VANECK

INTERNATIONAL

HIGH

YIELD

BOND

ETF

SCHEDULE

OF

INVESTMENTS

March

31,

2025

(unaudited)

1

Par

(000's)

Value

CORPORATE

BONDS:

98.1%

Argentina

:

1.1%

MercadoLibre,

Inc.

3.12%,

01/14/31

USD

25

$

22,170

Pampa

Energia

SA

144A

9.12%,

04/15/29

USD

25

25,691

Pan

American

Energy

LLC

144A

9.12%,

04/30/27

USD

25

26,189

Telecom

Argentina

SA

144A

9.50%,

07/18/31

USD

25

25,838

YPF

SA

144A

6.95%,

07/21/27

USD

25

24,847

7.00%,

09/30/33

(s)

USD

25

24,057

7.00%,

12/15/47

USD

25

21,961

8.75%,

09/11/31

USD

81

83,308

9.00%,

06/30/29

(s)

USD

25

25,941

280,002

Australia

:

1.1%

FMG

Resources

August

2006

Pty

Ltd.

144A

4.38%,

04/01/31

USD

50

45,205

4.50%,

09/15/27

USD

25

24,266

6.12%,

04/15/32

USD

50

49,360

Mineral

Resources

Ltd.

144A

8.12%,

05/01/27

USD

100

99,156

9.25%,

10/01/28

USD

25

25,029

Nufarm

Australia

Ltd.

/

Nufarm

Americas,

Inc.

144A

5.00%,

01/27/30

USD

30

27,956

270,972

Austria

:

0.2%

Benteler

International

AG

144A

10.50%

(Term

SOFR

USD

3

Month+1.85%),

05/15/28

USD

50

52,566

Underline

Bermuda

:

0.4%

Borr

IHC

Ltd.

/

Borr

Finance

LLC

144A

10.00%,

11/15/28

USD

46

44,170

Digicel

Group

Holdings

Ltd.

144A

0.00%,

12/31/30

^

USD

31

314

Investment

Energy

Resources

Ltd.

144A

6.25%,

04/26/29

USD

50

48,047

92,531

Brazil

:

5.5%

Adecoagro

SA

144A

6.00%

(Term

SOFR

USD

3

Month+1.85%),

09/21/27

USD

50

49,512

Amaggi

Luxembourg

International

Sarl

144A

5.25%

(Term

SOFR

USD

3

Month+1.85%),

01/28/28

USD

50

48,301

B3

SA

-

Brasil

Bolsa

Balcao

144A

4.12%,

09/20/31

USD

50

45,594

Par

(000’s)

Value

Brazil

(continued)

Banco

Bradesco

SA/Cayman

Islands

144A

6.50%,

01/22/30

USD

25

$

25,797

Banco

do

Brasil

SA

144A

6.00%,

03/18/31

USD

150

152,015

Braskem

Idesa

SAPI

144A

7.45%

(Term

SOFR

USD

3

Month+1.85%),

11/15/29

†

USD

75

60,891

Braskem

Netherlands

Finance

BV

144A

4.50%,

01/10/28

USD

50

46,801

4.50%,

01/31/30

USD

50

42,914

5.88%,

01/31/50

USD

50

34,473

7.25%,

02/13/33

†

USD

50

46,390

BRF

SA

144A

4.88%,

01/24/30

USD

50

47,343

Centrais

Eletricas

Brasileiras

SA

144A

4.62%,

02/04/30

USD

50

47,221

Cosan

Luxembourg

SA

144A

5.50%,

09/20/29

USD

50

48,793

CSN

Inova

Ventures

144A

6.75%,

01/28/28

†

USD

50

47,820

Klabin

Austria

GmbH

144A

5.75%,

04/03/29

USD

50

50,034

MARB

BondCo

Plc

144A

3.95%,

01/29/31

USD

50

43,143

MV24

Capital

BV

144A

6.75%,

06/01/34

USD

19

18,200

Petrobras

Global

Finance

BV

5.60%,

01/03/31

USD

25

24,671

6.00%,

01/27/28

USD

75

76,073

6.85%,

06/05/15

USD

25

22,264

6.88%,

01/20/40

USD

25

24,908

6.90%,

03/19/49

USD

25

23,877

7.25%,

03/17/44

USD

25

25,343

7.38%,

01/17/27

USD

25

25,893

Rede

D'or

Finance

Sarl

144A

4.50%,

01/22/30

USD

50

46,632

Rumo

Luxembourg

Sarl

144A

5.25%,

01/10/28

USD

50

49,127

Samarco

Mineracao

SA

144A

9.00%,

06/30/31

USD

109

105,903

Ultrapar

International

SA

144A

5.25%,

10/06/26

USD

50

49,821

XP,

Inc.

144A

3.25%,

07/01/26

USD

50

48,054

1,377,808

Burkina

Faso

:

0.1%

IAMGOLD

Corp.

144A

5.75%,

10/15/28

USD

25

24,437

Underline

Canada

:

9.1%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

144A

3.50%,

02/15/29

USD

25

23,130

VANECK

INTERNATIONAL

HIGH

YIELD

BOND

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

2

Par

(000’s)

Value

Canada

(continued)

3.88%,

01/15/28

USD

50

$

47,831

4.00%,

10/15/30

USD

100

90,587

Air

Canada

144A

4.62%,

08/15/29

CAD

100

68,720

Algonquin

Power

&

Utilities

Corp.

4.75%

(US

Treasury

Yield

Curve

Rate

T

5

Year+3.25%),

01/18/82

USD

50

47,666

Allied

Properties

Real

Estate

Investment

Trust

3.10%,

02/06/32

CAD

25

15,294

3.12%,

02/21/30

CAD

25

16,009

AltaGas

Ltd.

5.25%

(Generic

Canadian

5

Year+3.81%),

01/11/82

CAD

15

10,107

7.35%

(Generic

Canadian

5

Year+4.54%),

08/17/82

CAD

25

18,151

AtkinsRealis

Group,

Inc.

7.00%,

06/12/26

CAD

25

18,056

ATS

Automation

Tooling

Systems,

Inc.

144A

4.12%,

12/15/28

USD

25

23,244

Baffinland

Iron

Mines

Corp.

/

Baffinland

Iron

Mines

LP

144A

8.75%,

07/15/26

USD

25

23,526

Bausch

+

Lomb

Corp.

144A

8.38%,

10/01/28

USD

50

51,937

Baytex

Energy

Corp.

144A

8.50%,

04/30/30

USD

50

50,831

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

6.88%

(US

Treasury

Yield

Curve

Rate

T

5

Year+2.39%),

09/15/55

USD

100

100,448

Bombardier,

Inc.

144A

7.25%,

07/01/31

USD

50

50,233

7.35%,

12/22/26

CAD

25

17,906

7.88%

(Term

SOFR

USD

3

Month+1.85%),

04/15/27

USD

40

40,177

8.75%,

11/15/30

USD

25

26,389

Brookfield

Property

Finance

ULC

3.93%,

01/15/27

CAD

25

17,080

7.12%,

02/13/28

CAD

25

18,239

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

144A

6.25%,

09/15/27

USD

50

49,401

Capital

Power

Corp.

8.12%

(Generic

Canadian

5

Year+4.44%),

06/05/54

CAD

25

19,204

Cascades,

Inc./Cascades

USA

Inc

144A

5.38%,

01/15/28

USD

25

24,252

Cineplex,

Inc.

144A

7.62%,

03/31/29

CAD

25

18,246

Par

(000’s)

Value

Canada

(continued)

Corus

Entertainment,

Inc.

Reg

S

5.00%,

05/11/28

CAD

25

$

5,826

Dye

&

Durham

Ltd.

144A

8.62%,

04/15/29

USD

15

15,475

Eldorado

Gold

Corp.

144A

6.25%,

09/01/29

USD

25

24,654

Emera,

Inc.

6.75%

(ICE

LIBOR

USD

3

Month+5.44%),

06/15/76

USD

50

50,285

Enerflex

Ltd.

144A

9.00%,

10/15/27

USD

22

22,591

First

Quantum

Minerals

Ltd.

144A

8.62%,

06/01/31

USD

50

51,248

9.38%,

03/01/29

USD

50

52,645

Garda

World

Security

Corp.

144A

6.00%,

06/01/29

USD

50

46,942

GFL

Environmental,

Inc.

144A

3.50%,

09/01/28

USD

25

23,648

4.38%,

08/15/29

USD

25

23,604

4.75%,

06/15/29

USD

25

24,079

6.75%,

01/15/31

USD

25

25,802

goeasy

Ltd.

144A

7.62%,

07/01/29

USD

15

15,021

9.25%,

12/01/28

USD

15

15,764

Hudbay

Minerals,

Inc.

144A

4.50%,

04/01/26

USD

25

24,645

Husky

Injection

Molding

Systems

Ltd.

/

Titan

Co.-

Borrower

LLC

144A

9.00%,

02/15/29

USD

40

40,124

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd

Co-Issuer

LLC

144A

6.00%,

09/15/28

USD

25

24,347

Inter

Pipeline

Ltd.

6.88%

(Canada

Bankers'

Acceptances

3

Month+5.01%),

03/26/79

CAD

25

17,858

Jones

Deslauriers

Insurance

Management,

Inc.

144A

8.50%,

03/15/30

USD

25

26,280

Keyera

Corp.

6.88%

(Canada

Bankers'

Acceptances

3

Month+5.17%),

06/13/79

CAD

25

18,237

Laurentian

Bank

of

Canada

5.09%

(Canada

Bankers'

Acceptances

3

Month+2.42%),

06/15/32

CAD

25

17,219

Mattamy

Group

Corp.

144A

4.62%,

03/01/30

USD

25

23,039

MEG

Energy

Corp.

144A

5.88%,

02/01/29

USD

25

24,603

Mercer

International,

Inc.

3

Par

(000’s)

Value

Canada

(continued)

5.12%,

02/01/29

USD

50

$

42,917

Methanex

Corp.

5.25%,

12/15/29

USD

100

96,121

Northriver

Midstream

Finance

LP

144A

6.75%,

07/15/32

USD

25

25,254

NOVA

Chemicals

Corp.

144A

4.25%,

05/15/29

USD

25

23,913

5.25%,

06/01/27

USD

40

39,834

9.00%,

02/15/30

USD

25

26,935

Open

Text

Corp.

144A

3.88%,

12/01/29

USD

75

68,318

Parkland

Corp.

144A

4.38%,

03/26/29

CAD

25

16,792

4.50%,

10/01/29

USD

75

70,782

Pembina

Pipeline

Corp.

4.80%

(Generic

Canadian

5

Year+4.17%),

01/25/81

CAD

25

16,781

Rogers

Communications,

Inc.

5.00%

(Generic

Canadian

5

Year+3.58%),

12/17/81

CAD

100

69,772

Rogers

Communications,

Inc.

144A

5.25%

(US

Treasury

Yield

Curve

Rate

T

5

Year+3.59%),

03/15/82

USD

50

48,968

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

144A

7.50%

(US

Treasury

Yield

Curve

Rate

T

5

Year+3.67%),

03/01/55

USD

25

25,325

Strathcona

Resources

Ltd.

144A

6.88%,

08/01/26

USD

25

24,966

Superior

Plus

LP

/

Superior

General

Partner,

Inc.

144A

4.50%,

03/15/29

USD

25

23,107

Teine

Energy

Ltd.

144A

6.88%,

04/15/29

USD

25

24,555

Telesat

Canada

/

Telesat

LLC

144A

5.62%,

12/06/26

USD

25

14,987

TransAlta

Corp.

7.75%,

11/15/29

USD

25

25,981

Trivium

Packaging

Finance

BV

Reg

S

3.75%,

08/15/26

EUR

100

106,856

2,292,764

Cayman

Islands

:

1.6%

Arabian

Centres

Sukuk

II

Ltd.

144A

5.62%

(Term

SOFR

USD

3

Month+1.85%),

10/07/26

USD

100

94,460

Banco

BTG

Pactual

SA

144A

6.25%

(Term

SOFR

USD

3

Month+1.85%),

04/08/29

USD

50

50,960

Bapco

Energies

Sukuk

Ltd.

144A

Par

(000’s)

Value

Cayman

Islands

(continued)

5.25%,

04/08/29

USD

100

$

98,034

Global

Aircraft

Leasing

Co.

Ltd.

144A

8.75%,

09/01/27

USD

40

40,707

Oryx

Funding

Ltd.

144A

5.80%,

02/03/31

USD

50

50,442

SABLE

INTL

FINANCE

LTD

144A

7.13%,

10/15/32

USD

75

72,047

406,650

Chile

:

0.2%

Latam

Airlines

Group

SA

144A

13.38%,

10/15/29

USD

50

56,532

Underline

China

:

2.6%

CFAMC

III

Co.

Ltd.

Reg

S

4.25%,

11/07/27

USD

200

195,758

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

200

195,266

Melco

Resorts

Finance

Ltd.

144A

5.62%,

07/17/27

USD

50

49,060

5.75%,

07/21/28

USD

50

48,122

RKPF

Overseas

2020

A

Ltd.

Reg

S

5.20%,

07/12/29

USD

183

79,948

Studio

City

Finance

Ltd.

144A

5.00%,

01/15/29

USD

100

90,120

658,274

Colombia

:

2.1%

Banco

de

Bogota

SA

144A

6.25%,

05/12/26

USD

50

50,283

Ecopetrol

SA

5.88%,

05/28/45

USD

50

35,156

6.88%,

04/29/30

USD

100

99,463

7.75%,

02/01/32

USD

75

73,673

8.38%,

01/19/36

USD

50

48,749

8.62%,

01/19/29

USD

25

26,536

8.88%,

01/13/33

USD

75

77,454

Empresas

Publicas

de

Medellin

ESP

144A

4.25%,

07/18/29

USD

75

68,512

Orazul

Energy

Peru

SA

144A

5.62%,

04/28/27

USD

50

49,210

529,036

Costa

Rica

:

0.2%

Instituto

Costarricense

de

Electricidad

144A

6.38%,

05/15/43

USD

50

44,748

Underline

Cyprus

:

0.2%

MHP

Lux

SA

144A

6.95%,

04/03/26

USD

50

47,511

Underline

VANECK

INTERNATIONAL

HIGH

YIELD

BOND

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

4

Par

(000’s)

Value

Czech

Republic

:

0.4%

Allwyn

International

AS

Reg

S

3.88%,

02/15/27

EUR

100

$

107,710

Underline

Denmark

:

0.4%

Orsted

AS

Reg

S

1.75%

(EUR

Swap

Annual

5

Year+1.95%),

12/09/19

EUR

100

101,263

Underline

Finland

:

0.3%

SBB

Treasury

Oyj

Reg

S

1.12%,

11/26/29

EUR

100

75,565

Underline

France

:

10.6%

Air

France-KLM

Reg

S

8.12%,

05/31/28

EUR

100

120,890

Altice

France

SA

144A

5.12%

(Term

SOFR

USD

3

Month+1.85%),

07/15/29

USD

100

78,475

Atos

SE

Reg

S

9.00%,

12/18/29

(s)

EUR

75

87,170

Banijay

Entertainment

SAS

144A

8.12%,

05/01/29

USD

50

51,474

CAB

Selas

Reg

S

3.38%,

02/01/28

EUR

100

101,679

Cerba

Healthcare

SACA

Reg

S

3.50%,

05/31/28

EUR

100

87,322

Constellium

SE

144A

3.75%,

04/15/29

USD

100

90,701

eircom

Finance

DAC

Reg

S

3.50%,

05/15/26

EUR

100

107,480

Electricite

de

France

SA

144A

9.12%

(US

Treasury

Yield

Curve

Rate

T

5

Year+5.41%),

3/15/2033

(o)

USD

50

56,360

Electricite

de

France

SA

Reg

S

3.38%

(EUR

Swap

Annual

5

Year+3.97%),

6/15/2030

(o)

EUR

200

199,223

ELO

SACA

Reg

S

6.00%,

03/22/29

EUR

100

98,533

Eutelsat

SA

Reg

S

2.25%,

07/13/27

EUR

100

97,964

Forvia

SE

Reg

S

2.38%,

06/15/27

EUR

100

103,593

2.75%,

02/15/27

EUR

100

104,786

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

Reg

S

0.62%,

09/16/28

EUR

100

96,135

Iliad

Holding

SASU

144A

7.00%,

10/15/28

USD

100

101,290

8.50%,

04/15/31

USD

100

104,978

iliad

SA

Reg

S

5.62%,

02/15/30

EUR

100

113,711

Loxam

SAS

Reg

S

6.38%,

05/31/29

EUR

100

112,810

Nexans

SA

Reg

S

Par

(000’s)

Value

France

(continued)

4.12%,

05/29/29

EUR

100

$

108,863

Renault

SA

Reg

S

2.38%,

05/25/26

EUR

100

107,108

Rexel

SA

Reg

S

2.12%,

06/15/28

EUR

100

102,758

SNF

Group

SACA

Reg

S

2.62%,

02/01/29

EUR

100

102,822

Tereos

Finance

Groupe

I

SA

Reg

S

7.25%,

04/15/28

EUR

100

111,816

Valeo

SE

Reg

S

1.00%,

08/03/28

EUR

100

96,864

Veolia

Environnement

SA

Reg

S

2.50%

(EUR

Swap

Annual

5

Year+2.84%),

9/20/2028

(o)

EUR

100

101,187

Viridien

144A

8.75%,

04/01/27

USD

25

25,547

2,671,539

Germany

:

3.7%

Bayer

AG

Reg

S

3.12%

(EUR

Swap

Annual

5

Year+3.11%),

11/12/79

EUR

100

103,755

Cheplapharm

Arzneimittel

GmbH

Reg

S

4.38%,

01/15/28

EUR

100

98,703

Dresdner

Funding

Trust

I

144A

8.15%,

06/30/31

USD

25

27,430

Fressnapf

Holding

SE

Reg

S

5.25%,

10/31/31

EUR

100

108,279

Gruenenthal

GmbH

Reg

S

4.12%,

05/15/28

EUR

100

106,188

IHO

Verwaltungs

GmbH

Reg

S

8.75%,

05/15/28

EUR

100

113,016

Mahle

GmbH

Reg

S

2.38%,

05/14/28

EUR

100

97,215

Nidda

Healthcare

Holding

GmbH

Reg

S

7.50%,

08/21/26

EUR

66

72,963

Schaeffler

AG

Reg

S

3.38%,

10/12/28

EUR

100

104,674

ZF

Europe

Finance

BV

Reg

S

3.00%,

10/23/29

EUR

100

95,515

927,738

Greece

:

1.3%

Alpha

Services

and

Holdings

SA

Reg

S

5.50%

(EUR

Swap

Annual

5

Year+5.82%),

06/11/31

EUR

100

109,828

Eurobank

Ergasias

Services

and

Holdings

SA

Reg

S

4.25%

(EUR

Swap

Annual

5

Year+2.00%),

04/30/35

EUR

100

106,263

Metlen

Energy

&

Metals

SA

Reg

S

4.00%,

10/17/29

EUR

100

110,026

5

Par

(000’s)

Value

Greece

(continued)

$

326,117

Hungary

:

0.4%

MBH

Bank

Nyrt

Reg

S

5.25%

(Euribor

3

Month

ACT/360+3.00%),

01/29/30

EUR

100

108,683

Underline

India

:

1.5%

Delhi

International

Airport

Ltd.

144A

6.45%,

06/04/29

USD

100

101,495

JSW

Steel

Ltd.

144A

5.05%,

04/05/32

USD

100

90,451

Muthoot

Finance

Ltd.

144A

6.38%,

04/23/29

USD

100

98,443

ReNew

Pvt

Ltd.

144A

5.88%,

03/05/27

USD

50

49,248

Shriram

Finance

Ltd.

144A

6.62%,

04/22/27

USD

50

50,412

390,049

Indonesia

:

0.0%

Bakrie

Telecom

Pte

Ltd.

Reg

S

11.50%,

05/07/15

(d)

*

USD

150

578

Underline

Ireland

:

0.7%

Virgin

Media

Vendor

Financing

Notes

III

DAC

Reg

S

4.88%,

07/15/28

GBP

150

179,752

Underline

Israel

:

0.4%

Leviathan

Bond

Ltd.

144A

Reg

S

6.50%,

06/30/27

USD

25

24,708

6.75%,

06/30/30

USD

15

14,616

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.10%,

10/01/46

USD

50

36,188

6.75%,

03/01/28

USD

25

25,661

101,173

Italy

:

6.5%

Banca

Monte

dei

Paschi

di

Siena

SpA

Reg

S

3.62%

(Euribor

3

Month

ACT/360+1.45%),

11/27/30

EUR

100

108,066

Banco

BPM

SpA

Reg

S

2.88%

(EUR

Swap

Annual

5

Year+3.17%),

06/29/31

EUR

100

106,879

BPER

Banca

SPA

Reg

S

5.75%

(Euribor

3

Month

ACT/360+2.60%),

09/11/29

EUR

150

174,821

Infrastrutture

Wireless

Italiane

SpA

Reg

S

1.88%,

07/08/26

EUR

100

107,155

Intesa

Sanpaolo

SpA

144A

4.20%

(US

Treasury

Yield

Curve

Rate

T 1

Year+2.60%),

06/01/32

USD

25

22,442

Par

(000’s)

Value

Italy

(continued)

4.95%

(US

Treasury

Yield

Curve

Rate

T 1

Year+2.75%),

06/01/42

USD

25

$

20,119

Intesa

Sanpaolo

SpA

Reg

S

2.92%,

10/14/30

EUR

100

102,884

3.93%,

09/15/26

EUR

100

109,367

Mundys

SpA

Reg

S

1.88%,

02/12/28

EUR

100

103,342

Telecom

Italia

Capital

SA

6.38%,

11/15/33

USD

25

24,913

7.72%,

06/04/38

USD

100

103,784

Telecom

Italia

SpA

Reg

S

1.62%,

01/18/29

EUR

100

99,834

Terna

Rete

Elettrica

Nazionale

Reg

S

2.38%

(EUR

Swap

Annual

5

Year+2.12%),

11/9/2027

(o)

EUR

100

103,721

UniCredit

SpA

Reg

S

2.73%

(EUR

Swap

Annual

5

Year+2.80%),

01/15/32

EUR

200

213,264

Unipol

Assicurazioni

SpA

Reg

S

3.88%,

03/01/28

EUR

100

109,609

Webuild

SpA

Reg

S

7.00%,

09/27/28

EUR

100

117,904

1,628,104

Japan

:

2.5%

Nissan

Motor

Co.

Ltd.

144A

4.34%,

09/17/27

USD

75

72,964

4.81%,

09/17/30

USD

75

71,285

Rakuten

Group,

Inc.

144A

5.12%

(US

Treasury

Yield

Curve

Rate

T

5

Year+4.58%),

4/22/2026

(o)

USD

100

97,466

6.25%

(US

Treasury

Yield

Curve

Rate

T

5

Year+4.96%),

4/22/2026

(o)

USD

25

22,604

9.75%,

04/15/29

USD

50

54,380

SoftBank

Group

Corp.

Reg

S

5.00%,

04/15/28

EUR

100

109,378

5.12%,

09/19/27

USD

200

197,033

625,110

Luxembourg

:

6.7%

AccorInvest

Group

SA

Reg

S

6.38%,

10/15/29

EUR

100

111,514

Aegea

Finance

Sarl

144A

9.00%

(Term

SOFR

USD

3

Month+1.85%),

01/20/31

†

USD

50

52,613

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.

Reg

S

5.25%,

10/15/26

EUR

100

108,401

Altice

Financing

SA

144A

5.00%

(Term

SOFR

USD

3

Month+1.85%),

01/15/28

USD

150

112,758

Altice

France

Holding

SA

Reg

S

8.00%,

05/15/27

EUR

100

33,051

Altice

France

SA

144A

VANECK

INTERNATIONAL

HIGH

YIELD

BOND

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

6

Par

(000’s)

Value

Luxembourg

(continued)

8.12%

(Term

SOFR

USD

3

Month+1.85%),

02/01/27

USD

100

$

89,498

Ambipar

Lux

Sarl

144A

9.88%,

02/06/31

USD

50

49,509

Ardagh

Packaging

Finance

Plc

/

Ardagh

Holdings

USA,

Inc.

144A

4.12%,

08/15/26

USD

65

59,791

5.25%

(Term

SOFR

USD

3

Month+1.85%),

08/15/27

†

USD

30

13,887

Cirsa

Finance

International

Sarl

Reg

S

4.50%,

03/15/27

EUR

100

108,184

Consolidated

Energy

Finance

SA

144A

12.00%,

02/15/31

USD

50

49,943

CPI

Property

Group

SA

Reg

S

1.50%,

01/27/31

EUR

100

85,273

4.00%,

01/22/28

(s)

GBP

100

119,580

CSN

Resources

SA

144A

4.62%,

06/10/31

USD

50

38,784

Energean

Israel

Finance

Ltd.

144A

Reg

S

5.38%,

03/30/28

USD

25

23,906

5.88%,

03/30/31

USD

35

32,214

MC

Brazil

Downstream

Trading

Sarl

144A

7.25%,

06/30/31

USD

46

37,977

Minerva

Luxembourg

SA

144A

4.38%,

03/18/31

USD

75

65,607

Petrorio

Luxembourg

Holding

Sarl

144A

6.12%,

06/09/26

USD

50

50,309

Saavi

Energia

Sarl

144A

8.88%,

02/10/35

†

USD

25

25,324

SES

SA

Reg

S

2.88%

(EUR

Swap

Annual

5

Year+3.19%),

5/27/2026

(o)

EUR

100

103,753

Telenet

Finance

Luxembourg

Notes

Sarl

Reg

S

3.50%,

03/01/28

EUR

100

105,511

TK

Elevator

US

Newco,

Inc.

144A

5.25%,

07/15/27

USD

100

98,193

Vivion

Investments

Sarl

Reg

S

6.50%,

08/31/28

EUR

101

107,089

1,682,669

Malta

:

0.4%

VistaJet

Malta

Finance

Plc

/

Vista

Management

Holding,

Inc.

144A

6.38%,

02/01/30

†

USD

50

43,864

7.88%,

05/01/27

USD

50

49,158

93,022

Mauritius

:

0.3%

Greenko

Power

II

Ltd.

144A

Par

(000’s)

Value

Mauritius

(continued)

4.30%,

12/13/28

USD

84

$

77,299

Underline

Mexico

:

3.7%

Alsea

SAB

de

CV

144A

7.75%

(Term

SOFR

USD

3

Month+1.85%),

12/14/26

USD

25

25,236

Cemex

SAB

de

CV

144A

5.12%

(US

Treasury

Yield

Curve

Rate

T

5

Year+4.53%),

6/8/2026

(o)

USD

50

48,994

9.12%

(US

Treasury

Yield

Curve

Rate

T

5

Year+5.16%),

3/14/2028

(o)

USD

25

25,404

Grupo

Aeromexico

SAB

de

CV

144A

8.62%,

11/15/31

†

USD

25

24,122

Grupo

KUO

SAB

De

CV

144A

5.75%,

07/07/27

USD

50

49,224

Nemak

SAB

de

CV

144A

3.62%,

06/28/31

†

USD

25

19,207

Petroleos

Mexicanos

5.35%,

02/12/28

USD

75

69,553

5.95%,

01/28/31

USD

50

42,372

6.35%,

02/12/48

†

USD

50

33,328

6.49%,

01/23/27

USD

25

24,510

6.50%,

03/13/27

USD

50

48,949

6.50%,

01/23/29

USD

25

23,525

6.50%,

06/02/41

USD

50

35,368

6.62%,

06/15/35

USD

50

40,003

6.70%,

02/16/32

USD

100

87,944

6.75%,

09/21/47

USD

75

51,358

6.84%,

01/23/30

USD

50

45,860

6.88%,

08/04/26

USD

25

24,867

6.95%,

01/28/60

USD

50

34,156

7.69%,

01/23/50

USD

125

93,844

8.75%,

06/02/29

USD

25

25,006

10.00%,

02/07/33

†

USD

50

52,122

924,952

Morocco

:

0.4%

OCP

SA

144A

6.88%,

04/25/44

USD

100

97,750

Underline

Netherlands

:

6.7%

Abertis

Infraestructuras

Finance

BV

Reg

S

4.87%

(EUR

Swap

Annual

5

Year+2.62%),

11/28/2029

(o)

EUR

100

108,452

Arcos

Dorados

BV

144A

6.38%,

01/29/32

USD

25

25,575

Dufry

One

BV

Reg

S

2.00%,

02/15/27

EUR

100

104,975

Odido

Holding

BV

Reg

S

3.75%,

01/15/29

EUR

100

105,120

Petrobras

Global

Finance

BV

5.50%,

06/10/51

USD

25

19,449

6.00%,

01/13/35

†

USD

50

47,485

6.50%,

07/03/33

USD

25

25,389

Selecta

Group

BV

Reg

S

7

Par

(000’s)

Value

Netherlands

(continued)

8.00%,

04/01/26

EUR

53

$

33,829

Sunrise

FinCo

I

BV

144A

4.88%,

07/15/31

USD

100

91,030

Telefonica

Europe

BV

Reg

S

2.38%

(EUR

Swap

Annual

8

Year+2.62%),

2/12/2029

(o)

EUR

100

99,757

5.75%

(EUAMDB08+3.12%),

1/15/2032

(o)

EUR

100

112,136

TenneT

Holding

BV

Reg

S

4.88%

(EUR

Swap

Annual

5

Year+2.21%),

12/21/2031

(o)

EUR

100

110,034

Teva

Pharmaceutical

Finance

Netherlands

II

BV

3.75%,

05/09/27

EUR

100

107,746

4.38%,

05/09/30

EUR

100

108,002

7.38%,

09/15/29

EUR

100

120,814

Teva

Pharmaceutical

Finance

Netherlands

III

BV

5.12%,

05/09/29

USD

25

24,448

United

Group

BV

Reg

S

3.62%,

02/15/28

EUR

100

105,185

VZ

Vendor

Financing

II

BV

Reg

S

2.88%,

01/15/29

EUR

100

96,721

Wintershall

Dea

Finance

2

BV

Reg

S

3.00%

(EUR

Swap

Annual

5

Year+3.32%),

7/20/2028

(o)

EUR

100

100,663

Yinson

Boronia

Production

BV

144A

8.95%,

07/31/42

USD

50

52,361

Ziggo

BV

144A

4.88%,

01/15/30

USD

100

91,737

1,690,908

Oman

:

0.2%

Mazoon

Assets

Co.

SAOC

144A

5.25%,

10/09/31

USD

50

49,440

Underline

Panama

:

0.4%

AES

Panama

Generation

Holdings

SRL

144A

4.38%,

05/31/30

USD

71

63,534

Banistmo

SA

144A

4.25%,

07/31/27

USD

50

48,216

111,750

Peru

:

0.6%

Banco

de

Credito

del

Peru

SA

144A

5.80%

(US

Treasury

Yield

Curve

Rate

T

5

Year+2.24%),

03/10/35

USD

25

24,790

Minsur

SA

144A

4.50%,

10/28/31

USD

50

46,086

Peru

LNG

Srl

144A

5.38%,

03/22/30

USD

21

19,351

Petroleos

del

Peru

SA

144A

Par

(000’s)

Value

Peru

(continued)

4.75%,

06/19/32

USD

75

$

56,409

146,636

Poland

:

0.8%

Canpack

SA

/

Canpack

US

LLC

144A

3.88%,

11/15/29

USD

100

90,712

mBank

SA

Reg

S

8.38%

(Euribor

3

Month

ACT/360+4.90%),

09/11/27

EUR

100

115,109

205,821

Portugal

:

0.5%

EDP

SA

Reg

S

5.94%

(EUR

Swap

Annual

5

Year+3.18%),

04/23/83

EUR

100

114,071

Underline

Romania

:

0.4%

Banca

Transilvania

SA

Reg

S

5.12%

(EURIBOR

ICE

Swap

Rate

1

Year+2.95%),

09/30/30

EUR

100

108,171

Underline

Singapore

:

0.2%

Medco

Maple

Tree

Pte

Ltd.

144A

8.96%,

04/27/29

USD

50

51,739

Underline

South

Africa

:

0.2%

Sasol

Financing

USA

LLC

6.50%,

09/27/28

USD

50

48,030

Underline

Spain

:

2.0%

Abengoa

Abenewco

2

SA

Reg

S

1.50%,

10/26/24

(d)

*

USD

63

633

1.50%,

10/26/24

(d)

*

USD

63

15

Abengoa

SA

0.00%,

03/31/27

(s)

^

EUR

100

541

AI

Candelaria

Spain

SA

144A

5.75%

(Term

SOFR

USD

3

Month+1.85%),

06/15/33

USD

50

43,031

Banco

de

Sabadell

SA

Reg

S

2.50%

(EUR

Swap

Annual

5

Year+2.95%),

04/15/31

EUR

100

107,141

Colombia

Telecomunicaciones

SA

ESP

144A

4.95%,

07/17/30

†

USD

50

45,054

Grifols

SA

Reg

S

3.88%,

10/15/28

EUR

100

99,596

Lorca

Telecom

Bondco

SA

Reg

S

4.00%,

09/18/27

EUR

100

107,947

Telefonica

Europe

BV

Reg

S

3.88%

(EUR

Swap

Annual

8

Year+2.97%),

6/22/2026

(o)

EUR

100

108,424

512,382

Sweden

:

1.2%

Intrum

AB

Reg

S

3.00%,

09/15/27

(d)

*

EUR

100

85,876

Verisure

Midholding

AB

Reg

S

VANECK

INTERNATIONAL

HIGH

YIELD

BOND

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

8

Par

(000’s)

Value

Sweden

(continued)

5.25%,

02/15/29

EUR

100

$

108,379

Volvo

Car

AB

Reg

S

4.25%,

05/31/28

EUR

100

109,065

303,320

Tanzania

:

0.2%

AngloGold

Ashanti

Holdings

Plc

6.50%,

04/15/40

USD

40

40,819

Underline

Thailand

:

0.2%

Bangkok

Bank

PCL

144A

3.73%

(US

Treasury

Yield

Curve

Rate

T

5

Year+1.90%),

09/25/34

USD

50

46,351

Underline

Turkey

:

2.6%

Mersin

Uluslararasi

Liman

Isletmeciligi

AS

144A

8.25%,

11/15/28

USD

50

51,391

TC

ZIRAAT

BANKASI

AS

144A

7.25%,

02/04/30

USD

100

98,506

Turkcell

Iletisim

Hizmetleri

AS

144A

7.45%,

01/24/30

USD

100

101,019

Turkiye

Garanti

Bankasi

AS

144A

8.12%

(US

Treasury

Yield

Curve

Rate

T

5

Year+3.84%),

01/03/35

USD

100

99,635

Turkiye

Ihracat

Kredi

Bankasi

AS

144A

5.75%,

07/06/26

USD

100

99,301

Turkiye

Vakiflar

Bankasi

TAO

144A

8.99%

(US

Treasury

Yield

Curve

Rate

T

5

Year+4.67%),

10/05/34

USD

100

102,192

Yapi

ve

Kredi

Bankasi

AS

144A

9.25%,

10/16/28

USD

100

106,210

658,254

United

Arab

Emirates

:

1.2%

Alpha

Star

Holding

VIII

Ltd.

Reg

S

8.38%,

04/12/27

USD

200

208,238

Five

Holdings

Bvi

Ltd.

144A

9.38%,

10/03/28

USD

50

52,709

Shelf

Drilling

Holdings

Ltd.

144A

9.62%,

04/15/29

USD

50

43,268

304,215

United

Kingdom

:

10.8%

Ardonagh

Finco

Ltd.

144A

7.75%,

02/15/31

USD

100

101,947

Aston

Martin

Capital

Holdings

Ltd.

144A

10.00%,

03/31/29

USD

50

45,257

Avianca

Midco

2

Plc

144A

9.00%,

12/01/28

USD

75

71,296

Par

(000’s)

Value

United

Kingdom

(continued)

Azule

Energy

Finance

Plc

144A

8.12%,

01/23/30

USD

100

$

100,283

BCP

V

Modular

Services

Finance

II

Plc

Reg

S

4.75%,

11/30/28

EUR

100

104,917

Bellis

Finco

Plc

Reg

S

4.00%,

02/16/27

GBP

100

122,301

Belron

UK

Finance

Plc

144A

5.75%,

10/15/29

USD

50

49,697

Biocon

Biologics

Global

Plc

144A

6.67%,

10/09/29

USD

100

94,026

British

Telecommunications

Plc

Reg

S

5.12%

(EUR

Swap

Annual

5

Year+2.54%),

10/03/54

EUR

100

110,623

eG

Global

Finance

Plc

144A

12.00%,

11/30/28

USD

100

110,831

Global

Auto

Holdings

Ltd./

AAG

FH

UK

Ltd

144A

8.75%,

01/15/32

USD

50

42,168

Heathrow

Finance

Plc

Reg

S

4.12%,

09/01/29

(s)

GBP

100

117,727

Howden

UK

Refinance

Plc

/

Howden

UK

Refinance

2

PLC

/

Howden

US

Refinance

LLC

144A

7.25%,

02/15/31

USD

50

50,517

INEOS

Finance

Plc

Reg

S

6.62%,

05/15/28

EUR

100

111,040

INEOS

Quattro

Finance

2

Plc

144A

9.62%,

03/15/29

USD

100

103,557

Ithaca

Energy

North

Sea

Plc

144A

8.12%,

10/15/29

USD

100

102,301

Jaguar

Land

Rover

Automotive

Plc

Reg

S

4.50%,

07/15/28

EUR

100

108,377

Jerrold

Finco

Plc

Reg

S

5.25%,

01/15/27

GBP

100

127,718

Market

Bidco

Finco

Plc

Reg

S

5.50%,

11/04/27

GBP

100

123,589

Motion

Bondco

DAC

144A

6.62%,

11/15/27

†

USD

100

95,625

Sisecam

UK

Plc

144A

8.62%,

05/02/32

†

USD

50

50,164

Standard

Chartered

Plc

144A

7.01%

(ICE

LIBOR

USD

3

Month+1.46%),

07/30/37

(o)

USD

50

52,604

Tullow

Oil

Plc

144A

10.25%,

05/15/26

USD

94

86,539

Vedanta

Resources

Finance

II

Plc

144A

10.88%,

09/17/29

USD

50

51,670

Virgin

Media

Secured

Finance

Plc

Reg

S

9

Par

(000’s)

Value

United

Kingdom

(continued)

4.25%,

01/15/30

GBP

100

$

112,457

Vmed

O2

UK

Financing

I

Plc

Reg

S

3.25%,

01/31/31

EUR

100

99,311

Vodafone

Group

Plc

7.00%

(USD

Swap

Semi

30/360

5

Year+4.87%),

04/04/79

USD

75

77,363

Vodafone

Group

Plc

Reg

S

8.00%

(UK

Govt

Bonds

5

Year

Note

Generic

Bid

Yield+3.84%),

08/30/86

GBP

100

138,062

WE

Soda

Investments

Holding

Plc

144A

9.50%,

10/06/28

USD

50

51,561

Zegona

Finance

Plc

Reg

S

6.75%,

07/15/29

EUR

100

114,164

2,727,692

United

States

:

4.9%

Amer

Sports

Co.

144A

6.75%,

02/16/31

USD

25

25,614

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

Plc

144A

6.38%,

02/15/32

USD

50

48,538

EnfraGen

Energia

Sur

SA

/

EnfraGen

Spain

SA

/

Prime

Energia

SpA

144A

5.38%,

12/30/30

USD

100

88,433

Fibercop

SpA

144A

7.72%,

06/04/38

USD

200

201,014

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

Sarl

144A

7.75%,

05/31/32

USD

50

49,491

Kosmos

Energy

Ltd.

144A

8.75%,

10/01/31

†

USD

50

46,500

Kronos

Acquisition

Holdings,

Inc.

144A

8.25%,

06/30/31

USD

25

22,207

LCPR

Senior

Secured

Financing

DAC

144A

6.75%,

10/15/27

USD

75

62,799

MGM

China

Holdings

Ltd.

144A

5.88%,

05/15/26

USD

100

99,936

Mong

Duong

Finance

Holdings

BV

144A

5.12%,

05/07/29

USD

76

73,945

Open

Text

Holdings,

Inc.

144A

4.12%,

02/15/30

USD

50

45,658

Playtika

Holding

Corp.

144A

4.25%,

03/15/29

USD

25

22,042

Q-Park

Holding

I

BV

Reg

S

2.00%,

03/01/27

EUR

100

104,698

RB

Global

Holdings,

Inc.

144A

7.75%,

03/15/31

USD

15

15,717

Sasol

Financing

USA

LLC

Par

(000’s)

Value

United

States

(continued)

5.50%,

03/18/31

USD

50

$

42,079

Telesat

Canada

/

Telesat

LLC

144A

6.50%,

10/15/27

USD

25

10,885

Wynn

Macau

Ltd.

144A

5.12%,

12/15/29

USD

75

69,368

ZF

North

America

Capital,

Inc.

144A

6.75%,

04/23/30

USD

50

47,570

6.88%,

04/14/28

USD

50

49,173

6.88%,

04/23/32

USD

125

116,120

1,241,787

Uzbekistan

:

0.2%

Uzbekneftegaz

JSC

144A

4.75%,

11/16/28

USD

50

44,903

Underline

Zambia

:

0.2%

First

Quantum

Minerals

Ltd.

144A

6.88%,

10/15/27

USD

50

49,995

Underline

Total

Corporate

Bonds

(Cost:

$25,889,082)

24,709,188

Number

of

Shares

COMMON

STOCK

:

0.0%

(Cost:

$12,697)

Luxembourg

:

0.0%

Codere

Group

Topco

SA

(EUR) ∞

402

11,343

Total

Investments

Before

Collateral

for

Securities

Loaned:

98.1%

(Cost:

$25,901,779)

24,720,531

SHORT-TERM

INVESTMENT

HELD

AS

COLLATERAL

FOR

SECURITIES

ON

LOAN:

1.9%

Money

Market

Fund:

1.9%

(Cost:

$471,306)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

471,306

471,306

Total

Investments:

100.0%

(Cost:

$26,373,085)

25,191,837

Other

assets

less

liabilities:

0.0%

6,184

NET

ASSETS:

100.0%

$

25,198,021

VANECK

INTERNATIONAL

HIGH

YIELD

BOND

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

10

FootnoteRuleAboveBlank

Footnotes:

Definitions:

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

USD

United

States

Dollar

(s)

The

rate

shown

reflects

the

rate

in

effect

at

March

31,

2025.

Coupon

adjusts

periodically

based

upon

a

predetermined

schedule

^

Zero

Coupon

Bond

†

Security

fully

or

partially

on

loan.

Total

market

value

of

securities

on

loan

is

$601,018.

(o)

Perpetual

Maturity

—

the

date

shown

is

the

next

call

date

*

Non-income

producing

(d)

Security

in

default

∞

Security

is

valued

using

significant

unobservable

inputs

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.

These

securities

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

$10,945,579,

or

43.4%

of

net

assets.