VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (unaudited)

		Par  (000’s		)	Value
CORPORATE BONDS: 4.7%
Colombia: 0.1%
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24	COP		3,596,000		$	744,528
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24	COP		12,300,000			2,611,605
						3,356,133
Indonesia: 0.7%
Perusahaan Penerbit SBSN
4.88%, 07/15/26	IDR		37,350,000			2,380,987
6.38%, 03/15/34	IDR		8,410,000			527,176
6.50%, 05/15/23	IDR		56,240,000			3,863,716
6.62%, 10/15/24	IDR		36,870,000			2,541,743
8.25%, 09/15/23	IDR		53,999,000			3,784,639
8.75%, 08/15/23	IDR		17,850,000			1,247,970
8.88%, 11/15/31	IDR		92,180,000			7,021,714
						21,367,945
Mexico: 0.0%
Petroleos Mexicanos Reg S 7.19%, 09/12/24	MXN		26,405			1,190,530
South Africa: 0.2%
Eskom Holdings SOC Ltd.
0.01%, 08/18/27	ZAR		82,205			2,323,045
7.50%, 09/15/33	ZAR		11,000			477,437
7.85%, 04/02/26	ZAR		24,350			1,374,324
Transnet SOC Ltd.
9.50%, 08/19/25	ZAR		22,000			1,311,710
10.80%, 11/06/23	ZAR		2,000			122,979
13.50%, 04/18/28	ZAR		4,950			335,469
						5,944,964
Supranational: 3.0%
European Bank for Reconstruction & Development 0.25%, 11/20/23	PLN		8,470			1,674,536
European Investment Bank
7.75%, 01/30/25	MXN		17,210			814,048
8.12%, 12/21/26	ZAR		201,245			12,155,467
European Investment Bank 144A 5.75%, 01/24/25	IDR		51,750,000			3,480,464
European Investment Bank Reg S
2.75%, 08/25/26	PLN		36,865			6,869,976
3.00%, 05/24/24	PLN		51,477			10,287,697
8.00%, 05/05/27	ZAR		17,510			1,051,689
Inter-American Development Bank
7.50%, 12/05/24	MXN		229,795			10,840,505
7.88%, 03/14/23	IDR		76,170,000			5,210,321
Inter-American Development Bank Reg S

		Par  (000’s		)	Value
Supranational (continued)
7.70%, 02/12/24	MXN		52,500		$	2,498,330
International Bank for Reconstruction & Development
2.00%, 07/23/25	PHP		35,400			575,582
7.25%, 03/15/24	IDR		32,100,000			2,224,439
International Finance Corp.
7.00%, 02/14/24	BRL		1,800			322,564
7.00%, 07/20/27	MXN		174,850			8,105,936
7.25%, 02/02/24	MXN		2,470			117,116
7.50%, 01/18/28	MXN		110,430			5,183,683
7.75%, 01/18/30	MXN		153,580			7,269,224
8.00%, 10/09/23	IDR		17,500,000			1,218,658
8.00%, 07/27/27	ZAR		2,970			178,148
International Finance Corp. Reg S 8.38%, 05/31/29	MXN		115,840			5,657,587
						85,735,970
United Kingdom: 0.2%
European Bank for Reconstruction & Development 12.50%, 02/09/23	TRY		8,100			380,894
European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25	MXN		112,750			4,935,120
						5,316,014
United States: 0.5%
International Bank for Reconstruction & Development
6.65%, 07/30/24	MXN		195,000			9,293,100
13.25%, 02/22/23	TRY		31,540			1,460,418
International Finance Corp. 5.75%, 03/02/23	MXN		84,830			4,078,315
						14,831,833
Total Corporate Bonds (Cost: $160,803,184)						137,743,389
GOVERNMENT OBLIGATIONS: 92.9%
Brazil: 8.7%
Brazil Letras do Tesouro Nacional
0.00%, 01/01/24 ^	BRL		421,550			67,784,321
0.00%, 07/01/24 ^	BRL		138,010			20,964,262
0.00%, 07/01/25 ^	BRL		156,050			21,172,379
0.00%, 01/01/26 ^	BRL		15,310			1,964,467
0.00%, 07/01/23 ^	BRL		297,450			50,728,026
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL		168,855			30,673,544
10.00%, 01/01/27	BRL		165,740			29,138,798
10.00%, 01/01/29	BRL		106,870			18,103,073
10.00%, 01/01/31	BRL		58,920			9,711,845
10.00%, 01/01/33	BRL		11,640			1,877,669

1

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par  (000’s		)	Value
Brazil (continued)
Brazilian Government International Bond
8.50%, 01/05/24	BRL		4,670		$	840,017
10.25%, 01/10/28	BRL		7,380			1,313,182
						254,271,583
Chile: 3.4%
Bonos de la Tesoreria de la Republica de Chile
2.50%, 03/01/25	CLP		22,050,000			21,692,711
4.50%, 03/01/26	CLP		14,335,000			14,613,713
5.00%, 03/01/35	CLP		16,495,000			15,810,841
6.00%, 01/01/43	CLP		13,225,000			13,670,599
Bonos de la Tesoreria de la Republica de Chile 144A Reg S
2.30%, 10/01/28	CLP		4,125,000			3,543,955
4.00%, 03/01/23	CLP		7,270,000			7,771,594
4.70%, 09/01/30	CLP		15,265,000			14,932,832
5.00%, 10/01/28	CLP		5,950,000			5,995,469
						98,031,714
China: 10.2%
Asian Infrastructure Investment Bank Reg S 4.50%, 11/03/23	MXN		277,750			12,823,113
China Government Bond
1.99%, 04/09/25	CNY		86,650			12,754,290
2.24%, 05/25/25	CNY		3,700			548,319
2.26%, 02/24/25	CNY		28,960			4,297,469
2.36%, 07/02/23	CNY		55,820			8,323,695
2.37%, 01/20/27	CNY		18,410			2,715,688
2.47%, 09/02/24	CNY		53,000			7,907,913
2.68%, 05/21/30	CNY		82,580			12,154,423
2.69%, 08/12/26	CNY		45,650			6,834,076
2.75%, 06/15/29	CNY		7,390			1,097,718
2.75%, 02/17/32	CNY		40,010			5,916,985
2.76%, 05/15/32	CNY		20,570			3,054,565
2.80%, 03/24/29	CNY		40,870			6,093,556
2.84%, 04/08/24	CNY		60,810			9,133,677
2.85%, 06/04/27	CNY		107,800			16,226,883
2.88%, 11/05/23	CNY		69,600			10,443,718
2.89%, 11/18/31	CNY		37,080			5,544,498
2.91%, 10/14/28	CNY		52,370			7,876,138
2.94%, 10/17/24	CNY		68,960			10,400,318
3.01%, 05/13/28	CNY		59,860			9,073,267
3.02%, 10/22/25	CNY		74,310			11,256,866
3.02%, 05/27/31	CNY		56,270			8,498,756
3.03%, 03/11/26	CNY		59,020			8,951,823
3.12%, 12/05/26	CNY		73,880			11,260,262
3.13%, 11/21/29	CNY		55,110			8,380,120
3.19%, 04/11/24	CNY		61,740			9,330,915
3.22%, 12/06/25	CNY		42,740			6,517,126
3.25%, 06/06/26	CNY		76,540			11,711,438
3.25%, 11/22/28	CNY		41,240			6,333,293
3.27%, 11/19/30	CNY		104,810			16,129,713
3.28%, 12/03/27	CNY		63,220			9,728,549
3.29%, 10/18/23	CNY		38,700			5,837,642
3.29%, 05/23/29	CNY		60,330			9,294,219
3.32%, 04/15/52	CNY		6,280			945,914

		Par  (000’s		)	Value
China (continued)
3.53%, 10/18/51	CNY		9,880		$	1,534,713
3.72%, 04/12/51	CNY		37,290			5,952,149
3.81%, 09/14/50	CNY		83,400			13,512,583
						298,396,390
Colombia: 4.1%
Colombia Government International Bond
4.38%, 03/21/23	COP		2,825,000			631,521
9.85%, 06/28/27	COP		4,334,000			924,849
Colombian TES
5.75%, 11/03/27	COP		50,905,000			9,168,245
6.00%, 04/28/28	COP		78,143,100			13,893,026
6.25%, 11/26/25	COP		49,890,000			10,054,185
6.25%, 07/09/36	COP		30,125,000			4,230,633
7.00%, 03/26/31	COP		55,481,000			9,376,804
7.00%, 06/30/32	COP		70,226,700			11,503,695
7.25%, 10/18/34	COP		69,023,500			10,963,701
7.25%, 10/26/50	COP		43,699,000			6,017,005
7.50%, 08/26/26	COP		74,183,700			15,084,459
7.75%, 09/18/30	COP		55,294,100			10,000,191
9.25%, 05/28/42	COP		31,610,000			5,499,322
10.00%, 07/24/24	COP		45,733,800			10,465,246
						117,812,882
Czech Republic: 4.7%
Czech Republic Government Bond
0.01%, 12/12/24	CZK		80,340			2,920,317
0.05%, 11/29/29	CZK		139,100			4,220,154
0.25%, 02/10/27	CZK		271,530			9,161,158
1.20%, 03/13/31	CZK		246,210			8,002,119
1.25%, 02/14/25	CZK		253,550			9,421,954
1.50%, 04/24/40	CZK		101,860			2,860,780
1.75%, 06/23/32	CZK		223,750			7,576,987
2.00%, 10/13/33	CZK		299,820			10,216,271
2.75%, 07/23/29	CZK		283,880			10,602,291
3.50%, 05/30/35	CZK		58,510			2,292,226
6.00%, 02/26/26	CZK		117,890			4,983,575
Czech Republic Government Bond Reg S
0.45%, 10/25/23	CZK		234,280			8,998,284
0.95%, 05/15/30	CZK		278,800			9,028,419
1.00%, 06/26/26	CZK		304,470			10,792,944
2.40%, 09/17/25	CZK		284,020			10,759,880
2.50%, 08/25/28	CZK		286,970			10,595,850
4.20%, 12/04/36	CZK		156,210			6,540,390
5.70%, 05/25/24	CZK		168,560			6,931,058
						135,904,657
Dominican Republic: 1.2%
Dominican Republic International Bond 144A 9.75%, 06/05/26	DOP		1,083,600			19,345,739
Dominican Republic International Bond Reg S 8.90%, 02/15/23	DOP		529,640			9,693,870

2

		Par  (000’s		)	Value
Dominican Republic (continued)
9.75%, 06/05/26	DOP		353,190		$	6,305,576
						35,345,185
Egypt: 3.0%
Egypt Government Bond
13.54%, 01/14/25	EGP		68,196			3,375,270
14.06%, 01/12/26	EGP		299,820			14,493,217
14.29%, 01/05/28	EGP		139,330			6,503,792
14.35%, 09/10/24	EGP		96,985			4,941,055
14.37%, 10/20/25	EGP		265,870			13,026,986
14.40%, 09/10/29	EGP		77,310			3,794,905
14.48%, 04/06/26	EGP		193,100			9,395,381
14.53%, 09/14/24	EGP		185,250			9,475,366
14.56%, 07/06/26	EGP		88,089			4,463,634
14.56%, 10/13/27	EGP		157,120			7,762,624
14.66%, 10/06/30	EGP		98,250			4,522,106
16.10%, 05/07/29	EGP		82,280			4,061,990
						85,816,326
Hungary: 3.6%
Hungary Government Bond
1.00%, 11/26/25 †	HUF		4,599,220			8,707,005
1.50%, 08/23/23	HUF		1,070,820			2,476,437
1.50%, 04/22/26	HUF		4,078,260			7,668,204
1.50%, 08/26/26 †	HUF		2,561,780			4,694,824
2.00%, 05/23/29 †	HUF		3,012,190			5,035,129
2.25%, 04/20/33 †	HUF		4,395,120			6,617,295
2.25%, 06/22/34 †	HUF		1,210,760			1,746,908
2.50%, 10/24/24	HUF		3,438,460			7,353,792
2.75%, 12/22/26	HUF		3,180,120			6,038,334
3.00%, 06/26/24	HUF		2,701,570			5,979,739
3.00%, 10/27/27 †	HUF		4,301,460			8,082,717
3.00%, 08/21/30	HUF		3,729,180			6,504,814
3.00%, 10/27/38	HUF		2,987,010			4,244,031
3.00%, 04/25/41	HUF		1,420,050			1,954,881
3.25%, 10/22/31 †	HUF		5,131,270			8,964,960
5.50%, 06/24/25	HUF		3,760,170			8,369,662
6.00%, 11/24/23	HUF		2,979,960			7,130,273
6.75%, 10/22/28	HUF		2,029,890			4,521,509
						106,090,514
Indonesia: 8.7%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR		44,230,000			2,816,332
5.50%, 04/15/26	IDR		185,180,000			12,153,901
5.62%, 05/15/23	IDR		62,260,000			4,241,089
6.12%, 05/15/28	IDR		151,551,000			9,916,079
6.25%, 06/15/36	IDR		42,320,000			2,632,071
6.38%, 04/15/32	IDR		77,770,000			4,969,494
6.38%, 07/15/37	IDR		9,430,000			610,602
6.50%, 06/15/25	IDR		182,580,000			12,460,246
6.50%, 02/15/31	IDR		177,520,000			11,579,343
6.62%, 05/15/33	IDR		117,403,000			7,539,279
7.00%, 05/15/27	IDR		239,088,000			16,328,747
7.00%, 09/15/30	IDR		209,410,000			14,047,730
7.12%, 06/15/42	IDR		75,370,000			5,072,796
7.50%, 08/15/32	IDR		130,880,000			8,978,284
7.50%, 06/15/35	IDR		178,750,000			12,246,469
7.50%, 05/15/38	IDR		103,260,000			7,048,761
7.50%, 04/15/40	IDR		229,050,000			15,674,077

		Par  (000’s		)	Value
Indonesia (continued)
8.12%, 05/15/24	IDR		115,890,000		$	8,192,190
8.25%, 05/15/29	IDR		140,580,000			10,155,501
8.25%, 06/15/32	IDR		85,644,000			6,150,806
8.25%, 05/15/36	IDR		146,565,000			10,587,858
8.38%, 03/15/24	IDR		146,673,000			10,365,749
8.38%, 09/15/26	IDR		160,687,000			11,605,323
8.38%, 03/15/34	IDR		195,514,000			14,196,432
8.38%, 04/15/39	IDR		76,360,000			5,572,877
8.75%, 05/15/31	IDR		123,587,000			9,169,560
9.00%, 03/15/29	IDR		126,142,000			9,461,182
9.50%, 07/15/31	IDR		61,071,000			4,667,706
10.50%, 08/15/30	IDR		33,152,000			2,661,994
11.00%, 09/15/25	IDR		32,492,000			2,498,374
						253,600,852
Malaysia: 7.6%
Malaysia Government Bond
2.63%, 04/15/31	MYR		31,589			6,438,873
3.48%, 03/15/23	MYR		20,847			4,704,933
3.48%, 06/14/24	MYR		40,383			9,118,129
3.50%, 05/31/27	MYR		27,249			6,065,588
3.58%, 07/15/32	MYR		12,585			2,751,859
3.73%, 06/15/28	MYR		38,502			8,629,884
3.76%, 04/20/23	MYR		24,008			5,431,761
3.76%, 05/22/40	MYR		41,435			8,554,420
3.80%, 08/17/23	MYR		27,628			6,260,868
3.83%, 07/05/34	MYR		29,420			6,405,654
3.88%, 03/14/25	MYR		17,314			3,926,138
3.88%, 08/15/29	MYR		32,329			7,264,135
3.90%, 11/30/26	MYR		38,836			8,795,134
3.90%, 11/16/27	MYR		24,319			5,510,653
3.91%, 07/15/26	MYR		22,375			5,067,338
3.96%, 09/15/25	MYR		20,676			4,695,791
4.06%, 09/30/24	MYR		19,212			4,384,967
4.07%, 06/15/50	MYR		41,854			8,659,680
4.18%, 07/15/24	MYR		11,400			2,607,156
4.25%, 05/31/35	MYR		28,756			6,482,564
4.50%, 04/30/29	MYR		4,770			1,111,747
4.70%, 10/15/42	MYR		6,825			1,586,495
4.76%, 04/07/37	MYR		32,149			7,644,493
Malaysia Government Investment Issue
3.15%, 05/15/23	MYR		16,947			3,816,760
3.42%, 09/30/27	MYR		35,398			7,835,717
3.45%, 07/15/36	MYR		35,259			7,250,127
3.46%, 10/15/30	MYR		47,075			10,141,674
3.65%, 10/15/24	MYR		35,765			8,103,458
3.73%, 03/31/26	MYR		35,746			8,053,249
3.99%, 10/15/25	MYR		10,675			2,441,485
4.09%, 11/30/23	MYR		10,744			2,448,158
4.13%, 08/15/25	MYR		51,827			11,891,691
4.13%, 07/09/29	MYR		22,298			5,098,078
4.19%, 10/07/32	MYR		11,935			2,739,022
4.26%, 07/26/27	MYR		19,816			4,557,598
4.37%, 10/31/28	MYR		39,314			9,041,124
4.42%, 09/30/41	MYR		22,627			5,053,758
						220,570,159

3

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par  (000’s	)	Value
Mexico: 5.9%
Mexican Bonos
5.00%, 03/06/25	MXN	85,329		$	3,803,109
5.50%, 03/04/27	MXN	43,851			1,890,031
5.75%, 03/05/26	MXN	562,639			25,044,006
6.75%, 03/09/23	MXN	105,097			5,081,810
7.50%, 06/03/27	MXN	339,178			15,866,358
7.75%, 05/29/31	MXN	459,531			21,315,630
7.75%, 11/23/34	MXN	135,707			6,195,250
7.75%, 11/13/42	MXN	350,680			15,512,748
8.00%, 12/07/23	MXN	107,828			5,197,060
8.00%, 09/05/24	MXN	225,392			10,811,013
8.00%, 11/07/47	MXN	406,011			18,374,540
8.00%, 07/31/53	MXN	29,871			1,398,411
8.50%, 05/31/29	MXN	273,447			13,305,473
8.50%, 11/18/38	MXN	353,744			16,918,996
10.00%, 12/05/24	MXN	114,801			5,733,045
10.00%, 11/20/36	MXN	107,133			5,834,610
					172,282,090
Peru: 3.3%
Peru Government Bond
5.35%, 08/12/40	PEN	31,004			5,704,490
5.40%, 08/12/34	PEN	42,341			8,438,383
5.70%, 08/12/24	PEN	24,388			6,127,909
5.94%, 02/12/29	PEN	61,010			13,814,178
6.15%, 08/12/32	PEN	57,400			12,555,804
6.35%, 08/12/28	PEN	56,993			13,354,856
6.90%, 08/12/37	PEN	54,694			12,196,738
6.95%, 08/12/31	PEN	55,275			12,963,024
8.20%, 08/12/26	PEN	45,325			11,902,260
					97,057,642
Philippines: 1.2%
Philippine Government International Bond 6.25%, 01/14/36	PHP	2,010,500			35,056,668
Poland: 4.8%
Republic of Poland Government Bond 0.25%, 10/25/26	PLN	66,348			11,257,489
0.75%, 04/25/25	PLN	57,992			10,850,871
1.25%, 10/25/30	PLN	69,197			10,857,431
1.75%, 04/25/32	PLN	38,108			5,925,957
2.25%, 10/25/24	PLN	70,276			13,862,416
2.50%, 04/25/24	PLN	12,364			2,491,332
2.50%, 07/25/26	PLN	54,585			10,322,279
2.50%, 07/25/27	PLN	64,711			11,937,800
2.75%, 04/25/28	PLN	73,806			13,685,272
2.75%, 10/25/29	PLN	95,919			17,299,904
3.25%, 07/25/25	PLN	76,295			15,142,670
3.75%, 05/25/27	PLN	37,340			7,279,401
4.00%, 10/25/23	PLN	44,823			9,378,624
					140,291,446
Romania: 3.8%
Romania Government Bond 2.50%, 10/25/27	RON	26,055			4,141,321
3.25%, 04/29/24	RON	36,510			6,979,619
3.25%, 06/24/26	RON	33,315			5,816,840
3.65%, 07/28/25	RON	34,705			6,371,872

		Par  (000’s	)		Value
Romania (continued)
3.65%, 09/24/31	RON	37,150		$	5,561,106
3.70%, 11/25/24 †	RON	33,575			6,327,336
4.00%, 10/25/23 †	RON	33,450			6,613,648
4.15%, 01/26/28	RON	35,620			6,111,765
4.15%, 10/24/30	RON	36,110			5,760,410
4.25%, 06/28/23	RON	30,920			6,192,444
4.40%, 09/25/23	RON	32,315			6,434,787
4.50%, 06/17/24 †	RON	34,940			6,788,670
4.75%, 02/24/25	RON	33,560			6,417,194
4.75%, 10/11/34	RON	25,575			3,938,329
4.85%, 04/22/26	RON	33,345			6,191,751
4.85%, 07/25/29 †	RON	17,395			2,983,229
5.00%, 02/12/29	RON	34,730			6,072,675
5.80%, 07/26/27	RON	34,530			6,483,372
5.85%, 04/26/23	RON	32,210			6,556,751
					111,743,119
Serbia: 1.2%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD	1,626,710			13,232,006
4.50%, 08/20/32	RSD	1,573,520			10,952,688
5.88%, 02/08/28	RSD	1,280,510			10,526,164
					34,710,858
South Africa: 6.6%
Republic of South Africa Government Bond
6.25%, 03/31/36 †	ZAR	164,367			6,557,651
6.50%, 02/28/41	ZAR	168,629			6,426,547
7.00%, 02/28/31	ZAR	254,765			12,193,529
8.00%, 01/31/30	ZAR	535,885			28,299,030
8.25%, 03/31/32	ZAR	413,113			21,087,892
8.50%, 01/31/37	ZAR	398,572			19,307,260
8.75%, 01/31/44	ZAR	343,455			16,426,045
8.75%, 02/28/48 †	ZAR	573,864			27,287,090
8.88%, 02/28/35	ZAR	372,735			19,093,870
9.00%, 01/31/40	ZAR	294,627			14,600,120
10.50%, 12/21/26	ZAR	307,758			19,507,115
					190,786,149
Thailand: 6.9%
Thailand Government Bond
0.75%, 06/17/24	THB	396,656			10,588,470
0.75%, 09/17/24	THB	252,353			6,709,392
0.95%, 06/17/25	THB	420,153			11,083,293
1.00%, 06/17/27	THB	506,230			12,976,691
1.45%, 12/17/24	THB	411,169			11,048,743
1.58%, 12/17/35	THB	361,132			8,293,108
1.60%, 12/17/29	THB	354,781			9,071,593
1.60%, 06/17/35	THB	177,804			4,070,611
2.00%, 12/17/31	THB	304,159			7,926,773
2.00%, 06/17/42	THB	242,993			5,316,428
2.12%, 12/17/26	THB	413,242			11,181,523
2.40%, 12/17/23	THB	331,501			9,126,410
2.88%, 12/17/28	THB	346,535			9,674,583
2.88%, 06/17/46	THB	302,353			7,192,113
3.30%, 06/17/38	THB	425,820			11,602,273
3.40%, 06/17/36	THB	323,806			9,022,276
3.62%, 06/16/23	THB	286,466			7,943,474
3.65%, 06/20/31	THB	335,654			9,925,423

4

		Par  (000’s	)	Value
Thailand (continued)
3.77%, 06/25/32	THB	562,431		$	16,865,957
3.85%, 12/12/25	THB	351,659			10,103,431
4.75%, 12/20/24	THB	25,379			734,650
4.88%, 06/22/29	THB	376,177			11,787,076
					202,244,291
Turkey: 2.8%
Turkey Government Bond
7.10%, 03/08/23	TRY	101,458			5,204,136
8.00%, 03/12/25	TRY	113,298			5,039,964
9.00%, 07/24/24	TRY	151,041			7,035,064
10.40%, 03/20/24	TRY	59,164			2,829,992
10.50%, 08/11/27	TRY	144,696			6,436,676
10.60%, 02/11/26	TRY	193,915			8,788,490
11.00%, 02/24/27	TRY	125,049			5,527,799
11.70%, 11/13/30	TRY	286,066			12,589,682
12.40%, 03/08/28	TRY	81,962			3,897,615
12.60%, 10/01/25	TRY	322,745			15,433,359
16.20%, 06/14/23	TRY	173,397			9,223,193
					82,005,970
Uruguay: 1.2%
Uruguay Government International Bond 8.25%, 05/21/31	UYU	1,028,666			21,197,196

			Par  (000’s	)	Value
Uruguay (continued)
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU		12,615		$	272,831
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU		620,810			13,426,560
						34,896,587
Total Government Obligations (Cost: $3,253,938,106)						2,706,915,082
Total Investments Before Collateral for Securities Loaned: 97.6% (Cost: $3,414,741,290)						2,844,658,471
		Number  of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% (Cost: $73,734,816)
Money Market Fund: 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio			73,734,816			73,734,816
Total Investments: 100.1% (Cost: $3,488,476,106)						2,918,393,287
Liabilities in excess of other assets: (0.1)%						(3,967,585	)
NET ASSETS: 100.0%					$	2,914,425,702

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

5

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

†	Security fully or partially on loan. Total market value of securities on loan is $73,187,293.
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 $55,342,884, or 1.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		0.0	%	$	1,190,530
Financials		4.6			129,863,367
Government Activity		95.1			2,706,915,082
Industrials		0.1			1,770,158
Utilities		0.2			4,919,334
		100.0	%	$	2,844,658,471

6