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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2369352.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlyle Secured Lending Inc</name>
        <lei>5493003POT0JT6WD1D83</lei>
        <title>Carlyle Secured Lending Inc</title>
        <cusip>872280102</cusip>
        <identifiers>
          <isin value="US8722801029"/>
        </identifiers>
        <balance>1651647.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22594530.96000000</valUSD>
        <pctVal>1.416924100879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="221616.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Owl Capital Corp</name>
        <lei>2549000BD79OOCPF2L94</lei>
        <title>Blue Owl Capital Corp</title>
        <cusip>69121K104</cusip>
        <identifiers>
          <isin value="US69121K1043"/>
        </identifiers>
        <balance>12107931.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>173627730.54000000</valUSD>
        <pctVal>10.88835685142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8046647.22000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Direct Lending Fund</name>
        <lei>549300QEX22T2J8IB029</lei>
        <title>Morgan Stanley Direct Lending Fund</title>
        <cusip>61774A103</cusip>
        <identifiers>
          <isin value="US61774A1034"/>
        </identifiers>
        <balance>1678186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31415641.92000000</valUSD>
        <pctVal>1.970104192906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8579376.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barings BDC Inc</name>
        <lei>549300GSF4KFZP6ONG49</lei>
        <title>Barings BDC Inc</title>
        <cusip>06759L103</cusip>
        <identifiers>
          <isin value="US06759L1035"/>
        </identifiers>
        <balance>2074677.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18962547.78000000</valUSD>
        <pctVal>1.189159049644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="803890.42000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prospect Capital Corp</name>
        <lei>549300FSD8T39P5Q0O47</lei>
        <title>Prospect Capital Corp</title>
        <cusip>74348T102</cusip>
        <identifiers>
          <isin value="US74348T1025"/>
        </identifiers>
        <balance>8286067.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26349693.06000000</valUSD>
        <pctVal>1.652413817024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="16322622.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oaktree Specialty Lending Corp</name>
        <lei>549300J6MGCEU5928620</lei>
        <title>Oaktree Specialty Lending Corp</title>
        <cusip>67401P405</cusip>
        <identifiers>
          <isin value="US67401P4054"/>
        </identifiers>
        <balance>1816009.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24806682.94000000</valUSD>
        <pctVal>1.555650213885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="20155808.10000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock TCP Capital Corp</name>
        <lei>549300JU1XG1HF56J989</lei>
        <title>BlackRock TCP Capital Corp</title>
        <cusip>09259E108</cusip>
        <identifiers>
          <isin value="US09259E1082"/>
        </identifiers>
        <balance>1926567.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14834565.90000000</valUSD>
        <pctVal>0.930289457524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3423073.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797QA8</cusip>
        <identifiers>
          <isin value="US912797QA86"/>
        </identifiers>
        <balance>295965000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295487632.13000000</valUSD>
        <pctVal>18.53030488740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12221256.24628000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Securities LLC</name>
        <lei>T6FIZBDPKLYJKFCRVK44</lei>
        <title>Long: MVBDCTRG1 TRS USD R E MVBDCTRG / Short: MVBDCTRG1 TRS USD P V 00MSOFR SOFRRATE+90BPS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="MVBDCTRG1"/>
        </identifiers>
        <balance>127925672.13000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-9082.01000000</valUSD>
        <pctVal>-0.00056954131</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MVIS US Business Development Companies Index</indexName>
                <indexIdentifier>MVBDCTRG Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.90000000" pmntAmt="-343230.07000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-10-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>127925672.13000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-9082.01000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hercules Capital Inc</name>
        <lei>549300UJ5OC256GR2B73</lei>
        <title>Hercules Capital Inc</title>
        <cusip>427096508</cusip>
        <identifiers>
          <isin value="US4270965084"/>
        </identifiers>
        <balance>3293998.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60214283.44000000</valUSD>
        <pctVal>3.776093850957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1828.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Main Street Capital Corp</name>
        <lei>5493001FS9QJLJNF3E20</lei>
        <title>Main Street Capital Corp</title>
        <cusip>56035L104</cusip>
        <identifiers>
          <isin value="US56035L1044"/>
        </identifiers>
        <balance>1031441.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60958163.10000000</valUSD>
        <pctVal>3.822743237938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9804867.30000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs BDC Inc</name>
        <lei>6D01AGSGBNZIJSN77043</lei>
        <title>Goldman Sachs BDC Inc</title>
        <cusip>38147U107</cusip>
        <identifiers>
          <isin value="US38147U1079"/>
        </identifiers>
        <balance>2497975.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28102218.75000000</valUSD>
        <pctVal>1.762316336884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12769875.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trinity Capital Inc</name>
        <lei>549300YGT4SBRQYDVU48</lei>
        <title>Trinity Capital Inc</title>
        <cusip>896442308</cusip>
        <identifiers>
          <isin value="US8964423086"/>
        </identifiers>
        <balance>1464692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20608216.44000000</valUSD>
        <pctVal>1.292360465533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8842995.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen Churchill Direct Lending Corp</name>
        <lei>254900X3ULEP6XX7HG39</lei>
        <title>Nuveen Churchill Direct Lending Corp</title>
        <cusip>67090S108</cusip>
        <identifiers>
          <isin value="US67090S1087"/>
        </identifiers>
        <balance>877141.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14200912.79000000</valUSD>
        <pctVal>0.890552480255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12667476.94000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CION Investment Corp</name>
        <lei>549300XN70JLF94XKX80</lei>
        <title>CION Investment Corp</title>
        <cusip>17259U204</cusip>
        <identifiers>
          <isin value="US17259U2042"/>
        </identifiers>
        <balance>1191489.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11402549.73000000</valUSD>
        <pctVal>0.715064523911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1469942.43000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixth Street Specialty Lending Inc</name>
        <lei>549300TX61566GJWCN05</lei>
        <title>Sixth Street Specialty Lending Inc</title>
        <cusip>83012A109</cusip>
        <identifiers>
          <isin value="US83012A1097"/>
        </identifiers>
        <balance>1873346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44604368.26000000</valUSD>
        <pctVal>2.797181517243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6916805.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital Southwest Corp</name>
        <lei>54930023YZ4YEJEDBO56</lei>
        <title>Capital Southwest Corp</title>
        <cusip>140501107</cusip>
        <identifiers>
          <isin value="US1405011073"/>
        </identifiers>
        <balance>1241902.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27371520.08000000</valUSD>
        <pctVal>1.716493542075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3107419.60000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ares Capital Corp</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Ares Capital Corp</title>
        <cusip>04010L103</cusip>
        <identifiers>
          <isin value="US04010L1035"/>
        </identifiers>
        <balance>12987246.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>285199922.16000000</valUSD>
        <pctVal>17.88515300418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="124159578.12000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-24</ncom:dateSigned>
      <ncom:nameOfApplicant>VanEck ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James Parker</ncom:signature>
      <ncom:signerName>James Parker</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
