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: OCTOBER 31, 2023

Item 1. Report to Shareholders

SEMI-ANNUAL REPORT October 31, 2023 (unaudited)

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
Explanation of Expenses	3
Schedule of Investments
CEF Muni Income ETF	5
High Yield Muni ETF	7
HIP Sustainable Muni ETF	49
Intermediate Muni ETF	52
Long Muni ETF	84
Short High Yield Muni ETF	101
Short Muni ETF	120
Statements of Assets and Liabilities	131
Statements of Operations	133
Statements of Changes in Net Assets	135
Financial Highlights
CEF Muni Income ETF	139
High Yield Muni ETF	140
HIP Sustainable Muni ETF	141
Intermediate Muni ETF	142
Long Muni ETF	143
Short High Yield Muni ETF	144
Short Muni ETF	145
Notes to Financial Statements	146
Approval of Investment Management Agreements	153

Certain information contained in this President’s Letter 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 October 31, 2023.

VANECK ETFs

PRESIDENT’S LETTER

October 31, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces on markets—monetary policy, government spending and economic growth—were negative or muted coming into the year. This remains my view.

Discussion

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

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

1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just under of $8 trillion toward the end of October 2023.¹

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected. A political expert just commented that the next U.S. President will have to face the country’s big budget deficits in 2025. If this does happen, and I’m more positive on this than most, then I could see the Fed cut rates to offset the contractionary effects of smaller budget deficits. Again, more in 2025 than 2024.

3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. Now after the 2022 and 2023 losses, bond investments are now offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.²) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.

This period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends,³ Episode 113, released on October 13, 2023.

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin). Timing market moves is almost impossible, but the cycle will eventually turn in favor of these assets and they have rallied since we started discussing this several months ago.

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 six month period ended October 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

November 9, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.⁴ Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1  U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, October 26, 2023, https://www.federalreserve.gov/releases/h41/20231026/

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

3  https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

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

2

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, May 1, 2023 to October 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2023 - October 31, 2023(a)
CEF Muni Income ETF
Actual	$1,000.00	$869.40	0.41%	$1.93
Hypothetical (b)	$1,000.00	$1,023.08	0.41%	$2.08
High Yield Muni ETF
Actual	$1,000.00	$945.50	0.33%	$1.61
Hypothetical (b)	$1,000.00	$1,023.48	0.33%	$1.68
HIP Sustainable Muni ETF
Actual	$1,000.00	$954.50	0.24%	$1.18
Hypothetical (b)	$1,000.00	$1,023.93	0.24%	$1.22
Intermediate Muni ETF
Actual	$1,000.00	$950.00	0.24%	$1.18
Hypothetical (b)	$1,000.00	$1,023.93	0.24%	$1.22
Long Muni ETF
Actual	$1,000.00	$921.90	0.24%	$1.16
Hypothetical (b)	$1,000.00	$1,023.93	0.24%	$1.22
Short High Yield Muni ETF
Actual	$1,000.00	$972.10	0.35%	$1.74
Hypothetical (b)	$1,000.00	$1,023.38	0.35%	$1.78

3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2023 - October 31, 2023(a)
Short Muni ETF
Actual	$1,000.00	$992.70	0.11%	$0.55
Hypothetical (b)	$1,000.00	$1,024.58	0.11%	$0.56

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses

4

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 99.9% (a)
abrdn National  Municipal Income  Fund		90,462	$	728,219
Alliance Bernstein National Municipal Income Fund, Inc.		210,154		1,906,097
Blackrock Investment Quality Municipal Trust, Inc.		126,519		1,229,765
BlackRock Long-Term Municipal Advantage Trust		79,840		704,189
BlackRock MuniAssets Fund, Inc.		273,658		2,394,507
BlackRock Municipal 2030 Target Term Trust		501,480		9,713,668
BlackRock Municipal Income Fund, Inc.		531,640		5,236,654
BlackRock Municipal Income Quality Trust		190,720		1,809,933
BlackRock Municipal Income Trust		323,359		2,813,223
BlackRock Municipal Income Trust II		351,542		3,132,239
BlackRock MuniHoldings Fund, Inc.		384,028		3,886,363
BlackRock MuniHoldings Quality Fund II, Inc.		162,173		1,401,175
BlackRock MuniVest Fund II, Inc.		154,428		1,405,295
BlackRock MuniVest Fund, Inc.		467,379		2,832,317
BlackRock MuniYield Fund, Inc.		338,234		3,030,577
BlackRock MuniYield Quality Fund II, Inc.		162,423		1,414,704
BlackRock MuniYield Quality Fund III, Inc.		490,961		4,708,316
BlackRock MuniYield Quality Fund, Inc.		523,546		5,204,047
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		126,390		1,136,246
BNY Mellon Municipal Income, Inc.		152,378		827,412
BNY Mellon Strategic Municipal Bond Fund, Inc.		361,157		1,719,107
BNY Mellon Strategic Municipals, Inc.		458,323		2,328,281
DWS Municipal Income Trust		287,129		2,147,725
Eaton Vance Municipal Bond Fund		513,695		4,561,612
Eaton Vance Municipal Income 2028 Term Trust		73,883		1,241,973

	Number of Shares		Value
Eaton Vance Municipal Income Trust		286,756	$	2,526,320
Eaton Vance National Municipal Opportunities Trust		103,774		1,542,082
Invesco Advantage Municipal Income Trust II		323,205		2,343,236
Invesco Municipal Income Opportunities Trust		197,866		1,015,053
Invesco Municipal Opportunity Trust		493,651		3,978,827
Invesco Municipal Trust		401,944		3,267,805
Invesco Quality Municipal Income Trust		386,895		3,157,063
Invesco Trust for Investment Grade Municipals		394,921		3,289,692
Invesco Value Municipal Income Trust		335,665		3,356,650
MFS High Income Municipal Trust		229,911		698,929
MFS Municipal Income Trust		302,241		1,338,928
Neuberger Berman Municipal Fund, Inc.		137,687		1,219,907
Nuveen AMT-Free Municipal Credit Income Fund		1,562,386		15,670,732
Nuveen AMT-Free Municipal Value Fund		124,673		1,570,880
Nuveen AMT-Free Quality Municipal Income Fund		1,672,460		15,838,196
Nuveen Dynamic Municipal Opportunities Fund		324,184		2,956,558
Nuveen Municipal Credit Income Fund		1,427,932		14,422,113
Nuveen Municipal High Income Opportunity Fund		668,772		5,597,622
Nuveen Municipal Value Fund, Inc.		1,402,723		11,207,757
Nuveen Quality Municipal Income Fund		1,603,860		15,733,867
Nuveen Select Tax-Free Income Portfolio		246,117		3,251,205
PIMCO Municipal Income Fund		114,506		902,307
PIMCO Municipal Income Fund II		289,724		2,062,835
PIMCO Municipal Income Fund III		209,518		1,296,916
Pioneer Municipal High Income Advantage Fund, Inc.		176,873		1,139,062

See Notes to Financial Statements

5

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Pioneer Municipal High Income Fund Trust		169,114	$	1,182,107
Pioneer Municipal High Income Opportunities Fund, Inc.		123,419		1,158,904
Putnam Managed Municipal Income Trust		326,080		1,676,051
Putnam Municipal Opportunities Trust		225,039		1,973,592
Western Asset Managed Municipals Fund, Inc.		317,197		2,781,818
Total Closed-End Funds: 99.9% (Cost: $264,142,575)				195,670,658
Other assets less liabilities: 0.1%				236,682
NET ASSETS: 100.0%			$	195,907,340

Footnotes:

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

Summary of Investments by Sector	% of Investments	Value
Financials	100.0%	$	195,670,658

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	195,670,658	$	—	$	—	$	195,670,658

See Notes to Financial Statements

6

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)		Value
MUNICIPAL BONDS: 97.2%
Alabama: 2.4%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25	$	215		$	210,009
5.75%, 06/01/26 (c)		2,000			1,568,103
5.75%, 06/01/26 (c)		1,400			1,243,251
6.00%, 06/01/26 (c)		5,900			4,666,919
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM)
5.00%, 10/01/27 (c)		1,675			1,689,540
5.00%, 10/01/27 (c)		1,000			1,004,469
Black Belt Energy Gas District, Series A (RB) 5.25%, 10/01/30 (c) (p)		5,000			5,007,965
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,180			1,226,811
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		8,540			7,963,897
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 11/21/23 (c)		10,000			10,289,039
6.50%, 11/21/23 (c)		9,000			9,350,486
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 11/21/23 (c) ^		100			48,930
0.00%, 11/21/23 (c) ^		60			24,937
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c)		1,350			1,203,466
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		10,000			6,761,826
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
4.50%, 05/01/29 (c)		2,914			2,579,742
5.25%, 05/01/29 (c)		5,000			4,120,991
					58,960,381
Alaska: 0.0%
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		3,000			264,005

	Par   (000’s		)		Value
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)	$	4,250		$	3,786,951
6.50%, 09/01/28		250			257,526
6.62%, 09/01/25 (c)		1,000			1,023,824
					5,068,301
Arizona: 2.8%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c)		1,000			774,476
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			458,403
Arizona Industrial Development Authority, Academies of Math and Science Projects (RB) 5.00%, 07/01/29 (c)		1,000			893,661
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		200			195,269
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		2,940			2,804,201
6.00%, 07/01/27 (c)		1,270			1,270,701
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c)		1,545			1,386,111
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			232,643
5.25%, 07/01/26 (c)		500			433,620
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			225,940
5.00%, 07/01/27 (c)		515			421,447
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			418,407
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/28 (c)		1,000			849,115

See Notes to Financial Statements

7

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Arizona (continued)
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 12/01/23 (c)	$	2,650		$	2,459,209
5.50%, 12/01/23 (c)		2,100			1,821,065
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			947,758
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			459,420
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		6,497			5,657,223
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,400			934,599
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM) 5.00%, 07/01/29 (c)		6,990			6,753,614
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c)		250			230,283
5.00%, 11/15/24 (c)		1,000			796,824
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c)		1,340			1,000,626
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		200			195,341
5.00%, 07/01/25 (c)		500			424,743
5.00%, 07/01/25 (c)		1,000			842,036
5.00%, 07/01/25 (c)		900			854,136
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		750			696,610
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		3,320			2,858,934

	Par   (000’s		)		Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)	$	750		$	706,267
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c)		3,580			2,766,731
Maricopa County Arizona Industrial Development Authority, Valley Christian Schools Project, Series A (RB) 6.38%, 07/01/30 (c)		1,000			908,038
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,000			964,173
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,400			1,265,858
5.00%, 07/01/29 (c)		1,300			1,192,811
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			451,521
5.00%, 07/01/29 (c)		1,990			1,670,231
5.00%, 07/01/29 (c)		500			411,022
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,496,787
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 (d) *		255			234,365
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c)		5,000			3,231,434
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/24 (c)		1,000			893,912
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/31 (c)		1,000			663,262

See Notes to Financial Statements

8

	Par   (000’s		)		Value
Arizona (continued)
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c)	$	1,250		$	1,157,944
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			232,759
5.38%, 07/01/26 (c)		250			216,154
5.50%, 07/01/26 (c)		250			214,514
Pima County, Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c)		1,000			967,238
Sacramento County, Community Facilities District No. 2005-2 (RB) 5.00%, 12/01/32		2,000			1,989,719
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		9,605			9,323,910
5.25%, 12/01/24		305			306,183
5.25%, 12/01/25		265			266,813
5.25%, 12/01/27		215			217,111
5.25%, 12/01/28		245			247,478
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			273,513
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/27 (c)		1,200			759,570
6.12%, 10/01/27 (c)		600			319,881
					70,645,614
Arkansas: 0.3%
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c)		5,570			4,946,576
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.70%, 05/01/26 (c)		3,205			2,924,861
					7,871,437
California: 12.2%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		3,000			3,002,123
5.00%, 10/01/26 (c)		5,000			4,897,201
5.00%, 10/01/26 (c)		2,230			2,201,032
5.00%, 10/01/26 (c)		1,650			1,640,284

	Par   (000’s		)		Value
California (continued)
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 03/01/24 (c)	$	160		$	143,063
4.00%, 03/01/24 (c)		420			327,123
4.00%, 03/01/24 (c)		615			508,098
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/27 (c)		2,000			2,034,504
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/26 (c)		1,480			1,445,453
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p)		7,270			7,117,174
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 11/01/28 (c) (p)		10,000			10,231,348
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		1,695			1,528,789
California Community Housing Agency Senior Essential Housing, Series A-1 (RB) (AGM) 3.00%, 08/01/32 (c)		3,000			1,649,428
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,100			2,592,574
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		5,000			2,877,941
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		8,150			6,001,529
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/31 (c)		4,000			2,381,616
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			1,769,571
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c)		2,000			1,251,738

See Notes to Financial Statements

9

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)	$	3,000		$	2,234,630
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			1,353,402
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			3,350,239
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			4,002,838
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 12/01/23 (c)		5			5,080
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/16/23 (c)		15			13,762
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			195,771
4.20%, 08/15/27 (c)		500			419,752
5.00%, 08/15/27 (c)		990			932,545
5.00%, 08/15/27 (c)		460			455,387
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c)		590			581,628
California Housing Finance Agency (RB)
3.25%, 08/20/36		1,942			1,665,330
3.50%, 11/20/35		962			832,759
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		3,752			3,537,208
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 11/01/31 (c)		2,300			1,783,696
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c)		1,085			1,153,068

	Par   (000’s		)		Value
California (continued)
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c)	$	1,000		$	711,110
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c)		1,910			1,675,269
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			461,661
6.12%, 12/01/23 (c)		1,000			1,000,849
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c)		1,000			817,205
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			501,092
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			123,758
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)
3.00%, 05/15/31 (c)		3,650			2,441,914
4.00%, 05/15/31 (c)		5,000			4,064,841
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/31 (c)		1,500			1,287,221
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/27 (c)		1,165			964,825
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)		250			252,605
5.00%, 07/01/27 (c)		200			202,263
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			416,344
5.00%, 10/01/27 (c)		500			402,352
5.00%, 10/01/27 (c)		500			448,694

See Notes to Financial Statements

10

	Par   (000’s		)		Value
California (continued)
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)	$	2,390		$	2,047,280
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		2,490			2,356,052
5.00%, 06/30/28		65			65,967
5.00%, 06/30/28 (c)		500			507,099
5.00%, 06/30/28 (c)		600			608,760
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			1,689,942
5.00%, 06/30/28 (c)		700			706,019
5.00%, 06/30/28 (c)		1,035			1,049,299
5.00%, 06/30/28 (c)		1,000			986,606
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			198,130
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			443,463
5.00%, 07/01/28 (c)		130			118,971
5.00%, 07/01/28 (c)		1,000			835,566
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/29 (c)		3,000			2,419,983
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		250			206,263
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		19,000			17,787,849
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 01/01/24 (c)		1,500			1,472,247
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			50,000
7.50%, 12/01/23 (c) (d) *		10,500			525,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
8.00%, 07/01/27 (c) (d) *		6,635			331,750

	Par   (000’s		)		Value
California (continued)
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *	$	1,000		$	130,000
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB)
5.00%, 01/01/24 (c)		2,500			2,317,265
5.00%, 07/01/33 (c)		1,000			1,001,452
5.00%, 07/01/33 (c)		1,000			993,772
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/27 (c)		400			324,878
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/21/23 (c)		1,000			920,314
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c)		2,000			1,905,984
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c)		1,000			821,614
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)
4.00%, 11/01/31 (c)		2,700			1,906,398
4.00%, 11/01/31 (c)		1,000			725,024
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		2,000			1,656,624
6.38%, 07/01/25 (c)		9,075			9,449,015
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/26 (c)		250			218,308
5.25%, 06/01/26 (c)		250			217,471
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		1,500			1,400,800
5.00%, 11/01/27 (c)		1,000			892,869
6.38%, 12/01/23 (c)		1,000			1,000,362
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			224,380

See Notes to Financial Statements

11

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 12/01/23 (c)	$	22		$	20,255
5.75%, 12/01/23 (c)		4			3,875
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 12/01/23 (c)		1			568
California Statewide Communities Development Authority, Infrastucture Program, Series B (RB) (NATL) 5.00%, 09/02/29 (c)		1,000			956,947
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/26 (c)		545			546,789
5.00%, 05/15/26 (c)		385			387,267
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c)		435			385,291
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 12/01/23 (c)		1,075			1,067,303
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c)		10,000			9,166,274
5.00%, 06/01/26 (c)		3,595			3,427,993
5.00%, 06/01/26 (c)		350			350,269
5.25%, 12/01/24 (c)		1,740			1,733,687
5.25%, 12/01/24 (c)		5,300			4,929,462
5.25%, 06/01/26 (c)		10,000			8,859,415
5.25%, 06/01/28 (c)		1,000			915,409
5.50%, 12/01/24 (c)		20,180			19,224,182
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c)		2,000			2,009,437
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			2,854,252

	Par   (000’s		)		Value
California (continued)
5.75%, 12/01/23 (c)	$	125		$	113,878
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c)		615			514,535
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			2,911,222
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 12/01/23 (c)		3,175			3,228,619
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 12/01/23 (c)		900			915,197
City & County of San Francisco, Special Tax District No 2020-1, Series A (ST) 4.00%, 09/01/28 (c)		1,635			1,283,303
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			386,197
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			242,156
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 03/01/24 (c)		230			217,036
4.00%, 03/01/24 (c)		250			232,482
4.00%, 03/01/24 (c)		250			234,107
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			727,475
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			157,780
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		810			802,303
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			425,112
5.00%, 09/01/27 (c)		155			157,318
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c)		3,450			3,232,486

See Notes to Financial Statements

12

	Par   (000’s		)		Value
California (continued)
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)	$	200		$	199,050
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,013,344
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/31 (c)		3,000			1,798,285
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,975			1,444,309
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c)		6,650			3,946,156
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c)		1,000			700,534
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c)		2,500			1,866,651
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		800			767,265
4.50%, 09/01/24 (c)		1,585			1,473,088
County of Los Angeles Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c)		1,000			914,604
CSCDA Community Improvement Authority Essential Housing, Acacia on Santa Rosa Creek, Series A (RB) (NATL) 4.00%, 10/01/31 (c)		2,500			1,856,785
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			686,988
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,750			5,201,081
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c)		2,000			1,192,074

	Par   (000’s		)		Value
California (continued)
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/32 (c)	$	1,000		$	625,019
4.00%, 05/01/32 (c)		1,500			948,108
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c)		1,000			664,568
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c)		3,000			1,708,984
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		5,350			3,419,236
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c)		2,000			1,208,303
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c)		2,500			1,707,831
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)		2,000			1,367,912
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c)		1,000			655,467
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			641,585
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c)		500			322,159
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 06/01/32 (c)		2,000			1,336,239
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			465,737
5.00%, 09/01/26 (c)		500			478,143
5.00%, 09/01/26 (c)		500			494,178

See Notes to Financial Statements

13

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
California (continued)
5.00%, 09/01/27 (c)	$	485		$	454,422
5.00%, 09/01/27 (c)		1,150			1,151,214
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/27 (c)		2,000			1,972,886
5.00%, 09/01/27 (c)		1,100			1,111,778
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c)		100			78,789
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			340,291
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/31 (c) ^		51,000			4,183,137
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			176,725
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		405			395,823
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 12/01/23 (c)		27			27,041
MSR Energy Authority, Series A (RB)
6.12%, 11/01/29		455			471,441
6.50%, 11/01/39		6,200			6,983,258
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			876,651
5.25%, 08/15/25 (c)		455			449,398
Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA) 4.00%, 09/02/28 (c)		1,200			1,032,597
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			247,602
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			116,000
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,000			964,806
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			755,185

	Par   (000’s		)		Value
California (continued)
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c)	$	500		$	475,423
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			466,325
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		345			334,549
5.00%, 09/01/26 (c)		495			465,785
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/31 (c)		745			748,650
San Diego County, California Regional Airport, Series A (RB) 4.00%, 07/01/31 (c)		1,050			910,906
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB) 5.00%, 01/01/29 (c)		1,475			1,416,962
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c)		2,750			2,688,658
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			276,341
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c)		500			508,014
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			200,377
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/25 ^		1,000			948,991
0.00%, 01/15/32 ^		145			97,806
0.00%, 01/15/36 ^		105			57,038
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c)		500			476,860

See Notes to Financial Statements

14

	Par   (000’s		)		Value
California (continued)
Successor Agency of Pttsburg, Los Medanos Community Development Project, Series A (TA) (AGM) 5.00%, 09/01/26 (c)	$	1,020		$	1,040,522
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c)		5,735			5,657,287
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			93,977
5.00%, 09/01/25 (c)		100			96,754
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			750,068
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			272,000
5.30%, 03/01/24 (c) (d) *		530			169,600
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			432,154
					304,850,118
Colorado: 2.7%
Aerotropolis Colorado Regional Transportation Authority (RB) 4.38%, 12/01/26 (c)		2,000			1,443,766
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c)		500			450,829
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,010			1,877,196
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/23 (c)		1,000			936,600
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			447,129
5.00%, 12/01/25 (c)		500			419,193
Broadway Station Metropolitan District No. 3, Series A (GO) 5.00%, 06/01/24 (c)		1,425			1,012,037
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO) 5.00%, 12/01/25 (c)		1,000			805,246
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/23 (c)		500			479,723
5.00%, 12/01/23 (c)		500			418,344
5.00%, 12/01/23 (c)		500			449,461

	Par   (000’s		)		Value
Colorado (continued)
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 12/01/23 (c)	$	10,195		$	9,558,724
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		2,250			1,773,963
Clear Creek Transit Metropolitan District No. 2, Colorado, Series A (GO) 5.00%, 12/01/26 (c)		1,000			788,719
Colorado Bridge Enterprise, Central 70 Project (RB) 4.00%, 12/31/27 (c)		2,700			1,993,951
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			404,976
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		510			443,717
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		5			3,269
4.00%, 08/01/29 (c)		4,735			3,662,856
5.00%, 08/01/29 (c)		2,000			1,891,040
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 06/01/25 (c)		1,000			959,171
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c)		536			134,040
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/24 (c)		350			319,467
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			410,504
5.75%, 12/01/26 (c)		500			393,772
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c)		1,000			940,331

See Notes to Financial Statements

15

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Colorado (continued)
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)	$	760		$	690,420
5.25%, 11/01/25 (c)		2,345			2,112,137
5.50%, 11/01/25 (c)		1,865			1,639,423
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			894,162
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			753,859
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c)		1,000			733,642
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c)		1,000			882,623
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c)		540			428,573
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/26 (c)		4,000			3,634,212
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38		2,000			2,211,862
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c)		981			661,206
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c)		5,750			3,728,649
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,500			1,314,590
Southglenn Metropolitan District (GO) 5.00%, 12/01/23 (c)		1,000			846,115
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		1,200			1,027,731
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) 4.25%, 12/01/25 (c)		1,000			763,841
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		4,000			2,900,378
5.00%, 03/01/26 (c)		2,000			1,562,418

	Par   (000’s		)		Value
Colorado (continued)
Tree Farm Metropolitan District, Eagle County, Colorado (GO) 4.75%, 12/01/26 (c)	$	2,000		$	1,554,584
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			469,554
5.38%, 12/01/23 (c)		1,500			1,386,964
Verve Metropolitan District No. 1 (GO)
5.00%, 03/01/26 (c)		1,025			805,013
5.75%, 03/01/26 (c)		1,000			875,491
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 09/01/26 (c)		1,000			638,447
4.00%, 09/01/26 (c)		1,000			713,378
4.12%, 09/01/26 (c)		2,980			1,666,375
					67,313,671
Connecticut: 0.6%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/13/23 (c)		630			617,417
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)		3,500			2,642,933
5.00%, 09/01/26 (c)		1,200			865,212
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/29 (c)		2,630			2,095,559
5.00%, 07/01/29 (c)		1,100			917,026
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		5,000			3,437,716
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			1,491,028
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/29 (c)		500			416,342
5.00%, 07/01/29 (c)		1,000			997,883
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			174,830

See Notes to Financial Statements

16

	Par   (000’s		)		Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)	$	250		$	164,655
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c)		3,000			2,261,106
					16,081,707
Delaware: 0.2%
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 01/01/28 (c)		1,450			1,280,018
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/32 (c)		915			598,085
5.00%, 06/01/26 (c)		1,000			820,551
5.00%, 06/01/26 (c)		250			229,369
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c)		1,100			874,253
					3,802,276
District of Columbia: 0.7%
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.00%, 12/01/23 (c) ^		7,500			1,609,624
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		1,225			1,298,528
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		250			231,525
5.00%, 07/01/24 (c)		1,180			960,426
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		2,500			2,077,048
5.00%, 06/01/30 (c)		500			446,944
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		9,325			4,443,335
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		1,020			486,701
4.00%, 10/01/29 (c)		7,315			5,984,794
4.00%, 10/01/29 (c)		250			226,229
6.50%, 10/01/28 (c)		245			258,533
					18,023,687

	Par   (000’s		)		Value
Florida: 5.0%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB) 5.00%, 12/01/24 (c)	$	1,055		$	1,040,569
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,000			937,662
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/29 (c)		2,150			1,880,142
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			190,067
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)		7,200			5,872,370
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		1,335			1,206,126
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)		500			419,564
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		400			375,906
5.12%, 01/01/29 (c)		500			443,364
5.25%, 01/01/29 (c)		500			421,329
5.38%, 01/01/29 (c)		500			421,537
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		225			216,070
5.25%, 06/15/27 (c)		500			432,040
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,036,935
5.25%, 12/01/28 (c)		2,000			1,754,226
5.25%, 12/01/28 (c)		2,200			1,824,259
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 07/01/30 (c)		2,250			1,575,378
Charlotte County Industrial Development Authority, Town & Country Utilities Project (RB) 5.00%, 10/01/27 (c)		1,000			849,649

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
City of Lakeland, Florida Energy System (RB) 4.25%, 10/01/33 (c)	$	5,000		$	4,358,068
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		3,000			3,085,483
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27 (c)		500			502,007
5.00%, 11/01/27		1,100			1,135,637
5.00%, 11/01/27 (c)		2,500			2,563,647
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			195,941
5.00%, 06/01/25 (c)		1,210			1,119,106
5.00%, 06/01/25 (c)		300			268,320
Clay County, Florida Sales Surtax (RB) 4.00%, 10/01/29 (c)		1,100			932,002
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		440			24,198
8.12%, 05/15/24 (c) (d) *		343			18,866
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		2,135			2,131,325
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		1,645			1,554,615
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c)		2,000			2,016,350
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 4.00%, 02/15/30 (c)		2,000			1,564,917
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c)		1,000			867,951
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c)		2,225			2,019,697
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c)		425			380,038

	Par   (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)	$	1,250		$	687,159
5.25%, 06/01/27 (c)		1,000			744,140
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			993,308
6.00%, 06/15/25 (c)		500			490,144
6.12%, 06/15/25 (c)		685			638,637
6.62%, 06/15/30 (c)		1,000			969,531
6.75%, 06/15/30 (c)		1,000			959,219
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c)		1,000			796,267
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.38%, 01/01/26 (c) (p)		5,300			5,045,112
6.50%, 01/01/29 (c) (p)		9,750			9,215,191
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)
3.00%, 06/01/24 (c)		1,500			1,129,894
6.12%, 07/01/26 (c) (p)		4,000			3,951,921
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,356,497
5.50%, 11/01/29 (c)		2,450			2,134,517
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 02/01/31 (c)		6,500			5,317,572
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c)		2,000			1,623,387
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 12/01/23 (c)		500			443,893
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c)		1,000			761,780

See Notes to Financial Statements

 18

	Par   (000’s		)	Value
Florida (continued)
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 4.00%, 11/15/31 (c)	$	2,500		$	2,004,755
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
5.00%, 11/15/24 (c)		3,000			2,803,675
5.00%, 11/15/24 (c)		1,880			1,788,774
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			699,167
5.25%, 11/01/27 (c)		250			227,232
Miami-Dade County Aviation, Series A (RB) (BAM-TCRS) 5.00%, 10/01/24 (c)		3,000			2,930,605
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c)		1,000			847,981
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c)		1,360			1,392,317
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/25 (c)		500			492,664
5.00%, 10/01/25 (c)		2,500			2,357,326
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			936,664
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 12/01/23 (c)		360			358,532
5.00%, 12/01/23 (c)		85			77,949
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/28 (c)		2,000			1,825,943
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			156,916
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)		200			175,337
5.00%, 08/01/27 (c)		200			186,764
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/25 (c)		3,230			2,526,436
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		2,500			2,165,607

	Par   (000’s		)	Value
Florida (continued)
5.00%, 04/01/29 (c)	$	1,000		$	927,225
Palm Cost Park Community Development District (SA) 5.70%, 12/01/23 (c)		150			149,991
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understaing Inc. Project (RB) 5.00%, 07/01/29 (c)		1,900			1,755,851
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		5,000			4,799,548
Sanger Industrial Development Corp., Texas Pellets Project, Series B (SA) 4.12%, 05/01/31 (c)		1,055			816,607
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/26 (c)		500			356,894
5.75%, 11/15/26 (c)		1,500			1,088,774
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 12/01/23 (c)		1,500			1,418,159
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/25 (c)		1,100			932,417
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		150			146,130
3.62%, 05/01/26 (c)		995			926,871
4.25%, 05/01/28 (c)		915			768,673
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		715			647,058
3.55%, 05/01/29 (c)		2,765			2,163,402
					124,745,774
Georgia: 1.4%
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)		6,525			5,111,188
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,196,568

See Notes to Financial Statements

 19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Georgia (continued)
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) 4.00%, 04/01/28 (c)	$	2,500		$	1,771,602
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c)		700			534,439
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		4,750			3,559,289
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			411,892
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/27 (c)		2,680			2,356,241
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c)		250			241,964
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 11/01/27 (c) (p)		15,000			13,973,215
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		1,000			785,531
5.00%, 11/01/27 (c)		5,000			4,284,499
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		375			347,127
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			416,316
5.25%, 10/01/26 (c)		500			387,169
					35,377,040
Guam: 1.0%
Guam Government (GO) 5.00%, 05/15/29 (c)		1,165			1,152,998
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			483,490
5.00%, 11/15/25 (c)		1,100			1,049,271
5.00%, 11/15/25 (c)		1,040			1,002,421
5.00%, 11/15/25 (c)		5,805			5,634,387
5.00%, 11/15/25 (c)		1,085			985,920

	Par   (000’s		)	Value
Guam (continued)
Guam Government, Business Privilege Tax, Series F (RB)
4.00%, 01/01/31 (c)	$	7,000		$	5,815,448
4.00%, 01/01/31 (c)		1,000			899,639
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			458,837
5.00%, 02/01/30 (c)		500			439,846
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		750			755,714
Guam Government, Limited Obligation, Series A (RB)
5.00%, 12/01/26 (c)		3,120			2,663,039
5.00%, 12/01/26 (c)		2,290			2,270,100
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c)		500			471,687
					24,082,797
Hawaii: 0.2%
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 12/01/23 (c)		1,645			1,432,531
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 12/01/23 (c)		1,400			1,399,966
6.62%, 12/01/23 (c)		2,085			2,085,852
					4,918,349
Idaho: 0.1%
Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP) 5.25%, 05/15/26 (c)		2,000			1,736,368
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			363,396
5.00%, 09/01/26 (c)		1,135			1,022,927
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c)		100			81,286
					3,203,977
Illinois: 10.4%
Chicago Board of Education, Series A (GO)
4.00%, 12/01/31 (c)		6,250			4,643,255
4.00%, 12/01/31 (c)		2,975			2,294,687
5.00%, 12/01/23 (c)		17,755			15,769,668
5.00%, 12/01/28 (c)		1,265			1,252,329
5.00%, 12/01/28 (c)		250			245,047
5.00%, 12/01/29 (c)		1,195			1,181,637
5.00%, 12/01/29		1,000			995,301

See Notes to Financial Statements

 20

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 12/01/30 (c)	$	6,000		$	5,513,901
5.00%, 12/01/30 (c)		395			384,610
5.00%, 12/01/30 (c)		6,990			6,632,312
5.00%, 12/01/30 (c)		5,575			5,483,000
5.00%, 12/01/30 (c)		100			96,366
5.00%, 12/01/30 (c)		6,350			5,813,594
5.00%, 12/01/30 (c)		5,100			5,000,956
5.00%, 12/01/30 (c)		3,610			3,394,062
5.00%, 12/01/31 (c)		8,000			7,018,215
7.00%, 12/01/25 (c)		14,210			14,522,609
7.00%, 12/01/25 (c)		5,200			5,391,304
7.00%, 12/01/27 (c)		2,250			2,336,189
Chicago Board of Education, Series A (GO) (AGM) 5.00%, 12/01/28 (c)		250			250,399
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			145,988
5.50%, 12/01/26		175			175,353
5.50%, 12/01/31		1,285			1,295,943
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			622,284
0.00%, 12/01/28 ^		390			303,743
0.00%, 12/01/30 ^		55			38,475
5.50%, 12/01/26		355			357,615
Chicago Board of Education, Series B (GO)
4.00%, 12/01/31 (c)		5,000			4,063,473
4.00%, 12/01/31 (c)		5,000			4,006,839
4.00%, 12/01/31 (c)		7,130			5,643,762
5.00%, 12/01/23 (c)		1,105			1,052,766
5.00%, 12/01/23 (c)		1,680			1,582,369
5.00%, 12/01/27		1,500			1,505,426
5.00%, 12/01/29 (c)		200			196,116
5.00%, 12/01/30 (c)		3,600			3,550,499
6.50%, 12/01/26 (c)		4,000			4,063,406
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27 (c)		3,750			3,643,802
5.00%, 12/01/27		2,000			2,007,234
5.25%, 12/01/24 (c)		8,040			7,446,452
5.25%, 12/01/24 (c)		8,485			8,205,132
6.00%, 12/01/24 (c)		1,160			1,164,337
Chicago Board of Education, Series C (GO) (AGM) 5.00%, 12/01/28 (c)		500			502,409
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c)		2,500			2,200,470
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,355,134
Chicago Board of Education, Series G (GO)
5.00%, 12/01/27 (c)		4,960			4,819,536
5.00%, 12/01/27 (c)		3,000			2,679,557

	Par   (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series H (GO)
5.00%, 12/01/27 (c)	$	12,710		$	11,187,188
5.00%, 12/01/27 (c)		5,000			4,730,249
Chicago O’Hare International Airport, Senior Special Facilities (RB) 5.00%, 07/01/28 (c)		3,000			2,651,203
Chicago O’Hare International Airport, Series A (RB) (AGM) 5.25%, 01/01/32 (c)		3,000			2,993,817
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/25 ^		355			320,480
0.00%, 12/01/29 ^		1,460			1,077,715
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/24 ^		1,165			1,104,425
0.00%, 12/01/25 ^		1,650			1,489,552
0.00%, 12/01/26 ^		1,630			1,400,965
0.00%, 12/01/27 ^		1,030			843,358
0.00%, 12/01/28 ^		690			537,392
0.00%, 12/01/29 ^		645			476,114
0.00%, 12/01/31 ^		520			344,307
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		100			101,698
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/28 ^		345			292,346
0.00%, 01/01/30 ^		420			308,918
0.00%, 01/01/33 ^		985			606,544
0.00%, 01/01/34 ^		760			443,148
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		235			236,251
City of Chicago, Series A (GO)
5.00%, 01/01/27		275			285,065
5.00%, 01/01/27		200			203,161
5.00%, 01/01/27		725			736,610
5.00%, 01/01/31 (c)		3,000			3,049,954
5.00%, 01/01/31 (c)		3,000			3,047,382
5.00%, 01/01/31 (c)		1,500			1,525,242
5.25%, 01/01/24 (c)		1,810			1,813,422
5.50%, 01/01/29 (c)		1,000			977,275
5.50%, 01/01/30 (c)		1,000			1,003,944
6.00%, 01/01/27 (c)		5,000			5,122,624
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			108,907
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,829,166

See Notes to Financial Statements

 21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c)	$	2,195		$	2,227,741
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			126,637
5.00%, 01/01/24		10			10,001
5.00%, 01/01/25		1,760			1,769,366
5.00%, 01/01/26		380			384,400
5.00%, 01/01/26 (c)		250			251,745
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c)		5,000			4,918,198
City of Chicago, Series F (GO) 5.50%, 01/01/25 (c)		1,175			1,144,033
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		990			1,032,005
City of Harvey, Series A (GO) 4.50%, 01/01/54		4,659			3,417,248
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,196,621
Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB) 5.00%, 08/15/27 (c)		4,125			3,610,655
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c)		1,000			730,048
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/24 (c)		390			314,469
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 12/01/23 (c)		35			30,986
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
5.00%, 07/01/25 (c)		1,000			927,481
5.00%, 07/01/25 (c)		1,340			1,025,842
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (c) (d) *		6,500			1,755,000
5.00%, 02/15/27 (d) *		3,000			810,000
5.12%, 02/15/27 (c) (d) *		6,130			1,655,100
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			77,636
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/29 (c)		175			148,361

	Par   (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)	$	500		$	464,802
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)		5			4,355
5.00%, 11/01/26 (c)		250			231,169
5.00%, 11/01/26 (c)		500			467,948
Illinois Finance Authority, OSF Healthcare System, Series A (RB) 5.00%, 11/15/25 (c)		1,125			1,120,911
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 12/01/23 (c)		475			437,897
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			990,804
5.00%, 06/15/29		1,000			985,269
5.00%, 06/15/29 (c)		3,055			2,994,958
5.00%, 06/15/30		1,000			984,447
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		3,000			3,000,617
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			601,599
Illinois State, Series A (GO)
5.00%, 12/01/27 (c)		500			508,049
5.00%, 05/01/28 (c)		500			469,818
Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/25 (c)		1,000			981,554
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
3.00%, 12/15/24 (c)		2,000			1,928,476
4.00%, 12/15/31 (c)		75			62,249
5.00%, 12/15/29 (c)		3,000			2,789,707
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/30 ^		475			338,138
0.00%, 12/15/34 ^		590			344,163
0.00%, 06/15/30 ^		745			543,251
0.00%, 06/15/31 ^		125			86,860
0.00%, 06/15/34 ^		190			113,879
0.00%, 06/15/39 ^		115			49,975
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 12/01/23 (c)		585			431,606

See Notes to Financial Statements

 22

	Par   (000’s		)	Value
Illinois (continued)
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/26 (c)	$	2,000		$	1,888,436
State of Illinois (GO)
3.50%, 06/01/26 (c)		175			159,035
4.00%, 01/01/26 (c)		610			584,256
4.00%, 06/01/26 (c)		270			247,912
4.00%, 06/01/26 (c)		360			335,173
4.00%, 06/01/26 (c)		460			409,263
4.12%, 11/01/26 (c)		600			576,213
5.00%, 11/01/24		200			201,198
5.00%, 02/01/24 (c)		375			374,958
5.00%, 02/01/24 (c)		350			348,751
5.00%, 02/01/27		500			510,348
5.00%, 05/01/24 (c)		175			171,052
5.00%, 05/01/24 (c)		100			97,801
5.00%, 06/01/26		125			127,029
State of Illinois (RB) 3.00%, 06/15/26 (c)		100			86,190
State of Illinois, Series A (GO)
5.00%, 10/01/28		500			514,780
5.00%, 11/01/28		5			5,150
5.00%, 12/01/27 (c)		100			100,707
5.00%, 05/01/28 (c)		365			345,020
State of Illinois, Series D (GO) 5.00%, 11/01/25		250			253,136
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/30 (c)		1,000			873,695
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			430,996
Village of Bridgeview (GO) 5.00%, 12/01/23 (c)		360			292,531
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			70,259
0.00%, 01/01/31 ^		245			172,218
0.00%, 01/01/33 ^		540			340,637
					261,708,801
Indiana: 0.8%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/23 (c)		175			163,982
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 12/01/23 (c)		150			149,127

	Par   (000’s		)	Value
Indiana (continued)
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30	$	1,500		$	1,329,583
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c)		4,000			3,644,320
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		7,000			6,717,087
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			3,102,361
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		5,500			5,307,740
					20,414,200
Iowa: 0.8%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			951,267
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/27 (c)		4,000			2,910,089
5.00%, 05/15/27 (c)		655			500,023
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 12/01/23 (c)		10,140			8,921,376
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		5,105			4,648,111
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		1,170			1,122,540
5.00%, 10/01/25 (c)		2,115			1,770,784
					20,824,190
Kansas: 0.4%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			206,116
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c)		1,000			847,090

See Notes to Financial Statements

 23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Kansas (continued)
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)	$	3,000		$	2,011,529
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c)		625			616,181
City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/25 (c)		1,355			1,011,197
City of Wichita, Health Care Facilities, Series III (RB)
5.00%, 05/15/26 (c)		250			205,818
5.00%, 05/15/26 (c)		500			309,884
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/28 (c)		1,000			793,236
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)
6.25%, 12/01/29 (c)		1,000			912,393
6.50%, 12/01/29 (c)		1,000			908,397
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) 6.00%, 09/01/25 (c)		2,125			1,820,930
					9,642,771
Kentucky: 0.9%
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c)		100			100,421
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) 4.45%, 01/01/32 (c)		2,250			1,992,467
Kentucky Economic Development Finance Authority Hospital, Series A (RB)
5.00%, 06/01/27 (c)		1,720			1,552,598
5.00%, 06/01/27 (c)		1,315			1,312,104
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 12/01/23 (c)		760			723,569
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c)		4,655			4,649,402

	Par   (000’s		)	Value
Kentucky (continued)
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)	$	2,545		$	2,220,918
5.00%, 05/15/26 (c)		350			278,947
5.00%, 05/15/26 (c)		250			171,267
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/21/23 (c)		400			347,056
5.50%, 11/21/23 (c)		250			189,503
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		1,790			1,636,921
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			174,631
5.00%, 06/01/27 (c)		990			921,218
5.25%, 06/01/27 (c)		750			711,129
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			465,643
Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AGM) 5.00%, 05/15/32 (c)		3,170			2,894,716
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c)		1,045			1,068,656
					21,411,166
Louisiana: 1.1%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/29 (c)		3,800			3,048,865
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/25		100			101,718
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)		2,075			1,658,557

See Notes to Financial Statements

 24

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB) 5.00%, 07/01/29 (c)	$	500		$	394,052
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c)		925			709,379
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		3,000			2,386,824
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/29 (c)		2,000			1,631,276
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/23 (c)		175			128,114
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) 5.00%, 07/01/29 (c)		500			347,590
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		5,745			5,126,694
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c)		1,500			1,319,924
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) (SAW) 3.00%, 05/15/30 (c)		1,250			777,995
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *∞		2,259			23

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *∞	$	1,647		$	17
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c) (d) *∞		1,389			14
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c)		2,160			2,089,371
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			758,515
6.35%, 06/01/30 (c)		4,000			4,198,874
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		1,000			1,049,719
Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)		1,530			1,342,840
					27,070,361
Maine: 0.3%
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c)		1,695			1,223,109
5.00%, 07/01/26 (c)		1,000			857,379
5.00%, 07/01/26 (c)		5,345			4,302,728
					6,383,216
Maryland: 1.6%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c)		1,000			874,414
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/27 (c)		1,000			854,963
5.00%, 09/01/27 (c)		2,250			1,870,771
5.00%, 09/01/27 (c)		2,000			1,612,747
5.00%, 09/01/27 (c)		1,000			951,031
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			468,344
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)		250			228,359

See Notes to Financial Statements

 25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB) 5.00%, 09/01/27 (c)	$	1,000		$	905,947
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c)		2,000			1,571,312
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		4,100			3,442,162
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 (c)		2,000			1,915,794
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/30 (c)		1,900			1,668,366
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		2,500			2,070,770
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/23 (c)		7,785			7,853,487
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			95,696
4.38%, 01/01/27 (c)		470			422,192
4.50%, 01/01/27 (c)		530			451,024
Maryland Economic Development Corp., Port Covington Project (TA)
4.00%, 09/01/30 (c)		2,250			1,841,512
4.00%, 09/01/30 (c)		3,250			2,398,604
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)
5.25%, 06/30/32 (c)		2,285			2,141,920
5.25%, 06/30/32 (c)		1,085			1,003,519
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			324,755
5.00%, 07/01/26 (c)		250			236,360
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c)		210			194,756
4.25%, 07/01/25 (c)		145			130,161

	Par   (000’s		)	Value
Maryland (continued)
5.00%, 07/01/25 (c)	$	500		$	482,798
5.00%, 07/01/25 (c)		1,500			1,397,417
5.00%, 07/01/25 (c)		625			627,659
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c)		1,000			904,961
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			478,836
					39,420,637
Massachusetts: 1.4%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		365			326,598
Commonwealth of Massachusetts (RB) (BAM-TCRS NATL) 5.50%, 01/01/34		1,420			1,576,914
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 4.00%, 07/01/25 (c)		535			406,123
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/25 (c)		2,120			1,973,176
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			871,493
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		500			500,355
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			956,059
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c)		2,400			1,793,699
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c)		1,000			858,122
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c)		350			306,871
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			475,720

See Notes to Financial Statements

 26

	Par   (000’s		)	Value
Massachusetts (continued)
5.12%, 11/15/25 (c)	$	500		$	469,991
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 11/21/23 (c)		1,000			863,422
4.12%, 11/21/23 (c)		2,500			1,839,088
5.00%, 11/21/23 (c)		14,550			11,444,218
5.00%, 11/21/23 (c)		1,400			1,148,286
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		1,500			1,297,649
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c)		5			3,537
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,930			1,765,312
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		2,000			1,675,193
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		190			191,890
5.00%, 07/01/26 (c)		510			472,712
Massachusetts Educational Financing Authority Educational Loan, (RB) 5.00%, 01/01/25		2,500			2,513,827
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,250			1,211,087
					34,941,342
Michigan: 1.0%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			253,460
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c)		250			241,579
City of Detroit, Michigan Unlimited Tax, Series A (GO)
5.00%, 04/01/31 (c)		1,475			1,306,165
5.00%, 04/01/31 (c)		135			121,784

	Par   (000’s		)	Value
Michigan (continued)
Detroit Service Learning Academy, Public School Academy (RB) (AGM) 4.00%, 07/01/28 (c)	$	1,000		$	748,172
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			387,522
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series A (RB) 5.25%, 12/01/23 (c)		2,000			1,809,465
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 12/01/23 (c)		395			371,771
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/25 (c)		250			218,302
5.50%, 11/15/25 (c)		300			242,371
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c)		3,575			3,173,855
5.00%, 07/01/24 (c)		215			198,115
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 06/01/40		9,000			8,850,294
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			779,460
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 12/01/30 (c) ^		15,500			1,152,028
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		100			99,096
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 12/01/23 (c)		1,000			886,103
5.50%, 12/01/23 (c)		2,000			1,486,623
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		1,250			1,137,861
5.00%, 12/31/28 (c)		700			706,875
5.00%, 12/31/28 (c)		600			606,068
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 11/16/23 (c) ^		260			25,442
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c)		1,000			758,915
					25,561,326

See Notes to Financial Statements

 27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Minnesota: 0.7%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)	$	135		$	115,036
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			464,105
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/25 (c)		245			202,853
5.50%, 07/01/25 (c)		250			222,426
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c)		3,000			2,475,840
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			451,520
5.50%, 07/01/25 (c)		2,860			2,516,004
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		500			426,251
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			97,013
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			1,060,000
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c)		1,000			920,354
5.75%, 09/01/26 (c)		325			300,892
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		2,000			1,841,820
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,077,170
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/21/23 (c)		940			719,963
Minnesota Higher Education Facilities Authority, Bethel University (RB) 5.00%, 05/01/27 (c)		2,000			1,647,368
Rochester Minnesota Health Care and Housing, Samaritan Bethany, Inc., Project, Series A (RB) 5.00%, 08/01/25 (c)		1,075			782,052

	Par   (000’s		)	Value
Minnesota (continued)
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)	$	250		$	202,963
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/28 (c)		1,150			718,270
					18,241,900
Mississippi: 0.3%
Mississippi Development Bank, Magnolia Regional Health Center Project (RB)
4.00%, 10/01/31 (c)		3,500			2,561,824
5.00%, 10/01/31 (c)		1,530			1,481,857
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/26 (c)		3,000			2,841,443
					6,885,124
Missouri: 1.0%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			269,796
4.00%, 08/01/26 (c)		565			392,750
5.00%, 08/01/26 (c)		1,000			913,594
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			995,421
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			438,303
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 12/01/23 (c)		40			39,100
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c)		250			188,980
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			373,144
I-470 Western Gateway Transportation Development District, Series A (RB) 5.25%, 12/01/26 (c)		1,100			1,005,607
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46		5,352			3,653,569

See Notes to Financial Statements

28

	Par   (000’s		)	Value
Missouri (continued)
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c)	$	2,475		$	1,707,545
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		1,500			1,201,853
5.25%, 05/15/27 (c)		4,000			2,783,189
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,341,521
5.00%, 08/15/25 (c)		2,430			2,222,165
5.00%, 08/15/25 (c)		2,000			1,599,472
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c)		2,500			2,112,322
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c)		3,000			2,688,130
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c)		1,000			669,858
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			436,155
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			133,787
University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB) 4.88%, 06/15/33 (c)		1,000			937,542
					26,103,803
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 12/01/23 (c)		2,000			1,859,324
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c)		415			340,044

	Par   (000’s)		Value
Montana (continued)
Montana Facility Finance Authority, Health Care Facilities, Children’s Home & Hospital Project, Series A (RB) 4.00%, 07/01/30 (c)	$	1,700	$	1,177,198
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/28 (c)		500		415,227
5.00%, 07/01/28 (c)		1,270		1,097,782
				4,889,575
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/34		1,000		993,474
5.00%, 09/01/36		500		482,243
5.00%, 09/01/42		1,780		1,673,821
Central Plains Energy Project, Series G (RB) 5.00%, 10/01/29 (c) (p)		235		232,371
				3,381,909
Nevada: 0.4%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		535		397,641
4.00%, 06/01/29 (c)		230		179,688
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/23 (c)		965		934,634
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000		2,056,050
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		165		160,138
Director of the State of Nevada Department of Business and Industry, Brightline West Passenger Rail Project, Series A-3 (RB) 8.13%, 08/15/24 (c) (p)		1,000		1,003,248
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		615		529,546
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		230		193,381
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		470		412,342

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Nevada (continued)
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/25 (c)	$	2,000		$	1,865,270
5.00%, 12/15/25 (c)		400			358,377
5.00%, 12/15/25 (c)		500			409,310
5.12%, 12/15/25 (c)		1,000			851,204
					9,350,829
New Hampshire: 0.4%
National Finance Authority, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		2,000			1,389,702
5.00%, 07/01/28 (c)		1,220			870,611
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 12/01/23 (c)		4,000			3,020,418
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 12/01/23 (c)		3,375			2,636,592
National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB) 5.25%, 07/01/29 (c)		1,000			905,190
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c)		1,000			760,750
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c)		1,600			1,329,563
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		835			50,087
6.12%, 07/01/24 (c) (d) *		1,252			75,131
6.25%, 07/01/24 (c) (d) *		417			25,044
					11,063,088
New Jersey: 3.1%
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/24 (c)		8,450			7,880,206
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/24 (c)		1,410			1,364,444
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c)		65			64,454
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			416,311

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 12/01/23 (c)	$	1,645		$	1,609,192
5.50%, 12/01/23 (c)		60			58,955
5.62%, 03/05/24 (c)		2,035			2,034,959
5.62%, 03/05/24 (c)		285			284,994
5.75%, 12/01/23 (c)		725			721,439
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		55			52,631
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/24 (c)		655			625,994
5.00%, 01/01/24 (c)		500			464,841
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		2,000			1,796,855
4.00%, 07/01/27 (c)		1,640			1,512,526
5.00%, 07/01/27 (c)		4,640			4,463,380
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 5.00%, 07/01/27 (c)		2,500			2,563,012
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			456,244
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		120			119,852
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 12/15/26 (c)		305			306,447
5.00%, 12/15/26 (c)		725			730,125
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		165			173,338
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c)		2,880			2,823,879

See Notes to Financial Statements

30

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)	$	600		$	608,293
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		500			473,139
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/24 (c)		100			100,480
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 12/15/29 (c)		1,705			1,409,244
4.00%, 12/15/30 (c)		700			662,395
4.00%, 12/15/30 (c)		600			531,846
4.00%, 12/15/30 (c)		600			548,412
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
5.00%, 06/15/25 (c)		680			693,065
5.00%, 06/15/25 (c)		630			642,104
5.25%, 06/15/25 (c)		435			440,234
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.38%, 06/15/25 (c)		420			419,215
5.00%, 06/15/25 (c)		105			107,017
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/24 (c)		350			350,174
5.25%, 01/01/24 (c)		1,000			1,000,716
5.38%, 01/01/24 (c)		900			874,255
5.50%, 01/01/24 (c)		500			500,591
5.62%, 01/01/24 (c)		2,000			2,000,142
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c)		150			131,338
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		330			331,375
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c)		490			376,970

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, The College of saint Elizabeth Issue, Series D (RB) 5.00%, 07/01/26 (c)	$	2,500		$	2,037,874
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c)		500			517,137
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		270			246,799
0.00%, 12/15/25 ^		230			210,236
0.00%, 12/15/33 ^		5			3,095
5.00%, 12/15/26		5			5,138
5.00%, 12/15/28		200			209,035
5.00%, 12/15/29 (c)		385			388,332
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.75%, 06/15/25 (c)		150			149,309
5.00%, 06/15/25 (c)		340			326,410
5.25%, 06/15/25 (c)		505			505,409
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
0.00%, 12/15/24 ^		430			410,530
0.00%, 12/15/25 ^		250			228,659
0.00%, 12/15/28 ^		185			148,182
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^		365			251,943
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			102,537
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/28 (c)		360			357,479
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		18,290			17,159,728
5.25%, 06/01/28 (c)		2,675			2,629,728
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c)		8,530			7,919,499
					76,532,142
New Mexico: 0.1%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c)		3,480			2,608,971

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York: 10.2%
Brooklyn Arena Local Development Corp., Barclays Center (RB)
0.00%, 07/15/32 ^	$	395		$	253,969
0.00%, 07/15/33 ^		370			225,057
0.00%, 07/15/47 ^		180			44,230
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		4,050			3,721,769
5.00%, 07/15/26		345			347,487
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/25 (c)		4,820			4,328,691
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28		5,390			4,892,019
5.25%, 12/31/28 (c)		9,700			8,214,970
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) 5.75%, 06/01/30 (c)		1,000			972,167
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)
5.25%, 07/01/32 (c)		1,000			934,152
5.25%, 07/01/32 (c)		1,000			922,879
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c)		1,200			968,329
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c)		4,750			3,609,399
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB) 5.50%, 06/15/33 (c)		1,000			873,446
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/30 (c)		1,250			1,041,989
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c)		1,000			1,004,977
Dublin Community Facilities District No 2015-1 (RB) 5.00%, 07/01/26 (c)		1,000			997,097
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/30 (c)		1,000			918,622
5.00%, 07/01/30 (c)		3,370			3,005,576
5.00%, 07/01/30 (c)		1,500			1,421,389

	Par   (000’s		)	Value
New York (continued)
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 12/01/23 (c)	$	2,000		$	1,724,966
5.00%, 12/01/23 (c)		5			4,491
Metropolitan Transportation Authority, Series B (RB) 4.25%, 11/15/42 (c)		1,000			869,911
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 3.00%, 12/01/30 (c)		5			3,228
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
4.00%, 12/01/30 (c)		1,100			974,636
5.00%, 12/01/30 (c)		500			496,441
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 11/16/23 (c)		2,905			2,459,529
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c)		2,500			2,456,100
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 12/01/23 (c)		1,725			1,693,975
New York Counties Tobacco Trust IV, Series A (RB)
3.75%, 06/01/26 (c)		500			364,348
5.00%, 11/16/23 (c)		7,335			6,430,221
5.00%, 11/16/23 (c)		785			672,043
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 11/16/23 (c) ^		5			327
New York Counties Tobacco Trust VI, Series A-2B (RB) 5.00%, 06/01/26 (c)		1,270			1,117,369
New York Liberty Development Corp., 3 World Trade Center Project (RB)
5.00%, 11/15/24 (c)		2,025			1,813,692
5.15%, 11/15/24 (c)		4,210			3,982,556
7.25%, 11/15/24 (c)		5,000			5,000,273
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c)		7,000			5,960,827
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		3,000			3,147,431

See Notes to Financial Statements

32

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35	$	480		$	482,668
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			146,196
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/26 (c)		1,550			1,555,032
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		1,000			996,550
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c)		2,500			2,373,248
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c)		1,370			1,382,585
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/32 (c)		1,000			876,706
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		1,230			1,149,223
5.00%, 11/21/23 (c)		10,640			10,300,637
5.00%, 11/21/23 (c)		5,010			4,969,111
5.25%, 08/01/30 (c)		8,005			7,997,338
5.38%, 08/01/30 (c)		2,000			1,937,962
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 01/01/28 (c)		2,750			2,387,482
4.38%, 10/01/30 (c)		19,050			15,746,970
5.00%, 01/01/28 (c)		5,230			5,066,488
5.00%, 01/01/28 (c)		1,300			1,263,151
5.00%, 10/01/30 (c)		13,300			12,122,205
5.62%, 04/01/31 (c)		1,000			996,234
6.00%, 04/01/31 (c)		1,000			1,036,186
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		8,665			7,972,564
5.00%, 01/01/28 (c)		4,600			4,499,995
5.00%, 01/01/28 (c)		610			594,714
5.00%, 10/01/30 (c)		16,150			15,357,412

	Par   (000’s		)	Value
New York (continued)
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31	$	5,765		$	4,841,789
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
4.00%, 07/01/24 (c)		1,000			926,961
5.00%, 07/01/24 (c)		10,130			9,328,224
5.00%, 07/01/24 (c)		4,230			4,188,142
5.00%, 07/01/24 (c)		420			414,859
5.00%, 07/01/24 (c)		6,515			6,186,746
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)
5.00%, 12/01/32 (c)		1,000			944,437
5.00%, 12/01/32 (c)		1,000			953,364
5.00%, 12/01/32 (c)		1,000			968,025
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) 5.00%, 12/01/30		4,000			4,051,980
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 12/01/23 (c)		2,250			1,728,356
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c)		355			261,734
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		10,515			891,513
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) 5.00%, 12/16/24		10,000			10,114,558
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
5.00%, 06/01/27 (c)		18,780			16,097,536
5.00%, 06/01/27 (c)		2,500			2,101,742
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
4.00%, 09/15/24 (c)		330			311,045
5.00%, 09/15/24 (c)		400			300,499
5.25%, 09/15/24 (c)		180			118,261
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c)		3,000			2,417,568

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Westchester County Local Development Corp., Pace University, Series A (RB) 5.50%, 05/01/24 (c)	$	5,000		$	4,846,357
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/27 (c)		200			198,536
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 11/21/23 (c)		4,575			4,365,645
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c)		275			217,558
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c)		315			277,040
					256,133,710
North Carolina: 0.6%
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) 5.00%, 06/30/25 (c)		1,000			964,176
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB)
5.00%, 10/01/24 (c)		1,770			1,608,125
5.00%, 10/01/24 (c)		1,000			949,452
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c)		205			162,714
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		60			59,192
North Carolina Medical Care Commission, Retirement Facilities (RB)
4.70%, 07/01/25 (c)		550			428,402
5.00%, 10/01/24 (c)		3,530			3,356,893
5.00%, 10/01/24 (c)		250			221,010
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c)		165			154,699
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/26 (c)		385			299,064

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c)	$	465		$	402,289
North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB) 5.00%, 01/01/29 (c)		5,000			4,937,969
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c)		1,000			1,014,646
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		100			103,823
					14,662,454
North Dakota: 0.2%
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/31 (c)		2,000			1,962,643
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c)		1,000			790,747
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		615			430,500
7.75%, 12/01/23 (c) (d) *		1,285			899,500
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c) (d) *		5,500			1,100,000
Ward County, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)		1,000			751,936
					5,935,326
Ohio: 3.2%
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)
5.25%, 11/15/26 (c)		500			477,708
5.25%, 11/15/26 (c)		5,000			4,598,418
American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB) 5.00%, 02/15/24 (c)		1,585			1,585,335
Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM) 5.25%, 06/01/31 (c)		2,000			2,039,809
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c)		31,160			25,526,107

See Notes to Financial Statements

34

	Par   (000’s		)	Value
Ohio (continued)
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/27 (c)	$	1,000		$	820,911
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		800			787,302
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/25 (c)		3,800			2,573,046
County of Butler (RB) 5.00%, 11/15/27 (c)		1,035			1,021,646
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 06/01/24 (c)		1,805			1,810,573
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/27 (c)		340			298,365
5.00%, 02/15/27 (c)		2,010			1,770,067
5.25%, 02/15/27 (c)		7,250			6,870,672
5.50%, 02/15/27 (c)		1,225			1,162,799
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
4.00%, 11/15/29 (c)		3,940			3,143,509
4.00%, 11/15/29 (c)		2,250			1,732,176
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 12/01/23 (c)		4,030			3,275,298
5.00%, 12/01/23 (c)		1,750			1,458,028
5.00%, 12/01/23 (c)		490			451,416
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c)		13,565			10,840,060
Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB) 4.25%, 06/01/27 (p)		1,000			968,923
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 06/01/27 (p)		1,000			979,447
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,750			2,524,660
Ohio University, A State University of Ohio, Series A (RB) 5.00%, 06/01/27 (c)		1,250			1,248,497

	Par   (000’s		)	Value
Ohio (continued)
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
5.00%, 12/01/24 (c)	$	1,240		$	920,607
5.00%, 12/01/24 (c)		245			206,436
5.50%, 12/01/24 (c)		70			56,687
Washington County, Ohio Hospital Facilities, Memorial Health System (RB) 6.75%, 12/01/32 (c)		2,235			2,149,903
					81,298,405
Oklahoma: 1.4%
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/26 (c)		1,000			956,827
Norman Regional Hospital Authority (RB)
3.25%, 09/01/29 (c)		340			239,470
4.00%, 09/01/26 (c)		2,365			1,898,175
4.00%, 09/01/29 (c)		1,000			731,416
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
5.00%, 12/01/23 (c) (d) *		825			536,250
5.00%, 04/01/23 (d) *		90			58,500
Oklahoma Development Finance Authority, Oklahoma City University Project (RB) 5.00%, 08/01/29 (c)		4,305			3,728,681
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/28 (c)		700			634,286
5.25%, 08/15/28 (c)		2,900			2,530,764
5.25%, 08/15/28 (c)		8,000			6,741,372
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)
5.50%, 08/15/28 (c)		6,290			5,379,186
5.50%, 08/15/28 (c)		1,300			1,127,153
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c)		375			298,580
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		4,455			4,400,372
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 12/01/23 (c)		5,000			4,947,635
					34,208,667

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Oregon: 0.1%
Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM) 4.00%, 12/01/28 (c)	$	1,000		$	766,421
Oregon State Facilities Authority, Samaritan Health Services Project (RB) 5.00%, 10/01/26 (c)		1,000			889,814
					1,656,235
Pennsylvania: 4.3%
Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AGM) 5.50%, 01/01/33 (c)		1,410			1,426,071
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27 (c)		2,000			1,832,674
5.00%, 05/01/27 (c)		250			249,859
5.00%, 05/01/28 (c)		250			248,158
5.00%, 05/01/28		670			665,587
5.00%, 05/01/28		1,000			998,056
5.00%, 05/01/28 (c)		1,000			914,208
5.38%, 05/01/28 (c)		4,000			3,778,016
Berks County Industrial Development Authority, Tower Health Project (RB)
5.00%, 11/01/24		500			373,650
5.00%, 11/01/26		120			78,216
5.00%, 11/01/27 (c)		1,000			559,310
5.00%, 11/01/27 (c)		470			272,663
5.00%, 11/01/27 (c)		110			60,237
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 11/21/23 (c)		1,000			545,950
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c)		3,425			1,866,672
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/27		1,000			621,595
5.00%, 02/01/30		860			481,276
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		6,000			3,729,572
Butler County Hospital Authority, Butler Health System Project, Series A (RB) 5.00%, 07/01/25 (c)		1,465			1,298,695

	Par   (000’s		)	Value
Pennsylvania (continued)
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c)	$	1,000		$	861,867
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c)		430			314,142
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		440			311,275
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/28 (c)		1,200			1,093,091
5.12%, 03/01/28 (c)		1,897			1,615,821
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c)		185			165,716
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/26 (c)		440			422,070
6.00%, 06/01/26 (c)		345			320,574
Cumberland County Municipal Authority (RB) 5.00%, 01/01/25 (c)		3,000			2,353,439
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c)		395			331,540
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		2,880			3,056,325
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/28 (c)		525			502,149
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/26 (c)		1,000			871,644
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
5.00%, 12/01/25 (c)		500			361,283
5.00%, 12/01/25 (c)		215			150,203
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c)		1,000			867,637

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Pennsylvania (continued)
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
5.00%, 03/01/27 (c)	$	425		$	338,435
5.00%, 03/01/27 (c)		310			232,918
5.00%, 03/01/27 (c)		425			307,463
McCandless Industrial Development Authority, LA Roche University Project, Series A (RB) 6.75%, 12/01/32 (c)		1,000			871,100
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/26 (c)		5,150			4,339,276
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		2,000			1,664,774
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/32 (c)		4,800			4,549,824
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p)		2,500			2,447,511
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/25 (c)		150			140,735
5.25%, 01/01/25 (c)		870			732,863
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/25 (c)		300			254,988
6.00%, 07/01/25 (c)		590			403,251
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/26 (c)		1,000			845,116
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/28 (c) (d) *		3,040			1,159,000
6.75%, 12/01/28 (c) (d) *		6,470			2,466,688

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB)
5.25%, 12/31/32 (c)	$	3,000		$	2,839,814
5.50%, 12/31/32 (c)		3,000			3,047,227
5.50%, 12/31/32 (c)		2,500			2,511,912
5.75%, 12/31/32 (c)		2,000			2,038,330
6.00%, 12/31/32 (c)		6,000			6,225,641
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/24		550			550,877
5.00%, 12/31/25		1,105			1,106,024
5.00%, 06/30/26 (c)		500			461,018
5.00%, 06/30/26 (c)		1,485			1,487,082
5.00%, 06/30/26 (c)		575			575,199
5.00%, 06/30/26 (c)		410			408,717
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 12/01/23 (c)		1,000			771,093
5.00%, 12/01/23 (c)		1,915			1,597,268
Pennsylvania Turnpike Commission, Series B (RB) (BAM) 4.00%, 12/01/31 (c)		2,840			2,479,371
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)		1,000			1,012,987
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
6.38%, 06/01/25 (c)		440			407,555
6.50%, 06/01/25 (c)		440			403,343
6.62%, 06/01/25 (c)		415			380,491
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c)		355			314,040
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c)		350			321,555

See Notes to Financial Statements

37

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AGM) 5.00%, 04/01/26 (c)	$	1,000		$	835,533
Philadelphia Authority for Industrial Development, LA Salle University (RB) 4.00%, 11/01/27 (c)		2,000			1,340,508
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)
5.00%, 06/15/28 (c)		500			451,242
5.00%, 06/15/28 (c)		1,000			838,794
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c)		3,000			3,032,541
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/25 (c)		5,695			5,713,309
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/27 (c)		735			643,207
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/27 (c)		1,000			990,345
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB)
5.00%, 07/01/27 (c)		1,240			1,234,826
5.00%, 07/01/27 (c)		220			218,321
Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM) 5.00%, 07/01/32 (c)		2,470			2,482,934
Reading Pennsylvania School District (GO) (AGM) 5.00%, 03/01/27 (c)		1,535			1,565,978
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/26 (c)		1,500			1,326,256
The School District of Philadelphia, Se (GO) (SAW) 5.00%, 09/01/26		3,000			3,074,867
					107,041,388

	Par   (000’s		)	Value
Puerto Rico: 8.5%
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^	$	80		$	19,946
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
4.00%, 07/01/31 (c)		7,365			5,901,060
4.00%, 07/01/32 (c)		2,040			1,634,530
5.00%, 07/01/30 (c)		15,000			13,341,255
5.00%, 07/01/30		7,500			7,457,554
5.00%, 07/01/30 (c)		2,000			1,917,915
5.00%, 07/01/32 (c)		6,290			5,931,879
6.12%, 07/01/24		55			55,445
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/29		3,000			2,995,406
5.00%, 07/01/31 (c)		3,365			3,173,445
5.00%, 07/01/31 (c)		3,500			3,428,901
Puerto Rico Commonwealth Highway and Transportation Authority Restructured Toll, Series B (RB) 0.00%, 07/01/32 ^		5,000			3,193,750
Puerto Rico Commonwealth Highway and Transportation Authority, Series A (RB) 5.00%, 07/01/32 (c)		10,000			9,875,000
Puerto Rico Commonwealth Highway and Transportation Authority, Series C (RB) 5.00%, 01/01/33 (c)		5,000			3,212,518
Puerto Rico Commonwealth, Series A-1 (GO)
4.00%, 07/01/31 (c)		1,855			1,359,806
4.00%, 07/01/31 (c)		8,260			6,392,170
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/31 (c)		9,500			7,736,848
4.00%, 07/01/31 (c)		12,573			10,568,746
4.00%, 07/01/31 (c)		13,570			11,827,117
5.62%, 07/01/27		4,000			4,072,408
5.75%, 07/01/31		10,055			10,361,499
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/23 (c) (d) *		100			70,000
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 01/01/24 (c)		20			19,440
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.00%, 07/01/24 ^		2			1,940

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Puerto Rico (continued)
4.50%, 07/01/25 (c)	$	2,800		$	2,674,042
5.00%, 07/01/28 (c)		36,530			31,982,304
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c)		10,414			9,269,663
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c)		13,559			11,486,109
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/28 (c)		12,303			10,658,403
4.33%, 07/01/28 (c)		26,108			22,618,026
4.55%, 07/01/28 (c)		6,432			5,725,223
4.78%, 07/01/28 (c)		5,000			4,205,517
					213,167,865
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)
5.00%, 09/01/26		100			97,143
5.00%, 09/01/26 (c)		3,750			3,254,486
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c)		500			461,235
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
5.00%, 05/15/26 (c)		690			642,151
5.00%, 05/15/26 (c)		1,000			967,166
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c)		1,650			1,571,277
					6,993,458
South Carolina: 0.5%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c)		800			600,167
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/27 (c)		1,000			1,014,584
Scago Educational Facilities, School District of Pickens County Project (RB) 5.00%, 06/01/25 (c)		1,425			1,434,496
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/24 (c)		650			593,591
5.00%, 11/01/24 (c)		500			485,053

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.75%, 12/15/26 (c)	$	500		$	470,044
5.75%, 12/15/26 (c)		500			488,392
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/25 (c)		3,000			2,316,685
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 12/01/23 (c)		320			240,312
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/24 (c)		255			240,965
5.25%, 11/15/24 (c)		2,000			1,830,575
5.25%, 11/15/24 (c)		2,000			1,639,704
					11,354,568
South Dakota: 0.1%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/26 (c)		500			392,208
5.00%, 11/01/26 (c)		750			609,955
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)
4.00%, 08/01/31 (c)		1,550			1,115,702
4.00%, 08/01/31 (c)		1,000			697,210
Lincoln County, South Dakota Economic Development Bonds, The Augustana College Association Project, Series A (RB) 4.00%, 08/01/31 (c)		1,300			883,058
					3,698,133
Tennessee: 0.6%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) *		740			170,200
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/26 (c)		2,000			1,762,905
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c)		310			293,111
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c)		6,180			5,435,447

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Tennessee (continued)
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/26 (c)	$	295		$	235,998
4.00%, 09/01/26 (c)		290			206,866
5.00%, 04/01/27 (c)		1,055			1,023,187
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26		5,000			5,000,759
The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		200			176,924
					14,305,397
Texas: 5.9%
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 06/01/28 (c)		1,500			927,056
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/30 (c)		5			4,341
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/27 (c)		500			491,261
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			277,960
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			700,619
5.00%, 01/01/27 (c)		500			466,716
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/25 (c)		610			515,676
5.00%, 12/01/25 (c)		215			173,469
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c)		4,215			3,606,648

	Par   (000’s		)	Value
Texas (continued)
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c)	$	1,850		$	1,614,348
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,700			2,447,124
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		7,000			7,114,226
Central Texas Regional Mobility Authority, Subordinated Lien, Series F (RB) 5.00%, 07/01/24 (c)		5,000			5,019,722
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/29 (c)		7,500			5,950,497
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
4.00%, 07/15/29 (c)		18,855			14,954,530
5.00%, 07/15/25 (c)		4,150			3,853,729
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		5,590			5,404,542
5.00%, 07/15/28		2,500			2,424,879
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,000			969,951
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c)		4,335			4,154,196
City of New Braunfels, Utility System (RB) 4.00%, 07/01/28 (c)		445			357,432
Clifton Higher Education Finance Corp., Series A (RB)
5.12%, 08/15/25 (c)		730			705,391
5.50%, 08/15/25 (c)		610			589,927
6.00%, 06/15/31 (c)		1,000			906,042
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		1,000			989,553

See Notes to Financial Statements

40

	Par   (000’s		)	Value
Texas (continued)
5.75%, 08/15/25 (c)	$	500		$	498,164
6.00%, 08/15/25 (c)		500			493,781
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/31 (c)		2,035			1,412,947
Dallas County Flood Control District No. 1 (GO) 5.00%, 12/01/23 (c)		850			809,062
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/37 (c)		1,000			928,531
El Paso County Hospital District (GO) 5.00%, 12/01/23 (c)		4,680			4,072,247
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/25 ^		495			447,279
0.00%, 11/15/27 ^		590			482,782
0.00%, 11/15/29 ^		1,405			1,030,297
0.00%, 11/15/30 ^		115			79,641
0.00%, 11/15/31 (c) ^		705			430,065
0.00%, 11/15/31 (c) ^		170			58,672
0.00%, 11/15/31 (c) ^		1,140			366,160
0.00%, 11/15/31 (c) ^		350			149,611
0.00%, 11/15/31 (c) ^		120			59,489
0.00%, 11/15/31 (c) ^		145			53,888
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)
0.00%, 11/15/24 (c) ^		335			160,658
0.00%, 11/15/24 (c) ^		100			62,636
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			989,413
Matagorda County, Navigation District 1 (RB) 4.00%, 12/01/23 (c)		5,000			4,666,893
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)
5.12%, 02/15/24 (c) (d) *		907			9,069
5.12%, 02/15/24 (c) (d) *		237			2,369
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/23 (c)		11,500			10,825,595
Montgomery County Toll Road Authority (RB) 5.00%, 09/15/25 (c)		1,000			912,660
New Hampshire Health and Education Facilities Authority, (RB) 4.00%, 08/15/31 (c)		2,315			1,696,056

	Par   (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) (d) *	$	235		$	94,000
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) (d) *		1,595			638,000
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		230			182,844
New Hope Cultural Education Facilities Finance Corp., CHF - Collegiate Housing College Station I, L.L.C - Texas A&M University Project, Series A (RB) (AGM) 5.00%, 04/01/24 (c)		1,105			989,771
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 12/01/23 (c)		150			147,462
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/26 (c)		750			568,061
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/24		115			104,362
5.00%, 07/01/25 (c)		440			399,300
5.00%, 07/01/25 (c)		100			90,750
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c)		1,000			724,918
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB)
5.00%, 12/01/26 (c)		1,000			814,359
5.00%, 12/01/26 (c)		2,045			1,713,460
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c)		2,800			1,843,607

See Notes to Financial Statements

41

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
5.00%, 01/01/26 (c)	$	250		$	162,948
5.00%, 01/01/26 (c)		250			168,063
5.50%, 01/01/25 (c)		1,000			873,063
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/26 (c)		400			373,008
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		2,825			2,545,131
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
5.00%, 08/15/26 (c)		400			366,948
5.00%, 08/15/26 (c)		400			335,387
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c)		1,000			941,125
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 12/01/23 (c) (d) *		9,900			2,326,500
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c)		125			105,346
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) *		535			294,250
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		1,375			1,351,776
5.00%, 12/15/31		2,920			2,844,224
5.00%, 12/15/32		3,425			3,324,466
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		925			913,373
Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)
5.00%, 12/31/25 (c)		460			416,207
5.00%, 12/31/25 (c)		4,750			4,224,582
5.00%, 12/31/25 (c)		230			212,192

	Par   (000’s		)	Value
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)
4.00%, 12/31/30 (c)	$	1,700		$	1,513,819
4.00%, 12/31/30 (c)		3,175			2,847,012
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB) 5.50%, 12/31/33 (c)		1,000			1,005,998
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
6.75%, 12/01/23 (c)		5,000			5,006,659
7.00%, 12/01/23 (c)		515			515,851
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c)		500			443,418
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/24 (c)		6,735			6,493,027
5.00%, 08/15/24 (c)		600			591,184
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/25 (c)		1,000			940,982
6.25%, 09/01/25 (c)		1,000			928,054
6.38%, 09/01/25 (c)		1,000			920,164
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) *		3,645			72,897
					146,686,348
Utah: 0.2%
Medical School Campus, Public Infrastructure District, Series A (GO) 5.50%, 09/01/25 (c)		2,000			1,486,700
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/30 (c)		2,000			1,577,370
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
5.25%, 06/15/27 (c)		1,500			1,357,301
5.38%, 06/15/27 (c)		2,195			1,828,057
					6,249,428

See Notes to Financial Statements

42

	Par   (000’s		)	Value
Vermont: 0.0%
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c)	$	500		$	409,185
Virgin Islands: 0.6%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)
5.00%, 10/01/28		1,000			995,469
5.00%, 10/01/32 (c)		5,000			4,741,979
5.00%, 10/01/32		4,010			3,943,032
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 12/01/23 (c)		720			727,280
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/24 (c)		550			386,789
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24 (c)		1,000			916,680
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 12/01/23 (c)		1,070			1,012,030
5.00%, 12/01/23 (c)		65			63,803
5.00%, 12/01/23 (c)		1,170			1,125,061
5.00%, 12/01/23 (c)		170			158,716
					14,070,839
Virginia: 1.9%
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) (d) *		250			134,899
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/25 (c)		200			199,137
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 07/01/26 (c)		8,000			7,582,570
5.00%, 07/01/26 (c)		1,025			952,787
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 12/01/23 (c)		380			356,103
City of Hopewell, Sewer System, Series A (RB) 5.00%, 12/01/23 (c)		240			232,849
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c)		2,420			2,164,584

	Par   (000’s		)	Value
Virginia (continued)
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 07/01/30 (c)	$	1,000		$	798,071
5.00%, 07/01/30 (c)		1,500			1,241,453
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26		1,395			1,428,087
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/27 (c)		4,950			4,587,796
Peninsula Town Center Community Development Authority (RB) 5.00%, 09/01/27 (c)		500			458,258
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (d) (p) *		1,000			570,000
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) (d) *		500			285,000
Roanoke Economic Development Authority, Residential Care Facility, Series A (RB) 5.38%, 09/01/26 (c) (d) *		3,500			1,995,000
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		1,300			1,284,105
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 01/01/32 (c)		2,500			2,535,271
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM) 4.00%, 12/01/26 (c)		1,000			868,986
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
4.00%, 01/01/32 (c)		3,925			3,129,470
4.00%, 01/01/32 (c)		1,000			838,100
4.00%, 01/01/32 (c)		1,000			840,885
4.00%, 01/01/32 (c)		1,250			1,060,036
5.00%, 01/01/32 (c)		4,945			5,023,638

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Virginia (continued)
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/32 (c)	$	2,000		$	1,866,548
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 06/30/27 (c)		3,520			3,227,678
Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB) 4.00%, 01/01/32 (c)		2,810			2,411,958
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			916,292
					46,989,561
Washington: 1.3%
Kalispel Tribe Indians Priority, Series A (RB)
5.00%, 01/01/28 (c)		250			253,354
5.25%, 01/01/28 (c)		250			253,314
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/25 (c)		500			498,227
6.00%, 12/01/25 (c)		500			502,141
6.25%, 12/01/25 (c)		250			224,327
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 11/21/23 (c)		3,110			3,039,887
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		100			80,605
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/27 (c)		205			203,027
5.00%, 08/15/27 (c)		3,000			2,870,364
Washington State Convention Center Public Facilities District, Series B (RB)
3.00%, 07/01/31 (c)		1,000			835,404
4.00%, 07/01/31 (c)		1,945			1,465,980
4.00%, 07/01/31 (c)		3,745			2,965,718
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) 5.00%, 07/01/24 (c)		1,150			955,399

	Par   (000’s		)	Value
Washington (continued)
5.00%, 07/01/24 (c)	$	2,150		$	1,560,842
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/28 (c)		1,000			726,153
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
5.00%, 01/01/25 (c)		2,495			1,747,229
5.00%, 01/01/25 (c)		2,125			1,753,151
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		3,183			2,704,309
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c)		7,000			4,789,854
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
5.00%, 07/01/26 (c)		1,250			887,557
5.00%, 07/01/26 (c)		500			369,029
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,700			2,473,874
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		1,000			947,924
					32,107,669
West Virginia: 0.2%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.00%, 12/01/23 (c)		760			660,165
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/27 (c)		700			440,760
3.25%, 10/01/27 (c)		820			502,892
3.50%, 10/01/27 (c)		1,000			773,207
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p)		1,900			1,884,354
West Virginia Economic Development Authority, West Virginia Lottery (RB) 4.00%, 06/15/27 (c)		1,600			1,552,592
					5,813,970

See Notes to Financial Statements

44

	Par   (000’s		)	Value
Wisconsin: 2.3%
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c)	$	1,000		$	728,875
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c)		250			201,317
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c)		5,250			3,571,661
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
5.00%, 02/01/26 (c)		495			443,325
5.12%, 02/01/26 (c)		550			448,855
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/24 (c)		400			367,358
5.00%, 06/15/26 (c)		500			420,013
5.00%, 06/15/26 (c)		500			380,646
Public Finance Authority, Crossroads Health Project, Series A (RB)
8.00%, 07/01/35 (c)		1,000			929,764
8.12%, 07/01/35 (c)		1,000			929,001
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c)		1,000			732,250
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 5.00%, 02/01/32 (c)		960			810,171
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)
5.00%, 09/01/24 (c)		1,500			1,246,398
5.00%, 09/01/25		50			48,998
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/27 (c)		395			340,433
5.00%, 03/01/28 (c)		1,250			1,063,096
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) *		890			470,024
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) 6.25%, 01/01/28 (c)		500			307,500

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c)	$	1,350		$	1,216,442
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/26 (c)		370			322,078
5.00%, 09/01/26 (c)		500			394,238
5.00%, 09/01/26 (c)		500			349,527
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/27 (c)		1,405			1,318,704
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c)		1,920			1,337,432
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/25 (c)		1,000			970,915
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)
4.00%, 07/01/31 (c)		500			348,168
4.00%, 09/01/31 (c)		1,500			985,375
4.25%, 07/01/31 (c)		1,765			1,101,608
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c)		1,060			669,966
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		300			296,423
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) (d) *		4,265			2,559,000
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
5.00%, 10/01/29 (c)		2,000			1,918,655
5.00%, 10/01/29 (c)		1,950			1,753,600
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c)		1,000			741,081
Public Finance Authority, Wingate University, Series A (RB) 5.25%, 10/01/28 (c)		2,255			1,906,885
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 12/01/23 (c)		9,000			8,125,582

See Notes to Financial Statements

45

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c)	$	5,545		$	3,882,431
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 11/21/23 (c)		105			73,243
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 11/21/23 (c)		850			607,653
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c)		7,930			7,094,580

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/26 (c)	$	1,950		$	1,547,909
5.00%, 11/01/26 (c)		500			345,449
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c)		260			205,619
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 11/21/23 (c)		3,950			3,520,753
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM) 5.00%, 02/15/30 (c)		1,500			1,550,165
					58,583,166
Total Municipal Bonds: 97.2% (Cost: $2,849,967,528)					2,433,010,257
Other assets less liabilities: 2.8%					70,970,195
NET ASSETS: 100.0%				$	2,503,980,452

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

Footnotes:

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

46

Summary of Investments by Sector	% of Investments			Value
Industrial Development Revenue		14.1	%	$	342,760,367
Tax		11.8			287,380,560
Hospitals		11.7			285,607,249
Local GO		10.6			257,786,767
Education		9.6			232,902,680
Health		7.1			172,216,994
Leasing COPS & Appropriations		4.9			118,616,461
Tobacco		4.8			117,139,080
Toll & Turnpike		4.2			102,238,169
Multi-Family Housing		3.4			82,340,579
Utilities - Other		3.0			73,318,146
Power		2.6			63,432,627
Airport		2.5			61,630,759
State GO		2.5			59,811,242
Water & Sewer		2.0			48,714,818
Miscellaneous		1.9			47,148,661
Transportation		1.6			38,912,982
Pollution Control		0.8			19,448,304
Refunded		0.7			15,805,793
Unassigned		0.2			5,798,019
		100.0	%	$	2,433,010,257

See Notes to Financial Statements

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	58,960,381	$	—	$	58,960,381
Alaska		—		264,005		—		264,005
American Samoa		—		5,068,301		—		5,068,301
Arizona		—		70,645,614		—		70,645,614
Arkansas		—		7,871,437		—		7,871,437
California		—		304,850,118		—		304,850,118
Colorado		—		67,313,671		—		67,313,671
Connecticut		—		16,081,707		—		16,081,707
Delaware		—		3,802,276		—		3,802,276
District of Columbia		—		18,023,687		—		18,023,687
Florida		—		124,745,774		—		124,745,774
Georgia		—		35,377,040		—		35,377,040
Guam		—		24,082,797		—		24,082,797
Hawaii		—		4,918,349		—		4,918,349
Idaho		—		3,203,977		—		3,203,977
Illinois		—		261,708,801		—		261,708,801
Indiana		—		20,414,200		—		20,414,200
Iowa		—		20,824,190		—		20,824,190
Kansas		—		9,642,771		—		9,642,771
Kentucky		—		21,411,166		—		21,411,166
Louisiana		—		27,070,307		54		27,070,361
Maine		—		6,383,216		—		6,383,216
Maryland		—		39,420,637		—		39,420,637
Massachusetts		—		34,941,342		—		34,941,342
Michigan		—		25,561,326		—		25,561,326
Minnesota		—		18,241,900		—		18,241,900
Mississippi		—		6,885,124		—		6,885,124
Missouri		—		26,103,803		—		26,103,803
Montana		—		4,889,575		—		4,889,575
Nebraska		—		3,381,909		—		3,381,909
Nevada		—		9,350,829		—		9,350,829
New Hampshire		—		11,063,088		—		11,063,088
New Jersey		—		76,532,142		—		76,532,142
New Mexico		—		2,608,971		—		2,608,971
New York		—		256,133,710		—		256,133,710
North Carolina		—		14,662,454		—		14,662,454
North Dakota		—		5,935,326		—		5,935,326
Ohio		—		81,298,405		—		81,298,405
Oklahoma		—		34,208,667		—		34,208,667
Oregon		—		1,656,235		—		1,656,235
Pennsylvania		—		107,041,388		—		107,041,388
Puerto Rico		—		213,167,865		—		213,167,865
Rhode Island		—		6,993,458		—		6,993,458
South Carolina		—		11,354,568		—		11,354,568
South Dakota		—		3,698,133		—		3,698,133
Tennessee		—		14,305,397		—		14,305,397
Texas		—		146,686,348		—		146,686,348
Utah		—		6,249,428		—		6,249,428
Vermont		—		409,185		—		409,185
Virgin Islands		—		14,070,839		—		14,070,839
Virginia		—		46,989,561		—		46,989,561
Washington		—		32,107,669		—		32,107,669
West Virginia		—		5,813,970		—		5,813,970
Wisconsin		—		58,583,166		—		58,583,166
Total	$	—	$	2,433,010,203	$	54	$	2,433,010,257

See Notes to Financial Statements

48

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 94.2%
Arizona: 1.7%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c)	$	400		$	298,789
California: 31.0%
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c)		275			204,051
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/27 (c)		300			265,668
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31 (c)		475			452,621
El Dorado Irrigation District, Series C (RB) 4.00%, 03/01/26 (c)		250			248,266
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c)		250			255,079
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c)		250			255,483
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/32 (c)		250			212,446
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c)		370			376,160
State of California, Various Purpose (GO)
4.00%, 04/01/31 (c)		370			373,309
5.00%, 10/01/28 (c)		500			527,953
5.00%, 02/01/25 (c)		410			416,415
5.00%, 04/01/27		250			260,708
5.00%, 08/01/27		300			314,262
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c)		250			256,714
University of California, Series BB (RB) 5.00%, 05/15/29 (c)		250			252,879
University of California, Series BH (RB) 4.00%, 05/15/31 (c)		280			249,558
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c)		720			434,728
					5,356,300

	Par   (000’s		)	Value
Colorado: 1.3%
State of Colorado, Series A (CP) 4.00%, 12/15/31 (c)	$	250		$	221,309
Connecticut: 4.3%
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c)		250			240,057
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 08/01/25 (c)		250			254,091
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26		250			258,550
					752,698
Hawaii: 2.9%
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c)		510			502,855
Massachusetts: 3.6%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c)		250			251,353
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24		360			364,559
					615,912
Michigan: 1.2%
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 4.00%, 12/01/29 (c)		250			204,320
Nevada: 1.2%
Las Vegas Valley Water District, Series A (GO) 4.00%, 12/01/31 (c)		250			214,358
New York: 27.1%
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c)		250			254,169
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		500			501,305
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29		255			273,649
Metropolitan Transportation Authority, Series B (RB)
4.25%, 11/15/42 (c)		330			287,070
4.25%, 12/01/23 (c)		240			216,526
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24		250			253,209

See Notes to Financial Statements

49

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c)	$	400		$	400,340
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 4.00%, 12/15/31 (c)		250			215,476
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c)		300			296,295
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c)		250			248,931
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c)		250			254,425
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c)		250			251,270
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/27 (c)		275			278,314
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/30 (c)		250			253,284
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/27 (c)		500			492,003
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series C (RB) 4.00%, 11/15/31 (c)		250			215,792
					4,692,058
North Carolina: 1.5%
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		265			261,036
Ohio: 1.2%
County of Franklin, Hospital Facilities, Series A (RB) (XLCA) 4.00%, 05/15/28 (c)		250			204,398

	Par   (000’s		)	Value
Oregon: 1.5%
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c)	$	250		$	253,943
Pennsylvania: 4.5%
Commonwealth of Pennsylvania, 2nd Series (GO) (AGM) 4.00%, 08/15/25 (c)		250			242,703
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/31 (c)		250			207,282
5.00%, 06/01/31 (c)		330			329,048
					779,033
South Dakota: 1.3%
South Dakota Housing Development Authority, Series A (RB) 4.55%, 11/01/31 (c)		250			219,376
Washington: 7.0%
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/31 (c)		250			208,608
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/26 (c)		250			252,245
King County, Washington School District No. 414 (GO) (SBG) 4.00%, 06/01/26 (c)		250			248,241
Port of Seattle, First Lien (RB) 5.00%, 09/01/24		250			251,573
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c)		250			250,724
					1,211,391
Wisconsin: 2.9%
State of Wisconsin, Department of Transportation (RB) 5.00%, 07/01/27 (c)		265			278,390
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 12/01/23 (c)		250			220,542
					498,932
Total Municipal Bonds: 94.2% (Cost: $18,411,731)					16,286,708
Other assets less liabilities: 5.8%					999,192
NET ASSETS: 100.0%				$	17,285,900

See Notes to Financial Statements

50

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 when the security may be redeemed by the issuer

Summary of Investments by Sector	% of Investments			Value
State GO		19.9	%	$	3,247,405
Tax		15.9			2,588,127
Local GO		10.2			1,659,223
Hospitals		9.6			1,572,461
Transportation		7.7			1,247,172
Water & Sewer		6.9			1,118,670
Education		6.5			1,055,651
Power		6.0			983,562
Airport		5.1			828,781
Toll & Turnpike		3.3			536,330
Leasing COPS & Appropriations		2.9			472,662
Refunded		1.6			255,079
Miscellaneous		1.6			253,943
Utilities - Other		1.5			248,266
Single Family Housing		1.3			219,376
		100.0	%	$	16,286,708

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	16,286,708	$	—	$	16,286,708

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

51

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 1.2%
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/30 (c)	$	2,000		$	1,887,714
5.00%, 11/01/30 (c)		2,015			2,152,663
5.00%, 11/01/30 (c)		525			564,466
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p)		3,500			3,216,417
Black Belt Energy Gas District, Series A (RB)
4.00%, 12/01/31 (c) (p)		5,065			4,662,281
5.25%, 10/01/30 (c) (p)		2,000			2,003,186
Black Belt Energy Gas District, Series B (RB) 5.25%, 12/01/30 (c) (p)		1,000			1,008,102
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		860			733,260
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34		2,500			2,449,044
Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p)		3,000			2,737,355
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		150			152,737
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/29 (c)		820			780,770
					22,347,995
Alaska: 0.1%
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c)		1,040			757,719
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c)		305			307,659
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)		635			637,201
					1,702,579
Arizona: 1.2%
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		1,856			1,616,349
Arizona Transportation Board, Highway (RB)
5.00%, 07/01/26 (c)		835			860,835
5.00%, 07/01/26 (c)		1,050			1,082,488
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/26 (c)		1,550			1,510,702

	Par   (000’s		)	Value
Arizona (continued)
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/26 (c)	$	620		$	638,708
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB) 5.00%, 07/01/31 (c)		800			862,497
City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB) 5.00%, 07/01/26 (c)		1,475			1,504,131
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,046,411
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/29 (c)		1,275			1,313,932
5.00%, 07/01/29 (c)		1,000			1,034,671
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c)		550			562,385
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c)		1,150			812,043
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c)		1,500			1,059,187
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB)
3.12%, 01/01/27 (c)		20			17,855
4.00%, 01/01/27 (c)		1,500			1,366,997
5.00%, 01/01/27 (c)		605			605,598
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/28 (c)		2,380			2,490,638
5.00%, 01/01/32		1,000			1,089,498
5.00%, 06/01/25 (c)		1,000			1,015,584
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37		1,600			1,553,176
					22,043,685
Arkansas: 0.1%
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c)		1,000			1,028,871

See Notes to Financial Statements

52

	Par   (000’s		)	Value
Arkansas (continued)
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c)	$	1,000		$	677,484
					1,706,355
California: 17.0%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB) 5.00%, 10/01/27 (c)		1,000			1,046,000
Bay Area Toll Authority, Series S-7 (RB)
3.25%, 04/01/27 (c)		1,270			1,083,016
4.00%, 04/01/27 (c)		1,735			1,724,041
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p)		7,000			6,486,643
California Community Choice, Financing Authority Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p)		6,065			5,937,505
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p)		2,000			2,117,153
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c)		1,000			742,003
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)		310			318,803
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)		400			342,809
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/30 (c)		1,060			962,764
4.00%, 04/01/30 (c)		500			445,127
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		750			786,269
California Health Facilities Financing Authority, Sutter Health, Series A (RB)
5.00%, 11/15/27 (c)		450			467,272
5.00%, 11/15/27 (c)		1,575			1,620,666

	Par   (000’s		)	Value
California (continued)
California Housing Finance Agency (RB)
3.25%, 08/20/36	$	1,944		$	1,666,475
3.50%, 11/20/35		1,202			1,040,948
California Housing Finance Agency (RB) (FHLMC COLL) 3.75%, 03/25/35		6,184			5,655,546
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		840			848,792
California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) 5.00%, 09/01/24 (c)		2,200			2,215,094
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/27 (c)		500			451,129
3.00%, 09/01/27 (c)		360			319,676
California State Public Works Board, Various Capital Project, Series A (RB) 5.00%, 08/01/31 (c)		2,000			2,152,500
California State Public Works Board, Various Capital Project, Series B (RB)
5.00%, 10/01/27 (c)		320			335,457
5.00%, 10/01/27 (c)		20			21,111
5.00%, 12/01/32 (c)		2,000			2,183,898
5.00%, 12/01/32 (c)		1,845			2,000,991
California State Public Works Board, Various Capital Project, Series C (RB)
4.00%, 08/01/31 (c)		2,000			1,916,730
5.00%, 08/01/31 (c)		1,000			1,081,602
California State Public Works Board, Various Capital Projects, Series C (RB)
4.00%, 11/01/26 (c)		425			419,630
4.00%, 11/01/26 (c)		1,000			993,387
California State University, Series A (RB)
5.00%, 11/01/25 (c)		2,035			2,078,873
5.00%, 05/01/26 (c)		1,510			1,558,676
5.00%, 05/01/27 (c)		510			531,223
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB)
3.00%, 04/01/31 (c)		1,000			784,515
4.00%, 04/01/31 (c)		1,400			1,226,105
4.00%, 04/01/31 (c)		1,000			864,441

See Notes to Financial Statements

53

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p)	$	2,000		$	2,117,153
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c)		2,000			1,574,949
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP)
4.00%, 10/01/25 (c)		2,000			1,954,139
4.00%, 10/01/25 (c)		2,000			1,838,933
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		255			232,816
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c)		1,400			914,056
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/30 (c)		1,000			986,117
5.00%, 05/15/31 (c)		1,400			1,485,956
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c)		565			591,518
City of San Jose, California Airport, Series B (RB) (BAM) 4.00%, 03/01/31 (c)		325			324,285
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 02/01/25 (c) ^		1,250			547,908
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 06/01/24 (c)		3,000			3,019,200
County of Santa Clara, Series C (GO) 5.00%, 08/01/27 (c)		525			549,248
East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/25 (c)		1,000			1,020,383
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c)		2,590			2,158,949
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) 4.00%, 07/01/26 (c)		1,150			1,125,710

	Par   (000’s		)	Value
California (continued)
Fontana Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 10/01/27 (c)	$	760		$	793,189
Fremont Union High School District (GO) 4.00%, 08/01/24 (c)		2,350			2,182,429
Kern High School District, Series C (GO) (AGM)
2.00%, 08/01/30 (c)		3,000			2,399,093
2.00%, 08/01/30 (c)		1,600			1,319,569
Los Angeles Community College District, Series J (GO)
4.00%, 08/01/27 (c)		750			754,884
4.00%, 08/01/27 (c)		400			403,176
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/32 (c)		1,000			1,092,129
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB)
4.00%, 06/01/30 (c)		1,695			1,641,655
4.00%, 06/01/30 (c)		1,045			1,032,653
4.00%, 06/01/30 (c)		1,000			1,000,631
4.00%, 06/01/31 (c)		1,000			942,549
4.00%, 06/01/31 (c)		1,460			1,391,530
5.00%, 06/01/30 (c)		1,000			1,078,757
5.00%, 07/01/27 (c)		795			836,140
5.00%, 07/01/31 (c)		900			974,815
5.00%, 07/01/31 (c)		2,530			2,695,048
5.00%, 07/01/31 (c)		1,060			1,137,945
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) 4.00%, 12/01/30 (c)		1,500			1,411,337
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/30 (c)		1,900			1,809,430
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/31 (c)		2,000			2,099,386
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/32 (c)		1,380			1,456,016
Los Angeles Department of Water and Power, Series C (RB)
5.00%, 07/01/30 (c)		1,125			1,219,556
5.00%, 07/01/30 (c)		1,500			1,605,783
Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/24 (c)		2,000			2,007,070

See Notes to Financial Statements

54

	Par   (000’s		)	Value
California (continued)
5.00%, 07/01/28 (c)	$	2,000		$	2,073,195
5.00%, 07/01/32 (c)		1,000			1,061,463
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/26 (c)		2,000			1,910,400
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO) 4.00%, 07/01/30 (c)		1,605			1,511,906
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)
4.00%, 01/01/32 (c)		1,500			1,433,170
5.00%, 01/01/32 (c)		1,300			1,412,916
Los Angeles Unified School District, Series A (GO)
4.00%, 07/01/29 (c)		1,580			1,592,388
5.00%, 07/01/29 (c)		1,720			1,841,220
5.00%, 07/01/30		500			543,947
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/26 (c)		915			944,899
Los Angeles Unified School District, Series B-1 (GO)
5.00%, 01/01/28 (c)		645			679,293
5.00%, 01/01/28 (c)		585			612,171
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/30 (c)		1,880			1,583,795
4.00%, 07/01/30 (c)		2,000			1,934,969
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c)		1,000			955,447
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c)		1,000			1,003,333
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/26 (c)		615			634,043
Oakland Unified School District (GO) 5.00%, 08/01/26 (c)		625			642,446
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/31 (c)		1,055			979,369
Orange County, Local Transportation Authority Sales Tax (RB) 4.00%, 02/15/29 (c)		1,500			1,448,611
Palomar Health (RB) 5.00%, 11/01/26 (c)		1,725			1,584,872
Palomar Health, Series B (GO) 4.00%, 08/01/26 (c)		1,000			906,328
Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c)		2,000			1,833,225

	Par   (000’s		)	Value
California (continued)
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) 5.00%, 11/01/27 (c)	$	785		$	822,124
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/26 (c)		650			671,436
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c)		560			578,355
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c)		1,000			1,006,515
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		535			569,074
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/30 (c)		2,075			2,232,830
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c)		2,000			2,006,485
San Diego Unified School District, Series I (GO)
0.00%, 07/01/25 (c) ^		1,000			569,579
5.00%, 07/01/27 (c)		650			681,569
San Francisco Bay Area Rapid Transit District, Series F-1 (GO) 5.00%, 08/01/29 (c)		140			147,768
San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB) 4.00%, 05/01/30 (c)		1,010			973,125
San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB)
5.00%, 10/01/32 (c)		1,000			1,089,386
5.00%, 10/01/32 (c)		1,500			1,589,336
San Francisco City & County, Public Utilities Commission Wastewater, Series B (RB) 5.00%, 10/01/32 (c)		1,000			1,059,558
San Francisco County Transportation Authority (RB)
3.00%, 02/01/27 (c)		135			123,204
3.00%, 02/01/27 (c)		500			438,449
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c)		2,000			2,001,484
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		230			239,607

See Notes to Financial Statements

55

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
San Marcos Unified School District (GO)
4.00%, 08/01/27 (c)	$	400		$	399,084
5.00%, 08/01/27 (c)		350			365,615
Santa Clara County Financing Authority, Capital Facilities, Series A (RB)
4.00%, 05/01/31 (c)		840			834,926
5.00%, 05/01/31 (c)		1,855			2,030,916
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/25 (c)		1,000			829,148
4.00%, 05/15/25 (c)		1,510			1,487,949
4.00%, 05/15/25 (c)		400			393,701
Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO) 3.35%, 08/01/26 (c)		1,520			1,329,716
Santa Clara Unified School District (GO)
3.00%, 07/01/26 (c)		1,535			1,303,067
3.00%, 07/01/26 (c)		395			344,877
3.00%, 07/01/26 (c)		2,000			1,737,862
Santa Monica-Malibu Unified School District, Series C (GO)
5.00%, 08/01/31 (c)		1,000			1,055,741
5.00%, 08/01/31 (c)		1,000			1,050,563
State of California (GO)
4.00%, 11/01/30 (c)		1,310			1,298,493
4.00%, 04/01/31 (c)		2,000			2,007,341
5.00%, 09/01/33 (c)		2,000			2,171,963
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/27 (c)		915			966,103
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c)		365			391,701
State of California, Various Purpose (GO)
3.00%, 10/01/29 (c)		350			293,242
3.00%, 10/01/29 (c)		2,000			1,777,659
3.12%, 04/01/29 (c)		1,575			1,389,255
4.00%, 10/01/29 (c)		2,000			1,890,435
4.00%, 11/01/30 (c)		2,945			2,952,876
4.00%, 11/01/30 (c)		2,000			1,899,063
4.00%, 03/01/30 (c)		5,020			4,889,373
4.00%, 03/01/30 (c)		9,500			9,360,879
4.00%, 04/01/31 (c)		1,795			1,811,054
4.00%, 04/01/31 (c)		2,300			2,164,916
4.00%, 08/01/26 (c)		700			698,402
4.00%, 09/01/26 (c)		1,500			1,484,561
4.00%, 09/01/26 (c)		1,815			1,812,310
4.00%, 09/01/26 (c)		2,960			2,874,093
5.00%, 10/01/28 (c)		1,065			1,123,236
5.00%, 10/01/29		2,000			2,145,346

	Par   (000’s		)	Value
California (continued)
5.00%, 10/01/29 (c)	$	5,050		$	5,388,176
5.00%, 10/01/29 (c)		2,340			2,497,648
5.00%, 10/01/31		4,000			4,348,893
5.00%, 11/01/27 (c)		3,375			3,524,482
5.00%, 11/01/27 (c)		1,020			1,063,067
5.00%, 11/01/27 (c)		2,645			2,755,921
5.00%, 11/01/28 (c)		3,135			3,252,631
5.00%, 11/01/30 (c)		1,610			1,731,227
5.00%, 12/01/23 (c)		2,000			2,001,650
5.00%, 12/01/30 (c)		2,000			2,120,643
5.00%, 03/01/30 (c)		2,330			2,486,571
5.00%, 04/01/24 (c)		500			501,083
5.00%, 04/01/26 (c)		1,690			1,734,998
5.00%, 04/01/29 (c)		3,500			3,678,785
5.00%, 04/01/29 (c)		2,500			2,649,409
5.00%, 04/01/29 (c)		3,000			3,129,092
5.00%, 04/01/30		2,910			3,133,217
5.00%, 04/01/32		4,270			4,662,059
5.00%, 04/01/33 (c)		2,615			2,789,298
5.00%, 04/01/33 (c)		2,000			2,163,961
5.00%, 05/01/24 (c)		2,480			2,486,809
5.00%, 08/01/24 (c)		1,000			1,004,012
5.00%, 08/01/24 (c)		1,000			1,003,939
5.00%, 08/01/26 (c)		490			499,512
5.00%, 08/01/27 (c)		2,250			2,339,441
5.00%, 08/01/28 (c)		3,245			3,386,150
5.00%, 09/01/26 (c)		1,095			1,123,399
5.00%, 09/01/32 (c)		2,250			2,444,025
State of California, Various Purpose (GO) (SAW) 5.00%, 06/01/26 (c)		1,000			1,018,526
State Public Works Board, Various Capital Projects, Series B (RB)
4.00%, 05/01/31 (c)		2,000			1,940,894
4.00%, 05/01/31 (c)		1,500			1,410,730
University of California, Series AM (RB) 4.00%, 05/15/24 (c)		3,000			2,943,027
University of California, Series AY (RB) 5.00%, 05/15/27 (c)		625			654,038
University of California, Series AZ (RB) 5.00%, 05/15/28 (c)		310			328,250
University of California, Series BE (RB) 5.00%, 05/15/30 (c)		1,500			1,608,331
University of California, Series BM (RB) 5.00%, 05/15/33 (c)		1,000			1,111,029
University of California, Series BN (RB)
5.00%, 05/15/33 (c)		1,000			1,086,359
5.00%, 05/15/33 (c)		1,000			1,100,020
5.00%, 05/15/33 (c)		2,000			2,222,058

See Notes to Financial Statements

56

	Par   (000’s		)	Value
California (continued)
University of California, Series BQ (RB) 5.00%, 05/15/33 (c)	$	1,000		$	1,111,029
University of California, Series I (RB) 4.00%, 05/15/25 (c)		2,160			2,107,569
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,170			1,222,828
University of California, Series Q (RB) 4.00%, 05/15/31 (c)		2,500			2,307,873
					304,714,375
Colorado: 1.9%
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		540			557,377
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW)
5.00%, 12/15/26 (c)		2,000			2,055,671
5.00%, 12/15/26 (c)		2,000			2,047,423
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c)		1,000			1,023,362
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		1,200			610,393
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/29 (c)		2,000			1,801,993
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		2,350			2,044,577
Colorado Health Facilities Authority, Sanford, Series A (RB) 4.00%, 11/01/29 (c)		2,000			1,759,844
Denver City and County School District No. 1 (GO) (SAW) 5.00%, 12/01/30 (c)		1,000			1,040,254
Denver City and County School, Board of Water Commissioners, Series A (RB) 3.00%, 12/15/31 (c)		1,000			787,977
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c)		1,110			1,173,383
Pueblo City, Schools District No. 60 (GO) (SAW)
3.00%, 12/15/29 (c)		500			393,072
5.00%, 12/15/29 (c)		1,085			1,113,421
5.00%, 12/15/29 (c)		1,010			1,068,912
5.00%, 12/15/29 (c)		1,625			1,674,270

	Par   (000’s		)	Value
Colorado (continued)
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/26 (c)	$	1,820		$	1,859,984
Regional Transportation District, Fastracks Project, Series B (RB)
5.00%, 11/01/27 (c)		1,995			2,067,071
5.00%, 11/01/27 (c)		530			549,543
State of Colorado, Series A (CP)
4.00%, 12/15/28 (c)		1,315			1,237,827
4.00%, 12/15/31 (c)		1,750			1,645,253
4.00%, 12/15/31 (c)		1,540			1,378,959
5.00%, 12/15/31 (c)		1,000			1,066,798
State of Colorado, Series A (CP) (SAW) 4.00%, 12/15/30 (c)		2,000			1,845,969
University of Colorado, Series A-2 (RB) 3.00%, 06/01/24 (c)		800			702,280
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c)		2,165			2,263,736
					33,769,349
Connecticut: 2.2%
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/31 (c)		1,530			1,401,797
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c)		1,290			938,052
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/26 (c)		260			232,224
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series F-1 (RB) 3.05%, 05/15/26 (c)		140			125,475
Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c)		335			344,197
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/29 (c)		625			563,650
4.00%, 07/01/29 (c)		525			465,143
5.00%, 07/01/29 (c)		2,200			2,196,918

See Notes to Financial Statements

57

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Connecticut (continued)
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c)	$	1,000		$	1,001,311
State of Connecticut, Series A (GO)
3.00%, 01/15/31 (c)		1,000			856,605
3.00%, 01/15/31 (c)		2,200			1,936,446
3.00%, 01/15/31 (c)		1,000			822,215
4.00%, 01/15/31		1,780			1,784,145
5.00%, 04/15/28 (c)		1,000			1,025,429
State of Connecticut, Series A (GO) (SBG) 4.00%, 04/15/29 (c)		1,000			946,946
State of Connecticut, Series B (GO) 4.00%, 06/15/25 (c)		1,830			1,758,823
State of Connecticut, Series C (GO)
4.00%, 06/01/30 (c)		1,950			1,922,315
4.00%, 06/01/30 (c)		850			814,136
State of Connecticut, Series E (GO)
3.00%, 10/15/26 (c)		395			345,883
5.00%, 11/15/32		1,000			1,091,013
5.00%, 09/15/28 (c)		1,665			1,748,486
State of Connecticut, Series F (GO)
5.00%, 11/15/25 (c)		1,525			1,540,527
5.00%, 11/15/25 (c)		1,550			1,568,864
State of Connecticut, Special Tax, Series A (RB)
5.00%, 05/01/31 (c)		1,500			1,601,390
5.00%, 05/01/31		1,650			1,781,025
5.00%, 09/01/24 (c)		1,250			1,254,288
5.00%, 09/01/24 (c)		1,300			1,305,589
5.00%, 09/01/26 (c)		475			486,678
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c)		2,500			2,608,259
State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB)
4.00%, 05/01/31 (c)		1,225			1,175,320
4.00%, 05/01/31 (c)		2,000			1,838,593
5.00%, 05/01/31 (c)		1,025			1,100,770
State of Connecticut, State Revolving Fund, Series A (RB) 5.00%, 05/01/27 (c)		1,000			1,038,114
University of Connecticut, Series A (RB) 5.00%, 01/15/27 (c)		745			763,705
					40,384,331
Delaware: 0.2%
Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c)		1,000			860,919

	Par   (000’s		)	Value
Delaware (continued)
State of Delaware (GO)
2.00%, 02/01/31 (c)	$	1,000		$	750,031
2.00%, 02/01/31 (c)		1,000			745,035
State of Delaware, Series A (GO)
2.00%, 01/01/30 (c)		650			473,757
5.00%, 05/01/33 (c)		1,000			1,092,666
					3,922,408
District of Columbia: 1.7%
District of Columbia Water & Sewer Authority (RB) 4.00%, 10/01/24 (c)		1,000			970,094
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		2,250			2,372,298
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c)		645			658,145
District of Columbia, Series A (GO)
5.00%, 01/01/33 (c)		1,000			1,068,462
5.00%, 06/01/27 (c)		1,500			1,548,167
5.00%, 06/01/27 (c)		580			599,227
5.00%, 06/01/28 (c)		750			778,005
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c)		1,000			1,047,476
District of Columbia, Series C (GO) 5.00%, 06/01/24 (c)		1,980			1,964,151
District of Columbia, Series C (RB) 5.00%, 05/01/30 (c)		1,000			1,058,358
District of Columbia, Series D (GO) 5.00%, 06/01/24 (c)		1,350			1,354,014
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c)		250			226,229
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c)		250			230,592
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/27 (c)		2,545			2,636,444
Washington Metropolitan Area Transit Authority (RB) 5.00%, 07/01/27 (c)		1,000			1,016,488
Washington Metropolitan Area Transit Authority, Series A (RB)
4.00%, 07/15/31 (c)		4,000			3,949,484
5.00%, 07/15/30 (c)		1,400			1,458,375
5.00%, 07/15/31 (c)		2,000			2,094,895

See Notes to Financial Statements

58

	Par   (000’s		)	Value
District of Columbia (continued)
Washington Metropolitan Area Transit Authority, Series A-2 (RB)
5.00%, 07/01/27 (c)	$	810		$	829,332
5.00%, 07/01/27 (c)		550			563,695
5.00%, 07/01/27 (c)		300			307,516
Washington Metropolitan Area Transit Authority, Series B (RB)
5.00%, 07/01/27 (c)		880			901,002
5.00%, 07/01/27 (c)		555			569,106
5.00%, 07/01/27 (c)		1,140			1,152,816
5.00%, 07/01/27 (c)		650			666,521
					30,020,892
Florida: 3.2%
Brevard County Health Facilities Authority, Health First, Inc. Project (RB)
5.00%, 04/01/24 (c)		2,510			2,514,818
5.00%, 04/01/24 (c)		1,000			1,001,920
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c)		2,000			1,829,476
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c)		520			436,694
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/26 (c)		1,250			1,206,691
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/27 (c)		2,000			2,025,512
City of Gainesville, Utilities System, Series A (RB)
5.00%, 10/01/27 (c)		195			203,371
5.00%, 10/01/27 (c)		1,045			1,083,966
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c)		1,095			1,150,473
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27 (c)		2,000			2,056,989
5.00%, 11/01/27 (c)		560			564,016
County of Miami-Dade (RB)
0.00%, 10/01/26 (c) ^		565			387,357
0.00%, 10/01/26 (c) ^		400			259,140
5.00%, 10/01/26 (c)		2,005			2,030,658
5.00%, 10/01/26 (c)		510			519,873
County of Miami-Dade, Building Better Communities Program, Series A (GO)
5.00%, 07/01/26 (c)		555			566,100
5.00%, 07/01/26 (c)		520			534,229

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c)	$	1,600		$	1,507,007
County of Miami-Dade, Expressway Authority Toll System, Series A (RB)
5.00%, 12/01/23 (c)		2,000			1,935,485
5.00%, 07/01/24 (c)		2,000			1,941,203
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/30 (c)		1,500			1,364,743
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)		865			845,547
County of Miami-Dade, Water and Sewer System (RB)
4.00%, 04/01/31 (c)		1,475			1,357,490
5.00%, 04/01/31 (c)		3,500			3,776,536
County of Miami-Dade, Water and Sewer System, Series A (RB) 5.00%, 10/01/25 (c)		1,500			1,518,373
County of Miami-Dade, Water and Sewer System, Series B (RB)
3.00%, 10/01/27 (c)		370			307,581
5.00%, 10/01/25 (c)		605			612,078
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c)		2,000			1,785,811
Florida Housing Finance Corp., Homeowner Mortgage (RB) 2.10%, 01/01/30 (c)		950			745,774
JEA Electric System, Series A (RB) 5.00%, 12/01/23 (c)		2,000			2,001,109
JEA Electric System, Series B (RB)
3.38%, 12/01/23 (c)		520			454,022
5.00%, 10/01/27 (c)		850			876,215
5.00%, 10/01/27 (c)		610			630,092
5.00%, 10/01/27 (c)		885			908,411
JEA Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c)		1,360			1,225,703
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c)		605			620,600
Orange County Health Facilities Authority (RB) 5.00%, 10/01/26 (c)		1,000			969,866
Orange County, Health Facilities Authority, Series A (RB) 5.00%, 10/01/26 (c)		1,325			1,326,834

See Notes to Financial Statements

59

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
Orange County, School Board, Series C (CP) 5.00%, 08/01/26 (c)	$	410		$	419,119
Orange County, Tourist Development Tax (RB) 5.00%, 10/01/30		490			520,549
Polk County, School District (RB) (SAW) 5.00%, 10/01/29 (c)		1,000			1,063,092
Reedy Creek Improvement District, Series A (GO)
4.00%, 06/01/27 (c)		1,000			984,673
5.00%, 06/01/26 (c)		1,000			1,007,899
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/27 (c)		800			812,468
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
4.00%, 06/01/27 (c)		780			782,354
4.00%, 06/01/27 (c)		1,000			1,000,843
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c)		510			429,750
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
2.38%, 06/01/26 (c)		590			498,937
3.00%, 06/01/25 (c)		1,000			914,797
State of Florida, Department of Transportation Financing Corp. (RB)
3.00%, 07/01/30 (c)		1,000			893,651
3.00%, 07/01/30 (c)		1,000			835,383
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		880			940,618
Volusia County, School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c)		1,320			1,328,913
					57,514,809
Georgia: 2.5%
Athens-Clarke County, Georgia Water and Sewerage (RB) 4.00%, 01/01/25 (c)		1,450			1,433,209
City of Atlanta, Airport Passenger Facility Charge, Series C (RB)
5.00%, 07/01/29 (c)		2,275			2,335,990
5.00%, 07/01/29 (c)		800			839,148
City of Atlanta, Water and Wastewater (RB)
4.00%, 11/01/29 (c)		1,450			1,326,123
5.00%, 05/01/25 (c)		1,000			1,013,378

	Par   (000’s		)	Value
Georgia (continued)
Clarke County, Hospital Authority, Piedmont Healthcare, Inc. Project, Series A (RB) 5.00%, 07/01/26 (c)	$	250		$	253,726
Clarke County, Nevada Airport System, Series A-2 (RB) 5.00%, 01/01/24 (c)		1,705			1,707,680
Dekalb County, Water and Sewerage, Series B (RB) (AGM) 5.00%, 10/01/26 (c)		1,530			1,558,733
Fulton County, Georgia Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c)		3,000			2,438,527
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c)		225			227,889
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c)		925			807,385
Main Street Natural Gas, Inc., Gas Supply, Series A (RB)
4.00%, 12/01/29 (c) (p)		2,500			2,325,528
5.00%, 05/15/35		2,000			1,956,582
5.00%, 05/15/37		2,000			1,931,955
5.00%, 05/15/38		1,000			954,429
Main Street Natural Gas, Inc., Gas Supply, Series B (RB) 5.00%, 03/01/30 (c) (p)		1,000			993,968
Main Street Natural Gas, Inc., Gas Supply, Series C (RB) 5.00%, 09/01/30 (c) (p)		1,000			993,573
Private Colleges and Universities Authority, Emory University, Series B (RB)
4.00%, 10/01/26 (c)		2,000			1,848,187
4.00%, 09/01/30 (c)		2,175			2,083,727
4.00%, 09/01/30 (c)		2,000			1,806,478
State of Georgia, Road and Tollway Authority (RB)
5.00%, 06/01/30 (c)		2,550			2,732,031
5.00%, 06/01/30 (c)		2,000			2,131,444
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c)		3,255			3,216,591
State of Georgia, Series A (GO)
4.00%, 08/01/30 (c)		935			942,418
5.00%, 02/01/27 (c)		1,200			1,241,582
5.00%, 02/01/27 (c)		2,000			2,069,565
State of Georgia, Series C (GO) 5.00%, 07/01/27 (c)		3,000			3,129,352
					44,299,198

See Notes to Financial Statements

60

	Par   (000’s		)	Value
Hawaii: 0.7%
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c)	$	1,930		$	2,058,449
City and County of Honolulu, Series A (GO) 4.00%, 09/01/28 (c)		1,075			975,066
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c)		1,015			1,056,544
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c)		970			956,410
City and County of Honolulu, Wastewater System, Series B (RB) 5.00%, 07/01/29 (c)		875			911,928
State of Hawaii (RB) 5.00%, 01/01/31 (c)		1,000			1,064,290
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/30 (c)		2,000			2,114,590
State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c)		1,000			927,036
State of Hawaii, Series FK (GO)
3.25%, 05/01/27 (c)		1,000			910,532
5.00%, 05/01/27 (c)		690			711,121
State of Hawaii, Series FN (GO) 5.00%, 10/01/27 (c)		500			517,822
State of Hawaii, Series FT (GO) 5.00%, 01/01/28 (c)		405			422,399
					12,626,187
Illinois: 5.2%
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,046,287
Chicago O’Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/30 (c)		1,000			937,991
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/27 (c)		365			368,822
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c)		135			136,318
Chicago O’Hare International Airport, Series D (RB) 4.12%, 01/01/25 (c)		1,150			1,058,100
City of Chicago, Second Lien Water (RB) 5.00%, 11/01/27 (c)		1,390			1,418,969
City of Chicago, Second Lien Water (RB) (AGM)
5.00%, 11/01/27 (c)		1,420			1,446,963
5.00%, 11/01/27 (c)		2,000			2,022,309
City of Chicago, Series A (GO) 5.00%, 01/01/24 (c)		1,500			1,502,234

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 01/01/24 (c)	$	1,250		$	1,251,862
5.00%, 01/01/30		2,000			2,042,390
5.00%, 01/01/31 (c)		2,455			2,495,879
5.00%, 01/01/31 (c)		1,000			1,016,828
City of Chicago, Series B (GO)
4.00%, 01/01/30		358			339,893
4.00%, 01/01/32 (c)		1,064			884,483
City of Chicago, Series C (GO) 5.00%, 01/01/26 (c)		1,150			1,097,488
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c)		750			747,831
City of Chicago, Wastewater Transmission, Series B (RB) (AGM) 5.00%, 07/01/32 (c)		1,000			1,041,753
Cook County, Series A (GO) 5.00%, 11/15/26 (c)		325			327,885
Illinois Finance Authority, Carle Foundation, Series A (RB)
4.00%, 08/15/31 (c)		1,500			1,326,890
4.00%, 08/15/31 (c)		1,500			1,350,474
5.00%, 08/15/31 (c)		1,000			1,030,157
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 01/01/31 (c)		1,000			920,069
4.00%, 01/01/31 (c)		1,600			1,541,271
5.00%, 01/01/27 (c)		700			724,777
5.00%, 07/01/29 (c)		2,560			2,671,545
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c)		1,400			1,480,377
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/29 (c)		1,435			1,457,512
Illinois Finance Authority, Mercy Health Corp. (RB)
4.00%, 06/01/26 (c)		90			84,752
4.00%, 06/01/26 (c)		160			151,719
5.00%, 06/01/26 (c)		250			251,158
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)
5.00%, 08/15/30 (c)		1,365			1,428,383
5.00%, 08/15/30 (c)		1,000			1,045,420
5.00%, 08/15/30 (c)		1,295			1,349,777
Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c)		125			125,341
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB) 4.12%, 08/15/25 (c)		2,145			1,840,519
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		420			385,851

See Notes to Financial Statements

61

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(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
Illinois Municipal Electric Agency Power Supply System, Series A (RB) 4.00%, 08/01/25 (c)	$	1,500		$	1,387,074
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/27 (c)		1,000			907,756
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33		1,000			1,093,163
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c)		2,000			1,823,353
Illinois State Toll Highway Authority, Series A (RB)
5.00%, 12/01/23 (c)		1,135			1,134,906
5.00%, 07/01/25 (c)		2,000			1,996,152
Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/24 (c)		5,000			4,974,712
5.00%, 01/01/26 (c)		1,000			998,075
5.00%, 01/01/26 (c)		1,500			1,501,908
Metropolitan Water Reclamation District of Greater Chicago (GO) 5.25%, 12/01/35		1,000			1,106,088
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 5.00%, 12/01/26 (c)		780			798,950
Northern Illinois Municipal Power Agency, Series A (RB)
4.00%, 12/01/26 (c)		1,235			1,159,043
4.00%, 12/01/26 (c)		1,500			1,310,246
5.00%, 12/01/26 (c)		990			1,011,417
5.00%, 12/01/26 (c)		910			933,651
Sales Tax Securitization Corp., Series A (RB)
5.00%, 01/01/28 (c)		570			576,401
5.00%, 01/01/28 (c)		1,150			1,179,615
5.00%, 01/01/33 (c)		1,000			1,046,334
State of Illinois (GO)
4.00%, 10/01/30 (c)		2,000			1,853,952
4.00%, 03/01/31 (c)		1,000			879,671
4.00%, 06/01/26 (c)		2,155			2,024,573
4.00%, 07/01/32 (c)		1,000			888,438
4.12%, 11/01/26 (c)		360			345,728
5.00%, 11/01/26 (c)		305			305,776
5.00%, 05/01/32 (c)		1,000			1,007,572
5.00%, 07/01/32 (c)		1,000			1,006,216
5.25%, 02/01/24 (c)		1,320			1,313,179
State of Illinois (RB)
3.00%, 06/15/26 (c)		320			263,303
3.00%, 06/15/26 (c)		680			577,248

	Par   (000’s		)	Value
Illinois (continued)
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/31 (c)	$	3,000		$	2,546,681
State of Illinois, Sales Tax, Series C (RB) 5.00%, 06/15/30		1,000			1,031,187
State of Illinois, Series A (GO)
4.00%, 03/01/31 (c)		500			426,163
5.00%, 10/01/28 (c)		2,500			2,532,333
5.00%, 12/01/27 (c)		1,000			1,003,423
5.00%, 03/01/31 (c)		1,000			1,020,362
5.00%, 05/01/28 (c)		2,250			2,263,737
5.25%, 12/01/27 (c)		1,200			1,233,425
State of Illinois, Series B (GO) 5.00%, 11/01/29 (c)		1,000			1,030,338
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		4,105			4,189,629
					93,032,055
Indiana: 0.7%
City of Indianapolis, Indiana Water System, Series A (RB) 5.00%, 10/01/28 (c)		1,720			1,769,168
Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c)		1,000			773,256
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c)		2,500			2,376,712
Indiana Finance Authority, Indiana University Health Inc., Series B (RB) 5.00%, 07/01/32 (c) (p)		1,000			1,045,772
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		1,545			1,482,557
Indiana Finance Authority, Series A (RB)
5.00%, 02/01/28 (c)		1,310			1,375,425
5.00%, 02/01/28 (c)		200			208,662
Indiana Finance Authority, Series C (RB) 5.00%, 02/01/28 (c)		610			640,465
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)		20			18,123
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c)		250			259,634
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c)		1,715			1,809,081

See Notes to Financial Statements

62

	Par   (000’s		)	Value
Indiana (continued)
Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM) 4.00%, 06/01/31 (c)	$	2,000		$	1,786,346
					13,545,201
Iowa: 0.4%
Iowa Finance Authority (RB) 5.00%, 08/01/27 (c)		1,000			1,043,141
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB)   4.00%, 12/01/32 (c) (p)		3,210			2,916,500
Iowa Finance Authority, Series A (RB)
5.00%, 08/01/31 (c)		1,000			1,057,576
5.00%, 08/01/33 (c)		1,000			1,064,561
5.00%, 08/01/33 (c)		1,000			1,076,333
					7,158,111
Kansas: 0.4%
County of Butler, Unified School District No. 385 (GO)   4.00%, 09/01/27 (c)		500			493,766
County of Johnson, Internal Improvement, Series A (GO)   4.00%, 09/01/27 (c)		750			714,401
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB)   5.00%, 11/15/31 (p)		2,450			2,560,726
State of Kansas, Department of Transportation, Series A (RB)   5.00%, 09/01/27 (c)		1,165			1,204,835
University of Kansas Hospital Authority (RB)   4.00%, 09/01/25 (c)		2,000			1,750,458
					6,724,186
Kentucky: 0.4%
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB)   4.00%, 08/01/30 (c) (p)		1,200			1,109,214
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM)   5.00%, 05/01/28 (c)		3,285			3,393,275
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
4.00%, 10/01/26 (c)		1,000			872,132
5.00%, 10/01/26 (c)		290			291,595
University of Kentucky, Series A (RB)
3.00%, 04/01/26 (c)		770			636,514
4.00%, 04/01/26 (c)		500			485,410
					6,788,140

	Par   (000’s		)	Value
Louisiana: 0.8%
Ascension Parish-Wide School District (GO) 4.00%, 03/01/30 (c)	$	1,000		$	887,052
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM)   5.00%, 12/01/29 (c)		615			639,289
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/29 (c)		500			471,086
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB)   2.50%, 04/01/26 (c)		1,455			1,082,898
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)  3.50%, 11/01/27 (c)		5,040			4,497,570
Louisville Public Facilities Authority, Tulane University, Series A (RB)   5.00%, 10/15/32 (c)		1,000			1,037,004
State of Louisiana, Series A (GO)
5.00%, 03/01/30 (c)		930			986,125
5.00%, 03/01/31 (c)		1,000			1,044,847
5.00%, 03/01/31 (c)		750			809,305
5.00%, 04/01/33 (c)		1,000			1,075,759
5.00%, 04/01/33 (c)		1,000			1,090,699
State of Louisiana, Series A (GO) (BAM)   5.00%, 03/01/30 (c)		910			971,990
					14,593,624
Maryland: 2.1%
City of Baltimore, Wastewater Project, Series C (RB) 5.00%, 01/01/25 (c)		1,500			1,499,940
County of Baltimore (GO)
4.00%, 03/01/30 (c)		1,140			1,135,584
5.00%, 03/01/30		945			1,018,871
County of Baltimore (GO) (AGC)   4.00%, 03/01/29 (c)		1,925			1,904,724
County of Baltimore (GO) (CA MTG INS)  4.00%, 03/01/29 (c)		2,420			2,354,926
County of Montgomery, Series A (GO) 3.00%, 08/01/30 (c)		750			670,338
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c)		1,070			1,077,308
Maryland Department of Transportation (RB)   3.00%, 09/01/27 (c)		500			448,246

See Notes to Financial Statements

63

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
Prince George’s County, Public Improvement, Series A (GO)
5.00%, 07/15/28 (c)	$	2,500		$	2,604,157
5.00%, 08/01/33 (c)		1,500			1,656,400
5.00%, 08/01/33 (c)		2,500			2,744,171
Prince George’s County, Public Improvement, Series A (GO) (SAW)   4.00%, 07/15/28 (c)		1,000			1,008,119
State of Maryland (GO)   4.00%, 06/01/24 (c)		1,500			1,490,688
State of Maryland State, Series A (GO)   5.00%, 08/01/30 (c)		1,000			1,069,460
State of Maryland, Department of Transportation (RB)
3.00%, 11/01/24 (c)		520			470,802
3.12%, 05/01/25 (c)		855			778,703
State of Maryland, Department of Transportation (RB) (SAW)   2.12%, 10/01/27 (c)		2,340			1,921,919
State of Maryland, Department of Transportation, Series A (RB)   2.12%, 10/01/29 (c)		2,000			1,425,693
State of Maryland, Department of Transportation, Series B (RB)   4.00%, 05/01/28 (c)		750			757,453
State of Maryland, State and Local Facilities Loan (GO)
4.00%, 08/01/28 (c)		530			529,224
5.00%, 03/15/29 (c)		3,000			3,185,430
5.00%, 08/01/28 (c)		1,000			1,055,668
State of Maryland, State and Local Facilities Loan, Series A (GO)
3.00%, 08/01/27 (c)		1,000			898,984
5.00%, 03/15/30 (c)		3,500			3,767,663
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/26 (c)		1,650			1,686,487
					37,160,958
Massachusetts: 3.4%
City of Boston, Series A (GO) 5.00%, 11/01/32 (c)		2,000			2,123,864
Commonwealth of Massachusetts (RB) (BAM-TCRS NATL) 5.50%, 01/01/34		3,000			3,331,509
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/34		1,000			1,093,525

	Par   (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts Transportation Fund, Series A (RB) 5.00%, 06/01/24 (c)	$	1,275		$	1,281,575
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c)		980			984,490
Commonwealth of Massachusetts, Series A (GO) 5.00%, 10/01/31		3,000			3,294,019
Commonwealth of Massachusetts, Series B (GO)
5.00%, 07/01/26 (c)		600			616,281
5.00%, 07/01/26 (c)		1,860			1,901,230
Commonwealth of Massachusetts, Series C (GO)
3.00%, 02/01/24 (c)		400			362,617
5.00%, 12/01/23 (c)		2,000			2,000,546
5.00%, 12/01/23 (c)		350			349,908
5.00%, 05/01/30		1,000			1,083,613
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31		2,665			2,914,841
Commonwealth of Massachusetts, Series D (GO)
4.00%, 11/01/30 (c)		2,000			1,897,400
4.00%, 05/01/28 (c)		1,165			1,150,246
5.00%, 07/01/30 (c)		365			384,802
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c)		2,000			2,076,974
Commonwealth of Massachusetts, Series E (GO)
3.00%, 11/01/27 (c)		1,275			1,122,438
4.00%, 04/01/25 (c)		1,000			932,038
4.00%, 04/01/25 (c)		1,000			994,207
4.00%, 09/01/25 (c)		3,000			2,743,615
5.00%, 11/01/30 (c)		1,000			1,078,868
5.00%, 09/01/28 (c)		1,010			1,041,488
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 05/01/24 (c)		1,100			1,104,423
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c)		500			513,837
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/31 (c)		800			846,353

See Notes to Financial Statements

64

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB)
4.00%, 07/01/31 (c)	$	2,000		$	1,838,341
5.00%, 07/01/33 (c)		1,000			1,046,514
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c)		1,000			1,054,865
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c)		255			260,434
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		130			133,171
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
4.00%, 07/15/26 (c)		2,000			1,967,679
5.00%, 07/15/26 (c)		480			494,595
5.00%, 07/15/26 (c)		6,300			6,493,192
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c)		1,500			1,413,230
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		500			500,088
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 08/15/25 (c)		1,150			1,158,283
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30		2,000			2,207,480
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c)		2,115			2,190,335
University of Massachusetts Building Authority (RB)
5.00%, 11/01/27 (c)		1,020			1,063,834
5.00%, 11/01/29 (c)		750			797,205
5.00%, 05/01/29 (c)		1,220			1,285,934
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/29 (c)		500			534,121
					61,664,008

	Par   (000’s		)	Value
Michigan: 1.1%
Detroit City School District, Series A (GO) (AGM) 6.00%, 05/01/29	$	3,185		$	3,409,729
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
5.00%, 07/01/26 (c)		250			254,943
5.00%, 07/01/26 (c)		250			254,901
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
5.00%, 07/01/26 (c)		290			293,872
5.00%, 07/01/26 (c)		570			577,207
5.00%, 07/01/26 (c)		500			511,617
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c)		1,025			1,037,401
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/26 (c)		2,000			1,836,503
Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB) 5.00%, 05/15/25 (c)		1,500			1,447,689
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		140			115,945
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) 5.00%, 10/01/24 (c)		725			717,691
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)
5.00%, 12/01/27 (c)		2,000			2,038,021
5.00%, 12/01/27 (c)		585			592,999
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/26 (c)		570			584,614
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		410			371,216
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/30 (c)		750			611,352
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 06/01/26 (c)		1,370			1,216,067
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/33 (c)		1,000			1,079,707

See Notes to Financial Statements

65

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Michigan (continued)
State of Michigan, Trunk Line Fund, Series A (RB) 5.00%, 11/15/31 (c)	$	1,900		$	2,048,410
					18,999,884
Minnesota: 0.9%
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		125			124,485
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/26 (c)		1,000			1,031,203
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)
5.00%, 01/01/24 (c)		2,500			2,503,723
5.00%, 01/01/27 (c)		325			333,953
5.00%, 01/01/27 (c)		515			530,041
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/26 (c)		1,500			1,532,628
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,000			1,043,792
State of Minnesota, Various Purpose, Series A (GO)
5.00%, 08/01/29 (c)		1,000			1,055,489
5.00%, 08/01/29 (c)		1,000			1,067,339
5.00%, 08/01/30 (c)		2,000			2,111,587
5.00%, 08/01/30 (c)		2,000			2,127,907
State of Minnesota, Various Purpose, Series D (GO)
2.25%, 08/01/26 (c)		925			804,106
3.00%, 10/01/27 (c)		1,000			906,675
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c)		1,000			884,814
					16,057,742
Mississippi: 0.1%
State of Mississippi, Series A (GO) 5.00%, 10/01/27 (c)		430			447,744
State of Mississippi, Series A (RB)
5.00%, 10/15/28 (c)		400			410,214
5.00%, 10/15/28 (c)		550			553,476
5.00%, 10/15/28 (c)		1,000			1,018,672
					2,430,106
Missouri: 0.5%
City of Springfield, Public Utility (RB) 4.00%, 08/01/25 (c)		1,000			962,213
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/32 (c)		1,000			1,033,666

	Par   (000’s		)	Value
Missouri (continued)
Curators of the University of Missouri, Series A (RB) 5.00%, 11/01/24 (c)	$	1,405		$	1,421,004
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,400			1,516,666
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c)		250			257,072
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		685			661,346
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c)		650			636,899
Springfield School District No. R-12 (GO) (SAW)
4.00%, 03/01/29 (c)		1,415			1,363,358
5.00%, 03/01/29 (c)		450			469,647
St. Louis School District, Board of Education (GO) (AGM) 5.00%, 04/01/32 (c)		1,000			1,040,417
					9,362,288
Nebraska: 0.4%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/32		1,280			1,272,741
5.00%, 09/01/34		3,300			3,278,464
5.00%, 09/01/35		2,000			1,977,247
Nebraska Public Power District, Series B (RB) 5.00%, 01/01/26 (c)		1,000			1,007,074
					7,535,526
Nevada: 0.9%
Clark County School District, Limited Tax, Series A (GO) 5.00%, 06/15/33 (c)		1,000			1,023,489
Clark County, Limited Tax, Series B (GO) 4.00%, 11/01/26 (c)		155			152,727
Clark County, Nevada Airport System, Series A-2 (RB)
5.00%, 07/01/24 (c)		1,500			1,487,598
5.00%, 07/01/24 (c)		1,000			999,941
Clark County, Nevada Limited Tax, Flood Control (GO) 4.00%, 05/01/25 (c)		1,675			1,639,743
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c)		470			488,292
Clark County, School District, Series A (GO) (AGM)
5.00%, 06/15/30 (c)		1,000			1,059,301
5.00%, 06/15/30 (c)		915			964,712

See Notes to Financial Statements

66

	Par   (000’s		)	Value
Nevada (continued)
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c)	$	1,500		$	1,139,551
Clark County, School District, Series C (GO) 5.00%, 12/15/27 (c)		1,050			1,088,568
Clark County, Transportation Improvement, Limited Tax, Series B (GO) 4.00%, 12/01/28 (c)		2,245			2,022,221
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/31 (c)		1,000			877,003
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 4.00%, 06/01/27 (c)		1,000			979,150
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
3.38%, 06/01/28 (c)		325			290,983
4.00%, 06/01/28 (c)		760			748,977
4.00%, 06/01/28 (c)		760			746,599
Truckee Meadows Water Authority (RB) 5.00%, 07/01/26 (c)		355			362,369
					16,071,224
New Jersey: 3.9%
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/24 (c)		1,210			1,170,906
County of Camden, Board of Education of Township of Cherry Hill (GO)
4.00%, 08/01/29 (c)		1,500			1,399,796
4.00%, 08/01/29 (c)		1,000			977,339
4.00%, 08/01/29 (c)		1,500			1,372,779
County of Hudson (GO)
2.00%, 11/15/28 (c)		685			489,051
2.00%, 11/15/28 (c)		2,000			1,474,504
2.12%, 11/15/28 (c)		265			184,311
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c)		755			680,363
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		1,000			1,034,837
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		380			389,696

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
5.00%, 12/15/29 (c)	$	1,250		$	1,278,855
5.00%, 12/15/29 (c)		1,970			2,007,256
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		1,080			1,010,321
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
4.00%, 12/15/30 (c)		1,000			899,771
4.00%, 12/15/30 (c)		2,455			2,296,609
New Jersey Economic Development Authority, State House Project, Series B (RB) 5.00%, 12/15/28 (c)		315			322,687
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
2.00%, 03/01/31 (c)		1,000			714,010
2.00%, 03/01/31 (c)		2,000			1,313,745
2.00%, 03/01/31 (c)		1,975			1,355,619
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c)		500			523,293
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 4.00%, 07/01/27 (c)		1,000			910,607
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c)		360			311,837
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 12/01/23 (c)		2,355			2,356,397
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c)		1,000			1,030,473
New Jersey State Turnpike Authority, Series B (RB)
5.00%, 01/01/28 (c)		2,900			3,010,076
5.00%, 01/01/28 (c)		1,080			1,122,387
New Jersey Transportation Trust Fund Authority, Series A (RB)
4.00%, 12/15/28 (c)		2,830			2,767,975
4.25%, 06/15/33 (c)		3,045			2,777,838

See Notes to Financial Statements

67

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey (continued)
5.00%, 12/15/28 (c)	$	1,000		$	1,014,020
5.00%, 12/15/28 (c)		1,395			1,433,376
5.00%, 12/15/28 (c)		1,100			1,128,125
5.00%, 06/15/26 (c)		435			442,154
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c)		780			761,161
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.00%, 12/15/30 (c)		1,000			901,797
4.75%, 06/15/25 (c)		2,950			2,881,120
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c)		1,720			1,725,656
New Jersey Turnpike Authority, Series A (RB) 5.00%, 07/01/24 (c)		4,000			4,000,032
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c)		3,000			3,097,433
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c)		2,130			2,099,618
State of New Jersey, Various Purposes (GO)
2.00%, 12/01/29 (c)		3,000			2,475,811
2.00%, 12/01/29 (c)		3,000			2,205,026
2.00%, 12/01/29 (c)		3,000			2,060,359
5.00%, 12/01/29 (c)		5,000			5,124,149
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		500			515,232
5.00%, 06/01/28 (c)		2,755			2,836,331
					69,884,738
New Mexico: 0.1%
State of New Mexico (GO) 5.00%, 03/01/33		1,000			1,091,553
New York: 19.0%
Battery Park City Authorization, Series B (RB) 5.00%, 11/01/33 (c)		1,000			1,079,970
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)		500			442,189
City of New York, Series A (GO)
4.00%, 08/01/26 (c)		485			468,267
4.00%, 08/01/31 (c)		600			548,449
5.00%, 08/01/33 (c)		1,000			1,052,284
5.00%, 09/01/32 (c)		2,170			2,335,300
City of New York, Series A-1 (GO) 5.00%, 09/01/32 (c)		2,000			2,094,746

	Par   (000’s		)	Value
New York (continued)
City of New York, Series B-1 (GO)
4.00%, 10/01/29 (c)	$	1,800		$	1,621,194
5.00%, 10/01/29 (c)		1,125			1,186,133
5.00%, 10/01/29 (c)		500			528,588
5.00%, 11/01/30		1,000			1,069,310
5.00%, 12/01/26 (c)		395			403,221
5.25%, 10/01/27 (c)		920			959,651
City of New York, Series C (GO) 5.00%, 02/01/25 (c)		1,165			1,176,172
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c)		1,565			1,627,051
City of New York, Series E (GO)
5.00%, 04/01/33 (c)		1,000			1,054,556
5.00%, 08/01/26 (c)		540			549,902
City of New York, Series E-1 (GO)
5.00%, 03/01/28 (c)		1,015			1,054,182
5.00%, 03/01/28 (c)		2,000			2,026,459
5.25%, 03/01/28 (c)		1,000			1,046,534
5.25%, 03/01/28 (c)		1,500			1,580,334
City of New York, Series F-1 (GO)
5.00%, 04/01/28 (c)		1,435			1,454,349
5.00%, 08/01/33 (c)		1,000			1,064,717
City of New York, Series L (GO) 5.00%, 04/01/29 (c)		655			687,924
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c)		1,865			1,989,800
City of New York, Series L-6 (GO) 5.00%, 04/01/29 (c)		1,000			1,055,819
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM) 4.00%, 04/01/30 (c)		925			782,810
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/30 (c)		865			595,534
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB)
4.00%, 05/15/31 (c)		1,000			1,004,517
5.00%, 05/15/31 (c)		1,500			1,630,338
County of Nassau, Series C (GO) 5.00%, 10/01/27 (c)		600			617,853
County of Suffolk, New York Water System, Series A (RB) 5.00%, 06/01/28 (c)		1,515			1,587,524
County of Suffolk, Public Improvement, Series C (GO)
4.00%, 09/01/30 (c)		1,000			926,823
5.00%, 09/01/30 (c)		1,500			1,580,672

See Notes to Financial Statements

68

	Par   (000’s		)	Value
New York (continued)
Hudson Yards Infrastructure Corp., Series A (RB)
5.00%, 02/15/27 (c)	$	1,700		$	1,744,993
5.00%, 02/15/27 (c)		1,000			1,029,618
5.00%, 02/15/27 (c)		460			471,540
5.00%, 02/15/27 (c)		1,400			1,439,046
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/27 (c)		305			314,115
5.00%, 09/01/27 (c)		500			513,108
5.00%, 09/01/27 (c)		750			767,018
Long Island Power Authority, Electric System, Series A (RB)
3.00%, 09/01/28 (c)		450			371,495
5.00%, 09/01/30 (c)		1,500			1,571,792
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		2,000			2,021,009
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c)		340			325,558
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/30 (p)		4,935			5,036,775
Metropolitan Transportation Authority, Series B-2 (RB) 5.00%, 11/15/27 (c)		1,185			1,215,106
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 05/15/28 (c)		1,980			1,905,496
4.00%, 05/15/28 (c)		395			375,689
5.00%, 05/15/28 (c)		1,540			1,568,687
5.00%, 05/15/28 (c)		2,540			2,578,692
5.00%, 05/15/28 (c)		810			820,476
5.00%, 05/15/28 (c)		470			479,262
5.00%, 05/15/28 (c)		1,445			1,470,270
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		1,035			634,682
Metropolitan Transportation Authority, Series D (RB)
3.12%, 11/15/26 (c)		265			214,673
4.00%, 11/15/26 (c)		400			384,949
5.00%, 05/15/28 (c)		535			543,071
5.00%, 05/15/28 (c)		1,570			1,595,982
5.00%, 05/15/28 (c)		1,085			1,105,211
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/25 (c)		2,000			2,022,704
Metropolitan Transportation Authority, Series E (RB)
5.00%, 01/08/24 (c)		1,775			1,778,296
5.00%, 11/15/30		1,000			1,027,594
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c)		1,000			769,041

	Par   (000’s		)	Value
New York (continued)
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c)	$	1,100		$	829,913
New York City Housing Development Corp., Multi- Family Housing, Series F-1 (RB) 2.10%, 05/01/29 (c)		2,000			1,415,122
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM)
2.00%, 01/01/31 (c)		1,250			780,670
4.00%, 01/01/31 (c)		500			483,942
5.00%, 01/01/31		2,700			2,825,237
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM)
4.00%, 09/01/30 (c)		2,500			2,419,961
5.00%, 03/01/30		2,145			2,239,775
New York City Municipal Water Finance Authority, Series AA (RB)
5.00%, 12/15/29 (c)		1,000			1,065,545
5.00%, 06/15/27 (c)		960			974,604
New York City Municipal Water Finance Authority, Series BB (RB) 5.00%, 06/15/27 (c)		310			321,192
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 12/15/26 (c)		1,000			1,019,314
New York City Municipal Water Finance Authority, Series DD (RB)
5.00%, 06/15/33 (c)		3,685			4,032,502
5.00%, 06/15/34		5,360			5,957,718
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/29 (c)		500			529,653
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 12/15/27 (c)		750			760,736
New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW)
4.00%, 07/15/28 (c)		2,000			1,891,188
4.00%, 07/15/31 (c)		1,015			976,834
5.00%, 01/15/25 (c)		1,305			1,293,685
New York City Transitional Finance Authority Future Tax, Series A-1 (RB) 5.00%, 05/01/33 (c)		1,000			1,058,852

See Notes to Financial Statements

69

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
5.00%, 05/01/33 (c)	$	1,000		$	1,070,452
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/33 (c)		1,000			1,037,184
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)
3.00%, 07/15/31 (c)		1,400			1,095,103
4.00%, 07/15/31 (c)		1,375			1,300,653
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/28 (c)		1,010			1,054,805
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)
5.00%, 07/15/28 (c)		1,605			1,671,174
5.00%, 07/15/28 (c)		1,000			1,034,723
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW)
5.00%, 07/15/28 (c)		500			520,615
5.25%, 07/15/28 (c)		1,415			1,479,091
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
3.00%, 11/01/30 (c)		2,000			1,589,324
5.00%, 11/01/30 (c)		3,000			3,149,650
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
4.00%, 05/01/26 (c)		630			631,498
5.00%, 11/01/31 (c)		1,000			1,073,539
5.00%, 05/01/26 (c)		655			665,306
5.00%, 05/01/26 (c)		880			896,349
5.00%, 05/01/26 (c)		450			459,216
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c)		2,000			2,018,372
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
4.00%, 08/01/26 (c)		2,000			1,927,310
5.00%, 11/01/33 (c)		1,000			1,073,463
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 11/01/29 (c)		1,500			1,354,953
4.00%, 08/01/31 (c)		1,190			1,075,435
5.00%, 05/01/24 (c)		2,980			2,980,641
5.00%, 05/01/27 (c)		1,065			1,093,494
5.00%, 08/01/24 (c)		1,345			1,345,494

	Par   (000’s		)	Value
New York (continued)
5.00%, 08/01/26 (c)	$	540		$	552,047
5.00%, 08/01/26 (c)		690			705,573
5.00%, 08/01/26 (c)		895			914,966
5.00%, 08/01/27 (c)		350			359,294
5.00%, 08/01/27 (c)		1,000			1,029,178
5.00%, 08/01/28 (c)		780			809,803
5.00%, 08/01/30 (c)		1,000			1,065,508
5.00%, 08/01/31 (c)		1,000			1,067,060
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
5.00%, 05/01/27 (c)		2,280			2,343,965
5.00%, 05/01/27 (c)		900			923,465
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/30 (c)		1,690			1,528,257
4.00%, 11/01/30 (c)		775			696,259
5.00%, 11/01/30 (c)		2,500			2,613,892
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 05/01/32 (c)		1,500			1,367,018
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
5.00%, 02/01/25 (c)		1,195			1,199,317
5.00%, 02/01/26 (c)		1,500			1,528,071
5.00%, 02/01/27 (c)		1,710			1,704,905
5.00%, 02/01/27 (c)		1,190			1,220,122
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30		6,000			6,043,678
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c)		660			494,242
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c)		800			817,114
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		1,000			1,049,144
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c)		1,000			931,800
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/28 (c)		1,000			993,769

See Notes to Financial Statements

70

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, New York University, Series A (RB)
5.00%, 07/01/25 (c)	$	3,000		$	3,050,007
5.00%, 07/01/27 (c)		1,140			1,184,461
5.00%, 07/01/28 (c)		400			407,580
5.00%, 07/01/28 (c)		385			403,229
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c)		1,250			1,269,622
New York State Dormitory Authority, Sales Tax, Series A (RB)
5.00%, 03/15/24 (c)		2,150			2,145,134
5.00%, 03/15/24 (c)		1,310			1,298,276
5.00%, 03/15/33 (c)		2,000			2,124,028
5.00%, 03/15/33 (c)		1,000			1,047,726
5.00%, 03/15/33 (c)		1,500			1,535,743
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) 4.00%, 10/01/29 (c)		1,315			1,240,048
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB)
5.00%, 10/01/31 (c)		1,000			1,045,926
5.00%, 10/01/31 (c)		2,040			2,155,046
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
5.00%, 10/01/26 (c)		1,325			1,356,456
5.00%, 10/01/26 (c)		1,200			1,227,826
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
3.00%, 09/15/30 (c)		3,120			2,432,437
4.00%, 02/15/27 (c)		2,475			2,408,041
4.00%, 02/15/27 (c)		1,000			990,620
4.00%, 02/15/27 (c)		1,235			1,177,488
4.00%, 03/15/31 (c)		1,075			1,003,922
4.00%, 03/15/31 (c)		2,795			2,547,886
4.00%, 09/15/30 (c)		1,135			1,059,954
5.00%, 02/15/27 (c)		595			610,564
5.00%, 02/15/27 (c)		2,115			2,173,987
5.00%, 03/15/29 (c)		1,950			2,033,865
5.00%, 03/15/29 (c)		3,910			4,053,373
5.00%, 03/15/29 (c)		2,370			2,481,346
5.00%, 03/15/30		1,000			1,063,954
5.00%, 08/15/26 (c)		2,000			2,018,422
5.00%, 09/15/32 (c)		2,000			2,057,990
5.25%, 09/15/28 (c)		1,305			1,350,880
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/25 (c)		1,095			1,098,192

	Par   (000’s		)	Value
New York (continued)
5.00%, 08/15/27 (c)	$	2,000		$	2,065,780
5.00%, 08/15/27 (c)		2,270			2,294,626
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)		385			385,701
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/30 (c)		2,000			2,121,139
5.00%, 02/15/30		1,150			1,222,706
5.00%, 08/15/26 (c)		940			959,742
New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
4.00%, 03/15/32 (c)		1,500			1,367,380
4.00%, 03/15/32 (c)		2,000			1,867,761
4.00%, 03/15/32 (c)		1,000			895,346
5.00%, 09/15/25 (c)		3,000			3,019,829
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 01/01/27 (c)		250			251,108
5.00%, 03/15/24 (c)		340			340,943
5.00%, 03/15/27 (c)		2,110			2,165,919
5.00%, 03/15/27 (c)		515			530,028
5.00%, 03/15/27 (c)		1,000			1,028,202
5.00%, 03/15/27 (c)		305			314,054
New York State Dormitory Authority, State Sales Tax, Series C (RB)
5.00%, 03/15/28 (c)		520			540,357
5.00%, 03/15/28 (c)		1,970			2,033,134
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
5.00%, 06/15/24 (c)		2,000			2,010,117
5.00%, 06/15/26 (c)		765			785,359
5.00%, 06/15/26 (c)		415			424,901
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)
4.00%, 06/15/29 (c)		1,530			1,451,964
5.00%, 06/15/29 (c)		1,250			1,313,233
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
3.00%, 06/15/27 (c)		495			454,099
5.00%, 06/15/27 (c)		1,000			1,036,188
5.00%, 06/15/27 (c)		500			517,031
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c)		835			613,817

See Notes to Financial Statements

71

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(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c)	$	525		$	473,975
New York State Thruway Authority, Series A (RB)
5.00%, 01/01/26 (c)		650			653,801
5.00%, 01/01/26 (c)		600			601,062
New York State Thruway Authority, Series B (RB) (AGM)
4.00%, 01/01/30 (c)		3,155			2,782,327
4.00%, 01/01/30 (c)		800			732,155
New York State Thruway Authority, Series K (RB)
5.00%, 01/01/25 (c)		4,335			4,325,645
5.00%, 01/01/25 (c)		2,500			2,510,161
New York State Thruway Authority, Series L (RB)
3.50%, 01/01/28 (c)		1,120			977,171
4.00%, 01/01/28 (c)		2,500			2,353,657
New York State Thruway Authority, State Personal Income, Series A-1 (RB)
5.00%, 03/15/31 (c)		2,000			2,143,943
5.00%, 03/15/31 (c)		800			852,771
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 4.00%, 09/15/30 (c)		500			450,779
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 12/26/23 (c)		1,800			1,802,876
5.00%, 03/15/27 (c)		750			775,369
5.00%, 09/15/30 (c)		1,475			1,533,729
New York State Urban Development Corp., State Personal Income, Series C (RB)
4.00%, 09/15/30 (c)		1,000			935,052
4.00%, 09/15/30 (c)		1,000			977,113
5.00%, 09/15/27 (c)		4,295			4,449,142
5.00%, 09/15/27 (c)		350			363,140
New York State Urban Development Corp., State Sales Tax, Series A (RB)
3.00%, 09/15/31 (c)		2,500			1,891,522
5.00%, 09/15/29 (c)		1,000			1,052,422
5.00%, 09/15/31 (c)		4,500			4,773,451
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
5.00%, 12/01/30		1,150			1,183,732
5.00%, 12/01/30 (c)		750			759,979
5.00%, 12/01/30 (c)		1,000			994,259

	Par   (000’s		)	Value
New York (continued)
Port Authority of New York and New Jersey, Series 179 (RB) 5.00%, 12/01/23 (c)	$	2,000		$	2,002,355
Port Authority of New York and New Jersey, Series 184 (RB) 5.00%, 09/01/24 (c)		2,000			2,015,990
Port Authority of New York and New Jersey, Series 205 (RB) 5.00%, 11/15/27 (c)		840			867,673
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/28 (c)		500			515,640
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		500			520,440
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c)		500			519,920
Port Authority of New York and New Jersey, Series 222 (RB)
4.00%, 07/15/30 (c)		3,975			3,666,280
4.00%, 07/15/30 (c)		2,600			2,440,630
5.00%, 07/15/30 (c)		1,000			1,055,963
5.00%, 07/15/30 (c)		1,000			1,062,303
Port Authority of New York and New Jersey, Series 243 (RB) 5.00%, 12/01/32		1,615			1,761,214
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		615			552,486
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c)		460			406,337
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB)
5.00%, 11/15/31		1,000			1,081,131
5.00%, 05/15/33 (c)		1,000			1,083,613
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) 5.00%, 05/15/31		1,130			1,217,023
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
5.00%, 11/15/31 (c)		1,225			1,282,186
5.00%, 11/15/33 (c)		3,000			3,190,683
Triborough Bridge and Tunnel Authority, Series B (RB)
5.00%, 11/15/31		1,000			1,083,290
5.00%, 05/15/27 (c)		1,000			1,019,307
5.00%, 05/15/27 (c)		1,255			1,299,642
5.00%, 05/15/27 (c)		1,070			1,108,500
5.00%, 05/15/27 (c)		2,085			2,118,832
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
5.00%, 09/01/30 (c)		500			501,281
5.00%, 09/01/30 (c)		1,795			1,854,455

See Notes to Financial Statements

72

	Par   (000’s		)		Value
New York (continued)
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c)	$	845		$	856,374
5.00%, 06/01/27 (c)		500			508,826
Utility Debt Securitization Authority (RB)
5.00%, 12/15/25 (c)		2,830			2,861,820
5.00%, 12/15/27 (c)		2,000			2,033,514
Utility Debt Securitization Authority, Series A (RB)
5.00%, 06/15/26 (c)		2,000			2,044,221
5.00%, 06/15/26 (c)		610			623,639
5.00%, 06/15/26 (c)		500			509,313
Utility Debt Securitization Authority, Series E (RB)
5.00%, 12/15/23 (c)		1,250			1,250,480
5.00%, 12/15/32 (c)		2,000			2,183,173
					340,924,114
North Carolina: 1.4%
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series B (RB) 1.95%, 11/01/29 (p)		1,500			1,273,482
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 12/01/31 (p)		3,000			3,188,699
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c)		1,925			1,846,492
City of Charlotte, North Carolina Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c)		1,670			1,547,027
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c)		900			896,583
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c)		250			207,893
County of Wake (RB) 3.00%, 03/01/31 (c)		1,500			1,273,389
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c)		1,000			931,610
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/31 (c)		1,000			960,171
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c)		1,000			1,050,299

	Par   (000’s		)		Value
North Carolina (continued)
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c)	$	500		$	506,999
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)		380			394,529
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
4.00%, 01/01/28 (c)		890			878,424
4.00%, 01/01/28 (c)		800			781,606
4.00%, 01/01/28 (c)		360			354,422
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c)		625			459,819
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/29 (c)		1,500			1,585,528
State of North Carolina, Series A (GO)
3.00%, 06/01/28 (c)		380			336,789
5.00%, 06/01/28 (c)		1,140			1,202,467
5.00%, 06/01/30 (c)		1,100			1,189,845
State of North Carolina, Series A (RB)
5.00%, 05/01/29 (c)		1,000			1,062,392
5.00%, 05/01/32 (c)		1,000			1,086,204
State of North Carolina, Series B (RB) 3.00%, 05/01/27 (c)		800			716,848
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/31 (c)		1,000			1,061,549
					24,793,066
Ohio: 1.8%
Akron Bath Copley Joint Township Hospital District, Summa Health (RB)
4.00%, 11/15/30 (c)		1,000			879,861
4.00%, 11/15/30 (c)		1,000			855,024
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/30 (c)		3,000			3,099,677
5.00%, 06/01/30 (c)		500			517,268
5.00%, 06/01/30 (c)		500			517,540
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30		1,000			1,079,080
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c)		1,245			1,325,119

See Notes to Financial Statements

73

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Ohio (continued)
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 12/01/29	$	1,250		$	1,313,004
5.00%, 02/01/28 (c)		1,030			1,064,455
5.00%, 06/01/30 (c)		1,000			1,049,451
County of Butler, Ohio Hospital Facilities, UC Health (RB) 4.00%, 11/15/27 (c)		1,205			993,155
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c)		100			100,876
County of Hamilton, Series A (RB) 4.00%, 12/01/26 (c)		1,000			959,823
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		1,000			829,054
Ohio State University, Series A (RB) 5.00%, 12/01/29		2,225			2,384,187
Ohio Turnpike and Infrastructure Commission, Series A (RB)
5.00%, 02/15/28 (c)		500			521,379
5.00%, 02/15/28 (c)		500			521,400
5.00%, 02/15/28 (c)		1,845			1,924,089
Ohio Water Development Authority, Drinking Water, Series A (RB) 5.00%, 06/01/31 (c)		1,335			1,414,957
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		1,760			1,834,129
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 06/01/27 (c)		2,065			2,145,652
5.00%, 06/01/30 (c)		1,000			1,073,103
5.00%, 06/01/30 (c)		1,970			2,058,913
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c)		480			481,526
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 4.00%, 01/01/28 (c)		760			720,309
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		165			141,227
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,000			1,040,703

	Par   (000’s		)		Value
Ohio (continued)
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31	$	1,225		$	1,329,670
					32,174,631
Oklahoma: 0.2%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c)		330			305,095
Grand River Dam Authority, Series A (RB)
4.00%, 12/01/26 (c)		2,000			1,960,356
5.00%, 12/01/26 (c)		515			521,122
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)		565			580,723
					3,367,296
Oregon: 1.2%
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c)		720			746,163
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c)		700			724,690
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c)		2,350			1,868,599
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,285			1,339,934
Hillsboro School District No. 1J (GO) (SBG)
5.00%, 06/15/27 (c)		590			609,120
5.00%, 06/15/27 (c)		1,000			1,038,553
Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG)
4.00%, 06/15/28 (c)		740			722,946
5.00%, 06/15/28 (c)		545			573,352
Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG) 4.00%, 06/15/30 (c)		2,000			1,814,487
Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG)
0.01%, 06/15/27 (c)		1,010			638,977
0.01%, 06/15/27 (c)		1,215			810,052
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c)		1,280			1,108,241
Multnomah County, School District No. 1J (GO) (SBG) 5.00%, 06/15/33 (c)		1,000			1,089,123

See Notes to Financial Statements

74

	Par   (000’s		)		Value
Oregon (continued)
Portland Community College District (GO) 5.00%, 06/15/33 (c)	$	1,000		$	1,074,573
State of Oregon, Department of Transportation, Highway User Tax, Series A (RB)
4.00%, 11/15/30 (c)		3,000			2,764,165
5.00%, 11/15/29 (c)		1,650			1,725,354
5.00%, 11/15/30 (c)		1,000			1,054,107
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 04/01/28 (c)		570			494,595
Washington County, Beaverton School District No. 48, Series A (GO) (SBG)
0.00%, 06/15/32 (c) ^		1,000			439,889
0.00%, 06/15/32 (c) ^		1,000			411,616
					21,048,536
Pennsylvania: 3.7%
Allegheny County Hospital Development Authority, Series A (RB)
5.00%, 04/01/28 (c)		1,120			1,133,976
5.00%, 07/15/29 (c)		810			838,701
5.00%, 07/15/29 (c)		360			375,004
Allegheny County Sanitary Authority Sewer (RB) 5.00%, 12/01/25 (c)		1,000			1,007,589
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c)		380			390,627
City of Philadelphia, Gas Works (RB)
5.00%, 10/01/26 (c)		880			890,304
5.00%, 10/01/26 (c)		680			684,275
5.00%, 10/01/26 (c)		970			978,460
5.00%, 10/01/26 (c)		735			742,607
City of Philadelphia, Series A (GO)
4.00%, 05/01/31 (c)		1,925			1,666,281
5.00%, 08/01/27 (c)		750			771,826
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c)		1,000			935,386
City of Philadelphia, Series B (GO) 5.00%, 08/01/29 (c)		1,500			1,541,275
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/25 (c)		1,595			1,610,168
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/28 (c)		775			794,779
Commonwealth of Pennsylvania (GO)
3.00%, 01/01/27 (c)		510			458,903
3.00%, 09/15/26 (c)		1,055			906,493
4.00%, 02/01/26 (c)		1,500			1,459,359

	Par   (000’s		)		Value
Pennsylvania (continued)
4.00%, 05/15/31 (c)	$	2,000		$	1,991,300
4.00%, 08/15/25 (c)		1,500			1,442,702
Geisinger Authority Health System, Series A (RB)
4.00%, 04/01/30 (c)		1,000			881,280
5.00%, 02/15/27 (c)		3,100			3,057,862
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p)		2,000			2,054,148
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c)		1,100			1,104,059
Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 09/15/26 (c)		385			392,056
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) 3.38%, 11/15/27 (c)		1,000			886,978
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)		125			126,504
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c)		775			731,778
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/26 (c)		1,000			983,657
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/25 (c)		2,675			2,719,567
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) 5.00%, 08/15/27 (c)		270			276,406
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)		425			376,950
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		700			603,788

See Notes to Financial Statements

75

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)		Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)	$	315		$	289,080
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		1,620			1,477,761
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c)		300			266,622
Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/24 (c)		1,000			1,006,510
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/27 (c)		2,000			1,802,674
Pennsylvania Turnpike Commission, Series A (RB)
5.00%, 12/01/26 (c)		310			319,049
5.00%, 12/01/26 (c)		750			771,676
5.00%, 12/01/28 (c)		1,250			1,282,743
5.00%, 12/01/29 (c)		500			523,618
5.00%, 12/01/29 (c)		1,000			1,031,244
5.00%, 12/01/32 (c)		1,000			1,071,132
Pennsylvania Turnpike Commission, Series B (RB)
5.00%, 12/01/25 (c)		1,010			1,029,049
5.00%, 06/01/26 (c)		2,650			2,661,911
5.00%, 06/01/31 (c)		700			747,575
Pennsylvania Turnpike Commission, Series B (RB) (AGM)
5.00%, 06/01/27 (c)		510			526,276
5.00%, 06/01/27 (c)		1,735			1,788,568
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c)		1,355			1,255,999
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)
5.00%, 09/01/31		1,460			1,558,608
5.00%, 09/01/32		2,000			2,144,453
5.00%, 09/01/33		2,000			2,147,872
School District of Philadelphia, Series A (GO) (SAW) 5.00%, 09/01/28 (c)		660			678,021
School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/26 (c)		1,000			1,000,256
5.00%, 09/01/26 (c)		1,570			1,537,133
5.00%, 09/01/26 (c)		485			490,736
Sports and Exhibition Authority, Regional Asset District (RB) (AGM) 5.00%, 08/01/29 (c)		1,000			1,048,133

	Par   (000’s		)		Value
Pennsylvania (continued)
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM)
5.00%, 12/01/26 (c)	$	1,225		$	1,245,897
5.00%, 12/01/26 (c)		1,750			1,779,853
					66,297,497
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB) 4.00%, 05/15/31 (c)		1,000			890,130
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) 2.05%, 04/01/30 (c)		1,000			706,508
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM) 2.10%, 10/01/29 (c)		1,000			749,090
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		250			260,785
State of Rhode Island, Series A (GO) 5.00%, 08/01/32 (c)		2,000			2,074,403
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c)		1,000			952,289
					5,633,205
South Carolina: 0.6%
Lancaster County, School District (GO) 3.25%, 03/01/27 (c)		325			296,412
Lexington County, Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		100			102,194
Patriots Energy Group Financing Agency, Gas Supply, Series A (RB) 5.25%, 08/01/31 (c) (p)		5,000			4,980,273
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c)		1,000			1,041,574
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/27 (c)		1,000			1,018,113
South Carolina, Public Service Authority, Series A (RB)
4.00%, 12/01/31 (c)		1,115			1,031,730
5.00%, 06/01/26 (c)		1,500			1,470,675

See Notes to Financial Statements

76

	Par   (000’s		)		Value
South Carolina (continued)
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/27 (c)	$	1,000		$	910,336
					10,851,307
South Dakota: 0.2%
South Dakota Health and Educational Facilities Authority (RB)
5.00%, 09/01/27 (c)		2,750			2,672,895
5.00%, 09/01/27 (c)		100			101,413
5.00%, 09/01/27 (c)		255			258,757
					3,033,065
Tennessee: 0.9%
Metropolitan Government of Nashville and Davidson County (GO)
4.00%, 07/01/26 (c)		545			538,907
4.00%, 07/01/26 (c)		580			572,494
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB)
5.00%, 01/01/31 (c)		1,000			1,037,585
5.00%, 07/01/26 (c)		3,050			2,987,435
Shelby County, Public Improvement, Series B (GO)
4.00%, 04/01/30 (c)		3,000			2,984,941
4.00%, 04/01/30 (c)		1,000			987,436
4.00%, 04/01/30 (c)		1,000			980,893
State of Tennessee, Series A (GO) 5.00%, 05/01/33 (c)		1,000			1,095,794
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 12/01/30 (c) (p)		2,000			2,007,584
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p)		4,000			3,943,218
					17,136,287
Texas: 8.7%
Aldine Independent School District, Series A (GO)
4.00%, 02/15/27 (c)		910			890,666
4.00%, 02/15/27 (c)		675			651,507
Alvin Independent School District, Unlimited Tax School House (GO) 3.38%, 02/15/28 (c)		350			281,432
Arlington Independent School District, Unlimited Tax School Building (GO)
4.00%, 02/15/29 (c)		1,000			987,501
4.00%, 02/15/29 (c)		500			490,858
Austin Independent School District, Unlimited Tax School Building (GO) 5.00%, 02/01/33 (c)		1,500			1,596,540

	Par   (000’s		)		Value
Texas (continued)
Bexar County Hospital District, Limited Tax (GO) 4.00%, 02/15/28 (c)	$	1,000		$	964,047
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30		2,950			3,172,785
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c)		850			900,940
City of Austin, Water and Wastewater System (RB) 5.00%, 05/15/24 (c)		1,065			1,069,216
City of Dallas (GO) 5.00%, 02/15/25 (c)		1,055			1,062,162
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c)		600			482,246
City of Dallas, Waterworks and Sewer System, Series A (RB)
5.00%, 10/01/26 (c)		600			613,542
5.00%, 10/01/26 (c)		565			578,532
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/30 (c)		1,000			1,074,815
City of Denton, Utility System (RB) 5.00%, 12/01/26 (c)		965			975,389
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/28 (c)		1,000			1,026,622
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c)		4,500			4,789,709
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c)		1,500			1,404,047
City of Houston, Combined Utility System, First Lien, Series D (RB)
5.00%, 11/15/28 (c)		750			779,024
5.00%, 11/15/28 (c)		1,000			1,047,837
City of Houston, Public Improvement, Series A (GO)
5.00%, 03/01/29 (c)		1,000			1,049,719
5.00%, 03/01/29 (c)		1,215			1,280,278
City of Houston, Series A (GO)
5.00%, 03/01/26 (c)		515			524,634
5.00%, 03/01/26 (c)		180			183,157
5.00%, 03/01/27 (c)		500			516,743
5.00%, 03/01/27 (c)		520			536,934
City of Houston, Texas Public Improvement, Series A (GO) 5.00%, 03/01/33 (c)		1,000			1,083,741
City of Lubbock, Texas Electric Light and Power System (RB) 4.00%, 04/15/30 (c)		1,550			1,342,389

See Notes to Financial Statements

77

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(unaudited) (continued)

	Par   (000’s		)		Value
Texas (continued)
City of San Antonio, Electric and Gas Systems (RB)
4.00%, 02/01/30	$	1,000		$	994,132
5.00%, 02/01/32 (c)		1,000			1,068,326
City of San Antonio, Electric and Gas Systems, Series B (RB)
4.00%, 02/01/33		1,000			978,559
5.00%, 08/01/33 (c)		1,000			1,035,242
Conroe Independent School District (GO) 5.00%, 02/15/25 (c)		1,430			1,447,992
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c)		320			316,918
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/30 (c)		1,000			984,577
County of Bexar, Hospital District (GO)
4.00%, 02/15/26 (c)		115			113,341
5.00%, 02/15/26 (c)		1,315			1,341,294
County of Collin, Community College District (GO)
3.25%, 08/15/27 (c)		500			456,628
4.00%, 08/15/27 (c)		925			921,407
County of El Paso, Hospital District (GO) 4.00%, 08/15/27 (c)		250			220,509
County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB)
4.00%, 11/15/27 (c)		950			918,414
5.00%, 11/15/27 (c)		850			877,190
County of Harris, Flood Control District, Series A (GO) 5.00%, 10/01/25 (c)		480			488,248
County of Harris, Flood Control District, Series A (RB)
4.00%, 10/01/27 (c)		1,000			909,515
4.00%, 10/01/27 (c)		2,855			2,637,621
County of Harris, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c)		1,100			1,006,274
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c)		675			688,820
Cypress-Fairbanks Independent School District (GO)
4.00%, 02/15/25 (c)		1,735			1,690,447
4.00%, 02/15/30 (c)		1,275			1,160,544
Cypress-Fairbanks Independent School District, Series A (GO)
3.00%, 02/15/31 (c)		500			434,190
4.00%, 02/15/31 (c)		1,500			1,390,530
5.00%, 02/15/29 (c)		1,805			1,916,147
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,835			1,939,682

	Par   (000’s		)		Value
Texas (continued)
Dallas Fort Worth International Airport, Series C (RB) 4.12%, 11/01/23 (c)	$	1,150		$	1,150,000
Dallas Independent School District, Unlimited Tax School Building (GO)
4.00%, 02/15/30 (c)		1,000			995,929
5.00%, 02/15/32 (c)		1,000			1,071,951
5.00%, 02/15/32 (c)		1,000			1,064,323
5.00%, 02/15/32 (c)		1,500			1,558,247
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 02/15/26 (c)		335			329,592
Fort Bend Independent School District (GO)
5.00%, 08/15/27 (c)		2,000			2,075,973
5.00%, 08/15/27 (c)		645			670,178
Frisco Independent School District (GO)
4.00%, 08/15/30 (c)		1,345			1,276,684
4.00%, 08/15/30 (c)		1,350			1,331,179
5.00%, 02/15/29 (c)		2,000			2,079,083
Harris County Flood Control District Improvement, Series A (GO) 4.00%, 10/01/30 (c)		1,000			977,307
Hays Consolidated Independent School District (GO) 5.00%, 02/15/32 (c)		1,000			1,036,725
Houston Independent School District, Limited Tax School House (GO)
5.00%, 02/15/27 (c)		540			556,929
5.00%, 02/15/27 (c)		750			777,687
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c)		605			634,124
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/27 (c)		2,510			2,548,500
Lone Star College System (GO)
4.00%, 02/15/26 (c)		1,500			1,480,121
5.00%, 02/15/26 (c)		400			406,415
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c)		1,000			1,063,173
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/30 (c)		1,250			1,271,066
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/33 (c)		1,000			1,054,836

See Notes to Financial Statements

78

	Par   (000’s		)		Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB) 4.00%, 08/15/27 (c)	$	555		$	491,747
North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/26 (c)		715			727,131
North Texas Tollway Authority System, Series B (RB)
4.00%, 01/01/31 (c)		2,000			1,860,424
4.00%, 01/01/31 (c)		2,250			1,981,952
4.00%, 01/01/31 (c)		1,975			1,893,940
5.00%, 01/01/24 (c)		3,500			3,505,502
5.00%, 01/01/24 (c)		3,325			3,330,227
5.00%, 01/01/27 (c)		1,000			1,006,332
North Texas Tollway Authority, First Tier, Series A (RB)
4.12%, 01/01/32 (c)		2,000			1,783,135
5.00%, 01/01/26 (c)		1,675			1,704,609
5.00%, 01/01/26 (c)		1,195			1,217,455
5.00%, 01/01/26 (c)		500			507,801
5.00%, 01/01/26 (c)		425			432,986
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c)		450			429,808
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/27 (c)		880			912,165
Permanent University Fund, University of Texas System (RB) 5.00%, 07/01/32 (c)		1,180			1,280,888
Pflugerville Independent School District, Unlimited Tax, Series A (GO)
5.00%, 02/15/32 (c)		1,875			2,018,777
5.00%, 02/15/32 (c)		1,000			1,050,296
Plano Independent School District, Unlimited Tax (GO)
5.00%, 08/15/32 (c)		1,000			1,071,378
5.00%, 08/15/32 (c)		1,000			1,079,440
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c)		1,000			1,063,401
San Antonio Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/28 (c)		500			490,005
San Antonio Water System, Junior Lien, Series A (RB) 4.00%, 05/15/31 (c)		1,150			1,020,918
State of Texas, Transportation Commission (GO) 4.00%, 04/01/24 (c)		1,525			1,477,961

	Par   (000’s		)		Value
Texas (continued)
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c)	$	500		$	511,212
State of Texas, Water Financial Assistance, Series B (GO) 5.00%, 08/01/25 (c)		1,000			1,004,447
Texas Department of Housing & Community Affairs, Series A (RB) 3.80%, 07/01/28 (c)		1,670			1,423,000
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		2,250			2,211,997
5.00%, 12/15/31		1,475			1,436,723
5.00%, 12/15/32		1,000			970,647
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB)
4.00%, 12/31/30 (c)		1,150			1,046,235
4.00%, 12/31/30 (c)		1,390			1,276,446
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c)		1,000			886,837
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c)		1,570			1,534,542
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c)		1,000			1,013,230
Texas Water Development Board (RB)
3.00%, 10/15/30 (c)		500			429,246
3.00%, 10/15/30 (c)		950			778,024
3.00%, 10/15/30 (c)		750			631,048
4.00%, 10/15/26 (c)		2,000			1,904,784
4.00%, 10/15/30 (c)		2,000			1,984,382
Texas Water Development Board, Series A (RB)
3.00%, 10/15/29 (c)		2,650			2,229,702
4.00%, 10/15/25 (c)		1,000			983,994
4.00%, 10/15/27 (c)		400			395,818
4.00%, 10/15/27 (c)		1,000			983,167
4.00%, 10/15/27 (c)		2,000			1,862,705
4.00%, 04/15/28 (c)		600			593,726
4.60%, 10/15/33 (c)		1,000			990,538
5.00%, 10/15/27 (c)		250			260,188
5.00%, 10/15/27 (c)		200			208,005
Texas Water Development Board, Series B (RB) 4.00%, 10/15/28 (c)		1,000			983,167

See Notes to Financial Statements

79

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(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
4.00%, 10/15/28 (c)	$	3,000		$	2,794,058
5.00%, 10/15/28 (c)		1,500			1,579,864
Texas Water Development Board, Series D (RB) 3.00%, 10/15/30 (c)		500			397,912
Tomball Independent School District, Unlimited Tax (GO)
5.00%, 02/15/33 (c)		1,000			1,048,889
5.00%, 02/15/33 (c)		1,100			1,169,206
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/27 (c)		670			698,059
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c)		1,500			1,605,738
University of Texas, Board of Regents, Series A (RB)
5.00%, 07/01/33 (c)		1,000			1,043,311
5.00%, 08/15/32 (c)		2,000			2,171,771
					156,084,477
Utah: 0.4%
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/27 (c)		395			386,423
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c)		2,000			1,949,100
University of Utah, Series A (RB) 5.00%, 08/01/27 (c)		365			378,162
University of Utah, Series B (RB) 5.00%, 08/01/32 (c)		2,220			2,326,164
Utah Transit Authority, Subordinated Sales Tax (RB)
4.00%, 06/15/26 (c)		2,000			1,910,469
4.00%, 06/15/26 (c)		850			843,889
					7,794,207
Vermont: 0.1%
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c)		1,000			1,009,356
Virginia: 1.6%
Arlington County, Public Improvement (GO) 5.00%, 06/15/32 (c)		2,000			2,191,459
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c)		375			277,074
County of Fairfax, Public Improvement, Series A (GO) (SAW)
4.00%, 04/01/32 (c)		1,000			962,096
4.00%, 04/01/32 (c)		1,000			983,737
5.00%, 04/01/28 (c)		750			790,710
5.00%, 04/01/29 (c)		1,755			1,869,526

	Par   (000’s		)	Value
Virginia (continued)
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/29 (c)	$	1,500		$	1,200,323
Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/30 (c)		665			608,568
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
3.00%, 02/01/31 (c)		2,750			2,280,635
4.00%, 02/01/26 (c)		2,000			1,998,621
4.00%, 02/01/30 (c)		1,500			1,455,298
4.00%, 02/01/30 (c)		2,095			1,950,438
5.00%, 02/01/30 (c)		1,950			2,071,106
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
5.00%, 02/01/28 (c)		880			920,251
5.00%, 02/01/28 (c)		2,180			2,275,968
Virginia Commonwealth Transportation Board, Series A (RB)
4.00%, 11/15/27 (c)		1,000			956,224
4.00%, 05/15/26 (c)		500			494,352
5.00%, 11/15/27 (c)		800			829,238
Virginia Public Building Authority, Series A (RB)
3.00%, 08/01/26 (c)		695			609,863
3.12%, 08/01/28 (c)		1,050			911,112
5.00%, 08/01/30 (c)		1,000			1,074,902
Virginia Public Building Authority, Series A-2 (RB)
4.00%, 08/01/31 (c)		1,000			980,743
4.00%, 08/01/31 (c)		1,000			943,991
Virginia State, Public Building Authority, Series A (RB) 4.00%, 08/01/27 (c)		185			185,336
					28,821,571
Washington: 3.9%
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 07/01/31 (c)		1,000			929,012
County of King, Limited Tax (GO) 4.00%, 07/01/27 (c)		2,110			2,112,617
County of King, Limited Tax (GO) (SAW) 5.00%, 01/01/29 (c)		1,000			1,062,187
Energy Northwest, Colombia Generating Station Electric, Series A (RB) 5.00%, 07/01/27 (c)		400			415,478

See Notes to Financial Statements

80

	Par   (000’s		)	Value
Washington (continued)
5.00%, 07/01/28 (c)	$	695		$	731,136
5.00%, 07/01/30 (c)		1,930			2,061,943
5.00%, 07/01/31 (c)		1,955			2,025,168
5.00%, 07/01/33 (c)		1,000			1,070,209
5.00%, 07/01/33 (c)		2,000			2,161,546
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM)
5.00%, 07/01/29 (c)		1,000			1,044,255
5.00%, 07/01/29 (c)		500			515,397
5.00%, 07/01/30 (c)		1,415			1,487,266
Energy Northwest, Colombia Generating Station Electric, Series C (RB)
5.00%, 07/01/25 (c)		1,250			1,270,837
5.00%, 07/01/28 (c)		1,000			1,048,293
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/30 (c)		1,545			1,317,544
King County, School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/27 (c)		880			865,903
King County, School District No. 401 Highline (GO) (SBG)
3.12%, 12/01/26 (c)		690			621,086
5.00%, 12/01/26 (c)		700			723,606
King County, School District No. 411 Issaquah (GO) (SBG) 4.00%, 06/01/26 (c)		635			626,723
King County, School District No. 414 Lake Washington (GO) (SBG) 5.00%, 06/01/27 (c)		1,335			1,389,409
King County, Washington Sewer, Series B (RB) 4.00%, 07/01/24 (c)		1,000			950,327
Kitsap County, School District No. 401 Central Kitsap (GO) (SBG)
4.00%, 06/01/26 (c)		1,000			950,891
4.00%, 06/01/26 (c)		1,425			1,370,628
4.00%, 06/01/26 (c)		1,250			1,198,428
Pierce County, Puyallup School District No. 3 (GO) (SBG) 5.00%, 06/01/27 (c)		970			1,008,215
Pierce County, School District No. 403 Bethel (GO) (SBG) 5.00%, 06/01/29 (c)		500			527,822
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c)		825			844,697
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c)		1,000			1,074,650

	Par   (000’s		)	Value
Washington (continued)
State of Washington, Series A (GO) 5.00%, 08/01/26 (c)	$	755		$	772,434
State of Washington, Series C (GO) 5.00%, 08/01/27 (c)		880			909,361
State of Washington, Series D (GO) 5.00%, 08/01/27 (c)		880			914,327
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/27 (c)		500			516,682
5.00%, 08/01/27 (c)		500			515,980
State of Washington, Various Purpose, Series C (GO)
5.00%, 02/01/28 (c)		2,165			2,211,186
5.00%, 02/01/31 (c)		2,175			2,324,976
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/27 (c)		735			745,057
State of Washington, Various Purpose, Series R-C (GO)
5.00%, 08/01/27 (c)		880			908,124
5.00%, 08/01/27 (c)		420			436,235
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB)
5.00%, 02/15/28 (c)		2,000			1,912,261
5.00%, 02/15/28 (c)		1,815			1,764,164
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 12/01/23 (c)		1,820			1,636,680
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB)
4.00%, 10/01/30 (p)		1,595			1,483,797
5.00%, 10/01/28 (c)		250			252,293
5.00%, 10/01/28 (c)		225			226,665
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB) 5.00%, 10/01/24 (c)		2,270			2,197,819
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		760			755,973
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		1,669			1,417,714
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c)		1,050			1,107,384

See Notes to Financial Statements

81

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Washington (continued)
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/31 (c)	$	2,000		$	2,078,812
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c)		1,000			912,458
Washington State, Various Purpose, Series A (GO)
5.00%, 08/01/30 (c)		1,000			1,038,846
5.00%, 08/01/31 (c)		1,250			1,314,349
5.00%, 08/01/33 (c)		2,000			2,105,834
Washington State, Various Purpose, Series A-1 (GO) 5.00%, 08/01/24 (c)		1,500			1,510,789
Washington State, Various Purpose, Series C (GO)
5.00%, 01/01/25 (c)		1,575			1,592,417
5.00%, 02/01/28 (c)		1,145			1,174,396
5.00%, 02/01/28 (c)		1,000			1,038,736
5.00%, 02/01/29 (c)		1,080			1,110,481
5.00%, 02/01/30 (c)		1,000			1,054,581
					69,346,084
West Virginia: 0.2%
State of West Virginia, Series A (GO)
5.00%, 06/01/29 (c)		1,000			1,064,993
5.00%, 06/01/29 (c)		500			522,709
State of West Virginia, Series B (GO) 5.00%, 06/01/28 (c)		675			708,690
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/31 (c)		1,320			1,394,476
					3,690,868
Wisconsin: 0.9%
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		350			300,492
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p)		1,335			1,265,224
State of Wisconsin (GO) 5.00%, 05/01/27 (c)		450			468,608
State of Wisconsin, Series A (GO)
4.00%, 05/01/28 (c)		1,655			1,523,879
5.00%, 05/01/25 (c)		890			903,457
5.00%, 05/01/32 (c)		1,000			1,072,775
5.00%, 05/01/32 (c)		1,000			1,082,707
Wisconsin Department of Transportation (RB) 5.00%, 07/01/27 (c)		115			120,763
Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/24 (c)		940			944,854

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
4.00%, 05/15/26 (c)	$	1,875		$	1,667,934
4.00%, 05/15/26 (c)		1,500			1,410,824
5.00%, 05/15/26 (c)		1,000			987,125
5.00%, 05/15/26 (c)		100			101,431
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		500			482,495
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c)		125			127,096
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 5.00%, 08/15/24 (c)		2,500			2,482,650
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.12%, 09/01/32 (c)		1,000			927,743
					15,870,057
Wyoming: 0.2%
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 05/15/29 (c)		4,500			3,537,225
Total Municipal Bonds: 98.6% (Cost: $1,943,586,794)					1,768,564,356
Other assets less liabilities: 1.4%					25,920,628
NET ASSETS: 100.0%				$	1,794,484,984

See Notes to Financial Statements

82

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
ST	Special Tax
TA	Tax Allocation

Footnotes:

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

Summary of Investments by Sector	% of Investments			Value
State GO		16.7	%	$	296,133,365
Local GO		15.3			270,266,800
Tax		14.7			260,105,745
Water & Sewer		7.9			139,395,631
Hospitals		7.0			124,150,739
Education		6.6			115,897,900
Toll & Turnpike		5.9			104,046,171
Transportation		5.7			101,629,826
Power		5.0			87,963,664
Leasing COPS & Appropriations		3.9			69,576,943
Utilities - Other		3.7			65,926,045
Airport		2.0			36,080,528
Miscellaneous		1.8			31,049,243
Multi-Family Housing		1.1			18,838,127
Single Family Housing		0.8			13,314,532
Industrial Development Revenue		0.6			11,401,184
Tobacco		0.6			10,598,316
Pollution Control		0.5			8,723,846
Health		0.2			2,875,061
Local		0.0			569,579
Unassigned		0.0			21,111
		100.0	%	$	1,768,564,356

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	1,768,564,356	$	—	$	1,768,564,356

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

83

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.2%
Alabama: 0.3%
City of Huntsville, Alabama Scholl, Series D (GO) 5.00%, 03/01/33 (c)	$	1,000		$	1,005,012
Arizona: 1.2%
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/29 (c)		500			413,759
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c)		1,000			969,093
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/30 (c)		750			767,546
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c)		750			596,145
Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB)
5.00%, 01/01/33 (c)		1,000			1,019,681
5.00%, 01/01/33 (c)		1,000			1,020,154
					4,786,378
Arkansas: 0.2%
City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM) 4.25%, 02/01/30 (c)		1,000			849,860
California: 17.4%
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 12/01/23 (c)		500			496,114
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/28 (c)		995			996,983
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/29 (c)		1,000			1,003,603
Alameda County, Pleasanton United School District (GO) 4.00%, 08/01/31 (c)		1,500			1,290,777

	Par   (000’s		)	Value
California (continued)
Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL) 5.00%, 10/01/25 (c)	$	500		$	502,571
Bay Area Toll Authority, Toll Bridge, Series S (RB) 4.00%, 04/01/27 (c)		1,000			874,786
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,350			1,099,177
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) 5.00%, 08/15/27 (c)		1,000			919,570
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c)		750			704,310
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB) 4.00%, 04/01/30 (c)		1,000			825,200
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) 4.00%, 11/01/27 (c)		1,000			897,331
California Health Facilities Financing Authority, Lucile Salter Packard Childrens Hospital, Series A (RB) 4.00%, 05/15/32 (c)		1,000			833,034
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c)		750			590,155
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/26 (c)		680			488,336
California Health Facilities Financing Authority, Series A (RB) 4.00%, 11/21/23 (c)		1,000			829,859
California Health Facilities Financing Authority, Series B (RB) 4.00%, 11/15/26 (c)		1,000			890,817
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/28 (c)		500			506,973

See Notes to Financial Statements

84

	Par   (000’s		)	Value
California (continued)
California State Public Works Board, Air Resources Board, Series D (RB) 4.00%, 05/01/32 (c)	$	500		$	433,584
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/31 (c)		840			723,677
Chabot-Las Positas Community College District, Series C (GO) 5.25%, 08/01/33 (c)		1,000			1,049,656
Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c)		500			510,568
Chaffey Joint Union High School District, Series G (GO) 5.25%, 08/01/32 (c)		1,000			1,039,251
Chino Valley Unified School District, Series B (GO) (SBG) 5.00%, 08/01/30 (c)		620			626,979
City and County of San Francisco, Public Utilities Commission Water, Series D (RB) 3.00%, 11/01/30 (c)		500			330,459
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/30 (c)		750			664,026
County of Bernardino, Raito Unified School District (GO) (BAM) 5.00%, 02/01/33 (c)		1,000			1,002,379
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/27 (c)		1,210			1,078,905
El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/30 (c)		630			548,354
Fremont Union High School District, Series A (GO) 4.00%, 08/01/27 (c)		500			445,191
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c)		325			223,086
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/28 (c)		1,000			891,927
Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST) 5.00%, 09/01/33 (c)		500			515,560
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/24 (c)		500			500,534

	Par   (000’s		)	Value
California (continued)
5.00%, 07/01/30 (c)	$	800		$	833,182
5.00%, 07/01/33 (c)		800			824,097
Los Angeles Department of Water and Power, Series B (RB)
5.00%, 01/01/31 (c)		1,000			1,022,280
5.25%, 01/01/33 (c)		500			523,993
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/31 (c)		500			510,238
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/32 (c)		500			514,982
5.00%, 07/01/32 (c)		750			767,994
Metropolitan Water District of Southern California, Series A (RB)
5.00%, 04/01/33 (c)		1,500			1,561,660
5.00%, 04/01/33 (c)		1,000			1,035,548
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c)		530			485,620
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/30 (c)		500			447,846
Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		900			779,996
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/26 (c)		1,015			917,414
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/32 (c)		1,000			849,784
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		570			516,844
Sacramento Area Flood Control Agency, Series A (SA) 5.00%, 10/01/26 (c)		1,500			1,500,566
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c)		500			426,172
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/27 (c)		610			612,371
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		750			756,203

See Notes to Financial Statements

85

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
San Diego Public Facilities Financing Authority, Series A (RB)
4.00%, 04/15/33 (c)	$	500		$	439,318
5.25%, 08/01/33 (c)		1,000			1,052,132
San Diego Unified School District, Series I (GO) 4.00%, 07/01/27 (c)		595			519,640
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c)		600			410,278
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c)		610			533,786
San Francisco City and County, International Airport, Series B (RB) 5.00%, 05/01/27 (c)		700			700,081
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/31 (c)		885			769,274
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		750			636,139
San Jacinto County, Transportation Authority, Limited Tax (RB) 4.00%, 03/01/27 (c)		1,000			894,461
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c)		825			617,330
San Jose Financing Authority Wastewater, Series B (RB) 5.00%, 11/01/32 (c)		1,500			1,552,809
San Mateo County Community College District, Series B (GO) 5.00%, 09/01/28 (c)		1,570			1,610,510
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/29 (c)		500			440,395
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c)		1,000			612,328
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/33 (c)		500			524,242
Southwestern Community College District, Series A (GO) 4.00%, 08/01/27 (c)		750			657,871
State of California, Various Purpose (GO) 3.00%, 10/01/29 (c)		500			354,755

	Par   (000’s		)	Value
California (continued)
3.00%, 12/01/30 (c)	$	400		$	301,014
3.62%, 04/01/26 (c)		645			534,728
4.00%, 10/01/29 (c)		500			450,144
5.00%, 10/01/27 (c)		660			675,441
5.00%, 10/01/28 (c)		935			948,782
5.00%, 11/01/27 (c)		515			523,829
5.00%, 12/13/23 (c)		1,000			1,001,381
5.00%, 04/01/29 (c)		1,000			1,016,091
5.00%, 04/01/33 (c)		1,500			1,580,237
5.00%, 09/01/31 (c)		630			657,017
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c)		875			898,501
Sunnyvale Financing Authority, Civic Center Project (RB) (AGM) 4.00%, 04/01/30 (c)		1,195			1,062,626
University of California, Series BN (RB)
5.00%, 05/15/33 (c)		1,000			1,054,875
5.00%, 05/15/33 (c)		1,000			1,060,131
University of California, Series EE (RB) 5.00%, 05/15/30 (c)		1,000			1,038,167
University of California, Series M (RB) 5.00%, 05/15/27 (c)		1,950			1,972,397
University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,000			1,010,424
University of California, Series Q (RB) 5.00%, 05/15/31 (c)		1,000			1,028,738
Ventura Unified School District, Series A (GO) 4.00%, 08/01/32 (c)		500			425,944
					68,786,338
Colorado: 2.0%
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/28 (c)		1,050			891,295
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 06/01/25 (c)		500			503,142
City of Colorado Springs, Utilities System, Series C (RB) 5.00%, 11/15/30 (c)		600			604,056
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/29 (c)		685			590,850
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		500			326,891
4.00%, 08/01/29 (c)		745			576,310
5.00%, 08/01/29 (c)		1,000			945,520

See Notes to Financial Statements

86

	Par   (000’s		)	Value
Colorado (continued)
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c)	$	500		$	465,185
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/24 (c)		250			228,191
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c)		850			499,759
State of Colorado, Series A (CP) 4.00%, 12/15/31 (c)		1,000			885,238
Weld County School District No. 5J (GO) (SAW) 4.00%, 12/01/30 (c)		1,000			847,106
Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c)		800			689,451
					8,052,994
Connecticut: 0.3%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) 4.70%, 11/15/31 (c)		500			469,125
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c)		750			719,204
					1,188,329
Delaware: 0.3%
State of Delaware (GO) 4.00%, 05/01/33 (c)		500			443,684
State of Delaware, Series A (GO) 4.00%, 05/01/33 (c)		1,000			894,148
					1,337,832
District of Columbia: 1.2%
District of Columbia, Children’s Hospital (RB) 5.00%, 01/15/26 (c)		500			475,273
District of Columbia, Income Tax, Series A (RB) 5.00%, 09/01/29 (c)		750			758,838
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/30 (c)		805			697,184
District of Columbia, Series A (RB)
2.62%, 03/01/30 (c)		575			368,559
3.00%, 03/01/30 (c)		275			203,209

	Par   (000’s		)	Value
District of Columbia (continued)
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM) 4.00%, 10/01/31 (c)	$	1,000		$	829,922
Washington Metropolitan Area Transit Authority, Series A (RB)
3.00%, 07/15/31 (c)		750			526,136
5.00%, 07/15/33 (c)		1,000			1,011,430
					4,870,551
Florida: 4.0%
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,055			989,233
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c)		845			725,021
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB)
4.00%, 11/01/29 (c)		1,000			784,604
5.00%, 11/01/29 (c)		1,000			917,658
City of Lakeland, Florida Hospital, Regional Health Systems (RB) 5.00%, 11/15/24 (c)		1,000			936,902
City of Orlando, Capital of Improvements, Series B (RB) 5.00%, 10/01/28 (c)		1,000			1,014,823
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c)		200			145,023
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c)		180			131,271
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/32 (c)		500			509,914
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		500			472,528
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB)
4.00%, 09/01/31 (c)		1,010			813,000
4.00%, 09/01/31 (c)		1,000			823,264
County of Broward, School District (GO) 5.00%, 07/01/31 (c)		665			674,551

See Notes to Financial Statements

87

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(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
County of Miami-Dade, Florida Seaport, Series A (RB) (AGM) 4.00%, 10/01/31 (c)	$	2,000		$	1,650,402
County of Miami-Dade, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c)		500			428,676
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c)		500			400,829
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c)		330			193,493
County of Saint Luce, School Board, Series A (CP) (AGM) 5.00%, 07/01/33 (c)		1,000			991,534
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/30 (c)		500			502,207
Fort Pierce Utilities Authority, Series A (RB) (AGM) 4.00%, 10/01/32 (c)		1,000			799,550
Halifax Hospital Medical Center (RB) 4.00%, 06/01/26 (c)		525			421,727
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c)		500			266,715
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/28 (c)		1,000			912,971
South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c)		750			506,071
					16,011,967
Georgia: 2.0%
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c)		660			570,114
County of Burke, Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		260			203,664
County of Clarke, Hospital Authority, Piedmont Healthcare, Inc., Series A (RB) 4.00%, 07/01/26 (c)		1,000			853,127
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/30 (c)		500			305,619

	Par   (000’s		)	Value
Georgia (continued)
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)
4.00%, 02/15/27 (c)	$	1,000		$	852,403
4.00%, 02/15/30 (c)		630			527,556
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c)		215			164,305
Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c)		500			334,044
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49		990			921,287
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c)		1,000			672,722
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) 4.50%, 07/01/32 (c)		500			426,600
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/28 (c)		500			464,356
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		855			763,822
State of Georgia, Series A (GO) 4.00%, 07/01/33 (c)		1,000			931,231
					7,990,850
Hawaii: 0.2%
City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c)		750			655,925
Idaho: 0.1%
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c)		500			463,653
Illinois: 4.4%
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c)		890			736,155
Chicago Transit Authority Sales Tax Receipts Fund (RB) 5.25%, 12/01/24 (c)		750			737,339
City of Chicago, Second Lien Water Project, Series A (RB) (AGM) 5.25%, 05/01/33 (c)		500			504,038
City of Chicago, Series A (GO) 5.50%, 01/01/30 (c)		750			748,427

See Notes to Financial Statements

88

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Wastewater Transmission Project, Series A (RB) (AGM) 5.25%, 07/01/33 (c)	$	500		$	504,816
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c)		1,000			859,071
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c)		500			441,010
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c)		1,000			940,544
Illinois Housing Development Authority, Series G (RB)
4.85%, 04/01/32 (c)		500			482,735
5.00%, 04/01/32 (c)		1,000			963,182
Illinois State Toll Highway Authority, Series A (RB)
4.00%, 01/01/32 (c)		1,000			846,566
5.00%, 01/01/31 (c)		1,000			999,368
Illinois State Toll Highway Authority, Series E (RB) 5.25%, 10/01/31 (c)		1,605			1,617,808
Illinois State, Series C (GO) 4.00%, 10/01/30 (c)		1,000			845,296
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) 5.00%, 12/15/25 (c)		735			677,368
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/31 (c)		1,500			1,253,506
Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS) 4.00%, 01/01/28 (c)		1,000			817,433
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c)		750			765,355
State of Illinois, Series A (GO)
5.00%, 03/01/31 (c)		1,250			1,174,867
5.00%, 05/01/28 (c)		630			595,513
State of Illinois, Series C (GO) 4.00%, 11/01/29 (c)		900			733,468
					17,243,865
Indiana: 0.7%
Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c)		300			307,235
Indiana Finance Authority, Indiana University Health Inc., Series A (RB) 5.00%, 10/01/33 (c)		1,000			974,004

	Par   (000’s		)	Value
Indiana (continued)
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB)
5.00%, 02/01/29 (c)	$	1,000		$	984,373
5.00%, 02/01/29 (c)		500			499,613
					2,765,225
Iowa: 0.4%
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		500			455,251
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/30 (c)		530			542,615
Iowa Finance Authority, Single Family Mortgage, Series C (RB) 4.85%, 01/01/33 (c)		500			482,018
					1,479,884
Kentucky: 0.4%
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)		1,225			964,437
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c)		750			632,627
					1,597,064
Louisiana: 0.8%
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM) 4.00%, 12/01/28 (c)		700			557,735
Louisiana Stadium and Exposition District, Series A (RB) 5.25%, 07/01/33 (c)		1,500			1,503,559
State of Louisiana, Series A (GO) 4.00%, 04/01/33 (c)		1,500			1,279,380
					3,340,674
Maine: 0.2%
Maine Turnpike Authority (RB) 4.00%, 07/01/30 (c)		750			607,357
Maryland: 1.5%
County of Baltimore, Metropolitan District (GO) 5.00%, 03/01/33 (c)		1,000			1,020,914
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c)		310			179,751

See Notes to Financial Statements

89

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(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c)	$	500		$	362,305
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c)		500			335,718
Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)		1,000			1,008,708
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,009,567
Montgomery County, Trinity Health Credit Group, Series MD (RB) 5.00%, 06/01/25 (c)		1,000			978,008
Washington Suburban Sanitary Commission (RB) 4.00%, 06/01/33 (c)		1,000			862,217
					5,757,188
Massachusetts: 4.0%
Commonwealth of Massachusetts Transportation, Series A (RB)
3.00%, 06/01/30 (c)		800			524,656
5.00%, 06/01/31 (c)		500			511,295
Commonwealth of Massachusetts Transportation, Series B (RB)
5.00%, 06/01/30 (c)		560			569,644
5.00%, 06/01/32 (c)		1,000			1,007,637
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/28 (c)		1,000			1,006,440
5.00%, 04/01/27 (c)		275			276,852
Commonwealth of Massachusetts, Series B (GO)
2.12%, 04/01/31 (c)		1,300			673,250
5.00%, 11/01/32 (c)		1,190			1,202,079
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c)		360			242,059
Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/30 (c)		750			761,168
Commonwealth of Massachusetts, Series E (GO) 5.00%, 11/01/30 (c)		605			614,430

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB)
4.00%, 07/01/31 (c)	$	800		$	663,667
4.00%, 07/01/33 (c)		1,000			826,187
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/28 (c)		500			474,979
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/25 (c)		500			465,372
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series G (RB) 5.25%, 07/01/33 (c)		1,000			953,079
Massachusetts Development Finance Agency, Boston University, Series FF (RB) 5.00%, 10/01/33 (c)		1,105			1,122,228
Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c)		1,900			1,900,849
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c)		305			307,072
Massachusetts School Building Authority, Sales Tax, Series A (RB)
5.00%, 02/15/29 (c)		1,055			1,061,735
5.00%, 08/15/30 (c)		750			755,766
					15,920,444
Michigan: 2.3%
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)		390			379,680
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		570			554,672
Michigan Finance Authority (RB) 5.00%, 05/15/25 (c)		225			228,434
Michigan Finance Authority, Beaumont Health, Series A (RB) 5.00%, 11/01/25 (c)		1,000			950,113
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c)		500			490,093

See Notes to Financial Statements

90

	Par   (000’s		)	Value
Michigan (continued)
Michigan State Building Authority, Facilities Program, Series I (RB) 5.00%, 10/15/25 (c)	$	500		$	500,781
Michigan State Housing Development Authority (RB) 4.88%, 10/01/32 (c)		1,000			964,787
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/24 (c)		725			644,063
Michigan State Housing Development Authority, Series A-1 (RB)
3.35%, 10/01/28 (c)		500			349,340
3.60%, 10/01/28 (c)		1,000			702,047
Michigan State University, Board of Trustee, Series B (RB) 5.00%, 02/15/29 (c)		765			767,645
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/33 (c)		2,000			2,055,371
State of Michigan, Trunk Line Fund, Series A (RB) 4.00%, 11/15/31 (c)		620			530,761
					9,117,787
Minnesota: 0.6%
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c)		530			361,825
Minnesota Housing Finance Agency Residential Housing, Series I (RB)
2.15%, 01/01/30 (c)		890			556,210
3.00%, 01/01/30 (c)		415			392,587
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 01/01/32 (c)		500			501,048
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/31 (c)		500			455,890
					2,267,560
Mississippi: 0.1%
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/26 (c)		500			473,574
Missouri: 0.8%
County of Jackson, Series A (RB)
4.25%, 12/01/33 (c)		1,000			840,003
4.38%, 12/01/33 (c)		1,000			850,243

	Par   (000’s		)	Value
Missouri (continued)
Missouri State Health and Educational Facilities Authority, Mercy Health, Series C (RB) 4.00%, 11/15/27 (c)	$	500		$	402,731
Missouri State Health and Educational Facilities Authority, Mercy Health, Series F (RB) 4.25%, 11/15/24 (c)		1,000			854,005
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c)		190			129,644
					3,076,626
Nebraska: 0.7%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/42		500			470,174
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c)		550			453,961
Nebraska Investment Finance Authority, Single Family Housing, Series E (RB) 4.80%, 03/01/32 (c)		500			466,282
Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c)		750			632,369
University of Nebraska Facilities Corp., Series A (RB) 4.00%, 07/15/31 (c)		750			606,519
					2,629,305
Nevada: 0.8%
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		390			363,738
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c)		675			559,645
County of Clarke, School District, Limited Tax, Series A (GO) 4.00%, 06/15/33 (c)		1,000			852,246
County of Clarke, Water Reclamation District, Limited Tax (GO) 5.00%, 07/01/33 (c)		1,000			1,014,044
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c)		275			276,280
					3,065,953

See Notes to Financial Statements

91

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(unaudited) (continued)

	Par   (000’s		)	Value
New Hampshire: 0.1%
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c)	$	500		$	337,419
New Jersey: 2.9%
Hudson County Improvement Authority, Courthouse Project (RB) 4.00%, 10/01/30 (c)		1,000			847,312
New Jersey Economic Development Authority School Facilities, Series FFF (RB) 4.62%, 12/15/28 (c)		1,000			915,427
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/31 (c)		500			302,143
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c)		490			259,446
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 4.00%, 07/01/26 (c)		800			673,084
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/31 (c)		555			490,412
New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 04/01/32 (c)		500			466,183
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.25%, 06/15/24 (c)		640			569,840
4.50%, 12/15/28 (c)		910			831,476
5.00%, 06/15/25 (c)		1,000			963,151
New Jersey Transportation Trust Fund Authority, Series BB (RB)
3.50%, 12/15/28 (c)		365			280,793
4.00%, 12/15/28 (c)		1,000			856,473
New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/29 (c)		1,280			1,092,937
4.00%, 01/01/31 (c)		1,000			840,647
New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c)		955			927,689

	Par   (000’s		)	Value
New Jersey (continued)
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/30 (c)	$	500		$	474,700
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c)		500			469,101
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c)		465			431,719
					11,692,533
New Mexico: 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c)		175			155,656
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c)		290			232,492
					388,148
New York: 20.7%
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c)		1,000			876,549
City of New York, Series A (GO)
4.00%, 08/01/31 (c)		1,000			836,184
4.12%, 08/01/33 (c)		2,000			1,689,501
City of New York, Series C (GO)
4.00%, 08/01/30 (c)		1,000			882,267
5.00%, 08/01/30 (c)		500			505,322
City of New York, Series D (GO) (BAM)
4.00%, 03/01/30 (c)		1,000			837,080
5.00%, 03/01/30 (c)		1,000			1,010,085
City of New York, Series F (GO) 5.00%, 03/01/31 (c)		1,000			994,950
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c)		900			744,615
Dutchess County Local Development Corp., Bard College Project, Series A (RB) 5.00%, 07/01/30 (c)		1,000			891,862
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c)		645			640,182
Hudson Yards Infrastructure Corp., Series A (RB) (AGM) 4.00%, 02/15/27 (c)		1,000			850,447
Long Island Power Authority Electric System (RB) 5.00%, 09/01/27 (c)		1,500			1,502,876

See Notes to Financial Statements

92

	Par   (000’s		)	Value
New York (continued)
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 09/01/25 (c)	$	1,000		$	997,319
Metropolitan Transportation Authority, Series A (RB) 4.00%, 05/15/32 (c)		1,000			818,234
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c)		715			706,726
Metropolitan Transportation Authority, Series A-1 (RB)
4.00%, 05/15/27 (c)		400			336,113
4.00%, 05/15/31 (c)		1,000			802,573
5.00%, 05/15/25 (c)		590			573,027
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/26 (c)		500			494,289
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c)		1,000			838,871
Metropolitan Transportation Authority, Series C-1 (RB)
4.75%, 05/15/30 (c)		1,000			920,438
5.25%, 11/15/26 (c)		1,050			1,022,441
Metropolitan Transportation Authority, Series D (RB)
4.00%, 05/15/28 (c)		1,245			1,053,406
4.00%, 05/15/28 (c)		250			204,820
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/23 (c)		600			586,740
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/30 (c)		650			492,570
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/21/23 (c)		1,000			931,179
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c)		500			423,662
New York City Housing Development Corp., Housing Impact, Series A (RB) 4.80%, 08/01/31 (c)		500			462,837
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) 4.85%, 06/01/31 (c)		500			466,285
New York City Housing Development Corp., Multi- Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c)		800			505,445

	Par   (000’s		)	Value
New York (continued)
New York City Housing Development Corp., Multi- Family Housing, Series I-1 (RB) 2.35%, 02/01/29 (c)	$	525		$	345,075
New York City Housing Development Corp., Multi- Family Housing, Series J (RB) 3.05%, 09/01/27 (c)		555			364,129
New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB)
4.00%, 12/15/30 (c)		1,000			844,293
5.00%, 06/15/31 (c)		850			855,305
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB)
4.00%, 12/15/31 (c)		2,000			1,723,805
5.00%, 12/15/29 (c)		1,000			997,160
5.00%, 12/15/31 (c)		955			971,523
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB)
3.75%, 11/21/23 (c)		710			568,999
4.00%, 12/15/31 (c)		500			418,323
4.00%, 06/15/24 (c)		500			431,653
5.00%, 12/15/31 (c)		1,000			1,003,960
5.00%, 06/15/24 (c)		1,000			989,514
5.00%, 06/15/31 (c)		500			502,236
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/33 (c)		1,000			873,883
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) (SBG) 5.00%, 06/15/30 (c)		1,000			1,024,442
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW)
3.00%, 07/15/29 (c)		350			234,109
5.00%, 07/15/28 (c)		500			502,206
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.25%, 11/01/33 (c)		1,000			1,025,467
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/31 (c)		1,500			1,326,078
4.00%, 08/01/31 (c)		1,000			862,675
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 4.00%, 11/01/30 (c)		1,000			869,063

See Notes to Financial Statements

93

VANECK LONG MUNI ETF

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(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
4.00%, 11/01/30 (c)	$	500		$	445,894
4.00%, 05/01/29 (c)		1,120			989,629
5.00%, 02/01/32 (c)		565			572,195
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/30 (c)		500			425,202
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
2.25%, 02/01/31 (c)		650			338,034
4.00%, 02/01/27 (c)		1,000			869,868
5.00%, 02/01/27 (c)		1,000			992,344
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
4.00%, 02/01/32 (c)		1,000			839,223
5.25%, 02/01/33 (c)		1,000			1,027,369
New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c)		640			540,348
New York City, Series B-1 (GO) 5.25%, 10/01/32 (c)		1,000			1,037,978
New York City, Series D-1 (GO) 5.00%, 12/01/28 (c)		1,000			1,003,870
New York Convention Center Development Corp., Series A (RB) 0.00%, 11/15/54 ^		170			27,293
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/30 (c)		620			529,151
New York State Dormitory Authority, New School, Series A (RB)
4.00%, 01/01/27 (c)		475			382,039
5.00%, 01/01/27 (c)		420			398,706
New York State Dormitory Authority, Personal Income Tax, Series A (RB)
3.00%, 09/15/30 (c)		500			364,077
5.00%, 03/15/31 (c)		500			499,298
New York State Dormitory Authority, Personal Income Tax, Series B (RB)
5.00%, 02/15/25 (c)		730			725,585
5.00%, 08/15/27 (c)		1,500			1,501,809
New York State Dormitory Authority, Sales Tax, Series A (RB) 4.00%, 03/15/28 (c)		1,000			835,205
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c)		550			434,714

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Sales Tax, Series A (RB)
4.00%, 03/15/27 (c)	$	800		$	670,307
4.00%, 03/15/33 (c)		1,000			836,447
5.00%, 03/15/28 (c)		1,000			1,004,392
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c)		1,000			1,008,430
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c)		500			497,878
New York State Mortgage Agency, Homeowner Mortgage (RB) 4.90%, 04/01/32 (c)		1,355			1,283,687
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c)		330			190,976
New York State Power Authority, Green Transmission Project, Series A (RB) (AGM) 4.00%, 11/15/31 (c)		1,000			795,696
New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c)		500			414,289
New York State Thruway Authority, Junior Indebtedness, Series B (RB) 4.00%, 01/01/30 (c)		1,440			1,210,951
New York State Thruway Authority, Personal Income Tax, Series A (RB)
4.00%, 03/15/31 (c)		1,000			831,023
5.00%, 09/15/32 (c)		1,000			1,001,263
New York State Thruway Authority, Series A (RB) 5.00%, 01/01/26 (c)		1,000			992,659
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/28 (c)		500			499,842
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 09/15/30 (c)		550			373,775
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 09/15/31 (c)		1,000			668,106
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c)		820			819,939

See Notes to Financial Statements

94

	Par   (000’s		)	Value
New York (continued)
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c)	$	925		$	790,410
Port Authority of New York & New Jersey (RB)
5.00%, 10/15/25 (c)		1,000			1,005,612
5.00%, 12/01/23 (c)		500			500,589
5.00%, 07/15/33 (c)		1,000			1,013,587
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)		940			834,165
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB)
4.00%, 11/15/32 (c)		840			684,778
4.25%, 05/15/33 (c)		1,000			855,206
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB)
5.00%, 05/15/28 (c)		500			491,200
5.25%, 11/15/33 (c)		750			762,187
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
4.00%, 11/15/31 (c)		750			634,789
5.00%, 11/15/31 (c)		1,000			991,409
5.00%, 11/15/33 (c)		1,000			1,016,393
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 11/15/32 (c)		500			470,579
Triborough Bridge and Tunnel Authority, Series A (RB)
4.00%, 05/15/28 (c)		1,000			847,541
5.00%, 11/15/30 (c)		1,000			995,734
5.00%, 11/15/30 (c)		750			741,654
					82,148,117
North Carolina: 0.9%
Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c)		600			524,801
City of Raleigh, North Carolina Combine Enterprise System (RB) 4.00%, 09/01/33 (c)		610			538,250
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/31 (c)		500			487,451
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/30 (c)		750			717,929
5.00%, 01/01/30 (c)		500			485,740

	Par   (000’s		)	Value
North Carolina (continued)
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45	$	800		$	788,032
					3,542,203
North Dakota: 0.2%
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/32 (c)		1,000			919,101
Ohio: 2.2%
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 4.00%, 06/01/30 (c)		1,000			800,352
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
4.00%, 02/01/28 (c)		510			415,042
5.00%, 11/01/24 (c)		600			589,419
County of Cuyahoga, Ohio Hospital, Metrohealth System (RB) 5.00%, 02/15/27 (c)		1,000			927,214
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/27 (c)		1,000			866,611
5.25%, 02/15/27 (c)		1,000			947,679
County of Franklin, Ohio Various Purpose Sales Tax (RB) 5.00%, 06/01/28 (c)		1,075			1,081,501
County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		250			210,127
County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB) 5.00%, 08/15/27 (c)		1,000			970,413
Ohio Higher Educational Facility Commission, Oberlin College Project (RB) 5.00%, 10/01/33 (c)		500			505,435
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		500			510,902
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c)		835			727,070
					8,551,765
Oklahoma: 0.2%
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/27 (c)		700			602,916

See Notes to Financial Statements

95

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Oregon: 0.9%
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 06/01/33 (c)	$	500		$	514,850
Multnomah County School District No. 1J, Series B (GO) (SBG)
2.00%, 06/15/30 (c)		550			316,723
3.25%, 06/15/27 (c)		295			223,537
Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c)		1,000			817,778
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c)		935			656,733
University of Oregon, Series A (RB) 5.00%, 04/01/30 (c)		1,000			1,004,001
					3,533,622
Pennsylvania: 4.2%
Allegheny County Hospital Development Authority, Allegheny Health Network, Series A (RB) 5.00%, 04/01/28 (c)		1,000			936,833
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/30 (c)		645			515,299
City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB)
5.00%, 10/01/27 (c)		500			486,676
5.00%, 10/01/27 (c)		500			491,467
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c)		1,170			939,587
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c)		280			261,315
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c)		1,000			923,614
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c)		1,000			944,234
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB) 5.25%, 07/01/29 (c)		1,000			922,759

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/30 (c)	$	500		$	311,802
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) 4.85%, 10/01/32 (c)		500			480,248
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c)		260			207,910
Pennsylvania State University (RB) 5.25%, 09/01/33 (c)		1,000			1,033,172
Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c)		155			150,457
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c)		290			287,464
Pennsylvania Turnpike Commission, Oil Franchise, Series A (RB) (BAM) 4.00%, 12/01/31 (c)		1,000			830,349
Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/24 (c)		1,000			990,673
Pennsylvania Turnpike Commission, Series A (RB) (AGM) 4.00%, 12/01/29 (c)		1,045			870,088
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c)		900			892,700
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/31 (c)		1,000			868,484
4.00%, 12/01/31 (c)		1,000			829,126
5.00%, 12/01/30 (c)		800			803,339
Philadelphia Gas Works Co. (RB) 5.00%, 08/01/27 (c)		805			763,145
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/29 (c)		1,105			936,333
					16,677,074
Rhode Island: 0.1%
State of Rhode Island, Series A (GO) 4.12%, 08/01/32 (c)		600			540,508
South Carolina: 1.3%
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 06/01/30 (c)		1,355			1,127,927

See Notes to Financial Statements

96

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/28 (c)	$	1,000		$	948,185
South Carolina Public Service Authority, Santee Cooper, Series A (RB)
4.00%, 06/01/32 (c)		500			387,163
5.12%, 12/01/23 (c)		1,000			971,019
South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/25 (c)		1,000			963,722
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/31 (c)		820			825,418
					5,223,434
Tennessee: 0.9%
City of Memphis (GO) 4.00%, 05/01/28 (c)		665			581,561
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) 5.00%, 07/01/26 (c)		1,500			1,454,481
Tennessee Housing Development Agency, Residential Finance Program (RB)
2.95%, 01/01/29 (c)		335			221,037
3.60%, 01/01/27 (c)		225			213,200
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c)		185			168,507
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/27 (c)		1,040			1,044,761
					3,683,547
Texas: 11.3%
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/31 (c)		1,000			648,317
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/29 (c)		675			550,336
Austin Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/01/33 (c)		1,000			824,514
Board of Regents of the University of Texas System, Series A (RB)
3.00%, 08/15/31 (c)		525			382,818
4.00%, 07/01/33 (c)		500			446,029

	Par   (000’s		)	Value
Texas (continued)
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)	$	650		$	562,915
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c)		750			735,013
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/29 (c)		1,375			1,384,218
City of Austin, Waterwaste System (RB) 5.00%, 05/15/33 (c)		1,000			1,020,353
City of El Paso (GO) 4.00%, 08/15/29 (c)		950			786,832
City of Houston, Texas Public Improvement, Series A (GO) 5.25%, 03/01/33 (c)		750			783,369
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/30 (c)		650			531,954
City of Royse, Independent School District (GO) 5.00%, 02/15/33 (c)		950			960,958
City of San Antonio, Texas Electric & Gas Systems (RB)
5.00%, 02/01/24 (c)		605			601,904
5.00%, 02/01/32 (c)		500			501,246
Colin and Kaufman Counties, School Independent District (GO) 4.00%, 02/15/33 (c)		1,000			825,570
County of Collin, Limited Tax (GO) 4.00%, 02/15/33 (c)		1,000			864,939
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c)		600			365,350
Dallas Fort Worth International Airport, Series B (RB) 4.00%, 11/01/30 (c)		3,000			2,543,491
Dallas Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/32 (c)		1,000			835,737
Denton Independent School District, Unlimited Tax School (GO) 5.00%, 08/15/33 (c)		1,000			1,017,748
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/29 (c)		1,000			840,468
Ford Bens County, Unlimited Tax Road (GO) 5.25%, 03/01/33 (c)		1,000			1,030,163

See Notes to Financial Statements

97

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c)	$	770		$	622,097
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c)		640			635,637
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 06/01/25 (c)		590			477,940
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)
3.00%, 10/01/31 (c)		1,145			846,705
4.00%, 10/01/31 (c)		1,000			837,495
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/29 (c)		500			432,144
Harris County, Hospital District (RB) 4.00%, 02/15/26 (c)		560			456,030
Harris County, Humble Independent School District (GO) 5.00%, 02/15/32 (c)		1,000			1,007,429
Harris County, Texas Toll Road, Series A (RB) 4.00%, 02/15/28 (c)		2,000			1,653,351
Katy Independent School District (GO) 4.00%, 02/15/32 (c)		750			622,415
Leander Independent School District, Series A (GO) 0.00%, 08/16/26 (c) ^		900			329,960
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB) 5.00%, 05/15/28 (c)		1,000			983,576
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c)		1,000			824,070
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/31 (c)		1,000			857,283
Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO) 5.00%, 02/15/29 (c)		1,000			1,001,613
Plano Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/32 (c)		1,000			1,027,026

	Par   (000’s		)	Value
Texas (continued)
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c)	$	900		$	890,842
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 07/01/32 (c)		1,000			992,335
Tarrant County, Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 4.00%, 07/01/32 (c)		1,220			939,454
Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB) 5.25%, 01/01/32 (c)		1,000			992,869
Texas Water Development Board (RB)
4.00%, 10/15/30 (c)		500			436,794
4.75%, 10/15/32 (c)		655			643,755
4.80%, 10/15/32 (c)		1,000			959,376
5.00%, 10/15/33 (c)		1,000			1,004,536
Texas Water Development Board, Series A (RB)
4.00%, 10/15/29 (c)		990			837,272
5.00%, 04/15/28 (c)		840			843,606
Texas Water Development Board, Series B (RB) 4.00%, 10/15/28 (c)		1,000			872,551
Tomball Independent School District (GO)
4.00%, 02/15/30 (c)		1,000			854,241
5.00%, 02/15/33 (c)		1,000			1,027,106
University of Houston, Series A (RB) 5.00%, 02/15/32 (c)		500			499,849
University of Texas, Series A (RB) 5.00%, 08/15/32 (c)		500			514,435
Waller Independent School District, Series A (GO) 4.00%, 02/15/33 (c)		500			425,674
Ysleta Independent School District (GO) 5.00%, 02/15/32 (c)		500			502,610
					44,896,318
Utah: 0.6%
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c)		360			355,447
University of Utah, Board of Higher Education (RB)
5.00%, 08/01/31 (c)		1,160			1,181,349
5.00%, 08/01/32 (c)		585			602,447

See Notes to Financial Statements

98

	Par   (000’s		)	Value
Utah (continued)
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/26 (c)	$	210		$	145,044
					2,284,287
Virginia: 1.3%
Hampton Roads Transportation Accountability Commission, Series A (RB)
4.00%, 07/01/32 (c)		600			499,758
5.00%, 07/01/30 (c)		500			504,438
5.00%, 07/01/30 (c)		625			632,393
Rector and Visitors of Virginia University, Series A (RB) 4.00%, 04/01/25 (c)		500			439,457
University of Virginia, Series A (RB) 5.00%, 04/01/27 (c)		1,000			1,013,268
Virginia Commonwealth Transportation Board, US Route 58, Corridor Development Program, Series A (RB) 4.00%, 05/15/33 (c)		500			426,429
Virginia Small Business Financing Authority Health Facilities, Bon Secours Mercy Health, Series A (RB) 4.00%, 06/01/30 (c)		500			400,230
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c)		500			399,611
Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AGM) 4.38%, 07/01/33 (c)		1,000			847,143
					5,162,727
Washington: 2.0%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB) 5.00%, 11/01/26 (c)		1,000			1,011,022
City of Seattle, Washington Municipal Light and Power Improvement, Series A (RB) 5.00%, 03/01/33 (c)		1,000			1,002,637
Energy Northwest, Columbia Generating Station Electric, Series A (RB)
4.00%, 07/01/31 (c)		1,000			881,936
5.00%, 07/01/31 (c)		600			620,569
King County, Highline School District No. 401, Unlimited Tax (GO) (SBG) 4.00%, 12/01/32 (c)		500			440,206

	Par   (000’s		)	Value
Washington (continued)
King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c)	$	650		$	541,310
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/29 (c)		1,000			1,019,106
5.00%, 08/01/31 (c)		1,590			1,631,491
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c)		800			813,286
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)		205			159,499
					8,121,062
West Virginia: 0.4%
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 4.38%, 06/01/33 (c)		1,000			857,902
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/31 (c)		620			627,150
					1,485,052
Wisconsin: 1.0%
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/25 (c)		500			428,651
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/27 (c)		1,000			827,558
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c)		1,000			894,651
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB)
4.85%, 09/01/32 (c)		1,000			959,664
5.00%, 09/01/32 (c)		1,000			976,552
					4,087,076
Total Municipal Bonds: 98.2% (Cost: $445,523,456)					389,219,104
Other assets less liabilities: 1.8%					7,107,061
NET ASSETS: 100.0%				$	396,326,165

See Notes to Financial Statements

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(unaudited) (continued)

Definitions:
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
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 when the security may be redeemed by the issuer
(p)	Putable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond

Summary of Investments by Sector	% of Investments			Value
Hospitals		14.9	%	$	57,870,177
Local GO		14.7			57,162,657
Tax		14.3			55,487,625
Water & Sewer		9.9			38,475,387
Education		7.8			30,290,394
Toll & Turnpike		6.7			26,175,477
State GO		6.5			25,385,530
Transportation		5.9			23,139,364
Single Family Housing		4.1			16,026,189
Power		3.9			15,229,600
Leasing COPS & Appropriations		3.1			12,012,654
Airport		2.2			8,725,083
Utilities - Other		1.9			7,515,220
Multi-Family Housing		1.2			4,804,009
Tobacco		0.9			3,634,515
Miscellaneous		0.9			3,425,444
Health		0.6			2,182,020
Industrial Development Revenue		0.3			1,245,661
Refunded		0.1			228,434
Pollution Control		0.1			203,664
		100.0	%	$	389,219,104

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	389,219,104	$	—	$	389,219,104

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

100

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October 31, 2023 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 2.0%
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p)	$	2,100		$	2,023,301
City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB) 5.50%, 06/01/26 (c)		500			460,459
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		390			405,471
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,000			977,657
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		2,000			1,352,365
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		2,156			1,909,009
					7,128,262
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28		250			257,526
Arizona: 2.0%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			458,404
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) 4.75%, 12/01/23 (c)		1,085			1,037,135
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31		925			886,360
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		445			413,404
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			459,421

	Par   (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33	$	464		$	404,087
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/29 (c)		1,000			1,019,257
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c)		500			514,134
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25		225			219,759
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		1,390			1,299,908
Salt Verde Financial Corp. (RB)
5.25%, 12/01/24		65			65,252
5.25%, 12/01/28		10			10,101
5.50%, 12/01/29		370			378,497
					7,165,719
Arkansas: 0.6%
Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB) 5.00%, 09/01/27 (c) (p)		2,000			2,041,052
California: 7.7%
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26		440			433,546
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p)		1,000			993,942
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p)		3,000			2,936,935
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		1,876			1,768,604
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c)		1,340			1,380,823
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27		50			50,632

See Notes to Financial Statements

101

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(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
5.00%, 02/01/27 (c)	$	50		$	50,609
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/27		610			616,342
5.00%, 06/30/28		220			223,272
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c)		260			263,592
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		6,625			6,202,342
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		1,000			50,000
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,360			176,800
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB)
3.38%, 07/01/25		400			389,354
3.62%, 07/01/25 (c)		2,000			1,917,912
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/21/23 (c)		1,500			1,380,471
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27		1,000			933,867
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 12/01/23 (c)		2			1,860
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 05/31/22 (c)		7			6,279
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c)		300			300,985

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)	$	350		$	350,269
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		250			248,524
City and County of San Francisco, Airport Commission, International Airport, Series H (RB)
5.00%, 05/01/26		500			505,920
5.00%, 05/01/27		500			508,373
5.00%, 05/01/29		500			512,739
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		5			5,000
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c)		1,000			929,393
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		250			254,453
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		115			121,901
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c)		785			734,231
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26		110			111,832
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		260			269,395
Oakland Unified School District (GO) 5.00%, 08/01/26		380			391,540
Palomar Health (RB)
5.00%, 11/01/25		250			250,400
5.00%, 11/01/26 (c)		90			89,895
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		110			110,406
River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM) 5.00%, 09/01/29 (c)		500			542,401

See Notes to Financial Statements

102

	Par   (000’s		)	Value
California (continued)
San Francisco Community College District (GO)
5.00%, 06/15/25	$	1,000		$	1,023,023
5.00%, 06/15/25 (c)		205			209,324
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		370			118,400
					27,365,586
Colorado: 1.6%
City and County of Broomfield, Arista Metropolitan District, Series A (GO) 4.38%, 12/01/23 (c)		500			468,201
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c)		295			300,205
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 12/01/23 (c)		1,000			937,589
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 12/01/23 (c)		1,000			866,441
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c)		600			601,164
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		535			486,019
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c)		500			452,741
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		140			144,914
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		200			181,580
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c)		500			446,593
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c)		1,000			802,745
					5,688,192
Connecticut: 0.6%
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		120			109,875

	Par   (000’s		)	Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)
5.00%, 07/01/27	$	430		$	420,971
5.00%, 07/01/29		300			291,060
Harbor Point Infrastructure Improvement District, Harbor Point Project (TA) 5.00%, 04/01/27 (c)		900			894,172
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c)		450			418,501
					2,134,579
Delaware: 0.3%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		1,000			911,654
District of Columbia: 0.1%
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30		500			460,598
Florida: 4.7%
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31		1,540			1,383,133
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/24 (c)		350			312,780
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/26 (c)		535			467,312
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c)		500			538,841
City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		500			517,576
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27		600			619,438
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		290			289,501
County of Broward, School District, Series B (CP) 5.00%, 07/01/27 (c)		315			324,408

See Notes to Financial Statements

103

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(unaudited) (continued)

	Par   (000’s		)	Value
Florida (continued)
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c)	$	1,500		$	1,512,263
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		315			296,269
County of Miami-Dade, School Board, Series D (CP) 5.00%, 02/01/26 (c)		120			121,962
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		500			499,275
County of St. Lucie, School District, Sales Tax (RB) (AGM) 5.00%, 10/01/25		250			254,569
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32		500			473,052
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/29 (c)		500			488,389
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/27 (c)		470			415,735
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27		145			138,695
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) 6.50%, 01/01/29 (c) (p)		2,750			2,599,156
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)
5.00%, 12/01/23 (c)		500			460,363
6.12%, 07/01/26 (c) (p)		1,750			1,728,966
JEA Electric System, Series B (RB) 5.00%, 10/01/27 (c)		110			113,623
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/24		250			251,008

	Par   (000’s		)	Value
Florida (continued)
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33	$	2,000		$	1,919,819
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		465			450,401
Village Community Development District No. 13 (SA)
2.62%, 05/01/24		125			123,612
3.00%, 05/01/29		235			212,669
					16,512,815
Georgia: 2.3%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23		250			112,500
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p)		1,000			977,420
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		250			239,314
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		380			376,248
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB)
5.00%, 06/01/25		300			305,586
5.00%, 06/01/28		250			263,972
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/25 (c)		1,500			1,476,085
Main Street Natural Gas, Inc., Series A-1 (RB) 5.50%, 09/15/25		135			135,996
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 11/01/27 (c) (p)		2,000			1,863,096
4.00%, 09/01/26 (c) (p)		2,000			1,943,379
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		250			241,574

See Notes to Financial Statements

104

	Par   (000’s		)	Value
Georgia (continued)
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c)	$	200		$	188,937
					8,124,107
Guam: 1.6%
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		360			358,807
Guam Government, Business Privilege Tax, Series F (RB)
5.00%, 01/01/30		1,000			1,008,580
5.00%, 01/01/31		1,000			1,006,427
Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25		190			183,366
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28		250			253,430
Guam Government, Series A (RB)
5.00%, 12/01/24		1,000			1,002,531
5.00%, 12/01/25		1,000			1,004,310
Guam Power Authority, Series A (RB) 5.00%, 10/01/32 (c)		880			895,179
					5,712,630
Hawaii: 0.3%
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26		1,500			1,130,509
Illinois: 14.0%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			995,301
5.00%, 12/01/29 (c)		1,000			988,818
5.00%, 12/01/30 (c)		2,000			1,966,995
5.00%, 12/01/30 (c)		1,500			1,470,869
7.00%, 12/01/25 (c)		200			207,358
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/28 (c)		200			201,009
5.00%, 12/01/28 (c)		250			249,084
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/26		230			230,464
5.50%, 12/01/31		1,000			1,008,516
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/28 ^		795			619,169
0.01%, 12/01/24		310			293,882
0.01%, 12/01/26		310			266,441

	Par   (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series B (GO)
5.00%, 12/01/23 (c)	$	2,215		$	2,110,296
5.00%, 12/01/29		1,250			1,243,906
5.00%, 12/01/29 (c)		1,950			1,917,821
5.00%, 12/01/29 (c)		1,250			1,236,022
5.00%, 12/01/29 (c)		2,000			1,972,499
5.00%, 12/01/29 (c)		1,400			1,372,811
5.00%, 12/01/30		2,000			1,981,134
5.00%, 12/01/30 (c)		2,000			1,972,499
Chicago Board of Education, Series C (GO)
5.00%, 12/01/24		1,000			1,000,509
5.00%, 12/01/27		500			501,809
5.00%, 12/01/27 (c)		1,560			1,540,567
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		1,320			1,287,278
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		750			741,885
Chicago Midway International Airport, Series B (RB) 5.00%, 02/06/24 (c)		260			260,698
Chicago O’Hare International Airport, Series B (RB)
4.00%, 12/01/23 (c)		1,000			962,452
5.00%, 01/01/25 (c)		105			104,991
5.00%, 01/01/25 (c)		295			294,954
5.00%, 01/01/25 (c)		190			189,960
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^		575			424,443
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/24 ^		515			488,222
0.00%, 12/01/25 ^		560			505,545
0.00%, 12/01/26 ^		490			421,149
0.00%, 12/01/28 ^		1,515			1,179,926
0.00%, 12/01/29 ^		585			431,825
0.01%, 12/01/30		190			132,913
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/24		115			115,322
5.00%, 06/01/25		1,000			1,008,068
5.00%, 06/01/26		535			544,082
Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25		1,000			1,008,068
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		280			281,490

See Notes to Financial Statements

105

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Second Lien Water (RB)
5.00%, 11/01/24 (c)	$	270		$	271,392
5.00%, 11/01/24 (c)		100			100,337
5.00%, 11/01/24 (c)		150			150,739
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/26 (c)		100			101,219
City of Chicago, Series A (GO)
5.00%, 01/01/30		1,500			1,531,793
5.25%, 01/01/24 (c)		125			125,257
5.25%, 01/01/24 (c)		55			55,022
County of Cook, Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		240			237,511
County of Cook, Series A (GO) 5.00%, 11/15/26 (c)		500			512,828
Eastern Illinois Economic Development Authority (RB) 5.00%, 11/01/28 (c)		1,000			927,757
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c)		500			438,224
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) *		1,190			321,300
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/26 (c)		250			236,762
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 12/01/23 (c)		100			96,085
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)		205			194,440
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c)		785			796,282
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		395			391,368
5.00%, 06/15/29		545			536,971
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		260			226,690
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^		130			123,503
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c)		500			513,211

	Par   (000’s		)	Value
Illinois (continued)
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^	$	115		$	92,699
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)		330			338,577
State of Illinois (GO)
3.50%, 06/01/26 (c)		350			321,878
4.12%, 11/01/26 (c)		100			96,035
5.00%, 02/01/24 (c)		150			150,031
5.00%, 05/01/24 (c)		100			99,630
State of Illinois, Sales Tax (RB)
4.00%, 06/15/26 (c)		810			798,015
5.00%, 12/01/23 (c)		190			190,977
5.00%, 12/01/23 (c)		285			285,163
5.00%, 06/15/26		235			238,461
State of Illinois, Series A (GO) 5.00%, 03/01/31 (c)		2,200			2,256,141
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		315			321,494
State of Illinois, Series D (GO) 5.00%, 11/01/27 (c)		460			470,423
					49,279,265
Indiana: 1.2%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/23 (c)		240			224,889
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		2,015			1,933,562
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		2,000			1,930,087
					4,088,538
Iowa: 1.0%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		945			877,021
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p)		2,000			1,817,134
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c)		300			290,344
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		530			508,501
					3,493,000

See Notes to Financial Statements

106

	Par   (000’s		)	Value
Kansas: 0.2%
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 11/21/23 (c)	$	150		$	139,700
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		600			493,964
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25		100			100,001
					733,665
Kentucky: 0.9%
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32		2,000			1,850,189
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c)		140			142,225
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		140			143,994
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB)
5.00%, 11/01/25		630			640,830
5.00%, 11/01/26 (c)		325			332,414
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		65			62,068
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c)		175			176,290
					3,348,010
Louisiana: 2.2%
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27		1,025			974,828
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29		150			139,438
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/25 (c)		305			311,952

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)	$	4,310		$	3,846,136
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%, 06/01/30 (p)		1,500			1,566,679
6.10%, 06/01/30 (p)		1,000			1,044,470
					7,883,512
Maryland: 1.3%
City of Baltimore, Convention Center Hotel (RB) 5.00%, 09/01/27 (c)		1,200			1,141,238
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		200			192,685
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		300			294,555
County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		200			191,613
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/23 (c)		695			701,114
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30		2,000			1,795,178
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		425			432,059
					4,748,442
Massachusetts: 0.6%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		490			480,346
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c)		310			314,374

See Notes to Financial Statements

107

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB) 5.00%, 07/01/28	$	500		$	518,255
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 11/21/23 (c)		250			234,767
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		335			338,744
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/26 (c)		100			101,011
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		275			275,531
					2,263,028
Michigan: 1.3%
City of Detroit, Michigan Unlimited Tax (GO) 5.00%, 04/01/26		1,000			1,001,526
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c)		500			502,789
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		250			231,122
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31		500			429,686
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c)		1,000			960,800
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		155			156,403
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27		1,415			1,476,955
					4,759,281
Minnesota: 0.8%
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		100			92,821
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 (d) * ∞		415			269,750

	Par   (000’s		)	Value
Minnesota (continued)
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c)	$	350		$	323,576
City of Minneapolis, Farview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		605			601,467
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c)		1,000			859,059
Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB) 5.00%, 07/01/25 (c)		500			502,659
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26		75			73,927
					2,723,259
Mississippi: 0.6%
Mississippi Business Finance Corp., Enviva, Inc. Project (RB) 7.75%, 07/15/32 (c) (p)		2,195			1,571,715
Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 08/02/27 (p)		500			472,644
					2,044,359
Missouri: 0.8%
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		455			424,358
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/26 (c)		205			172,570
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c)		915			752,141
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c)		125			114,309
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c)		365			325,507

See Notes to Financial Statements

108

	Par   (000’s		)	Value
Missouri (continued)
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c)	$	500		$	430,400
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			484,338
					2,703,623
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB)
5.00%, 09/01/27		500			499,376
5.00%, 09/01/28		100			100,017
5.00%, 09/01/30		125			124,853
					724,246
Nevada: 0.9%
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/23 (c)		250			242,133
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB) 2.75%, 06/15/28		955			866,507
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c)		100			100,695
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31		5			3,781
Clark County, School District, Series B (GO) (AGM)
5.00%, 06/15/29 (c)		250			262,962
5.00%, 06/15/29		250			263,806
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30		250			265,772
Clark County, School District, Series C (GO) 5.00%, 12/15/25 (c)		115			117,240
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		344			137,646
Tahoe-Douglas Visitors Authority (RB) 5.00%, 07/01/30 (c)		1,000			979,906
					3,240,448
New Hampshire: 0.1%
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 12/01/23 (c)		250			234,488

	Par   (000’s		)	Value
New Hampshire (continued)
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) *	$	242		$	14,525
					249,013
New Jersey: 4.3%
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 12/01/23 (c)		2,000			1,956,464
5.62%, 03/05/24 (c)		1,000			999,980
5.75%, 12/01/23 (c)		275			273,649
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		1,155			1,065,225
5.00%, 07/01/27 (c)		1,000			961,935
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		380			378,496
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
4.00%, 11/01/25		500			499,384
5.00%, 11/01/25		115			117,043
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		110			115,121
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		115			119,091
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		100			105,053
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
5.00%, 06/15/24 (c)		340			341,632
5.00%, 06/15/24 (c)		320			321,927
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.25%, 06/15/25 (c)		440			437,769
4.38%, 06/15/25 (c)		130			129,757
5.00%, 06/15/25 (c)		345			351,629

See Notes to Financial Statements

109

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c)	$	750		$	742,244
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c)		175			153,228
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c)		175			175,975
5.00%, 06/15/24 (c)		145			145,446
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24		315			317,676
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26		500			515,097
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/25 ^		120			109,688
0.00%, 12/15/26 ^		360			315,225
0.00%, 12/15/32 ^		5			3,264
5.00%, 12/15/28 (c)		205			212,072
5.00%, 06/15/26 (c)		395			401,496
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/26 (c)		110			111,944
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 06/15/25 (c)		275			277,644
5.25%, 06/15/25 (c)		365			369,735
5.25%, 06/15/25 (c)		100			101,356
5.25%, 06/15/25 (c)		435			440,913
State of New Jersey, Covid-19 General Emergency, Series A (GO)
5.00%, 06/01/26		500			514,396
5.00%, 06/01/27		500			520,378
State of New Jersey, Various Purposes (GO)
3.00%, 06/01/26		80			76,729
5.00%, 06/01/27		100			104,076
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/28 (c)		150			154,885
5.00%, 06/01/28		655			676,603
5.00%, 06/01/28 (c)		640			660,324
					15,274,549

	Par   (000’s		)	Value
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%, 10/01/31 (c)	$	700		$	510,587
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29		1,000			803,028
					1,313,615
New York: 12.3%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 01/15/27 (c)		1,800			1,804,616
5.00%, 01/15/27 (c)		100			100,698
5.00%, 01/15/27 (c)		100			100,503
5.00%, 07/15/26		100			100,721
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		1,185			1,075,518
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		275			247,522
Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c)		595			543,718
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26		250			256,747
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26		250			259,181
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/26 (c)		275			273,740
5.00%, 07/01/26 (c)		270			267,293
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27		820			767,483
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		250			252,362
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)		250			254,927

See Notes to Financial Statements

110

	Par   (000’s		)	Value
New York (continued)
Metropolitan Transportation Authority, Series D (RB)
5.00%, 11/15/26 (c)	$	500		$	505,999
5.00%, 05/15/28 (c)		560			570,431
Metropolitan Transportation Authority, Series D-1 (RB)
5.00%, 11/15/25 (c)		250			250,989
5.00%, 11/15/25 (c)		250			250,521
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
5.00%, 12/01/30 (c)		500			496,441
5.00%, 12/01/30 (c)		1,060			1,042,869
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c)		930			822,932
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/25 (c)		500			501,725
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/24 (c)		1,000			945,975
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)
5.00%, 08/01/28 (c)		1,000			995,057
5.00%, 08/01/28 (c)		945			939,111
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/03/29 (p)		1,000			855,467
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p)		600			568,078
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		620			579,283
5.00%, 11/21/23 (c)		475			471,123
5.00%, 11/21/23 (c)		4,155			4,022,476
5.25%, 08/01/30 (c)		1,790			1,788,287
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		4,380			4,029,986
5.00%, 01/01/28 (c)		1,785			1,746,194
5.00%, 01/01/28 (c)		780			766,240
5.00%, 01/01/28 (c)		4,405			4,294,617
5.00%, 10/01/30 (c)		1,000			950,923

	Par   (000’s		)	Value
New York (continued)
New York Transportation Development Corp., John F. Kennedy Interational Airport Project, Series A (RB) 5.00%, 12/01/24	$	2,050		$	2,055,617
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		2,100			1,763,705
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM)
5.00%, 12/01/30		1,430			1,448,583
5.00%, 12/01/31		1,885			1,907,667
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		665			644,727
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
4.00%, 12/01/23 (c)		120			108,502
4.12%, 12/01/23 (c)		100			88,773
Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/30 (c)		1,000			1,056,178
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27 (c)		70			71,598
5.00%, 06/01/27		70			71,557
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c)		170			160,236
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29		200			183,413
					43,260,309
North Carolina: 0.4%
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25		125			127,591
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c)		250			254,694
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		350			353,480

See Notes to Financial Statements

111

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c)	$	500		$	519,117
					1,254,882
North Dakota: 0.3%
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/31 (c)		500			481,320
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) (d) *		3,000			600,000
					1,081,320
Ohio: 2.0%
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		500			522,693
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/29 (c)		920			843,643
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/25		250			250,942
5.00%, 02/15/26		50			50,339
5.00%, 02/15/27		350			353,653
5.00%, 02/15/27 (c)		110			111,244
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 12/01/23 (c)		1,860			1,812,563
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p)		1,000			833,087
Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB) 2.40%, 10/01/29 (c) (p)		500			414,274
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,000			1,836,117
					7,028,555
Oklahoma: 0.9%
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/26		1,000			977,614
5.00%, 08/15/27		250			241,563
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		2,000			1,975,476
					3,194,653

	Par   (000’s		)	Value
Oregon: 0.0%
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * ∞	$	500		$	5
Pennsylvania: 4.5%
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27		1,050			1,048,499
5.00%, 05/01/28		1,420			1,410,647
5.00%, 05/01/28		875			873,299
Berks County Industrial Development Authority, Tower Health Project (RB)
4.00%, 11/01/27 (c)		200			109,708
5.00%, 11/01/24		1,000			747,300
5.00%, 11/01/25		1,000			683,676
5.00%, 11/01/26		400			260,720
5.00%, 11/01/27 (c)		1,065			595,665
Berks County Municipal Authority, Tower Health Project, Series A (RB)
5.00%, 02/01/30		800			447,698
5.00%, 02/01/31		425			233,284
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p)		1,500			932,393
City of Philadelphia, Gas Works (RB) 5.00%, 08/01/25		80			81,197
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24		1,500			1,487,309
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) 5.00%, 10/15/28 (c)		500			438,387
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/28 (c)		130			124,342
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/26 (c)		660			621,531
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p)		1,010			988,794

See Notes to Financial Statements

112

	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		$	1,013,997
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26		130			130,057
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)		100			101,881
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 12/01/25 (c)		765			779,428
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c)		875			943,982
Philadelphia Authority for Industrial Development, University of the Arts (RB)
4.50%, 03/15/28 (c)		675			634,668
4.50%, 03/15/28 (c)		25			25,808
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31		565			511,058
Philadelphia Gas Works Co. (RB) 5.00%, 10/01/26		100			102,503
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		200			203,748
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
5.00%, 07/01/26		115			115,164
5.00%, 07/01/27 (c)		275			275,560
					15,922,303
Puerto Rico: 6.4%
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 5.00%, 07/01/30		3,000			2,983,022
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/28		1,000			1,003,231
5.00%, 07/01/31 (c)		2,000			1,959,372
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) 4.00%, 07/01/31 (c)		2,000			1,743,127

	Par   (000’s		)	Value
Puerto Rico (continued)
5.38%, 07/01/25	$	3,638		$	3,659,388
5.62%, 07/01/27		1,000			1,018,102
5.62%, 07/01/29		3,000			3,069,743
5.75%, 07/01/31		2,000			2,060,997
Puerto Rico Electric Power Authority, Series SS (RB) (NATL) 5.00%, 12/01/23 (c)		545			545,084
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 12/01/23 (c)		250			249,685
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/23 (c) (d) *		100			70,000
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 12/01/23 (c)		780			785,123
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.01%, 07/01/28 (c)		2,000			1,392,530
0.01%, 07/01/28 (c)		1,500			939,547
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c)		1,308			1,006,999
					22,485,950
Rhode Island: 0.5%
Rhode Island Commerce Corp., Department of Transportation, Series A (RB)
5.00%, 05/15/30 (c)		400			423,987
5.00%, 05/15/30 (c)		250			263,780
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		155			158,955
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c)		1,000			922,469
					1,769,191
South Carolina: 0.7%
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		600			585,346
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) 5.25%, 07/01/25 (c)		755			764,396
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)		305			288,213

See Notes to Financial Statements

113

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
South Carolina (continued)
South Carolina Public Service Authority, Series A (RB)
5.00%, 06/01/25 (c)	$	290		$	291,447
5.00%, 06/01/26 (c)		525			529,172
					2,458,574
Tennessee: 0.8%
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) *		500			115,000
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 (d) *		105			87,976
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p)		1,000			985,805
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p)		1,000			978,445
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26		525			526,659
					2,693,885
Texas: 8.6%
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
5.00%, 01/01/27 (c)		1,200			1,179,025
5.00%, 01/01/27 (c)		1,155			1,138,342
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)
5.00%, 01/01/25		650			647,480
5.00%, 01/01/26		775			769,922
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c)		500			477,331
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c)		50			52,996
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c)		2,465			2,234,134
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c)		750			789,680
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		1,000			1,016,318

	Par   (000’s		)	Value
Texas (continued)
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24	$	120		$	120,500
City of Austin, Texas Airport System (RB)
5.00%, 11/15/24 (c)		395			394,472
5.00%, 11/15/25		625			629,537
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		180			183,024
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c)		3,000			2,900,730
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27		250			241,786
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 12/01/23 (c)		200			199,973
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		1,000			966,823
5.00%, 07/15/28		500			484,976
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,500			1,454,927
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c)		1,000			958,292
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			1,691,941
Clifton Higher Education Finance Corp., Series A (RB)
4.62%, 08/15/25		40			39,157
5.12%, 08/15/25 (c)		200			193,258
5.50%, 06/15/31 (c)		1,000			968,745
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		500			495,634
Dallas Forth Worth Texas International Airport, Series A (RB) 5.00%, 11/01/23 (c)		1,000			1,000,000

See Notes to Financial Statements

114

	Par   (000’s		)	Value
Texas (continued)
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 12/01/23 (c)	$	335		$	331,039
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^		315			230,992
Harris County, Houston Sports Authority, Third Lien, Series A (RB) (NATL) 0.00%, 11/15/24 (c) ^		1,005			555,118
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 12/01/23 (c)		1,000			988,702
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
5.00%, 05/15/25 (c)		335			336,926
5.00%, 05/15/29 (c)		200			207,262
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		105			100,620
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) *		102			1,015
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/23 (c)		3,200			3,012,340
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c)		1,000			871,792
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 12/01/23 (c)		150			147,462
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/23		100			90,750
5.00%, 07/01/24		100			90,750
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29		405			324,574
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		185			187,897

	Par   (000’s		)	Value
Texas (continued)
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 12/01/23 (c)	$	550		$	426,488
SA Energy Acquisition Public Facility Corp. (RB)
5.50%, 08/01/24		55			55,223
5.50%, 08/01/25		125			125,940
5.50%, 08/01/27		110			111,250
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c)		250			231,098
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)		225			209,240
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
5.25%, 12/15/23		15			15,007
5.25%, 12/15/24		60			60,273
5.25%, 12/15/25		100			100,662
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		350			345,601
					30,387,024
Utah: 0.5%
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27		700			669,531
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31		1,000			1,026,485
					1,696,016
Virgin Islands: 0.9%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)
5.00%, 10/01/28		585			582,349
5.00%, 10/01/32		1,000			983,300
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)
5.00%, 10/01/24 (c)		1,000			916,680
5.00%, 10/01/24		100			98,827
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 12/01/23 (c)		55			52,888
5.00%, 12/01/23 (c)		620			578,845
5.00%, 12/01/23 (c)		75			73,619
					3,286,508

See Notes to Financial Statements

115

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Virginia: 1.0%
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 12/01/23 (c)	$	140		$	127,874
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		325			312,720
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) (d) *		1,835			1,045,950
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) (d) *		1,525			869,250
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		710			701,319
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31		635			588,741
					3,645,854
Washington: 2.0%
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		110			107,318
Klickitat County, Public Hospital District No. 2 (RB) 4.00%, 12/01/27		750			694,851
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 11/21/23 (c)		1,800			1,759,420
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p)		480			482,153
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,250			2,061,562
Washington State, Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c)		250			235,646
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		1,000			947,924

	Par   (000’s		)	Value
Washington (continued)
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
4.00%, 01/01/25 (c)	$	500		$	472,610
5.00%, 01/01/25 (c)		365			325,140
					7,086,624
West Virginia: 0.5%
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 12/01/23 (c)		680			643,159
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p)		1,000			978,048
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26		150			153,319
					1,774,526
Wisconsin: 1.6%
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)		1,000			925,582
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c)		430			370,598
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		425			405,077
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c)		445			387,364
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		150			140,768
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,505			1,494,001
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25		1,050			1,000,094

See Notes to Financial Statements

116

	Par   (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 3.00%, 08/15/24 (c)	$	825		$	790,549
					5,514,033
Total Municipal Bonds: 98.6% (Cost: $391,267,444)					348,043,294
Other assets less liabilities: 1.4%					4,977,300
NET ASSETS: 100.0%				$	353,020,594

Definitions:
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
TA	Tax Allocation

Footnotes:

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

See Notes to Financial Statements

117

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector	% of Investments			Value
Industrial Development Revenue		22.5	%	$	78,461,414
Local GO		11.6			40,490,508
Tax		9.5			32,973,068
Hospitals		8.1			28,112,450
Education		6.2			21,490,756
Airport		5.2			18,199,641
Power		5.2			17,941,346
Utilities - Other		5.2			17,930,634
Health		4.8			16,559,523
State GO		4.7			16,482,570
Leasing COPS & Appropriations		4.3			14,869,611
Transportation		2.9			10,218,891
Miscellaneous		2.3			8,061,520
Toll & Turnpike		2.2			7,585,857
Water & Sewer		1.9			6,569,312
Pollution Control		1.4			4,929,503
Refunded		0.6			2,237,242
Multi-Family Housing		0.6			2,172,692
Tobacco		0.5			1,634,967
Unassigned		0.3			1,121,789
		100.0	%	$	348,043,294

See Notes to Financial Statements

118

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	7,128,262	$	—	$	7,128,262
American Samoa		—		257,526		—		257,526
Arizona		—		7,165,719		—		7,165,719
Arkansas		—		2,041,052		—		2,041,052
California		—		27,365,586		—		27,365,586
Colorado		—		5,688,192		—		5,688,192
Connecticut		—		2,134,579		—		2,134,579
Delaware		—		911,654		—		911,654
District of Columbia		—		460,598		—		460,598
Florida		—		16,512,815		—		16,512,815
Georgia		—		8,124,107		—		8,124,107
Guam		—		5,712,630		—		5,712,630
Hawaii		—		1,130,509		—		1,130,509
Illinois		—		49,279,265		—		49,279,265
Indiana		—		4,088,538		—		4,088,538
Iowa		—		3,493,000		—		3,493,000
Kansas		—		733,665		—		733,665
Kentucky		—		3,348,010		—		3,348,010
Louisiana		—		7,883,503		9		7,883,512
Maryland		—		4,748,442		—		4,748,442
Massachusetts		—		2,263,028		—		2,263,028
Michigan		—		4,759,281		—		4,759,281
Minnesota		—		2,453,509		269,750		2,723,259
Mississippi		—		2,044,359		—		2,044,359
Missouri		—		2,703,623		—		2,703,623
Nebraska		—		724,246		—		724,246
Nevada		—		3,240,448		—		3,240,448
New Hampshire		—		249,013		—		249,013
New Jersey		—		15,274,549		—		15,274,549
New Mexico		—		1,313,615		—		1,313,615
New York		—		43,260,309		—		43,260,309
North Carolina		—		1,254,882		—		1,254,882
North Dakota		—		1,081,320		—		1,081,320
Ohio		—		7,028,555		—		7,028,555
Oklahoma		—		3,194,653		—		3,194,653
Oregon		—		—		5		5
Pennsylvania		—		15,922,303		—		15,922,303
Puerto Rico		—		22,485,950		—		22,485,950
Rhode Island		—		1,769,191		—		1,769,191
South Carolina		—		2,458,574		—		2,458,574
Tennessee		—		2,693,885		—		2,693,885
Texas		—		30,387,024		—		30,387,024
Utah		—		1,696,016		—		1,696,016
Virgin Islands		—		3,286,508		—		3,286,508
Virginia		—		3,645,854		—		3,645,854
Washington		—		7,086,624		—		7,086,624
West Virginia		—		1,774,526		—		1,774,526
Wisconsin		—		5,514,033		—		5,514,033
Total	$	—	$	347,773,530	$	269,764	$	348,043,294

See Notes to Financial Statements

119

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 97.9%
Alabama: 2.9%
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c)	$	1,000		$	1,045,467
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/25 (c) (p)		1,000			977,560
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p)		600			578,086
County of Jefferson (RB) 5.00%, 03/15/27 (c)		525			538,326
Jefferson County, Series A (GO) 5.00%, 04/01/25		340			344,493
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,500			1,466,486
The Black Belt Energy Gas District, Gas Project, Series E (RB) 5.00%, 06/01/28 (p)		1,000			995,055
Tuscaloosa City Board of Education (RB) 5.00%, 08/01/26 (c)		1,055			1,087,874
					7,033,347
Alaska: 0.3%
Alaska Housing Finance Corp., Series A (RB) 4.00%, 06/01/25 (c)		700			699,841
Arizona: 0.9%
Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
5.00%, 01/01/26		700			716,218
5.00%, 05/15/26 (c) (p)		500			509,519
Salt River Project Agricultural Improvement & Power District, Series A (RB)
5.00%, 01/01/26		500			512,839
5.00%, 01/01/27		500			519,663
					2,258,239
California: 17.5%
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/26 (c) (p)		1,180			1,137,524
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p)		385			376,349
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p)		725			717,852
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 08/01/28 (c) (p)		500			475,792

	Par   (000’s		)	Value
California (continued)
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 11/01/28 (c) (p)	$	1,000		$	1,023,135
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p)		500			499,586
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		335			322,430
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/25 (p)		585			595,044
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/26 (c) (p)		500			480,479
California State Public Works Board, Series B (RB)
5.00%, 10/01/26		830			861,873
5.00%, 10/01/26		55			57,205
5.00%, 10/01/27 (c)		785			823,842
5.00%, 10/01/27 (c)		50			52,779
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26		500			518,575
California State University, Systemwide, Series B-3 (RB) 3.12%, 11/01/26 (c) (p)		500			486,489
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c)		1,000			787,474
City & County of San Francisco, Series R-1 (GO) 4.00%, 11/21/23 (c)		1,000			1,000,074
City of San Francisco, Public Utilities Commission Water, Series C (RB) 5.00%, 11/01/28		500			537,224
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^		500			443,303
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
5.00%, 06/01/25 (c)		1,870			1,907,994
5.00%, 06/01/25 (c)		1,000			1,020,317

See Notes to Financial Statements

120

	Par   (000’s		)	Value
California (continued)
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^	$	1,000		$	910,503
Los Angeles Unified School District, Series A (GO)
5.00%, 07/01/24		875			882,208
5.00%, 07/01/26		730			756,465
5.00%, 07/01/26		800			829,002
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/24 (c)		1,000			1,008,997
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,000			993,755
Oakland Unified School District, Series A (GO) 5.00%, 08/01/25 (c)		1,000			1,023,279
Orange County Transportation Authority, I-405 Improvement Project (RB)
4.00%, 10/15/24		675			677,309
5.00%, 10/15/24		750			759,524
Public Facilities Financing Authory of the City of San Diego, Subordinated Water, Series B (RB) 5.00%, 08/01/26 (c)		500			519,487
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB) 5.00%, 10/01/26		1,000			1,041,777
San Bernardino Community College District, Series A (GO) 4.00%, 08/16/27 (c)		540			550,715
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24		535			547,049
San Joaquin Hills, Agency Toll Road (RB)
0.00%, 01/01/24 ^		1,000			994,073
0.00%, 01/01/25 ^		500			479,544
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c)		725			726,561
Southwestern Community College District, Series D (GO) 5.00%, 08/01/25 (c)		500			512,151
State of California Department of Water Resources (RB) 5.00%, 12/01/26		500			523,254
State of California, Various Purpose (GO) 3.00%, 03/01/26		1,000			978,203

	Par   (000’s		)	Value
California (continued)
4.00%, 11/01/24	$	300		$	301,297
4.00%, 03/01/24		500			500,660
5.00%, 10/01/24		555			562,207
5.00%, 10/01/27		530			556,483
5.00%, 10/01/27		1,000			1,049,968
5.00%, 10/01/27		500			524,984
5.00%, 11/01/23		525			525,000
5.00%, 11/01/26		915			949,981
5.00%, 11/01/27 (c)		1,000			1,047,181
5.00%, 11/01/28		910			966,987
5.00%, 12/01/27		500			526,138
5.00%, 04/01/27		750			782,124
5.00%, 08/01/24		325			328,430
5.00%, 08/01/25		1,000			1,022,256
5.00%, 08/01/27		1,305			1,367,041
5.00%, 09/01/25		300			306,996
5.00%, 09/01/26		1,000			1,035,787
5.00%, 09/01/28		1,000			1,062,689
					42,255,405
Colorado: 1.7%
City Of Colorado Springs, Colorado Utilities System, Series A-1 (RB) 5.00%, 11/15/26		500			518,074
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25		500			507,253
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24		500			506,866
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23		450			450,527
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28		1,000			1,062,154
State of Colorado, Series A (CP) 5.00%, 12/15/26		500			518,614
University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c)		500			508,728
					4,072,216
Connecticut: 2.3%
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29		1,000			921,712
State of Connecticut, Series C (GO) 5.00%, 06/15/26		300			309,087
State of Connecticut, Special Tax, Transportation Infrastructure Purpose, Series A (ST) 5.00%, 05/01/28		600			632,152

See Notes to Financial Statements

121

VANECK SHORT MUNI ETF

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(unaudited) (continued)

	Par   (000’s		)	Value
Connecticut (continued)
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26	$	1,015		$	1,044,162
State of Connecticut, Transportation Infrastructure Purposes, Series B (RB) 5.00%, 10/01/24		535			540,600
University of Connecticut, Series A (RB)
5.00%, 04/15/24		575			577,722
5.00%, 04/15/26		550			565,479
5.00%, 04/15/28 (c)		1,000			1,044,314
					5,635,228
Delaware: 0.6%
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		500			455,827
Delaware Transportation Authority (RB) 5.00%, 07/01/26		500			516,326
State of Delaware, Series A (GO) 5.00%, 10/01/25		410			419,927
					1,392,080
District of Columbia: 1.3%
District of Columbia, Series C (RB) 5.00%, 10/01/26		785			812,945
District of Columbia, Series D (GO) 5.00%, 06/01/25		315			320,866
District of Columbia, Series E (GO) 5.00%, 06/01/25		500			509,310
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28		500			528,681
Metropolitan Washington Airports Authority, Dulles Toll Road, Series C (RB) (AGC) 6.50%, 10/01/26 (c)		1,000			1,073,233
					3,245,035
Florida: 2.8%
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27		500			521,085
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/28		1,000			1,046,835
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26		250			258,194

	Par   (000’s		)	Value
Florida (continued)
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24	$	1,000		$	1,006,744
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c)		655			666,130
Miami-Dade County, Florida Water and Sewer System, Series B (RB) 5.00%, 10/01/27		500			523,125
School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/25 (c)		895			904,831
School District of Broward County, Series C (CP) 5.00%, 07/01/24		340			342,022
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/27 (c)		710			726,459
State of Florida, Board of Education, Lottery Revenue, Series A (RB) 5.00%, 07/01/24		650			654,715
					6,650,140
Georgia: 3.1%
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		500			505,696
Georgia State Road and Tollway Authority (RB) 5.00%, 06/01/29		800			852,218
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 09/01/27 (c) (p)		1,250			1,203,076
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p)		500			495,242
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 11/01/27 (c) (p)		500			465,774
4.00%, 09/01/26 (c) (p)		1,500			1,457,534
State of Georgia, Series A (GO)
5.00%, 02/01/26 (c)		680			697,445
5.00%, 08/01/26		700			724,402
State of Georgia, Series C (GO) 5.00%, 07/01/26		1,000			1,033,680
					7,435,067
Hawaii: 0.8%
City & County of Honolulu, Rail Transit Project, Series E (GO)
5.00%, 03/01/26		785			806,360
5.00%, 03/01/27		500			520,026
State of Hawaii, General Obligation, Series EO (GO) 5.00%, 08/01/24 (c)		520			524,256
					1,850,642

See Notes to Financial Statements

122

	Par   (000’s		)	Value
Illinois: 4.8%
Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/25	$	500		$	507,502
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26		500			510,229
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26		315			321,444
Chicago Park District, Series A (GO) (NATL) 5.50%, 01/01/24 (c)		1,375			1,378,495
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/25		340			342,743
City of Chicago, Series A (GO)
5.00%, 01/01/27		135			139,941
5.00%, 01/01/27		365			370,845
Cook County, Series A (GO) 5.00%, 11/15/26		300			306,606
Illinois Finance Authority, Clean Water Initiative (RB)
5.00%, 01/01/28		500			524,510
5.00%, 07/01/27		685			714,125
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24		500			503,595
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27		415			429,938
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27		650			673,398
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/24		550			550,792
State of Illinois (GO) 3.50%, 06/01/26 (c)		685			637,167
State of Illinois (GO) (AGC) 5.50%, 05/01/25		335			340,533
State of Illinois, Series A (RB) 4.00%, 06/15/28		580			569,840
State of Illinois, Series D (GO)
5.00%, 11/01/23		500			500,000
5.00%, 11/01/25		1,345			1,361,870
5.00%, 11/01/26		800			815,159
					11,498,732
Indiana: 0.9%
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23		500			500,294
Indiana Finance Authority, Series C (RB) 5.00%, 12/01/24		575			582,200

	Par   (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29	$	935		$	998,947
					2,081,441
Kentucky: 1.2%
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 4.00%, 01/01/25 (c) (p)		500			493,781
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p)		1,100			1,081,003
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26		275			282,175
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p)		1,000			1,013,505
					2,870,464
Louisiana: 0.6%
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p)		500			503,115
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 07/01/26 (p)		750			700,374
State of Louisiana, Series A (GO) 5.00%, 03/01/26		335			344,115
					1,547,604
Maine: 0.2%
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25		500			508,926
Maryland: 2.7%
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26		265			275,207
Department of Transportation of Maryland, Series B (RB) 5.00%, 12/01/23		500			500,454
State of Maryland, Department of Transportation (RB)
4.00%, 11/01/24 (c)		500			497,213
5.00%, 10/01/26		595			616,681
State of Maryland, Series B (GO) 5.00%, 08/01/24		550			555,033
State of Maryland, State and Local Facilities Loan (GO) 4.00%, 06/01/24 (c)		560			560,203

See Notes to Financial Statements

123

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
State of Maryland, State and Local Facilities Loan, Series A (GO)
5.00%, 03/15/24	$	1,500		$	1,506,643
5.00%, 03/15/27 (c)		500			521,198
5.00%, 03/15/28		500			529,085
5.00%, 03/15/29		1,000			1,069,839
					6,631,556
Massachusetts: 2.8%
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/27		710			739,214
5.00%, 05/01/27		500			523,022
5.00%, 07/01/27		500			524,228
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26		400			415,473
Commonwealth of Massachusetts, Series E (GO)
3.00%, 12/01/25		750			730,092
5.00%, 11/01/26		295			306,788
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26		250			259,356
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24		515			519,175
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26		500			520,067
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 12/01/24 (c)		500			448,177
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/25 (c)		775			788,809
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/26 (c)		1,000			1,035,919
					6,810,320
Michigan: 1.1%
City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c)		1,000			1,002,618
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24		590			593,586

	Par   (000’s		)	Value
Michigan (continued)
State of Michigan, Grant Anticipation (RB)
5.00%, 03/15/24	$	650		$	652,400
5.00%, 03/15/26		500			512,609
					2,761,213
Minnesota: 1.6%
Minneapolis-St. Paul Metropolitan Airports, Series A (RB) 5.00%, 01/01/29		1,000			1,052,227
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,000			1,037,899
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,200			1,210,893
State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/26		570			589,568
					3,890,587
Missouri: 0.2%
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c)		500			509,413
Montana: 0.2%
City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB) 3.88%, 04/02/28 (c)		500			478,026
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 01/01/24 (c) (p)		500			501,535
Nevada: 0.6%
Clark County (GO) 5.00%, 06/01/25		1,090			1,108,620
County of Clark, Series B (GO) 5.00%, 11/01/23		450			450,000
					1,558,620
New Jersey: 4.4%
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) 5.00%, 06/15/27 (c)		615			643,280
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
5.00%, 06/15/24 (c)		500			501,537
5.00%, 06/15/24		575			578,434

See Notes to Financial Statements

124

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Princeton University, Series B (RB)
5.00%, 07/01/25	$	1,000		$	1,021,366
5.00%, 07/01/27 (c)		1,000			1,049,825
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23		500			500,363
New Jersey State, COVID-19, Series A (GO) 5.00%, 06/01/29		1,000			1,057,520
New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/23		1,175			1,176,363
5.00%, 12/15/26		500			513,825
5.00%, 06/15/24		1,410			1,416,875
State of New Jersey, Covid-19 General Emergency, Series A (GO)
5.00%, 06/01/25		600			610,434
5.00%, 06/01/27		500			520,378
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/25		500			477,167
2.00%, 06/01/26		500			465,079
					10,532,446
New Mexico: 0.8%
State of New Mexico, Capital Projects (GO) 5.00%, 03/01/24		500			501,953
State of New Mexico, Series A (RB) 5.00%, 07/01/27		840			877,472
State of New Mexico, Series B (RB) 5.00%, 07/01/26		535			551,646
					1,931,071
New York: 13.4%
City of New York, Series A (GO) 5.00%, 08/01/24		1,500			1,512,953
City of New York, Series C (GO) 5.00%, 08/01/24		750			756,476
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27		500			521,988
City of New York, Series C and D (GO) 5.00%, 08/01/26		325			335,556
City of New York, Series F-1 (GO) 5.00%, 03/01/27		410			425,770
Dormitory Authority of the State of New York State, Series A (RB) 5.00%, 03/15/26		1,265			1,299,498

	Par   (000’s		)	Value
New York (continued)
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26	$	510		$	527,834
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p)		2,000			1,994,106
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p)		1,160			1,161,312
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/26		500			510,218
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/23		500			500,077
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p)		300			277,500
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27		750			767,551
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27		440			460,528
New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB) 5.00%, 02/01/27		850			881,239
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)
5.00%, 07/15/24		550			554,525
5.00%, 07/15/25		570			581,506
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26		1,000			1,034,494
New York City Transitional Finance Authority, Series C (RB) 5.00%, 11/01/23		700			700,000
New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c)		700			700,844
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c)		430			434,849
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26		700			725,197

See Notes to Financial Statements

125

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27	$	510		$	532,806
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27		500			522,359
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28		640			673,256
New York State Dormitory Authority, State Sales Tax, Series B (RB)
5.00%, 09/15/25 (c)		500			511,995
5.00%, 09/15/25 (c)		595			606,407
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/25		1,035			1,053,897
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		680			699,581
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		500			509,467
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28		605			644,135
New York State Housing Finance Agency, Series A-2 (RB) 2.50%, 05/01/27 (c) (p)		975			903,964
New York State Housing Finance Agency, Series C (RB) (SONYMA HUD SECT 8) 3.80%, 05/01/29 (c) (p)		500			481,300
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 11/21/23 (c)		215			211,903
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 11/21/23 (c)		700			629,533
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/25		495			503,042
5.00%, 03/15/26 (c)		500			514,398
5.00%, 03/15/27		690			719,501

	Par   (000’s		)	Value
New York (continued)
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25	$	500		$	508,196
Town of Oyster Bay, Water District Notes (GO) 5.00%, 03/08/24		1,000			1,003,170
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/26 (p)		875			814,767
Triborough Bridge & Tunnel Authority, Series A (RB)
5.00%, 11/15/26		1,000			1,037,895
5.00%, 11/15/27		500			525,279
5.00%, 11/15/28		1,000			1,062,529
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 08/15/28 (c)		1,000			1,057,392
					32,390,793
North Carolina: 1.7%
County of Guilford, Series B (GO) 5.00%, 05/01/24		500			502,988
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c)		500			500,146
County of Wake (RB) 5.00%, 09/01/26		375			388,114
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/26 (p)		500			508,202
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24		1,625			1,628,517
State of North Carolina, Series B (RB) 5.00%, 05/01/27 (c)		585			607,940
					4,135,907
Ohio: 2.2%
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28		1,000			1,036,867
City of Columbus, Various Purpose (GO) 5.00%, 10/01/27 (c)		750			787,196
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/26		410			419,870
Lancaster Port Authority, Gas Supply (RB) (SBG) 5.00%, 02/01/25 (c) (p)		485			484,560

See Notes to Financial Statements

126

	Par   (000’s		)	Value
Ohio (continued)
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^	$	500		$	488,027
Ohio Water Development Authority, Series B (RB) 5.00%, 12/01/26 (c)		1,000			1,035,783
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23		560			560,476
State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/27		500			502,547
					5,315,326
Oklahoma: 0.6%
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c)		535			545,456
Oklahoma County Independent School District, Series A (GO) 3.00%, 07/01/27		1,000			954,568
					1,500,024
Oregon: 1.0%
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/24 (c)		1,000			1,006,937
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/26		500			519,097
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26		350			360,690
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25		500			509,534
					2,396,258
Pennsylvania: 3.1%
City of Philadelphia, Series A (GO) 5.00%, 08/01/25		300			305,047
Commonwealth of Pennsylvania (GO)
5.00%, 01/01/26		560			574,262
5.00%, 01/01/27		315			327,197
5.00%, 03/15/25 (c)		500			506,584
5.00%, 06/15/29		500			503,468
Commonwealth of Pennsylvania (GO) (SBG) 5.00%, 07/15/26		1,000			1,032,669
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		600			609,380

	Par   (000’s		)	Value
Pennsylvania (continued)
Delaware River Port Authority, Series B (RB) 5.00%, 01/01/25	$	350		$	354,754
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		805			854,285
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p)		500			489,502
Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25		660			668,379
University of Pittsburgh of the Commonwealth, System of Higher Education (RB) 4.00%, 02/15/26 (c)		500			502,174
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c)		765			773,369
					7,501,070
Rhode Island: 0.4%
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/25 (c)		500			505,805
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c)		500			502,206
					1,008,011
South Carolina: 0.7%
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p)		1,765			1,758,997
South Dakota: 0.2%
South Dakota Health and Educational Facilities Authority, Avera Health, Series A (RB) 5.00%, 07/01/24 (c) (p)		535			536,093
Tennessee: 1.6%
Johnson City Health & Educational Facilities Board, Series A (RB) 5.00%, 07/01/25		500			503,683
Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 07/01/26		525			542,008

See Notes to Financial Statements

127

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Tennessee (continued)
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24	$	500		$	500,944
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p)		1,775			1,736,740
Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB) 5.00%, 05/01/28 (c) (p)		500			495,021
					3,778,396
Texas: 8.9%
Bexar County, Limited Tax (GO) 5.00%, 06/15/26 (c)		500			513,056
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29		1,000			1,066,040
City of Dallas, Series A (GO) 5.00%, 02/15/25		500			507,818
City of Denton, Utility System (RB) 5.00%, 12/01/26		310			317,480
City of Houston, Series A (GO) 5.00%, 03/01/24 (c)		750			752,706
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c)		630			648,559
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		500			509,768
Comal Independent School District (GO) 5.00%, 02/01/26		775			793,226
Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27		2,000			2,077,664
Dallas Area Rapid Transit, Series A (RB) 5.00%, 12/01/25 (c)		1,000			1,025,008
Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c)		500			499,853
Denton Independent School District (GO) 5.00%, 08/15/29		1,000			1,066,576
Denton Independent School District, Series A (GO) 5.00%, 08/15/25 (c)		500			510,152
Dripping Springs Independent School District (GO) 4.00%, 02/15/24 (c)		1,000			1,000,290
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27		1,000			1,043,067

	Par   (000’s		)	Value
Texas (continued)
Houston Independent School District, Limited Tax School House (GO) 5.00%, 02/15/26	$	250		$	256,714
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/27		500			518,255
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/25 (c)		1,000			1,025,267
North Texas Tollway Authority System, Series A (RB) 5.00%, 01/01/27		500			517,295
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/26 (c)		595			607,570
Pflugerville Independent School District (GO) 5.00%, 02/15/24 (c)		500			501,548
Pflugerville Independent School District, Series A (GO) 5.00%, 02/15/24		1,000			1,002,928
Texas A&M University, Series D (RB) 5.00%, 05/15/26		820			845,567
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26		600			597,856
Texas Water Development Board (RB) 5.00%, 04/15/26		1,000			1,029,798
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24		500			505,378
University of Houston, Series A (RB) 5.00%, 02/15/26		1,000			1,026,194
Ysleta Independent School District (GO) 5.00%, 08/15/25 (c)		650			662,634
					21,428,267
Utah: 0.6%
County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,005,989
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p)		500			501,069
					1,507,058
Virginia: 2.1%
County of Fairfax, Public Improvement, Series A (GO) 4.00%, 10/01/24		285			285,525

See Notes to Financial Statements

128

	Par   (000’s		)	Value
Virginia (continued)
County of Fairfax, Public Improvement, Series A (GO) (SAW) 4.00%, 10/01/25	$	990		$	994,202
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26		1,250			1,279,648
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/27		600			622,981
Virginia Commonwealth Transportation Board (RB)
5.00%, 09/15/24		325			328,368
5.00%, 09/15/26 (c)		510			526,363
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p)		1,000			916,292
					4,953,379
Washington: 3.1%
Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB) 5.00%, 11/01/26		520			539,281
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/25 (c)		500			511,389
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25		1,000			1,019,581

	Par   (000’s		)	Value
Washington (continued)
Energy Northwest Project Electric, Series C (RB)
5.00%, 07/01/24	$	540		$	544,165
5.00%, 07/01/25		1,375			1,401,925
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/27 (c)		725			755,319
State of New Mexico, Series A (GO) 5.00%, 06/01/26		1,000			1,031,276
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		750			756,587
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p)		1,000			1,000,949
					7,560,472
West Virginia: 0.4%
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26		1,000			1,029,001
Wisconsin: 1.4%
City of Milwaukee, Series N4 (GO) 5.00%, 04/01/26		750			757,941
State of Wisconsin, Series A (GO)
5.00%, 05/01/25		500			509,347
5.00%, 05/01/25 (c)		500			510,041
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		1,500			1,501,666
					3,278,995
Total Municipal Bonds: 97.9% (Cost: $247,244,041)					236,717,241
Other assets less liabilities: 2.1%					4,980,211
NET ASSETS: 100.0%				$	241,697,452

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 when the security may be redeemed by the issuer

See Notes to Financial Statements

129

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

Summary of Investments by Sector	% of Investments			Value
State GO		19.2	%	$	45,465,698
Refunded		13.3			31,426,558
Local GO		13.0			30,716,153
Tax		8.4			19,976,048
Utilities - Other		7.3			17,266,175
Water & Sewer		5.6			13,181,868
Transportation		5.1			12,096,758
Education		5.1			12,033,178
Hospitals		4.6			10,978,657
Power		4.6			10,923,558
Toll & Turnpike		4.3			10,147,096
Leasing COPS & Appropriations		4.0			9,554,274
Miscellaneous		1.3			3,094,526
Multi-Family Housing		1.3			2,952,377
Airport		1.0			2,412,581
Tobacco		0.6			1,412,709
Pollution Control		0.5			1,265,501
Unassigned		0.5			1,113,153
Industrial Development Revenue		0.3			700,373
		100.0	%	$	236,717,241

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	236,717,241	$	—	$	236,717,241

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

130

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	CEF Muni Income ETF			High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	195,670,658		$	2,433,010,257		$	16,286,708		$	1,768,564,356
Cash		148			31,902,263			762,983			2,416,079
Receivables:
Investment securities sold		—			1,738,897			—			—
Dividends and interest		595,221			41,644,576			239,749			23,873,939
Total assets		196,266,027			2,508,295,993			17,289,440			1,794,854,374
Liabilities:
Payables:
Investment securities purchased		—			3,619,991			—			—
Line of credit		285,292			—			—			—
Due to Adviser		66,506			692,366			3,540			366,390
Deferred Trustee fees		4,195			3,184			—			3,000
Accrued expenses		2,694			—			—			—
Total liabilities		358,687			4,315,541			3,540			369,390
NET ASSETS	$	195,907,340		$	2,503,980,452		$	17,285,900		$	1,794,484,984
Shares outstanding		10,700,000			52,596,401			400,000			41,248,916
Net asset value, redemption and offering price per share	$	18.31		$	47.61		$	43.21		$	43.50
Net Assets consist of:
Aggregate paid in capital	$	287,267,524		$	3,090,042,656		$	19,518,631		$	1,993,979,232
Total distributable earnings (loss)		(91,360,184	)		(586,062,204	)		(2,232,731	)		(199,494,248	)
NET ASSETS	$	195,907,340		$	2,503,980,452		$	17,285,900		$	1,794,484,984
(1) Cost of investments - Unaffiliated issuers	$	264,142,575		$	2,849,967,528		$	18,411,731		$	1,943,586,794

See Notes to Financial Statements

131

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	Long Muni ETF			Short High Yield Muni ETF			Short Muni ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	389,219,104		$	348,043,294		$	236,717,241
Cash		2,634,772			6,729			2,263,605
Receivables:
Dividends and interest		5,628,254			5,503,497			3,249,830
Total assets		397,482,130			353,553,520			242,230,676
Liabilities:
Payables:
Investment securities purchased		1,073,170			—			517,300
Line of credit		—			427,667			—
Due to Adviser		81,278			105,165			14,324
Deferred Trustee fees		1,517			—			1,600
Accrued expenses		—			94			—
Total liabilities		1,155,965			532,926			533,224
NET ASSETS	$	396,326,165		$	353,020,594		$	241,697,452
Shares outstanding		24,400,000			16,500,000			14,500,000
Net asset value, redemption and offering price per share	$	16.24		$	21.40		$	16.67
Net Assets consist of:
Aggregate paid in capital	$	468,492,531		$	415,104,526		$	255,901,116
Total distributable earnings (loss)		(72,166,366	)		(62,083,932	)		(14,203,664	)
NET ASSETS	$	396,326,165		$	353,020,594		$	241,697,452
(1) Cost of investments - Unaffiliated issuers	$	445,523,456		$	391,267,444		$	247,244,041

See Notes to Financial Statements

132

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	CEF Muni Income ETF			High Yield Muni ETF			HIP Sustainable Muni ETF			Intermediate Muni ETF
Income:
Dividends	$	4,377,543		$	—		$	—		$	—
Interest		1,603			64,005,988			217,863			24,124,586
Total income		4,379,146			64,005,988			217,863			24,124,586
Expenses:
Management fees		401,869			4,543,329			21,772			2,150,596
Interest		10,404			1,968			—			27
Total expenses		412,273			4,545,297			21,772			2,150,623
Net investment income		3,966,873			59,460,691			196,091			21,973,963
Net realized gain (loss) on:
Investments		(7,263,181	)		(45,481,713	)		(34,253	)		(7,227,168	)
In-kind redemptions		(313,800	)		(15,304,636	)		—			(30,653	)
Net realized loss		(7,576,981	)		(60,786,349	)		(34,253	)		(7,257,821	)
Net change in unrealized appreciation (depreciation) on:
Investments		(24,123,416	)		(150,924,183	)		(996,333	)		(106,151,051	)
Net change in unrealized appreciation (depreciation)		(24,123,416	)		(150,924,183	)		(996,333	)		(106,151,051	)
Net Decrease in Net Assets Resulting from Operations	$	(27,733,524	)	$	(152,249,841	)	$	(834,495	)	$	(91,434,909	)

See Notes to Financial Statements

133

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	Long Muni ETF			Short High Yield Muni ETF			Short Muni ETF
Income:
Interest	$	7,274,804		$	6,481,463		$	2,266,437
Total income		7,274,804			6,481,463			2,266,437
Expenses:
Management fees		469,144			673,168			136,213
Interest		—			4,091			122
Total expenses		469,144			677,259			136,335
Net investment income		6,805,660			5,804,204			2,130,102
Net realized gain (loss) on:
Investments		(3,995,942	)		(5,598,536	)		(938,800	)
In-kind redemptions		—			(752,711	)		(191,761	)
Net realized loss		(3,995,942	)		(6,351,247	)		(1,130,561	)
Net change in unrealized appreciation (depreciation) on:
Investments		(38,626,565	)		(9,930,273	)		(2,843,644	)
Net change in unrealized appreciation (depreciation)		(38,626,565	)		(9,930,273	)		(2,843,644	)
Net Decrease in Net Assets Resulting from Operations	$	(35,816,847	)	$	(10,477,316	)	$	(1,844,103	)

See Notes to Financial Statements

134

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Muni Income ETF						High Yield Muni ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	3,966,873		$	7,054,402		$	59,460,691		$	115,767,853
Net realized loss		(7,576,981	)		(10,058,432	)		(60,786,349	)		(223,053,505	)
Net change in unrealized appreciation (depreciation)		(24,123,416	)		(4,228,703	)		(150,924,183	)		23,487,727
Net decrease in net assets resulting from operations		(27,733,524	)		(7,232,733	)		(152,249,841	)		(83,797,925	)
Distributions to shareholders from:
Distributable earnings		(3,705,208	)		(7,307,370	)		(58,719,435	)		(116,558,558	)
Share transactions*:
Proceeds from sale of shares		32,658,116			108,726,605			370,254,124			1,884,282,300
Cost of shares redeemed		(9,712,324	)		(59,193,418	)		(455,669,880	)		(1,901,509,192	)
Increase (decrease) in net assets resulting from share transactions		22,945,792			49,533,187			(85,415,756	)		(17,226,892	)
Total increase (decrease) in net assets		(8,492,940	)		34,993,084			(296,385,032	)		(217,583,375	)
Net Assets, beginning of period		204,400,280			169,407,196			2,800,365,484			3,017,948,859
Net Assets, end of period	$	195,907,340		$	204,400,280		$	2,503,980,452		$	2,800,365,484
*Shares of Common Stock Issued (no par value)
Shares sold		1,675,000			4,975,000			7,300,000			36,250,000
Shares redeemed		(500,000	)		(2,650,000	)		(9,150,000	)		(36,500,000	)
Net increase (decrease)		1,175,000			2,325,000			(1,850,000	)		(250,000	)

See Notes to Financial Statements

135

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STATEMENTS OF CHANGES IN NET ASSETS

	HIP Sustainable Muni ETF						Intermediate Muni ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	196,091		$	270,801		$	21,973,963		$	37,766,412
Net realized loss		(34,253	)		(50,609	)		(7,257,821	)		(41,185,667	)
Net change in unrealized appreciation (depreciation)		(996,333	)		152,910			(106,151,051	)		74,928,897
Net increase (decrease) in net assets resulting from operations		(834,495	)		373,102			(91,434,909	)		71,509,642
Distributions to shareholders from:
Distributable earnings		(208,600	)		(244,845	)		(21,560,827	)		(37,452,413	)
Share transactions*:
Proceeds from sale of shares		—			4,502,190			184,530,150			529,630,220
Cost of shares redeemed		—			—			(98,616,349	)		(437,272,087	)
Increase in net assets resulting from share transactions		—			4,502,190			85,913,801			92,358,133
Total increase (decrease) in net assets		(1,043,095	)		4,630,447			(27,081,935	)		126,415,362
Net Assets, beginning of period		18,328,995			13,698,548			1,821,566,919			1,695,151,557
Net Assets, end of period	$	17,285,900		$	18,328,995		$	1,794,484,984		$	1,821,566,919
*Shares of Common Stock Issued (no par value)
Shares sold		—			100,000			4,150,000			11,650,000
Shares redeemed		—			—			(2,200,000	)		(9,450,000	)
Net increase		—			100,000			1,950,000			2,200,000

See Notes to Financial Statements

136

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Long Muni ETF						Short High Yield Muni ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	6,805,660		$	7,123,325		$	5,804,204		$	10,922,410
Net realized loss		(3,995,942	)		(16,413,312	)		(6,351,247	)		(6,800,019	)
Net change in unrealized appreciation (depreciation)		(38,626,565	)		11,529,092			(9,930,273	)		(1,990,336	)
Net increase (decrease) in net assets resulting from operations		(35,816,847	)		2,239,105			(10,477,316	)		2,132,055
Distributions to shareholders from:
Distributable earnings		(6,303,555	)		(6,781,265	)		(5,696,825	)		(11,315,025	)
Share transactions*:
Proceeds from sale of shares		158,890,826			121,166,375			4,362,586			49,297,949
Cost of shares redeemed		(33,919,339	)		(18,716,807	)		(32,777,922	)		(60,769,201	)
Increase (decrease) in net assets resulting from share transactions		124,971,487			102,449,568			(28,415,336	)		(11,471,252	)
Total increase (decrease) in net assets		82,851,085			97,907,408			(44,589,477	)		(20,654,222	)
Net Assets, beginning of period		313,475,080			215,567,672			397,610,071			418,264,293
Net Assets, end of period	$	396,326,165		$	313,475,080		$	353,020,594		$	397,610,071
*Shares of Common Stock Issued (no par value)
Shares sold		8,950,000			6,800,000			200,000			2,200,000
Shares redeemed		(2,050,000	)		(1,050,000	)		(1,500,000	)		(2,700,000	)
Net increase (decrease)		6,900,000			5,750,000			(1,300,000	)		(500,000	)

See Notes to Financial Statements

137

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Short Muni ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)
Operations:
Net investment income	$	2,130,102		$	4,024,049
Net realized loss		(1,130,561	)		(6,143,979	)
Net change in unrealized appreciation (depreciation)		(2,843,644	)		8,399,993
Net increase (decrease) in net assets resulting from operations		(1,844,103	)		6,280,063
Distributions to shareholders from:
Distributable earnings		(2,330,400	)		(4,788,660	)
Share transactions*:
Proceeds from sale of shares		3,345,607			49,753,782
Cost of shares redeemed		(26,055,642	)		(110,242,493	)
Decrease in net assets resulting from share transactions		(22,710,035	)		(60,488,711	)
Total decrease in net assets		(26,884,538	)		(58,997,308	)
Net Assets, beginning of period		268,581,990			327,579,298
Net Assets, end of period	$	241,697,452		$	268,581,990
*Shares of Common Stock Issued (no par value)
Shares sold		200,000			2,950,000
Shares redeemed		(1,550,000	)		(6,500,000	)
Net decrease		(1,350,000	)		(3,550,000	)

See Notes to Financial Statements

138

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CEF Muni Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$21.46			$23.53			$29.07			$24.34			$26.18			$24.97
Net investment income (a)		0.40			0.95			1.14			1.14			1.09			1.16
Net realized and unrealized gain (loss) on investments		(3.17)			(2.00)			(5.56)			4.71			(1.83)			1.21
Total from investment operations		(2.77)			(1.05)			(4.42)			5.85			(0.74)			2.37
Distributions from:
Net investment income		(0.38)			(1.02)			(1.12)			(1.12)			(1.10)			(1.16)
Net asset value, end of period		$18.31			$21.46			$23.53			$29.07			$24.34			$26.18
Total return (b)		(13.06)	%(c)		(4.53)	%		(15.82)	%		24.38	%		(3.17)	%		9.83	%
Ratios to average net assets
Gross expenses (d)(e)		0.41	%(f)		0.41	%		0.40	%		0.40	%		0.45	%		0.48	%
Net expenses (d)(e)		0.41	%(f)		0.41	%		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses excluding interest and taxes (d)(e)		0.40	%(f)		0.40	%		N/A			N/A			N/A			N/A
Net investment income (d)		3.95	%(f)		4.30	%		4.01	%		4.17	%		4.02	%		4.67	%
Supplemental data
Net assets, end of period (in millions)		$196			$204			$169			$177			$142			$144
Portfolio turnover rate (g)		7	%(c)		15	%		15	%		11	%		10	%		13	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(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 November 1, 2019 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

139

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	High Yield Muni ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$51.43			$55.18			$62.48			$56.13			$62.79			$62.16
Net investment income (a)		1.09			2.01			2.09			2.36			2.69			2.67
Net realized and unrealized gain (loss) on investments		(3.84)			(3.73)			(7.27)			6.38			(6.73)			0.64
Total from investment operations		(2.75)			(1.72)			(5.18)			8.74			(4.04)			3.31
Distributions from:
Net investment income		(1.07)			(2.03)			(2.12)			(2.39)			(2.62)			(2.68)
Net asset value, end of period		$47.61			$51.43			$55.18			$62.48			$56.13			$62.79
Total return (b)		(5.45)	%(c)		(3.11)	%		(8.62)	%		15.84	%		(6.86)	%		5.46	%
Ratios to average net assets
Expenses		0.33	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		4.30	%(d)		3.84	%		3.38	%		3.91	%		4.26	%		4.31	%
Supplemental data
Net assets, end of period (in millions)		$2,504			$2,800			$3,018			$3,461			$2,570			$2,656
Portfolio turnover rate (e)		14	%(c)		11	%		11	%		9	%		12	%		10	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

140

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	HIP Sustainable Muni ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended April 30, 2022(a)
	(unaudited)
Net asset value, beginning of period		$45.82			$45.66			$50.00
Net investment income (b)		0.49			0.72			0.10
Net realized and unrealized gain (loss) on investments		(2.58)			0.09			(4.22)
Total from investment operations		(2.09)			0.81			(4.12)
Distributions from:
Net investment income		(0.52)			(0.65)			(0.22)
Net asset value, end of period		$43.21			$45.82			$45.66
Total return (c)		(4.60)	%(d)		1.79	%		(8.26)	%(d)
Ratios to average net assets
Expenses		0.24	%(e)		0.24	%		0.24	%(e)
Net investment income		2.16	%(e)		1.59	%		0.33	%(e)
Supplemental data
Net assets, end of period (in millions)		$17			$18			$14
Portfolio turnover rate (f)		8	%(d)		14	%		11	%(d)

(a)	For the period September 9, 2021 (commencement of operations) through April 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

141

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Intermediate Muni ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$46.35			$45.69			$51.62			$48.97			$48.94			$46.83
Net investment income (a)		0.56			0.97			0.83			0.98			1.09			1.12
Net realized and unrealized gain (loss) on investments		(2.86)			0.65			(5.92)			2.72			0.10			2.11
Total from investment operations		(2.30)			1.62			(5.09)			3.70			1.19			3.23
Distributions from:
Net investment income		(0.55)			(0.96)			(0.84)			(0.98)			(1.10)			(1.12)
Net realized capital gains		—			—			—	(b)		(0.07)			(0.06)			—
Total distributions		(0.55)			(0.96)			(0.84)			(1.05)			(1.16)			(1.12)
Net asset value, end of period		$43.50			$46.35			$45.69			$51.62			$48.97			$48.94
Total return (c)		(5.00)	%(d)		3.59	%		(9.99)	%		7.59	%		2.40	%		6.98	%
Ratios to average net assets
Expenses		0.24	%(e)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		2.45	%(e)		2.12	%		1.64	%		1.90	%		2.17	%		2.37	%
Supplemental data
Net assets, end of period (in millions)		$1,794			$1,822			$1,695			$1,801			$1,582			$1,720
Portfolio turnover rate (f)		8	%(d)		17	%		4	%		6	%		7	%		7	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

142

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long Muni ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$17.91			$18.35			$21.68			$20.18			$20.40			$19.63
Net investment income (a)		0.30			0.52			0.46			0.52			0.57			0.60
Net realized and unrealized gain (loss) on investments		(1.68)			(0.46)			(3.26)			1.54			(0.20)			0.77
Total from investment operations		(1.38)			0.06			(2.80)			2.06			0.37			1.37
Distributions from:
Net investment income		(0.29)			(0.50)			(0.46)			(0.52)			(0.57)			(0.60)
Net realized capital gains		—			—			(0.07)			(0.04)			(0.02)			—
Total distributions		(0.29)			(0.50)			(0.53)			(0.56)			(0.59)			(0.60)
Net asset value, end of period		$16.24			$17.91			$18.35			$21.68			$20.18			$20.40
Total return (b)		(7.81)	%(c)		0.40	%		(13.26)	%		10.31	%		1.75	%		7.15	%
Ratios to average net assets
Expenses		0.24	%(d)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		3.48	%(d)		2.91	%		2.15	%		2.45	%		2.72	%		3.06	%
Supplemental data
Net assets, end of period (in millions)		$396			$313			$216			$228			$200			$153
Portfolio turnover rate (e)		13	%(c)		32	%		7	%		23	%		22	%		22	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

143

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short High Yield Muni ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$22.34			$22.86			$25.06			$23.09			$24.70			$24.24
Net investment income (a)		0.33			0.59			0.58			0.73			0.84			0.80
Net realized and unrealized gain (loss) on investments		(0.94)			(0.50)			(2.18)			1.99			(1.64)			0.43
Total from investment operations		(0.61)			0.09			(1.60)			2.72			(0.80)			1.23
Distributions from:
Net investment income		(0.33)			(0.61)			(0.60)			(0.75)			(0.81)			(0.77)
Net asset value, end of period		$21.40			$22.34			$22.86			$25.06			$23.09			$24.70
Total return (b)		(2.79)	%(c)		0.43	%		(6.58)	%		11.89	%		(3.44)	%		5.16	%
Ratios to average net assets
Expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		3.02	%(d)		2.64	%		2.34	%		2.98	%		3.37	%		3.28	%
Supplemental data
Net assets, end of period (in millions)		$353			$398			$418			$306			$263			$203
Portfolio turnover rate (e)		11	%(c)		17	%		16	%		14	%		17	%		22	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

144

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short Muni ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$16.95			$16.89			$18.04			$17.55			$17.54			$17.18
Net investment income (a)		0.14			0.21			0.15			0.23			0.27			0.27
Net realized and unrealized gain (loss) on investments		(0.27)			0.10			(1.09)			0.51			0.02			0.36
Total from investment operations		(0.13)			0.31			(0.94)			0.74			0.29			0.63
Distributions from:
Net investment income		(0.15)			(0.25)			(0.19)			(0.25)			(0.28)			(0.27)
Net realized capital gains		—			—			(0.02)			—			—			—
Total distributions		(0.15)			(0.25)			(0.21)			(0.25)			(0.28)			(0.27)
Net asset value, end of period		$16.67			$16.95			$16.89			$18.04			$17.55			$17.54
Total return (b)		(0.74)	%(c)		1.83	%		(5.27)	%		4.27	%		1.66	%		3.70	%
Ratios to average net assets
Expenses		0.11	%(d)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.66	%(d)		1.22	%		0.86	%		1.26	%		1.54	%		1.57	%
Supplemental data
Net assets, end of period (in millions)		$242			$269			$328			$297			$204			$201
Portfolio turnover rate (e)		15	%(c)		19	%		18	%		30	%		34	%		33	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

145

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2023 (unaudited)

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

 146

highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities. 

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). 

Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). 

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

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.

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

C. Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

D. Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

E. Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations.

The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Fund’s and other industry sources. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

The management fee rates for the period ended October 31, 2023, are as follows:

Fund	Unitary Management Fee Rate
CEF Muni		0.40	%
High Yield*		0.32
HIP Sustainable		0.24
Intermediate		0.24
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.

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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 October 31, 2023, the Adviser owned approximately 13% of HIP Sustainable.

Note 4—Capital Share Transactions—As of October 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of a designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments—For the period ended October 31, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
CEF Muni	$	14,329,433	$	14,065,738	$	32,656,454	$	9,679,921
High Yield		435,081,781		379,136,017		—		147,590,062
HIP Sustainable		1,355,233		1,736,992		—		—
Intermediate		261,707,320		137,293,530		—		24,242,855
Long		173,745,721		48,876,541		—		—
Short High Yield		41,909,649		56,899,139		—		10,033,717
Short		36,597,441		47,936,653		—		7,240,084

During the period ended October 31, 2023, the High Yield, Intermediate, Long, Short High Yield and Short funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act and aggregated to approximately $1 million of sales for High Yield, $16 million of purchases and $20 million of sales for Intermediate, $16 million of sales for Long, $1 million of purchases for Short High Yield and $20 million of purchases for Short.

Note 6—Income Taxes—As of October 31, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
CEF Muni	$264,154,506	$–	$(68,483,848)	$(68,483,848)
High Yield	2,848,636,057	2,655,698	(418,281,498)	(415,625,800)
HIP Sustainable	18,411,612	–	(2,124,904)	(2,124,904)

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Intermediate	1,944,259,779	134,312	(175,829,735)	(175,695,423)
Long	445,498,590	4,799	(56,284,285)	(56,279,486)
Short High Yield	391,550,388	238,848	(43,745,942)	(43,507,094)
Short	248,479,077	1,038,614	(12,800,450)	(11,761,836)

The tax character of current year distributions will be determined at the end of the current fiscal year.

At April 30 2023, the following Funds had capital loss carryforwards available to offset future capital gains:

Fund	Short-Term Capital Losses with No Expiration		Long-Term Capital Losses with No Expiration		Total
CEF Muni	$	(6,236,418)	$	(9,804,872)	$	(16,041,290)
High Yield		(39,183,945)		(80,863,172)		(120,047,117)
HIP Sustainable		(46,340)		(52,700)		(99,040)
Intermediate		(4,121,023)		(16,344,088)		(20,465,111)
Long		(2,390,258)		(10,817,847)		(13,208,105)
Short High Yield		(3,942,367)		(9,268,569)		(13,210,936)
Short		(570,417)		(894,715)		(1,465,132)

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 period ended October 31, 2023, the Funds did not incur any interest or penalties.

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

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

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.

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The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider’s methodology will align with the Fund’s investment strategy or desirable issuers can be correctly identified.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni 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 presented in “Due to Adviser”.

Note 9—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. These fees are included in custody and accounting fees in the Statements of Operations. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
CEF Muni	151	$378,575		6.55	%
High Yield	5	1,942,131		6.68
Intermediate	1	143,761		6.68
Short High Yield	40	481,287		6.50

Outstanding loan balances as of October 31, 2023, 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 on a semiannual 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).

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

These rules are effective January 24, 2023, and the compliance date is July 24, 2024.

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VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited)

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CEF Muni Income ETF, High Yield Muni ETF, Intermediate Muni ETF, Long Muni ETF, Short High Yield Muni ETF and Short Muni ETF (each, a “Fund” and together, the “Funds”).

The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each of the VanEck CEF Muni Income ETF and Short Muni ETF had management fees below the average and median of its respective peer group of funds, while each of the VanEck High Yield Muni ETF, Intermediate Muni ETF, Long Muni ETF and Short High Yield Muni ETF had management fees below the average and equal to the median of its respective peer group of funds. The Trustees also noted that the

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VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited) (continued)

information provided showed that each of the VanEck CEF Muni Income ETF, Intermediate Muni ETF, Long Muni ETF and Short Muni ETF had a total expense ratio below the average and median of its respective peer group of funds, while each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had a total expense ratio below the average and equal to the median of its respective peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting, as part of their consideration of the Investment Management Agreements.

In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.

VanEck HIP Sustainable Muni ETF

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck HIP Sustainable Muni ETF (the “Fund”).

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and

 154

the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides, under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2022 and the period since its inception on September 8, 2021 through December 31, 2022 due to differences in duration and yield curve positioning between the Fund and its benchmark, as well as the Fund’s sector allocation. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees below the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and the median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

 155

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited) (continued)

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.

In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.

VanEck Muni ETF

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Muni ETF (the “Fund”).

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to the Fund by the Adviser, although they concluded that the nature, quality and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.

In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.

 156

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	MUNISAR

SEMI-ANNUAL REPORT October 31, 2023 (unaudited)

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
Explanation of Expenses	3
Schedule of Investments
BDC Income ETF	5
China Bond ETF	6
Dynamic High Income ETF	8
Emerging Markets High Yield Bond ETF	10
Fallen Angel High Yield Bond ETF	25
Green Bond ETF	29
IG Floating Rate ETF	38
International High Yield Bond ETF	42
J.P. Morgan EM Local Currency Bond ETF	57
Moody’s Analytics BBB Corporate Bond ETF	64
Moody’s Analytics IG Corporate Bond ETF	68
Mortgage REIT Income ETF	73
Preferred Securities ex Financials ETF	74
Statements of Assets and Liabilities	77
Statements of Operations	81
Statements of Changes in Net Assets	85
Financial Highlights
BDC Income ETF	92
China Bond ETF	93
Dynamic High Income ETF	94
Emerging Markets High Yield Bond ETF	95
Fallen Angel High Yield Bond ETF	96
Green Bond ETF	97
IG Floating Rate ETF	98
International High Yield ETF	99
J.P. Morgan EM Local Currency Bond ETF	100
Moody’s Analytics BBB Corporate Bond ETF	101
Moody’s Analytics IG Corporate Bond ETF	102
Mortgage REIT Income ETF	103
Preferred Securities ex Financials ETF	104
Notes to Financial Statements	105
Approval of Investment Management Agreements	116

Certain information contained in this President’s Letter 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 October 31, 2023.

VANECK ETF TRUST

PRESIDENT’S LETTER

October 31, 2023 (unaudited)

Dear Fellow Shareholders:

Our outlook for financial markets in 2023 was “sideways.” The three major forces on markets—monetary policy, government spending and economic growth—were negative or muted coming into the year. This remains my view.

Discussion

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

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

1. Monetary Policy: Tightening

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just under of $8 trillion toward the end of October 2023.¹

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

2. Fiscal Tightening

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected. A political expert just commented that the next U.S. President will have to face the country’s big budget deficits in 2025. If this does happen, and I’m more positive on this than most, then I could see the Fed cut rates to offset the contractionary effects of smaller budget deficits. Again, more in 2025 than 2024.

3. Global Growth is at Low Levels

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

Outlook

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. Now after the 2022 and 2023 losses, bond investments are now offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.²) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.

This period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends,³ Episode 113, released on October 13, 2023.

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin). Timing market moves is almost impossible, but the cycle will eventually turn in favor of these assets and they have rallied since we started discussing this several months ago.

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 six month period ended October 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
CEO and President
VanEck ETF Trust

November 9, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”⁴ Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, October 26, 2023, https://www.federalreserve.gov/releases/h41/20231026/

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

3 https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

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

2

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, May 1, 2023 to October 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2023 - October 31, 2023(a)
BDC Income ETF
Actual	$1,000.00	$1,082.70	0.42%	$2.20
Hypothetical (b)	$1,000.00	$1,023.03	0.42%	$2.14
China Bond ETF
Actual	$1,000.00	$955.80	0.52%	$2.56
Hypothetical (b)	$1,000.00	$1,022.52	0.52%	$2.64
Dynamic High Income ETF
Actual	$1,000.00	$960.90	0.10%	$0.49
Hypothetical (b)	$1,000.00	$1,024.63	0.10%	$0.51
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$1,000.10	0.40%	$2.01
Hypothetical (b)	$1,000.00	$1,023.13	0.40%	$2.03
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$991.70	0.35%	$1.75
Hypothetical (b)	$1,000.00	$1,023.38	0.35%	$1.78
Green Bond ETF
Actual	$1,000.00	$964.60	0.21%	$1.04
Hypothetical (b)	$1,000.00	$1,024.08	0.21%	$1.07
IG Floating Rate ETF
Actual	$1,000.00	$1,037.30	0.14%	$0.72
Hypothetical (b)	$1,000.00	$1,024.43	0.14%	$0.71

3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2023 - October 31, 2023(a)
International High Yield Bond ETF
Actual	$1,000.00	$989.00	0.40%	$2.00
Hypothetical (b)	$1,000.00	$1,023.13	0.40%	$2.03
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$974.40	0.30%	$1.49
Hypothetical (b)	$1,000.00	$1,023.63	0.30%	$1.53
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$953.40	0.25%	$1.23
Hypothetical (b)	$1,000.00	$1,023.88	0.25%	$1.27
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$952.40	0.20%	$0.98
Hypothetical (b)	$1,000.00	$1,024.13	0.20%	$1.02
Mortgage REIT Income ETF
Actual	$1,000.00	$945.40	0.43%	$2.10
Hypothetical (b)	$1,000.00	$1,022.97	0.43%	$2.19
Preferred Securities ex Financials ETF
Actual	$1,000.00	$937.70	0.41%	$2.00
Hypothetical (b)	$1,000.00	$1,023.08	0.41%	$2.08

(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)	Assumes annual return of 5% before expenses

4

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Financial Services: 100.0%
Ares Capital Corp.		7,612,682	$	144,336,451
Bain Capital Specialty Finance, Inc. †		753,843		11,413,183
Barings BDC, Inc.		1,568,162		13,862,552
BlackRock TCP Capital Corp. †		977,547		10,264,244
Blackstone Secured Lending Fund †		1,212,195		33,177,777
Blue Owl Capital Corp. †		6,340,762		83,951,689
Capital Southwest Corp. †		676,055		14,629,830
Carlyle Secured Lending, Inc. †		859,564		11,690,070
CION Investment Corp. †		923,512		9,124,299
Fidus Investment Corp. †		406,963		7,357,891
FS KKR Capital Corp. †		4,815,429		91,252,380
Gladstone Investment Corp. †		573,574		7,685,892
Goldman Sachs BDC, Inc. †		1,742,800		23,858,932
Golub Capital BDC, Inc. †		2,320,860		33,420,384
Hercules Capital, Inc. †		2,077,486		31,993,284
Main Street Capital Corp. †		820,718		31,293,977
MidCap Financial Investment Corp. †		1,104,251		14,101,285
New Mountain Finance Corp. †		1,434,802		17,762,849
Oaktree Specialty Lending Corp. †		1,304,353		24,782,707

	Number of Shares		Value
Financial Services (continued)
PennantPark Floating Rate Capital Ltd. †		934,282	$	9,389,534
Prospect Capital Corp. †		4,991,096		25,654,233
Sixth Street Specialty Lending, Inc.		1,476,326		28,655,488
SLR Investment Corp. †		784,695		11,142,669
Trinity Capital, Inc. †		709,930		9,747,339
TriplePoint Venture Growth BDC Corp.		599,842		5,674,505
Total Common Stocks (Cost: $738,148,037)				706,223,444
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 12.4%
Money Market Fund: 12.4% (Cost: $87,578,849)
State Street Navigator Securities Lending Government Money Market Portfolio		87,578,849		87,578,849
Total Investments: 112.4% (Cost: $825,726,886)				793,802,293
Liabilities in excess of other assets: (12.4)%				(87,814,144	)
NET ASSETS: 100.0%			$	705,988,149

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $107,950,095.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments	Value
Financials	100.0%	$	706,223,444

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	706,223,444	$	—	$	—	$	706,223,444
Money Market Fund		87,578,849		—		—		87,578,849
Total Investments	$	793,802,293	$	—	$	—	$	793,802,293

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

5

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 69.5%
Basic Materials: 4.3%
China Chengtong Holdings Group Ltd. 3.53%, 10/28/26	CNY	10,000		$	1,371,670
Financials: 43.8%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	1,130			153,463
2.96%, 04/17/30	CNY	1,160			159,406
3.63%, 07/19/26	CNY	2,700			378,187
3.74%, 07/12/29	CNY	2,740			392,440
3.75%, 01/25/29	CNY	2,620			374,566
3.79%, 10/26/30	CNY	1,110			160,362
3.85%, 01/06/27	CNY	3,410			483,036
4.39%, 09/08/27	CNY	3,270			474,299
4.65%, 05/11/28	CNY	1,360			200,825
4.98%, 01/12/25	CNY	2,640			370,285
Central Huijin Investment Ltd. 2.87%, 04/20/26	CNY	10,000			1,364,929
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27	CNY	10,000			1,422,743
China Development Bank
2.77%, 10/24/32	CNY	3,810			515,290
3.18%, 04/05/26	CNY	4,850			670,734
3.34%, 07/14/25	CNY	3,830			529,363
3.41%, 06/07/31	CNY	1,640			231,849
3.45%, 09/20/29	CNY	4,800			678,837
3.48%, 01/08/29	CNY	4,460			630,406
3.65%, 05/21/29	CNY	1,950			278,203
3.66%, 03/01/31	CNY	1,170			167,871
3.70%, 10/20/30	CNY	4,150			596,620
4.04%, 04/10/27	CNY	1,760			251,146
4.04%, 07/06/28	CNY	2,720			392,845
China Reform Holdings Corp. Ltd. 2.65%, 09/06/27	CNY	10,000			1,343,491
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	1,000			136,431
Export-Import Bank of China
3.23%, 03/23/30	CNY	2,900			404,627
3.38%, 07/16/31	CNY	1,750			247,000
3.74%, 11/16/30	CNY	2,380			342,828
3.86%, 05/20/29	CNY	2,480			357,054
3.88%, 01/12/36	CNY	1,170			174,379
4.89%, 03/26/28	CNY	1,510			224,730
					14,108,245

	Par   (000’s		)	Value
Industrials: 12.8%
China State Railway Group Co. Ltd.
2.76%, 10/14/27	CNY	10,000		$	1,361,982
3.53%, 01/29/26	CNY	10,000			1,388,055
Shandong Hi-Speed Group Co. Ltd. 3.41%, 03/16/26	CNY	10,000			1,372,682
					4,122,719
Real Estate: 0.2%
China Fortune Land Development Co. Ltd.
5.50%, 10/22/22 (d) *∞	CNY	1,000			35,787
7.00%, 03/03/21 (d) *∞	CNY	1,000			34,220
					70,007
Utilities: 8.4%
State Grid Corp. of China 2.88%, 08/30/27	CNY	10,000			1,362,205
State Power Investment Corp. Ltd. 2.82%, 07/04/26	CNY	10,000			1,359,566
					2,721,771
Total Corporate Bonds (Cost: $24,251,685)					22,394,412
GOVERNMENT OBLIGATIONS: 20.2%
China Government Bond
2.68%, 05/21/30	CNY	3,450			469,808
2.69%, 08/12/26	CNY	2,050			281,424
2.77%, 06/24/30	CNY	3,710			508,435
2.85%, 06/04/27	CNY	5,420			748,120
2.86%, 07/16/30	CNY	3,350			462,284
3.01%, 05/13/28	CNY	5,630			783,624
3.02%, 10/22/25	CNY	2,150			297,234
3.02%, 05/27/31	CNY	2,710			379,546
3.03%, 03/11/26	CNY	5,400			748,328
3.25%, 06/06/26	CNY	2,220			310,457
3.27%, 11/19/30	CNY	2,980			424,723
3.28%, 12/03/27	CNY	1,050			148,028
3.29%, 05/23/29	CNY	2,680			379,987
3.74%, 09/22/35	CNY	3,900			585,573
Total Government Obligations (Cost: $7,473,736)					6,527,571
Total Investments: 89.7% (Cost: $31,725,421)					28,921,983
Other assets less liabilities: 10.3%					3,310,241
NET ASSETS: 100.0%				$	32,232,224

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

6

Summary of Investments by Sector	% of Investments			Value
Financials		48.8	%	$	14,108,245
Government		22.6			6,527,571
Industrials		14.3			4,122,719
Utilities		9.4			2,721,771
Basic Materials		4.7			1,371,670
Real Estate		0.2			70,007
		100.0	%	$	28,921,983

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Basic Materials	$	—	$	1,371,670	$	—	$	1,371,670
Financials		—		14,108,245		—		14,108,245
Industrials		—		4,122,719		—		4,122,719
Real Estate		—		—		70,007		70,007
Utilities		—		2,721,771		—		2,721,771
Government Obligations *		—		6,527,571		—		6,527,571
Total Investments	$	—	$	28,851,976	$	70,007	$	28,921,983

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

7

VANECK DYNAMIC HIGH INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
GOVERNMENT OBLIGATIONS: 14.1%
United States Treasury Note
1.12%, 08/15/40		24		$	12,968
1.38%, 11/15/40		42			23,691
1.88%, 02/15/41		21			12,952
2.25%, 05/15/41		62			40,683
2.75%, 08/15/42		18			12,604
Total Government Obligations (Cost: $118,426)					102,898
	Number of Shares
EXCHANGE TRADED FUNDS: 85.8% (a)
VanEck BDC Income ETF ‡		3,996			59,421
VanEck Durable High Dividend ETF ‡		4,155			120,526

	Number of Shares		Value
VanEck Emerging Markets High Yield Bond ETF ‡		2,139	$	37,368
VanEck Energy Income ETF ‡		1,004		65,013
VanEck Fallen Angel High Yield Bond ETF ‡		5,418		144,822
VanEck International High Yield Bond ETF ‡		4,041		78,233
VanEck J.P. Morgan EM Local Currency Bond ETF ‡		1,578		37,399
VanEck Mortgage REIT Income ETF ‡		2,556		25,177
VanEck Preferred Securities ex Financials ETF ‡		3,795		60,113
Total Exchange Traded Funds (Cost: $637,360)				628,072
Total Investments: 99.9% (Cost: $755,786)				730,970
Other assets less liabilities: 0.1%				1,024
NET ASSETS: 100.0%			$	731,994

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		85.9	%	$	628,072
Government		14.1			102,898
		100.0	%	$	730,970

See Notes to Financial Statements

8

Transactions in securities of affiliates for the period ended October 31, 2023 were as follows:

	Value 4/30/2023		Purchases		Sales Proceeds		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 10/31/2023		Dividend Income
VanEck BDC Income ETF	$	38,788	$	20,233		$–		$–	$	457*	$	59,420	$	3,362
VanEck Durable High Dividend ETF		87,147		43,288		–		–		(9,909)		120,526		2,289
VanEck Emerging Markets High Yield Bond ETF		26,067		12,820		–		–		(1,519)		37,368		1,147
VanEck Energy Income ETF		41,775		21,167		–		–		2,735#		65,013		810
VanEck Fallen Angel High Yield Bond ETF		100,233		49,647		–		–		(5,057)		144,823		3,715
VanEck International High Yield Bond ETF		54,177		26,778		–		–		(2,722)		78,233		1,811
VanEck J.P. Morgan EM Local Currency Bond ETF		26,447		13,318		–		–		(1,398)^		37,399		–
VanEck Mortgage REIT Income ETF		18,744		9,764		–		–		(2,987)†		25,177		1,258
VanEck Preferred Securities ex Financials ETF		44,300		21,998		–		–		(6,185)		60,113		2,167
	$	437,678	$	219,013		$–		$–	$	(26,585)	$	628,072	$	16,559

*	Includes Return of Capital distribution reclassification of $58.
#	Includes Return of Capital distribution reclassification of $664.
^	Includes Return of Capital distribution reclassification of $968.
†	Includes Return of Capital distribution reclassification of $344.

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Government Obligations *	$	—	$	102,898	$	—	$	102,898
Exchange Traded Funds		628,072		—		—		628,072
Total Investments	$	628,072	$	102,898	$	—	$	730,970

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

9

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 95.4%
Argentina: 3.5%
Agua y Saneamientos Argentinos SA Reg S 7.90%, 05/01/26	$	350		$	259,000
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27		339			288,976
MercadoLibre, Inc.
2.38%, 01/14/26		500			455,289
3.12%, 01/14/31		900			682,223
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		700			486,152
Pampa Energia SA 144A
7.50%, 01/24/27		800			744,807
9.12%, 04/15/29		375			343,528
Pan American Energy LLC 144A 9.12%, 04/30/27		400			427,394
Telecom Argentina SA 144A 8.00%, 07/18/26		525			494,882
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		600			553,426
YPF Energia Electrica SA 144A 10.00%, 07/25/26		550			500,253
YPF SA 144A
6.95%, 07/21/27		1,025			775,665
7.00%, 09/30/33 (s)		775			584,521
7.00%, 12/15/47		725			462,949
8.50%, 03/23/25		403			376,861
8.50%, 07/28/25		1,450			1,337,214
8.50%, 06/27/29		512			394,741
9.00%, 02/12/26 (s)		923			900,928
9.00%, 06/30/29 (s)		975			861,265
					10,930,074
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		425			419,687
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		300			259,730
Azerbaijan: 1.1%
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26		2,550			2,518,089
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		850			831,062
					3,349,151
Bahrain: 1.0%
GFH Sukuk Ltd. Reg S

	Par   (000’s		)	Value
Bahrain (continued)
7.50%, 01/28/25	$	650		$	644,312
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27		650			597,634
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		1,300			1,310,508
8.38%, 11/07/28		650			676,030
					3,228,484
Bermuda: 0.4%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 (d) *		494			103,702
Digicel International Holdings Ltd. 144A 13.00%, 12/31/25		618			429,422
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		900			793,372
					1,326,496
Brazil: 7.6%
Adecoagro SA 144A 6.00%, 09/21/27		700			649,705
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		450			411,539
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		550			519,494
Atento Luxco 1 SA 144A 8.00%, 02/10/26 (d) *		400			1,020
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		400			326,377
Banco Bradesco SA 144A 3.20%, 01/27/25		425			407,678
Banco BTG Pactual SA 144A
2.75%, 01/11/26		300			276,752
4.50%, 01/10/25 †		625			607,738
Banco Daycoval SA Reg S 4.25%, 12/13/24		300			289,251
Banco do Brasil SA 144A 4.62%, 01/15/25		650			634,719
Banco Votorantim SA 144A 4.38%, 07/29/25		350			334,453
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,200			760,148
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		375			366,446
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		378			367,053
BRF SA 144A
4.88%, 01/24/30		425			345,778
5.75%, 09/21/50		400			260,908

See Notes to Financial Statements

10

	Par   (000’s		)	Value
Brazil (continued)
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	$	450		$	449,215
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25		300			286,807
4.62%, 02/04/30		475			401,071
Cosan Luxembourg SA 144A
5.50%, 09/20/29		525			468,461
7.00%, 01/20/27		300			300,214
CSN Inova Ventures 144A 6.75%, 01/28/28		825			755,118
CSN Resources SA 144A 7.62%, 04/17/26		200			198,770
Embraer Netherlands Finance BV 5.40%, 02/01/27 †		275			265,921
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		300			298,970
ERO Copper Corp. 144A 6.50%, 02/15/30		250			211,933
FS Luxembourg Sarl 144A 10.00%, 12/15/25		350			357,573
Globo Comunicacao e Participacoes SA 144A
4.88%, 01/22/30		325			258,128
5.50%, 01/14/32		250			195,966
Itau Unibanco Holding SA 144A 3.25%, 01/24/25		325			313,535
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		300			277,757
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		450			436,294
Klabin Austria GmbH 144A
3.20%, 01/12/31		275			210,859
5.75%, 04/03/29		425			402,981
7.00%, 04/03/49		478			435,592
MARB BondCo Plc 144A 3.95%, 01/29/31		750			551,135
MV24 Capital BV 144A 6.75%, 06/01/34		609			529,942
Natura Cosmeticos SA 144A 4.12%, 05/03/28 †		300			258,550
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		275			247,493
7.00%, 05/14/26		500			495,747
Nexa Resources SA 144A
5.38%, 05/04/27		425			388,319
6.50%, 01/18/28 †		325			305,427
Petrobras Global Finance BV
5.09%, 01/15/30		300			275,445
5.30%, 01/27/25		275			270,863
5.60%, 01/03/31		475			445,344
5.62%, 05/20/43		175			147,075

	Par   (000’s		)	Value
Brazil (continued)
5.75%, 02/01/29	$	225		$	218,371
6.00%, 01/27/28 †		475			468,961
6.75%, 01/27/41		325			297,994
6.75%, 06/03/50		225			200,417
6.85%, 06/05/15		700			591,277
6.88%, 01/20/40		350			327,883
6.90%, 03/19/49		350			316,579
7.25%, 03/17/44 †		390			376,520
7.38%, 01/17/27		350			359,011
8.75%, 05/23/26		175			185,425
Rede D’or Finance Sarl 144A
4.50%, 01/22/30		449			366,497
4.95%, 01/17/28		350			313,065
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		249			258,464
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		263			265,075
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		300			274,377
Simpar Europe SA 144A 5.20%, 01/26/31		450			351,367
Tupy Overseas SA 144A 4.50%, 02/16/31		200			156,155
Ultrapar International SA 144A
5.25%, 10/06/26		300			286,992
5.25%, 06/06/29		150			136,725
Unigel Luxembourg SA 144A 8.75%, 10/01/26		200			71,500
Usiminas International Sarl 144A 5.88%, 07/18/26		450			423,952
XP, Inc. 144A 3.25%, 07/01/26		450			407,929
					23,654,100
British Virgin Islands: 0.3%
New Metro Global Ltd. Reg S
4.50%, 05/02/26		500			86,450
4.62%, 10/15/25		400			91,588
Studio City Co. Ltd. 144A 7.00%, 02/15/27		450			417,514
Wanda Properties Global Co. Ltd. Reg S
11.00%, 01/20/25		350			104,125
11.00%, 02/13/26		350			95,375
					795,052
Canada: 0.7%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		450			416,272
First Quantum Minerals Ltd. 144A 8.62%, 06/01/31		1,675			1,415,964
Frontera Energy Corp. 144A

See Notes to Financial Statements

11

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Canada (continued)
7.88%, 06/21/28	$	550		$	413,075
					2,245,311
Cayman Islands: 3.2%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		1,150			1,035,242
Banco Bradesco SA 144A 4.38%, 03/18/27		350			330,832
Banco do Brasil SA 144A
3.25%, 09/30/26		450			411,141
4.88%, 01/11/29		275			253,909
Banco do Brasil SA/Cayman 144A 6.25%, 04/18/30 †		500			479,905
CT Trust 144A 5.12%, 02/03/32		1,075			829,011
Dar Al-Arkan Sukuk Co. Ltd. Reg S
7.75%, 02/07/26		500			493,555
8.00%, 02/25/29		800			787,280
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		550			510,675
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31		500			485,471
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o)		600			592,959
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		750			695,721
Nogaholding Sukuk Ltd. Reg S 6.62%, 05/25/33		950			930,769
Oryx Funding Ltd. 144A 5.80%, 02/03/31		700			648,703
PD Sukuk Ltd. Reg S 8.75%, 09/23/25		400			399,600
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		434			351,075
StoneCo Ltd. 144A 3.95%, 06/16/28		250			196,325
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24		600			575,820
					10,007,993
Chile: 1.1%
Agrosuper SA 144A 4.60%, 01/20/32		625			500,545
CAP SA 144A 3.90%, 04/27/31		450			319,939
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		436			222,647
Kenbourne Invest SA 144A

	Par   (000’s		)	Value
Chile (continued)
6.88%, 11/26/24	$	400		$	302,594
Latam Airlines Group SA 144A
13.38%, 10/15/27		575			615,590
13.38%, 10/15/29		900			970,907
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		600			258,643
5.12%, 01/15/28		500			224,190
VTR Finance NV 144A 6.38%, 07/15/28		400			71,000
					3,486,055
China: 5.7%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		300			31,197
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		3,750			3,567,489
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		700			676,165
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		650			484,575
ChengDu JingKai GuoTou Investment Group Co. Ltd. Reg S 5.30%, 12/07/24		400			391,009
eHi Car Services Ltd. Reg S
7.00%, 09/21/26		550			349,747
7.75%, 11/14/24		400			329,600
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		1,000			916,819
Fortune Star BVI Ltd. Reg S 5.95%, 10/19/25		1,000			747,830
Fuqing Investment Management Ltd. Reg S 3.25%, 06/23/25		500			308,750
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 (d) *		200			14,000
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25		550			391,212
Industrial & Commercial Bank of China Ltd. Reg S

See Notes to Financial Statements

12

	Par   (000’s		)	Value
China (continued)
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)	$	7,900		$	7,267,501
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25		400			400,121
New Metro Global Ltd. Reg S 4.80%, 12/15/24		600			189,000
Pingan Real Estate Capital Ltd. Reg S 3.45%, 07/29/26		300			160,492
Powerlong Real Estate Holdings Ltd. Reg S 5.95%, 04/30/25		900			76,500
RKPF Overseas 2019 A Ltd. Reg S 6.00%, 09/04/25		400			194,900
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		400			84,656
West China Cement Ltd. Reg S 4.95%, 07/08/26		800			558,827
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25		600			588,750
					17,729,140
Colombia: 6.0%
Aris Mining Corp. 144A 6.88%, 08/09/26		450			370,915
Banco de Bogota SA 144A 6.25%, 05/12/26		1,350			1,274,746
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31		400			309,400
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		700			613,208
Canacol Energy Ltd. 144A 5.75%, 11/24/28		600			433,389
Ecopetrol SA
4.12%, 01/16/25		1,075			1,038,960
4.62%, 11/02/31		1,136			853,088
5.38%, 06/26/26		1,300			1,245,756
5.88%, 05/28/45		1,675			1,093,331
5.88%, 11/02/51		950			596,308
6.88%, 04/29/30		1,850			1,667,217
7.38%, 09/18/43		808			643,616
8.62%, 01/19/29		1,000			998,550
8.88%, 01/13/33		1,025			985,052

	Par   (000’s		)	Value
Colombia (continued)
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29	$	1,400		$	1,095,830
4.38%, 02/15/31 †		700			518,993
Geopark Ltd. 144A 5.50%, 01/17/27		575			483,663
Grupo Aval Ltd. 144A 4.38%, 02/04/30		1,350			997,438
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		700			656,520
Oleoducto Central SA 144A 4.00%, 07/14/27		550			484,627
Orazul Energy Peru SA 144A 5.62%, 04/28/27		450			408,503
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30		850			671,997
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		600			542,190
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		601			563,976
					18,547,273
Costa Rica: 0.3%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43 †		575			448,902
6.75%, 10/07/31		450			421,875
					870,777
Cyprus: 0.3%
MHP Lux SA 144A
6.25%, 09/19/29		450			285,372
6.95%, 04/03/26		650			486,500
					771,872
Czech Republic: 0.2%
Energo-Pro AS 144A 8.50%, 02/04/27		650			619,119
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		400			345,476
France: 0.2%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		500			484,988
Georgia: 0.3%
Georgian Railway JSC 144A 4.00%, 06/17/28		575			494,557
Silknet JSC 144A 8.38%, 01/31/27		475			467,875
					962,432
Ghana: 0.4%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26		775			712,764
Tullow Oil Plc 144A

See Notes to Financial Statements

13

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Ghana (continued)
7.00%, 03/01/25 †	$	775		$	612,482
					1,325,246
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25		675			655,395
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		450			408,211
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 †		1,400			1,234,044
					1,642,255
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		275			246,224
Hong Kong: 5.5%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25		650			60,125
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		750			592,500
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			832,146
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		650			565,098
4.85%, 01/27/28		650			510,111
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		750			691,837
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)		900			854,846
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		500			400,336
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			430,098
Easy Tactic Ltd. 7.50%, 07/11/27		65			3,711
Fortune Star BVI Ltd. Reg S 5.00%, 05/18/26		550			365,892

	Par   (000’s		)	Value
Hong Kong (continued)
5.05%, 01/27/27	$	600		$	366,285
Franshion Brilliant Ltd. Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o)		700			602,071
Li & Fung Ltd. Reg S 5.00%, 08/18/25		200			187,179
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		1,250			1,182,225
5.25%, 04/26/26		700			640,985
5.38%, 12/04/29		1,450			1,154,281
5.62%, 07/17/27		750			652,933
5.75%, 07/21/28		1,150			977,071
Nanyang Commercial Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o)		800			769,660
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o)		400			391,311
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		300			173,484
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		750			219,577
5.20%, 01/12/26		600			187,200
Seaspan Corp. 144A 5.50%, 08/01/29		1,000			768,180
Studio City Finance Ltd. 144A
5.00%, 01/15/29 †		1,489			1,070,219
6.00%, 07/15/25		600			565,992
6.50%, 01/15/28		675			551,576
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24		500			481,200
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		550			281,220
Yuexiu REIT MTN Co. Ltd. Reg S 2.65%, 02/02/26		550			464,248
					16,993,597
Hungary: 0.2%
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33		750			743,231
India: 3.4%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		650			623,194

See Notes to Financial Statements

14

	Par   (000’s		)	Value
India (continued)
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39	$	438		$	305,084
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		800			760,960
6.45%, 06/04/29		600			546,225
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27		450			396,059
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		550			515,543
5.45%, 10/22/26		400			379,070
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		756			622,301
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		600			514,356
JSW Steel Ltd. 144A
3.95%, 04/05/27		650			561,347
5.05%, 04/05/32		625			482,311
JSW Steel Ltd. Reg S 5.38%, 04/04/25 †		500			485,627
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		1,375			1,337,430
Periama Holdings LLC Reg S 5.95%, 04/19/26		950			895,764
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 †		800			654,704
Shriram Finance Ltd. 144A 4.15%, 07/18/25		450			426,000
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			390,256
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		550			387,200
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 †		600			352,589
					10,636,020
Indonesia: 2.0%
Adaro Indonesia PT 144A 4.25%, 10/31/24		900			872,613
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞		111			902
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		400			379,755
Bukit Makmur Mandiri Utama PT 144A

	Par   (000’s		)	Value
Indonesia (continued)
7.75%, 02/10/26 †	$	500		$	435,950
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		675			639,684
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			400,000
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		725			721,012
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			416,221
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		750			703,348
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		675			672,975
Nickel Industries Ltd. 144A 11.25%, 10/21/28		500			518,617
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		400			354,972
					6,116,049
Israel: 2.9%
Energian Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33		950			832,437
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		750			698,176
6.50%, 06/30/27		750			661,564
6.75%, 06/30/30		725			616,654
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36		775			651,976
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		3,300			2,908,488
4.10%, 10/01/46		1,973			1,182,515
6.75%, 03/01/28 †		1,225			1,172,542
7.12%, 01/31/25		400			396,860
					9,121,212
Kuwait: 0.4%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		600			518,062
4.50%, 02/23/27		750			637,988
					1,156,050
Luxembourg: 2.4%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		344			310,279
Aegea Finance Sarl 144A
6.75%, 05/20/29		350			320,610
9.00%, 01/20/31		300			299,442
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		700			575,907

See Notes to Financial Statements

15

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Luxembourg (continued)
Cosan Luxembourg SA 144A 7.50%, 06/27/30	$	200		$	195,365
CSN Resources SA 144A
4.62%, 06/10/31		525			391,759
5.88%, 04/08/32		275			217,734
Energian Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26		825			729,094
5.38%, 03/30/28		825			677,902
5.88%, 03/30/31		775			621,705
FORESEA Holding SA 144A 7.50%, 06/15/30		200			187,000
Hidrovias International Finance SARL 144A 4.95%, 02/08/31		250			192,931
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,063			756,901
Minerva Luxembourg SA 144A
4.38%, 03/18/31		750			582,412
8.88%, 09/13/33		600			589,920
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26		375			356,969
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		174			140,430
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32		300			230,974
					7,377,334
Macao: 0.3%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		1,000			880,160
Mauritius: 2.6%
Axian Telecom 144A 7.38%, 02/16/27 †		525			468,825
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		561			468,658
CA Magnum Holdings 144A 5.38%, 10/31/26		1,225			1,073,998
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		450			384,602
Diamond II Ltd. 144A 7.95%, 07/28/26		450			437,334
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,183			995,485
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		975			930,660
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		1,250			1,023,163
India Airport Infra 144A 6.25%, 10/25/25		475			460,339

	Par   (000’s		)	Value
Mauritius (continued)
India Clean Energy Holdings 144A 4.50%, 04/18/27	$	550		$	446,531
India Green Power Holdings 144A 4.00%, 02/22/27		550			473,693
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		800			495,042
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o)		575			520,369
					8,178,699
Mexico: 6.8%
Alsea SAB de CV 144A 7.75%, 12/14/26		650			645,832
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		650			522,903
Braskem Idesa SAPI 144A 6.99%, 02/20/32		1,500			886,669
Cemex SAB de CV 144A 3.88%, 07/11/31		1,425			1,157,744
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		1,300			1,203,605
5.20%, 09/17/30		925			838,977
5.45%, 11/19/29		975			909,121
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o)		1,300			1,334,301
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		475			346,066
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 †		450			392,063
Grupo Aeromexico SAB de CV 144A 8.50%, 03/17/27		950			881,888
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		475			415,245
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		575			484,496
Metalsa Sapi De Cv 144A 3.75%, 05/04/31		450			338,462
Nemak SAB de CV 144A 3.62%, 06/28/31 †		675			499,940
Petroleos Mexicanos
4.25%, 01/15/25		125			119,988
4.50%, 01/23/26		250			224,921
5.35%, 02/12/28		450			363,513
5.50%, 06/27/44		150			80,544
5.62%, 01/23/46		150			79,616
5.95%, 01/28/31		850			608,728
6.35%, 02/12/48		350			193,234

See Notes to Financial Statements

16

	Par   (000’s		)	Value
Mexico (continued)
6.38%, 01/23/45	$	275		$	155,694
6.49%, 01/23/27		350			310,187
6.50%, 03/13/27		875			772,595
6.50%, 01/23/29		250			201,464
6.50%, 06/02/41		375			222,093
6.62%, 06/15/35		625			412,629
6.62%, 06/15/38		125			77,311
6.70%, 02/16/32		1,500			1,106,956
6.75%, 09/21/47		1,225			694,959
6.84%, 01/23/30		500			389,687
6.88%, 10/16/25		200			192,165
6.88%, 08/04/26		550			508,181
6.95%, 01/28/60		850			481,986
7.69%, 01/23/50		1,775			1,097,321
8.75%, 06/02/29		400			354,030
10.00%, 02/07/33		450			398,206
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 †		375			337,438
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28		700			335,754
7.50%, 11/12/25 †		700			508,820
					21,085,332
Morocco: 0.9%
OCP SA 144A
3.75%, 06/23/31		925			730,868
4.50%, 10/22/25		750			719,085
5.12%, 06/23/51		925			596,038
6.88%, 04/25/44		725			596,505
					2,642,496
Netherlands: 1.5%
Coruripe Netherlands BV 144A 10.00%, 02/10/27		250			176,970
Embraer Netherlands Finance BV 144A 7.00%, 07/28/30		500			488,695
Greenko Dutch BV 144A 3.85%, 03/29/26		601			537,743
Greenko Dutch BV Reg S 3.85%, 03/29/26		450			402,469
Petrobras Global Finance BV 5.50%, 06/10/51 †		375			280,681
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27		975			886,459
5.12%, 05/09/29 †		975			851,945
7.88%, 09/15/29		575			567,725
8.12%, 09/15/31 †		475			470,878
					4,663,565
Nigeria: 0.9%
Access Bank Plc 144A 6.12%, 09/21/26		600			502,200
EBN Finance Co. BV 144A 7.12%, 02/16/26		450			389,473
Fidelity Bank Plc 144A

	Par   (000’s		)	Value
Nigeria (continued)
7.62%, 10/28/26	$	500		$	439,025
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		450			428,625
SEPLAT Energy Plc 144A 7.75%, 04/01/26		900			762,120
United Bank for Africa Plc 144A 6.75%, 11/19/26		275			237,935
					2,759,378
Oman: 1.6%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		700			669,395
Lamar Funding Ltd. 144A 3.96%, 05/07/25		1,375			1,310,986
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		575			555,986
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		700			657,605
OQ SAOC 144A 5.12%, 05/06/28		950			898,359
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28		825			824,619
					4,916,950
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			283,501
Panama: 0.5%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		425			376,644
Banistmo SA 144A 4.25%, 07/31/27		500			438,010
Global Bank Corp. 144A 5.25%, 04/16/29		500			440,903
Multibank, Inc. 144A 7.75%, 02/03/28		400			392,500
					1,648,057
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		400			364,915
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			345,436
					710,351
Peru: 2.1%
Auna SAA 144A 6.50%, 11/20/25		450			412,115
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		400			370,388

See Notes to Financial Statements

17

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Peru (continued)
Camposol SA 144A 6.00%, 02/03/27	$	550		$	324,291
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 †		725			631,966
InRetail Shopping Malls 144A 5.75%, 04/03/28		425			391,975
Minsur SA 144A 4.50%, 10/28/31 †		675			548,806
Peru LNG Srl 144A 5.38%, 03/22/30		1,150			882,090
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,300			871,901
5.62%, 06/19/47		2,500			1,378,964
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		400			327,204
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		550			264,553
					6,404,253
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o)		400			363,000
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25		525			481,882
3.88%, 11/15/29		1,000			786,320
					1,268,202
Saudi Arabia: 0.6%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		650			622,315
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		700			692,614
6.88%, 02/26/27		600			574,021
					1,888,950
Singapore: 2.3%
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 †		600			594,231
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		624			579,677
GLP Pte Ltd. Reg S 3.88%, 06/04/25		1,250			775,000
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		1,300			380,510
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		200			58,629

	Par   (000’s		)	Value
Singapore (continued)
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25	$	750		$	720,938
5.95%, 07/29/26		700			646,625
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28		500			462,262
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29		400			393,750
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		725			709,073
Puma International Financing SA 144A 5.00%, 01/24/26		1,000			898,077
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		568			539,949
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		500			453,731
					7,212,452
South Africa: 2.3%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		1,325			1,202,471
7.12%, 02/11/25		1,600			1,572,477
8.45%, 08/10/28		650			617,417
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		550			483,312
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24		525			513,292
6.50%, 10/13/26		800			784,240
Sasol Financing USA LLC 6.50%, 09/27/28 †		950			841,724
Transnet SOC Ltd. 144A 8.25%, 02/06/28		1,250			1,185,252
					7,200,185
Spain: 0.8%
AES Espana BV 144A 5.70%, 05/04/28		400			352,474
AI Candelaria Spain SA 144A 5.75%, 06/15/33		825			564,123
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		550			522,640
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		675			445,703
International Airport Finance SA 144A 12.00%, 03/15/33		610			586,289
					2,471,229

See Notes to Financial Statements

18

	Par   (000’s		)	Value
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	$	475		$	411,342
Thailand: 0.7%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,625			1,323,233
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,000			883,248
					2,206,481
Trinidad and Tobago: 0.7%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		600			624,300
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		525			481,701
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		325			273,416
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		750			721,275
					2,100,692
Turkey: 6.5%
Akbank TAS 144A
5.12%, 03/31/25		600			579,306
6.80%, 02/06/26 †		625			608,016
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		650			608,892
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28		775			629,711
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27		1,000			877,340
KOC Holding AS 144A 6.50%, 03/11/25		950			938,752
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		498			437,304
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		550			553,673
TC Ziraat Bankasi AS 144A
5.38%, 03/02/26		800			746,544
9.50%, 08/01/26		600			612,015
Turk Telekomunikasyon AS 144A 6.88%, 02/28/25		755			737,250
Turkcell Iletisim Hizmetleri AS 144A

	Par   (000’s		)	Value
Turkey (continued)
5.75%, 10/15/25	$	675		$	648,907
5.80%, 04/11/28		575			524,440
Turkiye Ihracat Kredi Bankasi AS 144A
5.75%, 07/06/26		950			888,957
9.00%, 01/28/27		500			500,629
9.38%, 01/31/26		750			763,063
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		1,050			1,025,346
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		350			331,527
6.00%, 01/23/25		550			537,544
9.38%, 10/19/28		400			407,513
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		825			798,658
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25		925			896,538
5.50%, 10/01/26		675			623,710
6.50%, 01/08/26		925			891,265
9.00%, 10/12/28		1,000			997,500
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		700			655,413
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28		1,000			999,850
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		575			553,466
9.25%, 10/16/28		700			705,138
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26		300			277,355
					20,355,622
Ukraine: 0.7%
Kernel Holding SA 144A 6.75%, 10/27/27		400			254,416
Metinvest BV 144A
7.65%, 10/01/27		450			288,000
7.75%, 10/17/29		600			358,500
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/28		300			148,425
NPC Ukrenergo 144A 6.88%, 11/09/28		1,100			305,195
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26		1,100			584,232
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		400			297,956
					2,236,724

See Notes to Financial Statements

19

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United Arab Emirates: 2.6%
Alpha Star Holding VII Ltd. Reg S 7.75%, 04/27/26	$	900		$	883,779
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMT USD 6 Year+3.66%), 1/22/2025 (o)		1,050			1,040,343
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		1,950			1,907,917
Emirates NBD Bank PJSC Reg S 6.12% (CMT USD 6 Year+3.66%), 3/20/2025 (o)		1,250			1,222,001
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		1,250			1,204,525
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)		550			526,360
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29		1,400			1,332,349
					8,117,274
United Kingdom: 2.6%
Allwyn Entertainment Financing UK Plc 144A 7.88%, 04/30/29		850			842,316
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 †		2,100			1,728,038
Bidvest Group UK Plc 144A 3.62%, 09/23/26		975			869,259
Endeavour Mining Plc 144A 5.00%, 10/14/26		575			508,610
IHS Holding Ltd. 144A
5.62%, 11/29/26		675			546,105
6.25%, 11/29/28		625			462,369
Tullow Oil Plc 144A 10.25%, 05/15/26		2,100			1,805,433
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		1,600			1,165,065
					7,927,195
United States: 5.2%
ABRA Global Finance 144A 11.50%, 03/02/28		500			385,466
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		400			370,924
Azul Secured Finance LLP 144A
10.88%, 05/28/30		350			267,962
11.93%, 08/28/28		500			486,437
Energuate Trust 144A

	Par (000’s)		Value
United States (continued)
5.88%, 05/03/27	$	400	$	359,444
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,000		666,460
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		550		482,207
7.75%, 05/01/27		600		540,030
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27		500		449,802
MGM China Holdings Ltd. 144A
5.25%, 06/18/25		658		626,771
5.88%, 05/15/26 †		1,000		933,700
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		850		772,650
Playtika Holding Corp. 144A 4.25%, 03/15/29		800		646,048
Sasol Financing USA LLC
4.38%, 09/18/26 †		825		724,519
5.50%, 03/18/31		1,075		824,883
Sasol Financing USA LLC 144A 8.75%, 05/03/29		1,275		1,212,423
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28		700		542,616
Stillwater Mining Co. 144A
4.00%, 11/16/26		825		712,429
4.50%, 11/16/29		750		571,472
Wynn Macau Ltd. 144A
5.12%, 12/15/29		1,375		1,080,823
5.50%, 01/15/26		1,325		1,231,939
5.50%, 10/01/27 †		1,000		871,001
5.62%, 08/26/28		1,725		1,448,720
				16,208,726
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		450		419,850
Uzbekistan: 0.7%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400		360,246
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		400		366,600
Uzauto Motors AJ 144A 4.85%, 05/04/26		400		350,520
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450		427,162
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		850		670,441
				2,174,969

See Notes to Financial Statements

20

	Par   (000’s		)	Value
Zambia: 1.3%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †	$	1,275		$	1,122,000
6.88%, 10/15/27		1,925			1,642,479
7.50%, 04/01/25		1,350			1,268,378
					4,032,857
Total Corporate Bonds (Cost: $351,952,024)					296,814,315
GOVERNMENT OBLIGATIONS: 1.5%
Argentina: 1.1%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,200			1,104,510
Provincia de Cordoba 144A
6.88%, 02/01/29		582			424,807
6.99%, 06/01/27 (s)		632			477,312
Provincia de Mendoza 144A 5.75%, 03/19/29 (s)		656			514,778
Provincia de Neuquen 144A 6.75%, 04/27/30 (s)		500			375,000
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		598			476,870
					3,373,277
Turkey: 0.4%
Istanbul Metropolitan Municipality 144A

	Par   (000’s		)	Value
Turkey (continued)
6.38%, 12/09/25	$	750		$	702,852
10.75%, 04/12/27		475			485,925
					1,188,777
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			238,205
Total Government Obligations (Cost: $5,843,954)					4,800,259
Total Investments Before Collateral for Securities Loaned: 96.9% (Cost: $357,795,978)					301,614,574
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%
Money Market Fund: 5.1% (Cost: $15,921,278)
State Street Navigator Securities Lending Government Money Market Portfolio		15,921,278			15,921,278
Total Investments: 102.0% (Cost: $373,717,256)					317,535,852
Liabilities in excess of other assets: (2.0)%					(6,236,912)
NET ASSETS: 100.0%				$	311,298,940

Definitions:

USD United States Dollar

Footnotes:

(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
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $15,325,318.
(o)	Perpetual Maturity — the date shown is the next call date
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $210,025,352, or 67.5% of net assets.

See Notes to Financial Statements

21

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		30.9	%	$	93,276,629
Energy		20.4			61,580,152
Industrials		10.5			31,772,095
Basic Materials		10.4			31,418,553
Utilities		9.3			28,167,318
Consumer Cyclicals		4.3			13,057,455
Technology		4.1			12,257,678
Consumer Non-Cyclicals		3.6			10,918,959
Healthcare		3.4			10,181,065
Government		1.6			4,800,259
Real Estate		1.3			3,764,724
Institutions, Associations & Organizations		0.2			419,687
		100.0	%	$	301,614,574

See Notes to Financial Statements

22

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	10,930,074	$	—	$	10,930,074
Armenia		—		419,687		—		419,687
Austria		—		259,730		—		259,730
Azerbaijan		—		3,349,151		—		3,349,151
Bahrain		—		3,228,484		—		3,228,484
Bermuda		—		1,326,496		—		1,326,496
Brazil		—		23,654,100		—		23,654,100
British Virgin Islands		—		795,052		—		795,052
Canada		—		2,245,311		—		2,245,311
Cayman Islands		—		10,007,993		—		10,007,993
Chile		—		3,486,055		—		3,486,055
China		—		17,729,140		—		17,729,140
Colombia		—		18,547,273		—		18,547,273
Costa Rica		—		870,777		—		870,777
Cyprus		—		771,872		—		771,872
Czech Republic		—		619,119		—		619,119
Dominican Republic		—		345,476		—		345,476
France		—		484,988		—		484,988
Georgia		—		962,432		—		962,432
Ghana		—		1,325,246		—		1,325,246
Greece		—		655,395		—		655,395
Guatemala		—		1,642,255		—		1,642,255
Honduras		—		246,224		—		246,224
Hong Kong		—		16,993,597		—		16,993,597
Hungary		—		743,231		—		743,231
India		—		10,636,020		—		10,636,020
Indonesia		—		6,115,147		902		6,116,049
Israel		—		9,121,212		—		9,121,212
Kuwait		—		1,156,050		—		1,156,050
Luxembourg		—		7,377,334		—		7,377,334
Macao		—		880,160		—		880,160
Mauritius		—		8,178,699		—		8,178,699
Mexico		—		21,085,332		—		21,085,332
Morocco		—		2,642,496		—		2,642,496
Netherlands		—		4,663,565		—		4,663,565
Nigeria		—		2,759,378		—		2,759,378
Oman		—		4,916,950		—		4,916,950
Pakistan		—		283,501		—		283,501
Panama		—		1,648,057		—		1,648,057
Paraguay		—		710,351		—		710,351
Peru		—		6,404,253		—		6,404,253
Philippines		—		363,000		—		363,000
Poland		—		1,268,202		—		1,268,202
Saudi Arabia		—		1,888,950		—		1,888,950
Singapore		—		7,212,452		—		7,212,452
South Africa		—		7,200,185		—		7,200,185
Spain		—		2,471,229		—		2,471,229
Tanzania		—		411,342		—		411,342
Thailand		—		2,206,481		—		2,206,481
Trinidad and Tobago		—		2,100,692		—		2,100,692
Turkey		—		20,355,622		—		20,355,622
Ukraine		—		2,236,724		—		2,236,724
United Arab Emirates		—		8,117,274		—		8,117,274
United Kingdom		—		7,927,195		—		7,927,195
United States		—		16,208,726		—		16,208,726

See Notes to Financial Statements

23

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Uruguay	$	—	$	419,850	$	—	$	419,850
Uzbekistan		—		2,174,969		—		2,174,969
Zambia		—		4,032,857		—		4,032,857
Government Obligations *		—		4,800,259		—		4,800,259
Money Market Fund		15,921,278		—		—		15,921,278
Total Investments	$	15,921,278	$	301,613,672	$	902	$	317,535,852

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

24

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 98.3%
Australia: 2.4%
Buckeye Partners LP
3.95%, 12/01/26	$	20,973		$	19,137,234
4.12%, 12/01/27		14,017			12,193,388
5.60%, 10/15/44		10,537			7,083,498
5.85%, 11/15/43		13,988			9,898,958
Port of Newcastle Investments Financing Pty Ltd. 144A 5.90%, 11/24/31 †		10,545			8,825,743
					57,138,821
Canada: 3.9%
Bombardier, Inc. 144A 7.45%, 05/01/34		17,851			20,037,748
Methanex Corp.
4.25%, 12/01/24		10,501			10,264,596
5.25%, 12/15/29		24,579			21,760,418
5.65%, 12/01/44		10,551			7,806,084
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 †		26,259			23,140,996
TransAlta Corp. 6.50%, 03/15/40		10,643			9,405,336
					92,415,178
Germany: 1.6%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		35,060			36,747,262
Ireland: 3.3%
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		24,578			23,863,771
4.38%, 03/15/26		24,575			23,095,240
4.65%, 06/15/30		26,329			22,016,520
4.90%, 12/15/44 †		10,693			7,315,762
					76,291,293
Italy: 5.1%
Telecom Italia Capital SA
6.00%, 09/30/34		35,060			28,891,680
6.38%, 11/15/33		35,012			29,888,897
7.20%, 07/18/36		35,059			30,348,024
7.72%, 06/04/38		35,049			30,979,110
					120,107,711
United Kingdom: 5.7%
Marks & Spencer Plc 144A 7.12%, 12/01/37		10,519			9,599,251
Rolls-Royce Plc 144A 3.62%, 10/14/25		34,954			32,797,631
Standard Chartered Plc 144A 7.01%, 07/30/37 (o)		26,200			24,109,392
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		70,020			67,765,489
					134,271,763

	Par   (000’s		)	Value
United States: 76.3%
Associated Banc-Corp. 4.25%, 01/15/25	$	8,775		$	8,413,842
Bath & Body Works, Inc. 6.95%, 03/01/33 †		10,877			9,416,520
Brandywine Operating Partnership LP
3.95%, 11/15/27		15,800			13,105,423
4.55%, 10/01/29		12,300			9,425,701
7.80%, 03/15/28 †		12,300			11,096,534
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		9,651			8,772,132
Constellation Insurance, Inc. 144A
6.62%, 05/01/31 †		8,754			7,594,597
6.80%, 01/24/30		14,864			12,734,274
Crane NXT Co. 4.20%, 03/15/48		12,384			7,504,723
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 †		12,363			12,563,281
Delta Air Lines, Inc.
3.75%, 10/28/29		16,629			14,155,436
4.38%, 04/19/28 †		14,390			13,232,756
Diversified Healthcare Trust 4.75%, 02/15/28		17,665			12,831,022
DPL, Inc. 4.35%, 04/15/29		13,989			11,424,131
Embarq Corp. 8.00%, 06/01/36		42,634			23,280,296
EnLink Midstream Partners LP
4.15%, 06/01/25		14,721			14,173,379
5.05%, 04/01/45		15,724			11,289,605
5.45%, 06/01/47		17,465			13,147,652
5.60%, 04/01/44		12,223			9,623,473
Entegris Escrow Corp. 144A 4.75%, 04/15/29		56,189			50,374,511
EQM Midstream Partners LP
4.12%, 12/01/26		17,566			16,312,041
5.50%, 07/15/28		29,809			27,848,509
6.50%, 07/15/48		19,232			16,282,525
First Republic Bank
4.38%, 08/01/46		9,339			35,021
4.62%, 02/13/47		10,345			38,789
FirstEnergy Corp.
1.60%, 01/15/26		10,492			9,460,771
2.05%, 03/01/25		10,537			9,926,976
2.25%, 09/01/30		15,752			12,170,323
2.65%, 03/01/30 †		21,068			17,014,165
3.40%, 03/01/50		29,836			18,077,121
4.15%, 07/15/27		52,436			48,578,095
5.10%, 07/15/47		21,201			17,603,339
7.38%, 11/15/31		16,212			17,501,648
Fluor Corp.
3.50%, 12/15/24		9,318			8,962,530
4.25%, 09/15/28		21,083			19,139,147
Ford Holdings LLC 9.30%, 03/01/30 †		4,873			5,227,365

See Notes to Financial Statements

25

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
Ford Motor Co.
4.35%, 12/08/26 †	$	24,576		$	23,186,223
4.75%, 01/15/43		32,684			22,744,688
5.29%, 12/08/46		21,341			15,526,406
6.62%, 10/01/28 †		7,290			7,211,596
7.40%, 11/01/46		6,552			6,155,064
7.45%, 07/16/31 †		17,554			17,727,902
Ford Motor Credit Co. LLC
3.81%, 11/02/27		12,344			11,018,186
4.06%, 11/01/24		23,650			23,045,516
4.13%, 08/04/25		22,947			21,894,794
4.27%, 01/09/27		14,784			13,694,252
4.39%, 01/08/26		19,686			18,681,169
4.54%, 08/01/26		12,334			11,612,550
4.69%, 06/09/25		9,867			9,541,056
5.11%, 05/03/29		24,348			22,183,383
Frontier Florida LLC 6.86%, 02/01/28 †		10,619			9,712,272
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26		18,474			16,489,528
Genworth Holdings, Inc. 6.50%, 06/15/34		9,651			8,389,596
Global Marine, Inc. 7.00%, 06/01/28		9,165			7,721,513
HB Fuller Co. 4.00%, 02/15/27		10,529			9,516,531
Hillenbrand, Inc. 5.00%, 09/15/26		13,132			12,610,003
Kohl’s Corp.
4.25%, 07/17/25 †		12,351			11,547,253
4.62%, 05/01/31 †		17,560			12,026,844
5.55%, 07/17/45		14,987			8,708,946
Las Vegas Sands Corp.
2.90%, 06/25/25		17,499			16,442,370
3.50%, 08/18/26		34,962			32,027,482
3.90%, 08/08/29		26,328			22,764,382
Lumen Technologies, Inc. 7.60%, 09/15/39		12,559			3,677,275
Macy’s Retail Holdings LLC
4.30%, 02/15/43		8,773			4,819,974
4.50%, 12/15/34 †		12,873			8,638,942
5.12%, 01/15/42		8,782			5,418,494
Murphy Oil Corp.
5.88%, 12/01/42		11,884			9,143,815
7.05%, 05/01/29		8,730			8,568,369
Navient Corp. 5.62%, 08/01/33		20,940			14,197,775
Newell Brands, Inc.
5.20%, 04/01/26		69,513			65,694,519
6.38%, 04/01/36		14,770			11,612,298
6.50%, 04/01/46		23,399			16,458,098
Nordstrom, Inc.
4.00%, 03/15/27		12,261			10,837,314
4.25%, 08/01/31 †		14,875			10,913,936
4.38%, 04/01/30 †		17,494			13,599,836
5.00%, 01/15/44		33,732			20,311,724
6.95%, 03/15/28 †		10,554			9,944,348

	Par   (000’s		)	Value
United States (continued)
Oceaneering International, Inc.
4.65%, 11/15/24	$	8,300		$	8,326,425
6.00%, 02/01/28 †		10,485			9,631,521
Office Properties Income Trust
2.40%, 02/01/27		12,309			6,880,608
2.65%, 06/15/26		10,539			6,939,565
3.45%, 10/15/31		14,064			6,906,830
4.50%, 02/01/25		22,741			19,468,229
Pacific Western Bank 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 †		14,008			10,396,738
Qwest Corp. 7.25%, 09/15/25 †		8,764			8,403,171
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S
4.62%, 04/16/29		35,019			26,931,362
4.62%, 04/06/31		12,326			8,703,327
Rockies Express Pipeline LLC 144A
3.60%, 05/15/25		14,042			13,302,617
4.80%, 05/15/30		12,293			10,347,847
4.95%, 07/15/29		19,298			17,028,426
6.88%, 04/15/40		17,499			14,581,718
7.50%, 07/15/38		8,758			8,105,222
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28		17,550			14,972,875
7.50%, 10/15/27		10,547			10,398,341
Royal Caribbean Cruises Ltd. 144A 11.50%, 06/01/25		17,490			18,498,503
Safeway, Inc. 7.25%, 02/01/31		9,259			9,338,535
Seagate HDD Cayman
4.09%, 06/01/29		17,361			14,986,038
4.12%, 01/15/31		9,694			7,718,658
4.75%, 01/01/25		16,852			16,502,217
4.88%, 06/01/27		17,737			16,676,540
5.75%, 12/01/34		17,156			14,538,911
Sealed Air Corp. 144A 6.88%, 07/15/33 †		15,759			14,796,598
Service Properties Trust
3.95%, 01/15/28		14,055			10,521,604
4.38%, 02/15/30		14,028			9,691,312
4.50%, 03/15/25		12,294			11,493,107
4.75%, 10/01/26		15,807			13,454,341
4.95%, 02/15/27		14,050			11,711,106
4.95%, 10/01/29 †		14,935			10,782,154
5.25%, 02/15/26		12,254			10,971,006
Southwestern Energy Co. 5.70%, 01/23/25		13,756			13,603,154
Spirit AeroSystems, Inc.
3.85%, 06/15/26		10,572			9,778,628
4.60%, 06/15/28 †		24,533			19,432,489
Steelcase, Inc. 5.12%, 01/18/29 †		15,856			13,994,870
Tenet Healthcare Corp.

See Notes to Financial Statements

26

	Par   (000’s		)	Value
United States (continued)
6.88%, 11/15/31	$	12,761		$	11,779,697
Toledo Hospital
4.98%, 11/15/45		9,596			5,603,430
5.33%, 11/15/28		11,211			8,618,456
6.01%, 11/15/48		14,017			9,391,390
Topaz Solar Farms LLC 144A 5.75%, 09/30/39		18,969			17,253,335
Transocean, Inc.
6.80%, 03/15/38		21,387			15,285,931
7.50%, 04/15/31 †		13,846			11,200,099
Travel + Leisure Co.
6.00%, 04/01/27		14,083			13,167,605
6.60%, 10/01/25 †		12,339			12,080,208
Under Armour, Inc. 3.25%, 06/15/26		21,006			19,150,927
United States Cellular Corp. 6.70%, 12/15/33 †		19,165			18,206,750
United States Steel Corp. 6.65%, 06/01/37 †		9,657			9,212,496
Valley National Bancorp 3.00% (Term SOFR USD 3 Month+2.36%), 06/15/31 †		10,620			8,498,823
Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 †		20,985			16,085,003

	Par   (000’s		)	Value
United States (continued)
Xerox Corp.
4.80%, 03/01/35	$	8,858		$	5,398,617
6.75%, 12/15/39		12,363			8,060,341
XPO CNW, Inc. 6.70%, 05/01/34		10,484			9,708,656
Yum! Brands, Inc.
5.35%, 11/01/43		9,634			8,214,045
6.88%, 11/15/37		11,466			11,331,543
					1,792,415,820
Total Corporate Bonds (Cost: $2,676,554,304)					2,309,387,848
		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.4%
Money Market Fund: 3.4% (Cost: $79,671,097)
State Street Navigator Securities Lending Government Money Market Portfolio		79,671,097			79,671,097
Total Investments: 101.7% (Cost: $2,756,225,401)					2,389,058,945
Liabilities in excess of other assets: (1.7)%					(39,407,418)
NET ASSETS: 100.0%				$	2,349,651,527

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 $84,090,029.
(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, and the value amounted $356,365,199, or 15.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Cyclicals		23.8	%	$	548,900,786
Technology		17.3			398,837,520
Energy		13.1			303,836,918
Financials		12.5			287,684,151
Industrials		9.0			207,433,696
Utilities		7.4			171,161,905
Real Estate		7.2			165,278,545
Healthcare		4.8			111,684,265
Basic Materials		3.7			85,920,004
Consumer Non-Cyclicals		0.8			18,937,786
Communications		0.4			9,712,272
		100.0	%	$	2,309,387,848

See Notes to Financial Statements

27

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	2,309,387,848	$	—	$	2,309,387,848
Money Market Fund		79,671,097		—		—		79,671,097
Total Investments	$	79,671,097	$	2,309,387,848	$	—	$	2,389,058,945

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

28

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 87.5%
Argentina: 0.1%
Genneia SA 144A 8.75%, 09/02/27	$	80		$	76,237
Australia: 1.1%
Bank of China Ltd. Reg S 0.75%, 09/29/24		200			191,444
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32		300			265,290
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42		450			428,120
					884,854
Bermuda: 0.5%
Bacardi Ltd. / Bacardi-Martini BV 144A 5.25%, 01/15/29		200			190,625
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		200			176,305
					366,930
Brazil: 1.7%
Banco BTG Pactual SA 144A 2.75%, 01/11/26		150			138,376
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		200			198,101
FS Luxembourg Sarl 144A 10.00%, 12/15/25		200			204,328
Klabin Austria GmbH 144A 7.00%, 04/03/49		150			136,692
Klabin Finance SA 144A 4.88%, 09/19/27		140			132,461
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		200			182,918
Suzano Austria GmbH 144A 5.75%, 07/14/26		50			48,981
Suzano International Finance BV 5.50%, 01/17/27		375			363,999
					1,405,856
British Virgin Islands: 0.3%
Amipeace Ltd. Reg S 1.75%, 11/09/26		300			270,062
Canada: 1.7%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		100			92,505
Brookfield Finance, Inc. 2.72%, 04/15/31 †		250			193,722

	Par   (000’s		)	Value
Canada (continued)
Canadian Imperial Bank of Commerce 0.95%, 10/23/25	$	250		$	226,979
CDP Financial, Inc. Reg S 1.00%, 05/26/26		350			314,129
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		300			226,205
TransAlta Corp. 7.75%, 11/15/29		200			199,205
Tucson Electric Power Co. 1.50%, 08/01/30		150			112,076
					1,364,821
Cayman Islands: 0.8%
DP World Crescent Ltd. Reg S 5.50%, 09/13/33		350			330,567
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31		200			151,799
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25		200			185,187
					667,553
Chile: 0.8%
Colbun SA 144A 3.15%, 01/19/32		150			118,330
Interchile SA 144A 4.50%, 06/30/56		350			254,143
Inversiones CMPC SA 144A 4.38%, 04/04/27		100			93,793
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51		300			174,666
					640,932
China: 3.2%
China Construction Bank Corp. Reg S 1.25%, 08/04/25		200			185,373
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		400			368,418
ICBCIL Finance Co. Ltd. Reg S 6.69% (Term SOFR USD 3 Month+1.31%), 11/20/24		200			200,313
Industrial & Commercial Bank of China Ltd. Reg S 6.39% (SOFR Compound Index+1.04%), 09/16/24		500			501,322
6.47%, 04/25/24		600			600,741
Lenovo Group Ltd. 144A 6.54%, 07/27/32		200			193,833
Midea Investment Development Co. Ltd. Reg S 2.88%, 02/24/27		200			182,775

See Notes to Financial Statements

29

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
China (continued)
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24	$	200		$	197,129
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		200			194,439
					2,624,343
Colombia: 0.2%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		150			130,709
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		88			66,252
France: 0.9%
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27		300			264,877
Electricite de France SA 144A 3.62%, 10/13/25		450			432,593
					697,470
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28		100			86,010
Germany: 2.5%
Bank of China Ltd. Reg S 3.12%, 06/16/25		200			192,319
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30		550			415,341
1.00%, 10/01/26		950			849,541
1.75%, 09/14/29		500			420,269
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25		188			179,168
					2,056,638
Hong Kong: 3.0%
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25		300			286,059
Airport Authority Reg S 1.75%, 01/12/27		300			268,328
China Development Bank Reg S 0.62%, 09/09/24		200			191,413
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		200			172,039
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26		200			181,169
Industrial & Commercial Bank of China Ltd. Reg S 2.95%, 06/01/25		200			192,020
Industrial Bank Co. Ltd. Reg S
0.88%, 06/10/24		200			194,020
3.25%, 05/18/25		200			193,343

	Par   (000’s		)	Value
Hong Kong (continued)
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26	$	200		$	186,053
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		200			184,123
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		400			312,326
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		200			102,262
					2,463,155
Hungary: 0.3%
MVM Energetika Zrt Reg S 7.50%, 06/09/28		200			200,363
India: 2.2%
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		250			232,580
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24		200			191,752
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39		175			122,033
India Green Energy Holdings 144A 5.38%, 04/29/24		150			147,140
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32		100			82,100
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			184,720
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		168			138,289
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			182,502
REC Ltd. 144A 5.62%, 04/11/28		200			194,615
REC Ltd. Reg S 3.88%, 07/07/27		200			183,923
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		200			163,676
					1,823,330
Indonesia: 0.7%
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28		200			193,108
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A

See Notes to Financial Statements

30

	Par   (000’s		)	Value
Indonesia (continued)
4.85%, 10/14/38	$	400		$	330,984
					524,092
Ireland: 0.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00%, 06/15/27		200			189,251
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26		350			347,083
					536,334
Japan: 3.6%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			180,765
Honda Motor Co. Ltd.
2.27%, 03/10/25		200			191,235
2.97%, 03/10/32 †		600			494,193
Japan Bank for International Cooperation 1.62%, 01/20/27		200			178,746
Marubeni Corp. Reg S 1.58%, 09/17/26		200			177,704
Norinchukin Bank 144A
1.28%, 09/22/26		400			351,474
2.08%, 09/22/31		150			113,519
NTT Finance Corp. 144A
4.24%, 07/25/25		200			195,029
4.37%, 07/27/27		250			238,981
Renesas Electronics Corp. 144A 1.54%, 11/26/24		150			142,180
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29		200			166,727
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		375			338,200
Toyota Motor Credit Corp. 2.15%, 02/13/30		200			162,268
					2,931,021
Luxembourg: 1.9%
European Investment Bank
1.62%, 05/13/31		500			396,552
3.75%, 02/14/33 †		1,300			1,179,256
					1,575,808
Macao: 1.0%
Bank of China Ltd. Reg S 6.12% (SOFR Compound Index+0.78%), 04/28/25		600			601,462
China Construction Bank Corp. Reg S 5.84% (SOFR Compound Index+0.50%), 12/21/24		200			199,727
					801,189

	Par   (000’s		)	Value
Mauritius: 0.8%
Diamond II Ltd. 144A 7.95%, 07/28/26	$	100		$	97,185
Greenko Power II Ltd. 144A 4.30%, 12/13/28		93			78,077
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		200			190,905
India Cleantech Energy 144A 4.70%, 08/10/26		133			115,932
India Green Power Holdings 144A 4.00%, 02/22/27		200			172,252
					654,351
Mexico: 0.2%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		250			182,504
Netherlands: 4.2%
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29		350			284,571
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26		350			318,073
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27		250			221,615
Greenko Dutch BV 144A 3.85%, 03/29/26		463			413,649
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		450			413,338
4.62%, 01/06/26		300			290,556
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		200			198,253
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30		100			77,086
2.38%, 03/24/26		350			327,940
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/31		550			420,244
3.40%, 05/01/30		300			251,773
5.00%, 01/15/33		200			178,403
					3,395,501
Norway: 0.6%
Kommunalbanken AS 144A
0.50%, 10/21/24		200			190,335
2.12%, 02/11/25		325			311,272
					501,607

See Notes to Financial Statements

31

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31	$	200		$	87,231
Portugal: 0.4%
EDP Finance BV 144A 1.71%, 01/24/28		400			335,740
Qatar: 0.2%
QNB Finance Ltd. Reg S 1.62%, 09/22/25		200			183,571
Saudi Arabia: 0.5%
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		500			413,382
Singapore: 1.4%
Bank of China Ltd. Reg S 0.80%, 04/28/24		200			195,109
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		178			165,622
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		300			277,125
Industrial & Commercial Bank of China Ltd. Reg S 1.00%, 10/28/24		450			430,150
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		81			77,136
					1,145,142
South Africa: 0.2%
Bank of China Ltd. Reg S 1.88%, 02/16/25		200			190,920
South Korea: 5.5%
Export-Import Bank of Korea
2.12%, 01/18/32		550			422,933
5.12%, 01/11/33		200			191,906
Export-Import Bank of Korea 144A 1.75%, 10/19/28		250			210,016
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		300			269,256
Kia Corp. 144A
1.75%, 10/16/26		200			177,598
2.38%, 02/14/25 †		200			191,079
Korea Development Bank 0.40%, 06/19/24		350			338,362
Korea East-West Power Co. Ltd. 144A 3.60%, 05/06/25		200			193,709
Korea Electric Power Corp. 144A
2.50%, 06/24/24		350			342,445
3.62%, 06/14/25		200			193,498

	Par   (000’s		)	Value
South Korea (continued)
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28	$	200		$	194,608
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25		200			191,029
Korea Water Resources Corp. Reg S 3.50%, 04/27/25		200			193,747
LG Chem Ltd. 144A
1.38%, 07/07/26		200			177,774
2.38%, 07/07/31		225			172,037
3.25%, 10/15/24		250			243,578
3.62%, 04/15/29		50			44,836
LG Energy Solution Ltd. 144A 5.62%, 09/25/26		200			198,362
SK Hynix, Inc. 144A
2.38%, 01/19/31		250			183,666
6.50%, 01/17/33		200			190,492
SK On Co. Ltd. Reg S 5.38%, 05/11/26		200			198,149
					4,519,080
Spain: 0.7%
Avangrid, Inc.
3.20%, 04/15/25		381			364,758
3.80%, 06/01/29		250			219,873
					584,631
Supranational: 4.4%
European Bank for Reconstruction & Development
1.50%, 02/13/25		100			95,132
1.62%, 09/27/24		500			482,595
European Investment Bank
0.75%, 09/23/30		600			453,658
1.62%, 10/09/29 †		380			316,848
2.12%, 04/13/26 †		300			280,123
2.38%, 05/24/27		650			596,906
European Investment Bank 144A 2.88%, 06/13/25		750			722,305
International Bank for Reconstruction & Development
2.12%, 03/03/25		280			268,246
3.12%, 11/20/25		75			72,066
International Finance Corp. 2.12%, 04/07/26		344			320,935
					3,608,814
Sweden: 0.8%
Kommuninvest I Sverige AB 144A 0.38%, 06/19/24		350			338,458
Swedbank AB 144A 1.54%, 11/16/26		350			307,886
					646,344

See Notes to Financial Statements

32

	Par   (000’s		)	Value
Turkey: 0.2%
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	$	200		$	175,468
United Arab Emirates: 1.3%
Industrial & Commercial Bank of China Ltd. Reg S 6.27% (SOFR Compound Index+0.93%), 01/19/26		400			402,360
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		200			176,053
4.64%, 05/14/29		200			185,400
Masdar Abu Dhabi Future Energy Co. Reg S 4.88%, 07/25/33		200			182,980
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49		194			144,667
					1,091,460
United Kingdom: 2.1%
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28		200			172,966
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32		150			109,279
China Construction Bank Corp. Reg S 3.12%, 05/17/25		350			337,580
China Merchants Bank Co. Ltd. Reg S 5.99% (SOFR Compound Index+0.65%), 06/13/26		200			200,380
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			230,005
Shanghai Pudong Development Bank Co. Ltd./London Reg S 3.25%, 07/14/25		200			192,600
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			182,915
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31		400			322,327
					1,748,052
United States: 36.5%
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		200			185,462
AES Corp.
1.38%, 01/15/26		350			311,174
2.45%, 01/15/31		505			379,748
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		350			246,464
2.95%, 03/15/34		250			182,405

	Par   (000’s		)	Value
United States (continued)
3.80%, 04/15/26	$	100		$	95,229
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46		388			338,948
Amgen, Inc. 3.00%, 02/22/29 †		250			219,622
Apple, Inc. 3.00%, 06/20/27		300			278,428
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A
3.25%, 09/01/28		200			163,124
4.00%, 09/01/29 †		200			150,275
Arizona Public Service Co. 2.65%, 09/15/50		200			102,421
AvalonBay Communities, Inc.
1.90%, 12/01/28		100			83,625
2.05%, 01/15/32		250			188,831
Bank of America Corp. 2.46% (Term SOFR USD 3 Month+1.13%), 10/22/25		650			624,891
Bank of China Ltd. Reg S 4.62%, 06/26/26		300			294,467
Boston Properties LP
2.45%, 10/01/33		400			260,178
3.40%, 06/21/29 †		225			182,226
4.50%, 12/01/28		575			506,011
6.50%, 01/15/34 †		400			365,489
Clearway Energy Operating LLC 144A
3.75%, 02/15/31		400			312,363
4.75%, 03/15/28		275			245,750
Comcast Corp. 4.65%, 02/15/33		300			271,619
Dana, Inc. 4.25%, 09/01/30		200			158,560
Deutsche Bank AG 1.69%, 03/19/26		300			270,512
Dominion Energy, Inc. 2.25%, 08/15/31		350			261,166
DTE Electric Co.
1.90%, 04/01/28		150			128,753
3.25%, 04/01/51		200			121,146
3.95%, 03/01/49		290			203,889
Duke Energy Carolinas LLC 3.95%, 11/15/28		350			323,935
Duke Energy Progress LLC 3.45%, 03/15/29 †		300			268,637
Equinix, Inc.
1.00%, 09/15/25		300			273,271
2.50%, 05/15/31		350			267,378
3.90%, 04/15/32		350			291,459
ERP Operating LP 4.15%, 12/01/28		200			184,985
Evergy Kansas Central, Inc. 2.55%, 07/01/26		100			92,511
Fannie Mae-Aces

See Notes to Financial Statements

33

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
1.44%, 10/25/29	$	300		$	238,644
2.44%, 10/25/29		37			31,629
2.52%, 08/25/29		236			203,469
2.62%, 07/25/24		111			108,449
2.82%, 02/25/27		205			190,813
2.94%, 06/25/29		8			7,540
3.00%, 01/25/28		379			346,007
3.06%, 09/25/27		248			229,825
3.13%, 03/25/28		206			187,989
3.17%, 03/25/28		380			349,189
3.17%, 02/25/30		321			284,594
3.20%, 11/25/27		13			11,812
3.41%, 06/25/28		317			292,848
3.67%, 09/25/28		493			456,355
3.87%, 09/25/30		90			81,377
Federal Realty OP LP 1.25%, 02/15/26 †		100			89,863
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27		200			170,522
Ford Motor Co.
3.25%, 02/12/32		1,150			868,864
6.10%, 08/19/32 †		250			231,426
Freddie Mac Multifamily Structured Pass Through Certificates
1.30%, 06/25/30		30			23,049
1.49%, 11/25/30		200			153,127
2.88%, 04/25/26		285			269,282
General Motors Co.
5.40%, 10/15/29 †		150			140,905
5.60%, 10/15/32 †		550			502,429
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28		200			193,198
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 †		150			145,915
Healthpeak OP LLC
1.35%, 02/01/27		200			172,378
2.12%, 12/01/28		100			82,490
Host Hotels & Resorts LP
2.90%, 12/15/31		250			186,983
3.38%, 12/15/29		100			82,449
Hyundai Capital America 144A 5.80%, 06/26/25		200			198,884
Interstate Power & Light Co.
3.50%, 09/30/49		150			93,684
4.10%, 09/26/28		350			324,405
Jabil, Inc. 4.25%, 05/15/27		200			187,749
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		200			152,013
JPMorgan Chase & Co.

	Par   (000’s		)	Value
United States (continued)
0.77% (SOFR+0.49%), 08/09/25	$	450		$	429,934
Kaiser Foundation Hospitals
2.81%, 06/01/41		500			321,743
3.15%, 05/01/27		80			74,178
Kilroy Realty LP
2.50%, 11/15/32		50			33,133
2.65%, 11/15/33		150			98,163
4.75%, 12/15/28		100			88,100
Massachusetts Institute of Technology 3.96%, 07/01/38		200			166,435
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25		300			276,823
MidAmerican Energy Co.
2.70%, 08/01/52		200			107,401
3.10%, 05/01/27		425			390,222
3.15%, 04/15/50		200			119,970
3.65%, 04/15/29		150			135,325
3.65%, 08/01/48		400			270,874
3.95%, 08/01/47		125			89,058
4.25%, 07/15/49		275			203,408
5.35%, 01/15/34		200			192,429
New York State Electric & Gas Corp. 144A
2.15%, 10/01/31		200			147,152
5.85%, 08/15/33		200			192,289
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		425			354,885
Northern States Power Co.
2.25%, 04/01/31		150			117,986
2.60%, 06/01/51		250			133,107
2.90%, 03/01/50		250			144,095
3.20%, 04/01/52		200			119,790
NSTAR Electric Co. 3.25%, 05/15/29		225			199,292
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32		100			88,317
Owens Corning 3.95%, 08/15/29		125			110,920
PacifiCorp
2.90%, 06/15/52		200			104,402
5.35%, 12/01/53		200			159,293
5.50%, 05/15/54		450			367,008
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		250			218,171
PepsiCo, Inc.
2.88%, 10/15/49 †		250			152,144
3.90%, 07/18/32		500			443,409
PG&E Recovery Funding LLC 5.54%, 07/15/47		350			317,859
Piedmont Operating Partnership LP

See Notes to Financial Statements

34

	Par   (000’s		)	Value
United States (continued)
3.15%, 08/15/30	$	150		$	104,673
PNC Financial Services Group, Inc. 2.20%, 11/01/24		160			153,863
4.76% (SOFR Compound Index+1.08%), 01/26/27		400			385,044
Prologis LP
1.25%, 10/15/30		275			201,261
1.75%, 02/01/31		200			149,653
Public Service Co. of Colorado
3.20%, 03/01/50		250			148,020
3.70%, 06/15/28		200			182,777
4.10%, 06/15/48		110			76,653
Public Service Co. of Oklahoma
2.20%, 08/15/31		300			226,037
3.15%, 08/15/51		150			85,172
Public Service Electric and Gas Co.
3.10%, 03/15/32		250			204,811
4.65%, 03/15/33		200			182,357
San Diego Gas & Electric Co. 4.95%, 08/15/28		100			96,463
SCE Recovery Funding LLC
4.70%, 06/15/40		150			136,335
5.11%, 12/15/47		200			170,596
Seattle Children’s Hospital 2.72%, 10/01/50		150			83,663
SK Battery America, Inc. Reg S 1.62%, 01/26/24		250			247,034
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		600			456,433
Sonoco Products Co. 2.85%, 02/01/32 †		400			310,972
Southern Power Co. 4.15%, 12/01/25		350			338,032
Southwestern Public Service Co. 3.15%, 05/01/50		250			144,553
Sunnova Energy Corp. 144A 5.88%, 09/01/26		100			81,090
Tennessee Valley Authority 1.50%, 09/15/31		200			151,388
Toyota Auto Receivables Owner 0.26%, 11/17/25		101			98,512
UDR, Inc. 1.90%, 03/15/33		175			119,266
Union Electric Co. 2.62%, 03/15/51		275			146,339
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		200			190,420
Verizon Communications, Inc.

	Par   (000’s		)	Value
United States (continued)
1.50%, 09/18/30	$	300		$	224,418
2.85%, 09/03/41		800			494,400
3.88%, 02/08/29		200			181,636
3.88%, 03/01/52		550			367,136
Vornado Realty LP 3.40%, 06/01/31		150			104,664
Welltower OP LLC
2.70%, 02/15/27		250			225,889
3.85%, 06/15/32		100			83,051
Wisconsin Electric Power Co. 4.75%, 09/30/32 †		250			230,339
Wisconsin Power and Light Co. 1.95%, 09/16/31		200			148,722
ZF North America Capital, Inc. 144A
6.88%, 04/14/28		200			194,031
7.12%, 04/14/30		200			194,260
					29,812,385
Total Corporate Bonds (Cost: $81,996,617)					71,470,142
GOVERNMENT OBLIGATIONS: 10.6%
Cayman Islands: 2.8%
Gaci First Investment Co. Reg S
4.75%, 02/14/30		200			188,225
4.88%, 02/14/35		300			265,424
5.00%, 10/13/27		600			583,048
5.12%, 02/14/53		250			193,438
5.25%, 10/13/32		850			809,094
5.38%, 10/13/22		300			232,035
					2,271,264
Chile: 1.0%
Chile Government International Bond
2.55%, 01/27/32		350			276,232
3.50%, 01/25/50		850			539,760
					815,992
Egypt: 0.0%
Egypt Government International Bond 144A 5.25%, 10/06/25		50			38,042
Hong Kong: 3.3%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		200			181,298
1.38%, 02/02/31		400			310,994
2.38%, 02/02/51		200			113,142
4.00%, 06/07/28		200			192,445
4.00%, 06/07/33		700			643,569
4.50%, 01/11/28		650			639,955
4.62%, 01/11/33		300			290,566
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			312,027
					2,683,996

See Notes to Financial Statements

35

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Indonesia: 1.3%
Perusahaan Penerbit SBSN Indonesia III 144A
2.30%, 06/23/25	$	150		$	141,783
3.55%, 06/09/51		275			179,173
3.90%, 08/20/24		250			246,887
4.70%, 06/06/32		500			464,025
					1,031,868
Israel: 0.7%
Israel Government International Bond 4.50%, 01/17/33		600			529,312
Japan: 0.2%
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25		200			189,916
Saudi Arabia: 0.3%
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26		300			266,649
Supranational: 1.0%
Asian Development Bank
1.75%, 08/14/26		275			252,111
2.12%, 03/19/25		150			143,567
2.38%, 08/10/27		150			137,079
3.12%, 09/26/28		100			92,110
Central American Bank for Economic Integration Reg S 6.48% (Term SOFR USD 3 Month+1.11%), 11/15/24		200			200,334
					825,201
Total Government Obligations (Cost: $9,843,504)					8,652,240

	Par   (000’s		)	Value
MUNICIPAL BONDS: 0.5%
United States: 0.5%
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46	$	150		$	105,476
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14		170			137,747
Metropolitan Transportation Authority (RB) 5.17%, 11/15/49		200			164,770
Total Municipal Bonds (Cost: $624,014)					407,993
		Number of Shares
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80		7,000			103,670
Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $92,637,455)					80,634,045
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%
Money Market Fund: 2.0% (Cost: $1,607,387)
State Street Navigator Securities Lending Government Money Market Portfolio		1,607,387			1,607,387
Total Investments: 100.7% (Cost: $94,244,842)					82,241,432
Liabilities in excess of other assets: (0.7)%					(539,231)
NET ASSETS: 100.0%				$	81,702,201

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 $4,858,933.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $24,982,548, or 30.6% of net assets.

See Notes to Financial Statements

36

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		34.5	%	$	27,816,120
Utilities		22.1			17,849,759
Government		11.2			9,060,233
Real Estate		7.3			5,928,165
Consumer Cyclicals		5.3			4,299,611
Technology		5.0			3,999,987
Mortgage Securities		4.7			3,804,948
Basic Materials		3.6			2,866,091
Industrials		2.8			2,237,257
Consumer Non-Cyclicals		1.2			968,682
Energy		1.2			937,552
Healthcare		0.9			699,205
Academic & Educational Services		0.2			166,435
		100.0	%	$	80,634,045

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	71,470,142	$	—	$	71,470,142
Government Obligations *		—		8,652,240		—		8,652,240
Municipal Bonds *		—		407,993		—		407,993
Preferred Securities *		103,670		—		—		103,670
Money Market Fund		1,607,387		—		—		1,607,387
Total Investments	$	1,711,057	$	80,530,375	$	—	$	82,241,432

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

37

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
FLOATING RATE NOTES: 98.5%
Australia: 9.7%
Australia & New Zealand Banking Group Ltd. 144A 5.98% (SOFR+0.64%), 10/03/25	$	7,000		$	7,007,282
6.09% (SOFR+0.75%), 07/03/25		5,400			5,415,486
Commonwealth Bank of Australia 144A 5.74% (SOFR+0.40%), 07/07/25		15,657			15,610,751
5.86% (SOFR+0.52%), 06/15/26		17,795			17,739,928
5.97% (SOFR+0.63%), 09/12/25		6,450			6,453,838
6.08% (SOFR+0.74%), 03/14/25		9,550			9,579,688
6.09% (SOFR+0.75%), 03/13/26		17,820			17,864,251
Macquarie Bank Ltd. 144A 6.65% (SOFR+1.31%), 03/21/25		5,525			5,570,273
National Australia Bank Ltd. 144A
5.72% (SOFR+0.38%), 01/12/25		2,300			2,293,425
5.99% (SOFR+0.65%), 01/12/27		17,650			17,538,798
6.10% (SOFR+0.76%), 05/13/25		6,400			6,420,288
6.20% (SOFR+0.86%), 06/09/25		7,025			7,050,510
Westpac Banking Corp. 5.64% (SOFR+0.30%), 11/18/24		3,665			3,658,400
6.34% (SOFR+1.00%), 08/26/25		5,999			6,042,200
					128,245,118
Canada: 2.2%
Bank of Montreal 5.66% (SOFR Compound Index+0.32%), 07/09/24		2,776			2,771,321
Bank of Nova Scotia 5.73% (SOFR+0.38%), 07/31/24		3,228			3,229,213
Canadian Imperial Bank of Commerce 5.76% (SOFR Compound Index+0.42%), 10/18/24		3,411			3,405,580
6.28% (SOFR+0.94%), 04/07/25		7,036			7,053,837
Federation des Caisses Desjardins du Quebec 144A 5.77% (SOFR+0.43%), 05/21/24		1,700			1,699,062
Royal Bank of Canada

	Par   (000’s		)	Value
Canada (continued)
5.68% (SOFR Compound Index+0.34%), 10/07/24	$	2,467		$	2,460,277
5.70% (SOFR Compound Index+0.36%), 07/29/24		3,174			3,170,397
Toronto-Dominion Bank 5.69% (SOFR+0.35%), 09/10/24		4,441			4,431,345
					28,221,032
France: 2.3%
Banque Federative du Credit Mutuel SA 144A 5.75% (SOFR Compound Index+0.41%), 02/04/25		3,447			3,425,263
Credit Agricole SA 144A 6.63% (SOFR+1.29%), 07/05/26		18,800			18,953,283
Societe Generale SA 144A 6.39% (SOFR+1.05%), 01/21/26		8,175			8,130,901
					30,509,447
Japan: 6.0%
Mitsubishi UFJ Financial Group, Inc. 6.28% (SOFR+0.94%), 02/20/26		6,575			6,578,683
Mizuho Financial Group, Inc. 6.30% (SOFR+0.96%), 05/22/26		25,965			25,930,057
Sumitomo Mitsui Financial Group, Inc. 6.23% (SOFR+0.88%), 01/14/27		18,795			18,743,993
Sumitomo Mitsui Trust Bank Ltd. 144A
5.78% (SOFR+0.44%), 09/16/24		3,575			3,569,664
6.46% (SOFR+1.12%), 03/09/26		6,050			6,081,347
6.49% (SOFR+1.15%), 09/14/26		18,175			18,326,421
					79,230,165
Netherlands: 4.3%
ABN AMRO Bank NV 144A 7.12% (SOFR Compound Index+1.78%), 09/18/27		18,950			18,967,083
ING Groep NV
6.90% (SOFR+1.56%), 09/11/27		18,850			18,881,674
6.98% (SOFR Compound Index+1.64%), 03/28/26		18,840			18,960,574
					56,809,331
Norway: 0.5%
DNB Bank ASA 144A 6.17% (SOFR Compound Index+0.83%), 03/28/25		6,550			6,550,973
Singapore: 0.6%
DBS Group Holdings Ltd. 144A

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Singapore (continued)
5.95% (SOFR+0.61%), 09/12/25	$	8,150		$	8,159,913
Spain: 0.2%
Banco Santander SA 6.58% (SOFR+1.24%), 05/24/24		3,000			3,012,555
Sweden: 1.4%
Svenska Handelsbanken AB 144A 6.59% (SOFR Compound Index+1.25%), 06/15/26		18,800			18,955,160
Switzerland: 1.7%
UBS Group AG 144A 6.92% (SOFR+1.58%), 05/12/26		22,444			22,584,049
United Kingdom: 11.0%
ANZ New Zealand Int’l Ltd. 144A 5.94% (SOFR+0.60%), 02/18/25		2,525			2,523,556
HSBC Holdings Plc 5.92% (SOFR+0.58%), 11/22/24		2,400			2,399,971
6.77% (SOFR+1.43%), 03/10/26		7,650			7,670,929
6.90% (Term SOFR USD 3 Month+1.49%), 03/11/25		5,375			5,389,686
6.91% (SOFR+1.57%), 08/14/27		24,805			24,893,136
7.05% (Term SOFR USD 3 Month+1.64%), 09/12/26		24,542			24,643,691
Lloyds Banking Group Plc 6.90% (SOFR Compound Index+1.56%), 08/07/27		18,775			18,810,590
NatWest Markets Plc 144A 6.79% (SOFR+1.45%), 03/22/25		5,530			5,568,844
Standard Chartered Plc 144A 6.27% (SOFR+0.93%), 11/23/25		6,194			6,157,329
7.08% (SOFR+1.74%), 03/30/26		18,068			18,155,564
7.27% (SOFR+1.93%), 07/06/27		18,850			18,931,310
UBS AG 6.27% (SOFR+0.93%), 09/11/25		5,350			5,346,661
UBS AG 144A 5.79% (SOFR+0.45%), 08/09/24		4,725			4,716,606
					145,207,873
United States: 58.6%
American Express Co. 5.99% (SOFR Compound Index+0.65%), 11/04/26		18,308			18,048,407
6.06% (SOFR Compound Index+0.72%), 05/03/24		1,950			1,951,708

	Par   (000’s		)	Value
United States (continued)
6.27% (SOFR+0.93%), 03/04/25	$	3,445		$	3,452,468
American Honda Finance Corp. 5.94% (SOFR Compound Index+0.62%), 06/07/24		2,875			2,878,164
6.02% (SOFR Compound Index+0.67%), 01/10/25 †		3,425			3,425,703
Analog Devices, Inc. 5.59% (SOFR Compound Index+0.25%), 10/01/24		2,574			2,573,266
AT&T, Inc. 6.85% (Term SOFR USD 3 Month+1.44%), 06/12/24 †		7,780			7,819,361
Athene Global Funding 144A 6.04% (SOFR Compound Index+0.70%), 05/24/24		6,983			6,958,745
Bank of America Corp.
6.00% (SOFR+0.66%), 02/04/25		6,991			6,976,512
6.03% (SOFR+0.69%), 04/22/25		6,448			6,436,668
6.39% (SOFR+1.05%), 02/04/28		30,190			29,866,674
6.40% (Term SOFR USD 3 Month+1.03%), 02/05/26		21,071			21,069,633
6.45% (SOFR+1.10%), 04/25/25 †		5,450			5,458,765
6.68% (SOFR+1.33%), 04/02/26		17,605			17,660,067
6.69% (SOFR+1.35%), 09/15/27		18,550			18,488,267
Bank of America NA 6.36% (SOFR+1.02%), 08/18/26		15,400			15,469,825
BMW US Capital LLC 144A 5.72% (SOFR Compound Index+0.38%), 08/12/24		3,635			3,633,715
5.96% (SOFR Compound Index+0.62%), 08/11/25		6,500			6,514,256
Capital One Financial Corp. 6.03% (SOFR+0.69%), 12/06/24		4,432			4,381,041
Caterpillar Financial Services Corp.
5.59% (SOFR+0.24%), 05/17/24		1,950			1,949,990
5.61% (SOFR+0.27%), 09/13/24		3,730			3,729,580
CenterPoint Energy, Inc. 5.99% (SOFR Compound Index+0.65%), 05/13/24		3,200			3,199,142
Charles Schwab Corp. 5.86% (SOFR Compound Index+0.52%), 05/13/26		18,733			18,346,714
6.39% (SOFR Compound Index+1.05%), 03/03/27		18,762			18,518,550
Citibank NA

See Notes to Financial Statements

39

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
6.15% (SOFR+0.81%), 09/29/25	$	8,000		$	8,004,966
Citigroup, Inc. 6.01% (SOFR+0.67%), 05/01/25		5,344			5,327,252
6.04% (SOFR+0.69%), 01/25/26		5,977			5,926,019
6.20% (Term SOFR USD 3 Month+0.81%), 08/25/36		33,280			27,818,256
6.62% (SOFR+1.28%), 02/24/28		30,080			29,945,927
6.71% (SOFR+1.37%), 05/24/25		5,335			5,350,093
6.87% (SOFR+1.53%), 03/17/26		18,609			18,684,850
6.91% (Term SOFR USD 3 Month+1.51%), 07/01/26		24,371			24,488,844
Cooperatieve Rabobank UA 6.04% (SOFR Compound Index+0.70%), 07/18/25		7,125			7,137,511
GA Global Funding Trust 144A 5.84% (SOFR+0.50%), 09/13/24		2,425			2,397,362
General Electric Co. 6.01% (Term SOFR USD 3 Month+0.64%), 05/05/26		25,945			25,851,596
Goldman Sachs Group, Inc. 6.05% (SOFR+0.70%), 01/24/25		3,100			3,092,781
6.41% (SOFR+1.06%), 08/10/26		18,693			18,655,445
6.80% (Term SOFR USD 3 Month+1.43%), 05/15/26		25,631			25,834,484
7.40% (Term SOFR USD 3 Month+2.01%), 10/28/27		25,178			25,709,641
Hartford Financial Services Group, Inc. 144A 7.75% (Term SOFR USD 3 Month+2.39%), 02/12/47		18,783			16,104,537
Hyundai Capital America 144A 6.49% (SOFR+1.15%), 08/04/25		5,500			5,502,101
Jackson National Life Global Funding 144A 6.49% (SOFR+1.15%), 06/28/24		4,175			4,183,033
John Deere Capital Corp. 5.55% (SOFR+0.20%), 10/11/24		5,605			5,606,050
5.84% (SOFR+0.50%), 07/03/25		2,625			2,630,780
JPMorgan Chase & Co. 5.88% (SOFR+0.54%), 06/01/25		5,340			5,319,579
5.92% (SOFR+0.58%), 06/23/25		5,350			5,332,416

	Par   (000’s		)	Value
United States (continued)
6.11% (SOFR+0.77%), 09/22/27	$	18,660		$	18,389,633
6.23% (SOFR+0.89%), 04/22/27		18,764			18,643,563
6.26% (SOFR+0.92%), 02/24/26		8,011			8,011,843
6.31% (SOFR+0.97%), 06/14/25		5,348			5,356,648
6.52% (Term SOFR USD 3 Month+1.11%), 01/10/25		2,502			2,504,460
6.52% (SOFR+1.18%), 02/24/28		37,380			37,154,763
6.67% (SOFR+1.32%), 04/26/26 †		19,100			19,217,015
Lincoln National Corp. 8.00%, 05/17/66		21,507			13,979,550
MassMutual Global Funding II 144A 5.61% (SOFR+0.27%), 10/21/24		2,535			2,532,015
Metropolitan Life Global Funding I 144A 5.64% (SOFR+0.30%), 09/27/24		2,505			2,503,208
Morgan Stanley
5.97% (SOFR+0.62%), 01/24/25		6,122			6,107,849
6.29% (SOFR+0.95%), 02/18/26		8,140			8,127,937
6.51% (SOFR+1.17%), 04/17/25		5,360			5,369,363
Morgan Stanley Bank NA 6.12% (SOFR+0.78%), 07/16/25		8,550			8,552,724
Roche Holdings, Inc. 144A 5.90% (SOFR+0.56%), 03/10/25		3,700			3,707,124
Toyota Motor Credit Corp.
5.63% (SOFR+0.29%), 09/13/24		4,500			4,494,367
5.83% (SOFR+0.52%), 08/22/24		6,800			6,804,552
5.87% (SOFR+0.55%), 10/16/24		8,500			8,506,815
5.93% (SOFR+0.62%), 06/13/24		10,275			10,286,710
Truist Financial Corp.
5.74% (SOFR+0.40%), 06/09/25		10,879			10,649,601
Verizon Communications, Inc.
6.13% (SOFR Compound Index+0.79%), 03/20/26		19,792			19,900,547
6.73% (Term SOFR USD 3 Month+1.36%), 05/15/25		9,725			9,833,676
Volkswagen Group of America Finance LLC 144A 6.27% (SOFR+0.93%), 09/12/25		5,450			5,457,938

See Notes to Financial Statements

40

	Par   (000’s		)	Value
United States (continued)
6.29% (SOFR+0.95%), 06/07/24	$	2,460		$	2,464,859
Wells Fargo & Co.

	Par   (000’s		)	Value
United States (continued)
6.67% (SOFR+1.32%), 04/25/26	$	26,242		$	26,382,100
					772,649,604
Total Floating Rate Notes (Cost: $1,302,967,027)					1,300,135,220
Total Investments: 98.5% (Cost: $1,302,967,027)					1,300,135,220
Other assets less liabilities: 1.5%					19,319,289
NET ASSETS: 100.0%				$	1,319,454,509

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 $6,457,726.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $371,959,739, or 28.2% of net assets.

Summary of Investments by Sector	% of Investments			Value
Financials		91.9	%	$	1,195,401,326
Technology		3.1			40,126,849
Consumer Non-Cyclicals		2.0			25,851,596
Consumer Cyclicals		1.5			19,728,765
Industrials		1.2			15,827,541
Utilities		0.3			3,199,143
		100.0	%	$	1,300,135,220

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes *	$	—	$	1,300,135,220	$	—	$	1,300,135,220

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

41

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

		Par   (000’s		)	Value
CORPORATE BONDS: 97.6%
Argentina: 1.0%
MercadoLibre, Inc. 3.12%, 01/14/31	USD		25		$	18,951
Pampa Energia SA 144A 7.50%, 01/24/27	USD		50			46,550
9.12%, 04/15/29	USD		25			22,902
Pan American Energy LLC 144A 9.12%, 04/30/27	USD		25			26,712
Telecom Argentina SA 144A 8.00%, 07/18/26	USD		25			23,566
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25	USD		25			23,059
YPF SA 144A
6.95%, 07/21/27	USD		50			37,837
7.00%, 09/30/33 (s)	USD		25			18,856
7.00%, 12/15/47	USD		25			15,964
8.50%, 03/23/25	USD		19			17,528
8.50%, 07/28/25	USD		50			46,111
9.00%, 02/12/26 (s)	USD		38			37,539
9.00%, 06/30/29 (s)	USD		25			22,084
						357,659
Australia: 0.7%
FMG Resources August 2006 Pty Ltd. 144A
4.38%, 04/01/31	USD		100			80,729
4.50%, 09/15/27	USD		25			22,540
Mineral Resources Ltd. 144A
8.12%, 05/01/27	USD		100			97,384
9.25%, 10/01/28	USD		25			25,031
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30	USD		30			26,059
						251,743
Austria: 0.3%
ams-OSRAM AG 144A 7.00%, 07/31/25	USD		100			98,254
Bermuda: 0.1%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 (d) *	USD		47			9,795
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD		50			44,076
						53,871
Brazil: 5.8%
Adecoagro SA 144A 6.00%, 09/21/27	USD		50			46,408
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD		50			45,727
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31	USD		50			40,797
Banco Bradesco SA 144A 3.20%, 01/27/25	USD		100			95,924

		Par   (000’s		)	Value
Brazil (continued)
Banco BTG Pactual SA 144A 4.50%, 01/10/25	USD		100		$	97,238
Banco do Brasil SA 144A 4.62%, 01/15/25	USD		50			48,825
Braskem Idesa SAPI 144A 7.45%, 11/15/29	USD		75			47,509
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81	USD		50			48,859
BRF SA 144A 4.88%, 01/24/30	USD		100			81,360
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24	USD		50			49,913
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30	USD		100			84,436
Cosan Luxembourg SA 144A
5.50%, 09/20/29	USD		50			44,615
7.00%, 01/20/27	USD		50			50,036
Embraer Netherlands Finance BV 5.40%, 02/01/27 †	USD		25			24,175
FS Luxembourg Sarl 144A 10.00%, 12/15/25	USD		50			51,082
Itau Unibanco Holding SA 144A 3.25%, 01/24/25	USD		25			24,118
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31	USD		25			23,146
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29	USD		50			48,477
Klabin Austria GmbH 144A
5.75%, 04/03/29	USD		50			47,410
7.00%, 04/03/49	USD		50			45,564
MARB BondCo Plc 144A 3.95%, 01/29/31	USD		100			73,485
MV24 Capital BV 144A 6.75%, 06/01/34	USD		84			73,095
NBM US Holdings, Inc. 144A 7.00%, 05/14/26	USD		50			49,575
Nexa Resources SA 144A 6.50%, 01/18/28	USD		100			93,978
Petrobras Global Finance BV
5.09%, 01/15/30	USD		25			22,954
5.30%, 01/27/25	USD		25			24,624
5.60%, 01/03/31 †	USD		50			46,878
5.62%, 05/20/43	USD		25			21,011
5.75%, 02/01/29	USD		25			24,263
6.00%, 01/27/28	USD		50			49,364
6.75%, 01/27/41	USD		50			45,845
6.75%, 06/03/50	USD		25			22,269
6.85%, 06/05/15	USD		75			63,351
6.88%, 01/20/40	USD		25			23,420

See Notes to Financial Statements

42

		Par   (000’s		)	Value
Brazil (continued)
6.90%, 03/19/49	USD		50		$	45,225
7.25%, 03/17/44 †	USD		50			48,272
7.38%, 01/17/27	USD		25			25,644
8.75%, 05/23/26	USD		25			26,489
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD		100			81,625
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD		50			45,729
Ultrapar International SA 144A 5.25%, 10/06/26	USD		50			47,832
Unigel Luxembourg SA 144A 8.75%, 10/01/26	USD		50			17,875
Usiminas International Sarl 144A 5.88%, 07/18/26	USD		50			47,106
XP, Inc. 144A 3.25%, 07/01/26	USD		50			45,325
						2,110,853
British Virgin Islands: 0.1%
New Metro Global Ltd. Reg S 4.50%, 05/02/26	USD		200			34,580
Bulgaria: 0.3%
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25	EUR		100			100,973
Burkina Faso: 0.1%
IAMGOLD Corp. 144A 5.75%, 10/15/28 †	USD		25			19,719
Canada: 7.7%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29 †	USD		25			21,403
3.88%, 01/15/28	USD		75			67,025
4.00%, 10/15/30	USD		125			102,497
4.38%, 01/15/28	USD		25			22,533
5.75%, 04/15/25	USD		25			24,819
Air Canada 144A
3.88%, 08/15/26	USD		25			22,771
4.62%, 08/15/29	CAD		125			78,561
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82	USD		50			39,525
AltaGas Ltd. 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82	CAD		25			17,192
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28	USD		25			21,497
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26	USD		25			24,055
Baytex Energy Corp. 144A

		Par   (000’s		)	Value
Canada (continued)
8.50%, 04/30/30	USD		50		$	49,569
Bombardier, Inc. 144A
7.12%, 06/15/26	USD		75			72,255
7.50%, 03/15/25	USD		37			36,998
7.50%, 02/01/29 †	USD		25			23,183
7.88%, 04/15/27	USD		100			96,335
Brookfield Property Finance ULC
3.93%, 08/24/25	CAD		50			33,257
3.93%, 01/15/27	CAD		50			31,217
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27	USD		75			65,323
Capital Power Corp. 7.95% (Generic Canadian 5 Year+5.34%), 09/09/82	CAD		25			17,178
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28	USD		25			22,623
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28	CAD		25			11,143
Eldorado Gold Corp. 144A 6.25%, 09/01/29	USD		25			21,468
Emera, Inc. 6.75%, 06/15/76	USD		50			47,209
Empire Communities Corp. 144A 7.00%, 12/15/25 †	USD		25			23,260
Enerflex Ltd. 144A 9.00%, 10/15/27	USD		40			36,441
First Quantum Minerals Ltd. 144A 8.62%, 06/01/31	USD		50			42,268
Garda World Security Corp. 144A
6.00%, 06/01/29 †	USD		50			38,166
9.50%, 11/01/27	USD		25			22,741
GFL Environmental, Inc. 144A
3.50%, 09/01/28	USD		25			21,435
3.75%, 08/01/25	USD		50			47,346
4.25%, 06/01/25	USD		50			48,118
4.38%, 08/15/29 †	USD		25			21,348
4.75%, 06/15/29 †	USD		25			21,910
5.12%, 12/15/26	USD		25			23,750
goeasy Ltd. 144A
4.38%, 05/01/26 †	USD		25			22,613
5.38%, 12/01/24 †	USD		25			24,529
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26	USD		50			46,587
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28	USD		40			32,882
Inter Pipeline Ltd.

See Notes to Financial Statements

43

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s		)	Value
Canada (continued)
6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79	CAD		25		$	16,569
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30	USD		50			49,172
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79	CAD		50			33,275
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32	CAD		25			16,550
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) *∞	USD		256			0
Mattamy Group Corp. 144A
4.62%, 03/01/30	USD		25			20,441
5.25%, 12/15/27	USD		25			22,492
MEG Energy Corp. 144A
5.88%, 02/01/29	USD		25			23,386
7.12%, 02/01/27	USD		25			25,203
Mercer International, Inc. 5.12%, 02/01/29	USD		50			39,265
Methanex Corp.
5.12%, 10/15/27	USD		50			45,804
5.25%, 12/15/29	USD		50			44,266
New Gold, Inc. 144A 7.50%, 07/15/27	USD		25			23,483
Northriver Midstream Finance LP 144A 5.62%, 02/15/26	USD		25			23,664
NOVA Chemicals Corp. 144A
4.25%, 05/15/29 †	USD		50			37,028
5.00%, 05/01/25	USD		25			23,636
5.25%, 06/01/27	USD		25			21,157
Open Text Corp. 144A
3.88%, 02/15/28	USD		50			43,513
3.88%, 12/01/29	USD		50			40,952
Parkland Corp. 144A
4.50%, 10/01/29	USD		100			86,108
5.88%, 07/15/27	USD		50			47,921
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	CAD		50			28,676
Precision Drilling Corp. 144A 7.12%, 01/15/26	USD		50			49,313
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81	CAD		75			48,597
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82	USD		50			44,063
Secure Energy Services, Inc. 144A 7.25%, 12/30/26	CAD		20			14,182

		Par   (000’s		)	Value
Canada (continued)
SNC-Lavalin Group, Inc. 7.00%, 06/12/26	CAD		25		$	18,033
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 †	USD		25			23,087
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD		50			42,698
Taseko Mines Ltd. 144A 7.00%, 02/15/26	USD		25			22,701
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD		25			23,177
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26	USD		25			15,979
Terraform Global Operating LP 144A 6.12%, 03/01/26	USD		25			24,056
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26	USD		50			46,552
TransAlta Corp. 7.75%, 11/15/29 †	USD		50			49,801
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26	EUR		100			95,951
Vermilion Energy, Inc. 144A
5.62%, 03/15/25 †	USD		25			24,401
6.88%, 05/01/30	USD		25			23,351
Videotron Ltd.
3.12%, 01/15/31	CAD		50			27,880
4.50%, 01/15/30	CAD		125			77,962
						2,827,375
Cayman Islands: 0.8%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26	USD		100			90,021
Banco do Brasil SA/Cayman 144A 6.25%, 04/18/30 †	USD		50			47,991
CT Trust 144A 5.12%, 02/03/32	USD		100			77,117
Oryx Funding Ltd. 144A 5.80%, 02/03/31	USD		100			92,672
						307,801
Chile: 0.3%
Latam Airlines Group SA 144A 13.38%, 10/15/29	USD		100			107,879
China: 1.3%
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			190,266
Industrial & Commercial Bank of China Ltd. Reg S

See Notes to Financial Statements

44

		Par   (000’s		)	Value
China (continued)
3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)	USD		300		$	275,981
						466,247
Colombia: 2.6%
Banco de Bogota SA 144A 6.25%, 05/12/26	USD		100			94,426
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29	USD		50			43,801
Ecopetrol SA
4.12%, 01/16/25	USD		50			48,324
4.62%, 11/02/31	USD		75			56,322
5.38%, 06/26/26	USD		50			47,914
5.88%, 05/28/45	USD		75			48,955
5.88%, 11/02/51	USD		50			31,385
6.88%, 04/29/30	USD		75			67,590
7.38%, 09/18/43	USD		50			39,828
8.62%, 01/19/29	USD		50			49,927
8.88%, 01/13/33	USD		100			96,103
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD		75			58,705
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25	USD		25			23,265
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD		100			73,884
Millicom International Cellular SA 144A
5.12%, 01/15/28 †	USD		5			4,670
6.25%, 03/25/29	USD		54			47,013
Orazul Energy Peru SA 144A 5.62%, 04/28/27	USD		50			45,389
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30	USD		100			79,058
						956,559
Costa Rica: 0.2%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD		100			78,070
Cyprus: 0.1%
MHP Lux SA 144A 6.95%, 04/03/26	USD		50			37,423
Czech Republic: 0.6%
Allwyn International AS Reg S 3.88%, 02/15/27	EUR		100			97,793
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o)	EUR		100			35,650
EP Infrastructure AS Reg S 1.70%, 07/30/26	EUR		100			92,782
						226,225

		Par   (000’s		)	Value
Finland: 0.2%
SBB Treasury Oyj Reg S 1.12%, 11/26/29	EUR		100		$	58,321
France: 9.3%
Altice France SA 144A
5.12%, 01/15/29	USD		75			51,842
5.12%, 07/15/29	USD		100			68,535
5.50%, 10/15/29	USD		50			34,432
Atos SE Reg S 1.75%, 05/07/25	EUR		100			70,176
CAB Selas Reg S 3.38%, 02/01/28	EUR		100			88,418
Casino Guichard Perrachon SA Reg S 4.05%, 08/05/26	EUR		100			1,732
Cerba Healthcare SACA Reg S 3.50%, 05/31/28	EUR		100			86,189
CGG SA 144A 8.75%, 04/01/27 †	USD		100			88,352
Constellium SE 144A 3.75%, 04/15/29	USD		100			82,438
eircom Finance DAC Reg S 3.50%, 05/15/26	EUR		100			98,814
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o)	EUR		200			163,147
5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o)	EUR		100			101,325
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o)	EUR		100			103,588
6.00% (GBP OIS SONIA 13Y+4.23%), 1/29/2026 (o)	GBP		100			112,512
Elis SA Reg S 1.62%, 04/03/28	EUR		100			93,690
Emeria SASU Reg S 3.38%, 03/31/28	EUR		100			84,609
Eutelsat SA Reg S 2.25%, 07/13/27	EUR		100			85,953
Forvia SE Reg S
2.38%, 06/15/27	EUR		100			94,562
2.62%, 06/15/25	EUR		100			102,245
2.75%, 02/15/27	EUR		100			96,309
Getlink SE Reg S 3.50%, 10/30/25	EUR		100			103,383
Iliad Holding SASU 144A
6.50%, 10/15/26	USD		100			93,535
7.00%, 10/15/28	USD		100			90,576
Iliad Holding SASU Reg S 5.12%, 10/15/26	EUR		100			102,836
Loxam SAS Reg S 3.25%, 01/14/25	EUR		100			103,537
Matterhorn Telecom SA Reg S 3.12%, 09/15/26	EUR		100			98,993
Paprec Holding SA Reg S

See Notes to Financial Statements

45

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s		)	Value
France (continued)
4.00%, 03/31/25	EUR		100		$	104,573
Picard Groupe SAS Reg S 3.88%, 07/01/26	EUR		100			97,389
Renault SA Reg S
1.00%, 11/28/25	EUR		50			49,568
1.25%, 06/24/25	EUR		100			99,545
2.38%, 05/25/26	EUR		100			98,748
Rexel SA Reg S 2.12%, 06/15/28	EUR		100			93,828
SNF Group SACA Reg S 2.62%, 02/01/29	EUR		100			92,649
Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25	EUR		100			107,288
Valeo SE Reg S 1.00%, 08/03/28	EUR		100			86,117
Vallourec SACA Reg S 8.50%, 06/30/26	EUR		100			105,832
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o)	EUR		100			96,583
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o)	EUR		100			86,732
						3,420,580
Germany: 5.2%
Agps Bondco Plc Reg S 6.00%, 08/05/25	EUR		100			42,984
Bayer AG Reg S 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79	EUR		100			92,355
5.38% (EUR Swap Annual 5 Year+4.46%), 03/25/82	EUR		100			96,891
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28	EUR		100			96,507
Commerzbank AG Reg S
4.00%, 03/23/26	EUR		150			154,427
4.00%, 03/30/27	EUR		50			51,473
Deutsche Lufthansa AG Reg S
3.00%, 05/29/26	EUR		100			100,549
3.75%, 02/11/28	EUR		100			98,827
Douglas GmbH Reg S 6.00%, 04/08/26	EUR		100			101,137
Gruenenthal GmbH Reg S 3.62%, 11/15/26	EUR		100			100,512
IHO Verwaltungs GmbH 144A
4.75%, 09/15/26	USD		100			93,050
6.00%, 05/15/27	USD		100			93,168
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o)	EUR		100			96,818
Mahle GmbH Reg S 2.38%, 05/14/28	EUR		100			80,883

		Par   (000’s		)	Value
Germany (continued)
Nidda Healthcare Holding GmbH Reg S 7.50%, 08/21/26	EUR		100		$	106,256
Schaeffler AG Reg S
2.88%, 03/26/27	EUR		50			49,666
3.38%, 10/12/28	EUR		100			96,205
thyssenkrupp AG Reg S 2.50%, 02/25/25	EUR		50			51,718
ZF Europe Finance BV Reg S
2.00%, 02/23/26	EUR		100			97,254
3.00%, 10/23/29	EUR		100			88,986
ZF North America Capital, Inc. 144A 4.75%, 04/29/25	USD		125			120,738
						1,910,404
Ghana: 0.3%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26	USD		100			91,969
Greece: 1.4%
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31	EUR		100			98,878
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27	EUR		100			96,094
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26	EUR		100			100,866
Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30	EUR		100			98,768
Public Power Corp. SA Reg S 4.38%, 03/30/26	EUR		100			102,990
						497,596
Guatemala: 0.2%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 †	USD		100			88,146
Hong Kong: 0.8%
Melco Resorts Finance Ltd. 144A
5.38%, 12/04/29	USD		100			79,606
5.62%, 07/17/27	USD		50			43,529
5.75%, 07/21/28	USD		50			42,481
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26	USD		200			62,400
Studio City Finance Ltd. 144A 5.00%, 01/15/29 †	USD		100			71,875
						299,891
India: 0.7%
Delhi International Airport Ltd. 144A

See Notes to Financial Statements

46

		Par   (000’s		)	Value
India (continued)
6.45%, 06/04/29	USD		100		$	91,038
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)	USD		100			97,268
ReNew Pvt Ltd. 144A 5.88%, 03/05/27	USD		91			83,210
						271,516
Indonesia: 0.8%
Adaro Indonesia PT 144A 4.25%, 10/31/24	USD		100			96,957
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞	USD		150			1,218
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24	USD		100			97,923
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27	USD		100			93,780
						289,878
Ireland: 1.0%
AerCap Global Aviation Trust 144A 6.50% (Term SOFR USD 3 Month+4.56%), 06/15/45 †	USD		50			49,103
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 4.75%, 07/15/27	GBP		100			85,964
C&W Senior Financing DAC 144A 6.88%, 09/15/27	USD		100			86,077
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28	GBP		150			153,078
						374,222
Israel: 1.1%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25	USD		25			23,273
6.50%, 06/30/27	USD		25			22,052
6.75%, 06/30/30	USD		50			42,528
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD		25			21,031
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25	EUR		100			105,516
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD		125			110,170
4.10%, 10/01/46	USD		75			44,951
6.75%, 03/01/28 †	USD		50			47,859
						417,380
Italy: 7.6%
Abertis Infraestructuras Finance BV Reg S

		Par   (000’s		)	Value
Italy (continued)
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o)	EUR		100		$	97,921
Banca Monte dei Paschi di Siena SpA Reg S 6.75% (Euribor 3 Month ACT/360+3.21%), 03/02/26	EUR		100			105,304
Banca Popolare di Sondrio SPA Reg S 1.25% (EUR Swap Annual 1 Year+1.60%), 07/13/27	EUR		100			95,433
Banco BPM SpA Reg S
0.88%, 07/15/26	EUR		100			95,638
4.88%, 01/18/27	EUR		100			104,407
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30	EUR		100			102,407
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27	EUR		100			97,555
1.88%, 07/07/25	EUR		100			100,979
Iccrea Banca SpA Reg S 2.12% (Euribor 3 Month ACT/360+2.28%), 01/17/27	EUR		100			98,019
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28	EUR		100			95,155
Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26	EUR		100			98,832
Intesa Sanpaolo SpA 144A 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32	USD		25			17,787
4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42	USD		25			14,681
5.71%, 01/15/26	USD		75			71,172
Intesa Sanpaolo SpA Reg S
2.92%, 10/14/30	EUR		100			86,764
3.93%, 09/15/26	EUR		100			102,862
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/2024 (o)	EUR		100			103,118
Lottomatica SpA/Roma Reg S 7.12%, 06/01/28	EUR		100			107,587
Mundys SpA Reg S 1.88%, 02/12/28	EUR		100			90,927
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o)	EUR		100			80,439
Telecom Italia Capital SA
6.38%, 11/15/33	USD		25			21,342
7.72%, 06/04/38	USD		100			88,388
Telecom Italia SpA Reg S
1.62%, 01/18/29	EUR		100			82,383
2.38%, 10/12/27	EUR		100			90,845
3.00%, 09/30/25	EUR		100			99,953

See Notes to Financial Statements

47

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s		)	Value
Italy (continued)
3.62%, 05/25/26	EUR		100		$	99,244
Telecom Italia SpA/Milano Reg S 6.88%, 02/15/28	EUR		100			105,304
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) EUR			100			90,939
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35	USD		75			61,561
UniCredit SpA Reg S 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32	EUR		200			185,834
Webuild SpA Reg S 5.88%, 12/15/25	EUR		100			105,025
						2,797,805
Japan: 1.7%
Rakuten Group, Inc. 144A 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) †	USD		100			72,796
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o)	USD		25			15,791
10.25%, 11/30/24 †	USD		75			75,938
SoftBank Group Corp. Reg S
5.00%, 04/15/28	EUR		100			96,610
5.12%, 09/19/27	USD		200			180,000
6.88% (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o)	USD		200			183,020
						624,155
Jersey, Channel Islands: 0.3%
eG Global Finance Plc 144A 6.75%, 02/07/25	USD		100			99,082
Luxembourg: 7.0%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32	USD		49			44,326
Adler Financing Sarl 12.50%, 06/30/25	EUR		75			83,951
Agps Bondco Plc Reg S 5.00%, 01/14/29	EUR		100			27,493
AI Candelaria Spain SA 144A 7.50%, 12/15/28	USD		66			59,578
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26	USD		100			92,615
Altice Financing SA 144A 5.00%, 01/15/28	USD		250			203,520
Altice Financing SA Reg S 3.00%, 01/15/28	EUR		100			86,404
Altice France Holding SA 144A

		Par   (000’s		)	Value
Luxembourg (continued)
6.00%, 02/15/28	USD		75		$	32,962
10.50%, 05/15/27	USD		150			81,731
Altice France Holding SA Reg S 8.00%, 05/15/27	EUR		100			57,864
Altice France SA 144A
5.50%, 01/15/28	USD		100			74,396
8.12%, 02/01/27	USD		100			84,410
ARD Finance SA Reg S 5.00%, 06/30/27	EUR		100			62,664
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
4.12%, 08/15/26	USD		50			44,176
5.25%, 08/15/27	USD		125			91,074
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28	EUR		100			95,213
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27	EUR		100			96,269
Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26	EUR		26			18,709
Consolidated Energy Finance SA 144A 5.62%, 10/15/28	USD		100			82,273
CSN Resources SA 144A 4.62%, 06/10/31	USD		100			74,621
Energian Israel Finance Ltd. 144A Reg S
4.88%, 03/30/26	USD		35			30,931
5.38%, 03/30/28	USD		50			41,085
5.88%, 03/30/31	USD		35			28,077
Engineering - Ingegneria Informatica - SpA Reg S 5.88%, 09/30/26	EUR		100			94,080
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o)	EUR		100			97,833
Kenbourne Invest SA 144A 4.70%, 01/22/28	USD		50			25,802
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD		97			68,809
Millicom International Cellular SA 144A 4.50%, 04/27/31	USD		100			75,500
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD		100			77,655
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26	USD		50			47,596
Stena International SA 144A 6.12%, 02/01/25	USD		100			98,105
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26	EUR		100			95,793

See Notes to Financial Statements

48

		Par   (000’s		)	Value
Luxembourg (continued)
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR		100		$	96,548
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27	EUR		100			96,029
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27	USD		100			91,146
						2,559,238
Malta: 0.2%
VistaJet Malta Finance Plc / Vista Management Holding, Inc. 144A
6.38%, 02/01/30	USD		50			33,398
7.88%, 05/01/27 †	USD		50			38,508
						71,906
Mauritius: 1.1%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26	USD		43			36,051
CA Magnum Holdings 144A 5.38%, 10/31/26	USD		100			87,673
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD		139			117,116
HTA Group Ltd. 144A 7.00%, 12/18/25	USD		100			96,912
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27	USD		100			81,853
						419,605
Mexico: 4.2%
Alsea SAB de CV 144A 7.75%, 12/14/26	USD		100			99,359
Cemex SAB de CV 144A 3.88%, 07/11/31	USD		50			40,623
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)	USD		50			46,293
5.20%, 09/17/30	USD		25			22,675
5.45%, 11/19/29	USD		25			23,311
9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o)	USD		50			51,319
Grupo KUO SAB De CV 144A 5.75%, 07/07/27	USD		50			42,130
Nemak SAB de CV 144A 3.62%, 06/28/31 †	USD		100			74,065
Petroleos Mexicanos
4.50%, 01/23/26	USD		25			22,492
5.35%, 02/12/28	USD		50			40,390
5.50%, 06/27/44	USD		25			13,424
5.62%, 01/23/46	USD		25			13,269
5.95%, 01/28/31	USD		100			71,615
6.35%, 02/12/48	USD		25			13,803
6.38%, 01/23/45	USD		25			14,154
6.49%, 01/23/27	USD		25			22,156
6.50%, 03/13/27	USD		100			88,297

		Par   (000’s		)	Value
Mexico (continued)
6.50%, 01/23/29	USD		25		$	20,146
6.50%, 06/02/41	USD		25			14,806
6.62%, 06/15/35	USD		50			33,010
6.70%, 02/16/32	USD		150			110,696
6.75%, 09/21/47	USD		100			56,731
6.84%, 01/23/30	USD		50			38,969
6.88%, 10/16/25	USD		25			24,021
6.88%, 08/04/26	USD		50			46,198
6.95%, 01/28/60	USD		75			42,528
7.69%, 01/23/50	USD		175			108,187
8.75%, 06/02/29	USD		50			44,254
10.00%, 02/07/33 †	USD		50			44,245
Petroleos Mexicanos Reg S
3.75%, 11/16/25	GBP		100			105,795
4.88%, 02/21/28	EUR		100			85,067
5.50%, 02/24/25	EUR		25			26,250
Total Play Telecomunicaciones SA de CV 144A 6.38%, 09/20/28	USD		50			23,982
						1,524,260
Morocco: 0.2%
OCP SA 144A 6.88%, 04/25/44	USD		100			82,277
Netherlands: 4.6%
Citycon Treasury BV Reg S 1.25%, 09/08/26	EUR		100			89,986
Greenko Dutch BV 144A 3.85%, 03/29/26	USD		93			82,730
Koninklijke KPN NV Reg S 2.00% (EUR Swap Annual 5 Year+2.34%), 11/8/2024 (o)	EUR		100			101,155
Petrobras Global Finance BV
5.50%, 06/10/51 †	USD		50			37,424
6.50%, 07/03/33 †	USD		75			69,950
PPF Telecom Group BV Reg S 3.25%, 09/29/27	EUR		100			98,120
Saipem Finance International BV Reg S 2.62%, 01/07/25	EUR		100			102,471
Selecta Group BV Reg S 8.00%, 04/01/26	EUR		53			53,397
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o)	EUR		100			82,945
6.13% (EUR Swap Annual 7 Year+3.35%), 2/3/2030 (o)	EUR		100			99,575
TenneT Holding BV Reg S 2.37% (EUR Swap Annual 5 Year+2.72%), 7/22/2025 (o)	EUR		100			100,519
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27	EUR		100			96,567
4.38%, 05/09/30	EUR		100			90,393
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27	USD		25			22,730
5.12%, 05/09/29 †	USD		25			21,845

See Notes to Financial Statements

49

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)	Value
Netherlands (continued)
7.88%, 09/15/29	USD	25		$	24,684
8.12%, 09/15/31 †	USD	25			24,783
TMNL Holding BV Reg S 3.75%, 01/15/29	EUR	100			91,635
UPC Broadband Finco BV 144A 4.88%, 07/15/31	USD	100			79,927
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR	100			81,106
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o)	EUR	100			85,511
Ziggo Bond Co. BV 144A
5.12%, 02/28/30	USD	50			36,479
6.00%, 01/15/27	USD	50			45,850
Ziggo BV 144A 4.88%, 01/15/30	USD	100			79,956
					1,699,738
Nigeria: 0.2%
SEPLAT Energy Plc 144A 7.75%, 04/01/26	USD	100			84,680
Norway: 0.5%
Adevinta ASA Reg S 2.62%, 11/15/25	EUR	100			102,893
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o)	EUR	125			70,115
					173,008
Oman: 0.3%
OQ SAOC 144A 5.12%, 05/06/28	USD	100			94,564
Peru: 0.7%
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29	USD	25			22,401
Minsur SA 144A 4.50%, 10/28/31	USD	50			40,652
Peru LNG Srl 144A 5.38%, 03/22/30	USD	100			76,704
Petroleos del Peru SA 144A
4.75%, 06/19/32	USD	75			50,302
5.62%, 06/19/47	USD	150			82,738
					272,797
Poland: 0.4%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			78,632
Synthos SA Reg S 2.50%, 06/07/28	EUR	100			82,147
					160,779
Portugal: 0.5%
EDP - Energias de Portugal SA Reg S 1.70% (EUR Swap Annual 5 Year+1.84%), 07/20/80	EUR	100			98,284

		Par   (000’s	)	Value
Portugal (continued)
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81	EUR	100		$	94,170
					192,454
Romania: 0.3%
RCS & RDS SA Reg S 2.50%, 02/05/25	EUR	100			101,927
Singapore: 0.2%
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	81			77,135
South Africa: 0.6%
Eskom Holdings SOC Ltd. 144A 7.12%, 02/11/25	USD	100			98,280
Sasol Financing USA LLC 6.50%, 09/27/28	USD	50			44,301
Transnet SOC Ltd. 144A 8.25%, 02/06/28	USD	100			94,820
					237,401
Spain: 4.3%
Abanca Corp. Bancaria SA Reg S 4.62% (EUR Swap Annual 5 Year+5.01%), 04/07/30	EUR	100			100,691
Abengoa Abenewco 2 SA Reg S
1.50%, 10/26/24 (d) *∞	USD	64			797
1.50%, 10/26/24 (d) *∞	USD	63			11
Abengoa SA 0.00%, 03/31/27 (s) ^∞	EUR	100			530
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25	EUR	100			100,222
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25	USD	30			28,508
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31	EUR	100			88,733
Banco de Sabadell SA Reg S 2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26	EUR	100			102,196
5.38% (EUR Swap Annual 1 Year+3.25%), 09/08/26	EUR	100			105,971
Cellnex Finance Co. SA Reg S
1.25%, 01/15/29	EUR	100			87,866
1.50%, 06/08/28	EUR	100			90,917
2.00%, 09/15/32	EUR	100			81,704
2.00%, 02/15/33	EUR	100			80,647
Cellnex Telecom SA Reg S 1.75%, 10/23/30	EUR	100			85,051
Grifols SA 144A 4.75%, 10/15/28 †	USD	100			84,086
Grifols SA Reg S 1.62%, 02/15/25	EUR	150			152,624

See Notes to Financial Statements

50

		Par   (000’s	)	Value
Spain (continued)
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27	EUR	100		$	98,405
Telefonica Europe BV Reg S 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o)	EUR	100			98,297
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o)	EUR	100			103,624
Unicaja Banco SA Reg S 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29	EUR	100			97,621
					1,588,501
Sweden: 1.6%
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o)	EUR	100			75,330
Heimstaden AB Reg S 4.38%, 03/06/27	EUR	100			42,598
Intrum AB Reg S
3.00%, 09/15/27	EUR	100			74,448
4.88%, 08/15/25	EUR	100			95,091
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o)	EUR	100			17,863
Verisure Holding AB Reg S 3.25%, 02/15/27	EUR	100			95,791
Verisure Midholding AB Reg S 5.25%, 02/15/29	EUR	100			91,500
Volvo Car AB Reg S 4.25%, 05/31/28	EUR	100			100,974
					593,595
Switzerland: 0.3%
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25	EUR	100			101,929
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40	USD	40			34,639
Turkey: 2.2%
Akbank TAS 144A
5.12%, 03/31/25	USD	50			48,276
6.80%, 02/06/26 †	USD	50			48,641
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	USD	100			87,734
KOC Holding AS 144A 6.50%, 03/11/25	USD	50			49,408
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26	USD	100			93,318
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28	USD	100			91,207

		Par   (000’s	)	Value
Turkey (continued)
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26	USD	100		$	93,574
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25	USD	50			48,868
Turkiye Vakiflar Bankasi TAO 144A 6.50%, 01/08/26	USD	100			96,353
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28	USD	50			49,992
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31	USD	100			96,255
					803,626
Ukraine: 0.4%
Kernel Holding SA 144A 6.75%, 10/27/27	USD	50			31,802
Metinvest BV 144A 7.75%, 10/17/29	USD	100			59,750
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/26	EUR	100			52,011
					143,563
United Arab Emirates: 0.5%
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26	USD	100			96,362
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29	USD	100			95,168
					191,530
United Kingdom: 11.0%
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 †	USD	50			49,501
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 †	USD	75			61,716
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28	EUR	100			87,995
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26	GBP	200			211,072
British American Tobacco Plc Reg S 3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o)	EUR	100			83,199
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80	EUR	100			97,366
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26	USD	100			93,329

See Notes to Financial Statements

51

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par   (000’s	)	Value
United Kingdom (continued)
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27	GBP	100		$	94,660
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25	EUR	100			79,985
Heathrow Finance Plc Reg S 3.88%, 03/01/27 (s)	GBP	100			106,698
IHS Holding Ltd. 144A 5.62%, 11/29/26	USD	50			40,452
INEOS Finance Plc Reg S 2.88%, 05/01/26	EUR	100			99,118
INEOS Quattro Finance 2 Plc Reg S 2.50%, 01/15/26	EUR	100			98,695
International Consolidated Airlines Group SA Reg S 1.50%, 07/04/27	EUR	100			92,819
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28	USD	100			90,103
Jaguar Land Rover Automotive Plc Reg S 4.50%, 07/15/28	EUR	100			96,585
Jerrold Finco Plc Reg S 4.88%, 01/15/26	GBP	100			113,152
Market Bidco Finco Plc Reg S 5.50%, 11/04/27	GBP	100			100,049
Marks & Spencer Plc Reg S 4.50%, 07/10/27	GBP	100			112,569
Motion Bondco DAC 144A 6.62%, 11/15/27 †	USD	100			89,584
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25	USD	100			99,092
NGG Finance Plc Reg S 5.62% (GBP Swap 12 Year+3.48%), 06/18/73	GBP	100			116,409
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28	EUR	100			91,894
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 †	USD	100			80,546
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25	GBP	100			115,035
Rolls-Royce Plc Reg S
1.62%, 05/09/28	EUR	100			90,065
4.62%, 02/16/26	EUR	100			104,500
Sherwood Financing Plc Reg S 4.50%, 11/15/26	EUR	100			91,644
Standard Chartered Plc 144A 7.01%, 07/30/37 (o)	USD	100			92,021
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25	GBP	100			110,894
Summer BidCo BV Reg S

		Par   (000’s	)	Value
United Kingdom (continued)
9.00%, 11/15/25	EUR	121		$	125,822
Tullow Oil Plc 144A 10.25%, 05/15/26	USD	94			80,815
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25	USD	100			72,817
Victoria Plc Reg S 3.62%, 08/24/26 †	EUR	100			80,697
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29	USD	100			88,653
Virgin Media Secured Finance Plc Reg S 4.25%, 01/15/30	GBP	100			98,419
Vmed O2 UK Financing I Plc Reg S
3.25%, 01/31/31	EUR	100			87,795
4.00%, 01/31/29	GBP	100			100,872
Vodafone Group Plc 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81	USD	50			37,890
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81	USD	50			31,859
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	USD	125			120,975
Vodafone Group Plc Reg S 4.88% (GBP Swap 5 Year+3.27%), 10/03/78	GBP	100			115,134
8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86	GBP	100			120,705
					4,053,200
United States: 3.1%
Garda World Security Corp. 144A 4.62%, 02/15/27	USD	25			22,324
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 †	USD	50			42,559
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	75			67,951
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 †	USD	100			93,370
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	100			90,900
Open Text Holdings, Inc. 144A 4.12%, 02/15/30	USD	50			41,493
Playtika Holding Corp. 144A 4.25%, 03/15/29	USD	50			40,378
Q-Park Holding I BV Reg S 2.00%, 03/01/27	EUR	100			91,504

See Notes to Financial Statements

52

		Par   (000’s	)	Value
United States (continued)
Ritchie Bros Holdings, Inc. 144A 7.75%, 03/15/31	USD	75		$	75,281
Sasol Financing USA LLC
4.38%, 09/18/26	USD	50			43,910
5.50%, 03/18/31	USD	50			38,367
Sigma Holdco BV Reg S 5.75%, 05/15/26	EUR	100			87,551
Stillwater Mining Co. 144A 4.00%, 11/16/26	USD	100			86,355
Telesat Canada / Telesat LLC 144A 6.50%, 10/15/27	USD	25			12,125
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD	75			58,954
5.50%, 01/15/26	USD	100			92,976
5.50%, 10/01/27 †	USD	50			43,550
ZF North America Capital, Inc. 144A
6.88%, 04/14/28	USD	50			48,508
7.12%, 04/14/30	USD	50			48,565
					1,126,621
Uzbekistan: 0.1%
Uzbekneftegaz JSC 144A

		Par   (000’s	)	Value
Uzbekistan (continued)
4.75%, 11/16/28	USD	50		$	39,438
Zambia: 0.4%
First Quantum Minerals Ltd. 144A
6.88%, 03/01/26 †	USD	50			44,000
6.88%, 10/15/27	USD	100			85,324
					129,324
Total Corporate Bonds (Cost: $42,563,250)					35,833,911
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%
Money Market Fund: 5.1% (Cost: $1,872,582)
State Street Navigator Securities Lending Government Money Market Portfolio		1,872,582			1,872,582
Total Investments: 102.7% (Cost: $44,435,832)					37,706,493
Liabilities in excess of other assets: (2.7)%					(1,006,421)
NET ASSETS: 100.0%				$	36,700,072

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

(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
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $1,894,783.
∞	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.
(o)	Perpetual Maturity — the date shown is the next call date
^	Zero Coupon Bond
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $14,792,181, or 40.3% of net assets.

See Notes to Financial Statements

53

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		26.8	%	$	9,612,930
Technology		15.6			5,586,171
Industrials		13.8			4,929,173
Energy		12.7			4,547,304
Consumer Cyclicals		7.8			2,794,207
Utilities		7.2			2,574,054
Basic Materials		6.1			2,202,252
Healthcare		4.5			1,607,636
Consumer Non-Cyclicals		3.1			1,127,733
Real Estate		1.7			606,511
Institutions, Associations & Organizations		0.7			245,940
		100.0	%	$	35,833,911

See Notes to Financial Statements

54

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	357,659	$	—	$	357,659
Australia		—		251,743		—		251,743
Austria		—		98,254		—		98,254
Bermuda		—		53,871		—		53,871
Brazil		—		2,110,853		—		2,110,853
British Virgin Islands		—		34,580		—		34,580
Bulgaria		—		100,973		—		100,973
Burkina Faso		—		19,719		—		19,719
Canada		—		2,827,375		0		2,827,375
Cayman Islands		—		307,801		—		307,801
Chile		—		107,879		—		107,879
China		—		466,247		—		466,247
Colombia		—		956,559		—		956,559
Costa Rica		—		78,070		—		78,070
Cyprus		—		37,423		—		37,423
Czech Republic		—		226,225		—		226,225
Finland		—		58,321		—		58,321
France		—		3,420,580		—		3,420,580
Germany		—		1,910,404		—		1,910,404
Ghana		—		91,969		—		91,969
Greece		—		497,596		—		497,596
Guatemala		—		88,146		—		88,146
Hong Kong		—		299,891		—		299,891
India		—		271,516		—		271,516
Indonesia		—		288,660		1,218		289,878
Ireland		—		374,222		—		374,222
Israel		—		417,380		—		417,380
Italy		—		2,797,805		—		2,797,805
Japan		—		624,155		—		624,155
Jersey, Channel Islands		—		99,082		—		99,082
Luxembourg		—		2,559,238		—		2,559,238
Malta		—		71,906		—		71,906
Mauritius		—		419,605		—		419,605
Mexico		—		1,524,260		—		1,524,260
Morocco		—		82,277		—		82,277
Netherlands		—		1,699,738		—		1,699,738
Nigeria		—		84,680		—		84,680
Norway		—		173,008		—		173,008
Oman		—		94,564		—		94,564
Peru		—		272,797		—		272,797
Poland		—		160,779		—		160,779
Portugal		—		192,454		—		192,454
Romania		—		101,927		—		101,927
Singapore		—		77,135		—		77,135
South Africa		—		237,401		—		237,401
Spain		—		1,587,163		1,338		1,588,501
Sweden		—		593,595		—		593,595
Switzerland		—		101,929		—		101,929
Tanzania		—		34,639		—		34,639
Turkey		—		803,626		—		803,626
Ukraine		—		143,563		—		143,563
United Arab Emirates		—		191,530		—		191,530
United Kingdom		—		4,053,200		—		4,053,200
United States		—		1,126,621		—		1,126,621
Uzbekistan		—		39,438		—		39,438

See Notes to Financial Statements

55

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Zambia	$	—	$	129,324	$	—	$	129,324
Money Market Fund		1,872,582		—		—		1,872,582
Total Investments	$	1,872,582	$	35,831,355	$	2,556	$	37,706,493

See Notes to Financial Statements

56

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 6.0%
Canada: 0.0%
Export Development Canada Reg S 30.00%, 12/05/25	TRY	34,000		$	1,031,558
Cayman Islands: 0.1%
QNB Finance Ltd. 13.50%, 10/06/25	TRY	28,200			643,852
QNB Finance Ltd. Reg S 3.50%, 03/09/26	CNY	14,100			1,912,279
					2,556,131
Colombia: 0.1%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP	3,596,000			825,700
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP	12,300,000			2,843,964
					3,669,664
Germany: 0.1%
Kreditanstalt fuer Wiederaufbau 0.62%, 07/25/25	PLN	15,000			3,231,016
Luxembourg: 0.4%
European Investment Bank 4.25%, 06/19/24	MXN	12,300			654,142
European Investment Bank Reg S
1.00%, 02/25/28	PLN	19,610			3,834,872
3.00%, 11/25/29	PLN	21,700			4,421,877
8.00%, 03/04/24	EGP	23,400			691,392
10.00%, 12/06/23	EGP	6,000			190,275
10.00%, 01/18/24	EGP	72,000			2,222,212
					12,014,770
Mexico: 0.1%
Petroleos Mexicanos Reg S 7.19%, 09/12/24	MXN	24,270			1,268,310
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR	82,555			2,321,170
7.50%, 09/15/33	ZAR	11,000			410,334
7.85%, 04/02/26	ZAR	24,350			1,240,040
Transnet SOC Ltd. 9.50%, 08/19/25	ZAR	21,000			1,097,979
Transnet SOC Ltd. Reg S 13.50%, 04/18/28	ZAR	5,150			281,223
					5,350,746
Supranational: 2.9%
European Investment Bank
7.75%, 01/30/25	MXN	22,600			1,192,193
8.12%, 12/21/26	ZAR	202,095			10,649,203
European Investment Bank 144A 5.75%, 01/24/25	IDR	51,750,000			3,237,804

	Par   (000’s		)	Value
Supranational (continued)
European Investment Bank Reg S
2.75%, 08/25/26	PLN	43,172		$	9,563,612
8.00%, 05/05/27	ZAR	17,585			918,949
Inter-American Development Bank 7.50%, 12/05/24	MXN	387,765			20,663,044
Inter-American Development Bank Reg S 7.70%, 02/12/24	MXN	48,300			2,648,968
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP	35,400			579,520
7.25%, 03/15/24	IDR	39,600,000			2,498,278
International Finance Corp.
7.00%, 02/14/24	BRL	1,800			356,581
7.00%, 07/20/27	MXN	183,660			9,122,468
7.25%, 02/02/24	MXN	24,780			1,360,271
7.50%, 01/18/28	MXN	104,400			5,234,400
7.75%, 01/18/30	MXN	149,130			7,355,307
8.00%, 07/27/27	ZAR	3,050			153,871
International Finance Corp. Reg S 8.38%, 05/31/29	MXN	146,440			7,514,274
					83,048,743
United Kingdom: 1.0%
European Bank for Reconstruction & Development
0.87%, 03/04/26	PLN	7,000			1,485,939
6.50%, 05/19/25	PLN	6,100			1,464,678
8.00%, 06/24/24	PLN	4,000			958,234
30.00%, 08/25/25	TRY	107,500			3,483,798
European Bank for Reconstruction & Development Reg S
0.37%, 12/22/24	PLN	15,870			3,531,772
3.01%, 03/13/28	PLN	10,700			2,246,584
5.08%, 12/15/25	MXN	283,790			13,919,498
					27,090,503
United States: 1.1%
International Bank for Reconstruction & Development
2.00%, 02/18/26	CNY	30,000			4,025,471
2.75%, 01/19/27	CNY	21,000			2,883,144
4.25%, 01/22/26	MXN	136,300			6,588,123
4.75%, 04/22/27	PHP	102,400			1,731,451
6.65%, 07/30/24	MXN	200,500			10,841,527
7.25%, 01/21/27	MXN	99,750			5,030,211
International Finance Corp.

See Notes to Financial Statements

57

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
5.02%, 02/11/28	MXN	35,500		$	1,607,893
					32,707,820
Total Corporate Bonds (Cost: $189,898,049)					171,969,261
GOVERNMENT OBLIGATIONS: 90.7%
Brazil: 7.7%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/24 ^	BRL	113,490			20,969,634
0.00%, 07/01/25 ^	BRL	125,600			20,915,493
0.00%, 01/01/26 ^	BRL	194,720			30,733,430
0.00%, 07/01/26 ^	BRL	215,870			32,313,100
0.00%, 07/01/27 ^	BRL	48,110			6,433,531
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL	146,995			28,791,191
10.00%, 01/01/27	BRL	151,150			28,978,781
10.00%, 01/01/29	BRL	149,950			28,002,449
10.00%, 01/01/31	BRL	51,380			9,374,324
10.00%, 01/01/33	BRL	62,050			11,120,237
Brazilian Government International Bond 10.25%, 01/10/28	BRL	8,060			1,560,904
					219,193,074
Chile: 3.7%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP	21,735,000			22,827,358
4.50%, 03/01/26	CLP	13,855,000			14,671,773
5.00%, 03/01/35	CLP	15,745,000			15,564,777
6.00%, 01/01/43	CLP	12,970,000			13,811,548
Bonos de la Tesoreria de la Republica de Chile 144A Reg S
2.30%, 10/01/28	CLP	3,940,000			3,618,583
4.70%, 09/01/30	CLP	14,775,000			14,714,579
5.00%, 10/01/28	CLP	5,735,000			5,952,242
Bonos de la Tesoreria de la Republica en pesos 144A Reg S
6.00%, 04/01/33	CLP	10,120,000			10,830,960
7.00%, 05/01/34	CLP	3,700,000			4,257,437
					106,249,257
China: 9.7%
Asian Infrastructure Investment Bank Reg S
4.50%, 11/03/23	MXN	17,050			941,948
5.00%, 03/05/26	MXN	49,650			2,389,212
30.00%, 09/29/27	TRY	16,200			533,764
China Government Bond
1.99%, 04/09/25	CNY	60,600			8,237,728
2.18%, 08/25/25	CNY	32,760			4,462,757
2.18%, 08/15/26	CNY	7,300			991,574
2.24%, 05/25/25	CNY	15,880			2,167,511
2.26%, 02/24/25	CNY	30,200			4,124,106
2.28%, 11/25/25	CNY	38,250			5,216,240
2.30%, 05/15/26	CNY	32,200			4,394,546

	Par   (000’s		)	Value
China (continued)
2.37%, 01/20/27	CNY	14,920		$	2,032,735
2.40%, 07/15/28	CNY	4,700			637,688
2.44%, 10/15/27	CNY	40,500			5,520,322
2.46%, 02/15/26	CNY	18,150			2,483,616
2.47%, 09/02/24	CNY	45,510			6,228,687
2.48%, 04/15/27	CNY	33,690			4,602,549
2.48%, 09/25/28	CNY	7,680			1,045,907
2.50%, 07/25/27	CNY	15,300			2,090,174
2.52%, 08/25/33	CNY	21,660			2,918,832
2.60%, 09/15/30	CNY	23,480			3,193,472
2.60%, 09/01/32	CNY	32,670			4,429,586
2.62%, 04/15/28	CNY	50,310			6,896,393
2.62%, 09/25/29	CNY	30,420			4,153,117
2.62%, 06/25/30	CNY	19,200			2,616,316
2.64%, 01/15/28	CNY	32,920			4,517,311
2.67%, 05/25/33	CNY	24,480			3,335,284
2.68%, 05/21/30	CNY	66,970			9,149,562
2.69%, 08/12/26	CNY	59,690			8,221,064
2.69%, 08/15/32	CNY	38,440			5,249,405
2.75%, 06/15/29	CNY	32,940			4,530,275
2.75%, 02/17/32	CNY	33,470			4,598,418
2.76%, 05/15/32	CNY	25,610			3,520,344
2.79%, 12/15/29	CNY	34,960			4,816,656
2.80%, 03/24/29	CNY	35,550			4,901,907
2.80%, 03/25/30	CNY	46,730			6,442,272
2.80%, 11/15/32	CNY	40,910			5,642,884
2.85%, 06/04/27	CNY	65,520			9,073,295
2.88%, 02/25/33	CNY	57,930			8,068,508
2.89%, 11/18/31	CNY	30,260			4,205,599
2.91%, 10/14/28	CNY	56,230			7,803,942
2.94%, 10/17/24	CNY	38,320			5,274,443
3.01%, 05/13/28	CNY	56,900			7,945,675
3.02%, 10/22/25	CNY	52,960			7,345,585
3.02%, 05/27/31	CNY	48,940			6,876,677
3.03%, 03/11/26	CNY	40,150			5,582,167
3.12%, 12/05/26	CNY	31,020			4,336,204
3.12%, 10/25/52	CNY	26,840			3,718,691
3.13%, 11/21/29	CNY	35,130			4,945,879
3.19%, 04/15/53	CNY	11,960			1,699,637
3.22%, 12/06/25	CNY	32,330			4,509,631
3.25%, 06/06/26	CNY	53,220			7,466,930
3.25%, 11/22/28	CNY	31,310			4,428,417
3.27%, 11/19/30	CNY	56,720			8,110,454
3.28%, 12/03/27	CNY	50,300			7,114,466
3.29%, 05/23/29	CNY	41,970			5,970,234
3.32%, 04/15/52	CNY	30,000			4,302,440
3.53%, 10/18/51	CNY	19,840			2,946,529
3.72%, 04/12/51	CNY	24,970			3,815,868
3.81%, 09/14/50	CNY	38,680			5,983,050
					278,758,483
Colombia: 4.5%
Colombia Government International Bond 9.85%, 06/28/27	COP	4,788,000			1,094,577
Colombian TES
5.75%, 11/03/27	COP	42,230,000			8,549,431
6.00%, 04/28/28	COP	69,679,100			13,958,011
6.25%, 11/26/25	COP	41,952,000			9,358,509

See Notes to Financial Statements

58

	Par   (000’s		)	Value
Colombia (continued)
6.25%, 07/09/36	COP	25,445,000		$	3,960,108
7.00%, 03/26/31	COP	69,083,000			13,181,967
7.00%, 06/30/32	COP	59,281,700			10,846,787
7.25%, 10/18/34	COP	58,477,500			10,317,826
7.25%, 10/26/50	COP	53,912,000			8,194,151
7.50%, 08/26/26	COP	63,004,700			14,021,141
7.75%, 09/18/30	COP	47,089,100			9,548,581
9.25%, 05/28/42	COP	64,865,000			12,518,519
10.00%, 07/24/24	COP	15,200,800			3,671,631
13.25%, 02/09/33	COP	41,809,000			10,919,877
					130,141,116
Czech Republic: 5.4%
Czech Republic Government Bond
0.01%, 12/12/24	CZK	70,770			2,883,921
0.05%, 11/29/29	CZK	151,350			4,994,752
0.25%, 02/10/27	CZK	234,430			8,811,983
1.20%, 03/13/31	CZK	266,730			9,093,045
1.25%, 02/14/25	CZK	186,380			7,638,262
1.50%, 04/24/40	CZK	109,660			3,003,931
1.75%, 06/23/32	CZK	263,110			9,069,148
1.95%, 07/30/37	CZK	84,490			2,647,352
2.00%, 10/13/33	CZK	258,630			8,821,347
2.75%, 07/23/29	CZK	261,850			10,279,645
3.50%, 05/30/35	CZK	116,850			4,514,458
4.50%, 11/11/32	CZK	38,340			1,637,290
4.90%, 04/14/34	CZK	69,490			3,045,637
5.00%, 09/30/30	CZK	238,390			10,527,675
5.50%, 12/12/28	CZK	167,880			7,585,427
5.75%, 03/29/29	CZK	57,670			2,626,086
6.00%, 02/26/26	CZK	170,980			7,630,352
6.20%, 06/16/31	CZK	58,150			2,767,214
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK	259,100			8,922,460
1.00%, 06/26/26	CZK	262,580			10,320,318
2.40%, 09/17/25	CZK	255,260			10,532,466
2.50%, 08/25/28	CZK	274,360			10,809,317
4.20%, 12/04/36	CZK	132,430			5,427,563
					153,589,649
Dominican Republic: 1.2%
Dominican Republic International Bond 144A
9.75%, 06/05/26	DOP	301,600			5,322,040
11.25%, 09/15/35	DOP	228,000			3,995,130
13.62%, 02/03/33	DOP	858,450			17,262,697
Dominican Republic International Bond Reg S
9.75%, 06/05/26	DOP	366,790			6,472,384
13.62%, 02/03/33	DOP	124,680			2,507,208
					35,559,459
Egypt: 1.7%
Egypt Government Bond
13.54%, 01/14/25	EGP	68,196			1,940,052
14.06%, 01/12/26	EGP	273,950			7,229,316

	Par   (000’s		)	Value
Egypt (continued)
14.29%, 01/05/28	EGP	119,540		$	2,824,462
14.35%, 09/10/24	EGP	177,305			5,246,901
14.37%, 10/20/25	EGP	241,069			6,527,771
14.40%, 09/10/29	EGP	77,710			1,702,628
14.48%, 04/06/26	EGP	241,890			6,328,336
14.53%, 09/14/24	EGP	224,260			6,661,156
14.56%, 07/06/26	EGP	56,689			1,465,972
14.56%, 10/13/27	EGP	164,620			3,920,951
14.66%, 10/06/30	EGP	86,730			1,854,101
16.10%, 05/07/29	EGP	82,280			1,958,777
					47,660,423
Hungary: 4.2%
Hungary Government Bond
1.00%, 11/26/25	HUF	3,938,180			9,518,447
1.50%, 04/22/26	HUF	3,444,080			8,222,019
1.50%, 08/26/26	HUF	2,246,020			5,243,169
2.00%, 05/23/29	HUF	2,583,150			5,480,745
2.25%, 04/20/33 †	HUF	3,584,780			6,642,079
2.25%, 06/22/34	HUF	1,088,170			1,929,409
2.50%, 10/24/24	HUF	3,097,930			8,085,932
2.75%, 12/22/26	HUF	2,629,670			6,255,721
3.00%, 06/26/24	HUF	2,199,070			5,853,232
3.00%, 10/27/27	HUF	3,444,200			8,075,764
3.00%, 08/21/30	HUF	3,342,660			7,187,472
3.00%, 10/27/38	HUF	2,545,670			4,243,962
3.00%, 04/25/41	HUF	1,551,880			2,438,657
3.25%, 10/22/31 †	HUF	4,059,180			8,574,195
4.50%, 03/23/28	HUF	1,728,130			4,253,085
4.75%, 11/24/32	HUF	3,164,730			7,208,335
5.50%, 06/24/25	HUF	3,277,120			8,708,672
6.75%, 10/22/28	HUF	3,684,030			9,870,958
9.50%, 10/21/26	HUF	1,028,200			2,936,071
					120,727,924
Indonesia: 8.7%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR	141,275,000			8,389,521
5.50%, 04/15/26	IDR	167,850,000			10,219,355
6.12%, 05/15/28	IDR	169,531,000			10,284,240
6.25%, 06/15/36	IDR	69,870,000			4,086,196
6.38%, 08/15/28	IDR	91,570,000			5,613,353
6.38%, 04/15/32	IDR	201,060,000			12,097,648
6.38%, 07/15/37	IDR	26,400,000			1,604,101
6.50%, 06/15/25	IDR	157,440,000			9,840,768
6.50%, 02/15/31	IDR	216,870,000			13,137,667
6.62%, 05/15/33	IDR	124,333,000			7,534,963
6.62%, 02/15/34	IDR	12,580,000			761,434
7.00%, 05/15/27	IDR	143,688,000			9,027,514
7.00%, 09/15/30	IDR	217,305,000			13,568,669
7.00%, 02/15/33	IDR	163,525,000			10,215,448
7.12%, 06/15/38	IDR	65,680,000			4,117,683
7.12%, 06/15/42	IDR	148,630,000			9,292,346
7.12%, 06/15/43	IDR	50,030,000			3,141,119
7.50%, 08/15/32	IDR	92,730,000			5,917,849
7.50%, 06/15/35	IDR	194,710,000			12,513,534
7.50%, 05/15/38	IDR	86,250,000			5,562,677
7.50%, 04/15/40	IDR	182,070,000			11,728,815
8.25%, 05/15/29	IDR	156,850,000			10,358,024

See Notes to Financial Statements

59

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Indonesia (continued)
8.25%, 06/15/32	IDR	53,204,000		$	3,560,599
8.25%, 05/15/36	IDR	116,525,000			7,903,967
8.38%, 09/15/26	IDR	167,827,000			10,938,602
8.38%, 03/15/34	IDR	178,764,000			12,175,871
8.38%, 04/15/39	IDR	74,030,000			5,116,622
8.75%, 05/15/31	IDR	86,387,000			5,905,967
9.00%, 03/15/29	IDR	117,692,000			8,005,279
9.50%, 07/15/31	IDR	30,011,000			2,141,472
10.50%, 08/15/30	IDR	24,052,000			1,782,044
11.00%, 09/15/25	IDR	32,382,000			2,184,139
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR	27,860,000			1,676,951
6.38%, 03/15/34	IDR	40,420,000			2,443,585
6.62%, 10/15/24	IDR	17,960,000			1,135,133
6.88%, 03/15/36	IDR	27,780,000			1,748,888
8.88%, 11/15/31	IDR	59,670,000			4,235,602
					249,967,645
Malaysia: 7.8%
Malaysia Government Bond
2.63%, 04/15/31	MYR	26,519			5,038,672
3.48%, 06/14/24	MYR	30,932			6,498,208
3.50%, 05/31/27	MYR	23,389			4,859,190
3.52%, 04/20/28	MYR	10,655			2,205,298
3.58%, 07/15/32	MYR	31,175			6,272,037
3.73%, 06/15/28	MYR	33,716			7,015,999
3.76%, 05/22/40	MYR	35,055			6,759,420
3.83%, 07/05/34	MYR	26,842			5,448,801
3.88%, 03/14/25	MYR	24,109			5,088,207
3.88%, 08/15/29	MYR	26,291			5,478,574
3.90%, 11/30/26	MYR	32,856			6,925,761
3.90%, 11/16/27	MYR	33,754			7,106,037
3.91%, 07/15/26	MYR	22,800			4,814,611
3.96%, 09/15/25	MYR	30,706			6,484,665
4.06%, 09/30/24	MYR	14,855			3,131,010
4.07%, 06/15/50	MYR	39,510			7,652,223
4.18%, 07/15/24	MYR	14,460			3,046,616
4.25%, 05/31/35	MYR	19,411			4,085,169
4.46%, 03/31/53	MYR	12,830			2,658,792
4.50%, 04/30/29	MYR	14,254			3,059,870
4.64%, 11/07/33	MYR	13,576			2,979,987
4.70%, 10/15/42	MYR	28,660			6,222,858
4.76%, 04/07/37	MYR	34,443			7,606,583
4.89%, 06/08/38	MYR	30,150			6,759,964
4.92%, 07/06/48	MYR	20,835			4,584,257
Malaysia Government Investment Issue
3.42%, 09/30/27	MYR	34,116			7,050,949
3.45%, 07/15/36	MYR	28,171			5,404,716
3.46%, 10/15/30	MYR	41,490			8,347,930
3.60%, 07/31/28	MYR	13,220			2,744,630
3.65%, 10/15/24	MYR	25,924			5,443,375
3.73%, 03/31/26	MYR	36,816			7,714,770
3.99%, 10/15/25	MYR	29,194			6,168,623
4.07%, 09/30/26	MYR	21,890			4,630,758
4.13%, 08/15/25	MYR	26,390			5,601,209
4.13%, 07/09/29	MYR	28,666			6,036,099

	Par   (000’s		)	Value
Malaysia (continued)
4.19%, 10/07/32	MYR	26,740		$	5,614,466
4.25%, 09/30/30	MYR	19,185			4,052,095
4.26%, 07/26/27	MYR	15,131			3,217,499
4.29%, 08/14/43	MYR	19,090			3,938,791
4.37%, 10/31/28	MYR	34,767			7,434,746
4.42%, 09/30/41	MYR	31,115			6,458,627
4.66%, 03/31/38	MYR	12,140			2,643,789
					224,285,881
Mexico: 5.2%
Mexican Bonos
5.00%, 03/06/25	MXN	10,043			516,091
5.50%, 03/04/27	MXN	363,252			17,418,313
5.75%, 03/05/26	MXN	35,734			1,780,600
7.00%, 09/03/26	MXN	48,668			2,462,785
7.50%, 06/03/27	MXN	321,977			16,338,003
7.50%, 05/26/33	MXN	265,772			12,314,461
7.75%, 05/29/31	MXN	550,757			26,596,365
7.75%, 11/23/34	MXN	124,446			5,803,808
7.75%, 11/13/42	MXN	380,141			16,824,516
8.00%, 09/05/24	MXN	5,323			286,911
8.00%, 05/24/35	MXN	39,797			1,886,808
8.00%, 11/07/47	MXN	332,122			14,937,842
8.00%, 07/31/53	MXN	214,913			9,576,979
8.50%, 05/31/29	MXN	75,177			3,873,143
8.50%, 11/18/38	MXN	270,532			13,092,342
10.00%, 12/05/24	MXN	5,407			295,555
10.00%, 11/20/36	MXN	92,179			5,059,715
					149,064,237
Peru: 3.8%
Peru Government Bond
5.35%, 08/12/40	PEN	29,504			5,990,306
5.40%, 08/12/34	PEN	45,126			9,830,460
5.70%, 08/12/24	PEN	14,438			3,747,651
5.94%, 02/12/29	PEN	58,905			14,727,959
6.15%, 08/12/32	PEN	64,450			15,373,643
6.35%, 08/12/28	PEN	38,063			9,789,725
6.90%, 08/12/37	PEN	60,209			14,598,132
6.95%, 08/12/31	PEN	60,735			15,445,976
8.20%, 08/12/26	PEN	23,385			6,368,652
Peru Government Bond 144A Reg S 7.30%, 08/12/33	PEN	54,090			13,829,043
					109,701,547
Philippines: 1.2%
Philippine Government Bond 9.25%, 11/05/34	PHP	46,410			958,255
Philippine Government International Bond 6.25%, 01/14/36	PHP	1,961,500			32,825,145
					33,783,400
Poland: 5.0%
Republic of Poland Government Bond
0.01%, 10/25/25	PLN	13,705			2,949,544
0.25%, 10/25/26	PLN	44,763			9,228,486
0.75%, 04/25/25	PLN	40,727			9,074,051
1.25%, 10/25/30	PLN	64,574			11,729,482

See Notes to Financial Statements

60

		Par   (000’s	)	Value
Poland (continued)
1.75%, 04/25/32	PLN	63,150		$	11,174,493
2.25%, 10/25/24	PLN	42,506			9,814,569
2.50%, 07/25/26	PLN	32,005			7,102,801
2.50%, 07/25/27	PLN	53,537			11,589,655
2.75%, 04/25/28	PLN	48,330			10,368,414
2.75%, 10/25/29	PLN	54,051			11,175,359
3.25%, 07/25/25	PLN	62,909			14,461,038
3.75%, 05/25/27	PLN	51,665			11,705,985
6.00%, 10/25/33 †	PLN	34,310			8,353,313
7.50%, 07/25/28	PLN	57,058			14,753,494
					143,480,684
Romania: 4.5%
Romania Government Bond
2.50%, 10/25/27	RON	27,180			5,000,464
3.25%, 06/24/26	RON	32,445			6,429,295
3.50%, 11/25/25	RON	25,385			5,143,420
3.65%, 07/28/25	RON	29,235			5,996,512
3.65%, 09/24/31	RON	32,850			5,685,989
3.70%, 11/25/24	RON	31,060			6,472,175
4.15%, 01/26/28	RON	31,520			6,138,707
4.15%, 10/24/30	RON	33,150			6,048,209
4.25%, 04/28/36	RON	24,670			4,042,659
4.50%, 06/17/24	RON	29,435			6,203,727
4.75%, 02/24/25	RON	31,015			6,488,998
4.75%, 10/11/34	RON	32,850			5,771,126
4.85%, 04/22/26	RON	31,285			6,443,381
4.85%, 07/25/29	RON	31,235			6,050,271
5.00%, 02/12/29	RON	30,065			5,886,384
5.80%, 07/26/27	RON	32,440			6,725,871
6.70%, 02/25/32	RON	35,995			7,536,689
7.20%, 05/31/27	RON	8,030			1,743,733
7.35%, 04/28/31	RON	9,090			1,980,975
7.90%, 02/24/38	RON	23,380			5,312,381
8.00%, 04/29/30	RON	18,600			4,169,124
8.25%, 09/29/32	RON	31,700			7,289,554
8.75%, 10/30/28	RON	23,650			5,448,447
					128,008,091
Serbia: 1.2%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD	1,220,180			10,909,263
4.50%, 08/20/32	RSD	1,577,110			12,527,213
5.88%, 02/08/28	RSD	1,255,830			11,587,094
					35,023,570
South Africa: 5.8%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR	160,783			5,307,574
6.50%, 02/28/41	ZAR	145,576			4,452,249
7.00%, 02/28/31	ZAR	281,448			11,883,573
8.00%, 01/31/30	ZAR	536,115			25,172,261
8.25%, 03/31/32	ZAR	462,620			20,295,736
8.50%, 01/31/37	ZAR	406,792			16,042,178
8.75%, 01/31/44	ZAR	363,418			13,668,729
8.75%, 02/28/48	ZAR	576,159			21,544,235
8.88%, 02/28/35	ZAR	429,309			18,234,356
9.00%, 01/31/40	ZAR	336,875			13,360,422
10.50%, 12/21/26	ZAR	271,958			14,964,504

	Par   (000’s		)	Value
South Africa (continued)
11.62%, 03/31/53	ZAR	38,745		$	1,873,304
					166,799,121
Thailand: 7.2%
Thailand Government Bond
0.75%, 06/17/24	THB	297,325			8,189,405
0.75%, 09/17/24	THB	377,768			10,363,195
0.95%, 06/17/25	THB	309,557			8,400,662
1.00%, 06/17/27	THB	456,151			11,925,726
1.45%, 12/17/24	THB	352,106			9,688,455
1.58%, 12/17/35	THB	314,267			7,194,523
1.60%, 12/17/29	THB	305,004			7,838,630
1.60%, 06/17/35	THB	158,104			3,639,315
2.00%, 12/17/31	THB	355,757			9,079,518
2.00%, 06/17/42	THB	219,327			4,751,848
2.12%, 12/17/26	THB	344,182			9,420,359
2.25%, 03/17/27	THB	116,560			3,196,184
2.35%, 06/17/26	THB	319,500			8,828,887
2.40%, 03/17/29	THB	78,320			2,127,554
2.65%, 06/17/28	THB	404,251			11,148,572
2.88%, 12/17/28	THB	288,140			8,023,820
2.88%, 06/17/46	THB	245,491			5,840,235
3.30%, 06/17/38	THB	372,078			9,994,796
3.35%, 06/17/33	THB	279,023			7,862,675
3.39%, 06/17/37	THB	222,665			6,122,069
3.40%, 06/17/36	THB	280,348			7,720,321
3.45%, 06/17/43	THB	184,505			4,972,329
3.65%, 06/20/31	THB	268,655			7,736,039
3.77%, 06/25/32	THB	460,868			13,384,762
3.85%, 12/12/25	THB	297,916			8,508,658
4.88%, 06/22/29	THB	320,753			9,814,177
					205,772,714
Turkey: 1.0%
Turkiye Government Bond
9.00%, 07/24/24	TRY	20,443			630,066
10.50%, 08/11/27	TRY	243,434			5,171,072
10.60%, 02/11/26	TRY	113,288			2,770,862
11.00%, 02/24/27	TRY	32,279			698,227
11.70%, 11/13/30	TRY	142,594			2,882,850
12.40%, 03/08/28	TRY	303,291			6,591,891
12.60%, 10/01/25	TRY	27,225			704,375
16.90%, 09/02/26	TRY	163,753			4,352,431
17.80%, 07/13/33	TRY	158,280			3,942,629
					27,744,403
Uruguay: 1.2%
Uruguay Government International Bond
8.25%, 05/21/31	UYU	929,667			21,249,563
9.75%, 07/20/33	UYU	124,170			3,096,545
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU	25,635			611,945
Uruguay Government International Bond Reg S

See Notes to Financial Statements

61

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Uruguay (continued)
8.50%, 03/15/28	UYU	418,471		$	9,989,515
					34,947,568
Total Government Obligations (Cost: $2,983,673,184)					2,600,458,246
Total Investments Before Collateral for Securities Loaned: 96.7% (Cost: $3,173,571,233)					2,772,427,507

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%
Money Market Fund: 0.2% (Cost: $5,707,719)
State Street Navigator Securities Lending Government Money Market Portfolio		5,707,719	$	5,707,719
Total Investments: 96.9% (Cost: $3,179,278,952)				2,778,135,226
Other assets less liabilities: 3.1%				88,433,534
NET ASSETS: 100.0%			$	2,866,568,760

Definitions:

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

Footnotes:

^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $5,563,243.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $83,632,460, or 2.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Government		93.8	%	$	2,600,458,246
Financials		5.9			164,524,505
Utilities		0.2			4,797,244
Industrials		0.1			1,379,202
Energy		0.0			1,268,310
		100.0	%	$	2,772,427,507

See Notes to Financial Statements

62

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	171,969,261	$	—	$	171,969,261
Government Obligations *		—		2,600,458,246		—		2,600,458,246
Money Market Fund		5,707,719		—		—		5,707,719
Total Investments	$	5,707,719	$	2,772,427,507	$	—	$	2,778,135,226

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

63

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 98.1%
Bermuda: 0.2%
Arch Capital Group Ltd. 3.63%, 06/30/50	$	25		$	15,906
Canada: 5.5%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		40			36,824
3.80%, 01/25/50		25			15,530
Canadian Pacific Railway Co. 1.75%, 12/02/26		75			66,719
CI Financial Corp.
3.20%, 12/17/30		25			18,304
4.10%, 06/15/51		25			13,312
Emera US Finance LP 4.75%, 06/15/46		50			34,990
Enbridge, Inc.
3.12%, 11/15/29		75			63,520
3.40%, 08/01/51		50			29,594
5.50%, 12/01/46		25			20,878
5.70%, 03/08/33 †		25			23,387
Fortis, Inc. 3.06%, 10/04/26		25			22,942
Toronto-Dominion Bank 8.12% (US Treasury Yield Curve Rate T 5 Year+4.08%), 10/31/82		50			49,178
TransCanada PipeLines Ltd. 4.62%, 03/01/34		50			42,321
					437,499
France: 6.4%
BNP Paribas SA 144A 4.38%, 09/28/25		75			71,834
Credit Agricole SA 144A 4.38%, 03/17/25		50			48,341
Societe Generale SA 144A 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		50			43,958
2.23% (US Treasury Yield Curve Rate T 1 Year+1.05%), 01/21/26		25			23,558
2.62%, 01/22/25		50			47,629
3.00%, 01/22/30		100			79,458
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33		50			37,590
3.62%, 03/01/41		100			57,646
4.25%, 04/14/25		50			47,908
4.75%, 09/14/28		50			46,522
					504,444
Germany: 0.6%
Deutsche Bank AG 4.50%, 04/01/25		50			47,812
India: 0.3%
Reliance Industries Ltd. 144A 4.12%, 01/28/25		25			24,429

	Par   (000’s		)	Value
Italy: 1.4%
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33	$	25		$	22,949
7.00%, 11/21/25		50			50,225
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32		50			37,496
					110,670
Mexico: 0.7%
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51		50			34,037
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		25			21,063
					55,100
Netherlands: 3.6%
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			84,058
Enel Finance International NV 144A 2.25%, 07/12/31		75			54,983
Prosus NV 144A
3.06%, 07/13/31		50			36,037
3.68%, 01/21/30		50			39,654
4.99%, 01/19/52		100			61,802
					276,534
Norway: 0.3%
Var Energi ASA 144A 8.00%, 11/15/32		25			25,814
United Kingdom: 1.4%
Barclays Plc 3.56% (US Treasury Yield Curve Rate T 5 Year+2.90%), 09/23/35		50			37,675
Ferguson Finance Plc 144A 4.50%, 10/24/28		25			23,265
Haleon UK Capital Plc 3.12%, 03/24/25		25			24,038
HSBC Holdings Plc 6.50%, 09/15/37		25			22,750
					107,728
United States: 77.7%
Alcon Finance Corp. 144A 3.00%, 09/23/29		50			42,473
Altria Group, Inc.
3.40%, 05/06/30		25			20,919
3.88%, 09/16/46		75			46,362
4.25%, 08/09/42		50			34,247
4.80%, 02/14/29		75			70,269
5.80%, 02/14/39		25			22,237
5.95%, 02/14/49 †		60			50,936
Ares Capital Corp.
2.15%, 07/15/26		25			21,965
3.25%, 07/15/25		25			23,451
3.88%, 01/15/26		50			46,772

See Notes to Financial Statements

64

	Par   (000’s		)	Value
United States (continued)
Ashtead Capital, Inc. 144A 5.95%, 10/15/33	$	25		$	22,823
AT&T, Inc. 3.85%, 06/01/60		75			45,217
BAT Capital Corp. 4.91%, 04/02/30		50			45,105
Becton Dickinson & Co. 3.70%, 06/06/27		50			46,540
Berry Global, Inc. 1.57%, 01/15/26		50			45,186
Berry Global, Inc. 144A 4.88%, 07/15/26		25			23,883
Blue Owl Capital Corp. 3.40%, 07/15/26		50			44,628
Brighthouse Financial, Inc. 4.70%, 06/22/47		25			16,442
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27		50			46,749
Broadcom, Inc.
3.15%, 11/15/25		50			47,373
4.15%, 11/15/30		50			43,539
Broadcom, Inc. 144A
3.19%, 11/15/36		100			69,296
3.42%, 04/15/33		50			38,892
Campbell Soup Co. 3.95%, 03/15/25		25			24,311
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34		75			68,432
Carlisle Cos, Inc. 2.75%, 03/01/30		25			20,217
CBRE Services, Inc. 5.95%, 08/15/34		25			22,744
Centene Corp.
2.62%, 08/01/31		75			56,408
4.25%, 12/15/27		50			46,061
CF Industries, Inc. 144A 4.50%, 12/01/26		25			23,834
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,251
2.30%, 02/01/32		50			35,743
2.80%, 04/01/31		25			19,127
4.91%, 07/23/25		75			73,356
5.05%, 03/30/29		125			115,654
5.12%, 07/01/49		20			13,847
5.38%, 05/01/47		75			54,279
6.48%, 10/23/45		75			63,092
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		50			43,585
5.12%, 06/30/27		50			48,260
Cheniere Energy, Inc. 4.62%, 10/15/28		25			22,865
Cigna Group

	Par   (000’s		)	Value
United States (continued)
3.40%, 03/15/50	$	75		$	46,422
Citizens Bank NA 4.58% (SOFR+2.00%), 08/09/28		50			44,362
Conagra Brands, Inc.
4.85%, 11/01/28		50			47,002
5.30%, 11/01/38		25			20,943
Constellation Brands, Inc. 2.25%, 08/01/31		50			38,024
Corning, Inc. 5.45%, 11/15/79		25			19,735
Deutsche Bank AG 2.13% (SOFR+1.87%), 11/24/26		100			90,317
2.55% (SOFR+1.32%), 01/07/28		25			21,646
3.96% (SOFR+2.58%), 11/26/25		50			48,226
Duke Energy Corp.
2.45%, 06/01/30		25			19,939
2.55%, 06/15/31		25			19,287
2.65%, 09/01/26		50			45,839
Equinix, Inc.
2.15%, 07/15/30		25			19,208
3.20%, 11/18/29		50			42,271
3.90%, 04/15/32 †		25			20,818
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52		50			28,135
Fiserv, Inc.
3.20%, 07/01/26		50			46,728
3.85%, 06/01/25		50			48,473
4.20%, 10/01/28		50			46,176
5.45%, 03/02/28		75			73,555
FS KKR Capital Corp. 3.40%, 01/15/26		25			22,876
General Mills, Inc.
2.88%, 04/15/30		50			41,356
4.00%, 04/17/25		25			24,338
4.95%, 03/29/33		25			22,720
HCA, Inc.
3.50%, 07/15/51		25			14,498
5.12%, 06/15/39		50			41,166
5.25%, 04/15/25		75			73,965
5.25%, 06/15/26		25			24,416
5.25%, 06/15/49		50			38,466
5.50%, 06/15/47 †		50			40,310
J M Smucker Co. 3.50%, 03/15/25		25			24,206
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		25			22,767
4.05%, 04/15/32		50			43,045
KeyCorp 2.55%, 10/01/29		50			37,371
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			20,384
Kraft Heinz Foods Co.

See Notes to Financial Statements

65

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
3.00%, 06/01/26	$	50		$	46,739
5.00%, 06/04/42		25			20,619
5.20%, 07/15/45		50			41,349
6.88%, 01/26/39		25			25,282
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		25			25,551
Lowe’s Cos, Inc. 4.45%, 04/01/62		25			17,083
McDonald’s Corp.
2.12%, 03/01/30		150			120,639
3.62%, 09/01/49		100			66,337
Mondelez International, Inc.
1.50%, 05/04/25		25			23,420
2.75%, 04/13/30		25			20,600
3.00%, 03/17/32		25			20,088
NextEra Energy Capital Holdings, Inc.
2.44%, 01/15/32		100			75,019
2.75%, 11/01/29		50			41,504
4.62%, 07/15/27		75			71,503
6.05%, 03/01/25		25			24,993
Northrop Grumman Corp. 2.93%, 01/15/25		25			24,153
Oracle Corp.
3.60%, 04/01/40		75			51,531
3.80%, 11/15/37		50			36,819
3.85%, 04/01/60		75			45,057
3.95%, 03/25/51		50			32,485
4.00%, 07/15/46		50			33,622
4.10%, 03/25/61		50			31,389
4.38%, 05/15/55		50			33,859
6.12%, 07/08/39		25			23,377
6.50%, 04/15/38		75			73,229
Pacific Gas and Electric Co.
2.10%, 08/01/27		75			63,537
2.50%, 02/01/31		100			74,185
3.25%, 06/01/31		50			38,844
3.50%, 08/01/50		50			27,867
3.75%, 07/01/28		50			43,871
4.50%, 07/01/40		100			71,063
4.95%, 07/01/50		75			52,418
6.75%, 01/15/53		25			22,149
Republic Services, Inc. 3.95%, 05/15/28		50			46,660
Reynolds American, Inc. 5.85%, 08/15/45		75			58,675
Sempra 3.25%, 06/15/27		50			45,344
4.12% (US Treasury Yield Curve Rate T 5 Year+2.87%), 04/01/52		25			19,287
Sherwin-Williams Co. 3.45%, 06/01/27		50			46,333
Southern Co. 3.70%, 04/30/30		50			43,386
Sprint Capital Corp. 6.88%, 11/15/28		50			51,351
Sprint LLC

	Par   (000’s		)	Value
United States (continued)
7.62%, 02/15/25	$	100		$	101,502
Time Warner Cable LLC
4.50%, 09/15/42		50			32,863
5.50%, 09/01/41		50			37,497
6.55%, 05/01/37		25			21,961
7.30%, 07/01/38		100			93,240
T-Mobile USA, Inc.
3.38%, 04/15/29		75			65,361
3.50%, 04/15/25		150			144,953
3.75%, 04/15/27		155			144,187
3.88%, 04/15/30		60			52,261
Tyson Foods, Inc. 4.55%, 06/02/47		25			17,861
United Rentals North America, Inc. 144A 6.00%, 12/15/29		25			24,073
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,227
Verizon Communications, Inc.
0.85%, 11/20/25		25			22,648
2.10%, 03/22/28		50			42,665
2.35%, 03/15/32		50			37,407
2.55%, 03/21/31		50			39,081
2.62%, 08/15/26		25			23,023
3.00%, 11/20/60		75			38,426
3.88%, 02/08/29		25			22,704
4.12%, 03/16/27		100			94,750
4.33%, 09/21/28		50			46,574
4.50%, 08/10/33		50			43,353
VICI Properties LP
5.12%, 05/15/32		50			43,255
5.62%, 05/15/52		25			19,597
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			45,038
4.25%, 12/01/26		50			46,194
4.62%, 12/01/29		50			43,296
Weyerhaeuser Co. 4.00%, 11/15/29		50			44,348
					6,109,922
Total Corporate Bonds (Cost: $8,591,357)					7,715,858
	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%
Money Market Fund: 0.3% (Cost: $19,775)
State Street Navigator Securities Lending Government Money Market Portfolio		19,775			19,775

See Notes to Financial Statements

66

	Number of Shares (continued)	Value
Total Investments: 98.4% (Cost: $8,611,132)		$	7,735,633
Other assets less liabilities: 1.6%			128,372
NET ASSETS: 100.0%		$	7,864,005

Definitions:

SOFR Secured Overnight Financing Rate

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $126,950.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,393,905, or 17.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Technology		24.5	%	$	1,888,196
Financials		18.9			1,459,780
Utilities		11.6			892,004
Consumer Non-Cyclicals		11.4			881,111
Consumer Cyclicals		10.4			805,188
Industrials		6.6			507,304
Healthcare		6.1			470,724
Real Estate		4.5			346,768
Energy		4.2			325,547
Basic Materials		1.8			139,236
		100.0	%	$	7,715,858

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	7,715,858	$	—	$	7,715,858
Money Market Fund		19,775		—		—		19,775
Total Investments	$	19,775	$	7,715,858	$	—	$	7,735,633

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

67

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Par   (000’s		)	Value
CORPORATE BONDS: 98.4%
Bermuda: 0.1%
Arch Capital Group Ltd. 3.63%, 06/30/50	$	25		$	15,906
Canada: 7.3%
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27		50			46,030
3.80%, 01/25/50		25			15,530
Bank of Nova Scotia
1.30%, 06/11/25		50			46,386
1.95%, 02/02/27		75			66,207
2.45%, 02/02/32		100			75,025
Brookfield Finance, Inc. 4.35%, 04/15/30		100			88,429
Canadian Imperial Bank of Commerce 3.45%, 04/07/27		50			45,759
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			23,380
Canadian Pacific Railway Co. 6.12%, 09/15/15		75			67,588
CI Financial Corp. 4.10%, 06/15/51		50			26,624
Emera US Finance LP 3.55%, 06/15/26		25			23,439
Enbridge, Inc.
3.12%, 11/15/29		125			105,867
4.25%, 12/01/26		25			23,763
Fortis, Inc. 3.06%, 10/04/26		25			22,942
Royal Bank of Canada 1.40%, 11/02/26		50			43,922
Toronto-Dominion Bank
1.15%, 06/12/25		25			23,174
1.20%, 06/03/26		50			44,343
1.25%, 09/10/26		75			65,994
					854,402
Denmark: 0.4%
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27		50			43,432
Finland: 0.4%
Nordea Bank Abp 144A 0.75%, 08/28/25		50			45,600
France: 6.3%
BNP Paribas SA 144A
4.38%, 05/12/26		100			95,038
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 †		150			143,477
Credit Agricole SA 144A
2.02%, 01/11/27		50			44,117
4.38%, 03/17/25		50			48,341
5.51%, 07/05/33		75			70,277
Societe Generale SA 144A

		Par   (000’s	)		Value
France (continued)
1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26	$	100		$	89,129
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27		100			87,915
3.00%, 01/22/30		100			79,458
4.25%, 04/14/25		50			47,908
4.68%, 06/15/27		50			47,490
					753,150
Germany: 0.3%
Deutsche Bank AG 3.73% (SOFR+2.76%), 01/14/32		50			36,220
India: 0.7%
Adani Ports & Special Economic Zone Ltd. 144A 4.20%, 08/04/27		50			41,288
Reliance Industries Ltd. 144A 4.12%, 01/28/25		50			48,858
					90,146
Italy: 1.0%
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33		50			45,897
7.78% (US Treasury Yield Curve Rate T 1 Year+3.90%), 06/20/54		25			21,702
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27		50			44,139
					111,738
Japan: 0.4%
Nomura Holdings, Inc. 2.65%, 01/16/25		50			47,762
Mexico: 0.4%
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		50			42,126
Netherlands: 1.3%
Prosus NV 144A
3.06%, 07/13/31		50			36,037
3.68%, 01/21/30		50			39,654
4.03%, 08/03/50		50			26,977
4.99%, 01/19/52		100			61,802
					164,470
Norway: 0.4%
Var Energi ASA 144A 8.00%, 11/15/32		50			51,629
Saudi Arabia: 2.8%
Saudi Arabian Oil Co. 144A
3.25%, 11/24/50		75			44,470
3.50%, 04/16/29		75			66,738
3.50%, 11/24/70		50			28,273
4.25%, 04/16/39		150			117,905

See Notes to Financial Statements

68

	Par   (000’s		)	Value
Saudi Arabia (continued)
4.38%, 04/16/49	$	100		$	73,437
					330,823
Sweden: 0.4%
Skandinaviska Enskilda Banken AB 144A 1.40%, 11/19/25		25			22,832
Svenska Handelsbanken AB 144A 3.95%, 06/10/27		25			23,344
					46,176
Switzerland: 2.9%
UBS Group AG 144A
1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27		50			44,353
2.75% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/33		50			36,633
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43		50			30,982
4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27		100			95,289
4.99% (US Treasury Yield Curve Rate T 1 Year+2.40%), 08/05/33		150			129,720
					336,977
Taiwan: 0.8%
TSMC Global Ltd. 144A
0.75%, 09/28/25		50			45,549
1.25%, 04/23/26		50			45,002
					90,551
United Kingdom: 4.1%
Barclays Plc
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		100			75,936
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32		100			74,041
2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/32		50			36,529
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42		100			61,396
4.38%, 01/12/26		50			47,738
5.25%, 08/17/45		50			40,369
Haleon UK Capital Plc 3.12%, 03/24/25		50			48,076
HSBC Holdings Plc 5.40% (SOFR+2.87%), 08/11/33 †		50			44,979
Standard Chartered Plc 144A 2.68% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/29/32		100			74,393
					503,457

	Par   (000’s		)	Value
United States: 68.4%
Altria Group, Inc.
2.45%, 02/04/32	$	75		$	54,768
3.40%, 02/04/41		25			15,330
4.25%, 08/09/42		100			68,494
4.80%, 02/14/29 †		75			70,269
5.38%, 01/31/44 †		25			21,466
5.80%, 02/14/39		50			44,474
5.95%, 02/14/49 †		60			50,936
Apple, Inc.
1.12%, 05/11/25		50			46,934
2.05%, 09/11/26		100			91,708
3.20%, 05/11/27		100			93,539
3.25%, 08/08/29		50			45,169
3.35%, 02/09/27		50			47,154
4.10%, 08/08/62		50			36,702
Ares Capital Corp.
2.15%, 07/15/26		25			21,965
2.88%, 06/15/28		100			82,808
AT&T, Inc.
3.65%, 09/15/59		175			101,332
3.85%, 06/01/60		75			45,217
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			13,793
3.80%, 07/15/48		50			32,990
4.25%, 10/15/50		50			35,059
4.45%, 01/15/49		50			36,671
5.15%, 11/15/43		25			21,079
6.12%, 04/01/36		75			73,045
Berkshire Hathaway Finance Corp.
2.85%, 10/15/50		125			71,902
3.85%, 03/15/52		50			34,896
4.20%, 08/15/48		110			84,331
Berry Global, Inc. 1.57%, 01/15/26		25			22,593
Berry Global, Inc. 144A 4.88%, 07/15/26		50			47,766
Blackstone Holdings Finance Co. LLC 144A 3.20%, 01/30/52		50			28,232
Blue Owl Capital Corp. 3.40%, 07/15/26		50			44,628
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27		75			70,124
Broadcom, Inc. 3.15%, 11/15/25		25			23,687
Broadcom, Inc. 144A
3.42%, 04/15/33		125			97,231
4.93%, 05/15/37		75			62,543
Cameron LNG LLC 144A 3.70%, 01/15/39		75			55,492
Campbell Soup Co. 3.95%, 03/15/25		25			24,311
Capital One Financial Corp. 6.38% (SOFR+2.86%), 06/08/34		25			22,811

See Notes to Financial Statements

69

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
United States (continued)
CF Industries, Inc. 144A 4.50%, 12/01/26	$	25		$	23,834
Charter Communications Operating LLC / Charter Communications Operating Capital
2.25%, 01/15/29		25			20,251
3.85%, 04/01/61		50			26,434
4.91%, 07/23/25		100			97,808
5.05%, 03/30/29		100			92,524
5.38%, 05/01/47		25			18,093
6.48%, 10/23/45		100			84,123
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		25			21,792
5.12%, 06/30/27		25			24,130
5.88%, 03/31/25		50			49,774
Cheniere Energy, Inc. 4.62%, 10/15/28		25			22,865
Citizens Bank NA 2.25%, 04/28/25		50			46,324
Conagra Brands, Inc. 4.85%, 11/01/28		25			23,501
Constellation Brands, Inc.
2.25%, 08/01/31		25			19,012
3.15%, 08/01/29 †		50			43,194
Corning, Inc. 5.45%, 11/15/79		25			19,735
Costco Wholesale Corp. 3.00%, 05/18/27		50			46,346
Credit Suisse AG
1.25%, 08/07/26		100			87,262
2.95%, 04/09/25		75			71,230
5.00%, 07/09/27		100			95,453
Deutsche Bank AG
1.69%, 03/19/26		50			45,085
2.13% (SOFR+1.87%), 11/24/26		100			90,317
2.55% (SOFR+1.32%), 01/07/28		75			64,937
3.96% (SOFR+2.58%), 11/26/25		50			48,226
Duke Energy Carolinas LLC 4.95%, 01/15/33		25			23,103
Duke Energy Corp. 2.65%, 09/01/26		100			91,678
EMD Finance LLC 144A 3.25%, 03/19/25		50			48,162
Entergy Louisiana LLC 4.00%, 03/15/33		50			42,044
Equinix, Inc. 3.20%, 11/18/29		50			42,271
Fiserv, Inc.
2.25%, 06/01/27		100			88,403
3.85%, 06/01/25		25			24,236
4.20%, 10/01/28		75			69,264
Florida Power & Light Co. 2.88%, 12/04/51		25			14,200

	Par   (000’s		)	Value
United States (continued)
3.15%, 10/01/49	$	100		$	61,008
FS KKR Capital Corp. 3.40%, 01/15/26		25			22,876
General Mills, Inc.
2.88%, 04/15/30		75			62,035
4.00%, 04/17/25		25			24,338
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25		25			24,408
HCA, Inc.
4.12%, 06/15/29		100			88,784
5.25%, 04/15/25		75			73,965
5.25%, 06/15/26		25			24,416
5.50%, 06/15/47 †		125			100,774
Home Depot, Inc. 5.95%, 04/01/41		25			24,261
Huntington Bancshares, Inc. 2.55%, 02/04/30		50			38,502
ITC Holdings Corp. 144A 4.95%, 09/22/27		25			24,151
J M Smucker Co. 3.50%, 03/15/25		25			24,206
Jackson National Life Global Funding 144A 1.75%, 01/12/25		25			23,554
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29		50			45,534
4.05%, 04/15/32		50			43,045
4.60%, 05/25/28		25			23,800
KeyCorp
2.25%, 04/06/27		75			62,270
2.55%, 10/01/29		50			37,371
Kinder Morgan Energy Partners LP 5.50%, 03/01/44		25			20,384
Kraft Heinz Foods Co. 3.00%, 06/01/26		50			46,739
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		75			76,652
Lowe’s Cos, Inc. 5.80%, 09/15/62		50			42,399
McCormick & Co., Inc. 3.40%, 08/15/27		25			22,900
McDonald’s Corp.
3.50%, 07/01/27		25			23,237
3.60%, 07/01/30		25			21,907
3.62%, 09/01/49		75			49,753
3.80%, 04/01/28		75			69,618
4.45%, 03/01/47		25			19,197
4.70%, 12/09/35		75			65,848
4.88%, 12/09/45		50			41,187
6.30%, 10/15/37		50			50,564
Meta Platforms, Inc. 4.65%, 08/15/62		50			37,734
Metropolitan Life Global Funding I 144A 1.88%, 01/11/27		75			65,693
Mondelez International, Inc.

See Notes to Financial Statements

70

	Par   (000’s		)	Value
United States (continued)
2.62%, 03/17/27	$	50		$	45,264
2.62%, 09/04/50		25			13,630
2.75%, 04/13/30		25			20,600
Nestle Holdings, Inc. 144A 3.50%, 09/24/25		25			24,195
NextEra Energy Capital Holdings, Inc.
1.88%, 01/15/27		100			87,867
6.05%, 03/01/25		50			49,986
Oracle Corp.
3.85%, 07/15/36		75			57,239
4.12%, 05/15/45		100			69,324
4.30%, 07/08/34		50			41,695
4.38%, 05/15/55		50			33,859
5.38%, 07/15/40		100			85,166
6.50%, 04/15/38		50			48,819
Pacific Gas and Electric Co.
3.25%, 06/01/31		50			38,844
3.50%, 08/01/50		50			27,867
3.75%, 07/01/28		75			65,807
4.50%, 07/01/40		50			35,531
4.55%, 07/01/30		75			64,950
4.95%, 07/01/50		100			69,891
6.15%, 01/15/33		50			46,055
PepsiCo, Inc.
2.75%, 04/30/25		100			96,195
2.75%, 03/19/30		25			21,303
Philip Morris International, Inc.
0.88%, 05/01/26		50			44,516
3.38%, 08/15/29		75			65,304
4.12%, 03/04/43		50			35,859
4.38%, 11/15/41		65			48,906
5.38%, 02/15/33		25			23,108
5.62%, 11/17/29		25			24,474
5.75%, 11/17/32		50			47,801
Procter & Gamble Co. 2.45%, 11/03/26		25			23,161
Public Service Co. of Colorado 1.88%, 06/15/31		50			37,546
Republic Services, Inc. 3.95%, 05/15/28		25			23,330
San Diego Gas & Electric Co. 1.70%, 10/01/30		75			56,749
Sherwin-Williams Co. 3.45%, 06/01/27		50			46,333
Southern California Edison Co.
2.95%, 02/01/51		25			13,914
3.65%, 02/01/50		50			31,803
Southern Co. 3.25%, 07/01/26		50			46,752
Sprint Capital Corp. 6.88%, 11/15/28		25			25,675
Sprint LLC
7.62%, 02/15/25		150			152,253
7.62%, 03/01/26		25			25,694

	Par   (000’s		)	Value
United States (continued)
Time Warner Cable LLC
4.50%, 09/15/42	$	25		$	16,431
5.88%, 11/15/40		25			19,738
6.55%, 05/01/37		100			87,844
6.75%, 06/15/39		75			65,446
T-Mobile USA, Inc.
1.50%, 02/15/26		25			22,679
3.00%, 02/15/41		25			15,790
3.50%, 04/15/25		50			48,318
3.75%, 04/15/27		150			139,535
3.88%, 04/15/30		125			108,877
United Rentals North America, Inc. 144A 6.00%, 12/15/29		50			48,147
Verisk Analytics, Inc. 4.00%, 06/15/25		25			24,227
Verizon Communications, Inc.
3.70%, 03/22/61		75			45,778
4.02%, 12/03/29		150			134,001
4.12%, 03/16/27		125			118,438
4.33%, 09/21/28		50			46,574
VICI Properties LP
4.75%, 02/15/28		50			46,094
5.12%, 05/15/32		50			43,255
5.62%, 05/15/52		25			19,597
VICI Properties LP / VICI Note Co., Inc. 144A
3.50%, 02/15/25		50			47,734
4.25%, 12/01/26		75			69,290
Vistra Operations Co. LLC 144A 4.30%, 07/15/29		25			21,767
Walt Disney Co. 6.20%, 12/15/34 †		25			25,378
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26		25			23,199
Weyerhaeuser Co. 4.00%, 04/15/30		50			43,746
					8,049,318
Total Corporate Bonds (Cost: $13,112,343)					11,613,883
Total Investments: 98.4% (Cost: $13,112,343)					11,613,883
Other assets less liabilities: 1.6%					188,953
NET ASSETS: 100.0%				$	11,802,836

See Notes to Financial Statements

71

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

SOFR Secured Overnight Financing Rate

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $471,845.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,007,214, or 25.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Financials		30.0	%	$	3,489,975
Technology		20.0			2,317,772
Consumer Non-Cyclicals		15.0			1,743,086
Utilities		8.9			1,029,236
Consumer Cyclicals		8.7			1,008,384
Energy		5.9			689,130
Industrials		4.5			523,278
Real Estate		2.9			336,395
Healthcare		2.9			336,101
Basic Materials		1.2			140,526
		100.0	%	$	11,613,883

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	11,613,883	$	—	$	11,613,883

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

72

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Financial Services: 99.9%
AGNC Investment Corp. †		1,809,339	$	13,352,922
Annaly Capital Management, Inc.		1,360,613		21,239,169
Apollo Commercial Real Estate Finance, Inc.		775,536		7,724,339
Arbor Realty Trust, Inc. †		702,532		8,858,929
Ares Commercial Real Estate Corp. †		397,550		3,645,533
ARMOUR Residential REIT, Inc. †		300,520		4,378,576
Blackstone Mortgage Trust, Inc. †		498,715		9,949,364
BrightSpire Capital, Inc. †		827,900		4,685,914
Chimera Investment Corp.		1,416,314		6,798,307
Claros Mortgage Trust, Inc.		327,062		3,411,257
Dynex Capital, Inc. †		390,666		3,922,287
Ellington Financial, Inc. †		442,073		5,318,138
Franklin BSP Realty Trust, Inc.		499,622		6,300,233
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		461,849		7,916,092
KKR Real Estate Finance Trust, Inc.		237,449		2,478,968
Ladder Capital Corp.		835,693		8,448,856
MFA Financial, Inc.		696,804		6,194,588

	Number of Shares		Value
Financial Services (continued)
New York Mortgage Trust, Inc. †		577,671	$	4,500,057
Orchid Island Capital, Inc. †		370,361		2,325,867
PennyMac Mortgage Investment Trust †		468,691		5,928,941
Ready Capital Corp. †		935,725		8,823,887
Redwood Trust, Inc. †		684,605		4,299,319
Rithm Capital Corp.		1,432,567		13,365,850
Starwood Property Trust, Inc. †		883,450		15,681,237
Two Harbors Investment Corp.		531,908		6,175,452
Total Common Stocks (Cost: $264,095,862)				185,724,082
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 13.5%
Money Market Fund: 13.5% (Cost: $25,006,690)
State Street Navigator Securities Lending Government Money Market Portfolio		25,006,690		25,006,690
Total Investments: 113.4% (Cost: $289,102,552)				210,730,772
Liabilities in excess of other assets: (13.4)%				(24,839,721)
NET ASSETS: 100.0%			$	185,891,051

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $51,027,240.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		100.0	%	$	185,724,082

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	185,724,083	$	—	$	—	$	185,724,082
Money Market Fund		25,006,690		—		—		25,006,690
Total Investments	$	210,730,773	$	—	$	—	$	210,730,772

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

73

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

	Number of Shares		Value
PREFERRED SECURITIES: 99.3%
Consumer Cyclicals: 5.9%
Ford Motor Co.
6.00%, 12/01/59 †		957,918	$	20,116,278
6.20%, 06/01/59		898,040		19,271,938
6.50%, 08/15/62		718,426		15,029,472
Paramount Global 5.75%, 04/01/24		299,351		4,654,908
Qurate Retail, Inc. 8.00%, 03/15/31		380,173		9,048,117
QVC, Inc. 6.25%, 11/26/68		598,935		4,977,150
				73,097,863
Consumer Non-Cyclicals: 6.0%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		299,351		4,577,077
CHS, Inc.
6.75%, 09/30/24		589,718		13,946,831
7.10%, 03/31/24		502,905		12,436,841
7.50%, 01/21/25		619,654		15,615,281
7.88%, 09/26/23		639,135		16,349,073
8.00%, 07/18/23		365,480		10,646,432
				73,571,535
Energy: 6.8%
Energy Transfer LP
7.60%, 05/15/24		957,918		23,679,733
10.16%, 05/15/23		536,089		13,407,586
10.36%, 08/15/23		530,128		13,285,008
NGL Energy Partners LP 12.85% *		374,771		9,639,110
NuStar Energy LP 11.31% (Term SOFR USD 3 Month+5.90%)		458,660		11,512,366
NuStar Logistics LP 6.98% (Term SOFR USD 3 Month+7.00%), 01/15/43		479,492		12,457,202
				83,981,005
Financial Services: 10.2%
AGNC Investment Corp.
6.12%, 04/15/25		688,494		13,762,995
6.50%, 10/15/24		481,947		10,260,652
10.77% (Term SOFR USD 3 Month+5.37%)		387,157		9,427,273
Annaly Capital Management, Inc.
6.75%, 06/30/24		529,846		12,244,741
9.83%		506,316		11,726,278
10.63%		857,749		20,791,836
Chimera Investment Corp.
7.75%, 09/30/25		311,320		5,360,930
8.00%, 03/30/24		389,146		8,207,089
MFA Financial, Inc. 6.50%, 03/31/25		329,280		6,048,874
PennyMac Mortgage Investment Trust 6.75%, 08/24/26		299,351		4,912,350
Rithm Capital Corp. 6.38%, 02/15/25		476,076		9,226,353

	Number of Shares		Value
Financial Services (continued)
7.12%, 08/15/24		337,063	$	7,465,945
Two Harbors Investment Corp. 7.62%, 07/27/27		314,312		5,940,497
				125,375,813
Industrials: 6.6%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27		359,216		5,496,005
Chart Industries, Inc. 6.75%, 12/15/25		240,969		11,846,036
Clarivate Plc 5.25%, 06/01/24		430,314		12,018,670
Crestwood Equity Partners LP 9.25%		2,133,149		20,563,556
RBC Bearings, Inc. 5.00%, 10/15/24		137,708		14,485,505
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		644,676		17,187,062
				81,596,834
Real Estate: 0.8%
Brookfield Property Preferred LP 6.25%, 07/26/81		803,564		9,642,768
Real Estate Investment Trusts: 15.2%
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26		339,585		5,932,550
Digital Realty Trust, Inc. 5.20%, 10/10/24		413,097		8,047,130
DigitalBridge Group, Inc.
7.12%		345,961		7,216,746
7.15%		383,252		8,052,125
Diversified Healthcare Trust
5.62%, 08/01/42		416,965		5,729,099
6.25%, 02/01/46		297,819		4,413,678
Franklin BSP Realty Trust, Inc. 7.50%		307,603		5,724,492
Hudson Pacific Properties, Inc. 4.75%, 11/26/26		508,894		5,363,743
Kimco Realty Corp. 5.25%		311,639		6,235,896
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26		392,507		6,397,864
Public Storage Operating Co.
3.88%, 10/06/25		338,264		5,158,526
4.00%, 06/16/26		1,243,838		19,629,785
4.10%, 01/13/27		299,351		4,834,519
4.62%, 06/17/25		676,517		12,515,564
4.70%, 11/15/24		309,881		5,704,909
4.88%, 09/12/24		378,616		7,443,591
5.05%		357,392		7,641,041
5.15%		333,570		7,041,663
5.60%, 03/11/24		341,260		7,572,559
Rithm Capital Corp.

See Notes to Financial Statements

74

	Number of Shares		Value
Real Estate Investment Trusts (continued)
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26		556,780	$	11,124,464
RLJ Lodging Trust 1.95%		385,442		9,096,431
UMH Properties, Inc. 6.38%		315,699		6,424,475
Vornado Realty Trust
4.45%, 09/22/26		359,216		4,285,447
5.25%, 11/24/25		739,833		10,429,505
5.40% †		357,392		5,078,540
				187,094,342
Technology: 15.8%
AT&T, Inc.
4.75%, 02/18/25		2,095,437		36,251,060
5.00%, 12/12/24		1,436,868		26,740,113
5.35%, 11/01/66		1,575,503		33,006,788
5.62%, 08/01/67		982,826		21,622,172
Pitney Bowes, Inc. 6.70%, 03/07/43		506,316		7,655,498
Qwest Corp.
6.50%, 09/01/56		1,164,493		14,078,720
6.75%, 06/15/57		786,255		9,843,913
Telephone and Data Systems, Inc.
6.00%, 09/30/26		826,202		10,616,696
6.62%, 03/31/26		502,905		7,417,849
United States Cellular Corp.
5.50%, 03/01/70		598,689		8,896,519
5.50%, 06/01/70 †		598,689		8,752,833
6.25%, 09/01/69		598,689		9,878,368
				194,760,529
Utilities: 32.0%
AES Corp. 6.88%, 02/15/24		312,217		18,820,441
Algonquin Power & Utilities Corp.
6.20%, 07/01/79		419,086		10,305,325
7.75%, 06/15/24		688,494		12,867,953
9.34%, 10/17/78		342,493		8,589,724
Brookfield BRP Holdings Canada, Inc.
4.62%, 04/30/26		419,086		5,728,906
4.88%, 12/09/26		311,320		4,445,650
CMS Energy Corp.
5.88%, 10/15/78		333,570		7,355,218
5.88%, 03/01/79		754,363		16,754,402
DTE Energy Co.
4.38%, 12/01/81 †		335,269		6,004,668
5.25%, 12/01/77		476,508		10,235,392
Duke Energy Corp.
5.62%, 09/15/78		595,657		13,146,150
5.75%, 06/15/24		1,197,390		27,468,127
Entergy Arkansas LLC 4.88%, 09/01/66		488,435		9,881,040

	Number of Shares		Value
Utilities (continued)
Entergy Louisiana LLC 4.88%, 09/01/66		321,658	$	6,561,823
Entergy Mississippi LLC 4.90%, 10/01/66		309,734		6,337,158
Georgia Power Co. 5.00%, 10/01/77		321,658		6,947,813
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79		823,206		18,258,709
NextEra Energy, Inc. 6.93%, 09/01/25		1,197,390		44,950,021
NiSource, Inc.
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24		598,689		14,967,225
7.75%, 03/01/24		258,186		26,203,297
SCE Trust III 5.75% (Term SOFR USD 3 Month+3.25%), 03/15/24		329,280		7,948,819
SCE Trust IV 5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25		389,146		7,646,719
SCE Trust V 5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26		359,216		7,920,713
SCE Trust VI 5.00%		565,858		9,913,832
Sempra 5.75%, 07/01/79		907,023		20,408,017
Southern Co.
4.20%, 10/15/60		898,040		16,164,720
4.95%, 01/30/80 †		1,197,390		24,259,121
5.25%, 12/01/77		536,089		11,472,304
Spire, Inc. 5.90%, 08/15/24		299,351		6,612,663
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		305,561		6,645,952
				394,821,902
Total Preferred Securities (Cost: $1,467,508,178)				1,223,942,591
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $309,321)
State Street Navigator Securities Lending Government Money Market Portfolio		309,321		309,321
Total Investments: 99.3% (Cost: $1,467,817,499)				1,224,251,912
Other assets less liabilities: 0.7%				8,792,088
NET ASSETS: 100.0%			$	1,233,044,000

See Notes to Financial Statements

75

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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 $655,924.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Residential & Commercial REITs		23.7	%	$	290,803,420
Electric Utilities & IPPs		22.1			270,758,078
Telecommunications Services		15.3			187,105,031
Multiline Utilities		9.6			117,451,161
Oil & Gas Related Equipment and Services		6.1			74,341,895
Food & Tobacco		5.6			68,994,458
Automobiles & Auto Parts		4.5			54,417,688
Machinery; Equipment & Components		3.6			43,518,603
Professional & Commercial Services		3.1			38,078,231
Real Estate Operations		2.1			24,911,639
Diversified Retail		1.1			14,025,267
Oil & Gas		0.8			9,639,110
Office Equipment		0.6			7,655,498
Natural Gas Utilities		0.5			6,612,663
Investment Banking & Investment Services		0.5			6,397,864
Hotels & Entertainment Services		0.4			4,654,908
Consumer Goods Conglomerates		0.4			4,577,077
		100.0	%	$	1,223,942,591

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities *	$	1,223,942,591	$	—	$	—	$	1,223,942,591
Money Market Fund		309,321		—		—		309,321
Total Investments	$	1,224,251,912	$	—	$	—	$	1,224,251,912

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

76

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	706,223,444		$	28,921,983		$	102,898		$	301,614,574
Affiliated issuers (3)		—			—			628,072			—
Short-term investments held as collateral for securities loaned (4)		87,578,849			—			—			15,921,278
Cash		5,619			44,215			—			4,292,361
Cash denominated in foreign currency, at value (5)		—			2,952,744	(a)		—			2,341
Receivables:
Investment securities sold		—			4,403			—			6,255,966
Dividends and interest		646,038			360,803			1,157			5,775,481
Prepaid expenses		—			827			—			—
Total assets		794,453,950			32,284,975			732,127			333,862,001
Liabilities:
Payables:
Investment securities purchased		—			—			—			6,488,812
Collateral for securities loaned		87,578,849			—			—			15,921,278
Line of credit		620,967			—			—			—
Due to Adviser		239,971			5,476			63			112,775
Due to custodian		—			—			70			—
Deferred Trustee fees		9,396			138			—			40,196
Accrued expenses		16,618			47,137			—			—
Total liabilities		88,465,801			52,751			133			22,563,061
NET ASSETS	$	705,988,149		$	32,232,224		$	731,994		$	311,298,940
Shares outstanding		47,425,000			1,500,000			30,000			17,700,000
Net asset value, redemption and offering price per share	$	14.89		$	21.49		$	24.40		$	17.59
Net Assets consist of:
Aggregate paid in capital	$	839,220,752		$	40,711,438		$	758,912		$	582,187,892
Total distributable earnings (loss)		(133,232,603	)		(8,479,214	)		(26,918	)		(270,888,952	)
NET ASSETS	$	705,988,149		$	32,232,224		$	731,994		$	311,298,940
(1) Value of securities on loan	$	107,950,095		$	—		$	—		$	15,325,318
(2) Cost of investments - Unaffiliated issuers	$	738,148,037		$	31,725,421		$	118,426		$	357,795,978
(3) Cost of investments - Affiliated issuers	$	—		$	—		$	637,360		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	87,578,849		$	—		$	—		$	15,921,278
(5) Cost of cash denominated in foreign currency	$	—		$	2,968,190		$	—		$	2,369

(a) Includes $35,911 on foreign investor minimum settlement reserve funds (see Note 2H).

See Notes to Financial Statements

77

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	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)	$	2,309,387,848		$	80,634,045		$	1,300,135,220		$	35,833,911
Short-term investments held as collateral for securities loaned (3)		79,671,097			1,607,387			—			1,872,582
Cash		6,695,245			183,354			6,289,188			265,168
Cash denominated in foreign currency, at value (4)		—			42			—			452,625
Receivables:
Investment securities sold		93,255,795			662,937			61,672,723			960,045
Shares of beneficial interest sold		8,024,130			—			7,571,990			—
Dividends and interest		38,006,788			769,702			12,193,863			661,707
Total assets		2,535,040,903			83,857,467			1,387,862,984			40,046,038
Liabilities:
Payables:
Investment securities purchased		99,620,818			533,184			68,236,063			1,427,456
Shares of beneficial interest redeemed		5,313,682			—			—			—
Collateral for securities loaned		79,671,097			1,607,387			—			1,872,582
Due to Adviser		715,816			13,622			150,794			12,440
Deferred Trustee fees		67,963			1,073			21,618			33,385
Accrued expenses		—			—			—			103
Total liabilities		185,389,376			2,155,266			68,408,475			3,345,966
NET ASSETS	$	2,349,651,527		$	81,702,201		$	1,319,454,509		$	36,700,072
Shares outstanding		87,850,000			3,650,000			52,300,000			1,900,000
Net asset value, redemption and offering price per share	$	26.75		$	22.38		$	25.23		$	19.32
Net Assets consist of:
Aggregate paid in capital	$	3,100,169,113		$	97,927,933		$	1,322,753,669		$	64,508,078
Total distributable earnings (loss)		(750,517,586	)		(16,225,732	)		(3,299,160	)		(27,808,006	)
NET ASSETS	$	2,349,651,527		$	81,702,201		$	1,319,454,509		$	36,700,072
(1) Value of securities on loan	$	84,090,029		$	4,858,933		$	6,457,726		$	1,894,783
(2) Cost of investments - Unaffiliated issuers	$	2,676,554,304		$	92,637,455		$	1,302,967,027		$	42,563,250
(3) Cost of short-term investments held as collateral for securities loaned	$	79,671,097		$	1,607,387		$	—		$	1,872,582
(4) Cost of cash denominated in foreign currency	$	—		$	43		$	—		$	456,762

See Notes to Financial Statements

78

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	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)	$	2,772,427,507		$	7,715,858		$	11,613,883		$	185,724,082
Short-term investments held as collateral for securities loaned (3)		5,707,719			19,775			—			25,006,690
Cash		5,435,343			46,711			69,143			481
Cash denominated in foreign currency, at value (4)		23,549,778			—			—			—
Receivables:
Investment securities sold		38,953,858			541,171			553,110			—
Shares of beneficial interest sold		192,326			—			—			983,543
Dividends and interest		58,609,909			96,378			134,780			402,762
Prepaid expenses		13,596			—			—			—
Total assets		2,904,890,036			8,419,893			12,370,916			212,117,558
Liabilities:
Payables:
Investment securities purchased		30,687,084			534,437			566,067			983,642
Collateral for securities loaned		5,707,719			19,775			—			25,006,690
Line of credit		—			—			—			137,786
Due to Adviser		628,117			1,676			2,013			64,704
Deferred Trustee fees		251,870			—			—			16,359
Accrued expenses		1,046,486			—			—			17,326
Total liabilities		38,321,276			555,888			568,080			26,226,507
NET ASSETS	$	2,866,568,760		$	7,864,005		$	11,802,836		$	185,891,051
Shares outstanding		120,222,682			400,000			600,000			18,900,000
Net asset value, redemption and offering price per share	$	23.84		$	19.66		$	19.67		$	9.84
Net Assets consist of:
Aggregate paid in capital	$	3,898,366,873		$	9,999,885		$	14,999,828		$	377,703,528
Total distributable earnings (loss)		(1,031,798,113	)		(2,135,880	)		(3,196,992	)		(191,812,477	)
NET ASSETS	$	2,866,568,760		$	7,864,005		$	11,802,836		$	185,891,051
(1) Value of securities on loan	$	5,563,243		$	126,950		$	471,845		$	51,027,240
(2) Cost of investments - Unaffiliated issuers	$	3,173,571,233		$	8,591,357		$	13,112,343		$	264,095,862
(3) Cost of short-term investments held as collateral for securities loaned	$	5,707,719		$	19,775		$	—		$	25,006,690
(4) Cost of cash denominated in foreign currency	$	23,580,732		$	—		$	—		$	—

See Notes to Financial Statements

79

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)

	Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	1,223,942,591
Short-term investments held as collateral for securities loaned (3)		309,321
Cash		5,348,320
Receivables:
Shares of beneficial interest sold		2,368,773
Dividends and interest		4,204,128
Total assets		1,236,173,133
Liabilities:
Payables:
Investment securities purchased		2,367,274
Collateral for securities loaned		309,321
Due to Adviser		416,256
Deferred Trustee fees		36,282
Total liabilities		3,129,133
NET ASSETS	$	1,233,044,000
Shares outstanding		77,850,000
Net asset value, redemption and offering price per share	$	15.84
Net Assets consist of:
Aggregate paid in capital	$	1,532,243,167
Total distributable earnings (loss)		(299,199,167	)
NET ASSETS	$	1,233,044,000
(1) Value of securities on loan	$	655,924
(2) Cost of investments - Unaffiliated issuers	$	1,467,508,178
(3) Cost of short-term investments held as collateral for securities loaned	$	309,321

See Notes to Financial Statements

80

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	BDC Income ETF			China Bond ETF			Dynamic High Income ETF			Emerging Markets High Yield Bond ETF
Income:
Dividends - unaffiliated issuers	$	37,051,506		$	—		$	—		$	—
Dividends - affiliated issuers		—			—			16,559			—
Interest		15,531			536,507			1,467			13,045,846
Securities lending income		1,640,922			—			—			127,692
Foreign taxes withheld		—			(365	)		—			933
Total income		38,707,959			536,142			18,026			13,174,471
Expenses:
Management fees		1,314,491			75,116			360			784,942
Professional fees		—			24,671			—			—
Custody and accounting fees		—			12,296			—			—
Reports to shareholders		—			7,505			—			—
Trustees’ fees and expenses		—			812			—			—
Registration fees		—			2,990			—			—
Insurance		—			1,475			—			—
Interest		61,886			3,597			—			—
Other		—			329			—			—
Total expenses		1,376,377			128,791			360			784,942
Waiver of management fees		—			(30,970	)		—			—
Net expenses		1,376,377			97,821			360			784,942
Net investment income		37,331,582			438,321			17,666			12,389,529
Net realized gain (loss) on:
Investments		(3,598,589	)		(2,466,707	)		—			(13,835,445	)
In-kind redemptions - unaffiliated issuers		3,998,520			—			—			(8,863,720	)
Capital gain distributions from investment companies		1,199,419			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			(100,179	)		—			—
Net realized gain (loss)		1,599,350			(2,566,886	)		—			(22,699,165	)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		7,784,403			309,333			(20,984	)		10,452,937
Investments - affiliated issuers		—			—			(26,585	)		—
Foreign currency translations and foreign denominated assets and liabilities		—			(33,517	)		—			(97	)
Net change in unrealized appreciation (depreciation)		7,784,403			275,816			(47,569	)		10,452,840
Net Increase (Decrease) in Net Assets Resulting from Operations	$	46,715,335		$	(1,852,749	)	$	(29,903	)	$	143,204

See Notes to Financial Statements

81

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	Fallen Angel High Yield Bond ETF			Green Bond ETF			IG Floating Rate ETF			International High Yield Bond ETF
Income:
Dividends	$	—		$	4,047		$	—		$	—
Interest		77,502,848			1,319,523			37,312,751			1,401,281
Securities lending income		978,768			8,328			7,620			12,082
Foreign taxes withheld		—			130			—			(906	)
Total income		78,481,616			1,332,028			37,320,371			1,412,457
Expenses:
Management fees		4,692,419			76,602			815,380			97,371
Interest		25,092			2,010			2,600			103
Total expenses		4,717,511			78,612			817,980			97,474
Net investment income		73,764,105			1,253,416			36,502,391			1,314,983
Net realized gain (loss) on:
Investments		(77,711,269	)		(537,905	)		(303,764	)		(827,750	)
In-kind redemptions		(5,953,656	)		—			194,217			(2,619,981	)
Foreign currency transactions and foreign denominated assets and liabilities		—			—			—			2,302
Net realized loss		(83,664,925	)		(537,905	)		(109,547	)		(3,445,429	)
Net change in unrealized appreciation (depreciation) on:
Investments		(16,720,597	)		(3,437,811	)		5,584,501			1,706,569
Foreign currency translations and foreign denominated assets and liabilities		—			(1	)		—			(32,444	)
Net change in unrealized appreciation (depreciation)		(16,720,597	)		(3,437,812	)		5,584,501			1,674,125
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(26,621,417	)	$	(2,722,301	)	$	41,977,345		$	(456,321	)

See Notes to Financial Statements

82

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	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	$	—		$	—		$	—		$	9,232,272
Interest		107,917,813			203,535			295,729			4,978
Securities lending income		44,213			240			459			132,411
Foreign taxes withheld		(1,986,425	)		—			—			—
Total income		105,975,601			203,775			296,188			9,369,661
Expenses:
Management fees		4,409,863			10,293			12,357			409,304
Professional fees		27,291			—			—			—
Custody and accounting fees		414,384			—			—			—
Reports to shareholders		159,579			—			—			—
Trustees’ fees and expenses		23,797			—			—			—
Registration fees		8,021			—			—			—
Insurance		22,537			—			—			—
Interest		10,150			—			—			30,083
Other		12,668			—			—			—
Total expenses		5,088,290			10,293			12,357			439,387
Waiver of management fees		(178,291	)		—			—			—
Net expenses		4,909,999			10,293			12,357			439,387
Net investment income		101,065,602			193,482			283,831			8,930,274
Net realized gain (loss) on:
Investments (1)		(101,545,002	)		(190,205	)		(182,694	)		(6,232,086	)
In-kind redemptions		3,063,070			—			—			782,980
Capital gain distributions from investment companies		—			—			—			528,825
Foreign currency transactions and foreign denominated assets and liabilities		(609,394	)		—			—			—
Net realized loss		(99,091,326	)		(190,205	)		(182,694	)		(4,920,281	)
Net change in unrealized appreciation (depreciation) on:
Investments (2)		(78,879,495	)		(390,902	)		(698,885	)		(14,966,897	)
Foreign currency translations and foreign denominated assets and liabilities		(2,482,198	)		—			—			—
Net change in unrealized appreciation (depreciation)		(81,361,693	)		(390,902	)		(698,885	)		(14,966,897	)
Net Decrease in Net Assets Resulting from Operations	$	(79,387,417	)	$	(387,625	)	$	(597,748	)	$	(10,956,904	)
(1) Net of foreign taxes	$	(202,799	)	$	—		$	—		$	—
(2) Net of foreign taxes	$	942,042		$	—		$	—		$	—

See Notes to Financial Statements

83

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2023 (unaudited)

	Preferred Securities ex Financials ETF
Income:
Dividends	$	43,884,635
Interest		278,613
Securities lending income		665,070
Foreign taxes withheld		(108,729	)
Total income		44,719,589
Expenses:
Management fees		2,375,830
Interest		45,689
Total expenses		2,421,519
Net investment income		42,298,070
Net realized gain (loss) on:
Investments		10,560,422
In-kind redemptions		560,565
Capital gain distributions from investment companies		1,570,625
Net realized gain		12,691,612
Net change in unrealized appreciation (depreciation) on:
Investments		(135,837,002	)
Net change in unrealized appreciation (depreciation)		(135,837,002	)
Net Decrease in Net Assets Resulting from Operations	$	(80,847,320	)

See Notes to Financial Statements

84

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF						China Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	37,331,582		$	59,049,435		$	438,321		$	2,055,010
Net realized gain (loss)		1,599,350			(23,904,976	)		(2,566,886	)		(5,715,883	)
Net change in unrealized appreciation (depreciation)		7,784,403			(58,310,532	)		275,816			(75,243	)
Net increase (decrease) in net assets resulting from operations		46,715,335			(23,166,073	)		(1,852,749	)		(3,736,116	)
Distributions to shareholders from:
Distributable earnings		(37,331,582	)		(59,501,743	)		(620,020	)		—
Return of capital		(645,776	)		(1,673,017	)		—			(1,816,350	)
Total distributions		(37,977,358	)		(61,174,760	)		(620,020	)		(1,816,350	)
Share transactions*:
Proceeds from sale of shares		161,530,226			184,695,569			—			—
Cost of shares redeemed		(41,532,998	)		(148,132,044	)		(8,728,753	)		(80,600,929	)
Increase (decrease) in net assets resulting from share transactions		119,997,228			36,563,525			(8,728,753	)		(80,600,929	)
Total increase (decrease) in net assets		128,735,205			(47,777,308	)		(11,201,522	)		(86,153,395	)
Net Assets, beginning of period		577,252,944			625,030,252			43,433,746			129,587,141
Net Assets, end of period	$	705,988,149		$	577,252,944		$	32,232,224		$	43,433,746
*Shares of Common Stock Issued (no par value)
Shares sold		10,450,000			12,250,000			—			—
Shares redeemed		(2,725,000	)		(9,850,000	)		(400,000	)		(3,600,000	)
Net increase (decrease)		7,725,000			2,400,000			(400,000	)		(3,600,000	)

See Notes to Financial Statements

85

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Dynamic High Income ETF						Emerging Markets High Yield Bond ETF
	Period Ended October 31, 2023			Period Ended April 30, 2023 (a)			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	17,666		$	11,730		$	12,389,529		$	32,407,182
Net realized loss		—			(2,103	)		(22,699,165	)		(153,601,452	)
Net change in unrealized appreciation (depreciation)		(47,569	)		22,754			10,452,840			74,160,121
Net increase (decrease) in net assets resulting from operations		(29,903	)		32,381			143,204			(47,034,149	)
Distributions to shareholders from:
Distributable earnings		(17,666	)		(11,730	)		(13,313,390	)		(37,523,220	)
Return of capital		(1,805	)		(1,494	)		—			—
Total distributions		(19,471	)		(13,224	)		(13,313,390	)		(37,523,220	)
Share transactions*:
Proceeds from sale of shares		259,635			502,576			—			49,753,232
Cost of shares redeemed		—			—			(106,543,686	)		(685,821,304	)
Increase (decrease) in net assets resulting from share transactions		259,635			502,576			(106,543,686	)		(636,068,072	)
Total increase (decrease) in net assets		210,261			521,733			(119,713,872	)		(720,625,441	)
Net Assets, beginning of period		521,733			—			431,012,812			1,151,638,253
Net Assets, end of period	$	731,994		$	521,733		$	311,298,940		$	431,012,812
*Shares of Common Stock Issued (no par value)
Shares sold		10,000			20,000			—			2,700,000
Shares redeemed		—			—			(6,000,000	)		(38,000,000	)
Net increase (decrease)		10,000			20,000			(6,000,000	)		(35,300,000	)

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

See Notes to Financial Statements

86

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fallen Angel High Yield Bond ETF						Green Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	73,764,105		$	141,495,726		$	1,253,416		$	2,135,125
Net realized loss		(83,664,925	)		(207,540,159	)		(537,905	)		(3,775,617	)
Net change in unrealized appreciation (depreciation)		(16,720,597	)		45,359,290			(3,437,812	)		1,503,619
Net decrease in net assets resulting from operations		(26,621,417	)		(20,685,143	)		(2,722,301	)		(136,873	)
Distributions to shareholders from:
Distributable earnings		(75,372,215	)		(148,186,700	)		(1,202,475	)		(2,159,765	)
Share transactions*:
Proceeds from sale of shares		690,647,014			1,920,657,258			10,167,111			—
Cost of shares redeemed		(1,022,467,512	)		(2,794,164,212	)		—			(17,574,625	)
Increase (decrease) in net assets resulting from share transactions		(331,820,498	)		(873,506,954	)		10,167,111			(17,574,625	)
Total increase (decrease) in net assets		(433,814,130	)		(1,042,378,797	)		6,242,335			(19,871,263	)
Net Assets, beginning of period		2,783,465,657			3,825,844,454			75,459,866			95,331,129
Net Assets, end of period	$	2,349,651,527		$	2,783,465,657		$	81,702,201		$	75,459,866
*Shares of Common Stock Issued (no par value)
Shares sold		25,100,000			69,550,000			450,000			—
Shares redeemed		(37,600,000	)		(101,400,000	)		—			(750,000	)
Net increase (decrease)		(12,500,000	)		(31,850,000	)		450,000			(750,000	)

See Notes to Financial Statements

87

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	IG Floating Rate ETF						International High Yield Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	36,502,391		$	44,136,995		$	1,314,983		$	2,966,234
Net realized loss		(109,547	)		(4,106,028	)		(3,445,429	)		(6,221,536	)
Net change in unrealized appreciation (depreciation)		5,584,501			(1,621,240	)		1,674,125			3,305,546
Net increase (decrease) in net assets resulting from operations		41,977,345			38,409,727			(456,321	)		50,244
Distributions to shareholders from:
Distributable earnings		(35,135,985	)		(39,541,190	)		(1,179,680	)		(2,745,823	)
Return of capital		—			—			—			(324,327	)
Total distributions		(35,135,985	)		(39,541,190	)		(1,179,680	)		(3,070,150	)
Share transactions*:
Proceeds from sale of shares		294,787,109			331,514,195			—			11,761,829
Cost of shares redeemed		(128,494,812	)		(318,579,661	)		(27,722,357	)		(22,099,405	)
Increase (decrease) in net assets resulting from share transactions		166,292,297			12,934,534			(27,722,357	)		(10,337,576	)
Total increase (decrease) in net assets		173,133,657			11,803,071			(29,358,358	)		(13,357,482	)
Net Assets, beginning of period		1,146,320,852			1,134,517,781			66,058,430			79,415,912
Net Assets, end of period	$	1,319,454,509		$	1,146,320,852		$	36,700,072		$	66,058,430
*Shares of Common Stock Issued (no par value)
Shares sold		11,700,000			13,250,000			—			600,000
Shares redeemed		(5,100,000	)		(12,800,000	)		(1,400,000	)		(1,100,000	)
Net increase (decrease)		6,600,000			450,000			(1,400,000	)		(500,000	)

See Notes to Financial Statements

88

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	J.P. Morgan EM Local Currency Bond ETF						Moody’s Analytics BBB Corporate Bond ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	101,065,602		$	173,784,121		$	193,482		$	313,202
Net realized loss		(99,091,326	)		(235,655,592	)		(190,205	)		(879,505	)
Net change in unrealized appreciation (depreciation)		(81,361,693	)		201,337,025			(390,902	)		702,133
Net increase (decrease) in net assets resulting from operations		(79,387,417	)		139,465,554			(387,625	)		135,830
Distributions to shareholders from:
Distributable earnings		(85,845,728	)		(23,143,273	)		(193,200	)		(299,760	)
Return of capital		—			(149,840,524	)		—			—
Total distributions		(85,845,728	)		(172,983,797	)		(193,200	)		(299,760	)
Share transactions*:
Proceeds from sale of shares		203,858,865			459,045,576			—			—
Cost of shares redeemed		(396,402,360	)		(274,639,215	)		—			—
Increase (decrease) in net assets resulting from share transactions		(192,543,495	)		184,406,361			—			—
Total increase (decrease) in net assets		(357,776,640	)		150,888,118			(580,825	)		(163,930	)
Net Assets, beginning of period		3,224,345,400			3,073,457,282			8,444,830			8,608,760
Net Assets, end of period	$	2,866,568,760		$	3,224,345,400		$	7,864,005		$	8,444,830
*Shares of Common Stock Issued (no par value)
Shares sold		8,000,000			18,400,000			—			—
Shares redeemed		(16,100,000	)		(11,400,000	)		—			—
Net increase (decrease)		(8,100,000	)		7,000,000			—			—

See Notes to Financial Statements

89

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics IG Corporate Bond ETF						Mortgage REIT Income ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023			Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)						(unaudited)
Operations:
Net investment income	$	283,831		$	443,779		$	8,930,274		$	16,885,952
Net realized loss		(182,695	)		(1,334,692	)		(4,920,281	)		(25,025,938	)
Net change in unrealized appreciation (depreciation)		(698,885	)		1,037,261			(14,966,897	)		(27,385,519	)
Net increase (decrease) in net assets resulting from operations		(597,749	)		146,348			(10,956,904	)		(35,525,505	)
Distributions to shareholders from:
Distributable earnings		(283,080	)		(430,440	)		(8,930,273	)		(16,885,952	)
Return of capital		—			—			(2,438,062	)		(5,467,268	)
Total distributions		(283,080	)		(430,440	)		(11,368,335	)		(22,353,220	)
Share transactions*:
Proceeds from sale of shares		—			—			22,766,819			61,069,628
Cost of shares redeemed		—			—			(3,983,006	)		(24,680,759	)
Increase in net assets resulting from share transactions		—			—			18,783,813			36,388,869
Total decrease in net assets		(880,829	)		(284,092	)		(3,541,426	)		(21,489,856	)
Net Assets, beginning of period		12,683,665			12,967,757			189,432,477			210,922,333
Net Assets, end of period	$	11,802,836		$	12,683,665		$	185,891,051		$	189,432,477
*Shares of Common Stock Issued (no par value)
Shares sold		—			—			2,050,000			5,250,000
Shares redeemed		—			—			(350,000	)		(1,900,000	)
Net increase		—			—			1,700,000			3,350,000

See Notes to Financial Statements

90

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Period Ended October 31, 2023			Year Ended April 30, 2023
	(unaudited)
Operations:
Net investment income	$	42,298,070		$	62,024,311
Net realized gain (loss)		12,691,612			(10,656,813	)
Net change in unrealized appreciation (depreciation)		(135,837,002	)		(76,072,758	)
Net decrease in net assets resulting from operations		(80,847,320	)		(24,705,260	)
Distributions to shareholders from:
Distributable earnings		(42,818,290	)		(62,856,300	)
Share transactions*:
Proceeds from sale of shares		302,207,170			232,255,280
Cost of shares redeemed		(5,141,956	)		(87,347,038	)
Increase in net assets resulting from share transactions		297,065,214			144,908,242
Total increase in net assets		173,399,604			57,346,682
Net Assets, beginning of period		1,059,644,396			1,002,297,714
Net Assets, end of period	$	1,233,044,000		$	1,059,644,396
*Shares of Common Stock Issued (no par value)
Shares sold		17,650,000			13,000,000
Shares redeemed		(300,000	)		(4,850,000	)
Net increase		17,350,000			8,150,000

See Notes to Financial Statements

91

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$14.54			$16.76			$16.76			$10.75			$16.55			$16.10
Net investment income (a)		0.87			1.63			1.44			1.43			1.54			1.59
Net realized and unrealized gain (loss) on investments		0.34			(2.18	)		(0.06	)		6.02			(5.86	)		0.41
Total from investment operations		1.21			(0.55	)		1.38			7.45			(4.32	)		2.00
Distributions from:
Net investment income		(0.85	)		(1.63	)		(1.38	)		(1.44	)		(1.48	)		(1.55	)
Return of capital		(0.01	)		(0.04	)		—			—	(b)		—			—
Total distributions		(0.86	)		(1.67	)		(1.38	)		(1.44	)		(1.48	)		(1.55	)
Net asset value, end of period		$14.89			$14.54			$16.76			$16.76			$10.75			$16.55
Total return (c)		8.27	%(d)		(2.60	)%		8.23	%		73.81	%		(27.77	)%		13.27	%
Ratios to average net assets
Gross expenses (e)		0.42	%(f)		0.42	%		0.41	%		0.46	%		0.48	%		0.47	%
Net expenses (e)		0.42	%(f)		0.42	%		0.41	%		0.41	%		0.41	%		0.41	%
Net expenses excluding interest and taxes (e)		0.40	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		11.36	%(f)		10.75	%		8.34	%		10.57	%		9.95	%		9.73	%
Supplemental data
Net assets, end of period (in millions)		$706			$577			$625			$412			$170			$207
Portfolio turnover rate (g)		5	%(d)		28	%		29	%		26	%		22	%		13	%

(a)	Calculated based upon average shares outstanding
(b)	Amount represents less than $0.005 per share.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Periods after April 30, 2021 reflect a unitary management fee structure.
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

92

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	China Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$22.86			$23.56			$24.07			$22.39			$22.89			$24.14
Net investment income (a)		0.26			0.57			0.66			0.73			0.87			0.75
Net realized and unrealized gain (loss) on investments		(1.26	)		(0.76	)		(0.40	)		1.60			(0.49	)		(1.24	)
Total from investment operations		(1.00	)		(0.19	)		0.26			2.33			0.38			(0.49	)
Distributions from:
Net investment income		(0.37	)		—			(0.76	)		(0.65	)		(0.79	)		(0.38	)
Return of capital		—			(0.51	)		(0.01	)		—			(0.09	)		(0.38	)
Total distributions		(0.37	)		(0.51	)		(0.77	)		(0.65	)		(0.88	)		(0.76	)
Net asset value, end of period		$21.49			$22.86			$23.56			$24.07			$22.39			$22.89
Total return (b)		(4.42	)%(c)		(0.80	)%		1.02	%		10.56	%		1.76	%		(1.98	)%
Ratios to average net assets
Gross expenses		0.69	%(d)		0.51	%		0.52	%		0.68	%		3.53	%		2.25	%
Net expenses		0.52	%(d)		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%
Net expenses excluding interest and taxes		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.33	%(d)		2.51	%		2.69	%		3.07	%		3.93	%		3.29	%
Supplemental data
Net assets, end of period (in millions)		$32			$43			$130			$104			$4			$5
Portfolio turnover rate (e)		33	%(c)		10	%		60	%		17	%		21	%		22	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

93

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Dynamic High Income ETF
	Period Ended October 31, 2023			Period Ended April 30, 2023(a)
	(unaudited)
Net asset value, beginning of period		$26.09			$25.13
Net investment income (b)		0.63			0.59
Net realized and unrealized gain (loss) on investments		(1.63	)		1.03
Total from investment operations		(1.00	)		1.62
Distributions from:
Net investment income		(0.63	)		(0.59	)
Return of capital		(0.06	)		(0.07	)
Total distributions		(0.69	)		(0.66	)
Net asset value, end of period		$24.40			$26.09
Total return (c)		(3.91	)%(d)		6.47	%(d)
Ratios to average net assets
Expenses		0.10	%(e)		0.10	%(e)
Net investment income		4.91	%(e)		4.55	%(e)
Supplemental data
Net assets, end of period (in millions)		$1			$1
Portfolio turnover rate (f)		0	%(d)		8	%(d)

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

See Notes to Financial Statements

94

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Emerging Markets High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$18.19			$19.52			$23.63			$20.54			$23.34			$23.83
Net investment income (a)		0.57			1.10			1.20			1.29			1.42			1.33
Net realized and unrealized gain (loss) on investments		(0.57	)		(1.25	)		(4.11	)		3.06			(2.77	)		(0.46	)
Total from investment operations		—			(0.15	)		(2.91	)		4.35			(1.35	)		0.87
Distributions from:
Net investment income		(0.60	)		(1.18	)		(1.20	)		(1.26	)		(1.45	)		(1.36	)
Net asset value, end of period		$17.59			$18.19			$19.52			$23.63			$20.54			$23.34
Total return (b)		0.01	%(c)		(0.56	)%		(12.84	)%		21.53	%		(6.27	)%		3.93	%
Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.45	%		0.47	%		0.46	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		6.31	%(e)		6.08	%		5.39	%		5.58	%		6.19	%		5.81	%
Supplemental data
Net assets, end of period (in millions)		$311			$431			$1,152			$784			$308			$261
Portfolio turnover rate (f)		10	%(c)		21	%		34	%		31	%		28	%		27	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

95

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fallen Angel High Yield Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$27.74			$28.94			$32.20			$26.84			$29.00			$29.19
Net investment income (a)		0.76			1.29			1.19			1.49			1.54			1.64
Net realized and unrealized gain (loss) on investments		(0.98	)		(1.15	)		(3.22	)		5.35			(2.16	)		(0.24	)
Total from investment operations		(0.22	)		0.14			(2.03	)		6.84			(0.62	)		1.40
Distributions from:
Net investment income		(0.77	)		(1.34	)		(1.23	)		(1.48	)		(1.54	)		(1.59	)
Net asset value, end of period		$26.75			$27.74			$28.94			$32.20			$26.84			$29.00
Total return (b)		(0.83	)%(c)		0.60	%		(6.63	)%		25.95	%		(2.38	)%		5.04	%
Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.43	%		0.43	%		0.45	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		5.50	%(e)		4.68	%		3.70	%		4.83	%		5.35	%		5.76	%
Supplemental data
Net assets, end of period (in millions)		$2,350			$2,783			$3,826			$4,915			$1,683			$976
Portfolio turnover rate (f)		37	%(c)		31	%		44	%		27	%		68	%		29	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

96

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Bond ETF
	Period			Year Ended April 30,
	Ended October 31, 2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$23.58			$24.13			$27.16			$26.85			$25.87			$26.54
Net investment income (a)		0.38			0.63			0.55			0.55			0.58			0.34
Net realized and unrealized gain (loss) on investments		(1.21	)		(0.54	)		(3.03	)		0.28	(b)		1.00			(0.68	)
Total from investment operations		(0.83	)		0.09			(2.48	)		0.83			1.58			(0.34	)
Distributions from:
Net investment income		(0.37	)		(0.64	)		(0.55	)		(0.52	)		(0.50	)		(0.29	)
Return of capital		—			—			—			—			(0.10	)		(0.04	)
Total distributions		(0.37	)		(0.64	)		(0.55	)		(0.52	)		(0.60	)		(0.33	)
Net asset value, end of period		$22.38			$23.58			$24.13			$27.16			$26.85			$25.87
Total return (c)		(3.54	)%(d)		0.41	%		(9.30	)%		3.07	%		6.17	%		(1.25	)%
Ratios to average net assets
Gross expenses (e)		0.21	%(f)		0.20	%		0.20	%		0.65	%		0.83	%		1.02	%
Net expenses (e)		0.21	%(f)		0.20	%		0.20	%		0.20	%		0.23	%		0.33	%
Net expenses excluding interest and taxes (e)		0.20	%(f)		0.20	%		N/A			N/A			N/A			N/A
Net investment income		3.27	%(f)		2.71	%		2.07	%		2.01	%		2.17	%		1.32	%
Supplemental data
Net assets, end of period (in millions)		$82			$75			$95			$84			$32			$26
Portfolio turnover rate (g)		9	%(d)		20	%		19	%		25	%		83	%		28	%

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

See Notes to Financial Statements

97

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	IG Floating Rate ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$25.08			$25.07			$25.33			$24.61			$25.25			$25.32
Net investment income (a)		0.79			0.98			0.14			0.23			0.68			0.77
Net realized and unrealized gain (loss) on investments		0.14			(0.09	)		(0.25	)		0.76			(0.61	)		(0.10	)
Total from investment operations		0.93			0.89			(0.11	)		0.99			0.07			0.67
Distributions from:
Net investment income		(0.78	)		(0.88	)		(0.15	)		(0.27	)		(0.71	)		(0.74	)
Net asset value, end of period		$25.23			$25.08			$25.07			$25.33			$24.61			$25.25
Total return (b)		3.73	%(c)		3.61	%		(0.45	)%		4.07	%		0.26	%		2.71	%
Ratios to average net assets
Gross expenses (d)		0.14	%(e)		0.14	%		0.14	%		0.39	%		0.40	%		0.40	%
Net expenses (d)		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		6.27	%(e)		3.95	%		0.56	%		0.93	%		2.70	%		3.05	%
Supplemental data
Net assets, end of period (in millions)		$1,319			$1,146			$1,135			$560			$461			$542
Portfolio turnover rate (f)		39	%(c)		55	%		78	%		72	%		40	%		30	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

98

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	International High Yield Bond ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$20.02			$20.90			$25.71			$22.21			$24.54			$25.20
Net investment income (a)		0.54			0.96			1.02			1.13			1.26			1.13
Net realized and unrealized gain (loss) on investments		(0.76	)		(0.85	)		(4.78	)		3.54			(2.33	)		(0.65	)
Total from investment operations		(0.22	)		0.11			(3.76	)		4.67			(1.07	)		0.48
Distributions from:
Net investment income		(0.48	)		(0.89	)		(1.05	)		(1.10	)		(1.17	)		(1.08	)
Return of capital		—			(0.10	)		—			(0.07	)		(0.09	)		(0.06	)
Total distributions		(0.48	)		(0.99	)		(1.05	)		(1.17	)		(1.26	)		(1.14	)
Net asset value, end of period		$19.32			$20.02			$20.90			$25.71			$22.21			$24.54
Total return (b)		(1.10	)%(c)		0.78	%		(15.07	)%		21.30	%		(4.67	)%		2.08	%
Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.56	%		0.62	%		0.54	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		5.40	%(e)		4.89	%		4.21	%		4.54	%		5.17	%		4.66	%
Supplemental data
Net assets, end of period (in millions)		$37			$66			$79			$100			$89			$113
Portfolio turnover rate (f)		14	%(c)		22	%		25	%		33	%		37	%		32	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

99

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$25.13			$25.33			$31.14			$29.36			$33.11			$37.56
Net investment income (a)		0.78			1.43			1.47			1.55			2.00			2.14
Net realized and unrealized gain (loss) on investments		(1.41	)		(0.21	)		(5.84	)		1.78			(3.75	)		(4.45	)
Total from investment operations		(0.63	)		1.22			(4.37	)		3.33			(1.75	)		(2.31	)
Distributions from:
Net investment income		(0.66	)		(0.18	)		(0.77	)		(0.01	)		(0.48	)		(1.36	)
Return of capital		—			(1.24	)		(0.67	)		(1.54	)		(1.52	)		(0.78	)
Total distributions		(0.66	)		(1.42	)		(1.44	)		(1.55	)		(2.00	)		(2.14	)
Net asset value, end of period		$23.84			$25.13			$25.33			$31.14			$29.36			$33.11
Total return (b)		(2.56	)%(c)		5.16	%		(14.56	)%		11.40	%		(5.79	)%		(6.05	)%
Ratios to average net assets
Gross expenses		0.31	%(d)		0.31	%		0.32	%		0.31	%		0.36	%		0.41	%
Net expenses		0.30	%(d)		0.30	%		0.30	%		0.30	%		0.30	%		0.31	%
Net investment income		6.19	%(d)		5.87	%		5.00	%		4.92	%		6.05	%		6.35	%
Supplemental data
Net assets, end of period (in millions)		$2,867			$3,224			$3,073			$3,380			$3,339			$5,332
Portfolio turnover rate (e)		20	%(c)		29	%		33	%		40	%		39	%		36	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

100

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2023			2023			2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.11			$21.52			$24.73			$25.00
Net investment income (b)		0.48			0.78			0.55			0.22
Net realized and unrealized loss on investments		(1.45	)		(0.44	)		(3.19	)		(0.30	)
Total from investment operations		(0.97	)		0.34			(2.64	)		(0.08	)
Distributions from:
Net investment income		(0.48	)		(0.75	)		(0.57	)		(0.19	)
Net asset value, end of period		$19.66			$21.11			$21.52			$24.73
Total return (c)		(4.66	)%(d)		1.70	%		(10.96	)%		(0.32	)%(d)
Ratios to average net assets
Expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%(e)
Net investment income		4.70	%(e)		3.75	%		2.26	%		2.14	%(e)
Supplemental data
Net assets, end of period (in millions)		$8			$8			$9			$10
Portfolio turnover rate (f)		30	%(d)		91	%		48	%		35	%(d)

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

See Notes to Financial Statements

101

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
				Year Ended April 30,
	Period Ended October 31, 2023			2023			2022			Period Ended April 30, 2021(a)
	(unaudited)
Net asset value, beginning of period		$21.14			$21.61			$24.58			$25.00
Net investment income (b)		0.47			0.74			0.52			0.21
Net realized and unrealized loss on investments		(1.47	)		(0.49	)		(2.96	)		(0.45	)
Total from investment operations		(1.00	)		0.25			(2.44	)		(0.24	)
Distributions from:
Net investment income		(0.47	)		(0.72	)		(0.53	)		(0.18	)
Net asset value, end of period		$19.67			$21.14			$21.61			$24.58
Total return (c)		(4.76	)%(d)		1.22	%		(10.15	)%		(0.97	)%(d)
Ratios to average net assets
Expenses		0.20	%(e)		0.20	%		0.20	%		0.20	%(e)
Net investment income		4.59	%(e)		3.53	%		2.13	%		2.10	%(e)
Supplemental data
Net assets, end of period (in millions)		$12			$13			$13			$15
Portfolio turnover rate (f)		28	%(d)		84	%		53	%		28	%(d)

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

See Notes to Financial Statements

102

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Mortgage REIT Income ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$11.01			$15.23			$19.45			$11.42			$23.63			$22.71
Net investment income (a)		0.50			1.21			0.76			0.86			1.45			1.68
Net realized and unrealized gain (loss) on investments		(1.04	)		(3.82	)		(3.44	)		8.49			(11.90	)		0.94
Total from investment operations		(0.54	)		(2.61	)		(2.68	)		9.35			(10.45	)		2.62
Distributions from:
Net investment income		(0.50	)		(1.21	)		(0.79	)		(0.83	)		(1.45	)		(1.67	)
Return of capital		(0.13	)		(0.40	)		(0.75	)		(0.49	)		(0.31	)		(0.03	)
Total distributions		(0.63	)		(1.61	)		(1.54	)		(1.32	)		(1.76	)		(1.70	)
Net asset value, end of period		$9.84			$11.01			$15.23			$19.45			$11.42			$23.63
Total return (b)		(5.46	)%(c)		(16.95	)%		(14.74	)%		85.71	%		(46.63	)%		12.00	%
Ratios to average net assets
Gross expenses (d)		0.43	%(e)		0.43	%		0.41	%		0.49	%		0.50	%		0.49	%
Net expenses (d)		0.43	%(e)		0.43	%		0.41	%		0.41	%		0.41	%		0.42	%
Net expenses excluding interest and taxes (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		8.73	%(e)		9.30	%		4.15	%		5.55	%		6.70	%		7.19	%
Supplemental data
Net assets, end of period (in millions)		$186			$189			$211			$310			$119			$175
Portfolio turnover rate (f)		6	%(c)		19	%		12	%		31	%		16	%		35	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

103

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Preferred Securities ex Financials ETF
	Period			Year Ended April 30,
	Ended
	October 31,
	2023			2023			2022			2021			2020			2019
	(unaudited)
Net asset value, beginning of period		$17.51			$19.15			$20.97			$18.23			$19.37			$19.09
Net investment income (a)		0.61			1.12			1.01			0.98			1.06			1.13
Net realized and unrealized gain (loss) on investments		(1.66	)		(1.62	)		(1.68	)		2.72			(1.12	)		0.32
Total from investment operations		(1.05	)		(0.50	)		(0.67	)		3.70			(0.06	)		1.45
Distributions from:
Net investment income		(0.62	)		(1.14	)		(1.13	)		(0.96	)		(1.08	)		(1.17	)
Return of capital		—			—			(0.02	)		—			—			—
Total distributions		(0.62	)		(1.14	)		(1.15	)		(0.96	)		(1.08	)		(1.17	)
Net asset value, end of period		$15.84			$17.51			$19.15			$20.97			$18.23			$19.37
Total return (b)		(6.23	)%(c)		(2.50	)%		(3.61	)%		20.78	%		(0.54	)%		7.90	%
Ratios to average net assets
Gross expenses (d)		0.41	%(e)		0.41	%		0.40	%		0.43	%		0.44	%		0.46	%
Net expenses (d)		0.41	%(e)		0.41	%		0.40	%		0.40	%		0.41	%		0.41	%
Net expenses excluding interest and taxes (d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		7.12	%(e)		6.28	%		4.79	%		4.97	%		5.41	%		5.92	%
Supplemental data
Net assets, end of period (in millions)		$1,233			$1,060			$1,002			$948			$689			$584
Portfolio turnover rate (f)		13	%(c)		27	%		37	%		36	%		45	%		31	%

(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Not Annualized
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

104

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2023 (unaudited)

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

Fund	Diversification Classification
BDC Income ETF (“BDC Income”)	Diversified
China Bond ETF (“China Bond”)	Non-Diversified
Dynamic High Income ETF (Dynamic Income”)	Non-Diversified
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”)	Diversified
Fallen Angel High Yield Bond ETF (“Fallen Angel”)	Diversified
Green Bond ETF (“Green Bond”)	Diversified
IG Floating Rate ETF (“Floating Rate”)	Non-Diversified
International High Yield Bond ETF (“International High Yield”)	Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)	Non-Diversified
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”)	Non-Diversified
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”)	Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)	Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)	Non-Diversified

Each Fund’s investment objective, except Dynamic High Income ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below. The investment objective of Dynamic High Income ETF is to provide high current income with consideration for capital appreciation.

Fund	Index
BDC Income	MVIS® US Business Development Companies Index
China Bond	ChinaBond China High Quality Bond Index
Emerging Markets High Yield	ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index
Fallen Angel	ICE US Fallen Angel High Yield 10% Constrained Index
Green Bond	S&P Green Bond U.S. Dollar Select Index
Floating Rate	MVIS® US Investment Grade Floating Rate Index
International High Yield	ICE BofA Global ex-US Issuers High Yield Constrained Index
J.P. Morgan EM	J.P. Morgan GBI-EM Global Core Index
Moody’s Analytics BBB	MVIS® Moody’s Analytics® US BBB Corporate Bond Index
Moody’s Analytics IG	MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index
Mortgage REIT	MVIS® US Mortgage REITs Index
Preferred Securities	ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index

The Funds (except BDC Income, Dynamic Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. Dynamic High Income ETF is an actively managed exchange-traded fund that 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.

105

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

106

	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.	Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
C.	Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.
D.	Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of October 31, 2023.
E.	Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
F.	Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2023 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

107

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 October 31, 2023.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2023, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The expense limitations and management fee rates for the period ended October 31, 2023 are as follows:

Fund	Management Fees			Expense Limitations
China Bond		0.40	%		0.50	%
J.P. Morgan EM		0.27			0.30

Refer to the Statements of Operations for amounts waived/assumed by the Adviser.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

108

Fund	Unitary Management Fee Rate
BDC Income		0.40	%
Dynamic Income		0.10
Emerging Markets High Yield		0.40
Fallen Angel		0.35
Floating Rate		0.14
Green Bond		0.20
International High Yield		0.40
Moody’s Analytics BBB		0.25
Moody’s Analytics IG		0.20
Mortgage REIT		0.40
Preferred Securities		0.40

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

At October 31, 2023, the Adviser owned approximately 82% and 37% of Moody’s Analytics BBB and Moody’s Analytics IG, respectively.

Note 4—Capital Share Transactions—As of October 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments—For the period ended October 31, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund		Purchases		Sales		Purchases		Sales
BDC Income	$	32,063,649	$	31,410,633	$	161,407,425	$	41,529,070
China Bond		11,580,412		21,675,473		—		—
Dynamic Income		40,336		—		219,013		—
Emerging Markets High Yield		37,848,800		43,580,116		336,103		98,266,013
Fallen Angel		957,257,596		960,970,148		649,052,978		972,804,456
Floating Rate		483,924,826		439,705,598		192,410,001		94,098,839
Green Bond		7,649,332		6,498,625		8,399,242		—
International High Yield		6,660,366		6,580,505		—		27,217,806
J.P. Morgan EM		627,606,091		630,525,417		24,263,845		231,849,116

109

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

			In-Kind Capital Share Transactions
Fund	Purchases	Sales	Purchases	Sales
Moody’s Analytics BBB	2,394,670	2,411,614	—	—
Moody’s Analytics IG	3,353,412	3,370,145	—	—
Mortgage REIT	12,751,815	11,241,089	22,749,312	4,315,352
Preferred Securities	222,236,527	144,314,500	262,974,964	4,503,882

Note 6—Income Taxes—As of October 31, 2023, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	831,476,111	$	5,678,568	$	(43,352,386	)	$	(37,673,818	)
China Bond		31,725,424		2,012		(2,805,453	)		(2,803,441	)
Dynamic Income		755,786		8,667		(33,483	)		(24,816	)
Emerging Markets High Yield		376,473,812		1,157,531		(60,095,491	)		(58,937,960	)
Fallen Angel		2,771,610,618		422,099		(382,973,772	)		(382,551,673	)
Floating Rate		1,303,525,819		2,189,963		(5,580,562	)		(3,390,599	)
Green Bond		94,294,700		20,935		(12,074,203	)		(12,053,268	)
International High Yield		44,671,049		285,112		(7,249,668	)		(6,964,556	)
J.P. Morgan EM		3,289,742,797		16,062,910		(527,670,481	)		(511,607,571	)
Moody’s Analytics BBB		8,626,780		4,499		(895,646	)		(891,147	)
Moody’s Analytics IG		13,115,522		4,319		(1,505,958	)		(1,501,639	)
Mortgage REIT		290,089,215		76,141		(79,434,584	)		(79,358,443	)
Preferred Securities		1,475,150,621		5,794,446		(256,693,155	)		(250,898,709	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

At April 30, 2023, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
BDC Income	$	(40,506,943	)	$	(56,641,799	)	$	(97,148,742	)
China Bond		(3,278	)		–			(3,278	)
Dynamic Income		(2,103	)		–			(2,103	)
Emerging Markets High Yield		(81,332,811	)		(109,361,657	)		(190,694,468	)
Fallen Angel		(111,381,375	)		(182,964,882	)		(294,346,257	)
Floating Rate		(5,467,384	)		(1,366,762	)		(6,834,146	)
Green Bond		(1,557,581	)		(2,318,558	)		(3,876,139	)
International High Yield		(2,340,022	)		(14,971,403	)		(17,311,425	)
J.P. Morgan EM		(113,988,972	)		(276,174,879	)		(390,163,851	)
Moody’s Analytics BBB		(315,325	)		(771,361	)		(1,086,686	)
Moody’s Analytics IG		(250,007	)		(1,308,640	)		(1,558,647	)
Mortgage REIT		(22,675,713	)		(84,841,682	)		(107,517,395	)
Preferred Securities		(25,152,834	)		(40,051,674	)		(65,204,508	)

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. For the period May 1, 2023 to October 31, 2023, the net realized gains (losses) from foreign currency translations were as follows:

China Bond	$	(2,643,375	)
International High Yield		(722,437	)
J.P. Morgan EM		(67,829,656	)

110

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 period ended October 31, 2023, the Funds did not incur any interest or penalties.

China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.

Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.

Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 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

112

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.

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

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

any, at October 31, 2023 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 October 31, 2023:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	107,950,095	$	87,578,849	$	23,353,174	$	110,932,023
Emerging Markets High Yield		15,325,318		15,921,278		–		15,921,278
Fallen Angel		84,090,029		79,671,097		12,903,197		92,574,294
Floating Rate		6,457,726		–		6,589,621		6,589,621
Green Bond		4,858,933		1,607,387		3,393,710		5,001,097
International High Yield		1,853,193		1,872,582		100,797		1,973,379
J.P. Morgan EM		5,563,243		5,707,719		–		5,707,719
Moody’s Analytics BBB		126,950		19,775		112,860		132,635
Moody’s Analytics IG		471,845		–		490,355		490,355
Mortgage REIT		51,027,240		25,006,690		26,883,682		51,890,372
Preferred Securities		655,924		309,321		356,585		665,906

The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2023:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Corporate Bonds		Equity Securities		Government Obligations
BDC Income ETF	$	–	$	87,578,849	$	–
Emerging Markets High Yield Bond ETF		15,921,278		–		–
Fallen Angel High Yield Bond ETF		79,671,097		–		–
Green Bond ETF		1,607,387		–		–
International High Yield Bond ETF		1,872,582		–		–
J.P. Morgan EM Local Currency Bond ETF		–		–		5,707,719
Moody’s Analytics BBB Corporate Bond ETF		19,775		–		–
Mortgage REIT Income ETF		–		25,006,690		–
Preferred Securities ex Financials ETF		–		309,321		–

*  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 period ended October 31, 2023, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		117		$2,835,390		6.53	%
China Bond		4		2,154,561		6.42
Fallen Angel		4		143,960		6.43
J.P. Morgan EM		8		4,033,690		6.59
Mortgage REIT		64		2,557,332		6.60
Preferred Securities		46		5,045,514		6.47

Outstanding loan balances as of October 31, 2023, 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

114

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.

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.

Note 12—Subsequent Event Review—Effective on or about January 12, 2024, China Asset Management (Hong Kong) Limited will no longer serve as a sub-adviser to the China Bond ETF.

115

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited)

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, IG Floating Rate ETF (formerly, VanEck Investment Grade Floating Rate ETF), International High Yield Bond ETF, 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 and Preferred Securities ex Financials ETF, (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) of the Adviser and the Sub-Adviser (with respect to the China Fund) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to each Fund except the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

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The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had management fees above the average and below the median of its peer group of funds, the VanEck Green Bond ETF had management fees below the average and above the median of its peer group of funds, each of the China Fund and the VanEck Moody’s Analytics IG Corporate Bond ETF had management fees below the average and equal to the median of its respective peer group of funds, and each of the VanEck BDC Income ETF, International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had management fees above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Moody’s Analytics IG Corporate Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds, each of the VanEck BDC Income ETF and Green Bond ETF had a total expense ratio below the average and above the median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio above the average and below the median of its peer group of funds, each of the China Fund, VanEck International High Yield Bond ETF, Moody’s Analytics BBB Corporate Bond ETF and Mortgage REIT Income ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefit.

The Trustees also considered information provided by the Adviser and Sub-Adviser (with respect to the China Fund) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China

117

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2023 (unaudited) (continued)

Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser and the profits earned by the Sub-Adviser with respect to the China Fund, if any, were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Agreements.

In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.

VanEck 15(c) Disclosure: Dynamic High Income ETF

At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic High Income ETF (the “Fund”).

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds.

118

The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had slightly underperformed one of its benchmarks for the period since its inception on November 1, 2022 through December 31, 2022, a relatively short period. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees below the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.

In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.

119

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	INCOMESAR

Item 2. CODE OF ETHICS.

Not applicable.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

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. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

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-3(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.

Not applicable.

Item 13. EXHIBITS.

(a)(1)	Not applicable.
(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(a)) is attached as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 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, Chief Executive Officer
Date	January 8, 2024
By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 8, 2024