capital, Inc. †		413,911		3,447,879
PennyMac Mortgage Investment Trust †		481,066		6,662,764
Ready Capital Corp. †		1,077,787		9,182,745
Redwood Trust, Inc.		833,242		4,607,828
Rithm Capital Corp.		2,102,293		23,377,498
Starwood Property Trust, Inc. †		1,299,201		24,645,843
Two Harbors Investment Corp.		601,144		7,592,449
Total Common Stocks (Cost: $309,513,720)				255,650,461
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.6%
Money Market Fund: 9.6% (Cost: $24,490,136)
State Street Navigator Securities Lending Government Money Market Portfolio		24,490,136		24,490,136
Total Investments: 109.4% (Cost: $334,003,856)				280,140,597
Liabilities in excess of other assets: (9.4)%				(24,098,059)
NET ASSETS: 100.0%			$	256,042,538

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $71,854,807.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		100.0	%	$	255,650,461

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	255,650,461	$	—	$	—	$	255,650,461
Money Market Fund		24,490,136		—		—		24,490,136
Total Investments	$	280,140,597	$	—	$	—	$	280,140,597

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

88

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2024

	Number of Shares		Value
PREFERRED SECURITIES: 99.7%
Automobiles & Auto Parts: 4.7%
Ford Motor Co.
6.00%, 12/01/59		1,156,766	$	27,762,384
6.20%, 06/01/59		1,084,466		26,211,543
6.50%, 08/15/62		867,576		21,255,612
				75,229,539
Banking Services: 1.3%
SCE Trust VII 7.50%, 11/22/28		795,277		20,756,730
Chemicals: 5.8%
Albemarle Corp. 7.25%, 03/01/27 *		1,662,853		91,240,744
Consumer Goods Conglomerates: 0.4%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		361,489		6,159,773
Diversified Retail: 1.9%
Qurate Retail, Inc. 8.00%, 03/15/31		459,708		21,224,719
QVC, Inc. 6.25%, 11/26/68		723,266		9,062,523
				30,287,242
Electric Utilities & IPPs: 20.6%
Brookfield BRP Holdings Canada, Inc.
4.62%, 04/30/26		506,088		7,869,669
4.88%, 12/09/26		375,950		6,071,593
DTE Energy Co.
4.38%, 12/01/81		404,865		7,983,938
5.25%, 12/01/77		578,387		13,048,411
Duke Energy Corp.
5.62%, 09/15/78		722,978		17,047,821
5.75%, 06/15/24		1,445,955		35,787,386
Entergy Arkansas LLC 4.88%, 09/01/66		592,840		12,597,850
Entergy Louisiana LLC 4.88%, 09/01/66		390,412		8,276,734
Entergy Mississippi LLC 4.90%, 10/01/66		375,950		8,161,875
Georgia Power Co. 5.00%, 10/01/77		390,412		8,612,489
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79		994,098		24,236,109
NextEra Energy, Inc. 6.93%, 09/01/25		1,445,955		58,922,666
SCE Trust III 8.58% (Term SOFR USD 3 Month+3.25%)		397,643		10,048,439
SCE Trust IV 5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25		469,934		11,085,743
SCE Trust V 5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26		433,788		10,653,833
SCE Trust VI 5.00%		686,832		13,613,010

	Number of Shares		Value
Electric Utilities & IPPs (continued)
Southern Co.
4.20%, 10/15/60		1,084,466	$	20,832,592
4.95%, 01/30/80		1,445,955		30,900,058
5.25%, 12/01/77		650,678		14,672,789
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		370,887		8,152,096
				328,575,101
Food & Tobacco: 5.5%
CHS, Inc.
6.75%, 09/30/24		712,132		18,024,061
7.50%, 01/21/25		748,285		19,193,510
7.88%		775,760		20,689,519
8.00%		443,618		13,392,827
9.86%		607,302		15,783,779
				87,083,696
Investment Banking & Investment Services: 1.3%
BrightSpring Health Services, Inc. 6.75%, 02/01/27		289,189		12,501,640
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26		473,981		8,692,812
				21,194,452
Machinery; Equipment & Components: 3.5%
Chart Industries, Inc. 6.75%, 12/15/25		290,997		16,720,688
RBC Bearings, Inc. 5.00%, 10/15/24		166,283		18,685,221
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		778,504		20,544,720
				55,950,629
Multiline Utilities: 5.6%
Algonquin Power & Utilities Corp.
6.20%, 07/01/79		506,088		12,626,896
7.75%, 06/15/24		831,423		17,759,195
CMS Energy Corp.
5.88%, 10/15/78		404,865		9,749,149
5.88%, 03/01/79		910,953		22,136,158
Sempra 5.75%, 07/01/79		1,095,313		26,375,137
				88,646,535
Natural Gas Utilities: 0.6%
Spire, Inc. 5.90%, 08/15/24		361,489		8,701,040
Office Equipment: 0.6%
Pitney Bowes, Inc. 6.70%, 03/07/43		614,533		10,090,632
Oil & Gas: 0.7%
NGL Energy Partners LP

See Notes to Financial Statements

89

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

	Number of Shares		Value
Oil & Gas (continued)
12.79% (Term SOFR USD 3 Month+7.47%)		454,897	$	11,144,977
Oil & Gas Related Equipment and Services: 3.6%
Energy Transfer LP 7.60%, 05/15/24		1,153,959		28,779,737
NuStar Energy LP 11.23% (Term SOFR USD 3 Month+5.90%)		556,695		14,201,289
NuStar Logistics LP 6.98% (Term SOFR USD 3 Month+7.00%), 01/15/43		581,994		14,759,368
				57,740,394
Professional & Commercial Services: 1.4%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27		433,788		7,695,399
Clarivate Plc 5.25%, 06/01/24		518,381		14,053,309
				21,748,708
Real Estate Operations: 2.2%
Brookfield Property Preferred LP 6.25%, 07/26/81		970,382		14,080,243
DigitalBridge Group, Inc.
7.12%		419,903		9,531,798
7.15%		465,167		10,401,134
				34,013,175
Residential & Commercial REITs: 24.5%
AGNC Investment Corp.
6.12%, 04/15/25		831,423		19,422,041
6.50%, 10/15/24		581,994		14,218,113
10.70% (Term SOFR USD 3 Month+5.37%)		469,934		11,988,016
Annaly Capital Management, Inc.
6.75%, 06/30/24		639,840		16,053,586
9.74% (Term SOFR USD 3 Month+4.43%)		614,533		15,467,796
10.56% (Term SOFR USD 3 Month+5.25%)		1,041,090		26,329,166
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26		410,072		7,820,073
Chimera Investment Corp.
7.75%, 09/30/25		375,950		7,812,241
11.35% (Term SOFR USD 3 Month+6.05%)		469,934		11,649,664
Digital Realty Trust, Inc. 5.20%, 10/10/24		498,857		10,575,768
Diversified Healthcare Trust
5.62%, 08/01/42		506,088		6,376,709
6.25%, 02/01/46		361,489		5,136,759
Franklin BSP Realty Trust, Inc. 7.50%		373,343		7,500,461
Hudson Pacific Properties, Inc. 4.75%, 11/26/26		614,533		8,726,369

	Number of Shares		Value
Residential & Commercial REITs (continued)
Kimco Realty Corp. 5.25%		378,262	$	8,408,764
MFA Financial, Inc. 6.50%, 03/31/25		397,643		8,807,792
PennyMac Mortgage Investment Trust 6.75%, 08/24/26		361,489		6,814,068
Public Storage
3.88%, 10/06/25		408,481		6,952,347
4.00%, 11/19/26		1,502,065		26,675,266
4.10%, 01/13/27		361,489		6,488,728
4.62%, 06/17/25		816,969		16,813,222
4.70%, 11/15/24		374,215		7,742,508
4.88%, 09/12/24		457,208		9,930,558
5.05%		433,788		9,860,001
5.15%		404,865		9,166,144
5.60%		412,096		10,166,408
Rithm Capital Corp.
6.38%, 02/15/25		574,916		13,033,346
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26		672,370		15,101,430
7.12%, 08/15/24		407,041		10,057,983
RLJ Lodging Trust 1.95%		465,455		11,506,048
Two Harbors Investment Corp. 7.62%, 07/27/27		367,288		8,300,709
UMH Properties, Inc. 6.38%		423,958		9,242,284
Vornado Realty Trust
4.45%, 09/22/26		433,788		5,530,797
5.25%, 11/24/25		895,771		13,430,708
5.40%		433,788		6,675,997
				389,781,870
Telecommunications Services: 15.5%
AT&T, Inc.
4.75%, 02/18/25		2,530,430		49,697,645
5.00%, 12/12/24		1,735,153		36,004,425
5.35%, 11/01/66		1,912,282		42,892,485
5.62%, 08/01/67		1,192,920		28,439,213
Qwest Corp.
6.50%, 09/01/56		1,413,425		13,738,491
6.75%, 06/15/57		954,329		9,381,054
Telephone and Data Systems, Inc.
6.00%, 09/30/26		997,714		15,005,618
6.62%, 03/31/26		607,302		10,530,617
United States Cellular Corp.
5.50%, 03/01/70		722,978		12,847,319
5.50%, 06/01/70		722,978		12,760,562
6.25%, 09/01/69		722,978		13,924,556
				245,221,985
Total Preferred Securities (Cost: $1,695,531,685)				1,583,567,222
Total Investments: 99.7% (Cost: $1,695,531,685)				1,583,567,222
Other assets less liabilities: 0.3%				4,650,925
NET ASSETS: 100.0%			$	1,588,218,147

See Notes to Financial Statements

90

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

* Non-income producing

Summary of Investments by Sector	% of Investments			Value
Residential & Commercial REITs		24.6	%	$	389,781,870
Electric Utilities & IPPs		20.7			328,575,101
Telecommunications Services		15.5			245,221,985
Chemicals		5.8			91,240,744
Multiline Utilities		5.6			88,646,535
Food & Tobacco		5.5			87,083,696
Automobiles & Auto Parts		4.8			75,229,539
Oil & Gas Related Equipment and Services		3.6			57,740,394
Machinery; Equipment & Components		3.5			55,950,629
Real Estate Operations		2.2			34,013,175
Diversified Retail		1.9			30,287,242
Professional & Commercial Services		1.4			21,748,708
Investment Banking & Investment Services		1.3			21,194,452
Banking Services		1.3			20,756,730
Oil & Gas		0.7			11,144,977
Office Equipment		0.6			10,090,632
Natural Gas Utilities		0.6			8,701,040
Consumer Goods Conglomerates		0.4			6,159,773
		100.0	%	$	1,583,567,222

The summary of inputs used to value the Fund’s investments as of April 30, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities *	$	1,583,567,222	$	—	$	—	$	1,583,567,222

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

91

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2024

		BDC Income ETF			China Bond ETF			Dynamic High Income ETF		Emerging Markets High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	1,084,948,577		$	20,916,797		$	177,495	$	348,234,032
Affiliated issuers (3)			—			—			610,738		—
Short-term investments held as collateral for securities loaned (4)			89,871,466			—			—		9,793,937
Cash			7,364			1,267			—		6,631,014
Cash denominated in foreign currency, at value (5)			—			473,892	(a)		—		2,760
Receivables:
Investment securities sold			—			2,413,808			—		6,414,170
Shares of beneficial interest sold			7,486,641			—			—		—
Due from Adviser			—			6,415			—		—
Dividends and interest			1,160,249			325,373			1,249		6,001,943
Prepaid expenses			—			297			—		—
Total assets			1,183,474,297			24,137,849			789,482		377,077,856
Liabilities:
Payables:
Investment securities purchased			7,486,470			—			—		9,093,658
Collateral for securities loaned			89,871,466			—			—		9,793,937
Line of credit			1,396,706			—			—		—
Due to Adviser			341,713			—			65		119,988
Due to custodian			—			—			3,122		—
Deferred Trustee fees			9,395			1,491			—		40,196
Accrued expenses			26,812			60,250			—		3
Total liabilities			99,132,562			61,741			3,187		19,047,782
NET ASSETS		$	1,084,341,735		$	24,076,108		$	786,295	$	358,030,074
Shares outstanding			65,175,000			1,100,000			30,000		19,000,000
Net asset value, redemption and offering price per share		$	16.64		$	21.89		$	26.21	$	18.84
Net Assets consist of:
Aggregate paid in capital		$	1,141,047,289		$	26,260,245		$	756,594	$	595,870,929
Total distributable earnings (loss)			(56,705,554	)		(2,184,137	)		29,701		(237,840,855	)
NET ASSETS		$	1,084,341,735		$	24,076,108		$	786,295	$	358,030,074
(1)	Value of securities on loan	$	139,211,087		$	—		$	—	$	12,053,662
(2)	Cost of investments - Unaffiliated issuers	$	1,031,458,983		$	22,247,392		$	178,737	$	376,712,476
(3)	Cost of investments - Affiliated issuers	$	—		$	—		$	579,794	$	—
(4)	Cost of short-term investments held as collateral for securities loaned	$	89,871,466		$	—		$	—	$	9,793,937
(5)	Cost of cash denominated in foreign currency	$	—		$	477,307		$	—	$	2,767

(a) Includes $29,122 on foreign investor minimum settlement reserve funds (see Note 2G).

See Notes to Financial Statements

92

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2024

		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)		$	2,868,563,867		$	90,564,453		$	1,519,291,645	$	29,730,533
Short-term investments held as collateral for securities loaned (3)			147,489,017			1,573,215			4,149,731		860,040
Cash			41,561,140			413,784			13,380,159		198,142
Cash denominated in foreign currency, at value (4)			—			1,160			—		24,545
Receivables:
Investment securities sold			212,410,236			1,526,641			233,731,088		911,709
Shares of beneficial interest sold			—			—			21,652,037		—
Dividends and interest			43,475,773			812,306			12,554,864		533,838
Total assets			3,313,500,033			94,891,559			1,804,759,524		32,258,807
Liabilities:
Payables:
Investment securities purchased			238,977,613			1,582,148			260,647,801		927,264
Collateral for securities loaned			147,489,017			1,573,215			4,149,731		860,040
Due to Adviser			620,916			15,007			167,864		10,045
Deferred Trustee fees			67,963			1,073			21,618		33,385
Accrued expenses			—			—			—		72
Total liabilities			387,155,509			3,171,443			264,987,014		1,830,806
NET ASSETS		$	2,926,344,524		$	91,720,116		$	1,539,772,510	$	30,428,001
Shares outstanding			103,200,000			3,950,000			60,450,000		1,500,000
Net asset value, redemption and offering price per share		$	28.36		$	23.22		$	25.47	$	20.29
Net Assets consist of:
Aggregate paid in capital		$	3,530,432,611		$	104,957,249		$	1,530,328,267	$	52,058,777
Total distributable earnings (loss)			(604,088,087	)		(13,237,133	)		9,444,243		(21,630,776	)
NET ASSETS		$	2,926,344,524		$	91,720,116		$	1,539,772,510	$	30,428,001
(1)	Value of securities on loan	$	180,703,191		$	3,184,026		$	3,804,013	$	944,012
(2)	Cost of investments - Unaffiliated issuers	$	3,019,239,929		$	99,320,766		$	1,510,682,784	$	32,650,783
(3)	Cost of short-term investments held as collateral for securities loaned	$	147,489,017		$	1,573,215		$	4,149,731	$	860,040
(4)	Cost of cash denominated in foreign currency	$	—		$	1,179		$	—	$	24,738

See Notes to Financial Statements

93

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2024

		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)		$	2,729,319,649		$	8,143,689		$	12,184,510		$	255,650,461
Short-term investments held as collateral for securities loaned (3)			5,691,051			—			45,033			24,490,136
Cash			—			59,175			110,942			482
Cash denominated in foreign currency, at value (4)			4,735,196			—			—			—
Receivables:
Investment securities sold			47,779,454			361,504			459,600			—
Dividends and interest			57,971,238			102,901			144,954			658,395
Prepaid expenses			9,774			—			—			—
Total assets			2,845,506,362			8,667,269			12,945,039			280,799,474
Liabilities:
Payables:
Investment securities purchased			28,449,064			370,895			504,458			—
Shares of beneficial interest redeemed			28,538,115			—			—			—
Collateral for securities loaned			5,691,051			—			45,033			24,490,136
Line of credit			—			—			—			148,291
Due to Adviser			650,113			1,710			2,044			83,436
Due to custodian			2,250,507			—			—			—
Deferred Trustee fees			295,988			—			—			16,359
Accrued expenses			955,343			—			—			18,714
Total liabilities			66,830,181			372,605			551,535			24,756,936
NET ASSETS		$	2,778,676,181		$	8,294,664		$	12,393,504		$	256,042,538
Shares outstanding			116,422,682			400,000			600,000			23,950,000
Net asset value, redemption and offering price per share		$	23.87		$	20.74		$	20.66		$	10.69
Net Assets consist of:
Aggregate paid in capital		$	3,677,005,867		$	9,999,885		$	14,999,828		$	438,560,637
Total distributable earnings (loss)			(898,329,686	)		(1,705,221	)		(2,606,324	)		(182,518,099	)
NET ASSETS		$	2,778,676,181		$	8,294,664		$	12,393,504		$	256,042,538
(1)	Value of securities on loan	$	5,532,214		$	237,762		$	386,890		$	71,854,807
(2)	Cost of investments - Unaffiliated issuers	$	2,977,970,708		$	8,537,128		$	13,051,184		$	309,513,720
(3)	Cost of short-term investments held as collateral for securities loaned	$	5,691,051		$	—		$	45,033		$	24,490,136
(4)	Cost of cash denominated in foreign currency	$	4,733,193		$	—		$	—		$	—

See Notes to Financial Statements

94

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2024

	Preferred Securities ex Financials ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	1,583,567,222
Cash		4,335,980
Receivables:
Investment securities sold		77,631
Shares of beneficial interest sold		6,805,396
Dividends and interest		4,254,592
Total assets		1,599,040,821
Liabilities:
Payables:
Investment securities purchased		10,255,303
Due to Adviser		522,443
Deferred Trustee fees		36,282
Accrued expenses		8,646
Total liabilities		10,822,674
NET ASSETS	$	1,588,218,147
Shares outstanding		93,350,000
Net asset value, redemption and offering price per share	$	17.01
Net Assets consist of:
Aggregate paid in capital	$	1,806,961,090
Total distributable earnings (loss)		(218,742,943	)
NET ASSETS	$	1,588,218,147
(1) Cost of investments - Unaffiliated issuers	$	1,695,531,685

See Notes to Financial Statements

95

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2024

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
Income:
Dividends - unaffiliated issuers	$	89,273,098		$	—		$	535		$	—
Dividends - affiliated issuers		—			—			35,168			—
Interest		37,225			934,632			2,942			25,047,966
Securities lending income		3,818,125			—			—			210,825
Foreign taxes withheld		—			(438	)		—			(1,771	)
Total income		93,128,448			934,194			38,645			25,257,020
Expenses:
Management fees		3,097,821			132,524			753			1,502,499
Professional fees		—			52,147			—			—
Custody and accounting fees		—			47,810			—			—
Reports to shareholders		—			13,728			—			—
Trustees’ fees and expenses		—			910			—			—
Registration fees		—			6,536			—			—
Insurance		—			2,342			—			—
Interest		177,320			3,718			—			—
Taxes		2,150			243			58			172
Other		—			808			—			—
Total expenses		3,277,291			260,766			811			1,502,671
Expenses assumed by the Adviser		—			(91,634	)		—			—
Net expenses		3,277,291			169,132			811			1,502,671
Net investment income		89,851,157			765,062			37,834			23,754,349
Net realized gain (loss) on:
Investments - unaffiliated issuers		(10,065,812	)		(3,305,157	)		(4,737	)		(18,329,370	)
Investments - affiliated issuers		—			—			7,925			—
In-kind redemptions - unaffiliated issuers		12,475,244			—			—			(8,423,276	)
Capital gain distributions from investment companies		1,315,178			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(56,832	)		—			2
Net realized gain (loss)		3,724,610			(3,361,989	)		3,188			(26,752,644	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		93,198,589			1,779,043			(7,998	)		38,155,898
Investments - affiliated issuers		—			—			14,945			—
Foreign currency translations and foreign denominated assets and liabilities		—			(12,629	)		—			(76	)
Net change in unrealized appreciation (depreciation)		93,198,589			1,766,414			6,947			38,155,822
Net increase (decrease) in net assets resulting from operations	$	186,774,356		$	(830,513	)	$	47,969		$	35,157,527

See Notes to Financial Statements

96

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2024

	Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Income:
Dividends	$	—		$	8,093		$	—		$	—
Interest		169,142,429			3,004,959			80,674,419			2,354,252
Securities lending income		1,768,546			16,945			83,551			21,738
Foreign taxes withheld		—			(1,071	)		(10,639	)		(768	)
Total income		170,910,975			3,028,926			80,747,331			2,375,222
Expenses:
Management fees		9,336,776			164,439			1,751,440			167,682
Interest		26,876			2,010			2,600			103
Taxes		2,150			173			4,150			58
Total expenses		9,365,802			166,622			1,758,190			167,843
Net investment income		161,545,173			2,862,304			78,989,141			2,207,379
Net realized gain (loss) on:
Investments		(171,852,514	)		(817,987	)		812,520			(1,369,564	)
In-kind redemptions		14,884,276			—			444,804			(3,723,209	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			—			2,472
Net realized gain (loss)		(156,968,238	)		(817,987	)		1,257,324			(5,090,301	)
Net change in unrealized appreciation (depreciation) on:
Investments		199,769,798			(190,715	)		17,025,169			5,515,657
Foreign currency translations and foreign denominated assets and liabilities		—			(19	)		—			(25,059	)
Net change in unrealized appreciation (depreciation)		199,769,798			(190,734	)		17,025,169			5,490,598
Net increase in net assets resulting from operations	$	204,346,733		$	1,853,583		$	97,271,634		$	2,607,676

See Notes to Financial Statements

97

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2024

	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	$	—		$	—		$	—		$	23,917,532
Interest		203,439,563			416,618			603,109			9,630
Securities lending income		66,221			395			824			336,636
Foreign taxes withheld		(3,427,186	)		—			—			—
Total income		200,078,598			417,013			603,933			24,263,798
Expenses:
Management fees		8,435,661			20,731			24,846			895,665
Professional fees		56,948			—			—			—
Custody and accounting fees		779,259			—			—			—
Reports to shareholders		318,698			—			—			—
Trustees’ fees and expenses		50,223			—			—			—
Registration fees		9,989			—			—			—
Insurance		43,710			—			—			—
Interest		17,765			—			40			76,345
Taxes		358			58			58			1,150
Other		37,295			—			—			—
Total expenses		9,749,906			20,789			24,944			973,160
Expenses assumed by the Adviser		(358,443	)		—			—			—
Net expenses		9,391,463			20,789			24,944			973,160
Net investment income		190,687,135			396,224			578,989			23,290,638
Net realized gain (loss) on:
Investments (1)		(211,366,948	)		(242,308	)		(224,972	)		(20,636,442	)
In-kind redemptions		(269,319	)		—			—			3,030,892
Capital gain distributions from investment companies		—			—			—			211,308
Foreign currency transactions and foreign denominated assets and liabilities		(27,812,201	)		—			—			—
Net realized loss		(239,448,468	)		(242,308	)		(224,972	)		(17,394,242	)
Net change in unrealized appreciation (depreciation) on:
Investments (2)		73,695,523			91,158			(67,098	)		9,541,624
Foreign currency translations and foreign denominated assets and liabilities		(1,599,531	)		—			—			—
Net change in unrealized appreciation (depreciation)		72,095,992			91,158			(67,098	)		9,541,624
Net increase in net assets resulting from operations	$	23,334,659		$	245,074		$	286,919		$	15,438,020
(1) Net of foreign taxes	$	(302,789	)	$	—		$	—		$	—
(2) Net of foreign taxes	$	1,024,395		$	—		$	—		$	—

See Notes to Financial Statements

98

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2024

	Preferred Securities ex Financials ETF
Income:
Dividends	$	103,296,781
Interest		1,042,568
Securities lending income		667,139
Foreign taxes withheld		(329,619	)
Total income		104,676,869
Expenses:
Management fees		5,266,563
Interest		54,335
Taxes		1,150
Total expenses		5,322,048
Net investment income		99,354,821
Net realized gain (loss) on:
Investments		(37,206,855	)
In-kind redemptions		4,744,996
Capital gain distributions from investment companies		1,136,881
Net realized loss		(31,324,978	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,235,878	)
Net change in unrealized appreciation (depreciation)		(4,235,878	)
Net increase in net assets resulting from operations	$	63,793,965

See Notes to Financial Statements

99

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	89,851,157		$	59,049,435		$	765,062		$	2,055,010
Net realized gain (loss)		3,724,610			(23,904,976	)		(3,361,989	)		(5,715,883	)
Net change in unrealized appreciation (depreciation)		93,198,589			(58,310,532	)		1,766,414			(75,243	)
Net increase (decrease) in net assets resulting from operations		186,774,356			(23,166,073	)		(830,513	)		(3,736,116	)
Distributions to shareholders from:
Distributable earnings		(89,851,157	)		(59,501,743	)		—			—
Return of capital		(187,793	)		(1,673,017	)		(1,040,340	)		(1,816,350	)
Total distributions		(90,038,950	)		(61,174,760	)		(1,040,340	)		(1,816,350	)
Share transactions*:
Proceeds from sale of shares		510,600,418			184,695,569			2,165,020			—
Cost of shares redeemed		(100,247,033	)		(148,132,044	)		(19,651,805	)		(80,600,929	)
Net Increase (decrease) in net assets resulting from share transactions		410,353,385			36,563,525			(17,486,785	)		(80,600,929	)
Total increase (decrease) in net assets		507,088,791			(47,777,308	)		(19,357,638	)		(86,153,395	)
Net Assets, beginning of year		577,252,944			625,030,252			43,433,746			129,587,141
Net Assets, end of year	$	1,084,341,735		$	577,252,944		$	24,076,108		$	43,433,746
*Shares of Common Stock Issued (no par value)
Shares sold		31,825,000			12,250,000			100,000			—
Shares redeemed		(6,350,000	)		(9,850,000	)		(900,000	)		(3,600,000	)
Net increase (decrease)		25,475,000			2,400,000			(800,000	)		(3,600,000	)

See Notes to Financial Statements

100

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Dynamic High Income ETF						Emerging Markets High Yield Bond ETF
	Year Ended April 30, 2024			Period Ended April 30, 2023(a)			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	37,834		$	11,730		$	23,754,349		$	32,407,182
Net realized gain (loss)		3,188			(2,103	)		(26,752,644	)		(153,601,452	)
Net change in unrealized appreciation (depreciation)		6,947			22,754			38,155,822			74,160,121
Net increase (decrease) in net assets resulting from operations		47,969			32,381			35,157,527			(47,034,149	)
Distributions to shareholders from:
Distributable earnings		(38,919	)		(11,730	)		(24,467,300	)		(37,523,220	)
Return of capital		(4,123	)		(1,494	)		—			—
Total distributions		(43,042	)		(13,224	)		(24,467,300	)		(37,523,220	)
Share transactions*:
Proceeds from sale of shares		259,635			502,576			58,806,313			49,753,232
Cost of shares redeemed		—			—			(142,479,278	)		(685,821,304	)
Net Increase (decrease) in net assets resulting from share transactions		259,635			502,576			(83,672,965	)		(636,068,072	)
Total increase (decrease) in net assets		264,562			521,733			(72,982,738	)		(720,625,441	)
Net Assets, beginning of period		521,733			—			431,012,812			1,151,638,253
Net Assets, end of period	$	786,295		$	521,733		$	358,030,074		$	431,012,812
*Shares of Common Stock Issued (no par value)
Shares sold		10,000			20,000			3,200,000			2,700,000
Shares redeemed		—			—			(7,900,000	)		(38,000,000	)
Net increase (decrease)		10,000			20,000			(4,700,000	)		(35,300,000	)

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

See Notes to Financial Statements

101

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fallen Angel High Yield Bond ETF						Green Bond ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	161,545,173		$	141,495,726		$	2,862,304		$	2,135,125
Net realized loss		(156,968,238	)		(207,540,159	)		(817,987	)		(3,775,617	)
Net change in unrealized appreciation (depreciation)		199,769,798			45,359,290			(190,734	)		1,503,619
Net increase (decrease) in net assets resulting from operations		204,346,733			(20,685,143	)		1,853,583			(136,873	)
Distributions to shareholders from:
Distributable earnings		(159,923,520	)		(148,186,700	)		(2,789,760	)		(2,159,765	)
Share transactions*:
Proceeds from sale of shares		1,563,881,393			1,920,657,258			17,196,427			—
Cost of shares redeemed		(1,465,425,739	)		(2,794,164,212	)		—			(17,574,625	)
Increase (decrease) in net assets resulting from share transactions		98,455,654			(873,506,954	)		17,196,427			(17,574,625	)
Total increase (decrease) in net assets		142,878,867			(1,042,378,797	)		16,260,250			(19,871,263	)
Net Assets, beginning of year		2,783,465,657			3,825,844,454			75,459,866			95,331,129
Net Assets, end of year	$	2,926,344,524		$	2,783,465,657		$	91,720,116		$	75,459,866
*Shares of Common Stock Issued (no par value)
Shares sold		56,000,000			69,550,000			750,000			—
Shares redeemed		(53,150,000	)		(101,400,000	)		—			(750,000	)
Net increase (decrease)		2,850,000			(31,850,000	)		750,000			(750,000	)

See Notes to Financial Statements

102

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						International High Yield Bond ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	78,989,141		$	44,136,995		$	2,207,379		$	2,966,234
Net realized gain (loss)		1,257,324			(4,106,028	)		(5,090,301	)		(6,221,536	)
Net change in unrealized appreciation (depreciation)		17,025,169			(1,621,240	)		5,490,598			3,305,546
Net increase in net assets resulting from operations		97,271,634			38,409,727			2,607,676			50,244
Distributions to shareholders from:
Distributable earnings		(77,301,370	)		(39,541,190	)		(1,811,747	)		(2,745,823	)
Return of capital		—			—			(464,333	)		(324,327	)
Total distributions		(77,301,370	)		(39,541,190	)		(2,276,080	)		(3,070,150	)
Share transactions*:
Proceeds from sale of shares		554,846,586			331,514,195			—			11,761,829
Cost of shares redeemed		(181,365,192	)		(318,579,661	)		(35,962,025	)		(22,099,405	)
Increase (decrease) in net assets resulting from share transactions		373,481,394			12,934,534			(35,962,025	)		(10,337,576	)
Total increase (decrease) in net assets		393,451,658			11,803,071			(35,630,429	)		(13,357,482	)
Net Assets, beginning of year		1,146,320,852			1,134,517,781			66,058,430			79,415,912
Net Assets, end of year	$	1,539,772,510		$	1,146,320,852		$	30,428,001		$	66,058,430
*Shares of Common Stock Issued (no par value)
Shares sold		21,950,000			13,250,000			—			600,000
Shares redeemed		(7,200,000	)		(12,800,000	)		(1,800,000	)		(1,100,000	)
Net increase (decrease)		14,750,000			450,000			(1,800,000	)		(500,000	)

See Notes to Financial Statements

103

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, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	190,687,135		$	173,784,121		$	396,224		$	313,202
Net realized loss		(239,448,468	)		(235,655,592	)		(242,308	)		(879,505	)
Net change in unrealized appreciation (depreciation)		72,095,992			201,337,025			91,158			702,133
Net increase in net assets resulting from operations		23,334,659			139,465,554			245,074			135,830
Distributions to shareholders from:
Distributable earnings		(74,799,534	)		(23,143,273	)		(395,240	)		(299,760	)
Return of capital		(116,037,962	)		(149,840,524	)		—			—
Total distributions		(190,837,496	)		(172,983,797	)		(395,240	)		(299,760	)
Share transactions*:
Proceeds from sale of shares		362,831,748			459,045,576			—			—
Cost of shares redeemed		(640,998,130	)		(274,639,215	)		—			—
Net Increase (decrease) in net assets resulting from share transactions		(278,166,382	)		184,406,361			—			—
Total increase (decrease) in net assets		(445,669,219	)		150,888,118			(150,166	)		(163,930	)
Net Assets, beginning of year		3,224,345,400			3,073,457,282			8,444,830			8,608,760
Net Assets, end of year	$	2,778,676,181		$	3,224,345,400		$	8,294,664		$	8,444,830
*Shares of Common Stock Issued (no par value)
Shares sold		14,400,000			18,400,000			—			—
Shares redeemed		(26,300,000	)		(11,400,000	)		—			—
Net increase (decrease)		(11,900,000	)		7,000,000			—			—

See Notes to Financial Statements

104

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics IG Corporate Bond ETF						Mortgage REIT Income ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	578,989		$	443,779		$	23,290,638		$	16,885,952
Net realized loss		(224,972	)		(1,334,692	)		(17,394,242	)		(25,025,938	)
Net change in unrealized appreciation (depreciation)		(67,098	)		1,037,261			9,541,624			(27,385,519	)
Net increase (decrease) in net assets resulting from operations		286,919			146,348			15,438,020			(35,525,505	)
Distributions to shareholders from:
Distributable earnings		(577,080	)		(430,440	)		(23,290,638	)		(16,885,952	)
Return of capital		—			—			(2,175,757	)		(5,467,268	)
Total distributions		(577,080	)		(430,440	)		(25,466,395	)		(22,353,220	)
Share transactions*:
Proceeds from sale of shares		—			—			98,094,333			61,069,628
Cost of shares redeemed		—			—			(21,455,897	)		(24,680,759	)
Increase in net assets resulting from share transactions		—			—			76,638,436			36,388,869
Total increase (decrease) in net assets		(290,161	)		(284,092	)		66,610,061			(21,489,856	)
Net Assets, beginning of year		12,683,665			12,967,757			189,432,477			210,922,333
Net Assets, end of year	$	12,393,504		$	12,683,665		$	256,042,538		$	189,432,477
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			8,650,000			5,250,000
Shares redeemed		—			—			(1,900,000	)		(1,900,000	)
Net increase		—			—			6,750,000			3,350,000

See Notes to Financial Statements

105

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Year Ended April 30, 2024			Year Ended April 30, 2023
Operations:
Net investment income	$	99,354,821		$	62,024,311
Net realized loss		(31,324,978	)		(10,656,813	)
Net change in unrealized appreciation (depreciation)		(4,235,878	)		(76,072,758	)
Net increase (decrease) in net assets resulting from operations		63,793,965			(24,705,260	)
Distributions to shareholders from:
Distributable earnings		(103,210,465	)		(62,856,300	)
Share transactions*:
Proceeds from sale of shares		610,528,274			232,255,280
Cost of shares redeemed		(42,538,023	)		(87,347,038	)
Net Increase in net assets resulting from share transactions		567,990,251			144,908,242
Total increase in net assets		528,573,751			57,346,682
Net Assets, beginning of year		1,059,644,396			1,002,297,714
Net Assets, end of year	$	1,588,218,147		$	1,059,644,396
*Shares of Common Stock Issued (no par value)
Shares sold		35,350,000			13,000,000
Shares redeemed		(2,500,000	)		(4,850,000	)
Net increase		32,850,000			8,150,000

See Notes to Financial Statements

106

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	BDC Income ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	14.54			$	16.76			$	16.76			$	10.75			$	16.55
Net investment income (a)			1.84				1.63				1.44				1.43				1.54
Net realized and unrealized gain (loss) on investments			2.04				(2.18	)			(0.06	)			6.02				(5.86	)
Total from investment operations			3.88				(0.55	)			1.38				7.45				(4.32	)
Distributions from:
Net investment income			(1.78	)			(1.63	)			(1.38	)			(1.44	)			(1.48	)
Return of capital			—	(b)			(0.04	)			—				—	(b)			—
Total distributions			(1.78	)			(1.67	)			(1.38	)			(1.44	)			(1.48	)
Net asset value, end of year		$	16.64			$	14.54			$	16.76			$	16.76			$	10.75
Total return (c)			28.03	%			(2.60	)%			8.23	%			73.81	%			(27.77	)%
Ratios to average net assets
Gross expenses (d)(e)			0.42	%			0.42	%			0.41	%			0.46	%			0.48	%
Net expenses (d)(e)			0.42	%			0.42	%			0.41	%			0.41	%			0.41	%
Net expenses excluding interest and taxes (d)(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income (d)			11.60	%			10.75	%			8.34	%			10.57	%			9.95	%
Supplemental data
Net assets, end of year (in millions)		$	1,084				$577				$625				$412				$170
Portfolio turnover rate (f)			12	%			28	%			29	%			26	%			22	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns are not annualized and 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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Periods after April 30, 2021 reflect a unitary management fee structure.
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

107

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	China Bond ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	22.86			$	23.56			$	24.07			$	22.39			$	22.89
Net investment income (a)			0.51				0.57				0.66				0.73				0.87
Net realized and unrealized gain (loss) on investments			(0.79	)			(0.76	)			(0.40	)			1.60				(0.49	)
Total from investment operations			(0.28	)			(0.19	)			0.26				2.33				0.38
Distributions from:
Net investment income			—				—	(b)			(0.76	)			(0.65	)			(0.79	)
Return of capital			(0.69	)			(0.51	)			(0.01	)			—				(0.09	)
Total distributions			(0.69	)			(0.51	)			(0.77	)			(0.65	)			(0.88	)
Net asset value, end of year		$	21.89			$	22.86			$	23.56			$	24.07			$	22.39
Total return (c)			(1.21	)%			(0.80	)%			1.02	%			10.56	%			1.76	%
Ratios to average net assets
Gross expenses			0.79	%			0.51	%			0.52	%			0.68	%			3.53	%
Net expenses			0.51	%			0.51	%			0.51	%			0.50	%			0.50	%
Net expenses excluding interest and taxes			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			2.31	%			2.51	%			2.69	%			3.07	%			3.93	%
Supplemental data
Net assets, end of year (in millions)			$24				$43				$130				$104				$4
Portfolio turnover rate (d)			65	%			10	%			60	%			17	%			21	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

108

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Dynamic High Income ETF
	Year Ended April 30, 2024				Period Ended April 30, 2023 (a)
Net asset value, beginning of period		$	26.09			$	25.13
Net investment income (b)			1.31				0.59
Net realized and unrealized gain on investments			0.29				1.03
Total from investment operations			1.60				1.62
Distributions from:
Net investment income			(1.30	)			(0.59	)
Net realized capital gains			(0.04	)			—
Return of capital			(0.14	)			(0.07	)
Total distributions			(1.48	)			(0.66	)
Net asset value, end of period		$	26.21			$	26.09
Total return (c)			6.33	%			6.47	%
Ratios to average net assets
Expenses (d)			0.11	%			0.10	%(e)
Expenses excluding interest and taxes (d)			0.10	%			0.10	%(e)
Net investment income (d)			5.03	%			4.55	%(e)
Supplemental data
Net assets, end of period (in millions)			$1				$1
Portfolio turnover rate (f)			52	%			8	%

(a)	For the period November 2, 2022 (commencement of operations) through April 30, 2023.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and 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)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

109

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Emerging Markets High Yield Bond ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	18.19			$	19.52			$	23.63			$	20.54			$	23.34
Net investment income (a)			1.15				1.10				1.20				1.29				1.42
Net realized and unrealized gain (loss) on investments			0.67				(1.25	)			(4.11	)			3.06				(2.77	)
Total from investment operations			1.82				(0.15	)			(2.91	)			4.35				(1.35	)
Distributions from:
Net investment income			(1.17	)			(1.18	)			(1.20	)			(1.26	)			(1.45	)
Net asset value, end of year		$	18.84			$	18.19			$	19.52			$	23.63			$	20.54
Total return (b)			10.50	%			(0.56	)%			(12.84	)%			21.53	%			(6.27	)%
Ratios to average net assets
Gross expenses (c)			0.40	%			0.40	%			0.40	%			0.45	%			0.47	%
Net expenses (c)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			6.32	%			6.08	%			5.39	%			5.58	%			6.19	%
Supplemental data
Net assets, end of year (in millions)			$358				$431				$1,152				$784				$308
Portfolio turnover rate (d)			30	%			21	%			34	%			31	%			28	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

110

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Fallen Angel High Yield Bond ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	27.74			$	28.94			$	32.20			$	26.84			$	29.00
Net investment income (a)			1.61				1.29				1.19				1.49				1.54
Net realized and unrealized gain (loss) on investments			0.61				(1.15	)			(3.22	)			5.35				(2.16	)
Total from investment operations			2.22				0.14				(2.03	)			6.84				(0.62	)
Distributions from:
Net investment income			(1.60	)			(1.34	)			(1.23	)			(1.48	)			(1.54	)
Net asset value, end of year		$	28.36			$	27.74			$	28.94			$	32.20			$	26.84
Total return (b)			8.26	%			0.60	%			(6.63	)%			25.95	%			(2.38	)%
Ratios to average net assets
Gross expenses (c)			0.33	%			0.35	%			0.35	%			0.43	%			0.43	%
Net expenses (c)			0.33	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			5.77	%			4.68	%			3.70	%			4.83	%			5.35	%
Supplemental data
Net assets, end of year (in millions)		$	2,926			$	2,783			$	3,826			$	4,915			$	1,683
Portfolio turnover rate (d)			71	%			31	%			44	%			27	%			68	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

111

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Green Bond ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	23.58			$	24.13			$	27.16			$	26.85			$	25.87
Net investment income (a)			0.81				0.63				0.55				0.55				0.58
Net realized and unrealized gain (loss) on investments			(0.38	)			(0.54	)			(3.03	)			0.28(b)				1.00
Total from investment operations			0.43				0.09				(2.48	)			0.83				1.58
Distributions from:
Net investment income			(0.79	)			(0.64	)			(0.55	)			(0.52	)			(0.50	)
Return of capital			—				—				—				—				(0.10	)
Total distributions			(0.79	)			(0.64	)			(0.55	)			(0.52	)			(0.60	)
Net asset value, end of year		$	23.22			$	23.58			$	24.13			$	27.16			$	26.85
Total return (c)			1.89	%			0.41	%			(9.30	)%			3.07	%			6.17	%
Ratios to average net assets
Gross expenses (d)			0.20	%			0.20	%			0.20	%			0.65	%			0.83	%
Net expenses (d)			0.20	%			0.20	%			0.20	%			0.20	%			0.23	%
Net investment income			3.48	%			2.71	%			2.07	%			2.01	%			2.17	%
Supplemental data
Net assets, end of year (in millions)			$92				$75				$95				$84				$32
Portfolio turnover rate (e)			14	%			20	%			19	%			25	%			83	%

(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 are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

112

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	IG Floating Rate ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	25.08			$	25.07			$	25.33			$	24.61			$	25.25
Net investment income (a)			1.59				0.98				0.14				0.23				0.68
Net realized and unrealized gain (loss) on investments			0.38				(0.09	)			(0.25	)			0.76				(0.61	)
Total from investment operations			1.97				0.89				(0.11	)			0.99				0.07
Distributions from:
Net investment income			(1.58	)			(0.88	)			(0.15	)			(0.27	)			(0.71	)
Net asset value, end of year		$	25.47			$	25.08			$	25.07			$	25.33			$	24.61
Total return (b)			8.12	%			3.61	%			(0.45	)%			4.07	%			0.26	%
Ratios to average net assets
Gross expenses (c)			0.14	%			0.14	%			0.14	%			0.39	%			0.40	%
Net expenses (c)			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Net investment income			6.31	%			3.95	%			0.56	%			0.93	%			2.70	%
Supplemental data
Net assets, end of year (in millions)		$	1,540			$	1,146			$	1,135				$560				$461
Portfolio turnover rate (d)			89	%			55	%			78	%			72	%			40	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

113

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	International High Yield Bond ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	20.02			$	20.90			$	25.71			$	22.21			$	24.54
Net investment income (a)			1.06				0.96				1.02				1.13				1.26
Net realized and unrealized gain (loss) on investments			0.33				(0.85	)			(4.78	)			3.54				(2.33	)
Total from investment operations			1.39				0.11				(3.76	)			4.67				(1.07	)
Distributions from:
Net investment income			(0.88	)			(0.89	)			(1.05	)			(1.10	)			(1.17	)
Return of capital			(0.24	)			(0.10	)			—				(0.07	)			(0.09	)
Total distributions			(1.12	)			(0.99	)			(1.05	)			(1.17	)			(1.26	)
Net asset value, end of year		$	20.29			$	20.02			$	20.90			$	25.71			$	22.21
Total return (b)			7.13	%			0.78	%			(15.07	)%			21.30	%			(4.67	)%
Ratios to average net assets
Gross expenses (c)			0.40	%			0.40	%			0.40	%			0.56	%			0.62	%
Net expenses (c)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			5.27	%			4.89	%			4.21	%			4.54	%			5.17	%
Supplemental data
Net assets, end of year (in millions)			$30				$66				$79				$100				$89
Portfolio turnover rate (d)			31	%			22	%			25	%			33	%			37	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

114

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	J.P. Morgan EM Local Currency Bond ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	25.13			$	25.33			$	31.14			$	29.36			$	33.11
Net investment income (a)			1.52				1.43				1.47				1.55				2.00
Net realized and unrealized gain (loss) on investments			(1.25	)			(0.21	)			(5.84	)			1.78				(3.75	)
Total from investment operations			0.27				1.22				(4.37	)			3.33				(1.75	)
Distributions from:
Net investment income			(0.60	)			(0.18	)			(0.77	)			(0.01	)			(0.48	)
Return of capital			(0.93	)			(1.24	)			(0.67	)			(1.54	)			(1.52	)
Total distributions			(1.53	)			(1.42	)			(1.44	)			(1.55	)			(2.00	)
Net asset value, end of year		$	23.87			$	25.13			$	25.33			$	31.14			$	29.36
Total return (b)			1.03	%			5.16	%			(14.56	)%			11.40	%			(5.79	)%
Ratios to average net assets
Gross expenses			0.31	%			0.31	%			0.32	%			0.31	%			0.36	%
Net expenses			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Net investment income			6.10	%			5.87	%			5.00	%			4.92	%			6.05	%
Supplemental data
Net assets, end of year (in millions)		$	2,779			$	3,224			$	3,073			$	3,380			$	3,339
Portfolio turnover rate (c)			37	%			29	%			33	%			40	%			39	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

115

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
													Period
													Ended
	Year Ended April 30,												April 30,
	2024				2023				2022				2021 (a)
Net asset value, beginning of period		$	21.11			$	21.52			$	24.73			$	25.00
Net investment income (b)			0.99				0.78				0.55				0.22
Net realized and unrealized loss on investments			(0.37	)			(0.44	)			(3.19	)			(0.30	)
Total from investment operations			0.62				0.34				(2.64	)			(0.08	)
Distributions from:
Net investment income			(0.99	)			(0.75	)			(0.57	)			(0.19	)
Net asset value, end of period		$	20.74			$	21.11			$	21.52			$	24.73
Total return (c)			3.02	%			1.70	%			(10.96	)%			(0.32	)%
Ratios to average net assets
Expenses			0.25	%			0.25	%			0.25	%			0.25	%(d)
Net investment income			4.78	%			3.75	%			2.26	%			2.14	%(d)
Supplemental data
Net assets, end of period (in millions)			$8				$8				$9				$10
Portfolio turnover rate (e)			62	%			91	%			48	%			35	%

(a)	For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and 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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

116

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
													Period
													Ended
	Year Ended April 30,												April 30,
	2024				2023				2022				2021 (a)
Net asset value, beginning of period		$	21.14			$	21.61			$	24.58			$	25.00
Net investment income (b)			0.96				0.74				0.52				0.21
Net realized and unrealized loss on investments			(0.48	)			(0.49	)			(2.96	)			(0.45	)
Total from investment operations			0.48				0.25				(2.44	)			(0.24	)
Distributions from:
Net investment income			(0.96	)			(0.72	)			(0.53	)			(0.18	)
Net asset value, end of period		$	20.66			$	21.14			$	21.61			$	24.58
Total return (c)			2.36	%			1.22	%			(10.15	)%			(0.97	)%
Ratios to average net assets
Expenses			0.20	%			0.20	%			0.20	%			0.20	%(d)
Net investment income			4.66	%			3.53	%			2.13	%			2.10	%(d)
Supplemental data
Net assets, end of period (in millions)			$12				$13				$13				$15
Portfolio turnover rate (e)			54	%			84	%			53	%			28	%

(a)	For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and 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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

117

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Mortgage REIT Income ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	11.01			$	15.23			$	19.45			$	11.42			$	23.63
Net investment income (a)			1.17				1.21				0.76				0.86				1.45
Net realized and unrealized gain (loss) on investments			(0.22	)			(3.82	)			(3.44	)			8.49				(11.90	)
Total from investment operations			0.95				(2.61	)			(2.68	)			9.35				(10.45	)
Distributions from:
Net investment income			(1.16	)			(1.21	)			(0.79	)			(0.83	)			(1.45	)
Return of capital			(0.11	)			(0.40	)			(0.75	)			(0.49	)			(0.31	)
Total distributions			(1.27	)			(1.61	)			(1.54	)			(1.32	)			(1.76	)
Net asset value, end of year		$	10.69			$	11.01			$	15.23			$	19.45			$	11.42
Total return (b)			8.59	%			(16.95	)%			(14.74	)%			85.71	%			(46.63	)%
Ratios to average net assets
Gross expenses (c)			0.43	%			0.43	%			0.41	%			0.49	%			0.50	%
Net expenses (c)			0.43	%			0.43	%			0.41	%			0.41	%			0.41	%
Net expenses excluding interest and taxes (c)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			10.40	%			9.30	%			4.15	%			5.55	%			6.70	%
Supplemental data
Net assets, end of year (in millions)			$256				$189				$211				$310				$119
Portfolio turnover rate (d)			16	%			19	%			12	%			31	%			16	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

118

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Preferred Securities ex Financials ETF
	Year Ended April 30,
	2024				2023				2022				2021				2020
Net asset value, beginning of year		$	17.51			$	19.15			$	20.97			$	18.23			$	19.37
Net investment income (a)			1.29				1.12				1.01				0.98				1.06
Net realized and unrealized gain (loss) on investments			(0.45	)			(1.62	)			(1.68	)			2.72				(1.12	)
Total from investment operations			0.84				(0.50	)			(0.67	)			3.70				(0.06	)
Distributions from:
Net investment income			(1.34	)			(1.14	)			(1.13	)			(0.96	)			(1.08	)
Return of capital			—				—				(0.02	)			—				—
Total distributions			(1.34	)			(1.14	)			(1.15	)			(0.96	)			(1.08	)
Net asset value, end of year		$	17.01			$	17.51			$	19.15			$	20.97			$	18.23
Total return (b)			5.04	%			(2.50	)%			(3.61	)%			20.78	%			(0.54	)%
Ratios to average net assets
Gross expenses (c)			0.40	%			0.41	%			0.40	%			0.43	%			0.44	%
Net expenses (c)			0.40	%			0.41	%			0.40	%			0.40	%			0.41	%
Net expenses excluding interest and taxes (c)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			7.55	%			6.28	%			4.79	%			4.97	%			5.41	%
Supplemental data
Net assets, end of year (in millions)		$	1,588			$	1,060			$	1,002				$948				$689
Portfolio turnover rate (d)			27	%			27	%			37	%			36	%			45	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and 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 is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

119

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2024

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”)	Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)	Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)	Non-Diversified

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

Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for BDC Income. Effective March 7, 2024, Van Eck Absolute Return Advisers Corporation (“VEARA”) serves as the investment adviser to BDC Income. VEAC and VEARA are collectively referred to as the “Adviser”. Effective January 12, 2024, China Asset Management (Hong Kong) Limited no longer serves as the sub-adviser to China Bond.

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 the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Bond seeks to achieve its investment objective by primarily investing in RMB bonds through Bond Connect. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in

120

substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that 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

121

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	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.
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 and return of capital, 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, 2024.
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,

122

	2024 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, 2024.

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, 2024, 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, 2024 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.

The unitary management fee rates for the year ended April 30, 2024 are as follows:

Fund	Management Fee Rate
BDC Income		0.40	%
Dynamic Income		0.10
Emerging Markets High Yield		0.40
Fallen Angel		0.25	*
Floating Rate		0.14
Green Bond		0.20
International High Yield		0.40

123

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NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Management Fee Rate
Moody’s Analytics BBB		0.25
Moody’s Analytics IG		0.20
Mortgage REIT		0.40
Preferred Securities		0.40

* Prior to March 7, 2024, the management fee was 0.35%.

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, 2024, the Adviser owned approximately 82% and 24% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.

Note 4—Capital Share Transactions—As of April 30, 2024, 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, 2024, 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	$	94,867,578	$	95,003,795	$	510,705,887	$	98,773,247
China Bond		20,065,208		38,748,826		—		—
Dynamic Income		427,484		386,832		219,013		—
Emerging Markets High Yield		138,651,445		108,770,818		21,096,556		132,464,973
Fallen Angel		1,963,450,231		1,976,548,181		1,495,883,399		1,402,855,175
Floating Rate		1,144,358,343		1,070,142,390		418,362,408		140,314,464
Green Bond		14,051,166		11,298,146		14,021,605		—
International High Yield		12,820,905		12,929,582		—		35,347,088
J.P. Morgan EM		1,106,273,534		1,141,243,785		98,675,150		377,459,341
Moody’s Analytics BBB		5,066,528		5,107,275		—		—
Moody’s Analytics IG		6,575,645		6,651,192		—		—
Mortgage REIT		37,518,922		35,910,209		98,124,984		21,788,578
Preferred Securities		455,642,902		353,633,348		560,126,375		40,761,026

Note 6—Income Taxes—As of April 30, 2024, 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:

124

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BDC Income		$1,128,444,019		$79,883,404		$(33,507,380)		$46,376,024
China Bond		22,247,392		114,864		(1,445,459)		(1,330,595)
Dynamic Income		758,532		34,002		(4,301)		29,701
Emerging Markets High Yield		388,161,239		4,139,277		(34,272,547)		(30,133,270)
Fallen Angel		3,190,107,802		33,608,413		(207,663,331)		(174,054,918)
Floating Rate		1,515,382,061		10,475,338		(2,416,023)		8,059,315
Green Bond		100,959,599		397,458		(9,219,389)		(8,821,931)
International High Yield		33,625,354		396,634		(3,431,414)		(3,034,780)
J.P. Morgan EM		3,079,633,116		59,407,442		(404,029,858)		(344,622,416)
Moody’s Analytics BBB		8,552,614		78,258		(487,183)		(408,925)
Moody’s Analytics IG		13,099,115		83,537		(953,109)		(869,572)
Mortgage REIT		335,777,528		5,426,473		(61,063,404)		(55,636,931)
Preferred Securities		1,705,832,963		32,787,658		(155,053,400)		(122,265,742)

At April 30, 2024, 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		$–		$(103,072,184)		$–		$(9,394)		$46,376,024		$(56,705,554)
China Bond		–		(32,113)		(814,997)		(1,491)		(1,335,536)		(2,184,137)
Dynamic Income		–		–		–		–		29,701		29,701
Emerging Markets High Yield		1,764,767		(209,338,019)		–		(134,326)		(30,133,277)		(237,840,855)
Fallen Angel		15,832,986		(445,798,191)		–		(67,964)		(174,054,918)		(604,088,087)
Floating Rate		7,682,503		(6,275,958)		–		(21,617)		8,059,315		9,444,243
Green Bond		286,174		(4,700,283)		–		(1,074)		(8,821,950)		(13,237,133)
International High Yield		–		(18,423,099)		(133,983)		(36,396)		(3,037,298)		(21,630,776)
J.P. Morgan EM		–		(446,936,551)		(112,162,376)		6,616,259		(345,847,018)		(898,329,686)
Moody’s Analytics BBB		34,134		(1,330,430)		–		–		(408,925)		(1,705,221)
Moody’s Analytics IG		48,863		(1,785,616)		–		–		(869,571)		(2,606,324)
Mortgage REIT		–		(126,864,808)		–		(16,360)		(55,636,931)		(182,518,099)
Preferred Securities		11,784,132		(102,681,580)		–		(5,579,753)		(122,265,742)		(218,742,943)

*Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2023. 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, 2024			April 30, 2023
Fund	Ordinary Income*	Long-Term Capital Gains	Return of Capital	Ordinary Income*	Return of Capital
BDC Income	$89,851,157	$–	$187,793	$59,501,743	$1,673,017
China Bond	–	–	1,040,340	–	1,816,350
Dynamic Income	37,834	1,085	4,123	11,730	1,494
Emerging Markets High Yield	24,467,300	–	–	37,523,220	–
Fallen Angel	159,923,520	–	–	148,186,700	–
Floating Rate	77,301,370	–	–	39,541,190	–
Green Bond	2,789,760	–	–	2,159,765	–
International High Yield	1,811,747	–	464,333	2,745,823	324,327
J.P. Morgan EM	74,799,534	–	116,037,962	23,143,273	149,840,524
Moody’s Analytics BBB	395,240	–	–	299,760	–
Moody’s Analytics IG	577,080	–	–	430,440	–
Mortgage REIT	23,290,638	–	2,175,757	16,885,952	5,467,268
Preferred Securities	103,210,465	–	–	62,856,300	–

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NOTES TO FINANCIAL STATEMENTS

(continued)

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

At April 30, 2024, 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	$	(40,799,495	)	$	(62,272,689	)	$	(103,072,184	)
China Bond		–			(32,113	)		(32,113	)
Emerging Markets High Yield		(84,628,310	)		(124,709,709	)		(209,338,019	)
Fallen Angel		(138,922,175	)		(306,876,016	)		(445,798,191	)
Floating Rate		(3,507,250	)		(2,768,708	)		(6,275,958	)
Green Bond		(1,553,585	)		(3,146,698	)		(4,700,283	)
International High Yield		(2,525,144	)		(15,897,955	)		(18,423,099	)
J.P. Morgan EM		(125,158,514	)		(321,778,037	)		(446,936,551	)
Moody’s Analytics BBB		(328,413	)		(1,002,017	)		(1,330,430	)
Moody’s Analytics IG		(266,864	)		(1,518,752	)		(1,785,616	)
Mortgage REIT		(22,977,063	)		(103,887,745	)		(126,864,808	)
Preferred Securities		(37,436,543	)		(65,245,037	)		(102,681,580	)

During the year ended April 30, 2024, Dynamic High Income and Floating Rate utilized $2,103 and $558,188, respectively, of their capital loss carryforward available from prior years.

During the year ended April 30, 2024, 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	$	(11,012,397	)	$	11,012,397
China Bond		4,652,821			(4,652,821	)
Emerging Markets High Yield		9,187,684			(9,187,684	)
Fallen Angel		12,654			(12,654	)
Floating Rate		(385,501	)		385,501
International High Yield		3,745,300			(3,745,300	)
J.P. Morgan EM		19,700,157			(19,700,157	)
Mortgage REIT		(2,740,181	)		2,740,181
Preferred Securities		(3,792,886	)		3,792,886

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, 2024, the Funds did not incur any interest or penalties.

126

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 former Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the former 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

127

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NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

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

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

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

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

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

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

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

128

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, 2024 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of April 30, 2024:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	139,211,087	$	89,871,466	$	55,225,051	$	145,096,517
Emerging Markets High Yield		12,053,662		9,793,937		2,758,350		12,552,287
Fallen Angel		180,703,191		147,489,017		52,717,497		200,206,514
Floating Rate		3,804,013		4,149,731		716,763		4,866,494
Green Bond		3,184,026		1,573,215		1,733,230		3,306,445

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NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
International High Yield		944,012		860,040		149,090		1,009,130
J.P. Morgan EM		5,532,214		5,691,051		–		5,691,051
Moody’s Analytics BBB		237,762		–		249,565		249,565
Moody’s Analytics IG		386,890		45,033		359,643		404,676
Mortgage REIT		71,854,807		24,490,136		50,613,804		75,103,940

The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2024:

	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	$	–	$	89,871,466	$	–
Emerging Markets High Yield		9,793,937		–		–
Fallen Angel		147,489,017		–		–
Floating Rate		4,149,731		–		–
Green Bond		1,314,915		110,250		148,050
International High Yield		860,040		–		–
J.P. Morgan EM		–		–		5,691,051
Moody’s Analytics IG		45,033		–		–
Mortgage REIT		–		24,490,136		–

* 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, 2024, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		252		$3,848,195		6.61	%
China Bond		4		2,154,561		6.42
Fallen Angel		5		2,037,770		6.48
J.P. Morgan EM		22		3,371,913		6.65
Moody’s Analytics IG		1		213,761		6.68
Mortgage REIT		188		2,236,108		6.65
Preferred Securities		65		4,287,503		6.53

Outstanding loan balances as of April 30, 2024, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—New Regulatory Requirements—On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.

In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR which will be available at https://www.sec.gov.

The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery). These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

130

Note 12—Subsequent Event Review—Effective after the close of trading on the NYSE Arca, Inc. on May 31, 2024, the China Bond ETF changed its benchmark index from the ChinaBond China High Quality Bond Index to the FTSE Chinese Broad Bond 0-10 Years Diversified Select Index.

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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 listed in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2024, 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 listed in the table below as of April 30, 2024, 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 for the year ended April 30, 2024 and the statement of changes in net assets and financial highlights for each of the two years in the period ended April 30, 2024. (2) Statement of operations for the year ended April 30, 2024 and the statement of changes in net assets and financial highlights for the year ended April 30, 2024 and 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 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, 2024, by correspondence with the

132

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 26, 2024

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

133

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 2024 income tax purposes will be sent to them in early 2025. Please consult your tax advisor for additional information regarding the treatment of these distributions.

Fund Name	Ticker Symbol	Payable Date		Total Distribution Paid Per Share		Return of Capital (a)		Income Dividends		Foreign Taxes Paid (b)		Total Ordinary Income Dividends		Foreign Source Income as a % of Total Ordinary Income (b)
China Bond	CBON		Monthly		$0.6851		$0.6851		$-		$-		$-		-%
Emerging Markets High Yield	HYEM		Monthly		1.1741		-		1.1741		0.0001		1.1742		94.04
Fallen Angel	ANGL		Monthly		1.5996		-		1.5996		-		1.5996		-
Floating Rate	FLTR		Monthly		1.5817		-		1.5817		-		1.5817		-
Green Bond	GRNB		Monthly		0.7940		-		0.7940		0.0003		0.7943		57.78
International High Yield	IHY		Monthly		1.1175		0.2363		0.8812		0.0005		0.8817		100.00
J.P. Morgan EM	EMLC		Monthly		1.5288		0.9300		0.5988		0.0298		0.6286		100.00
Moody’s Analytics BBB	MBBB		Monthly		0.9881		-		0.9881		-		0.9881		-
Moody’s Analytics IG	MIG		Monthly		0.9618		-		0.9618		-		0.9618		-

Fund Name	Ticker Symbol	Payable Date	Section 163(j)- Interest Dividends as a % of the Total Ordinary Income Distribution (c)			Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (d)
Emerging Markets High Yield	HYEM	Monthly		94.21	%		-	%
Fallen Angel	ANGL	Monthly		94.47			77.77
Floating Rate	FLTR	Monthly		99.54			61.34
Green Bond	GRNB	Monthly		94.28			38.63
International High Yield	IHY	Monthly		94.39			-
J.P. Morgan EM	EMLC	Monthly		99.44			-
Moody’s Analytics BBB	MBBB	Monthly		98.49			76.29
Moody’s Analytics IG	MIG	Monthly		97.29			66.78

(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) These amounts represent distributions paid during the taxable year ended April 30, 2024 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.

(d) These amounts represent distributions paid during the taxable year ended April 30, 2024 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.

134

Fund Name	Ticker Symbol	Payable Date	Total Distribution Per Share		Return of Capital (Non-Dividend) Distribution (a)		Ordinary Income Dividends		Foreign Taxes Paid (b)		Total Ordinary Income Dividends		Foreign Source Income as a % of Total Ordinary Income (b)		Long-term Capital Gains
BDC Income	BIZD	Quarterly		$1.7816		$0.0031		$1.7785		$-		$1.7785		-%		$-
Dynamic Income	INC	Monthly		1.4751		0.1406		1.2983		0.0018		1.3001		19.72		0.0362
Mortgage REIT	MORT	Quarterly		1.2679		0.1098		1.1581		-		1.1581		-		-
Preferred Securities	PFXF	Monthly		1.3417		-		1.3417		-		1.3417		-		-

Fund Name	Ticker Symbol	Payable Date	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 Distribution (g)		Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (h)
BDC Income	BIZD	Quarterly		0.68%		0.13%		0.31%		53.29%		72.99%
Dynamic Income	INC	Quarterly		17.71		14.97		6.86		52.77		34.76
Mortgage REIT	MORT	Quarterly		2.66		-		77.79		-		-
Preferred Securities	PFXF	Monthly		20.53		17.12		17.83		41.92		30.75

(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 2024 Form 1099s received in 2025. (g) These amounts represent distributions paid during the taxable year ended April 30, 2024 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, 2024 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.

135

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	Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	69	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).	69	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).	79	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.	69	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.	79	Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 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	79	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.

136

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.
*	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
Lawrence G. Altadonna, 1966	Vice President and Treasurer	Since 2024	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Fund Assistant Treasurer and Vice President of Credit Suisse Asset Management, LLC (June 2022- January 2024).
Matthew A. Babinsky, 1983	Vice President and Assistant Secretary	Vice President (Since 2023); Assistant Secretary (Since 2016)	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.
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, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. Formerly, Treasurer of other investment companies advised by VEAC and VEARA.
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.
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.
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.

137

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

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.
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.

138

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, 2023 to December 31, 2023 (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.

139

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, 2024 and April 30, 2023, were $450,000 and $450,180, 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, 2024 and April 30, 2023, were $184,250 and $183,250, respectively.
(d)	All Other Fees. Not applicable.
(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)	Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant’s investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended April 30, 2024 and April 30, 2023, were $210,000 and $0 respectively.
(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. Ms. Hesslein is the Chairperson 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 MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9. PURCHASES 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, CFO

Date July 8, 2024

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 8, 2024

By (Signature and Title)  /s/ John J. Crimmins, CFO

Date July 8, 2024