VANECK

PREFERRED

SECURITIES

EX

FINANCIALS

ETF

SCHEDULE

OF

INVESTMENTS

January

31,

2024

(unaudited)

1

Number

of

Shares

Value

PREFERRED

SECURITIES:

99.5%

Automobiles

&

Auto

Parts

:

4.8%

Ford

Motor

Co.

6.00%,

12/01/59

1,056,229

$

26,500,786

6.20%,

06/01/59

990,241

25,102,609

6.50%,

08/15/62

792,183

19,685,748

71,289,143

Banking

Services

:

1.3%

SCE

Trust

VII

7.50%,

11/22/28

*

726,170

19,098,271

Underline

Consumer

Goods

Conglomerates

:

0.4%

Brookfield

Infrastructure

Finance

ULC

5.00%,

05/24/81

330,086

5,826,018

Underline

Diversified

Retail

:

1.7%

Qurate

Retail,

Inc.

8.00%,

03/15/31

419,227

16,584,620

QVC,

Inc.

6.25%,

11/26/68

660,408

7,944,708

24,529,328

Electric

Utilities

&

IPPs

:

22.3%

AES

Corp.

6.88%,

02/15/24

341,664

22,761,656

Brookfield

BRP

Holdings

Canada,

Inc.

4.62%,

04/30/26

462,121

7,181,360

4.88%,

12/09/26

343,267

5,543,762

DTE

Energy

Co.

4.38%,

12/01/81

369,685

7,929,743

5.25%,

12/01/77

528,119

12,495,296

Duke

Energy

Corp.

5.62%,

09/15/78

660,148

16,728,150

5.75%,

06/15/24

1,320,299

33,099,896

Entergy

Arkansas

LLC

4.88%,

09/01/66

541,323

12,331,338

Entergy

Louisiana

LLC

4.88%,

09/01/66

356,475

8,013,558

Entergy

Mississippi

LLC

4.90%,

10/01/66

343,267

8,032,448

Georgia

Power

Co.

5.00%,

10/01/77

356,475

8,366,468

NextEra

Energy

Capital

Holdings,

Inc.

5.65%,

03/01/79

907,706

22,992,193

NextEra

Energy,

Inc.

6.93%,

09/01/25

1,320,299

49,128,326

SCE

Trust

III

5.75%

(Term

SOFR

USD

3

Month+3.25%),

03/15/24

363,080

9,047,954

SCE

Trust

IV

5.38%

(Term

SOFR

USD

3

Month+3.39%),

09/15/25

429,103

9,796,421

SCE

Trust

V

5.45%

(Term

SOFR

USD

3

Month+4.05%),

03/15/26

396,084

9,557,507

SCE

Trust

VI

5.00%

627,129

12,530,037

Southern

Co.

Number

of

Shares

Value

Electric

Utilities

&

IPPs

(continued)

4.20%,

10/15/60

990,241

$

20,527,696

4.95%,

01/30/80

1,320,299

31,027,026

5.25%,

12/01/77

594,156

14,414,225

Tennessee

Valley

Authority

2.13%

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

30

Year+0.94%),

06/01/28

338,663

7,569,118

329,074,178

Food

&

Tobacco

:

5.4%

CHS,

Inc.

6.75%

(ICE

LIBOR

USD

3

Month+4.16%),

09/30/24

650,241

16,191,001

7.10%

(ICE

LIBOR

USD

3

Month+4.30%),

03/31/24

554,529

14,168,216

7.50%,

01/21/25

683,262

17,525,670

7.88%,

09/26/23

708,348

18,502,050

8.00%,

07/18/23

405,059

12,504,171

78,891,108

Hotels

&

Entertainment

Services

:

0.4%

Paramount

Global

5.75%,

04/01/24

330,086

6,090,087

Underline

Investment

Banking

&

Investment

Services

:

0.6%

KKR

Real

Estate

Finance

Trust,

Inc.

6.50%,

04/16/26

432,792

8,270,655

Underline

Machinery;

Equipment

&

Components

:

3.4%

Chart

Industries,

Inc.

6.75%,

12/15/25

265,721

13,238,220

RBC

Bearings,

Inc.

5.00%,

10/15/24

151,850

18,680,587

WESCO

International,

Inc.

10.62%

(US

Treasury

Yield

Curve

Rate

T

5

Year+10.32%),

06/22/25

710,836

19,057,513

50,976,320

Multiline

Utilities

:

6.7%

Algonquin

Power

&

Utilities

Corp.

6.20%

(ICE

LIBOR

USD

3

Month+4.01%),

07/01/79

462,121

11,446,737

7.75%,

06/15/24

759,164

16,063,910

CMS

Energy

Corp.

5.88%,

10/15/78

369,685

9,127,523

5.88%,

03/01/79

831,785

20,594,997

NiSource,

Inc.

6.50%

(US

Treasury

Yield

Curve

Rate

T

5

Year+3.63%),

03/15/24

660,148

16,668,737

Sempra

5.75%,

07/01/79

1,000,137

24,733,388

98,635,292

Natural

Gas

Utilities

:

0.6%

Spire,

Inc.

5.90%,

08/15/24

330,086

8,087,107

Underline

VANECK

PREFERRED

SECURITIES

EX

FINANCIALS

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

2

Number

of

Shares

Value

Office

Equipment

:

0.7%

Pitney

Bowes,

Inc.

6.70%,

03/07/43

561,134

$

10,162,137

Underline

Oil

&

Gas

:

0.9%

NGL

Energy

Partners

LP

12.80%

(ICE

LIBOR

USD

3

Month+7.21%)

*

415,379

12,565,215

Underline

Oil

&

Gas

Related

Equipment

and

Services

:

5.6%

Energy

Transfer

LP

7.60%

(ICE

LIBOR

USD

3

Month+5.16%),

05/15/24

1,056,229

26,426,849

10.16%

(ICE

LIBOR

USD

3

Month+4.53%),

05/15/23

594,156

15,198,510

10.36%

(ICE

LIBOR

USD

3

Month+4.74%),

08/15/23

587,551

15,035,430

NuStar

Energy

LP

11.28%

(Term

SOFR

USD

3

Month+5.90%)

508,304

13,063,413

NuStar

Logistics

LP

6.98%

(Term

SOFR

USD

3

Month+7.00%),

01/15/43

531,416

13,742,418

83,466,620

Professional

&

Commercial

Services

:

1.7%

BIP

Bermuda

Holdings

I

Ltd.

5.12%,

01/21/27

396,084

6,923,548

Clarivate

Plc

5.25%,

06/01/24

474,480

17,470,354

24,393,902

Real

Estate

Operations

:

2.1%

Brookfield

Property

Preferred

LP

6.25%,

07/26/81

886,049

11,509,777

DigitalBridge

Group,

Inc.

7.12%

383,410

8,799,259

7.15%

424,727

9,747,485

30,056,521

Residential

&

Commercial

REITs

:

24.8%

AGNC

Investment

Corp.

6.12%

(ICE

LIBOR

USD

3

Month+4.70%),

04/15/25

759,164

17,529,097

6.50%

(ICE

LIBOR

USD

3

Month+4.99%),

10/15/24

531,416

12,908,095

10.69%

(Term

SOFR

USD

3

Month+5.37%)

429,103

10,972,164

Annaly

Capital

Management,

Inc.

6.75%

(ICE

LIBOR

USD

3

Month+4.99%),

06/30/24

584,249

14,594,540

9.76%

(Term

SOFR

USD

3

Month+4.43%)

561,134

14,118,131

10.58%

(Term

SOFR

USD

3

Month+5.25%)

950,614

24,259,669

Arbor

Realty

Trust,

Inc.

6.25%

(Term

SOFR

USD

3

Month+5.44%),

10/12/26

374,428

6,926,918

Chimera

Investment

Corp.

7.75%

(ICE

LIBOR

USD

3

Month+4.74%),

09/30/25

343,267

7,019,810

Number

of

Shares

Value

Residential

&

Commercial

REITs

(continued)

8.00%

(ICE

LIBOR

USD

3

Month+5.79%),

03/30/24

429,103

$

10,337,091

Digital

Realty

Trust,

Inc.

5.20%,

10/10/24

455,516

10,280,996

Diversified

Healthcare

Trust

5.62%,

08/01/42

‡

462,121

6,756,209

6.25%,

02/01/46

330,086

5,129,536

Franklin

BSP

Realty

Trust,

Inc.

7.50%

340,895

7,186,067

Hudson

Pacific

Properties,

Inc.

4.75%,

11/26/26

561,134

7,996,159

Kimco

Realty

Corp.

5.25%

345,395

8,120,236

MFA

Financial,

Inc.

6.50%

(ICE

LIBOR

USD

3

Month+5.34%),

03/31/25

363,080

7,715,450

PennyMac

Mortgage

Investment

Trust

6.75%,

08/24/26

330,086

6,469,686

Public

Storage

3.88%,

10/06/25

372,988

6,687,675

4.00%,

06/16/26

1,371,542

26,049,696

4.10%,

01/13/27

330,086

6,439,978

4.62%,

06/17/25

745,961

16,478,278

4.70%,

11/15/24

341,687

7,465,861

4.88%,

09/12/24

417,481

9,714,783

5.05%

396,084

9,763,471

5.15%

369,685

9,127,523

5.60%,

03/11/24

376,290

9,516,374

Rithm

Capital

Corp.

6.38%

(ICE

LIBOR

USD

3

Month+4.97%),

02/15/25

524,944

11,501,523

7.00%

(US

Treasury

Yield

Curve

Rate

T

5

Year+6.22%),

11/15/26

613,921

14,052,652

7.12%

(ICE

LIBOR

USD

3

Month+5.64%),

08/15/24

371,656

8,826,830

RLJ

Lodging

Trust

1.95%

425,001

10,625,025

Two

Harbors

Investment

Corp.

7.62%

(ICE

LIBOR

USD

3

Month+5.35%),

07/27/27

345,658

7,518,061

UMH

Properties,

Inc.

6.38%

349,870

8,050,509

Vornado

Realty

Trust

4.45%,

09/22/26

396,084

5,355,056

5.25%,

11/24/25

817,912

12,910,869

5.40%

396,084

6,495,778

364,899,796

Telecommunications

Services

:

16.1%

AT&T,

Inc.

4.75%,

02/18/25

2,310,533

48,706,036

5.00%,

12/12/24

1,584,369

35,172,992

5.35%,

11/01/66

1,746,097

41,906,328

5.62%,

08/01/67

1,089,251

27,231,275

Qwest

Corp.

6.50%,

09/01/56

1,290,587

12,002,459

6.75%,

06/15/57

871,395

8,147,543

3

FoototeRuleAboveBlank

Footnotes:

Number

of

Shares

Value

Telecommunications

Services

(continued)

Telephone

and

Data

Systems,

Inc.

6.00%,

09/30/26

911,009

$

15,022,538

6.62%,

03/31/26

554,529

10,314,239

United

States

Cellular

Corp.

5.50%,

03/01/70

660,148

12,219,340

Number

of

Shares

Value

Telecommunications

Services

(continued)

5.50%,

06/01/70

660,148

$

12,113,716

6.25%,

09/01/69

660,148

13,770,687

236,607,153

Total

Preferred

Securities

(Cost:

$1,559,751,236)

1,462,918,851

Total

Investments:

99.5%

(Cost:

$1,559,751,236)

1,462,918,851

Other

assets

less

liabilities:

0.5%

7,401,782

NET

ASSETS:

100.0%

$

1,470,320,633

*

Non-income

producing

‡

Affiliated

issuer

–

as

defined

under

the

Investment

Company

Act

of

1940.

Summary

of

Investments

by

Sector

%

of

Investments

Value

Residential

&

Commercial

REITs

24.9

%

$

364,899,796

Electric

Utilities

&

IPPs

22.6

329,074,178

Telecommunications

Services

16.2

236,607,153

Multiline

Utilities

6.7

98,635,292

Oil

&

Gas

Related

Equipment

and

Services

5.6

83,466,620

Food

&

Tobacco

5.4

78,891,108

Automobiles

&

Auto

Parts

4.9

71,289,143

Machinery;

Equipment

&

Components

3.5

50,976,320

Real

Estate

Operations

2.1

30,056,521

Diversified

Retail

1.7

24,529,328

Professional

&

Commercial

Services

1.6

24,393,902

Banking

Services

1.3

19,098,271

Oil

&

Gas

0.9

12,565,215

Office

Equipment

0.7

10,162,137

Investment

Banking

&

Investment

Services

0.6

8,270,655

Natural

Gas

Utilities

0.5

8,087,107

Hotels

&

Entertainment

Services

0.4

6,090,087

Consumer

Goods

Conglomerates

0.4

5,826,018

100.0

%

$

1,462,918,851