VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 1.7%
Incitec Pivot Ltd. #		3,454,284	$	7,179,340
Treasury Wine Estates Ltd. #		1,334,498		11,757,813
				18,937,153
Brazil: 2.3%
Rumo SA *		2,820,500		8,690,964
Yara International ASA (NOK) #		339,776		16,855,333
				25,546,297
Canada: 6.5%
Nutrien Ltd. (USD)		1,121,413		72,701,205
Chile: 1.6%
Sociedad Quimica y Minera de Chile SA (ADR)		334,218		17,954,191
China: 4.8%
China Mengniu Dairy Co. Ltd. (HKD) # *		5,083,000		32,733,671
Wilmar International Ltd. (SGD) #		6,640,651		20,518,638
				53,252,309
Denmark: 1.0%
Bakkafrost P/F (NOK) #		103,802		8,595,068
Schouw & Co. #		30,435		2,924,965
				11,520,033
Germany: 7.7%
Bayer AG #		1,443,474		78,385,821
K+S AG # *		447,906		7,188,111
				85,573,932
Indonesia: 0.1%
Golden Agri-Resources Ltd. (SGD) #		8,019,545		1,381,966
Israel: 0.9%
ICL Group Ltd. (USD) †		1,322,251		9,612,765
Japan: 4.6%
Kubota Corp. #		1,866,530		39,624,981
Maruha Nichiro Corp. #		96,100		2,270,336
NH Foods Ltd. #		173,400		6,531,904
Nippon Suisan Kaisha Ltd. #		445,900		2,584,542
				51,011,763
Malaysia: 1.6%
IOI Corp. Bhd		5,396,755		4,859,851
Kuala Lumpur Kepong Bhd		731,470		3,515,389
PPB Group Bhd		1,231,680		5,401,563
Sime Darby Plantation Bhd #		5,178,800		4,417,421
				18,194,224
Netherlands: 0.6%
OCI NV # *		216,545		6,400,811
Norway: 3.1%
Leroy Seafood Group ASA #		585,566		4,847,171
Mowi ASA #		871,285		22,138,390
Salmar ASA #		116,662		7,752,253
				34,737,814
Russia: 0.6%
PhosAgro PJSC (USD) (GDR)		281,866		6,279,974
Singapore: 0.7%
Charoen Pokphand Indonesia Tbk PT (IDR) #		16,884,600		7,537,267
Sweden: 1.8%
Oatly Group AB (ADR) * †		1,315,611		19,892,038
Switzerland: 0.7%
Bucher Industries AG #		15,592		7,396,090
Taiwan: 0.4%
Taiwan Fertilizer Co. Ltd. #		1,743,000		4,220,737
Thailand: 0.8%
Charoen Pokphand Foods PCL (NVDR) #		11,284,836		8,565,575
United Kingdom: 3.6%
CNH Industrial NV (USD) †		1,838,100		30,530,841
Genus Plc #		127,738		9,345,058
				39,875,899
United States: 54.9%
AGCO Corp.		121,727		14,915,209
Archer-Daniels-Midland Co.		824,675		49,488,747
Balchem Corp.		55,300		8,022,371
Beyond Meat, Inc. * †		109,540		11,530,180
Bunge Ltd.		215,566		17,529,827
CF Industries Holdings, Inc.		347,324		19,387,626
Corteva, Inc.		1,271,808		53,517,681
Darling Ingredients, Inc. *		219,975		15,816,202
Deere & Co.		244,741		82,005,367
Elanco Animal Health, Inc. *		642,024		20,474,145
FMC Corp.		243,952		22,336,245
IDEXX Laboratories, Inc. *		107,055		66,577,504
Mosaic Co.		657,873		23,499,224
Neogen Corp. *		150,913		6,554,152
Pilgrim's Pride Corp. *		114,047		3,316,487
Sanderson Farms, Inc.		38,144		7,178,701
Toro Co.		186,822		18,198,331
Tractor Supply Co.		211,380		42,827,702
Tyson Foods, Inc.		558,830		44,114,040
Zoetis, Inc.		432,857		84,034,858
				611,324,599
Total Common Stocks (Cost: $943,379,354)				1,111,916,642
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% (Cost: $2,060,796)
Money Market Fund: 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio		2,060,796		2,060,796
Total Investments: 100.2% (Cost: $945,440,150)				1,113,977,438
Liabilities in excess of other assets: (0.2)%				(1,721,425	)
NET ASSETS: 100.0%			$	1,112,256,013

Definitions:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
NOK	Norwegian Krone
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar
Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued
	securities is $321,153,262 which represents 28.9% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $8,937,064.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		3.9	%	$	42,827,702
Consumer Staples		29.4			327,200,005
Health Care		23.9			265,371,538
Industrials		18.1			201,361,783
Materials		24.7			275,155,614
		100.0	%	$	1,111,916,642

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 12.7%
Evolution Mining Ltd. # ‡		93,384,502	$	235,928,470
Gold Road Resources Ltd. # † ‡		44,881,852		38,704,531
Newcrest Mining Ltd. #		37,778,567		625,762,746
Northern Star Resources Ltd. # † ‡		59,319,960		363,012,514
OceanaGold Corp. (CAD) * † ‡		35,869,170		58,609,292
Perseus Mining Ltd. # * ‡		62,515,443		62,837,104
Ramelius Resources Ltd. # ‡		41,479,159		39,887,522
Regis Resources Ltd. # ‡		38,427,734		55,672,678
Silver Lake Resources Ltd. # * † ‡		45,108,183		43,662,272
St Barbara Ltd. # ‡		36,088,232		34,751,812
Westgold Resources Ltd. # † ‡		21,606,409		25,286,945
				1,584,115,886
Brazil: 5.7%
Wheaton Precious Metals Corp. (USD) †		18,938,915		711,724,426
Burkina Faso: 0.4%
IAMGOLD Corp. (USD) * † ‡		24,288,417		54,891,822
Canada: 46.1%
Agnico Eagle Mines Ltd. (USD)		10,910,111		565,689,255
Alamos Gold, Inc. (USD) † ‡		20,020,883		144,150,358
Aya Gold & Silver, Inc. * †		4,877,784		29,994,030
B2Gold Corp. (USD) † ‡		53,717,989		183,715,522
Barrick Gold Corp. (USD)		74,825,780		1,350,605,329
Dundee Precious Metals, Inc. † ‡		9,817,456		59,051,202
Endeavour Silver Corp. (USD) * † ‡		8,685,109		35,522,096
Equinox Gold Corp. (USD) * † ‡		15,308,085		101,033,361
First Majestic Silver Corp. (USD) † ‡		13,067,773		147,665,835
Fortuna Silver Mines, Inc. (USD) * † ‡		14,843,487		58,334,904
Franco-Nevada Corp. (USD) †		8,038,005		1,044,217,229
K92 Mining, Inc. * † ‡		11,225,606		53,963,721
Kinross Gold Corp. (USD) ‡		64,296,910		344,631,438
Kirkland Lake Gold Ltd. † ‡		13,544,902		564,099,167
New Gold, Inc. (USD) * † ‡		34,687,484		36,768,733
Osisko Gold Royalties Ltd. (USD) † ‡		8,564,912		96,183,962
Pan American Silver Corp. (USD) † ‡		10,715,008		249,338,236
Pretium Resources, Inc. (USD) * † ‡		9,573,646		92,289,947
Sandstorm Gold Ltd. (USD) * † ‡		9,929,931		57,196,403
Silvercorp Metals, Inc. (USD) ‡		8,985,431		34,234,492
SSR Mining, Inc. (USD) † ‡		11,020,877		160,353,760
Torex Gold Resources, Inc. * ‡		4,369,005		43,660,736
Victoria Gold Corp. * † ‡		3,179,872		37,826,634
Wesdome Gold Mines Ltd. * † ‡		7,143,315		57,232,227
Yamana Gold, Inc. (USD) † ‡		49,240,861		194,993,810
				5,742,752,387
China: 3.6%
Zhaojin Mining Industry Co. Ltd. (HKD) # † ‡		132,944,000		93,597,553
Zijin Mining Group Co. Ltd. (HKD) # ‡		292,262,000		354,941,408
				448,538,961
Egypt: 0.6%
Centamin Plc (GBP) # ‡		58,922,508		75,485,230
Kyrgyzstan: 0.8%
Centerra Gold, Inc. (CAD) ‡		15,120,973		103,245,385
Peru: 0.7%
Cia de Minas Buenaventura SAA (ADR) * † ‡		12,927,096		87,387,169
South Africa: 4.0%
DRDGOLD Ltd. (ADR) † ‡		4,405,196		35,638,036
Gold Fields Ltd. (ADR) † ‡		45,230,177		367,269,037
Harmony Gold Mining Co. Ltd. (ADR) † ‡		31,388,546		98,873,920
				501,780,993
Tanzania: 2.7%
AngloGold Ashanti Ltd. (ADR) † ‡		21,265,561		340,036,320
Turkey: 0.6%
Eldorado Gold Corp. (USD) * † ‡		9,303,360		71,914,973
United Kingdom: 2.3%
Endeavour Mining Plc (CAD) † ‡		12,692,834		285,647,628
United States: 19.6%
Argonaut Gold, Inc. (CAD) * † ‡		15,830,980		34,364,917
Coeur Mining, Inc. * † ‡		13,095,785		80,800,993
GoGold Resources, Inc. (CAD) * † ‡		14,037,945		30,694,327
Hecla Mining Co. ‡		27,359,514		150,477,327
Newmont Corp.		33,611,825		1,825,122,097
Royal Gold, Inc. ‡		3,342,748		319,199,007
				2,440,658,668
Total Common Stocks (Cost: $12,503,792,305)				12,448,179,848
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% (Cost: $83,531,408)
Money Market Fund: 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio		83,531,408		83,531,408
Total Investments: 100.5% (Cost: $12,587,323,713)				12,531,711,256
Liabilities in excess of other assets: (0.5)%				(62,936,203	)
NET ASSETS: 100.0%			$	12,468,775,053

Definitions:
ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
HKD	Hong Kong Dollar
USD	United States Dollar
Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued
	securities is $2,049,530,785 which represents 16.4% of net assets.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
†	Security fully or partially on loan. Total market value of securities on loan is $274,357,099.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		94.1	%	$	11,711,918,601
Precious Metals & Minerals		0.4			60,688,357
Silver		5.5			675,572,890
		100.0	%	$	12,448,179,848

Transactions in securities of affiliates for the period ended September 30, 2021:

	Value 12/31/2020			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 9/30/2021
Alamos Gold, Inc.	$	202,348,029		$	23,201,326	$	(48,970,981	)	$	8,670,294		$	1,499,091	$	(41,098,310	)	$	144,150,358
AngloGold Ashanti Ltd.		555,316,906			58,849,543		(138,768,754	)		24,214,549			11,830,144		(159,575,924	)		340,036,320
Argonaut Gold, Inc.		–			40,413,501		(1,539,154	)		10,835			–		(4,520,265	)		34,364,917
B2Gold Corp.		346,458,398			34,498,468		(75,540,588	)		11,669,023			6,525,521		(133,369,779	)		183,715,522
Centamin Plc		115,183,901			12,246,206		(26,622,381	)		(5,696,834	)		3,933,991		(19,625,662	)		75,485,230
Centerra Gold, Inc.		201,525,211			18,197,748		(42,548,964	)		8,978,148			2,047,460		(82,906,758	)		103,245,385
Cia de Minas Buenaventura SAA		182,132,887			17,251,099		(40,624,329	)		(6,775,633	)		–		(64,596,855	)		87,387,169
Coeur Mining, Inc.		148,558,290			21,687,484		(35,030,725	)		8,564,995			–		(62,979,051	)		80,800,993
DRDGOLD Ltd.		–	(a)		6,600,210		(13,457,293	)		(1,893,578	)		2,329,095		(15,334,739	)		35,638,036
Dundee Precious Metals, Inc.		76,514,526			12,257,595		(18,118,089	)		3,956,890			836,053		(15,559,720	)		59,051,202
Eldorado Gold Corp.		136,597,279			17,084,199		(30,641,040	)		(3,966,028	)		–		(47,159,437	)		71,914,973
Endeavour Mining Plc		223,223,248			262,214,175		(12,022,671	)		4,471,012			3,451,738		(192,238,136	)		285,647,628
Endeavour Silver Corp.		–			54,057,132		(3,858,723	)		(119,323	)		–		(14,556,990	)		35,522,096
Equinox Gold Corp.		147,360,355			38,767,145		(32,513,116	)		(708,595	)		–		(51,872,428	)		101,033,361
Evolution Mining Ltd.		387,584,793			58,124,548		(87,239,281	)		13,497,872			8,204,064		(136,039,462	)		235,928,470
First Majestic Silver Corp.		175,080,394			51,917,169		(53,761,694	)		22,865,584			123,356		(48,435,618	)		147,665,835
Fortuna Silver Mines, Inc.		89,380,326			31,162,544		(19,786,551	)		4,886,334			–		(47,307,749	)		58,334,904
GoGold Resources, Inc.		–			35,859,485		(1,321,266	)		(47,697	)		–		(3,796,195	)		30,694,327
Gold Fields Ltd.		482,218,188			61,017,343		(128,969,672	)		38,677,746			17,474,760		(85,674,568	)		367,269,037
Gold Road Resources Ltd.		52,987,929			6,373,629		(12,615,878	)		(1,317,064	)		653,350		(6,724,085	)		38,704,531
Harmony Gold Mining Co. Ltd.		169,770,136			18,499,724		(41,774,573	)		9,449,671			2,298,929		(57,071,038	)		98,873,920
Hecla Mining Co.		202,636,786			27,444,323		(51,405,619	)		20,318,117			841,212		(48,516,280	)		150,477,327
IAMGOLD Corp.		102,400,153			10,684,021		(23,010,606	)		(6,439,435	)		–		(28,742,311	)		54,891,822
K92 Mining, Inc.		77,080,191			10,073,220		(19,495,898	)		91,820			–		(13,785,612	)		53,963,721
Kinross Gold Corp.		543,900,033			62,268,599		(133,439,219	)		26,046,025			5,774,824		(154,144,000	)		344,631,438
Kirkland Lake Gold Ltd.		708,338,478			77,333,802		(204,548,149	)		20,425,624			7,495,487		(37,450,588	)		564,099,167
New Gold, Inc.		87,233,981			8,317,464		(17,916,107	)		3,851,002			–		(44,717,607	)		36,768,733
Northern Star Resources Ltd.		426,875,246			288,093,540		(129,997,879	)		14,682,976			8,597,754		(236,641,369	)		363,012,514
OceanaGold Corp.		80,010,444			9,786,351		(18,868,226	)		(4,681,848	)		–		(7,637,429	)		58,609,292
Osisko Gold Royalties Ltd.		124,618,698			16,079,327		(30,013,959	)		2,589,214			1,033,437		(17,089,318	)		96,183,962
Pan American Silver Corp.		427,132,341			44,857,194		(103,243,627	)		32,807,631			2,558,991		(152,215,303	)		249,338,236
Perseus Mining Ltd.		72,435,336			9,066,009		(17,739,351	)		2,772,569			–		(3,697,459	)		62,837,104
Pretium Resources, Inc.		126,591,808			14,194,862		(30,552,799	)		2,508,718			–		(20,452,642	)		92,289,947
Ramelius Resources Ltd.		62,075,381			7,093,780		(14,528,428	)		(1,191,732	)		737,224		(13,561,479	)		39,887,522
Regis Resources Ltd.		87,000,503			33,765,021		(19,668,240	)		(4,489,054	)		1,675,723		(40,935,552	)		55,672,678
Resolute Mining Ltd.		39,928,687			2,319,618		(25,381,336	)		(48,489,772	)		–		31,622,803			–
Royal Gold, Inc.		410,914,734			53,299,922		(108,911,824	)		10,440,192			4,103,450		(46,544,018	)		319,199,006
Sandstorm Gold Ltd.		81,219,860			10,381,544		(19,759,172	)		2,351,667			–		(16,997,496	)		57,196,403
Saracen Mineral Holdings Ltd.		239,553,823			1,779,704		(237,044,851	)		78,380,941			370,196		(82,669,617	)		–
Silver Lake Resources Ltd.		71,711,925			7,733,529		(16,695,327	)		(484,220	)		–		(18,603,635	)		43,662,272
Silvercorp Metals, Inc.		69,022,757			7,063,064		(14,895,355	)		(1,262,118	)		105,611		(25,693,856	)		34,234,492
SSR Mining, Inc.		259,911,253			23,334,384		(54,346,413	)		11,984,834			1,678,720		(80,530,298	)		160,353,760
St Barbara Ltd.		75,627,992			6,772,450		(16,547,592	)		(6,875,106	)		1,724,553		(24,225,932	)		34,751,812
Teranga Gold Corp.		105,818,637			795,749		(76,654,819	)		1,907,918			–		(31,867,485	)		–
Torex Gold Resources, Inc.		75,473,469			7,777,894		(17,187,942	)		(1,517,181	)		–		(20,885,504	)		43,660,736
Victoria Gold Corp.		–			49,290,147		(1,630,228	)		(228,410	)		–		(9,604,875	)		37,826,634
Wesdome Gold Mines Ltd.		68,296,995			9,313,155		(15,575,586	)		(1,116,967	)		–		(3,685,370	)		57,232,227
Westgold Resources Ltd.		50,723,137			4,545,138		(10,240,634	)		(1,730,986	)		311,262		(18,009,710	)		25,286,945
Yamana Gold, Inc.		320,326,946			32,531,670		(66,042,120	)		10,235,365			3,989,137		(102,058,051	)		194,993,810
Zhaojin Mining Industry Co. Ltd.		183,114,692			17,135,304		(39,849,813	)		(2,532,313	)		999,109		(64,270,318	)		93,597,552
Zijin Mining Group Co. Ltd.		382,742,128			56,670,105		(119,551,614	)		70,873,713			5,159,326		(35,792,924	)		354,941,408
	$	9,254,957,210		$	1,790,081,163	$	(2,520,468,456	)	$	370,617,385		$	108,363,568	$	(2,659,846,004	)	$	6,295,064,734

(a) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.6%
Australia: 15.7%
Alkane Resources Ltd. # * †		22,153,080	$	13,581,729
Aurelia Metals Ltd. # * †		56,079,653		12,150,315
Australian Strategic Materials Ltd. # *		1		7
Bellevue Gold Ltd. # * †		35,596,564		21,694,498
Dacian Gold Ltd. # * †		40,230,728		5,641,898
De Grey Mining Ltd. # *		47,380,774		33,138,477
Evolution Mining Ltd. #		72,211,310		182,436,095
Firefinch Ltd. # * † ‡		47,596,891		20,750,618
Gold Road Resources Ltd. # †		40,969,506		35,330,661
OceanaGold Corp. (CAD) * †		30,431,204		49,723,797
Perseus Mining Ltd. # *		52,366,439		52,635,880
Ramelius Resources Ltd. #		37,417,933		35,982,133
Red 5 Ltd. * †		77,360,219		11,735,046
Regis Resources Ltd. #		32,189,226		46,634,559
Resolute Mining Ltd. # * †		33,825,135		10,141,896
Silver Lake Resources Ltd. # *		39,722,952		38,449,661
Silver Mines Ltd. # * †		63,466,191		8,516,546
St Barbara Ltd. #		25,578,807		24,631,573
West African Resources Ltd. # * †		37,703,157		26,438,972
Westgold Resources Ltd. #		13,915,326		16,285,727
				645,900,088
Burkina Faso: 1.2%
IAMGOLD Corp. (USD) * †		21,127,208		47,747,490
Canada: 55.0%
Alamos Gold, Inc. (USD) †		17,630,694		126,940,997
Alexco Resource Corp. (USD) * †		7,348,995		11,023,492
Americas Gold & Silver Corp. (USD) * † ‡		7,765,363		6,188,218
Aya Gold & Silver, Inc. *		4,754,636		29,236,780
B2Gold Corp. (USD) †		40,373,898		138,078,731
Calibre Mining Corp. * †		10,207,303		10,877,262
Discovery Silver Corp. * †		11,738,325		11,396,882
Dundee Precious Metals, Inc.		6,220,708		37,417,054
Endeavour Silver Corp. (USD) *		7,827,443		32,014,242
Equinox Gold Corp. (USD) * †		12,329,813		81,376,766
First Majestic Silver Corp. (USD) †		11,171,874		126,242,176
Fortuna Silver Mines, Inc. (USD) * †		14,510,887		57,027,786
Freegold Ventures Ltd. * †		13,891,485		5,701,995
Galiano Gold, Inc. (USD) * †		6,769,561		4,874,084
Gold Royalty Corp. (USD) * †		1,139,250		5,696,250
Gold Standard Ventures Corp. (USD) * †		11,538,851		5,236,331
GoldMining, Inc. (USD) * † ‡		7,694,418		9,002,469
Gran Colombia Gold Corp. †		4,678,868		17,654,015
Great Bear Resources Ltd. * †		2,407,662		25,770,925
Great Panther Mining Ltd. (USD) * † ‡		18,343,816		8,438,155
i-80 Gold Corp. * †		3,235,597		7,943,092
Jaguar Mining, Inc. †		1,505,858		4,718,993
K92 Mining, Inc. * †		9,473,047		45,538,822
Karora Resources, Inc. * †		6,929,251		18,104,607
Liberty Gold Corp. * †		10,529,871		7,397,549
Lundin Gold, Inc. * †		5,220,670		39,025,729
MAG Silver Corp. (USD) * †		4,098,943		66,402,877
Marathon Gold Corp. * †		11,098,733		26,895,931
Maverix Metals, Inc. (USD) †		2,872,899		12,841,859
McEwen Mining, Inc. (USD) * †		20,602,904		21,427,020
Metalla Royalty & Streaming Ltd. (USD) * † ‡		2,363,548		16,072,126
New Found Gold Corp. * †		2,774,459		16,885,250
New Gold, Inc. (USD) * †		30,548,280		32,381,177
New Pacific Metals Corp. * †		4,581,339		15,224,721
Novagold Resources, Inc.  (USD) *		9,617,938		66,171,413
Novo Resources Corp. * †		10,844,889		14,895,297
Orla Mining Ltd. * †		7,575,482		24,995,473
Osisko Gold Royalties Ltd.  (USD) †		5,610,731		63,008,509
Osisko Mining, Inc. * †		13,652,876		25,326,012
Pan American Silver Corp.  (USD) †		9,550,822		222,247,628
Pretium Resources, Inc. (USD) *  †		8,841,892		85,235,839
Pure Gold Mining, Inc. * †		14,687,471		10,318,387
Sabina Gold & Silver Corp. * †		12,950,787		14,925,326
Sandstorm Gold Ltd. (USD) * †		9,384,229		54,053,159
Seabridge Gold, Inc. (USD) * †		3,622,633		55,969,680
Silvercorp Metals, Inc. (USD) †		8,577,490		32,680,237
SilverCrest Metals, Inc. (USD) * †		7,055,320		49,246,134
Skeena Resources Ltd. * †		2,193,677		21,748,891
SSR Mining, Inc. (USD) †		9,263,551		134,784,667
Sulliden Mining Capital, Inc. *		1,694,754		143,810
Torex Gold Resources, Inc. *		3,331,294		33,290,589
Victoria Gold Corp. * †		2,191,437		26,068,560
Wallbridge Mining Co. Ltd. * †		29,457,151		12,323,708
Wesdome Gold Mines Ltd. *		6,897,517		55,262,894
Yamana Gold, Inc. (USD) †		46,006,155		182,184,374
				2,265,934,950
China: 0.9%
Real Gold Mining Ltd. (HKD) * ∞		19,287,400		3
Zhaojin Mining Industry Co. Ltd.  (HKD) #		51,405,000		36,191,044
				36,191,047
Egypt: 1.3%
Centamin Plc (GBP) #		43,028,951		55,124,101
Indonesia: 2.9%
Merdeka Copper Gold Tbk  PT # *		676,776,800		118,448,021
Jersey, Channel Islands: 0.1%
Caledonia Mining Corp. Plc  (USD) †		484,060		5,857,126
Kyrgyzstan: 1.4%
Centerra Gold, Inc. (CAD)		8,442,431		57,644,574
Mexico: 1.9%
Industrias Penoles SAB de CV *		6,741,186		79,833,072
Peru: 2.3%
Cia de Minas Buenaventura SAA  (ADR) * †		9,927,215		67,107,973
Hochschild Mining Plc (GBP)		16,027,197		28,741,668
				95,849,641
Russia: 0.8%
Petropavlovsk Plc (GBP) * †		125,588,064		34,747,893
South Africa: 2.1%
DRDGOLD Ltd. (ADR) †		1,986,928		16,074,248
Harmony Gold Mining Co. Ltd. (ADR) †		21,910,655		69,018,563
				85,092,811
Turkey: 2.0%
Eldorado Gold Corp. (USD) * †		7,093,648		54,833,899
Koza Altin Isletmeleri AS # *		2,503,323		26,833,532
				81,667,431
United Kingdom: 5.3%
Endeavour Mining Plc (CAD) †		7,727,900		173,913,588
Greatland Gold Plc # * ‡		203,913,559		44,179,846
				218,093,434
United States: 6.7%
Argonaut Gold, Inc. (CAD) * †		13,402,972		29,094,347
Aura Minerals, Inc. (BRL) (BDR)		1,945,428		20,518,590
Coeur Mining, Inc. *		10,125,903		62,476,821
Gatos Silver, Inc. *		1,240,579		14,427,934
GoGold Resources, Inc. (CAD) *		13,065,811		28,568,731
Gold Resource Corp. ‡		3,874,280		6,082,619
Golden Star Resources Ltd. * †		3,166,079		7,535,268
Hecla Mining Co.		19,979,692		109,888,306
				278,592,616
Total Common Stocks (Cost: $4,817,956,275)				4,106,724,295
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $77,044,805)
Money Market Fund: 1.9%
State Street Navigator Securities Lending Government Money Market Portfolio		77,044,805		77,044,805
Total Investments: 101.5% (Cost: $4,895,001,080)				4,183,769,100
Liabilities in excess of other assets: (1.5)%				(61,504,337	)
NET ASSETS: 100.0%			$	4,122,264,763

Definitions:
ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound
HKD	Hong Kong Dollar
USD	United States Dollar
Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $213,941,588.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $865,217,789 which represents 21.0% of net assets.
*	Non-income producing
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Metals & Mining		4.1	%	$	164,334,991
Gold		74.0			3,047,420,546
Precious Metals & Minerals		4.9			203,100,653
Silver		17.0			691,868,106
		100.0	%	$	4,106,724,296

Transactions in securities of affiliates for the period ended September 30, 2021:

	Value 12/31/2020			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 9/30/2021
Alexco Resource Corp.	$	23,466,863		$	2,938,563	$	(2,760,424	)	$	789,494		$	–	$	(13,411,004	)	$	—	(a)
Americas Gold & Silver Corp.		–	(b)		5,506,305		(1,540,786	)		179,035			–		(14,821,080	)		6,188,218
Argonaut Gold, Inc.		32,376,438			3,556,463		(7,718,734	)		874,202			–		5,978			–	(a)
Endeavour Silver Corp.		45,123,019			8,267,971		(11,688,303	)		438,662			–		(10,127,107	)		–	(a)
Firefinch Ltd.		–			22,535,060		–			–			–		(1,784,443	)		20,750,617
Fortuna Silver Mines, Inc.		76,799,832			29,064,631		(9,505,813	)		3,263,826			–		(42,594,690	)		–	(a)
Freegold Ventures Ltd.		8,326,263			1,672,489		(1,171,989	)		(315,415	)		–		(2,809,353	)		–	(a)
Gold Resource Corp.		10,463,080			2,402,648		(1,544,560	)		(523,937	)		124,927		(4,714,611	)		6,082,620
GoldMining, Inc.		18,351,915			19,202,157		(1,091,366	)		(357,901	)		–		(27,102,336	)		9,002,469
Great Panther Mining Ltd.		17,099,397			1,330,346		(2,373,089	)		(256,480	)		–		(7,362,019	)		8,438,155
Greatland Gold Plc		111,017,621			7,237,644		(11,829,255	)		(2,444,253	)		–		(59,801,911	)		44,179,846
Metalla Royalty & Streaming Ltd.		26,786,700			9,280,341		(7,051,942	)		(1,666,794	)		–		(11,276,179	)		16,072,126
Pan American Silver Corp.		371,133,447			32,266,669		(63,920,408	)		14,575,977			2,475,486		(131,808,057	)		–	(a)
Sabina Gold & Silver Corp.		43,570,859			3,113,452		(9,575,111	)		(3,152,597	)		–		(19,031,277	)		–	(a)
Sandstorm Gold Ltd.		70,654,435			9,195,382		(11,543,923	)		1,927,213			–		(16,179,948	)		–	(a)
Silvercorp Metals, Inc.		59,975,000			5,746,583		(7,647,293	)		2,828,403			110,409		(28,222,456	)		–	(a)
Yamana Gold, Inc.		275,275,800			30,021,653		(39,900,788	)		9,114,924			3,953,426		(92,327,215	)		–	(a)
	$	1,190,420,669		$	193,338,357	$	(190,863,784	)	$	25,274,359		$	6,664,248	$	(483,367,708	)	$	110,714,051

(a)	Security held by the Fund, however not classified as an affiliate at the end of the reporting period.
(b)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
Austria: 0.6%
Verbund AG #		15,385	$	1,556,765
Brazil: 1.0%
Centrais Eletricas Brasileiras SA (ADR) †		159,393		1,131,690
Cia Energetica de Minas Gerais (ADR) †		450,427		1,135,076
Cia Paranaense de Energia (ADR)		72,500		473,425
				2,740,191
Canada: 3.6%
Ballard Power Systems, Inc. (USD) * †		111,831		1,571,226
Boralex, Inc.		42,466		1,253,683
Brookfield Renewable Corp. (USD)		44,233		1,716,683
Canadian Solar, Inc. (USD) * †		17,694		612,035
Innergex Renewable Energy, Inc. †		57,000		913,368
Northland Power, Inc. †		107,434		3,375,201
TransAlta Renewables, Inc. †		50,774		761,099
				10,203,295
Chile: 0.6%
Enel Americas SA (ADR) †		183,706		1,074,680
Enel Chile SA (ADR) †		236,878		570,876
				1,645,556
China: 18.7%
BYD Co. Ltd. (HKD) # †		299,000		9,293,636
China Everbright Environment Group Ltd. (HKD) #		1,666,000		1,251,931
China Longyuan Power Group Corp. Ltd. (HKD) #		683,000		1,675,950
Daqo New Energy Corp. (ADR) *		27,974		1,594,518
Li Auto, Inc. (ADR) * †		294,458		7,741,301
NIO, Inc. (ADR) *		475,073		16,926,851
Xinyi Solar Holdings Ltd. (HKD) #		2,580,000		5,281,578
XPeng, Inc. (ADR) *		243,106		8,639,987
				52,405,752
Denmark: 10.7%
Orsted A/S 144A #		89,654		11,824,884
Rockwool International #		3,935		1,681,616
Vestas Wind Systems A/S #		414,092		16,622,665
				30,129,165
France: 0.3%
Neoen SA 144A # * †		22,897		923,161
Germany: 1.6%
Encavis AG # †		48,392		843,766
Nordex SE # *		50,997		856,584
Siemens Gamesa Renewable
Energy SA # *		106,917		2,718,921
				4,419,271
Ireland: 2.2%
Kingspan Group Plc #		62,073		6,194,945
Italy: 6.3%
Enel SpA #		2,210,434		16,974,350
ERG SpA #		26,455		785,755
				17,760,105
Japan: 0.4%
Horiba Ltd. #		14,984		1,042,744
New Zealand: 1.9%
Contact Energy Ltd. # †		332,253		1,926,808
Mercury NZ Ltd. # †		304,556		1,361,113
Meridian Energy Ltd. # †		597,160		2,017,999
				5,305,920
Norway: 0.7%
NEL ASA # * †		693,177		1,022,236
Scatec ASA 144A #		46,095		858,044
				1,880,280
Portugal: 1.0%
EDP Renovaveis SA		114,225		2,835,602
South Korea: 5.3%
Hanwha Solutions Corp. # *		49,131		1,831,904
Samsung SDI Co. Ltd. #		21,915		13,077,116
				14,909,020
Spain: 7.2%
Acciona SA # †		11,742		1,953,046
Atlantica Sustainable
Infrastructure Plc (USD)		26,326		908,510
Iberdrola SA # *		1,729,116		17,404,658
				20,266,214
Sweden: 3.0%
Nibe Industrier AB #		678,456		8,531,694
Switzerland: 0.2%
Landis+Gyr Group AG #		10,176		652,925
Taiwan: 0.3%
Simplo Technology Co. Ltd. #		81,000		832,992
Thailand: 0.6%
Energy Absolute PCL (NVDR) #		851,600		1,532,631
United Kingdom: 1.6%
Ceres Power Holdings Plc # *		56,154		807,391
ITM Power Plc # * †		180,729		1,039,054
Johnson Matthey Plc #		76,406		2,743,150
				4,589,595
United States: 32.4%
Badger Meter, Inc.		9,298		940,400
Bloom Energy Corp. * †		47,165		882,929
EnerSys		14,968		1,114,218
Enphase Energy, Inc. *		50,992		7,647,270
First Solar, Inc. *		28,320		2,703,427
Fisker, Inc. *		60,433		885,343
FuelCell Energy, Inc. * †		127,320		851,771
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		29,168		1,559,905
Installed Building Products, Inc.		7,064		756,908
Lucid Group, Inc. *		284,868		7,229,950
NextEra Energy, Inc.		279,489		21,945,476
Nikola Corp. *		109,871		1,172,324
Ormat Technologies, Inc. †		12,516		833,691
Owens Corning		36,272		3,101,256
Plug Power, Inc. * †		204,898		5,233,095
Renewable Energy Group, Inc. *		14,337		719,717
SolarEdge Technologies, Inc. *		18,789		4,983,219
Sunnova Energy International, Inc. * †		30,358		999,992
Sunrun, Inc. * †		50,441		2,219,404
Tesla, Inc. *		32,047		24,851,807
Workhorse Group, Inc. * †		55,112		421,607
				91,053,709
Total Common Stocks (Cost: $262,637,531)				281,411,532
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4% (Cost: $6,812,524)
Money Market Fund: 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio		6,812,524		6,812,524
Total Investments: 102.6% (Cost: $269,450,055)				288,224,056
Liabilities in excess of other assets: (2.6)%				(7,299,333	)
NET ASSETS: 100.0%			$	280,924,723

Definitions:
ADR	American Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar
Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $137,122,012 which represents 48.8% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $23,535,115.
*	Non-income producing
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 $13,606,089, or 4.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		27.3	%	$	76,747,390
Energy		0.3			719,717
Financials		0.5			1,559,905
Industrials		20.2			56,873,258
Information Technology		14.0			39,368,224
Materials		1.6			4,575,055
Utilities		36.1			101,567,983
		100.0	%	$	281,411,532

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Argentina: 0.0%
Cresud SACIF y A (ADR) *		3,714	$	18,013
Australia: 5.7%
Alumina Ltd. #		35,676		53,074
Ampol Ltd. #		2,046		40,799
APA Group # †		10,132		63,058
Bega Cheese Ltd. #		25,605		98,268
BHP Group Ltd. # †		44,715		1,193,251
BlueScope Steel Ltd. #		7,647		110,710
Costa Group Holdings Ltd. #		39,713		92,522
Elders Ltd. #		14,236		124,269
Evolution Mining Ltd. #		33,821		85,446
Fortescue Metals Group Ltd. #		25,705		273,583
Glencore Plc (GBP) #		85,686		403,360
GrainCorp Ltd. #		20,821		93,873
Newcrest Mining Ltd. #		15,250		252,600
Northern Star Resources Ltd. # †		21,719		132,911
Nufarm Ltd. # *		29,033		99,103
Oil Search Ltd. #		15,881		49,380
Origin Energy Ltd. #		15,125		50,702
OZ Minerals Ltd. # †		5,054		81,077
Rio Tinto Plc (GBP) #		16,202		1,062,825
Santos Ltd. # †		16,100		82,396
South32 Ltd. #		70,848		175,666
Woodside Petroleum Ltd. # †		8,275		141,379
				4,760,252
Austria: 0.3%
Mayr Melnhof Karton AG		132		25,242
OMV AG #		1,237		74,526
Verbund AG #		648		65,569
Voestalpine AG #		1,897		70,109
				235,446
Brazil: 3.1%
Adecoagro SA (USD) * †		10,718		96,784
Cia de Saneamento Basico do Estado de Sao Paulo (ADR) †		1,859		13,162
Cia Siderurgica Nacional SA (ADR)		9,899		52,069
Cosan SA		7,450		31,419
Gerdau SA (ADR) †		17,396		85,588
Klabin SA *		17,000		75,533
Minerva SA/Brazil		22,550		43,247
Petroleo Brasileiro SA (ADR)		15,978		165,212
SLC Agricola SA		8,400		70,297
Suzano SA *		12,150		121,569
Vale SA (ADR)		60,962		850,420
Wheaton Precious Metals Corp. (USD)		8,402		315,747
Yara International ASA (NOK) #		14,368		712,756
				2,633,803
British Virgin Islands: 0.1%
Japfa Ltd. (SGD) #		50,300		25,201
Lee & Man Paper Manufacturing Ltd. (HKD) #		18,600		13,595
Nine Dragons Paper Holdings Ltd. (HKD) #		25,857		31,562
				70,358
Canada: 10.2%
Agnico Eagle Mines Ltd. (USD)		4,557		236,280
Alamos Gold, Inc. †		7,328		52,696
Algonquin Power & Utilities Corp. †		3,358		49,223
B2Gold Corp.		19,624		67,073
BALLARD POWER SYSTEMS INC * †		1,359		19,073
Barrick Gold Corp. (USD)		33,184		598,971
Boralex, Inc.		486		14,348
Cameco Corp. (USD)		6,037		131,184
Canadian Natural Resources Ltd. (USD)		10,175		371,795
Canadian Solar, Inc. (USD) * †		250		8,648
Canadian Utilities Ltd. †		1,688		45,476
Canfor Corp. *		940		20,642
Cenovus Energy, Inc.		10,915		110,025
Enbridge, Inc. (USD)		17,396		692,361
Equinox Gold Corp. * †		5,107		33,701
First Majestic Silver Corp. †		4,078		46,161
Franco-Nevada Corp.		3,566		463,185
Innergex Renewable Energy, Inc. †		714		11,441
Ivanhoe Mines Ltd. *		8,435		53,932
Kinross Gold Corp. (USD)		23,547		126,212
Kirkland Lake Gold Ltd.		4,959		206,526
Lundin Gold, Inc. *		1,427		10,667
Methanex Corp. †		414		19,075
Northland Power, Inc. †		1,141		35,846
Novagold Resources, Inc. (USD) *		4,518		31,084
Nutrien Ltd. (USD)		51,916		3,365,714
Osisko Gold Royalties Ltd. †		2,948		33,114
Pan American Silver Corp. (USD)		3,924		91,312
Pembina Pipeline Corp. †		4,723		149,685
Pretium Resources, Inc. * †		3,505		33,892
SSR Mining, Inc. (USD)		3,999		58,185
Stella-Jones, Inc.		994		33,464
Suncor Energy, Inc. (USD)		12,804		265,555
Sundial Growers, Inc. (USD) * †		181,105		122,807
TC Energy Corp. (USD)		8,407		404,293
Teck Resources Ltd. (USD)		7,087		176,537
Tourmaline Oil Corp.		2,605		90,990
TransAlta Renewables, Inc. †		581		8,709
Village Farms International, Inc. * †		6,426		53,666
West Fraser Timber Co. Ltd.		1,515		127,576
Yamana Gold, Inc. (USD)		18,033		71,411
				8,542,535
Chile: 1.0%
Empresas CMPC SA #		17,991		33,798
Lundin Mining Corp. (CAD)		9,725		69,933
Sociedad Quimica y Minera de Chile SA (ADR)		12,993		697,984
				801,715
China: 1.9%
Aluminum Corp. of China Ltd. (HKD) # *		59,800		44,418
Angang Steel Co. Ltd. (HKD) # †		20,640		12,628
Beijing Enterprises Water Group Ltd. (HKD) #		24,300		9,512
China Coal Energy Co. Ltd. (HKD) #		17,700		13,431
China Gas Holdings Ltd. (HKD) #		24,500		72,359
China Hongqiao Group Ltd. (HKD) #		33,200		42,134
China Longyuan Power Group Corp. Ltd. (HKD) #		18,129		44,485
China Molybdenum Co. Ltd. (HKD) #		54,300		33,523
China Petroleum & Chemical Corp. (HKD) #		218,227		107,540
CHINA RESOURCES GAS GROUP LT (HKD) #		8,000		41,963
China Shenhua Energy Co. Ltd. (HKD) #		29,091		67,766
ENN Energy Holdings Ltd. (HKD) #		6,500		107,208
Guangdong Investment Ltd. (HKD) #		15,200		19,835
Jiangxi Copper Co. Ltd. (HKD) #		16,400		29,177
Kunlun Energy Co. Ltd. (HKD) #		33,300		34,673
Maanshan Iron & Steel Co. Ltd. (HKD) #		14,900		6,763
PetroChina Co. Ltd. (HKD) #		181,640		85,074
Shandong Chenming Paper Holdings Ltd. (HKD) # †		6,000		3,422
Shandong Gold Mining Co. Ltd. (HKD) 144A # †		14,500		25,680
Sinofert Holdings Ltd. (HKD) # * †		159,800		27,381
Wilmar International Ltd. (SGD) #		177,864		549,574
Xinyi Solar Holdings Ltd. (HKD) #		24,000		49,131
Yanzhou Coal Mining Co. Ltd. (HKD) #		13,200		24,892
Zhaojin Mining Industry Co. Ltd. (HKD) #		21,400		15,066
Zijin Mining Group Co. Ltd. (HKD) #		107,161		130,143
				1,597,778
Cyprus: 0.1%
Novolipetsk Steel PJSC (USD) (GDR) #		1,910		56,315
Czech Republic: 0.1%
CEZ AS #		1,386		45,109
Denmark: 0.9%
Bakkafrost P/F (NOK) #		4,520		374,267
Orsted A/S 144A #		1,029		135,720
Vestas Wind Systems A/S #		5,492		220,462
				730,449
Egypt: 0.0%
Centamin Plc (GBP) #		21,579		27,645
Finland: 0.5%
Metsa Board Oyj #		2,724		25,512
Neste Oyj #		3,699		208,777
Stora Enso Oyj #		9,397		156,602
				390,891
France: 1.4%
Neoen SA 144A # * †		262		10,563
Suez SA		2,086		47,590
SunPower Corp. (USD) * †		442		10,025
TotalEnergies SE # *		21,314		1,019,293
Veolia Environnement SA #		2,963		90,584
Voltalia SA *		150		3,668
				1,181,723
Germany: 0.9%
E.ON SE #		12,210		149,109
Encavis AG #		553		9,642
K+S AG # *		17,413		279,448
Nordex SE # *		618		10,380
Siemens Energy AG # *		3,744		100,202
Siemens Gamesa Renewable Energy SA # *		1,222		31,076
Suedzucker AG #		5,759		92,363
UNIPER SE #		786		32,738
VERBIO Vereinigte BioEnergie AG #		172		11,304
				716,262
Greece: 0.0%
Terna Energy SA		284		3,779
Hong Kong: 0.4%
Astra Agro Lestari Tbk PT (IDR) #		35,000		23,784
CP Pokphand Co. Ltd.		569,400		70,218
Hong Kong & China Gas Co. Ltd. #		92,705		140,067
Power Assets Holdings Ltd. #		11,700		68,587
United Tractors Tbk PT (IDR) #		12,800		23,033
				325,689
Hungary: 0.0%
MOL Hungarian Oil & Gas Plc #		3,589		29,848
India: 1.1%
Reliance Industries Ltd. (USD) 144A (GDR)		13,882		945,364
Indonesia: 0.2%
Golden Agri-Resources Ltd. (SGD) #		484,919		83,564
Indah Kiat Pulp & Paper Tbk PT #		39,500		23,485
Merdeka Copper Gold Tbk PT # *		226,500		39,642
Pabrik Kertas Tjiwi Kimia Tbk PT #		19,100		10,559
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		254,500		21,621
				178,871
Ireland: 0.2%
Smurfit Kappa Group Plc (GBP) #		3,975		206,596
Israel: 0.5%
Energix-Renewable Energies Ltd. #		1,469		6,191
ICL Group Ltd. #		61,648		448,946
				455,137
Italy: 0.5%
Eni SpA #		21,674		289,177
ERG SpA #		302		8,970
Snam SpA #		17,606		97,445
				395,592
Japan: 5.5%
Chubu Electric Power Co., Inc. #		6,200		73,092
Daio Paper Corp. #		1,900		35,487
ENEOS Holdings, Inc. #		26,400		106,977
Hitachi Metals Ltd. # * †		3,017		58,116
Hokuto Corp. #		2,300		40,418
Idemitsu Kosan Co. Ltd. #		1,900		49,857
Inpex Corp. #		9,300		72,231
JFE Holdings, Inc. #		8,764		131,097
Kubota Corp. #		104,500		2,218,454
Kumiai Chemical Industry Co. Ltd. #		9,000		70,234
Kurita Water Industries Ltd. #		565		27,119
Maruha Nichiro Corp. #		4,036		95,349
NH Foods Ltd. #		9,400		354,094
Nippon Sanso Holdings Corp. #		1,800		44,997
Nippon Steel Corp. #		14,400		258,348
Nippon Suisan Kaisha Ltd. #		25,314		146,726
Nisshin Seifun Group, Inc. #		22,750		376,038
Oji Holdings Corp. #		14,676		73,763
Rengo Co. Ltd. #		3,870		30,160
RENOVA INC # *		200		8,184
Sakata Seed Corp. #		3,400		106,343
Sumitomo Forestry Co. Ltd. #		2,883		54,621
Sumitomo Metal Mining Co. Ltd. #		4,100		147,886
Tokyo Gas Co. Ltd. #		3,500		64,962
				4,644,553
Kazakhstan: 0.0%
NAC Kazatomprom JSC (USD) (GDR) #		984		34,600
Kyrgyzstan: 0.0%
Centerra Gold, Inc. (CAD)		4,097		27,974
Liechtenstein: 0.1%
Antofagasta Plc (GBP) #		5,238		95,256
Luxembourg: 0.4%
ArcelorMittal SA #		9,720		297,709
Malaysia: 0.7%
Genting Plantations Bhd		20,451		33,462
IOI Corp. Bhd		160,094		144,167
Kuala Lumpur Kepong Bhd		28,478		136,863
Petronas Dagangan Bhd #		1,400		6,377
PPB Group Bhd		49,200		215,768
Press Metal Aluminium
Holdings Bhd #		38,000		51,983
				588,620
Mexico: 0.6%
Fresnillo Plc (GBP) #		3,437		36,018
Gruma SAB de CV		18,425		211,922
Grupo Mexico SAB de CV		47,264		189,543
Industrias Penoles SAB de CV *		2,282		27,025
Southern Copper Corp. (USD)		1,291		72,477
				536,985
Netherlands: 1.3%
OCI NV # *		5,751		169,993
Royal Dutch Shell Plc (GBP) #		31,827		705,676
Tenaris SA (ADR)		3,494		73,758
Ternium SA (ADR)		2,980		126,054
				1,075,481
Norway: 1.7%
Equinor ASA #		9,232		235,113
Mowi ASA #		40,929		1,039,961
Norsk Hydro ASA #		20,728		154,935
				1,430,009
Peru: 0.0%
Cia de Minas Buenaventura SAA (ADR) *		3,551		24,005
Poland: 0.2%
KGHM Polska Miedz SA #		2,064		81,427
Polski Koncern Naftowy ORLEN SA #		2,498		51,543
Polskie Gornictwo Naftowe i Gazownictwo SA #		13,894		22,592
				155,562
Portugal: 0.1%
EDP Renovaveis SA		1,306		32,421
Galp Energia SGPS SA #		3,709		42,149
Navigator Co. SA #		3,274		11,526
				86,096
Russia: 3.0%
Evraz Plc (GBP) #		7,528		59,769
Gazprom PJSC (ADR) #		51,841		512,372
Lukoil PJSC (ADR) #		3,273		310,851
MMC Norilsk Nickel PJSC (ADR) #		9,128		271,146
Novatek PJSC (USD) (GDR) #		1,617		423,371
PhosAgro PJSC (USD) (GDR)		12,371		275,626
Polymetal International Plc (GBP) #		6,274		106,082
Polyus PJSC (USD) (GDR) #		1,219		99,609
Rosneft Oil Co. PJSC (USD) (GDR) #		19,113		160,078
Severstal PAO (USD) (GDR) #		3,052		63,741
Surgutneftegas PJSC (ADR) #		30,679		153,676
Tatneft PJSC (ADR) #		2,214		96,114
				2,532,435
Saudi Arabia: 0.0%
S-Oil Corp. (KRW) #		358		32,881
Singapore: 0.5%
Charoen Pokphand Indonesia Tbk PT (IDR) #		656,400		293,016
Olam International Ltd. #		80,609		104,169
				397,185
South Africa: 1.7%
Anglo American Platinum Ltd.		1,040		90,169
Anglo American Plc (GBP) #		19,242		674,882
Gold Fields Ltd. (ADR)		16,564		134,500
Harmony Gold Mining Co. Ltd. (ADR)		10,116		31,865
Impala Platinum Holdings Ltd. #		15,250		172,022
Kumba Iron Ore Ltd. #		831		27,327
Northam Platinum Holdings Ltd. *		5,380		64,124
Sasol Ltd. # *		4,962		94,136
Sibanye Stillwater Ltd. #		51,619		156,920
				1,445,945
South Korea: 0.8%
Coway Co. Ltd. #		140		8,738
CS Wind Corp. #		128		8,255
Hyundai Steel Co. #		1,296		50,892
Korea Zinc Co. Ltd. #		189		79,736
POSCO #		1,151		316,938
SK Innovation Co. Ltd. # *		445		97,971
SK, Inc. #		405		90,492
				653,022
Spain: 0.3%
Atlantica Sustainable Infrastructure Plc (USD) †		338		11,664
Enagas SA #		2,137		47,518
Repsol SA #		12,067		157,599
				216,781
Sweden: 0.6%
BillerudKorsnas AB #		2,812		53,600
Boliden AB #		4,152		133,038
Holmen AB #		1,422		62,494
Lundin Energy AB # †		1,400		52,004
SSAB AB # *		9,583		40,875
Svenska Cellulosa AB #		9,199		142,662
				484,673
Taiwan: 0.6%
China Steel Corp. #		191,472		247,769
Formosa Petrochemical Corp. #		14,920		52,834
Taiwan Fertilizer Co. Ltd. #		68,200		165,149
				465,752
Tanzania: 0.2%
AngloGold Ashanti Ltd. (ADR)		7,788		124,530
Thailand: 0.2%
Energy Absolute PCL (NVDR) #		9,900		17,817
PTT Exploration & Production PCL (NVDR) #		12,300		42,373
PTT PCL (NVDR) #		90,800		103,857
Thaifoods Group PCL (NVDR) #		193,900		25,590
				189,637
Turkey: 0.1%
Eldorado Gold Corp. (USD) *		3,407		26,336
Eregli Demir ve Celik Fabrikalari TAS #		20,719		38,191
Gubre Fabrikalari TAS *		4,862		26,630
Hektas Ticaret TAS *		32,078		30,221
				121,378
United Kingdom: 3.3%
BP Plc #		172,483		786,189
Ceres Power Holdings Plc # *		642		9,231
CNH Industrial NV (USD)		90,614		1,505,098
DS Smith Plc #		20,022		110,653
Endeavour Mining Plc (CAD)		3,525		79,329
ITM Power Plc # * †		1,917		11,021
Mondi Plc #		7,451		182,723
Pennon Group Plc #		1,524		23,246
Severn Trent Plc #		1,378		48,277
United Utilities Group Plc #		3,708		48,295
				2,804,062
United States: 48.7%
A.O. Smith Corp.		724		44,215
Advanced Drainage Systems, Inc.		299		32,343
AGCO Corp.		5,624		689,109
Alcoa Corp. *		2,836		138,794
Ameresco, Inc *		167		9,758
American States Water Co.		201		17,190
American Vanguard Corp.		2,444		36,782
American Water Works Co., Inc.		987		166,842
Andersons, Inc.		2,816		86,817
APA Corp.		3,246		69,562
Archer-Daniels-Midland Co.		50,889		3,053,849
Atmos Energy Corp.		1,123		99,049
Baker Hughes Co.		7,115		175,954
Bunge Ltd.		12,867		1,046,344
Cabot Oil & Gas Corp.		3,432		74,680
California Water Service Group		280		16,500
Cal-Maine Foods, Inc.		3,407		123,197
CF Industries Holdings, Inc.		19,569		1,092,342
Cheniere Energy, Inc. *		2,156		210,577
Chevron Corp.		16,608		1,684,882
Cimarex Energy Co.		883		76,998
Clearway Energy, Inc. †		444		13,440
Cleveland-Cliffs, Inc. * †		6,903		136,748
Coeur Mining, Inc. *		4,796		29,591
ConocoPhillips		11,499		779,287
Continental Resources, Inc.		600		27,690
Corteva, Inc.		66,794		2,810,692
Covanta Holding Corp.		644		12,957
Cree, Inc. * †		630		50,860
Darling Ingredients, Inc. *		14,745		1,060,165
Deere & Co.		18,396		6,163,948
Devon Energy Corp.		5,407		192,003
Diamondback Energy, Inc.		1,462		138,408
EOG Resources, Inc.		5,014		402,474
EQT Corp. *		3,246		66,413
Essential Utilities, Inc.		1,216		56,033
Evoqua Water Technologies Corp. *		654		24,564
Exxon Mobil Corp.		36,356		2,138,460
First Solar, Inc. *		491		46,871
FMC Corp.		11,709		1,072,076
Franklin Electric Co., Inc.		212		16,928
Freeport-McMoRan, Inc.		22,284		724,899
Fresh Del Monte Produce, Inc.		3,027		97,530
FuelCell Energy, Inc. * †		1,754		11,734
Graphic Packaging Holding Co.		4,712		89,716
Halliburton Co.		7,647		165,328
Hecla Mining Co.		10,020		55,110
Hess Corp.		2,367		184,886
HollyFrontier Corp.		1,395		46,216
Howmet Aerospace, Inc.		6,185		192,972
Hydrofarm Holdings Group, Inc. *		3,237		122,520
Imperial Oil Ltd. †		1,627		51,348
Ingredion, Inc.		6,096		542,605
International Paper Co.		5,997		335,352
Itron, Inc. *		246		18,605
Kinder Morgan, Inc.		16,739		280,043
Lindsay Corp.		992		150,576
Louisiana-Pacific Corp.		1,461		89,662
Marathon Oil Corp.		6,770		92,546
Marathon Petroleum Corp.		5,481		338,781
Mosaic Co.		31,451		1,123,430
New Fortress Energy, Inc. †		355		9,851
Newmont Corp.		14,911		809,667
NextEra Energy, Inc.		10,669		837,730
NiSource, Inc.		3,370		81,655
NOV, Inc. *		3,355		43,984
Nucor Corp.		4,458		439,068
Occidental Petroleum Corp.		8,019		237,202
ONEOK, Inc.		3,789		219,724
Ormat Technologies, Inc.		244		16,253
Ovintiv, Inc.		2,242		73,717
Packaging Corp. of America		1,458		200,388
Pentair Plc		902		65,512
PG&E Corp. *		12,957		124,387
Phillips 66		3,761		263,383
Pilgrim's Pride Corp. *		4,434		128,941
Pioneer Natural Resources Co.		2,095		348,838
Plug Power, Inc. * †		2,811		71,793
PotlatchDeltic Corp.		1,029		53,076
Rayonier, Inc.		2,169		77,390
Reliance Steel & Aluminum Co.		964		137,293
Reliance Worldwide Corp. Ltd. (AUD) #		4,297		15,612
Renewable Energy Group, Inc. *		273		13,705
Royal Gold, Inc.		1,224		116,880
Schlumberger NV		12,009		355,947
Scotts Miracle-Gro Co.		3,706		542,410
Seaboard Corp.		23		94,300
SJW Group		149		9,843
SolarEdge Technologies, Inc. *		284		75,322
Southern Co.		9,093		563,493
Steel Dynamics, Inc.		2,943		172,107
Targa Resources Corp.		1,924		94,680
The Williams Companies, Inc.		10,434		270,658
Tractor Supply Co.		10,402		2,107,549
Tyson Foods, Inc.		26,821		2,117,250
UGI Corp.		1,796		76,546
United States Steel Corp. †		4,100		90,077
Valero Energy Corp.		3,511		247,771
Watts Water Technologies, Inc.		150		25,213
Westrock Co.		4,097		204,153
Weyerhaeuser Co.		11,505		409,233
Xylem, Inc.		980		121,206
				40,863,058
Zambia: 0.2%
First Quantum Minerals Ltd. (CAD)		8,391		155,321
Total Common Stocks (Cost: $72,100,997)				83,832,680
WARRANTS: 0.0% (Cost: $0)
Thailand: 0.0%
Thaifoods Group PCL, THB 5.50, expiring 05/14/24		12,820		583
RIGHTS: 0.0% (Cost: $0)
France: 0.0%
Veolia Environment SA, 0.00 * †		3,521		2,923
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $72,100,997)				83,836,186
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% (Cost: $384,172)
Money Market Fund: 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio		384,172		384,172
Total Investments: 100.4% (Cost: $72,485,169)				84,220,358
Liabilities in excess of other assets: (0.4)%				(296,349	)
NET ASSETS: 100.0%			$	83,924,009

Definitions:
ADR	American Depositary Receipt
AUD	Australia Dollar
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
KRW	Korean Won
NOK	Norwegian Krone
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht
USD	United States Dollar
Footnotes:
*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $26,758,984 which represents 31.9% of net assets.
†	Security fully or partially on loan. Total market value of securities on loan is $2,689,957.
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 $1,117,327, or 1.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		2.6	%	$	2,170,908
Consumer Staples		16.2			13,588,986
Energy		23.1			19,385,536
Health Care		0.2			122,807
Industrials		14.3			12,021,824
Information Technology		0.3			259,461
Materials		37.9			31,734,261
Real Estate		0.6			557,712
Utilities		4.8			3,994,691
		100.0	%	$	83,836,186

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 3.9%
Ampol Ltd. #		41,461	$	826,771
Austria: 4.6%
OMV AG #		16,169		974,131
Finland: 6.8%
Neste Oyj #		25,515		1,440,105
Greece: 1.1%
Motor Oil Hellas Corinth Refineries SA # *		15,058		228,996
Hungary: 4.5%
MOL Hungarian Oil & Gas Plc #		113,381		942,923
India: 8.0%
Reliance Industries Ltd. (USD) 144A (GDR)		24,889		1,694,941
Japan: 11.2%
Cosmo Energy Holdings Co. Ltd. #		12,700		286,800
ENEOS Holdings, Inc. #		275,100		1,114,749
Idemitsu Kosan Co. Ltd. #		36,968		970,064
				2,371,613
New Zealand: 1.3%
Z Energy Ltd. #		115,949		273,218
Poland: 6.0%
Grupa Lotos SA # *		21,109		313,250
Polski Koncern Naftowy ORLEN SA #		46,860		966,900
				1,280,150
Portugal: 5.0%
Galp Energia SGPS SA #		93,203		1,059,146
Saudi Arabia: 3.8%
S-Oil Corp. (KRW) #		8,876		815,222
South Korea: 7.5%
Hyundai Heavy Industries Holdings Co. Ltd. #		10,093		546,542
SK Innovation Co. Ltd. # *		4,751		1,045,982
				1,592,524
Taiwan: 4.5%
Formosa Petrochemical Corp. #		267,000		945,491
Thailand: 4.0%
IRPC PCL (NVDR) #		3,055,400		372,560
Thai Oil PCL (NVDR) #		305,000		466,482
				839,042
Turkey: 2.1%
Turkiye Petrol Rafinerileri AS # *		33,358		434,207
United States: 25.6%
Delek US Holdings, Inc. *		13,490		242,415
HollyFrontier Corp.		26,504		878,078
Marathon Petroleum Corp.		25,111		1,552,111
Phillips 66		19,878		1,392,056
Valero Energy Corp.		19,297		1,361,789
				5,426,449
Total Common Stocks
(Cost: $19,701,268)				21,144,929
Total Investments: 99.9%
(Cost: $19,701,268)				21,144,929
Other assets less liabilities: 0.1%				30,918
NET ASSETS: 100.0%			$	21,175,847

Definitions:
GDR	Global Depositary Receipt
KRW	Korean Won
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar
Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,023,539 which represents 66.2% of net assets.
*	Non-income producing
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 $1,694,941, or 8.0% of net assets.

Summary of Investments by Sector	% of Investments			Value
Energy		97.4	%	$	20,598,387
Industrials		2.6			546,542
		100.0	%	$	21,144,929

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Netherlands: 4.9%
Tenaris SA (ADR) †		6,186,019	$	130,586,861
United Kingdom: 4.9%
TechnipFMC Plc (USD) *		17,339,538		130,566,721
United States: 90.2%
Baker Hughes Co.		8,522,275		210,755,861
Cactus, Inc. ‡		3,098,456		116,873,760
ChampionX Corp. *		5,510,872		123,223,098
Core Laboratories NV		2,063,076		57,250,359
DMC Global, Inc. *		762,851		28,156,830
Dril-Quip, Inc. *		1,611,273		40,571,854
Frank's International NV * †		10,170,274		29,900,606
Halliburton Co.		15,048,859		325,356,332
Helix Energy Solutions Group, Inc. * † ‡		9,286,340		36,030,999
Helmerich & Payne, Inc.		4,075,698		111,714,882
Liberty Oilfield Services, Inc. * †		7,771,038		94,262,691
Nabors Industries Ltd. * ‡		569,995		54,993,118
NexTier Oilfield Solutions, Inc. *		6,336,621		29,148,457
NOV, Inc. *		8,608,189		112,853,358
Oceaneering International, Inc. * ‡		5,956,554		79,341,299
Oil States International, Inc. * ‡		3,779,554		24,151,350
Patterson-UTI Energy, Inc. ‡		11,999,687		107,997,183
ProPetro Holding Corp. * ‡		5,478,528		47,389,267
RPC, Inc. *		9,197,248		44,698,625
Schlumberger NV		18,182,162		538,919,282
Select Energy Services, Inc. * † ‡		6,259,409		32,486,333
Transocean Ltd. * †		30,896,793		117,098,845
US Silica Holdings, Inc. * ‡		4,461,884		35,650,453
				2,398,824,842
Total Common Stocks (Cost: $2,977,005,956)				2,659,978,424
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $8,173,801)
Money Market Fund: 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio		8,173,801		8,173,801
Total Investments: 100.3% (Cost: $2,985,179,757)				2,668,152,225
Liabilities in excess of other assets: (0.3)%				(7,941,122	)
NET ASSETS: 100.0%			$	2,660,211,103

Definitions:
ADR	American Depositary Receipt
USD	United States Dollar
Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $34,924,012.
*	Non-income producing
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Drilling		14.8	%	$	391,804,028
Oil & Gas Equipment & Services		85.2			2,268,174,396
		100.0	%	$	2,659,978,424

Transactions in securities of affiliates for the period ended September 30, 2021:

	Value 12/31/2020			Purchases		Sales Proceeds			Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 9/30/2021
Cactus, Inc.	$	–	(a)	$	162,684,461	$	(93,360,173	)	$	12,653,567	$	636,751	$	2,222,479		$	116,873,761
Helix Energy Solutions Group, Inc.		–	(a)		62,053,620		(31,227,843	)		3,390,439		–		(12,370,339	)		36,030,999
Nabors Industries Ltd.		–	(a)		79,424,462		(36,206,390	)		10,737,820		–		(8,665,057	)		54,993,118
Oceaneering International, Inc.		–	(a)		105,927,468		(46,291,333	)		17,259,483		–		(13,091,497	)		79,341,299
Oil States International, Inc.		–	(a)		33,207,055		(14,071,435	)		1,789,576		–		(2,480,456	)		24,151,350
Patterson-UTI Energy, Inc.		–	(a)		133,498,641		(59,779,320	)		18,309,091		448,690		(4,817,103	)		107,997,183
ProPetro Holding Corp.		–	(a)		70,295,629		(31,871,958	)		7,386,265		–		(11,786,881	)		47,389,267
Select Energy Services, Inc.		–	(a)		53,196,559		(27,139,752	)		1,341,091		–		(3,668,858	)		32,486,333
US Silica Holdings, Inc.		–	(a)		59,705,900		(24,075,848	)		7,659,215		–		(16,395,990	)		35,650,453
	$	–		$	759,993,795	$	(364,024,052	)	$	80,526,547	$	1,085,441	$	(71,053,702	)	$	534,913,763

Symbol Description
(a)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

VANECK RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.4%
Australia: 28.9%
Australian Strategic Materials Ltd. # * †		4,320,385	$	30,702,706
Iluka Resources Ltd. #		6,276,821		40,343,890
Liontown Resources Ltd. # * †		54,144,402		55,417,198
Lynas Rare Earths Ltd. # * †		10,785,621		50,996,727
Minerals 260 Ltd. *		4,546,129		2,346,673
Orocobre Ltd. # * †		8,694,546		53,392,779
Pilbara Minerals Ltd. # *		28,547,779		41,105,135
				274,305,108
Canada: 10.6%
Lithium Americas Corp. (USD) * †		2,203,111		49,195,468
Standard Lithium Ltd. * †		6,306,583		51,424,401
				100,619,869
China: 34.8%
China Northern Rare Earth Group High- Tech Co. Ltd. #		9,385,810		63,525,809
Ganfeng Lithium Co. Ltd. (HKD) 144A #		3,488,000		61,114,678
Jinduicheng Molybdenum Co. Ltd. #		33,435,069		38,715,650
Shenghe Resources Holding Co. Ltd. #		18,004,105		55,433,233
Xiamen Tungsten Co. Ltd. #		11,173,768		40,672,455
Zhejiang Huayou Cobalt Co. Ltd. #		4,482,036		71,529,416
				330,991,241
France: 3.7%
Eramet SA # *		464,271		34,908,184
Japan: 1.9%
Toho Titanium Co. Ltd. #		1,672,147		17,771,880
Netherlands: 4.4%
AMG Advanced Metallurgical Group NV #		1,310,643		42,446,115
United States: 15.1%
Livent Corp. * †		1,825,686		42,191,603
MP Materials Corp. * †		1,397,947		45,055,832
Tronox Holdings Plc		2,277,570		56,142,101
				143,389,536
Total Common Stocks (Cost: $672,360,563)				944,431,933
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3% (Cost: $50,235,904)
Money Market Fund: 5.3%
State Street Navigator Securities Lending Government Money Market Portfolio		50,235,904		50,235,904
Total Investments: 104.7% (Cost: $722,596,467)				994,667,837
Liabilities in excess of other assets: (4.7)%				(44,598,383	)
NET ASSETS: 100.0%			$	950,069,454

Definitions:
HKD	Hong Kong Dollar
USD	United States Dollar
Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $125,271,813.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $698,075,855 which represents 73.5% of net assets.
*	Non-income producing
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 $61,114,678, or 6.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Materials		100.0	%	$	944,431,933

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 15.3%
Rio Tinto Plc (ADR) †		338,830	$	22,640,621
Brazil: 21.5%
Cia Siderurgica Nacional SA (ADR)		1,249,265		6,571,134
Gerdau SA (ADR) †		1,117,795		5,499,551
Vale SA (ADR)		1,415,437		19,745,346
				31,816,031
China: 0.0%
ZK International Group Co. Ltd. (USD) *		25,211		70,339
India: 4.5%
Vedanta Ltd. (ADR) †		432,357		6,606,415
Luxembourg: 7.5%
ArcelorMittal SA (USD) †		365,053		11,009,999
Netherlands: 9.3%
Tenaris SA (ADR)		358,146		7,560,462
Ternium SA (ADR)		145,290		6,145,767
				13,706,229
South Korea: 5.8%
POSCO (ADR)		123,226		8,498,897
United States: 36.1%
Allegheny Technologies, Inc. *		125,082		2,080,114
Carpenter Technology Corp.		47,249		1,546,932
Cleveland-Cliffs, Inc. * †		319,253		6,324,402
Commercial Metals Co.		118,536		3,610,607
Gibraltar Industries, Inc. *		32,080		2,234,372
Nucor Corp.		103,715		10,214,890
Olympic Steel, Inc.		10,890		265,280
Reliance Steel & Aluminum Co.		48,583		6,919,191
Ryerson Holding Corp.		37,821		842,274
Schnitzer Steel Industries, Inc.		26,860		1,176,737
Steel Dynamics, Inc.		112,601		6,584,906
SunCoke Energy, Inc.		81,624		512,599
TimkenSteel Corp. *		45,403		593,871
United States Steel Corp. †		299,204		6,573,512
Warrior Met Coal, Inc.		50,538		1,176,019
Worthington Industries, Inc.		50,676		2,670,625
				53,326,331
Total Common Stocks (Cost: $173,653,895)				147,674,862
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0% (Cost: $1,418,798)
Money Market Fund: 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio		1,418,798		1,418,798
Total Investments: 101.0% (Cost: $175,072,693)				149,093,660
Liabilities in excess of other assets: (1.0)%				(1,508,179	)
NET ASSETS: 100.0%			$	147,585,481

Definitions:
ADR	American Depositary Receipt
USD	United States Dollar
Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $41,186,268.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		5.1	%	$	7,560,462
Industrials		1.5			2,234,372
Materials		93.4			137,880,028
		100.0	%	$	147,674,862

VANECK UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Canada: 20.0%
ARC Resources Ltd.		69,095	$	647,399
Cenovus Energy, Inc. (USD)		83,314		838,139
Crescent Point Energy Corp. (USD)		58,834		271,225
Enerplus Corp. (USD)		24,461		195,688
PrairieSky Royalty Ltd.		9,390		100,137
Tourmaline Oil Corp.		29,030		1,013,993
Whitecap Resources, Inc.		60,342		333,897
				3,400,478
United States: 79.8%
Antero Resources Corp. *		24,017		451,760
APA Corp.		24,055		515,499
Cabot Oil & Gas Corp.		26,344		573,246
CNX Resources Corp. *		12,984		163,858
ConocoPhillips		22,135		1,500,089
Continental Resources, Inc.		7,936		366,246
Devon Energy Corp.		33,103		1,175,488
Diamondback Energy, Inc.		8,417		796,837
EOG Resources, Inc.		15,395		1,235,757
EQT Corp. *		30,502		624,071
Hess Corp.		12,076		943,256
Marathon Oil Corp.		55,619		760,312
Matador Resources Co.		9,158		348,370
Murphy Oil Corp.		12,283		306,707
National Fuel Gas Co.		7,150		375,518
Occidental Petroleum Corp.		32,035		947,595
Ovintiv, Inc.		19,284		634,058
PDC Energy, Inc.		7,562		358,363
Pioneer Natural Resources Co.		6,891		1,147,420
Range Resources Corp. *		16,816		380,546
				13,604,996
Total Common Stocks (Cost: $19,187,057)				17,005,474
Total Investments: 99.8% (Cost: $19,187,057)				17,005,474
Other assets less liabilities: 0.2%				42,289
NET ASSETS: 100.0%			$	17,047,763

Definitions:
USD	United States Dollar
Footnotes:
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Gas Utilities		2.2	%	$	375,518
Integrated Oil & Gas		10.5			1,785,734
Oil & Gas Exploration & Production		87.3			14,844,222
		100.0	%	$	17,005,474

VANECK URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2021 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 1.1%
Paladin Energy Ltd. # *		640,325	$	314,556
Canada: 7.6%
Cameco Corp. (USD)		55,846		1,213,534
Denison Mines Corp. (USD) * †		214,057		314,664
NexGen Energy Ltd. (USD) *		117,637		556,423
				2,084,621
China: 2.9%
CGN Power Co. Ltd. (HKD) 144A # †		2,580,000		783,050
Czech Republic: 4.8%
CEZ AS #		39,988		1,301,463
Finland: 5.6%
Fortum Oyj #		50,015		1,519,546
France: 4.6%
Electricite de France SA #		99,799		1,254,738
Italy: 3.9%
Endesa SA #		53,297		1,075,424
Japan: 12.4%
Hokuriku Electric Power Co. #		45,800		246,286
Kansai Electric Power Co., Inc. #		132,500		1,280,726
Kyushu Electric Power Co., Inc. #		102,000		772,913
Tokyo Electric Power Co. Holdings, Inc. # *		388,500		1,103,396
				3,403,321
Kazakhstan: 2.2%
NAC Kazatomprom JSC (USD) (GDR) #		17,226		605,704
South Korea: 4.6%
Korea Electric Power Corp. (ADR) †		126,470		1,248,259
United States: 50.3%
BWX Technologies, Inc.		11,632		626,500
Dominion Energy, Inc.		29,144		2,128,095
Duke Energy Corp.		21,538		2,101,893
Energy Fuels, Inc. * †		37,525		263,426
Entergy Corp.		14,817		1,471,476
Exelon Corp.		39,416		1,905,369
PG&E Corp. * †		152,131		1,460,458
Pinnacle West Capital Corp.		16,716		1,209,570
PNM Resources, Inc.		16,419		812,412
Public Service Enterprise Group, Inc.		28,755		1,751,179
				13,730,378
Total Common Stocks (Cost: $24,714,385)				27,321,060
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% (Cost: $607,255)
Money Market Fund: 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio		607,255		607,255
Total Investments: 102.2% (Cost: $25,321,640)				27,928,315
Liabilities in excess of other assets: (2.2)%				(610,117	)
NET ASSETS: 100.0%			$	27,318,198

Definitions:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar
Footnotes:
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $10,257,802 which represents 37.5% of net assets.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,790,896.
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 $783,050, or 2.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		12.0	%	$	3,268,306
Industrials		2.3			626,500
Utilities		85.7			23,426,254
		100.0	%	$	27,321,060

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