# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-26-000713
**Filing Date:** 2026-3
**Character Count:** 1032884
**Document Hash:** 7b4d9aa33d0f85caf5522b5a971fcd29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000713.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0000930413-26-000713

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck ETF Trust
- **CENTRAL INDEX KEY:** 0001137360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 26737965

**BUSINESS ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-293-2000

**MAIL ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VanEck Vectors ETF Trust
- **DATE OF NAME CHANGE:** 20160427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS ETF TRUST
- **DATE OF NAME CHANGE:** 20070312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS TRUST
- **DATE OF NAME CHANGE:** 20050516

## Series and Classes Contracts Data

### VanEck Gold Miners ETF (Series ID: S000009191)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000024980 | VanEck Gold Miners ETF | GDX             |

### VanEck Steel ETF (Series ID: S000013721)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000037682 | VanEck Steel ETF | SLX             |

### VanEck Low Carbon Energy ETF (Series ID: S000016884)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000047031 | VanEck Low Carbon Energy ETF | SMOG            |

### VanEck Russia ETF (Series ID: S000016885)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000047032 | VanEck Russia ETF | RSX             |

### VanEck Agribusiness ETF (Series ID: S000018474)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000051120 | VanEck Agribusiness ETF | MOO             |

### VanEck Uranium and Nuclear ETF (Series ID: S000018475)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000051121 | VanEck Uranium and Nuclear ETF | NLR             |

### VanEck Natural Resources ETF (Series ID: S000022364)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000064328 | VanEck Natural Resources ETF | HAP             |

### VanEck Africa Index ETF (Series ID: S000022901)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000066393 | VanEck Africa Index ETF | AFK             |

### VanEck Vietnam ETF (Series ID: S000022905)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000066397 | VanEck Vietnam ETF | VNM             |

### VanEck Indonesia Index ETF (Series ID: S000024065)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000070695 | VanEck Indonesia Index ETF | IDX             |

### VanEck Brazil Small-Cap ETF (Series ID: S000025533)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000076451 | VanEck Brazil Small-Cap ETF | BRF             |

### VanEck Junior Gold Miners ETF (Series ID: S000026955)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000081187 | VanEck Junior Gold Miners ETF | GDXJ            |

### VanEck India Growth Leaders ETF (Series ID: S000027314)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000082390 | VanEck India Growth Leaders ETF | GLIN            |

### VanEck J.P. Morgan EM Local Currency Bond ETF (Series ID: S000028941)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000088891 | VanEck J.P. Morgan EM Local Currency Bond ETF | EMLC            |

### VanEck Rare Earth and Strategic Metals ETF (Series ID: S000030045)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000092114 | VanEck Rare Earth and Strategic Metals ETF | REMX            |

### VanEck Russia Small-Cap ETF (Series ID: S000031766)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000098930 | VanEck Russia Small-Cap ETF | RSXJ            |

### VanEck Mortgage REIT Income ETF (Series ID: S000033325)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000102386 | VanEck Mortgage REIT Income ETF | MORT            |

### VanEck International High Yield Bond ETF (Series ID: S000033465)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000102897 | VanEck International High Yield Bond ETF | IHY             |

### VanEck BDC Income ETF (Series ID: S000033466)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000102898 | VanEck BDC Income ETF | BIZD            |

### VanEck Oil Services ETF (Series ID: S000034408)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000105866 | VanEck Oil Services ETF | OIH             |

### VanEck Preferred Securities ex Financials ETF (Series ID: S000037179)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000114511 | VanEck Preferred Securities ex Financials ETF | PFXF            |

### VanEck Israel ETF (Series ID: S000041167)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000127738 | VanEck Israel ETF | ISRA            |

### VanEck ChiNext ETF (Series ID: S000044444)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000138289 | VanEck ChiNext ETF | CNXT            |

### VanEck China Bond ETF (Series ID: S000046742)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000146000 | VanEck China Bond ETF | CBON            |

### VanEck Oil Refiners ETF (Series ID: S000050231)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000158570 | VanEck Oil Refiners ETF | CRAK            |

### VanEck Copper and Green Metals ETF (Series ID: S000073995)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000231316 | VanEck Copper and Green Metals ETF | EMET            |

### VanEck Digital India ETF (Series ID: S000074784)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000232971 | VanEck Digital India ETF | DGIN            |

### VanEck CLO ETF (Series ID: S000076455)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236336 | VanEck CLO ETF | CLOI            |

### VanEck CMCI Commodity Strategy ETF (Series ID: S000079372)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000240390 | VanEck CMCI Commodity Strategy ETF | CMCI            |

### VanEck Office and Commercial REIT ETF (Series ID: S000081825)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000244874 | VanEck Office and Commercial REIT ETF | DESK            |

### VanEck AA-BB CLO ETF (Series ID: S000087776)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000253738 | VanEck AA-BB CLO ETF | CLOB            |

?xml version='1.0' encoding='ASCII'?

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: DECEMBER 31

Date of reporting period: DECEMBER 31, 2025

Item 1. REPORTS TO STOCKHOLDERS. <br>

# VanEck AA-BB CLO ETF

## Ticker: CLOB \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck AA-BB CLO ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck AA-BB CLO ETF | $47 | 0.45% |

---

### How did the Fund perform **last year?** 
* Strong collateralized loan obligation total returns were driven by high interest rates, even as the Federal Reserve restarted its easing cycle in September, and benefited from spread tightening. 

* The Fund slightly underperformed its benchmark, the J.P. Morgan CLO Balanced Mezzanine Index, and most of the underperformance occurred in April. The Fund largely made up for this underperformance through the rest of the period.

* Single-A rated CLOs contributed positively to returns relative to the benchmark, while AA, BBB and BB rated CLOs detracted from relative performance.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/24/2024).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i9f95d700f2007ecdf683816c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **ICE BofA US Broad Market Index** | **J.P. Morgan CLOIE Balanced Mezzanine Index** |
| **Sep 24** | $10000 | $10000 | $10000 |
| **Sep 24** | $10031 | $9970 | $10025 |
| **Oct 24** | $10116 | $9726 | $10123 |
| **Nov 24** | $10205 | $9824 | $10205 |
| **Dec 24** | $10288 | $9665 | $10285 |
| **Jan 25** | $10379 | $9721 | $10376 |
| **Feb 25** | $10428 | $9931 | $10427 |
| **Mar 25** | $10404 | $9935 | $10390 |
| **Apr 25** | $10346 | $9971 | $10385 |
| **May 25** | $10549 | $9900 | $10566 |
| **Jun 25** | $10625 | $10051 | $10638 |
| **Jul 25** | $10722 | $10030 | $10724 |
| **Aug 25** | $10793 | $10148 | $10796 |
| **Sep 25** | $10860 | $10258 | $10870 |
| **Oct 25** | $10893 | $10323 | $10904 |
| **Nov 25** | $10878 | $10386 | $10938 |
| **Dec 25** | $11002 | $10356 | $11016 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck AA-BB CLO ETF | 6.94% | 7.82% |
| J.P. Morgan CLOIE Balanced Mezzanine Index | 7.10% | 7.92% |
| ICE BofA US Broad Market Index | 7.15% | 2.80% |

---

\* Inception of Fund: 09/24/2024.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$151,981,350

* Number of Portfolio Holdings50

* Portfolio Turnover Rate47%

* Advisory Fees Paid$505,803

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id821dad25419d3f71743e932.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.4% |
| Government | 4.6% |
| Collateralized Loan Obligations | 94.0% |

---

### Top Ten Holdings <sup>**Footnote Reference \***</sup> (% of Total Net Assets)

---

| | |
|:---|:---|
| Octagon 64 Ltd., 5.57%, 7/21/2037 | 6.6% |
| Rockford Tower CLO 2022-1 Ltd., 5.58%, 7/20/2035 | 4.6% |
| Dryden 95 CLO Ltd., 6.94%, 8/20/2034 | 4.6% |
| Rockford Tower CLO 2021-2 Ltd., 5.58%, 7/20/2034 | 4.3% |
| Capital Four US CLO III Ltd., 6.07%, 4/21/2038 | 3.3% |
| Signal Peak CLO 4 Ltd., 5.51%, 10/26/2034 | 3.3% |
| Brant Point CLO 2025-8 Ltd., 5.66%, 3/31/2038 | 3.3% |
| KKR CLO 36 Ltd., 5.65%, 10/15/2034 | 3.3% |
| Neuberger Berman Loan Advisers CLO 38 Ltd., 5.28%, 10/20/2036 | 3.3% |
| Sound Point CLO XXIX Ltd., 5.50%, 4/25/2034 | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Excludes short-term investments |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Africa Index ETF

## Ticker: AFK \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Africa Index ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Africa Index ETF | $101 | 0.76% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return over the period as improving economic growth, firm commodity prices and increased investor interest contributed to broader regional equity gains.

* From a country of risk perspective, South Africa contributed the most to the Fund's performance during the period, followed by the United Kingdom and Morocco. India was the only detractor during the period.

* In terms of sectors, the Materials sector contributed the most to the Fund's performance during the period, followed by Financials and Communication Services. The Energy sector detracted the most from the Fund's performance during the period, followed by Health Care.

* The leading individual contributors to performance were Airtel Africa Plc, Barrick Mining Corporation and Anglogold Ashanti PLC.

* The leading individual detractors to performance were Kosmos Energy Ltd., MakeMyTrip Ltd. and Ivanhoe Mines Ltd. Class A.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i03f7e994ecb93fb4824f8025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> GDP Africa Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9216 | $9397 | $9148 |
| **Feb 16** | $9503 | $9332 | $9509 |
| **Mar 16** | $10491 | $10024 | $10496 |
| **Apr 16** | $11745 | $10172 | $11738 |
| **May 16** | $11309 | $10185 | $11326 |
| **Jun 16** | $11165 | $10123 | $11179 |
| **Jul 16** | $11645 | $10559 | $11712 |
| **Aug 16** | $11231 | $10595 | $11292 |
| **Sep 16** | $11491 | $10660 | $11572 |
| **Oct 16** | $11623 | $10479 | $11719 |
| **Nov 16** | $10889 | $10558 | $11060 |
| **Dec 16** | $11394 | $10786 | $11630 |
| **Jan 17** | $12114 | $11081 | $12310 |
| **Feb 17** | $11564 | $11392 | $12240 |
| **Mar 17** | $11751 | $11532 | $12291 |
| **Apr 17** | $11881 | $11711 | $12553 |
| **May 17** | $12199 | $11970 | $12858 |
| **Jun 17** | $12352 | $12024 | $12971 |
| **Jul 17** | $13146 | $12360 | $13840 |
| **Aug 17** | $13611 | $12408 | $14085 |
| **Sep 17** | $13220 | $12647 | $13708 |
| **Oct 17** | $13276 | $12910 | $13774 |
| **Nov 17** | $13770 | $13160 | $14302 |
| **Dec 17** | $14358 | $13372 | $14964 |
| **Jan 18** | $15093 | $14127 | $15715 |
| **Feb 18** | $14827 | $13533 | $15506 |
| **Mar 18** | $14746 | $13244 | $15384 |
| **Apr 18** | $14688 | $13370 | $15341 |
| **May 18** | $14022 | $13387 | $14648 |
| **Jun 18** | $13634 | $13314 | $14272 |
| **Jul 18** | $13669 | $13716 | $14307 |
| **Aug 18** | $12790 | $13824 | $13379 |
| **Sep 18** | $12541 | $13884 | $13146 |
| **Oct 18** | $11684 | $12843 | $12251 |
| **Nov 18** | $11893 | $13031 | $12458 |
| **Dec 18** | $11817 | $12113 | $12416 |
| **Jan 19** | $12952 | $13070 | $13578 |
| **Feb 19** | $12858 | $13419 | $13518 |
| **Mar 19** | $12740 | $13588 | $13390 |
| **Apr 19** | $13058 | $14047 | $13724 |
| **May 19** | $12193 | $13214 | $12843 |
| **Jun 19** | $13141 | $14079 | $13856 |
| **Jul 19** | $12494 | $14120 | $13210 |
| **Aug 19** | $11919 | $13785 | $12584 |
| **Sep 19** | $11922 | $14075 | $12486 |
| **Oct 19** | $12052 | $14460 | $12629 |
| **Nov 19** | $12230 | $14813 | $12830 |
| **Dec 19** | $12823 | $15335 | $13504 |
| **Jan 20** | $12035 | $15166 | $12716 |
| **Feb 20** | $10886 | $13941 | $11407 |
| **Mar 20** | $8036 | $12059 | $8519 |
| **Apr 20** | $9270 | $13350 | $9951 |
| **May 20** | $9602 | $13931 | $10174 |
| **Jun 20** | $10328 | $14376 | $10899 |
| **Jul 20** | $10839 | $15137 | $11522 |
| **Aug 20** | $11172 | $16063 | $11927 |
| **Sep 20** | $11031 | $15545 | $11755 |
| **Oct 20** | $11338 | $15167 | $12062 |
| **Nov 20** | $12192 | $17037 | $13107 |
| **Dec 20** | $13117 | $17828 | $14072 |
| **Jan 21** | $13482 | $17747 | $14480 |
| **Feb 21** | $13651 | $18158 | $14576 |
| **Mar 21** | $13491 | $18643 | $14459 |
| **Apr 21** | $13950 | $19458 | $14934 |
| **May 21** | $14573 | $19761 | $15598 |
| **Jun 21** | $14026 | $20021 | $15051 |
| **Jul 21** | $13973 | $20159 | $15012 |
| **Aug 21** | $14150 | $20664 | $15173 |
| **Sep 21** | $13475 | $19810 | $14515 |
| **Oct 21** | $13815 | $20821 | $14932 |
| **Nov 21** | $13082 | $20320 | $14139 |
| **Dec 21** | $13601 | $21133 | $14724 |
| **Jan 22** | $13824 | $20095 | $14860 |
| **Feb 22** | $14278 | $19576 | $15366 |
| **Mar 22** | $14363 | $20000 | $15532 |
| **Apr 22** | $13317 | $18399 | $14460 |
| **May 22** | $12895 | $18420 | $14044 |
| **Jun 22** | $11347 | $16868 | $12281 |
| **Jul 22** | $11634 | $18046 | $12556 |
| **Aug 22** | $11236 | $17381 | $12159 |
| **Sep 22** | $10136 | $15717 | $11152 |
| **Oct 22** | $10283 | $16666 | $11309 |
| **Nov 22** | $11645 | $17958 | $12839 |
| **Dec 22** | $11106 | $17252 | $12369 |
| **Jan 23** | $11767 | $18488 | $13138 |
| **Feb 23** | $11139 | $17958 | $12578 |
| **Mar 23** | $11080 | $18512 | $12449 |
| **Apr 23** | $10799 | $18778 | $12304 |
| **May 23** | $10107 | $18577 | $11665 |
| **Jun 23** | $10351 | $19656 | $11778 |
| **Jul 23** | $11216 | $20375 | $12944 |
| **Aug 23** | $10412 | $19806 | $12016 |
| **Sep 23** | $10044 | $18987 | $11738 |
| **Oct 23** | $9424 | $18416 | $11073 |
| **Nov 23** | $10055 | $20116 | $11907 |
| **Dec 23** | $10169 | $21082 | $12250 |
| **Jan 24** | $9688 | $21206 | $11780 |
| **Feb 24** | $9528 | $22116 | $11483 |
| **Mar 24** | $10672 | $22810 | $12887 |
| **Apr 24** | $10711 | $22057 | $12998 |
| **May 24** | $11129 | $22953 | $13454 |
| **Jun 24** | $11275 | $23464 | $13680 |
| **Jul 24** | $11553 | $23843 | $14036 |
| **Aug 24** | $11780 | $24448 | $14344 |
| **Sep 24** | $12253 | $25016 | $14954 |
| **Oct 24** | $11924 | $24455 | $14547 |
| **Nov 24** | $11688 | $25369 | $14252 |
| **Dec 24** | $11263 | $24769 | $13766 |
| **Jan 25** | $12012 | $25600 | $14713 |
| **Feb 25** | $11909 | $25446 | $14550 |
| **Mar 25** | $12517 | $24441 | $15296 |
| **Apr 25** | $12792 | $24669 | $15661 |
| **May 25** | $13401 | $26087 | $16429 |
| **Jun 25** | $14289 | $27258 | $17519 |
| **Jul 25** | $14823 | $27628 | $18216 |
| **Aug 25** | $15851 | $28310 | $19443 |
| **Sep 25** | $17294 | $29336 | $21234 |
| **Oct 25** | $17297 | $29992 | $21257 |
| **Nov 25** | $17722 | $29989 | $21764 |
| **Dec 25** | $18978 | $30302 | $23342 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Africa Index ETF | 68.50% | 7.67% | 6.62% |
| MVIS<sup>®</sup> GDP Africa Index | 69.57% | 10.65% | 8.85% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$107,286,040

* Number of Portfolio Holdings71

* Portfolio Turnover Rate36%

* Advisory Fees Paid$308,288

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ia09d65d6ee0330044699b4ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Other Investments | 0.5% |
| Energy | 2.1% |
| Industrials | 3.2% |
| Consumer Staples | 3.3% |
| Consumer Discretionary | 7.4% |
| Communication Services | 12.6% |
| Financials | 32.6% |
| Materials | 38.1% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Attijariwafa Bank | 6.2% |
| Airtel Africa PLC | 4.9% |
| Endeavour Mining PLC | 4.8% |
| Naspers Ltd. | 4.5% |
| Anglo American PLC | 4.2% |
| Ivanhoe Mines Ltd. | 3.9% |
| Banque Centrale Populaire | 3.3% |
| Perseus Mining Ltd. | 3.3% |
| Gold Fields Ltd. | 3.2% |
| Guaranty Trust Holding Co. PLC | 3.0% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

The Fund's net expense ratio decreased to 0.76% for the year ended December 31, 2025 from 0.88% for the year ended December 31, 2024 primarily resulting from lower interest expense and an increase in average net assets.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Agribusiness ETF

## Ticker: MOO \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Agribusiness ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Agribusiness ETF | $60 | 0.56% |

---

### How did the Fund perform **last year?** 
* During the period, performance reflected improving global agribusiness fundamentals amid easing cost pressures and stabilizing supply-demand dynamics.

* The health care sector, which includes Bayer as a result its 2018 acquisition of Monsanto, rebounded from the prior-year's detraction and ended the period as the Fund's largest contributor. Materials, consumer staples, and industrials all contributed positively to performance. 

* From a country perspective, Germany was the largest contributor due to strong performance from select holdings, while the United States detracted modestly as a result of its higher portfolio weighting and lower relative returns.

* The leading individual contributors to performance were Bayer and Nutrien. 

* The leading detractors were Zoetis and FMC.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i660dd5ca5c6e515045549567.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Agribusiness Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9456 | $9397 | $9401 |
| **Feb 16** | $9598 | $9332 | $9577 |
| **Mar 16** | $10028 | $10024 | $10002 |
| **Apr 16** | $10445 | $10172 | $10464 |
| **May 16** | $10548 | $10185 | $10526 |
| **Jun 16** | $10307 | $10123 | $10250 |
| **Jul 16** | $10537 | $10559 | $10517 |
| **Aug 16** | $10971 | $10595 | $10938 |
| **Sep 16** | $10730 | $10660 | $10682 |
| **Oct 16** | $10610 | $10479 | $10583 |
| **Nov 16** | $10945 | $10558 | $10902 |
| **Dec 16** | $11274 | $10786 | $11251 |
| **Jan 17** | $11724 | $11081 | $11694 |
| **Feb 17** | $11808 | $11392 | $11778 |
| **Mar 17** | $11720 | $11532 | $11693 |
| **Apr 17** | $11974 | $11711 | $11957 |
| **May 17** | $12038 | $11970 | $12009 |
| **Jun 17** | $12091 | $12024 | $12041 |
| **Jul 17** | $12446 | $12360 | $12411 |
| **Aug 17** | $12367 | $12408 | $12327 |
| **Sep 17** | $12933 | $12647 | $12889 |
| **Oct 17** | $13208 | $12910 | $13161 |
| **Nov 17** | $13449 | $13160 | $13397 |
| **Dec 17** | $13719 | $13372 | $13695 |
| **Jan 18** | $14349 | $14127 | $14236 |
| **Feb 18** | $13897 | $13533 | $13819 |
| **Mar 18** | $13736 | $13244 | $13615 |
| **Apr 18** | $13794 | $13370 | $13714 |
| **May 18** | $13915 | $13387 | $13825 |
| **Jun 18** | $13841 | $13314 | $13758 |
| **Jul 18** | $14235 | $13716 | $14138 |
| **Aug 18** | $14447 | $13824 | $14354 |
| **Sep 18** | $14645 | $13884 | $14556 |
| **Oct 18** | $13703 | $12843 | $13622 |
| **Nov 18** | $13923 | $13031 | $13834 |
| **Dec 18** | $12929 | $12113 | $12861 |
| **Jan 19** | $13954 | $13070 | $13868 |
| **Feb 19** | $14045 | $13419 | $13972 |
| **Mar 19** | $14142 | $13588 | $14057 |
| **Apr 19** | $14591 | $14047 | $14504 |
| **May 19** | $13733 | $13214 | $13668 |
| **Jun 19** | $15132 | $14079 | $15043 |
| **Jul 19** | $15146 | $14120 | $15097 |
| **Aug 19** | $14933 | $13785 | $14862 |
| **Sep 19** | $14912 | $14075 | $14844 |
| **Oct 19** | $15113 | $14460 | $15062 |
| **Nov 19** | $14998 | $14813 | $14942 |
| **Dec 19** | $15734 | $15335 | $15690 |
| **Jan 20** | $14905 | $15166 | $14908 |
| **Feb 20** | $13770 | $13941 | $13687 |
| **Mar 20** | $11776 | $12059 | $11762 |
| **Apr 20** | $12774 | $13350 | $12739 |
| **May 20** | $13493 | $13931 | $13410 |
| **Jun 20** | $13818 | $14376 | $13741 |
| **Jul 20** | $14699 | $15137 | $14628 |
| **Aug 20** | $15586 | $16063 | $15531 |
| **Sep 20** | $15496 | $15545 | $15446 |
| **Oct 20** | $15222 | $15167 | $15171 |
| **Nov 20** | $17222 | $17037 | $17180 |
| **Dec 20** | $18051 | $17828 | $17996 |
| **Jan 21** | $18286 | $17747 | $18254 |
| **Feb 21** | $19649 | $18158 | $19599 |
| **Mar 21** | $20298 | $18643 | $20245 |
| **Apr 21** | $21164 | $19458 | $21128 |
| **May 21** | $21544 | $19761 | $21486 |
| **Jun 21** | $21132 | $20021 | $21092 |
| **Jul 21** | $21288 | $20159 | $21256 |
| **Aug 21** | $21535 | $20664 | $21515 |
| **Sep 21** | $21147 | $19810 | $21170 |
| **Oct 21** | $22127 | $20821 | $22120 |
| **Nov 21** | $21068 | $20320 | $21089 |
| **Dec 21** | $22383 | $21133 | $22407 |
| **Jan 22** | $21833 | $20095 | $21825 |
| **Feb 22** | $22538 | $19576 | $22567 |
| **Mar 22** | $24507 | $20000 | $24584 |
| **Apr 22** | $23128 | $18399 | $23221 |
| **May 22** | $23303 | $18420 | $23344 |
| **Jun 22** | $20318 | $16868 | $20336 |
| **Jul 22** | $21548 | $18046 | $21572 |
| **Aug 22** | $21301 | $17381 | $21366 |
| **Sep 22** | $18954 | $15717 | $19017 |
| **Oct 22** | $20854 | $16666 | $20914 |
| **Nov 22** | $21864 | $17958 | $21879 |
| **Dec 22** | $20604 | $17252 | $20695 |
| **Jan 23** | $22058 | $18488 | $22106 |
| **Feb 23** | $21291 | $17958 | $21375 |
| **Mar 23** | $20853 | $18512 | $20907 |
| **Apr 23** | $20493 | $18778 | $20543 |
| **May 23** | $18502 | $18577 | $18539 |
| **Jun 23** | $19570 | $19656 | $19600 |
| **Jul 23** | $20995 | $20375 | $21037 |
| **Aug 23** | $20045 | $19806 | $20100 |
| **Sep 23** | $18889 | $18987 | $18954 |
| **Oct 23** | $17395 | $18416 | $17431 |
| **Nov 23** | $17642 | $20116 | $17685 |
| **Dec 23** | $18835 | $21082 | $18903 |
| **Jan 24** | $17534 | $21206 | $17626 |
| **Feb 24** | $17937 | $22116 | $18006 |
| **Mar 24** | $18572 | $22810 | $18647 |
| **Apr 24** | $17672 | $22057 | $17771 |
| **May 24** | $17948 | $22953 | $17989 |
| **Jun 24** | $17339 | $23464 | $17401 |
| **Jul 24** | $17789 | $23843 | $17863 |
| **Aug 24** | $18201 | $24448 | $18260 |
| **Sep 24** | $18642 | $25016 | $18714 |
| **Oct 24** | $17623 | $24455 | $17713 |
| **Nov 24** | $17782 | $25369 | $17849 |
| **Dec 24** | $16530 | $24769 | $16616 |
| **Jan 25** | $17723 | $25600 | $17826 |
| **Feb 25** | $17412 | $25446 | $17483 |
| **Mar 25** | $17339 | $24441 | $17403 |
| **Apr 25** | $17603 | $24669 | $17672 |
| **May 25** | $18457 | $26087 | $18554 |
| **Jun 25** | $18754 | $27258 | $18840 |
| **Jul 25** | $18546 | $27628 | $18663 |
| **Aug 25** | $19076 | $28310 | $19178 |
| **Sep 25** | $18758 | $29336 | $18846 |
| **Oct 25** | $18217 | $29992 | $18317 |
| **Nov 25** | $18668 | $29989 | $18766 |
| **Dec 25** | $19014 | $30302 | $19134 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Agribusiness ETF | 15.03% | 1.04% | 6.64% |
| MVIS<sup>®</sup> Global Agribusiness Index | 15.15% | 1.23% | 6.70% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$574,540,696

* Number of Portfolio Holdings51

* Portfolio Turnover Rate17%

* Advisory Fees Paid$2,979,225

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ifbb85b48a0b5d1252c410bdf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Health Care | 18.6% |
| Industrials | 19.3% |
| Materials | 24.9% |
| Consumer Staples | 37.1% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Zoetis, Inc. | 8.4% |
| Deere & Co. | 7.8% |
| Bayer AG | 7.0% |
| Corteva, Inc. | 6.6% |
| Nutrien Ltd. | 6.1% |
| Archer-Daniels-Midland Co. | 5.3% |
| Tyson Foods, Inc. | 5.0% |
| CF Industries Holdings, Inc. | 3.8% |
| Mowi ASA | 3.7% |
| Kubota Corp. | 3.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck BDC Income ETF

## Ticker: BIZD \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck BDC Income ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck BDC Income ETF | $41 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |

---

### How did the Fund perform **last year?** 
* Business development company equities were pressured during the period as discounts to NAV widened amid changing rate expectations and a shift in sentiment following select idiosyncratic credit events in the direct lending market.

* Sixth Street Specialty Lending, Inc. was the top contributor to Fund performance during the period, while Blackstone Secured Lending Fund was the greatest detractor.

* The Fund utilized index-linked swaps to achieve its investment objective of replicating as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Business Development Companies Index.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i3b4681a7fd1d70dae73c1cf0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **MVIS<sup>®</sup> US Business Development Companies Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9649 | $9504 | $9412 |
| **Feb 16** | $9903 | $9491 | $9661 |
| **Mar 16** | $10737 | $10135 | $10469 |
| **Apr 16** | $10979 | $10174 | $10695 |
| **May 16** | $10832 | $10357 | $10541 |
| **Jun 16** | $11146 | $10384 | $10841 |
| **Jul 16** | $11791 | $10766 | $11465 |
| **Aug 16** | $12338 | $10782 | $11991 |
| **Sep 16** | $12153 | $10784 | $11811 |
| **Oct 16** | $11987 | $10587 | $11648 |
| **Nov 16** | $12476 | $10979 | $12116 |
| **Dec 16** | $12595 | $11196 | $12484 |
| **Jan 17** | $12957 | $11408 | $12570 |
| **Feb 17** | $13591 | $11861 | $13183 |
| **Mar 17** | $13705 | $11875 | $13301 |
| **Apr 17** | $13907 | $11997 | $13498 |
| **May 17** | $13065 | $12166 | $12683 |
| **Jun 17** | $13297 | $12242 | $12913 |
| **Jul 17** | $13393 | $12494 | $13010 |
| **Aug 17** | $12660 | $12532 | $12304 |
| **Sep 17** | $13201 | $12790 | $12839 |
| **Oct 17** | $12833 | $13089 | $12489 |
| **Nov 17** | $12984 | $13490 | $12634 |
| **Dec 17** | $12530 | $13640 | $12509 |
| **Jan 18** | $12687 | $14421 | $12353 |
| **Feb 18** | $12222 | $13890 | $11899 |
| **Mar 18** | $12586 | $13537 | $12255 |
| **Apr 18** | $12784 | $13589 | $12456 |
| **May 18** | $13276 | $13916 | $12933 |
| **Jun 18** | $13212 | $14002 | $12875 |
| **Jul 18** | $13840 | $14523 | $13485 |
| **Aug 18** | $14034 | $14996 | $13680 |
| **Sep 18** | $13840 | $15081 | $13490 |
| **Oct 18** | $13271 | $14050 | $12942 |
| **Nov 18** | $13345 | $14337 | $13011 |
| **Dec 18** | $11802 | $13042 | $11835 |
| **Jan 19** | $13637 | $14087 | $13302 |
| **Feb 19** | $14063 | $14540 | $13717 |
| **Mar 19** | $13927 | $14822 | $13588 |
| **Apr 19** | $14480 | $15422 | $14128 |
| **May 19** | $14007 | $14442 | $13669 |
| **Jun 19** | $14532 | $15460 | $14186 |
| **Jul 19** | $14695 | $15682 | $14352 |
| **Aug 19** | $14725 | $15434 | $14382 |
| **Sep 19** | $15073 | $15723 | $14723 |
| **Oct 19** | $14962 | $16063 | $14611 |
| **Nov 19** | $15458 | $16646 | $15101 |
| **Dec 19** | $15286 | $17149 | $15264 |
| **Jan 20** | $15712 | $17142 | $15355 |
| **Feb 20** | $14121 | $15731 | $13800 |
| **Mar 20** | $8747 | $13788 | $8482 |
| **Apr 20** | $10459 | $15555 | $10127 |
| **May 20** | $11742 | $16296 | $11350 |
| **Jun 20** | $11751 | $16620 | $11348 |
| **Jul 20** | $11731 | $17558 | $11315 |
| **Aug 20** | $12286 | $18820 | $11852 |
| **Sep 20** | $12222 | $18105 | $11792 |
| **Oct 20** | $11696 | $17623 | $11280 |
| **Nov 20** | $14214 | $19552 | $13704 |
| **Dec 20** | $14197 | $20304 | $14022 |
| **Jan 21** | $14861 | $20099 | $14341 |
| **Feb 21** | $16401 | $20653 | $15832 |
| **Mar 21** | $17132 | $21558 | $16546 |
| **Apr 21** | $18180 | $22708 | $17581 |
| **May 21** | $18507 | $22867 | $17900 |
| **Jun 21** | $18587 | $23401 | $17999 |
| **Jul 21** | $18710 | $23956 | $18124 |
| **Aug 21** | $18951 | $24685 | $18365 |
| **Sep 21** | $18952 | $23537 | $18370 |
| **Oct 21** | $19800 | $25186 | $19204 |
| **Nov 21** | $19302 | $25011 | $18727 |
| **Dec 21** | $19850 | $26132 | $19265 |
| **Jan 22** | $20272 | $24780 | $19681 |
| **Feb 22** | $20225 | $24038 | $19641 |
| **Mar 22** | $20582 | $24931 | $20007 |
| **Apr 22** | $19676 | $22757 | $19133 |
| **May 22** | $19002 | $22798 | $18481 |
| **Jun 22** | $17738 | $20916 | $17244 |
| **Jul 22** | $19178 | $22845 | $18668 |
| **Aug 22** | $19150 | $21913 | $18641 |
| **Sep 22** | $16343 | $19895 | $15888 |
| **Oct 22** | $18281 | $21506 | $17785 |
| **Nov 22** | $19146 | $22708 | $18625 |
| **Dec 22** | $18107 | $21399 | $17615 |
| **Jan 23** | $19598 | $22744 | $19064 |
| **Feb 23** | $19862 | $22189 | $19323 |
| **Mar 23** | $18965 | $23004 | $18457 |
| **Apr 23** | $19164 | $23363 | $18636 |
| **May 23** | $19352 | $23464 | $18814 |
| **Jun 23** | $20231 | $25015 | $19672 |
| **Jul 23** | $21370 | $25818 | $20784 |
| **Aug 23** | $21347 | $25407 | $20762 |
| **Sep 23** | $21685 | $24196 | $21097 |
| **Oct 23** | $20750 | $23687 | $20171 |
| **Nov 23** | $22072 | $25850 | $21456 |
| **Dec 23** | $22984 | $27025 | $22350 |
| **Jan 24** | $23344 | $27479 | $22702 |
| **Feb 24** | $23337 | $28946 | $22695 |
| **Mar 24** | $24240 | $29878 | $23570 |
| **Apr 24** | $24536 | $28657 | $23845 |
| **May 24** | $25528 | $30078 | $24809 |
| **Jun 24** | $25203 | $31157 | $24485 |
| **Jul 24** | $25247 | $31537 | $24533 |
| **Aug 24** | $24876 | $32302 | $24171 |
| **Sep 24** | $25046 | $32992 | $24337 |
| **Oct 24** | $25288 | $32692 | $24575 |
| **Nov 24** | $26357 | $34612 | $25615 |
| **Dec 24** | $26526 | $33786 | $25784 |
| **Jan 25** | $27940 | $34727 | $27173 |
| **Feb 25** | $28053 | $34274 | $27285 |
| **Mar 25** | $26873 | $32343 | $26140 |
| **Apr 25** | $25111 | $32124 | $24364 |
| **May 25** | $26521 | $34146 | $25744 |
| **Jun 25** | $26789 | $35882 | $26004 |
| **Jul 25** | $27301 | $36687 | $26512 |
| **Aug 25** | $27221 | $37431 | $26447 |
| **Sep 25** | $25206 | $38797 | $24514 |
| **Oct 25** | $24926 | $39706 | $24251 |
| **Nov 25** | $25355 | $39803 | $24677 |
| **Dec 25** | $25301 | $39827 | $24636 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck BDC Income ETF | (4.62)% | 12.25% | 9.73% |
| MVIS<sup>®</sup> US Business Development Companies Index | (4.45)% | 11.93% | 9.44% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

MVBDCTRG replaced the MVIS<sup>®</sup> US Business Development Companies Index (MVBIZDTG) effective June 19, 2023. Index history prior to June 19, 2023 reflects the performance of the MVIS<sup>®</sup> US Business Development Companies Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,606,047,024

* Number of Portfolio Holdings33

* Portfolio Turnover Rate28%

* Advisory Fees Paid$6,190,323

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ic557f636c5d9b382046a31b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 32.2% |
| Financials | 67.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on total return swap contracts of (0.4)% |

---

### Top Ten Holdings <sup>**Footnote Reference \***</sup> (% of Total Net Assets)

---

| | |
|:---|:---|
| Ares Capital Corp. | 15.5% |
| Blue Owl Capital Corp. | 9.1% |
| Blackstone Secured Lending Fund | 7.7% |
| Hercules Capital, Inc. | 3.3% |
| Main Street Capital Corp. | 3.2% |
| Golub Capital BDC, Inc. | 3.1% |
| FS KKR Capital Corp. | 3.1% |
| Sixth Street Specialty Lending, Inc. | 2.5% |
| Capital Southwest Corp. | 1.6% |
| Morgan Stanley Direct Lending Fund | 1.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Excludes short-term investments |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Brazil Small-Cap ETF

## Ticker: BRF \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Brazil Small-Cap ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Brazil Small-Cap ETF | $76 | 0.60% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return over the period as improving domestic economic activity, resilient export demand and broad equity market strength lifted valuations, despite headwinds from high interest rates and trade tensions.

* The Consumer Discretionary sector contributed the most to the Fund's performance during the period, followed by Utilities and Financials.

* The leading individual contributors to performance were Modec, Inc., Inter & Co., Inc. and Cyrela Brazil Realty SA Empreendimentos e Participacoes.

* There were no negative detractors to the Fund's performance during the period from a sector-level perspective.

* The leading individual detractors to performance were Brava Energia SA, Raizen SA and Sao Martinho S.A.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i033512f3ede19a6eda0903b0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Brazil Small-Cap Index** | **S&P 500 Index** |
| **Dec 15** | $10000 | $10000 | $10000 | $10000 |
| **Jan 16** | $9109 | $9397 | $9044 | $9504 |
| **Feb 16** | $9607 | $9332 | $9666 | $9491 |
| **Mar 16** | $11887 | $10024 | $12030 | $10135 |
| **Apr 16** | $13027 | $10172 | $12973 | $10174 |
| **May 16** | $12002 | $10185 | $12040 | $10357 |
| **Jun 16** | $14492 | $10123 | $14519 | $10384 |
| **Jul 16** | $16398 | $10559 | $16451 | $10766 |
| **Aug 16** | $16648 | $10595 | $16635 | $10782 |
| **Sep 16** | $16312 | $10660 | $16346 | $10784 |
| **Oct 16** | $17893 | $10479 | $18055 | $10587 |
| **Nov 16** | $15575 | $10558 | $15603 | $10979 |
| **Dec 16** | $16092 | $10786 | $16164 | $11196 |
| **Jan 17** | $18301 | $11081 | $18425 | $11408 |
| **Feb 17** | $20000 | $11392 | $20105 | $11861 |
| **Mar 17** | $19900 | $11532 | $19755 | $11875 |
| **Apr 17** | $20300 | $11711 | $20278 | $11997 |
| **May 17** | $19570 | $11970 | $19661 | $12166 |
| **Jun 17** | $19510 | $12024 | $19663 | $12242 |
| **Jul 17** | $22089 | $12360 | $22221 | $12494 |
| **Aug 17** | $23658 | $12408 | $23867 | $12532 |
| **Sep 17** | $24728 | $12647 | $24981 | $12790 |
| **Oct 17** | $23948 | $12910 | $24186 | $13089 |
| **Nov 17** | $23238 | $13160 | $23517 | $13490 |
| **Dec 17** | $24414 | $13372 | $24712 | $13640 |
| **Jan 18** | $26506 | $14127 | $26981 | $14421 |
| **Feb 18** | $25805 | $13533 | $26130 | $13890 |
| **Mar 18** | $25136 | $13244 | $25350 | $13537 |
| **Apr 18** | $23932 | $13370 | $24410 | $13589 |
| **May 18** | $20542 | $13387 | $20886 | $13916 |
| **Jun 18** | $18815 | $13314 | $19264 | $14002 |
| **Jul 18** | $20249 | $13716 | $20434 | $14523 |
| **Aug 18** | $18124 | $13824 | $18101 | $14996 |
| **Sep 18** | $17779 | $13884 | $18136 | $15081 |
| **Oct 18** | $21452 | $12843 | $21725 | $14050 |
| **Nov 18** | $21222 | $13031 | $21436 | $14337 |
| **Dec 18** | $21568 | $12113 | $21913 | $13042 |
| **Jan 19** | $24987 | $13070 | $25312 | $14087 |
| **Feb 19** | $24448 | $13419 | $24808 | $14540 |
| **Mar 19** | $23123 | $13588 | $23592 | $14822 |
| **Apr 19** | $23802 | $14047 | $24052 | $15422 |
| **May 19** | $23500 | $13214 | $23940 | $14442 |
| **Jun 19** | $25794 | $14079 | $26271 | $15460 |
| **Jul 19** | $26875 | $14120 | $27674 | $15682 |
| **Aug 19** | $25066 | $13785 | $25578 | $15434 |
| **Sep 19** | $25095 | $14075 | $25552 | $15723 |
| **Oct 19** | $26252 | $14460 | $26779 | $16063 |
| **Nov 19** | $25950 | $14813 | $26561 | $16646 |
| **Dec 19** | $30370 | $15335 | $30990 | $17149 |
| **Jan 20** | $28954 | $15166 | $29710 | $17142 |
| **Feb 20** | $25599 | $13941 | $26021 | $15731 |
| **Mar 20** | $14537 | $12059 | $14968 | $13788 |
| **Apr 20** | $15928 | $13350 | $16445 | $15555 |
| **May 20** | $16810 | $13931 | $17031 | $16296 |
| **Jun 20** | $18453 | $14376 | $18818 | $16620 |
| **Jul 20** | $20445 | $15137 | $21036 | $17558 |
| **Aug 20** | $19612 | $16063 | $20154 | $18820 |
| **Sep 20** | $18406 | $15545 | $18892 | $18105 |
| **Oct 20** | $17597 | $15167 | $18058 | $17623 |
| **Nov 20** | $21795 | $17037 | $22369 | $19552 |
| **Dec 20** | $24067 | $17828 | $24759 | $20304 |
| **Jan 21** | $22189 | $17747 | $22940 | $20099 |
| **Feb 21** | $21182 | $18158 | $21949 | $20653 |
| **Mar 21** | $22050 | $18643 | $22707 | $21558 |
| **Apr 21** | $23854 | $19458 | $24650 | $22708 |
| **May 21** | $26278 | $19761 | $27066 | $22867 |
| **Jun 21** | $27757 | $20021 | $28468 | $23401 |
| **Jul 21** | $25221 | $20159 | $26313 | $23956 |
| **Aug 21** | $24298 | $20664 | $25325 | $24685 |
| **Sep 21** | $21521 | $19810 | $22282 | $23537 |
| **Oct 21** | $18432 | $20821 | $19126 | $25186 |
| **Nov 21** | $17970 | $20320 | $18555 | $25011 |
| **Dec 21** | $18922 | $21133 | $19691 | $26132 |
| **Jan 22** | $20479 | $20095 | $21259 | $24780 |
| **Feb 22** | $19892 | $19576 | $20743 | $24038 |
| **Mar 22** | $23226 | $20000 | $24051 | $24931 |
| **Apr 22** | $20513 | $18399 | $21200 | $22757 |
| **May 22** | $20928 | $18420 | $21719 | $22798 |
| **Jun 22** | $16179 | $16868 | $16768 | $20916 |
| **Jul 22** | $17137 | $18046 | $17685 | $22845 |
| **Aug 22** | $18571 | $17381 | $19335 | $21913 |
| **Sep 22** | $17690 | $15717 | $18318 | $19895 |
| **Oct 22** | $19405 | $16666 | $19878 | $21506 |
| **Nov 22** | $17217 | $17958 | $17661 | $22708 |
| **Dec 22** | $16404 | $17252 | $17114 | $21399 |
| **Jan 23** | $17827 | $18488 | $18544 | $22744 |
| **Feb 23** | $15875 | $17958 | $16618 | $22189 |
| **Mar 23** | $16047 | $18512 | $16750 | $23004 |
| **Apr 23** | $16795 | $18778 | $17490 | $23363 |
| **May 23** | $18914 | $18577 | $19605 | $23464 |
| **Jun 23** | $21872 | $19656 | $22729 | $25015 |
| **Jul 23** | $23003 | $20375 | $23944 | $25818 |
| **Aug 23** | $20641 | $19806 | $21601 | $25407 |
| **Sep 23** | $19800 | $18987 | $20828 | $24196 |
| **Oct 23** | $17885 | $18416 | $18746 | $23687 |
| **Nov 23** | $20438 | $20116 | $21422 | $25850 |
| **Dec 23** | $22332 | $21082 | $23525 | $27025 |
| **Jan 24** | $20717 | $21206 | $21875 | $27479 |
| **Feb 24** | $20860 | $22116 | $21979 | $28946 |
| **Mar 24** | $21254 | $22810 | $22436 | $29878 |
| **Apr 24** | $18972 | $22057 | $20049 | $28657 |
| **May 24** | $18361 | $22953 | $19354 | $30078 |
| **Jun 24** | $17424 | $23464 | $18505 | $31157 |
| **Jul 24** | $17662 | $23843 | $18679 | $31537 |
| **Aug 24** | $18584 | $24448 | $19594 | $32302 |
| **Sep 24** | $18832 | $25016 | $19948 | $32992 |
| **Oct 24** | $17444 | $24455 | $18474 | $32692 |
| **Nov 24** | $16173 | $25369 | $17144 | $34612 |
| **Dec 24** | $14574 | $24769 | $15442 | $33786 |
| **Jan 25** | $16158 | $25600 | $17140 | $34727 |
| **Feb 25** | $15486 | $25446 | $16447 | $34274 |
| **Mar 25** | $16774 | $24441 | $17722 | $32343 |
| **Apr 25** | $17943 | $24669 | $19047 | $32124 |
| **May 25** | $19003 | $26087 | $20109 | $34146 |
| **Jun 25** | $20266 | $27258 | $21438 | $35882 |
| **Jul 25** | $18684 | $27628 | $19860 | $36687 |
| **Aug 25** | $20673 | $28310 | $21974 | $37431 |
| **Sep 25** | $21449 | $29336 | $22806 | $38797 |
| **Oct 25** | $21551 | $29992 | $22896 | $39706 |
| **Nov 25** | $23148 | $29989 | $24597 | $39803 |
| **Dec 25** | $22419 | $30302 | $23933 | $39827 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Brazil Small-Cap ETF | 53.82% | (1.41)% | 8.41% |
| MVIS<sup>®</sup> Brazil Small-Cap Index | 54.99% | (0.68)% | 9.12% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$21,798,792

* Number of Portfolio Holdings93

* Portfolio Turnover Rate43%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if1ed5d30f341a2aaf7c95fe3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.6% |
| Information Technology | 3.5% |
| Health Care | 4.5% |
| Energy | 4.6% |
| Real Estate | 5.1% |
| Financials | 6.6% |
| Consumer Staples | 8.3% |
| Industrials | 11.1% |
| Utilities | 12.5% |
| Materials | 12.6% |
| Consumer Discretionary | 30.6% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| ERO Copper Corp. | 5.1% |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3.8% |
| Cia de Saneamento de Minas Gerais Copasa MG | 3.7% |
| Alupar Investimento SA | 3.5% |
| Cia De Sanena Do Parana | 3.1% |
| Iguatemi SA | 2.8% |
| Cogna Educacao SA | 2.7% |
| Brava Energia SA | 2.5% |
| Cury Construtora e Incorporadora SA | 2.3% |
| Fleury SA | 2.2% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck China Bond ETF

## Ticker: CBON \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck China Bond ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck China Bond ETF | $52 | 0.50% |

---

### How did the Fund perform **last year?** 
* The Fund had a positive return over the period, benefiting primarily from Chinese Renminbi appreciation as the central bank allowed for larger adjustments through the year.

* Policy banks, sovereign, and corporate bonds all contributed positively to returns over the period.

* Currency appreciation contributed the most to performance during the period, while movements in local interest rates detracted from performance slightly.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i4a6624c749fcdb9ed8fbcb77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **ICE BofA Global Broad Market Plus Index** | **FTSE Chinese Broad Bond 0-10 Years Diversified Select Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9906 | $10097 | $9977 |
| **Feb 16** | $9949 | $10314 | $10073 |
| **Mar 16** | $10151 | $10578 | $10275 |
| **Apr 16** | $10029 | $10713 | $10135 |
| **May 16** | $9920 | $10581 | $10040 |
| **Jun 16** | $9870 | $10889 | $9994 |
| **Jul 16** | $9984 | $10972 | $10141 |
| **Aug 16** | $9923 | $10922 | $10103 |
| **Sep 16** | $9997 | $10975 | $10182 |
| **Oct 16** | $9855 | $10685 | $10058 |
| **Nov 16** | $9567 | $10268 | $9766 |
| **Dec 16** | $9357 | $10225 | $9533 |
| **Jan 17** | $9562 | $10336 | $9700 |
| **Feb 17** | $9485 | $10389 | $9668 |
| **Mar 17** | $9441 | $10402 | $9650 |
| **Apr 17** | $9428 | $10518 | $9561 |
| **May 17** | $9615 | $10673 | $9716 |
| **Jun 17** | $9678 | $10664 | $9813 |
| **Jul 17** | $9768 | $10838 | $9901 |
| **Aug 17** | $9945 | $10947 | $10081 |
| **Sep 17** | $9902 | $10851 | $10063 |
| **Oct 17** | $9895 | $10808 | $10037 |
| **Nov 17** | $9866 | $10921 | $10016 |
| **Dec 17** | $10004 | $10961 | $10195 |
| **Jan 18** | $10411 | $11082 | $10584 |
| **Feb 18** | $10434 | $10984 | $10617 |
| **Mar 18** | $10575 | $11101 | $10822 |
| **Apr 18** | $10648 | $10929 | $10883 |
| **May 18** | $10481 | $10845 | $10756 |
| **Jun 18** | $10193 | $10797 | $10474 |
| **Jul 18** | $10039 | $10780 | $10327 |
| **Aug 18** | $10023 | $10784 | $10303 |
| **Sep 18** | $9981 | $10695 | $10263 |
| **Oct 18** | $9907 | $10583 | $10217 |
| **Nov 18** | $9999 | $10622 | $10358 |
| **Dec 18** | $10130 | $10836 | $10561 |
| **Jan 19** | $10465 | $11001 | $10907 |
| **Feb 19** | $10497 | $10940 | $10938 |
| **Mar 19** | $10505 | $11079 | $10941 |
| **Apr 19** | $10438 | $11048 | $10829 |
| **May 19** | $10210 | $11204 | $10614 |
| **Jun 19** | $10350 | $11451 | $10773 |
| **Jul 19** | $10369 | $11425 | $10815 |
| **Aug 19** | $10031 | $11671 | $10482 |
| **Sep 19** | $10071 | $11548 | $10517 |
| **Oct 19** | $10201 | $11624 | $10636 |
| **Nov 19** | $10284 | $11532 | $10749 |
| **Dec 19** | $10402 | $11591 | $10893 |
| **Jan 20** | $10428 | $11746 | $11042 |
| **Feb 20** | $10531 | $11833 | $11106 |
| **Mar 20** | $10454 | $11576 | $11039 |
| **Apr 20** | $10621 | $11792 | $11244 |
| **May 20** | $10391 | $11857 | $10966 |
| **Jun 20** | $10496 | $11963 | $11027 |
| **Jul 20** | $10613 | $12344 | $11119 |
| **Aug 20** | $10808 | $12304 | $11317 |
| **Sep 20** | $10922 | $12263 | $11422 |
| **Oct 20** | $11130 | $12251 | $11636 |
| **Nov 20** | $11322 | $12463 | $11843 |
| **Dec 20** | $11560 | $12617 | $12083 |
| **Jan 21** | $11650 | $12483 | $12204 |
| **Feb 21** | $11561 | $12235 | $12144 |
| **Mar 21** | $11524 | $12004 | $12070 |
| **Apr 21** | $11742 | $12153 | $12313 |
| **May 21** | $11976 | $12249 | $12575 |
| **Jun 21** | $11826 | $12169 | $12421 |
| **Jul 21** | $11933 | $12323 | $12566 |
| **Aug 21** | $11994 | $12272 | $12630 |
| **Sep 21** | $11996 | $12036 | $12630 |
| **Oct 21** | $12099 | $12003 | $12733 |
| **Nov 21** | $12211 | $11966 | $12892 |
| **Dec 21** | $12292 | $11937 | $12988 |
| **Jan 22** | $12328 | $11675 | $13078 |
| **Feb 22** | $12433 | $11530 | $13152 |
| **Mar 22** | $12356 | $11173 | $13080 |
| **Apr 22** | $11862 | $10564 | $12568 |
| **May 22** | $11866 | $10593 | $12574 |
| **Jun 22** | $11821 | $10256 | $12526 |
| **Jul 22** | $11810 | $10486 | $12527 |
| **Aug 22** | $11626 | $10067 | $12355 |
| **Sep 22** | $11233 | $9531 | $11945 |
| **Oct 22** | $10960 | $9461 | $11688 |
| **Nov 22** | $11283 | $9907 | $11976 |
| **Dec 22** | $11554 | $9949 | $12271 |
| **Jan 23** | $11858 | $10265 | $12592 |
| **Feb 23** | $11553 | $9932 | $12288 |
| **Mar 23** | $11740 | $10245 | $12516 |
| **Apr 23** | $11768 | $10297 | $12480 |
| **May 23** | $11455 | $10102 | $12206 |
| **Jun 23** | $11295 | $10104 | $12001 |
| **Jul 23** | $11540 | $10161 | $12267 |
| **Aug 23** | $11359 | $10029 | $12117 |
| **Sep 23** | $11318 | $9730 | $12045 |
| **Oct 23** | $11248 | $9607 | $11998 |
| **Nov 23** | $11572 | $10088 | $12355 |
| **Dec 23** | $11664 | $10509 | $12504 |
| **Jan 24** | $11642 | $10376 | $12519 |
| **Feb 24** | $11646 | $10238 | $12563 |
| **Mar 24** | $11576 | $10295 | $12497 |
| **Apr 24** | $11631 | $10029 | $12560 |
| **May 24** | $11646 | $10165 | $12603 |
| **Jun 24** | $11648 | $10185 | $12609 |
| **Jul 24** | $11813 | $10469 | $12797 |
| **Aug 24** | $12041 | $10712 | $13050 |
| **Sep 24** | $12178 | $10893 | $13224 |
| **Oct 24** | $12006 | $10526 | $13017 |
| **Nov 24** | $11847 | $10571 | $12865 |
| **Dec 24** | $11838 | $10335 | $12839 |
| **Jan 25** | $11921 | $10397 | $12931 |
| **Feb 25** | $11857 | $10558 | $12875 |
| **Mar 25** | $11926 | $10622 | $12935 |
| **Apr 25** | $11977 | $10926 | $12994 |
| **May 25** | $12104 | $10875 | $13143 |
| **Jun 25** | $12201 | $11082 | $13253 |
| **Jul 25** | $12108 | $10919 | $13164 |
| **Aug 25** | $12250 | $11078 | $13320 |
| **Sep 25** | $12236 | $11154 | $13299 |
| **Oct 25** | $12292 | $11129 | $13375 |
| **Nov 25** | $12372 | $11156 | $13485 |
| **Dec 25** | $12553 | $11167 | $13669 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck China Bond ETF | 6.04% | 1.66% | 2.30% |
| FTSE Chinese Broad Bond 0-10 Years Diversified Select Index | 6.46% | 2.50% | 3.17% |
| ICE BofA Global Broad Market Plus Index | 8.05% | (2.41)% | 1.11% |

---

FTSE Chinese Broad Bond 0-10 Years Diversified Select Index replaced the ChinaBond China High Quality Bond Index effective May 31, 2024. Index history prior to May 31, 2024 reflects the performance of the ChinaBond China High Quality Bond Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

Effective May 31, 2024, the index that the Fund seeks to track changed from the ChinaBond China High Quality Bond Index to the FTSE Chinese Broad Bond 0 – 10 Diversified Select Index.

### Key Fund Statistics
* Total Net Assets$18,344,486

* Number of Portfolio Holdings29

* Portfolio Turnover Rate48%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id3e1f1631c192cd6406f6fdd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.0% |
| Energy | 12.0% |
| Utilities | 14.0% |
| Government | 25.3% |
| Financials | 46.7% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| China Petrochemical Corp., 2.00%, 8/9/2029 | 7.8% |
| Agricultural Development Bank of China, 2.96%, 4/17/2030 | 6.6% |
| China Government Bond, 2.67%, 11/25/2033 | 5.8% |
| China Government Bond, 1.62%, 8/15/2027 | 5.6% |
| China Everbright Bank Co. Ltd., 2.72%, 9/25/2026 | 4.6% |
| Bank of Communications Co. Ltd., 2.70%, 9/26/2026 | 4.6% |
| State Grid Corp. of China, 2.88%, 8/30/2027 | 4.4% |
| China Petroleum & Chemical Corp., 3.20%, 7/27/2026 | 4.1% |
| China Development Bank, 3.45%, 9/20/2029 | 4.0% |
| China Development Bank, 3.48%, 1/8/2029 | 3.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck ChiNext ETF

## Ticker: CNXT \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck ChiNext ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck ChiNext ETF | $84 | 0.65% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return over the period, supported by a sharp rebound in Chinese technology and innovation-oriented companies as policy support improved, valuations recovered from depressed levels and investor sentiment strengthened.

* The Information Technology sector contributed the most to the Fund's performance during the period, followed by Industrials and Materials.

* The leading individual contributors to performance were Zhongji Innolight Co., Ltd., Eoptolink Technology Inc., Ltd. and Contemporary Amperex Technology Co., Ltd.

* The Healthcare sector detracted the most from the Fund's performance during the period, followed by Consumer Discretionary.

* The leading individual detractors from performance were Shenzhen Mindray Bio-Medical Electronics Co., Ltd., East Money Information Co., Ltd and Chongqing Zhifei Biological Products Co., Ltd.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i6aa06a120d14067ca86cdcbf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **ChiNext Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $7175 | $9397 | $7524 |
| **Feb 16** | $6715 | $9332 | $7170 |
| **Mar 16** | $8170 | $10024 | $8424 |
| **Apr 16** | $7856 | $10172 | $8195 |
| **May 16** | $7832 | $10185 | $8141 |
| **Jun 16** | $8115 | $10123 | $8263 |
| **Jul 16** | $7904 | $10559 | $8044 |
| **Aug 16** | $8071 | $10595 | $8260 |
| **Sep 16** | $7851 | $10660 | $8012 |
| **Oct 16** | $7779 | $10479 | $8032 |
| **Nov 16** | $7714 | $10558 | $8008 |
| **Dec 16** | $6996 | $10786 | $7277 |
| **Jan 17** | $6981 | $11081 | $7271 |
| **Feb 17** | $7209 | $11392 | $7495 |
| **Mar 17** | $7223 | $11532 | $7505 |
| **Apr 17** | $7080 | $11711 | $7388 |
| **May 17** | $7053 | $11970 | $7347 |
| **Jun 17** | $7511 | $12024 | $7830 |
| **Jul 17** | $7520 | $12360 | $7852 |
| **Aug 17** | $8103 | $12408 | $8421 |
| **Sep 17** | $8201 | $12647 | $8526 |
| **Oct 17** | $8524 | $12910 | $8888 |
| **Nov 17** | $8237 | $13160 | $8626 |
| **Dec 17** | $8350 | $13372 | $8758 |
| **Jan 18** | $8475 | $14127 | $8993 |
| **Feb 18** | $8362 | $13533 | $8974 |
| **Mar 18** | $8473 | $13244 | $9171 |
| **Apr 18** | $7926 | $13370 | $8485 |
| **May 18** | $7940 | $13387 | $8543 |
| **Jun 18** | $7023 | $13314 | $7578 |
| **Jul 18** | $6754 | $13716 | $7237 |
| **Aug 18** | $6169 | $13824 | $6631 |
| **Sep 18** | $6039 | $13884 | $6514 |
| **Oct 18** | $5233 | $12843 | $5639 |
| **Nov 18** | $5398 | $13031 | $5817 |
| **Dec 18** | $5033 | $12113 | $5443 |
| **Jan 19** | $5276 | $13070 | $5687 |
| **Feb 19** | $6457 | $13419 | $7018 |
| **Mar 19** | $6990 | $13588 | $7603 |
| **Apr 19** | $6649 | $14047 | $7219 |
| **May 19** | $5902 | $13214 | $6447 |
| **Jun 19** | $6205 | $14079 | $6754 |
| **Jul 19** | $6360 | $14120 | $6984 |
| **Aug 19** | $6267 | $13785 | $6842 |
| **Sep 19** | $6338 | $14075 | $6925 |
| **Oct 19** | $6651 | $14460 | $7294 |
| **Nov 19** | $6601 | $14813 | $7213 |
| **Dec 19** | $7188 | $15335 | $7848 |
| **Jan 20** | $7339 | $15166 | $8323 |
| **Feb 20** | $7744 | $13941 | $8635 |
| **Mar 20** | $6760 | $12059 | $7754 |
| **Apr 20** | $7408 | $13350 | $8554 |
| **May 20** | $7337 | $13931 | $8328 |
| **Jun 20** | $8684 | $14376 | $9867 |
| **Jul 20** | $10164 | $15137 | $11585 |
| **Aug 20** | $10257 | $16063 | $11706 |
| **Sep 20** | $9884 | $15545 | $11186 |
| **Oct 20** | $10446 | $15167 | $11922 |
| **Nov 20** | $10586 | $17037 | $12113 |
| **Dec 20** | $11804 | $17828 | $13476 |
| **Jan 21** | $12358 | $17747 | $14269 |
| **Feb 21** | $11837 | $18158 | $13643 |
| **Mar 21** | $10790 | $18643 | $12407 |
| **Apr 21** | $11780 | $19458 | $13703 |
| **May 21** | $12483 | $19761 | $14678 |
| **Jun 21** | $13114 | $20021 | $15201 |
| **Jul 21** | $12692 | $20159 | $14648 |
| **Aug 21** | $12216 | $20664 | $14090 |
| **Sep 21** | $12244 | $19810 | $14194 |
| **Oct 21** | $12899 | $20821 | $14915 |
| **Nov 21** | $13104 | $20320 | $15112 |
| **Dec 21** | $12773 | $21133 | $14705 |
| **Jan 22** | $11348 | $20095 | $12887 |
| **Feb 22** | $11247 | $19576 | $12869 |
| **Mar 22** | $10175 | $20000 | $11809 |
| **Apr 22** | $8431 | $18399 | $9872 |
| **May 22** | $8770 | $18420 | $10194 |
| **Jun 22** | $10278 | $16868 | $11879 |
| **Jul 22** | $9694 | $18046 | $11214 |
| **Aug 22** | $9051 | $17381 | $10548 |
| **Sep 22** | $7798 | $15717 | $9144 |
| **Oct 22** | $7526 | $16666 | $8795 |
| **Nov 22** | $8165 | $17958 | $9290 |
| **Dec 22** | $8240 | $17252 | $9545 |
| **Jan 23** | $9347 | $18488 | $10821 |
| **Feb 23** | $8478 | $17958 | $9894 |
| **Mar 23** | $8479 | $18512 | $9905 |
| **Apr 23** | $8184 | $18778 | $9524 |
| **May 23** | $7500 | $18577 | $8768 |
| **Jun 23** | $7468 | $19656 | $8698 |
| **Jul 23** | $7678 | $20375 | $8926 |
| **Aug 23** | $7068 | $19806 | $8219 |
| **Sep 23** | $6747 | $18987 | $7825 |
| **Oct 23** | $6553 | $18416 | $7660 |
| **Nov 23** | $6567 | $20116 | $7700 |
| **Dec 23** | $6484 | $21082 | $7615 |
| **Jan 24** | $5363 | $21206 | $6250 |
| **Feb 24** | $6116 | $22116 | $7159 |
| **Mar 24** | $6073 | $22810 | $7158 |
| **Apr 24** | $6254 | $22057 | $7354 |
| **May 24** | $6097 | $22953 | $7163 |
| **Jun 24** | $5659 | $23464 | $6662 |
| **Jul 24** | $5753 | $23843 | $6748 |
| **Aug 24** | $5479 | $24448 | $6447 |
| **Sep 24** | $7567 | $25016 | $8995 |
| **Oct 24** | $7629 | $24455 | $8785 |
| **Nov 24** | $7777 | $25369 | $8901 |
| **Dec 24** | $7330 | $24769 | $8470 |
| **Jan 25** | $7164 | $25600 | $8228 |
| **Feb 25** | $7536 | $25446 | $8626 |
| **Mar 25** | $7315 | $24441 | $8408 |
| **Apr 25** | $6785 | $24669 | $7810 |
| **May 25** | $6971 | $26087 | $8098 |
| **Jun 25** | $7620 | $27258 | $8805 |
| **Jul 25** | $8141 | $27628 | $9474 |
| **Aug 25** | $10274 | $28310 | $11879 |
| **Sep 25** | $11585 | $29336 | $13317 |
| **Oct 25** | $11362 | $29992 | $13142 |
| **Nov 25** | $11033 | $29989 | $12664 |
| **Dec 25** | $11650 | $30302 | $13459 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck ChiNext ETF | 58.93% | (0.26)% | 1.54% |
| ChiNext Index | 58.91% | (0.03)% | 3.02% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

ChiNext Index replaced the SME-ChiNext Index effective December 10, 2021. Index history prior to December 10, 2021 reflects the performance of the SME-ChiNext Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$52,882,300

* Number of Portfolio Holdings98

* Portfolio Turnover Rate48%

* Advisory Fees Paid$50,778

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1b8535bb604139e5ee45d596.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Consumer Discretionary | 1.2% |
| Communication Services | 2.2% |
| Consumer Staples | 3.0% |
| Materials | 3.4% |
| Financials | 7.9% |
| Health Care | 8.8% |
| Industrials | 33.0% |
| Information Technology | 40.4% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Contemporary Amperex Technology Co. Ltd. | 18.1% |
| Zhongji Innolight Co. Ltd. | 10.0% |
| Eoptolink Technology, Inc. Ltd. | 7.3% |
| East Money Information Co. Ltd. | 5.7% |
| Sungrow Power Supply Co. Ltd. | 4.9% |
| Victory Giant Technology Huizhou Co. Ltd. | 3.3% |
| Shenzhen Inovance Technology Co. Ltd. | 2.8% |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 2.2% |
| Wens Foodstuff Group Co. Ltd. | 1.8% |
| Suzhou TFC Optical Communication Co. Ltd. | 1.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck CLO ETF

## Ticker: CLOI \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck CLO ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck CLO ETF | $40 | 0.39% |

---

### How did the Fund perform **last year?** 
* Strong collateralized loan obligation total returns were driven by high interest rates, even as the Federal Reserve restarted its easing cycle in September, and benefited from spread tightening.

* The Fund outperformed its benchmark, the J.P. Morgan CLO Index, over the period.

* AAA, single-A and BB rated CLOs contributed positively to returns relative to the benchmark, while AA and BBB rated CLOs detracted from relative performance.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (6/21/2022).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ia00372fc4037788b11838c72.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ICE BofA US Broad Market Index** | **J.P. Morgan CLO IG Index** | **J.P. Morgan Collateralized Loan Obligation Index** |
| **Jun 22** | $10000 | $10000 | $10000 | $10000 |
| **Jun 22** | $10008 | $10186 | $9982 | $9978 |
| **Jul 22** | $10072 | $10422 | $10036 | $10035 |
| **Aug 22** | $10171 | $10139 | $10116 | $10126 |
| **Sep 22** | $10010 | $9692 | $9983 | $9967 |
| **Oct 22** | $10024 | $9559 | $10016 | $10000 |
| **Nov 22** | $10218 | $9906 | $10191 | $10186 |
| **Dec 22** | $10326 | $9864 | $10271 | $10269 |
| **Jan 23** | $10500 | $10161 | $10425 | $10436 |
| **Feb 23** | $10588 | $9906 | $10488 | $10496 |
| **Mar 23** | $10579 | $10157 | $10466 | $10472 |
| **Apr 23** | $10662 | $10222 | $10559 | $10571 |
| **May 23** | $10703 | $10110 | $10611 | $10621 |
| **Jun 23** | $10798 | $10074 | $10709 | $10726 |
| **Jul 23** | $10919 | $10065 | $10871 | $10901 |
| **Aug 23** | $10990 | $10003 | $10950 | $10988 |
| **Sep 23** | $11066 | $9754 | $11016 | $11054 |
| **Oct 23** | $11103 | $9603 | $11054 | $11090 |
| **Nov 23** | $11203 | $10024 | $11175 | $11229 |
| **Dec 23** | $11293 | $10396 | $11287 | $11352 |
| **Jan 24** | $11381 | $10384 | $11382 | $11459 |
| **Feb 24** | $11449 | $10241 | $11451 | $11531 |
| **Mar 24** | $11550 | $10328 | $11523 | $11614 |
| **Apr 24** | $11621 | $10078 | $11601 | $11697 |
| **May 24** | $11728 | $10249 | $11690 | $11797 |
| **Jun 24** | $11786 | $10347 | $11745 | $11855 |
| **Jul 24** | $11857 | $10587 | $11819 | $11933 |
| **Aug 24** | $11930 | $10737 | $11880 | $11991 |
| **Sep 24** | $12001 | $10882 | $11955 | $12073 |
| **Oct 24** | $12068 | $10616 | $12026 | $12152 |
| **Nov 24** | $12146 | $10722 | $12093 | $12225 |
| **Dec 24** | $12212 | $10549 | $12158 | $12294 |
| **Jan 25** | $12306 | $10610 | $12236 | $12378 |
| **Feb 25** | $12346 | $10840 | $12274 | $12420 |
| **Mar 25** | $12356 | $10843 | $12290 | $12426 |
| **Apr 25** | $12366 | $10883 | $12321 | $12455 |
| **May 25** | $12491 | $10805 | $12429 | $12577 |
| **Jun 25** | $12550 | $10970 | $12499 | $12650 |
| **Jul 25** | $12621 | $10947 | $12562 | $12720 |
| **Aug 25** | $12688 | $11076 | $12624 | $12785 |
| **Sep 25** | $12749 | $11196 | $12688 | $12853 |
| **Oct 25** | $12802 | $11267 | $12736 | $12900 |
| **Nov 25** | $12801 | $11336 | $12788 | $12949 |
| **Dec 25** | $12916 | $11303 | $12851 | $13016 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck CLO ETF | 5.76% | 7.52% |
| J.P. Morgan CLO IG Index | 5.70% | 7.37% |
| ICE BofA US Broad Market Index | 7.15% | 3.53% |
| J.P. Morgan Collateralized Loan Obligation Index | 5.87% | 7.75% |

---

\* Inception of Fund: 06/21/2022.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,324,486,229

* Number of Portfolio Holdings160

* Portfolio Turnover Rate39%

* Advisory Fees Paid$4,178,564

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i0e24b7af5941990b4a4d50d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.4% |
| Government | 6.6% |
| Collateralized Loan Obligations | 92.0% |

---

### Top Ten Holdings <sup>**Footnote Reference \***</sup> (% of Total Net Assets)

---

| | |
|:---|:---|
| Signal Peak CLO 4 Ltd., 5.81%, 10/26/2034 | 2.8% |
| Regatta VI Funding Ltd., 5.21%, 10/20/2038 | 2.8% |
| Neuberger Berman Loan Advisers CLO 38 Ltd., 5.28%, 10/20/2036 | 2.0% |
| Trinitas CLO XIX Ltd., 4.99%, 10/20/2033 | 2.0% |
| Octagon 64 Ltd., 5.57%, 7/21/2037 | 1.9% |
| Neuberger Berman Loan Advisers CLO 42 Ltd., 5.29%, 7/16/2036 | 1.7% |
| Sagard-Halseypoint CLO 10 Ltd., 5.63%, 10/20/2038 | 1.7% |
| KKR CLO 36 Ltd., 5.92%, 10/15/2034 | 1.7% |
| RR 20 Ltd., 5.45%, 7/15/2037 | 1.7% |
| Silver Rock CLO II Ltd., 5.48%, 1/20/2035 | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Excludes short-term investments |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective September 8, 2025, the Fund's contractual management fee rate was reduced from 0.40% to 0.36%.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck CMCI Commodity Strategy ETF

## Ticker: CMCI \| Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck CMCI Commodity Strategy ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck CMCI Commodity Strategy ETF | $70 | 0.67% |

---

### How did the Fund perform **last year?** 
* The Fund utilized commodity index-linked swaps as an effective means of gaining exposure to the UBS Constant Maturity Commodity Total Return Index.

* Commodities showed mixed performance with metals standing out on the upside and some energy and agricultural commodities lagging. Inflationary pressures, demand, and geopolitical risks supported prices, while weaker-than-expected economic conditions in China and softer global growth expectations weighed on certain commodity markets at points during the period.

* Industrial metals and precious metals were the Fund's largest contributors, particularly copper and aluminum, while gold and silver also contributed meaningfully.

* Energy and agricultural commodities were the Fund's largest detractors, as declining oil prices and weakness in key crops reflected ample global supply and favorable growing conditions.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/21/2023).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](iaf647907776989a951bd8d9e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** | **UBS CM Commodity Index** |
| **Aug 23** | $10000 | $10000 | $10000 | $10000 |
| **Aug 23** | $10167 | $10252 | $10185 | $10173 |
| **Sep 23** | $10195 | $9763 | $10114 | $10208 |
| **Oct 23** | $10107 | $9558 | $10141 | $10129 |
| **Nov 23** | $9998 | $10430 | $9913 | $10029 |
| **Dec 23** | $9768 | $10904 | $9646 | $9803 |
| **Jan 24** | $9920 | $11087 | $9684 | $9966 |
| **Feb 24** | $9826 | $11680 | $9542 | $9880 |
| **Mar 24** | $10246 | $12055 | $9857 | $10310 |
| **Apr 24** | $10520 | $11563 | $10123 | $10600 |
| **May 24** | $10553 | $12136 | $10300 | $10634 |
| **Jun 24** | $10412 | $12572 | $10142 | $10505 |
| **Jul 24** | $10012 | $12725 | $9733 | $10109 |
| **Aug 24** | $9969 | $13033 | $9737 | $10071 |
| **Sep 24** | $10308 | $13312 | $10211 | $10415 |
| **Oct 24** | $10191 | $13191 | $10022 | $10311 |
| **Nov 24** | $10158 | $13965 | $10062 | $10285 |
| **Dec 24** | $10248 | $13632 | $10165 | $10384 |
| **Jan 25** | $10514 | $14012 | $10567 | $10662 |
| **Feb 25** | $10494 | $13829 | $10649 | $10651 |
| **Mar 25** | $10742 | $13050 | $11068 | $10915 |
| **Apr 25** | $10140 | $12962 | $10535 | $10314 |
| **May 25** | $10230 | $13777 | $10475 | $10415 |
| **Jun 25** | $10524 | $14478 | $10727 | $10723 |
| **Jul 25** | $10596 | $14803 | $10678 | $10807 |
| **Aug 25** | $10738 | $15103 | $10884 | $10957 |
| **Sep 25** | $10795 | $15654 | $11118 | $11025 |
| **Oct 25** | $10950 | $16021 | $11440 | $11194 |
| **Nov 25** | $10993 | $16060 | $11806 | $11250 |
| **Dec 25** | $11112 | $16070 | $11768 | $11376 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck CMCI Commodity Strategy ETF | 8.42% | 4.56% |
| UBS CM Commodity Index | 9.55% | 5.61% |
| S&P 500 Index | 17.88% | 22.25% |
| Bloomberg Commodity Index Total Return | 15.77% | 7.14% |

---

\* Inception of Fund: 08/21/2023.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$2,391,210

* Number of Portfolio Holdings18

* Portfolio Turnover Rate-%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i07ffc1716d139219312c205a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets<sup>Footnote Reference\*</sup> | (5.7)% |
| Money Market Fund | 12.4% |
| United States Treasuries | 93.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Digital India ETF

## Ticker: DGIN \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Digital India ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Digital India ETF | $68 | 0.70% |

---

### How did the Fund perform **last year?** 
* The Fund posted a negative return over the period, as Indian technology companies faced persistent headwinds from weak global IT spending, slower corporate technology budgets, foreign investor outflows and margin pressure across the IT services sector.

* The Energy sector contributed the most to the Fund's performance during the period, followed by Communication Services and Financials.

* The leading individual contributors to performance were Bharti Airtel Ltd., Reliance Industries Ltd. and Multi Commodity Exchange of India Ltd.

* The Information Technology sector detracted the most from the Fund's performance during the period, followed by Consumer Discretionary.

* The leading individual detractors from performance were Tata Consultancy Services Ltd., Infosys Ltd. and Dixon Technologies (India) Ltd.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (2/15/2022).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i15ba42a8a0a1773a56d9cdbd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Digital India Index** |
| **Feb 22** | $10000 | $10000 | $10000 |
| **Feb 22** | $9648 | $9732 | $9626 |
| **Mar 22** | $10154 | $9942 | $10255 |
| **Apr 22** | $9197 | $9146 | $9307 |
| **May 22** | $8547 | $9157 | $8612 |
| **Jun 22** | $7936 | $8385 | $7951 |
| **Jul 22** | $8281 | $8971 | $8302 |
| **Aug 22** | $8187 | $8641 | $8344 |
| **Sep 22** | $7770 | $7813 | $7894 |
| **Oct 22** | $7911 | $8285 | $7980 |
| **Nov 22** | $8427 | $8928 | $8448 |
| **Dec 22** | $7744 | $8576 | $7833 |
| **Jan 23** | $7849 | $9191 | $7898 |
| **Feb 23** | $7763 | $8928 | $7861 |
| **Mar 23** | $7741 | $9203 | $7813 |
| **Apr 23** | $7929 | $9335 | $8003 |
| **May 23** | $8206 | $9235 | $8330 |
| **Jun 23** | $8668 | $9771 | $8777 |
| **Jul 23** | $8792 | $10129 | $8923 |
| **Aug 23** | $8994 | $9846 | $9185 |
| **Sep 23** | $9105 | $9439 | $9308 |
| **Oct 23** | $8878 | $9155 | $9038 |
| **Nov 23** | $9496 | $10000 | $9736 |
| **Dec 23** | $10072 | $10480 | $10421 |
| **Jan 24** | $10591 | $10542 | $10997 |
| **Feb 24** | $10869 | $10994 | $11348 |
| **Mar 24** | $10640 | $11339 | $11074 |
| **Apr 24** | $10478 | $10965 | $10983 |
| **May 24** | $10412 | $11411 | $10850 |
| **Jun 24** | $11396 | $11665 | $12055 |
| **Jul 24** | $12112 | $11853 | $12864 |
| **Aug 24** | $12532 | $12154 | $13542 |
| **Sep 24** | $12497 | $12436 | $13568 |
| **Oct 24** | $11961 | $12157 | $12921 |
| **Nov 24** | $12525 | $12612 | $13581 |
| **Dec 24** | $12392 | $12313 | $13508 |
| **Jan 25** | $11684 | $12727 | $12508 |
| **Feb 25** | $10625 | $12650 | $11148 |
| **Mar 25** | $10926 | $12150 | $11571 |
| **Apr 25** | $11463 | $12263 | $12174 |
| **May 25** | $11711 | $12968 | $12477 |
| **Jun 25** | $12319 | $13551 | $13241 |
| **Jul 25** | $11506 | $13734 | $12366 |
| **Aug 25** | $11383 | $14074 | $12179 |
| **Sep 25** | $11144 | $14584 | $11898 |
| **Oct 25** | $11645 | $14910 | $12548 |
| **Nov 25** | $11816 | $14908 | $12704 |
| **Dec 25** | $11655 | $15064 | $12536 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Digital India ETF | (5.95)% | 4.03% |
| MVIS<sup>®</sup> Digital India Index | (7.20)% | 6.01% |
| MSCI ACWI Index | 22.34% | 11.16% |

---

\* Inception of Fund: 02/15/2022.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$18,431,900

* Number of Portfolio Holdings49

* Portfolio Turnover Rate22%

* Advisory Fees Paid$151,275

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8c816f780c33b1ad6d5f82db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Other Investments | 0.5% |
| Industrials | 3.3% |
| Energy | 8.2% |
| Financials | 12.6% |
| Consumer Discretionary | 13.7% |
| Communication Services | 17.9% |
| Information Technology | 43.5% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Reliance Industries Ltd. | 8.2% |
| Bharti Airtel Ltd. | 8.1% |
| Infosys Ltd. | 6.9% |
| Tata Consultancy Services Ltd. | 6.5% |
| HCL Technologies Ltd. | 5.8% |
| Eternal Ltd. | 5.4% |
| Jio Financial Services Ltd. | 4.5% |
| Tech Mahindra Ltd. | 4.4% |
| PB Fintech Ltd. | 3.8% |
| Wipro Ltd. | 3.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Gold Miners ETF

## Ticker: GDX \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Gold Miners ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Gold Miners ETF | $91 | 0.51% |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* The Fund's exposure to Canada, the United States and South Africa were the largest positive contributors to performance for the period. 

* The leading individual contributors to performance were Newmont, Agnico Eagle Mines and Barrick Gold. 

* There were no detractors at the country level. Countries with the lowest contributions included Indonesia, Columbia and Kyrgyzstan.

* The only individual detractors from performance were Amman Mineral, Equinox Gold Corp. and Bellevue Gold.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i4c06d3e1fc588470f87f6765.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MarketVector™ Global Gold Miners Index** | **NYSE Arca Gold Miners Index** |
| **Dec 15** | $10000 | $10000 | $10000 | $10000 |
| **Jan 16** | $10350 | $9397 | $10333 | $10333 |
| **Feb 16** | $14052 | $9332 | $14061 | $14061 |
| **Mar 16** | $14585 | $10024 | $14621 | $14621 |
| **Apr 16** | $18717 | $10172 | $18726 | $18726 |
| **May 16** | $16465 | $10185 | $16490 | $16490 |
| **Jun 16** | $20204 | $10123 | $20240 | $20240 |
| **Jul 16** | $22259 | $10559 | $22276 | $22276 |
| **Aug 16** | $18564 | $10595 | $18643 | $18643 |
| **Sep 16** | $19242 | $10660 | $19344 | $19344 |
| **Oct 16** | $17901 | $10479 | $17930 | $17930 |
| **Nov 16** | $15146 | $10558 | $15256 | $15256 |
| **Dec 16** | $15291 | $10786 | $15424 | $15424 |
| **Jan 17** | $17440 | $11081 | $17535 | $17535 |
| **Feb 17** | $16738 | $11392 | $16846 | $16846 |
| **Mar 17** | $16629 | $11532 | $16734 | $16734 |
| **Apr 17** | $16329 | $11711 | $16408 | $16408 |
| **May 17** | $16600 | $11970 | $16715 | $16715 |
| **Jun 17** | $16117 | $12024 | $16236 | $16236 |
| **Jul 17** | $16702 | $12360 | $16813 | $16813 |
| **Aug 17** | $18010 | $12408 | $18128 | $18128 |
| **Sep 17** | $16797 | $12647 | $16937 | $16937 |
| **Oct 17** | $16439 | $12910 | $16585 | $16585 |
| **Nov 17** | $16388 | $13160 | $16543 | $16543 |
| **Dec 17** | $17125 | $13372 | $17297 | $17297 |
| **Jan 18** | $17464 | $14127 | $17635 | $17635 |
| **Feb 18** | $15696 | $13533 | $15884 | $15884 |
| **Mar 18** | $16175 | $13244 | $16330 | $16330 |
| **Apr 18** | $16403 | $13370 | $16606 | $16606 |
| **May 18** | $16433 | $13387 | $16630 | $16630 |
| **Jun 18** | $16403 | $13314 | $16585 | $16585 |
| **Jul 18** | $15659 | $13716 | $15854 | $15854 |
| **Aug 18** | $13715 | $13824 | $13863 | $13863 |
| **Sep 18** | $13641 | $13884 | $13820 | $13820 |
| **Oct 18** | $13906 | $12843 | $14088 | $14088 |
| **Nov 18** | $14068 | $13031 | $14260 | $14260 |
| **Dec 18** | $15597 | $12113 | $15797 | $15797 |
| **Jan 19** | $16767 | $13070 | $16978 | $16978 |
| **Feb 19** | $16470 | $13419 | $16705 | $16705 |
| **Mar 19** | $16604 | $13588 | $16830 | $16830 |
| **Apr 19** | $15471 | $14047 | $15679 | $15679 |
| **May 19** | $15952 | $13214 | $16161 | $16161 |
| **Jun 19** | $18972 | $14079 | $19243 | $19243 |
| **Jul 19** | $19787 | $14120 | $20122 | $20122 |
| **Aug 19** | $22131 | $13785 | $22456 | $22456 |
| **Sep 19** | $19872 | $14075 | $20207 | $20207 |
| **Oct 19** | $20771 | $14460 | $21082 | $21082 |
| **Nov 19** | $20026 | $14813 | $20351 | $20351 |
| **Dec 19** | $21859 | $15335 | $22256 | $22256 |
| **Jan 20** | $21605 | $15166 | $21937 | $21937 |
| **Feb 20** | $19747 | $13941 | $20153 | $20153 |
| **Mar 20** | $17452 | $12059 | $17802 | $17802 |
| **Apr 20** | $24168 | $13350 | $24681 | $24681 |
| **May 20** | $25525 | $13931 | $26068 | $26068 |
| **Jun 20** | $27277 | $14376 | $27733 | $27733 |
| **Jul 20** | $32074 | $15137 | $32627 | $32627 |
| **Aug 20** | $31444 | $16063 | $32091 | $32091 |
| **Sep 20** | $29214 | $15545 | $29756 | $29756 |
| **Oct 20** | $27956 | $15167 | $28506 | $28506 |
| **Nov 20** | $25780 | $17037 | $26325 | $26325 |
| **Dec 20** | $26951 | $17828 | $27527 | $27527 |
| **Jan 21** | $25851 | $17747 | $26476 | $26476 |
| **Feb 21** | $23368 | $18158 | $23930 | $23930 |
| **Mar 21** | $24255 | $18643 | $24762 | $24763 |
| **Apr 21** | $25695 | $19458 | $26308 | $26309 |
| **May 21** | $29381 | $19761 | $30074 | $30074 |
| **Jun 21** | $25410 | $20021 | $25987 | $25987 |
| **Jul 21** | $26160 | $20159 | $26788 | $26788 |
| **Aug 21** | $24425 | $20664 | $25006 | $25006 |
| **Sep 21** | $22051 | $19810 | $22560 | $22561 |
| **Oct 21** | $23775 | $20821 | $24337 | $24337 |
| **Nov 21** | $23826 | $20320 | $24416 | $24416 |
| **Dec 21** | $24375 | $21133 | $24948 | $24948 |
| **Jan 22** | $23024 | $20095 | $23534 | $23535 |
| **Feb 22** | $26228 | $19576 | $26878 | $26878 |
| **Mar 22** | $29239 | $20000 | $29934 | $29934 |
| **Apr 22** | $26776 | $18399 | $27484 | $27484 |
| **May 22** | $24258 | $18420 | $24917 | $24917 |
| **Jun 22** | $20933 | $16868 | $21478 | $21478 |
| **Jul 22** | $19986 | $18046 | $20483 | $20483 |
| **Aug 22** | $18179 | $17381 | $18683 | $18684 |
| **Sep 22** | $18308 | $15717 | $18765 | $18765 |
| **Oct 22** | $18459 | $16666 | $18937 | $18937 |
| **Nov 22** | $22042 | $17958 | $22541 | $22541 |
| **Dec 22** | $22212 | $17252 | $22794 | $22795 |
| **Jan 23** | $24760 | $18488 | $25390 | $25391 |
| **Feb 23** | $21195 | $17958 | $21762 | $21762 |
| **Mar 23** | $25109 | $18512 | $25828 | $25828 |
| **Apr 23** | $26037 | $18778 | $26767 | $26767 |
| **May 23** | $23832 | $18577 | $24477 | $24477 |
| **Jun 23** | $23259 | $19656 | $23870 | $23870 |
| **Jul 23** | $24289 | $20375 | $24954 | $24954 |
| **Aug 23** | $22698 | $19806 | $23399 | $23399 |
| **Sep 23** | $20851 | $18987 | $21497 | $21497 |
| **Oct 23** | $21752 | $18416 | $22392 | $22392 |
| **Nov 23** | $24211 | $20116 | $24921 | $24921 |
| **Dec 23** | $24481 | $21082 | $25211 | $25211 |
| **Jan 24** | $22059 | $21206 | $22733 | $22733 |
| **Feb 24** | $20697 | $22116 | $21346 | $21346 |
| **Mar 24** | $24786 | $22810 | $25532 | $25532 |
| **Apr 24** | $26194 | $22057 | $27093 | $27093 |
| **May 24** | $27858 | $22953 | $28714 | $28714 |
| **Jun 24** | $26803 | $23464 | $27650 | $27650 |
| **Jul 24** | $29736 | $23843 | $30666 | $30667 |
| **Aug 24** | $30389 | $24448 | $31415 | $31415 |
| **Sep 24** | $31311 | $25016 | $32381 | $32381 |
| **Oct 24** | $31755 | $24455 | $32840 | $32840 |
| **Nov 24** | $29570 | $25369 | $30512 | $30512 |
| **Dec 24** | $26970 | $24769 | $27893 | $27893 |
| **Jan 25** | $30962 | $25600 | $32052 | $32053 |
| **Feb 25** | $31689 | $25446 | $32697 | $32697 |
| **Mar 25** | $36520 | $24441 | $37733 | $37734 |
| **Apr 25** | $38991 | $24669 | $40352 | $40352 |
| **May 25** | $40189 | $26087 | $41569 | $41569 |
| **Jun 25** | $41428 | $27258 | $42827 | $42827 |
| **Jul 25** | $41052 | $27628 | $42577 | $42577 |
| **Aug 25** | $50088 | $28310 | $51829 | $51829 |
| **Sep 25** | $60716 | $29336 | $63001 | $62709 |
| **Oct 25** | $57223 | $29992 | $59408 | $59323 |
| **Nov 25** | $66011 | $29989 | $68540 | $68330 |
| **Dec 25** | $68926 | $30302 | $71794 | $72042 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Gold Miners ETF | 155.57% | 20.66% | 21.29% |
| MarketVector™ Global Gold Miners Index | 157.39% | 21.13% | 21.79% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| NYSE Arca Gold Miners Index | 158.28% | 21.22% | 21.83% |

---

Index data prior to September 22, 2025 reflects that of the NYSE Arca Gold Miners Index. From September 22, 2025 forward, the index data reflects that of the Fund's underlying index, MarketVector Global Gold Miners Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$25,801,227,773

* Number of Portfolio Holdings49

* Portfolio Turnover Rate50%

* Advisory Fees Paid$88,063,011

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i38feffbc7fd61369729dc4f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Copper | 1.1% |
| Precious Metals & Minerals | 1.9% |
| Diversified Metals & Mining | 1.9% |
| Silver | 5.4% |
| Gold | 89.6% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 8.9% |
| Newmont Corp. | 8.8% |
| Barrick Mining Corp. | 7.2% |
| Wheaton Precious Metals Corp. | 5.0% |
| Anglogold Ashanti PLC | 4.9% |
| Gold Fields Ltd. | 4.8% |
| Franco-Nevada Corp. | 4.8% |
| Kinross Gold Corp. | 4.4% |
| Pan American Silver Corp. | 4.0% |
| Northern Star Resources Ltd. | 3.5% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective after the close of trading on the NYSE Arca, Inc., on September 19, 2025, the Fund's benchmark index became the MarketVector Global Gold Miners Index and the Fund's investment objective and principal investment strategy changed in connection therewith.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Copper and Green Metals ETF

## Ticker: EMET \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Copper and Green Metals ETF (the "Fund") (formerly known as VanEck Green Metals ETF) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Copper and Green Metals ETF | $86 | 0.62% |

---

### How did the Fund perform **last year?** 
* During the period, performance reflected improving global green and industrial metals fundamentals, supported by stronger metal prices and energy transition–related demand.

* Copper, diversified metals and mining, and platinum group metals companies contributed the most to performance.

* The Fund's exposure to South Africa and China were by far the leading contributors to performance for the period. 

* At the holdings level, Grupo Mexico, Antofagasta, Valterra Platinum, Impala Platinum, and Sibanye Stillwater were among the top contributors to performance.

* PT Amman Mineral Internasional Tbk was the leading detractor among the few companies that detracted from performance for the period.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (11/9/2021).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i348d4d273234401bdee9647b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Clean-Tech Metals Index** |
| **Nov 21** | $10000 | $10000 | $10000 |
| **Nov 21** | $9936 | $9607 | $9937 |
| **Dec 21** | $10061 | $9992 | $10035 |
| **Jan 22** | $9699 | $9501 | $9583 |
| **Feb 22** | $10958 | $9256 | $10922 |
| **Mar 22** | $10647 | $9456 | $10684 |
| **Apr 22** | $9060 | $8699 | $9132 |
| **May 22** | $9580 | $8709 | $9595 |
| **Jun 22** | $8412 | $7975 | $8419 |
| **Jul 22** | $8390 | $8532 | $8382 |
| **Aug 22** | $8154 | $8218 | $8222 |
| **Sep 22** | $7555 | $7431 | $7625 |
| **Oct 22** | $7718 | $7880 | $7746 |
| **Nov 22** | $9021 | $8491 | $8985 |
| **Dec 22** | $8352 | $8157 | $8405 |
| **Jan 23** | $9681 | $8741 | $9681 |
| **Feb 23** | $8645 | $8491 | $8695 |
| **Mar 23** | $8387 | $8753 | $8410 |
| **Apr 23** | $8300 | $8878 | $8324 |
| **May 23** | $7560 | $8783 | $7602 |
| **Jun 23** | $8006 | $9293 | $8034 |
| **Jul 23** | $8522 | $9634 | $8567 |
| **Aug 23** | $7573 | $9364 | $7636 |
| **Sep 23** | $7373 | $8977 | $7443 |
| **Oct 23** | $6528 | $8707 | $6572 |
| **Nov 23** | $6682 | $9511 | $6738 |
| **Dec 23** | $7339 | $9968 | $7417 |
| **Jan 24** | $6536 | $10026 | $6618 |
| **Feb 24** | $6548 | $10456 | $6614 |
| **Mar 24** | $7255 | $10785 | $7359 |
| **Apr 24** | $7847 | $10429 | $7974 |
| **May 24** | $8099 | $10852 | $8168 |
| **Jun 24** | $7358 | $11094 | $7455 |
| **Jul 24** | $7238 | $11273 | $7319 |
| **Aug 24** | $7014 | $11559 | $7104 |
| **Sep 24** | $7792 | $11828 | $7907 |
| **Oct 24** | $7364 | $11562 | $7471 |
| **Nov 24** | $7170 | $11995 | $7259 |
| **Dec 24** | $6455 | $11711 | $6555 |
| **Jan 25** | $6521 | $12104 | $6632 |
| **Feb 25** | $6419 | $12031 | $6500 |
| **Mar 25** | $6432 | $11556 | $6507 |
| **Apr 25** | $6244 | $11664 | $6329 |
| **May 25** | $6634 | $12334 | $6747 |
| **Jun 25** | $7327 | $12888 | $7425 |
| **Jul 25** | $7433 | $13063 | $7559 |
| **Aug 25** | $8304 | $13385 | $8426 |
| **Sep 25** | $9771 | $13870 | $9908 |
| **Oct 25** | $9958 | $14180 | $10118 |
| **Nov 25** | $10327 | $14179 | $10480 |
| **Dec 25** | $11594 | $14327 | $11828 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Copper and Green Metals ETF | 79.63% | 3.63% |
| MVIS<sup>®</sup> Global Clean-Tech Metals Index | 80.44% | 4.14% |
| MSCI ACWI Index | 22.34% | 9.07% |

---

\* Inception of Fund: 11/09/2021.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$31,493,177

* Number of Portfolio Holdings57

* Portfolio Turnover Rate21%

* Advisory Fees Paid$120,547

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i7964554a87bca4a216c74522.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Fertilizers & Agricultural Chemicals | 1.4% |
| Electrical Components & Equipment | 2.1% |
| Specialty Chemicals | 6.3% |
| Precious Metals & Minerals | 9.9% |
| Copper | 32.0% |
| Diversified Metals & Mining | 48.2% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Freeport-McMoRan, Inc. | 8.1% |
| Glencore PLC | 7.9% |
| Anglo American PLC | 6.9% |
| Grupo Mexico SAB de CV | 6.2% |
| Teck Resources Ltd. | 5.4% |
| Antofagasta PLC | 4.2% |
| Valterra Platinum Ltd. | 4.0% |
| First Quantum Minerals Ltd. | 3.9% |
| Southern Copper Corp. | 3.2% |
| Boliden AB | 3.2% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

On February 13, 2026 (the "Effective Date"), i) the Fund's name changed to the "VanEck Copper and Green Metals ETF" and ii) its ticker changed to "EMET." Additionally, on the Effective Date, the definition of "green metals" as set forth in the Fund's Principal Investment Strategies has been amended to reflect that copper is a type of green metal.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck India Growth Leaders ETF

## Ticker: GLIN \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck India Growth Leaders ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck India Growth Leaders ETF | $70 | 0.72% |

---

### How did the Fund perform **last year?** 
* The Fund posted a negative return over the period, as broad Indian equities faced sustained pressure for much of the period from slowing corporate earnings growth, elevated valuations, foreign investor outflows and mixed economic indicators.

* The Financials sector contributed the most to the Fund's performance during the period, followed by Industrials and Communication Services.

* The leading individual contributors to performance were Eicher Motors Ltd., Bharat Electronics Ltd. and State Bank of India.

* The Information Technology sector detracted the most from the Fund's performance during the period, followed by Healthcare and Consumer Discretionary.

* The leading individual detractors from performance were Trent Ltd., HCL Technologies Ltd. and IndusInd Bank Ltd.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i9bec281bced7f0b54bb3e63f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **Market Grader India All-Cap Growth Leaders Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $8848 | $9397 | $8748 |
| **Feb 16** | $7368 | $9332 | $7347 |
| **Mar 16** | $8690 | $10024 | $8677 |
| **Apr 16** | $9166 | $10172 | $9182 |
| **May 16** | $9043 | $10185 | $9049 |
| **Jun 16** | $9725 | $10123 | $9620 |
| **Jul 16** | $10289 | $10559 | $10202 |
| **Aug 16** | $10440 | $10595 | $10378 |
| **Sep 16** | $10602 | $10660 | $10519 |
| **Oct 16** | $11164 | $10479 | $11084 |
| **Nov 16** | $9691 | $10558 | $9663 |
| **Dec 16** | $9530 | $10786 | $9518 |
| **Jan 17** | $10438 | $11081 | $10389 |
| **Feb 17** | $11281 | $11392 | $11257 |
| **Mar 17** | $12145 | $11532 | $12121 |
| **Apr 17** | $13158 | $11711 | $13145 |
| **May 17** | $12886 | $11970 | $12883 |
| **Jun 17** | $13039 | $12024 | $12841 |
| **Jul 17** | $13848 | $12360 | $13628 |
| **Aug 17** | $13490 | $12408 | $13197 |
| **Sep 17** | $13030 | $12647 | $12668 |
| **Oct 17** | $14496 | $12910 | $14110 |
| **Nov 17** | $15004 | $13160 | $14608 |
| **Dec 17** | $15904 | $13372 | $15545 |
| **Jan 18** | $15515 | $14127 | $15182 |
| **Feb 18** | $14462 | $13533 | $14251 |
| **Mar 18** | $13276 | $13244 | $12884 |
| **Apr 18** | $13730 | $13370 | $13517 |
| **May 18** | $12528 | $13387 | $12298 |
| **Jun 18** | $11267 | $13314 | $11047 |
| **Jul 18** | $11632 | $13716 | $11390 |
| **Aug 18** | $11623 | $13824 | $11398 |
| **Sep 18** | $9242 | $13884 | $9112 |
| **Oct 18** | $9093 | $12843 | $8967 |
| **Nov 18** | $9707 | $13031 | $9565 |
| **Dec 18** | $9861 | $12113 | $9759 |
| **Jan 19** | $9237 | $13070 | $9115 |
| **Feb 19** | $8939 | $13419 | $8845 |
| **Mar 19** | $10207 | $13588 | $10008 |
| **Apr 19** | $9786 | $14047 | $9578 |
| **May 19** | $9677 | $13214 | $9458 |
| **Jun 19** | $8869 | $14079 | $8695 |
| **Jul 19** | $7777 | $14120 | $7670 |
| **Aug 19** | $7379 | $13785 | $7254 |
| **Sep 19** | $7534 | $14075 | $7389 |
| **Oct 19** | $7757 | $14460 | $7622 |
| **Nov 19** | $7718 | $14813 | $7588 |
| **Dec 19** | $7726 | $15335 | $7593 |
| **Jan 20** | $8190 | $15166 | $8079 |
| **Feb 20** | $7396 | $13941 | $7237 |
| **Mar 20** | $4752 | $12059 | $4758 |
| **Apr 20** | $5425 | $13350 | $5523 |
| **May 20** | $5416 | $13931 | $5552 |
| **Jun 20** | $5719 | $14376 | $5862 |
| **Jul 20** | $6258 | $15137 | $6433 |
| **Aug 20** | $6478 | $16063 | $6674 |
| **Sep 20** | $6642 | $15545 | $6870 |
| **Oct 20** | $6696 | $15167 | $6893 |
| **Nov 20** | $7134 | $17037 | $7429 |
| **Dec 20** | $7788 | $17828 | $8043 |
| **Jan 21** | $7647 | $17747 | $7929 |
| **Feb 21** | $7743 | $18158 | $8000 |
| **Mar 21** | $8075 | $18643 | $8371 |
| **Apr 21** | $8306 | $19458 | $8660 |
| **May 21** | $9008 | $19761 | $9392 |
| **Jun 21** | $9216 | $20021 | $9591 |
| **Jul 21** | $9559 | $20159 | $9960 |
| **Aug 21** | $10092 | $20664 | $10547 |
| **Sep 21** | $10003 | $19810 | $10505 |
| **Oct 21** | $9800 | $20821 | $10243 |
| **Nov 21** | $9536 | $20320 | $10026 |
| **Dec 21** | $10057 | $21133 | $10552 |
| **Jan 22** | $9502 | $20095 | $9927 |
| **Feb 22** | $9011 | $19576 | $9379 |
| **Mar 22** | $9474 | $20000 | $9950 |
| **Apr 22** | $9015 | $18399 | $9506 |
| **May 22** | $8074 | $18420 | $8491 |
| **Jun 22** | $7438 | $16868 | $7659 |
| **Jul 22** | $8090 | $18046 | $8362 |
| **Aug 22** | $8062 | $17381 | $8458 |
| **Sep 22** | $7627 | $15717 | $7969 |
| **Oct 22** | $7794 | $16666 | $8120 |
| **Nov 22** | $8229 | $17958 | $8545 |
| **Dec 22** | $7846 | $17252 | $8191 |
| **Jan 23** | $7986 | $18488 | $8311 |
| **Feb 23** | $7635 | $17958 | $7977 |
| **Mar 23** | $7675 | $18512 | $8028 |
| **Apr 23** | $8033 | $18778 | $8425 |
| **May 23** | $8285 | $18577 | $8747 |
| **Jun 23** | $8751 | $19656 | $9190 |
| **Jul 23** | $8992 | $20375 | $9475 |
| **Aug 23** | $9044 | $19806 | $9580 |
| **Sep 23** | $9276 | $18987 | $9845 |
| **Oct 23** | $9117 | $18416 | $9667 |
| **Nov 23** | $9888 | $20116 | $10509 |
| **Dec 23** | $10631 | $21082 | $11405 |
| **Jan 24** | $11057 | $21206 | $11878 |
| **Feb 24** | $11510 | $22116 | $12492 |
| **Mar 24** | $11404 | $22810 | $12260 |
| **Apr 24** | $11626 | $22057 | $12625 |
| **May 24** | $11577 | $22953 | $12528 |
| **Jun 24** | $12273 | $23464 | $13428 |
| **Jul 24** | $12915 | $23843 | $14128 |
| **Aug 24** | $13066 | $24448 | $14444 |
| **Sep 24** | $13209 | $25016 | $14537 |
| **Oct 24** | $12532 | $24455 | $13671 |
| **Nov 24** | $12551 | $25369 | $13594 |
| **Dec 24** | $12343 | $24769 | $13424 |
| **Jan 25** | $11276 | $25600 | $12272 |
| **Feb 25** | $9964 | $25446 | $10773 |
| **Mar 25** | $10815 | $24441 | $11796 |
| **Apr 25** | $11194 | $24669 | $12145 |
| **May 25** | $11793 | $26087 | $12792 |
| **Jun 25** | $12150 | $27258 | $13241 |
| **Jul 25** | $11201 | $27628 | $12255 |
| **Aug 25** | $11080 | $28310 | $12057 |
| **Sep 25** | $11263 | $29336 | $12286 |
| **Oct 25** | $11679 | $29992 | $12830 |
| **Nov 25** | $11672 | $29989 | $12820 |
| **Dec 25** | $11736 | $30302 | $12874 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck India Growth Leaders ETF | (4.92)% | 8.55% | 1.61% |
| Market Grader India All-Cap Growth Leaders Index | (4.10)% | 9.87% | 2.56% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

Market Grader India All-Cap Growth Leaders Index replaced the MVIS<sup>®</sup> India Small-Cap Index effective May 1, 2020. Index history prior to May 1, 2020 reflects the performance of the MVIS<sup>®</sup> India Small-Cap Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$118,976,683

* Number of Portfolio Holdings80

* Portfolio Turnover Rate66%

* Advisory Fees Paid$545,533

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i2b531430396382d4b7d00cec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.8% |
| Energy | 4.0% |
| Materials | 5.3% |
| Communication Services | 7.5% |
| Consumer Discretionary | 8.3% |
| Health Care | 8.4% |
| Information Technology | 11.8% |
| Industrials | 21.6% |
| Financials | 32.4% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| State Bank of India | 5.7% |
| Bharti Airtel Ltd. | 5.2% |
| Bharat Electronics Ltd. | 5.1% |
| Infosys Ltd. | 5.0% |
| Tata Consultancy Services Ltd. | 5.0% |
| ICICI Bank Ltd. | 4.5% |
| Eicher Motors Ltd. | 4.0% |
| Coal India Ltd. | 4.0% |
| Trent Ltd. | 3.9% |
| Hindustan Aeronautics Ltd. | 3.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Indonesia Index ETF

## Ticker: IDX \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Indonesia Index ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Indonesia Index ETF | $61 | 0.57% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return over the period, supported by resilient domestic consumption and selective strength in Indonesian equities, despite ongoing headwinds from foreign investor outflows, currency volatility and policy uncertainty that pressured markets for much of the period.

* The Energy sector contributed the most to the Fund's performance during the period, followed by Materials and Communication Services.

* The leading individual contributors to performance were PT Dian Swastatika Sentosa Tbk, PT Barito Pacific Tbk and PT Telkom Indonesia (Persero) Tbk.

* The Consumer Staples sector detracted the most from the Fund's performance during the period, followed by Consumer Discretionary and Real Estate.

* The leading individual detractors from performance were PT Amman Mineral Internasional Tbk, PT Bank Central Asia Tbk and PT Sumber Alfaria Trijaya.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ib1e327f96131fd076fca5791.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Indonesia Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $10343 | $9397 | $10174 |
| **Feb 16** | $10866 | $9332 | $10803 |
| **Mar 16** | $11280 | $10024 | $11210 |
| **Apr 16** | $11149 | $10172 | $11114 |
| **May 16** | $10670 | $10185 | $10649 |
| **Jun 16** | $11846 | $10123 | $11720 |
| **Jul 16** | $12489 | $10559 | $12388 |
| **Aug 16** | $12549 | $10595 | $12551 |
| **Sep 16** | $12761 | $10660 | $12713 |
| **Oct 16** | $12794 | $10479 | $12798 |
| **Nov 16** | $11373 | $10558 | $11385 |
| **Dec 16** | $11749 | $10786 | $11796 |
| **Jan 17** | $11903 | $11081 | $11913 |
| **Feb 17** | $12063 | $11392 | $12107 |
| **Mar 17** | $12509 | $11532 | $12531 |
| **Apr 17** | $12813 | $11711 | $12859 |
| **May 17** | $13006 | $11970 | $13053 |
| **Jun 17** | $13215 | $12024 | $13269 |
| **Jul 17** | $13254 | $12360 | $13309 |
| **Aug 17** | $13292 | $12408 | $13336 |
| **Sep 17** | $13028 | $12647 | $13080 |
| **Oct 17** | $13154 | $12910 | $13222 |
| **Nov 17** | $13022 | $13160 | $13084 |
| **Dec 17** | $13904 | $13372 | $14004 |
| **Jan 18** | $14747 | $14127 | $14858 |
| **Feb 18** | $14269 | $13533 | $14411 |
| **Mar 18** | $13292 | $13244 | $13357 |
| **Apr 18** | $12651 | $13370 | $12817 |
| **May 18** | $12707 | $13387 | $12848 |
| **Jun 18** | $11691 | $13314 | $11816 |
| **Jul 18** | $12028 | $13716 | $12130 |
| **Aug 18** | $12050 | $13824 | $12177 |
| **Sep 18** | $11764 | $13884 | $11900 |
| **Oct 18** | $11168 | $12843 | $11288 |
| **Nov 18** | $12449 | $13031 | $12570 |
| **Dec 18** | $12543 | $12113 | $12694 |
| **Jan 19** | $13714 | $13070 | $13859 |
| **Feb 19** | $13026 | $13419 | $13219 |
| **Mar 19** | $13049 | $13588 | $13214 |
| **Apr 19** | $13198 | $14047 | $13373 |
| **May 19** | $12601 | $13214 | $12737 |
| **Jun 19** | $13278 | $14079 | $13458 |
| **Jul 19** | $13328 | $14120 | $13595 |
| **Aug 19** | $12879 | $13785 | $13088 |
| **Sep 19** | $12521 | $14075 | $12709 |
| **Oct 19** | $12908 | $14460 | $13118 |
| **Nov 19** | $12501 | $14813 | $12708 |
| **Dec 19** | $13293 | $15335 | $13506 |
| **Jan 20** | $12601 | $15166 | $12857 |
| **Feb 20** | $11139 | $13941 | $11140 |
| **Mar 20** | $7531 | $12059 | $7677 |
| **Apr 20** | $8758 | $13350 | $8939 |
| **May 20** | $9161 | $13931 | $9275 |
| **Jun 20** | $9772 | $14376 | $9872 |
| **Jul 20** | $10154 | $15137 | $10290 |
| **Aug 20** | $10415 | $16063 | $10582 |
| **Sep 20** | $9358 | $15545 | $9477 |
| **Oct 20** | $9897 | $15167 | $10170 |
| **Nov 20** | $11484 | $17037 | $11691 |
| **Dec 20** | $12203 | $17828 | $12406 |
| **Jan 21** | $11823 | $17747 | $12076 |
| **Feb 21** | $11992 | $18158 | $12255 |
| **Mar 21** | $11394 | $18643 | $11597 |
| **Apr 21** | $11429 | $19458 | $11680 |
| **May 21** | $11048 | $19761 | $11484 |
| **Jun 21** | $10773 | $20021 | $10975 |
| **Jul 21** | $10572 | $20159 | $10788 |
| **Aug 21** | $11163 | $20664 | $11335 |
| **Sep 21** | $11287 | $19810 | $11516 |
| **Oct 21** | $12184 | $20821 | $12363 |
| **Nov 21** | $11840 | $20320 | $12041 |
| **Dec 21** | $12003 | $21133 | $12199 |
| **Jan 22** | $11936 | $20095 | $12066 |
| **Feb 22** | $12366 | $19576 | $12500 |
| **Mar 22** | $12768 | $20000 | $13003 |
| **Apr 22** | $13339 | $18399 | $13597 |
| **May 22** | $12956 | $18420 | $13181 |
| **Jun 22** | $11879 | $16868 | $12058 |
| **Jul 22** | $11999 | $18046 | $12177 |
| **Aug 22** | $12375 | $17381 | $12611 |
| **Sep 22** | $11705 | $15717 | $11978 |
| **Oct 22** | $11573 | $16666 | $11782 |
| **Nov 22** | $11537 | $17958 | $11698 |
| **Dec 22** | $10817 | $17252 | $11035 |
| **Jan 23** | $11354 | $18488 | $11543 |
| **Feb 23** | $10978 | $17958 | $11313 |
| **Mar 23** | $11143 | $18512 | $11353 |
| **Apr 23** | $11631 | $18778 | $11847 |
| **May 23** | $11157 | $18577 | $11373 |
| **Jun 23** | $11293 | $19656 | $11467 |
| **Jul 23** | $11499 | $20375 | $11715 |
| **Aug 23** | $11341 | $19806 | $11571 |
| **Sep 23** | $11054 | $18987 | $11297 |
| **Oct 23** | $10052 | $18416 | $10257 |
| **Nov 23** | $10691 | $20116 | $10909 |
| **Dec 23** | $11023 | $21082 | $11268 |
| **Jan 24** | $10409 | $21206 | $10637 |
| **Feb 24** | $10555 | $22116 | $10767 |
| **Mar 24** | $10533 | $22810 | $10762 |
| **Apr 24** | $10409 | $22057 | $10661 |
| **May 24** | $10228 | $22953 | $10420 |
| **Jun 24** | $10289 | $23464 | $10516 |
| **Jul 24** | $10603 | $23843 | $10816 |
| **Aug 24** | $11652 | $24448 | $11900 |
| **Sep 24** | $11659 | $25016 | $11942 |
| **Oct 24** | $11158 | $24455 | $11450 |
| **Nov 24** | $10384 | $25369 | $10629 |
| **Dec 24** | $10118 | $24769 | $10396 |
| **Jan 25** | $9854 | $25600 | $10123 |
| **Feb 25** | $8359 | $25446 | $8549 |
| **Mar 25** | $8462 | $24441 | $8720 |
| **Apr 25** | $9050 | $24669 | $9290 |
| **May 25** | $9939 | $26087 | $10215 |
| **Jun 25** | $9754 | $27258 | $10003 |
| **Jul 25** | $10182 | $27628 | $10487 |
| **Aug 25** | $10636 | $28310 | $10924 |
| **Sep 25** | $10841 | $29336 | $11134 |
| **Oct 25** | $10991 | $29992 | $11310 |
| **Nov 25** | $11410 | $29989 | $11717 |
| **Dec 25** | $11453 | $30302 | $11800 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Indonesia Index ETF | 13.19% | (1.26)% | 1.37% |
| MVIS<sup>®</sup> Indonesia Index | 13.50% | (1.00)% | 1.67% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$59,226,465

* Number of Portfolio Holdings59

* Portfolio Turnover Rate23%

* Advisory Fees Paid$71,536

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i25ff81d9c18881f9ea4df9f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Real Estate | 1.5% |
| Health Care | 2.0% |
| Consumer Discretionary | 2.9% |
| Industrials | 6.4% |
| Utilities | 7.2% |
| Consumer Staples | 7.5% |
| Communication Services | 8.6% |
| Energy | 14.4% |
| Materials | 22.2% |
| Financials | 27.1% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Bank Rakyat Indonesia Persero Tbk PT | 8.0% |
| Bank Central Asia Tbk PT | 8.0% |
| Bank Mandiri Persero Tbk PT | 7.2% |
| Telkom Indonesia Persero Tbk PT | 6.2% |
| Barito Renewables Energy Tbk PT | 5.6% |
| Dian Swastatika Sentosa Tbk PT | 5.6% |
| Astra International Tbk PT | 5.1% |
| Amman Mineral Internasional PT | 3.7% |
| Chandra Asri Pacific Tbk PT | 3.6% |
| Barito Pacific Tbk PT | 3.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck International High Yield Bond ETF

## Ticker: IHY \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck International High Yield Bond ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck International High Yield Bond ETF | $43 | 0.40% |

---

### How did the Fund perform **last year?** 
* The Fund had a positive return over the period, benefitting from high income and foreign currency appreciation.

* Issuers in the Telecom, Energy and Banking sectors contributed the most to performance. There were no sectors with negative returns during the period. 

* In terms of country of risk, France, UK and Germany had the highest contribution to performance while Puerto Rico, China, and Ghana issuers detracted. 

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i2e54c2affeab46d4fefc8b47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **ICE BofA Global Broad Market Index** | **ICE BofA ML Global ex-US Issuers High Yield Constrained Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9889 | $10101 | $9831 |
| **Feb 16** | $9914 | $10323 | $9864 |
| **Mar 16** | $10518 | $10569 | $10479 |
| **Apr 16** | $10851 | $10704 | $10814 |
| **May 16** | $10766 | $10585 | $10742 |
| **Jun 16** | $10801 | $10885 | $10779 |
| **Jul 16** | $11062 | $10963 | $11057 |
| **Aug 16** | $11228 | $10911 | $11237 |
| **Sep 16** | $11296 | $10962 | $11308 |
| **Oct 16** | $11218 | $10668 | $11237 |
| **Nov 16** | $11023 | $10261 | $11035 |
| **Dec 16** | $11130 | $10217 | $11199 |
| **Jan 17** | $11429 | $10319 | $11472 |
| **Feb 17** | $11493 | $10365 | $11559 |
| **Mar 17** | $11510 | $10375 | $11586 |
| **Apr 17** | $11724 | $10494 | $11826 |
| **May 17** | $11883 | $10647 | $12007 |
| **Jun 17** | $11917 | $10637 | $12068 |
| **Jul 17** | $12162 | $10807 | $12329 |
| **Aug 17** | $12248 | $10917 | $12422 |
| **Sep 17** | $12332 | $10820 | $12523 |
| **Oct 17** | $12355 | $10783 | $12562 |
| **Nov 17** | $12409 | $10891 | $12605 |
| **Dec 17** | $12423 | $10927 | $12656 |
| **Jan 18** | $12712 | $11039 | $12915 |
| **Feb 18** | $12482 | $10943 | $12695 |
| **Mar 18** | $12483 | $11058 | $12696 |
| **Apr 18** | $12417 | $10889 | $12626 |
| **May 18** | $12131 | $10818 | $12320 |
| **Jun 18** | $12059 | $10778 | $12243 |
| **Jul 18** | $12259 | $10754 | $12448 |
| **Aug 18** | $12102 | $10770 | $12298 |
| **Sep 18** | $12233 | $10671 | $12431 |
| **Oct 18** | $12015 | $10562 | $12197 |
| **Nov 18** | $11875 | $10591 | $12052 |
| **Dec 18** | $11850 | $10808 | $12076 |
| **Jan 19** | $12307 | $10965 | $12497 |
| **Feb 19** | $12465 | $10905 | $12681 |
| **Mar 19** | $12543 | $11051 | $12760 |
| **Apr 19** | $12675 | $11023 | $12904 |
| **May 19** | $12525 | $11186 | $12758 |
| **Jun 19** | $12917 | $11422 | $13174 |
| **Jul 19** | $12921 | $11390 | $13187 |
| **Aug 19** | $12819 | $11652 | $13077 |
| **Sep 19** | $12875 | $11522 | $13137 |
| **Oct 19** | $13101 | $11592 | $13366 |
| **Nov 19** | $13150 | $11500 | $13424 |
| **Dec 19** | $13360 | $11549 | $13706 |
| **Jan 20** | $13452 | $11714 | $13764 |
| **Feb 20** | $13226 | $11812 | $13543 |
| **Mar 20** | $11431 | $11581 | $11598 |
| **Apr 20** | $12082 | $11793 | $12231 |
| **May 20** | $12612 | $11849 | $12789 |
| **Jun 20** | $12939 | $11951 | $13170 |
| **Jul 20** | $13524 | $12334 | $13785 |
| **Aug 20** | $13769 | $12293 | $14058 |
| **Sep 20** | $13508 | $12253 | $13824 |
| **Oct 20** | $13537 | $12235 | $13854 |
| **Nov 20** | $14200 | $12436 | $14581 |
| **Dec 20** | $14507 | $12581 | $14978 |
| **Jan 21** | $14524 | $12452 | $14949 |
| **Feb 21** | $14583 | $12207 | $15027 |
| **Mar 21** | $14403 | $11982 | $14836 |
| **Apr 21** | $14655 | $12125 | $15112 |
| **May 21** | $14808 | $12217 | $15306 |
| **Jun 21** | $14695 | $12139 | $15178 |
| **Jul 21** | $14625 | $12301 | $15097 |
| **Aug 21** | $14701 | $12245 | $15190 |
| **Sep 21** | $14424 | $12019 | $14914 |
| **Oct 21** | $14233 | $11989 | $14713 |
| **Nov 21** | $13917 | $11957 | $14369 |
| **Dec 21** | $14103 | $11922 | $14561 |
| **Jan 22** | $13721 | $11654 | $14173 |
| **Feb 22** | $13243 | $11504 | $13675 |
| **Mar 22** | $13096 | $11138 | $13412 |
| **Apr 22** | $12446 | $10531 | $12744 |
| **May 22** | $12412 | $10553 | $12684 |
| **Jun 22** | $11477 | $10228 | $11704 |
| **Jul 22** | $11793 | $10459 | $11995 |
| **Aug 22** | $11614 | $10031 | $11838 |
| **Sep 22** | $10949 | $9501 | $11157 |
| **Oct 22** | $11073 | $9440 | $11261 |
| **Nov 22** | $11798 | $9888 | $12056 |
| **Dec 22** | $12056 | $9911 | $12328 |
| **Jan 23** | $12584 | $10219 | $12906 |
| **Feb 23** | $12298 | $9889 | $12631 |
| **Mar 23** | $12418 | $10206 | $12758 |
| **Apr 23** | $12544 | $10262 | $12902 |
| **May 23** | $12316 | $10061 | $12685 |
| **Jun 23** | $12576 | $10066 | $12959 |
| **Jul 23** | $12788 | $10106 | $13183 |
| **Aug 23** | $12680 | $9980 | $13086 |
| **Sep 23** | $12534 | $9671 | $12934 |
| **Oct 23** | $12406 | $9544 | $12808 |
| **Nov 23** | $13038 | $10028 | $13468 |
| **Dec 23** | $13527 | $10462 | $13974 |
| **Jan 24** | $13520 | $10326 | $14000 |
| **Feb 24** | $13547 | $10172 | $14062 |
| **Mar 24** | $13600 | $10236 | $14151 |
| **Apr 24** | $13438 | $9958 | $14016 |
| **May 24** | $13700 | $10096 | $14311 |
| **Jun 24** | $13724 | $10114 | $14350 |
| **Jul 24** | $13988 | $10408 | $14628 |
| **Aug 24** | $14323 | $10644 | $14987 |
| **Sep 24** | $14556 | $10821 | $15260 |
| **Oct 24** | $14350 | $10448 | $15068 |
| **Nov 24** | $14252 | $10499 | $14984 |
| **Dec 24** | $14141 | $10244 | $14871 |
| **Jan 25** | $14293 | $10299 | $15035 |
| **Feb 25** | $14426 | $10478 | $15214 |
| **Mar 25** | $14559 | $10543 | $15355 |
| **Apr 25** | $14850 | $10850 | $15643 |
| **May 25** | $15051 | $10783 | $15857 |
| **Jun 25** | $15421 | $10993 | $16263 |
| **Jul 25** | $15393 | $10825 | $16262 |
| **Aug 25** | $15662 | $10989 | $16552 |
| **Sep 25** | $15769 | $11076 | $16666 |
| **Oct 25** | $15698 | $11044 | $16566 |
| **Nov 25** | $15688 | $11074 | $16619 |
| **Dec 25** | $15940 | $11071 | $16816 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck International High Yield Bond ETF | 12.72% | 1.90% | 4.77% |
| ICE BofA ML Global ex-US Issuers High Yield Constrained Index | 13.08% | 2.34% | 5.33% |
| ICE BofA Global Broad Market Index | 8.08% | (2.52)% | 1.02% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$48,316,251

* Number of Portfolio Holdings567

* Portfolio Turnover Rate36%

* Advisory Fees Paid$145,593

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i0480488e8994ac086029a25c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.7% |
| Other Investments | 0.5% |
| Real Estate | 2.8% |
| Consumer Non-Cyclicals | 3.2% |
| Healthcare | 4.4% |
| Utilities | 6.8% |
| Basic Materials | 8.1% |
| Consumer Cyclicals | 9.4% |
| Energy | 10.5% |
| Technology | 11.9% |
| Industrials | 14.7% |
| Financials | 25.0% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.70%, 2/16/2032 | 0.6% |
| Petroleos Mexicanos, 7.69%, 1/23/2050 | 0.5% |
| WEPA Hygieneprodukte GmbH, 5.62%, 1/15/2031 | 0.5% |
| British Telecommunications PLC, 5.12%, 10/3/2054 | 0.5% |
| Banco BPM SpA, 4.50%, 11/26/2036 | 0.5% |
| Teva Pharmaceutical Finance Netherlands II BV, 4.38%, 5/9/2030 | 0.5% |
| InPost SA, 4.00%, 4/1/2031 | 0.5% |
| Mundys SpA, 1.88%, 2/12/2028 | 0.5% |
| Electricite de France SA, 3.38% (Perpetual maturity) | 0.5% |
| VZ Vendor Financing II BV, 2.88%, 1/15/2029 | 0.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Israel ETF

## Ticker: ISRA \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Israel ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Israel ETF | $70 | 0.59% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return over the period, supported by solid corporate balance sheets and continued innovation activity, despite persistent geopolitical tensions and heightened regional uncertainty that weighed on investor sentiment at various points during the year.

* The Financials sector contributed the most to the Fund's performance during the period, followed by Information Technology and Industrials.

* The leading individual contributors to performance were Bank Leumi Le-Israel B.M., Bank Hapoalim BM and Elbit Systems Ltd.

* The Consumer Discretionary sector detracted the most from the Fund's performance during the period, followed by Communication Services.

* The leading individual detractors from performance were Wix.com Ltd., NICE Ltd. and Monday.com Ltd.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i606ffd7c3b7ab505a3f0f597.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **BlueStar<sup>®</sup> Israel Global Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9337 | $9397 | $9281 |
| **Feb 16** | $9233 | $9332 | $9244 |
| **Mar 16** | $9701 | $10024 | $9700 |
| **Apr 16** | $9469 | $10172 | $9491 |
| **May 16** | $9431 | $10185 | $9434 |
| **Jun 16** | $9257 | $10123 | $9229 |
| **Jul 16** | $9687 | $10559 | $9691 |
| **Aug 16** | $9802 | $10595 | $9806 |
| **Sep 16** | $9698 | $10660 | $9739 |
| **Oct 16** | $9306 | $10479 | $9321 |
| **Nov 16** | $9476 | $10558 | $9493 |
| **Dec 16** | $9469 | $10786 | $9488 |
| **Jan 17** | $9720 | $11081 | $9728 |
| **Feb 17** | $10083 | $11392 | $10109 |
| **Mar 17** | $10238 | $11532 | $10267 |
| **Apr 17** | $10457 | $11711 | $10489 |
| **May 17** | $10714 | $11970 | $10742 |
| **Jun 17** | $10856 | $12024 | $10907 |
| **Jul 17** | $10806 | $12360 | $10852 |
| **Aug 17** | $10101 | $12408 | $10155 |
| **Sep 17** | $10513 | $12647 | $10529 |
| **Oct 17** | $10499 | $12910 | $10534 |
| **Nov 17** | $10587 | $13160 | $10632 |
| **Dec 17** | $10885 | $13372 | $10937 |
| **Jan 18** | $11358 | $14127 | $11448 |
| **Feb 18** | $10910 | $13533 | $11026 |
| **Mar 18** | $10688 | $13244 | $10729 |
| **Apr 18** | $10699 | $13370 | $10782 |
| **May 18** | $11254 | $13387 | $11340 |
| **Jun 18** | $11197 | $13314 | $11242 |
| **Jul 18** | $11573 | $13716 | $11652 |
| **Aug 18** | $12125 | $13824 | $12243 |
| **Sep 18** | $11892 | $13884 | $11979 |
| **Oct 18** | $11100 | $12843 | $11200 |
| **Nov 18** | $11416 | $13031 | $11517 |
| **Dec 18** | $10130 | $12113 | $10241 |
| **Jan 19** | $11225 | $13070 | $11333 |
| **Feb 19** | $11434 | $13419 | $11562 |
| **Mar 19** | $11394 | $13588 | $11546 |
| **Apr 19** | $11741 | $14047 | $11883 |
| **May 19** | $11160 | $13214 | $11379 |
| **Jun 19** | $11701 | $14079 | $11890 |
| **Jul 19** | $12119 | $14120 | $12311 |
| **Aug 19** | $11837 | $13785 | $12008 |
| **Sep 19** | $11862 | $14075 | $12034 |
| **Oct 19** | $12193 | $14460 | $12368 |
| **Nov 19** | $12835 | $14813 | $13031 |
| **Dec 19** | $12829 | $15335 | $13033 |
| **Jan 20** | $13100 | $15166 | $13329 |
| **Feb 20** | $12297 | $13941 | $12583 |
| **Mar 20** | $10258 | $12059 | $10492 |
| **Apr 20** | $11517 | $13350 | $11743 |
| **May 20** | $12362 | $13931 | $12417 |
| **Jun 20** | $12048 | $14376 | $12193 |
| **Jul 20** | $13019 | $15137 | $13161 |
| **Aug 20** | $13694 | $16063 | $13908 |
| **Sep 20** | $13082 | $15545 | $13312 |
| **Oct 20** | $13313 | $15167 | $13579 |
| **Nov 20** | $14878 | $17037 | $15146 |
| **Dec 20** | $16439 | $17828 | $16704 |
| **Jan 21** | $16731 | $17747 | $17052 |
| **Feb 21** | $16655 | $18158 | $17008 |
| **Mar 21** | $16217 | $18643 | $16499 |
| **Apr 21** | $17187 | $19458 | $17523 |
| **May 21** | $17135 | $19761 | $17435 |
| **Jun 21** | $17511 | $20021 | $17832 |
| **Jul 21** | $17380 | $20159 | $17725 |
| **Aug 21** | $17716 | $20664 | $18058 |
| **Sep 21** | $17337 | $19810 | $17713 |
| **Oct 21** | $18485 | $20821 | $18856 |
| **Nov 21** | $17633 | $20320 | $18034 |
| **Dec 21** | $18115 | $21133 | $18522 |
| **Jan 22** | $16714 | $20095 | $17041 |
| **Feb 22** | $17151 | $19576 | $17519 |
| **Mar 22** | $17250 | $20000 | $17668 |
| **Apr 22** | $15766 | $18399 | $16173 |
| **May 22** | $15082 | $18420 | $15420 |
| **Jun 22** | $13882 | $16868 | $14169 |
| **Jul 22** | $15217 | $18046 | $15558 |
| **Aug 22** | $15382 | $17381 | $15765 |
| **Sep 22** | $13466 | $15717 | $13807 |
| **Oct 22** | $14216 | $16666 | $14562 |
| **Nov 22** | $14339 | $17958 | $14600 |
| **Dec 22** | $13444 | $17252 | $13779 |
| **Jan 23** | $14296 | $18488 | $14621 |
| **Feb 23** | $13497 | $17958 | $13838 |
| **Mar 23** | $13533 | $18512 | $13855 |
| **Apr 23** | $13181 | $18778 | $13531 |
| **May 23** | $13134 | $18577 | $13472 |
| **Jun 23** | $13276 | $19656 | $13601 |
| **Jul 23** | $13940 | $20375 | $14312 |
| **Aug 23** | $13014 | $19806 | $13371 |
| **Sep 23** | $12628 | $18987 | $12959 |
| **Oct 23** | $10779 | $18416 | $11074 |
| **Nov 23** | $12413 | $20116 | $12763 |
| **Dec 23** | $13414 | $21082 | $13863 |
| **Jan 24** | $13366 | $21206 | $13785 |
| **Feb 24** | $14343 | $22116 | $14770 |
| **Mar 24** | $14377 | $22810 | $14868 |
| **Apr 24** | $13353 | $22057 | $13784 |
| **May 24** | $13768 | $22953 | $14185 |
| **Jun 24** | $13753 | $23464 | $14208 |
| **Jul 24** | $14177 | $23843 | $14637 |
| **Aug 24** | $14939 | $24448 | $15402 |
| **Sep 24** | $15005 | $25016 | $15489 |
| **Oct 24** | $15151 | $24455 | $15673 |
| **Nov 24** | $16398 | $25369 | $16936 |
| **Dec 24** | $16828 | $24769 | $17415 |
| **Jan 25** | $17545 | $25600 | $18160 |
| **Feb 25** | $17194 | $25446 | $17792 |
| **Mar 25** | $16322 | $24441 | $16863 |
| **Apr 25** | $17020 | $24669 | $17618 |
| **May 25** | $18363 | $26087 | $19021 |
| **Jun 25** | $20099 | $27258 | $20824 |
| **Jul 25** | $19510 | $27628 | $20265 |
| **Aug 25** | $20302 | $28310 | $21033 |
| **Sep 25** | $21294 | $29336 | $22106 |
| **Oct 25** | $21517 | $29992 | $22365 |
| **Nov 25** | $21851 | $29989 | $22808 |
| **Dec 25** | $23101 | $30302 | $24021 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Israel ETF | 37.28% | 7.04% | 8.73% |
| BlueStar<sup>®</sup> Israel Global Index | 37.93% | 7.54% | 9.16% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$120,216,659

* Number of Portfolio Holdings81

* Portfolio Turnover Rate8%

* Advisory Fees Paid$469,551

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ie3d6401da5b38867440b2d38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Materials | 1.0% |
| Consumer Staples | 1.5% |
| Communication Services | 1.6% |
| Energy | 1.8% |
| Consumer Discretionary | 2.3% |
| Utilities | 3.7% |
| Real Estate | 4.2% |
| Industrials | 7.5% |
| Health Care | 11.1% |
| Information Technology | 30.7% |
| Financials | 34.5% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Teva Pharmaceutical Industries Ltd. | 10.5% |
| Bank Leumi Le-Israel BM | 8.4% |
| Bank Hapoalim BM | 7.2% |
| CyberArk Software Ltd. | 6.1% |
| Elbit Systems Ltd. | 4.9% |
| Check Point Software Technologies Ltd. | 4.4% |
| Israel Discount Bank Ltd. | 3.2% |
| Mizrahi Tefahot Bank Ltd. | 3.0% |
| Phoenix Financial Ltd. | 2.5% |
| Tower Semiconductor Ltd. | 2.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck J.P. Morgan EM Local Currency Bond ETF

## Ticker: EMLC \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck J.P. Morgan EM Local Currency Bond ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck J.P. Morgan EM Local Currency Bond ETF | $33 | 0.30% |

---

### How did the Fund perform **last year?** 
* The Fund generated a strong return over the period amid trade tensions and rising geopolitical risks, as strong fundamentals kept emerging markets local currency and real yields attractive.

* Bonds denominated in Mexican Peso, South African Rand, and Brazilian Real were the largest contributors to performance, while bonds denominated in Dominican Pesos detracted slightly during the period.

* Currency appreciation and high carry contributed the most to performance during the period.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i2e100a7d7cd083b6f7394297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **ICE BofA Global Broad Market Plus Index** | **JPMorgan GBI-EMG Core Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $10050 | $10097 | $10019 |
| **Feb 16** | $10183 | $10314 | $10167 |
| **Mar 16** | $11073 | $10578 | $11080 |
| **Apr 16** | $11350 | $10713 | $11368 |
| **May 16** | $10761 | $10581 | $10773 |
| **Jun 16** | $11363 | $10889 | $11391 |
| **Jul 16** | $11436 | $10972 | $11476 |
| **Aug 16** | $11434 | $10922 | $11472 |
| **Sep 16** | $11628 | $10975 | $11682 |
| **Oct 16** | $11543 | $10685 | $11603 |
| **Nov 16** | $10743 | $10268 | $10795 |
| **Dec 16** | $10876 | $10225 | $10995 |
| **Jan 17** | $11188 | $10336 | $11261 |
| **Feb 17** | $11387 | $10389 | $11455 |
| **Mar 17** | $11598 | $10402 | $11700 |
| **Apr 17** | $11737 | $10518 | $11835 |
| **May 17** | $11947 | $10673 | $12057 |
| **Jun 17** | $12004 | $10664 | $12122 |
| **Jul 17** | $12237 | $10838 | $12355 |
| **Aug 17** | $12427 | $10947 | $12556 |
| **Sep 17** | $12391 | $10851 | $12520 |
| **Oct 17** | $12048 | $10808 | $12176 |
| **Nov 17** | $12238 | $10921 | $12390 |
| **Dec 17** | $12399 | $10961 | $12608 |
| **Jan 18** | $12959 | $11082 | $13128 |
| **Feb 18** | $12812 | $10984 | $12980 |
| **Mar 18** | $12916 | $11101 | $13112 |
| **Apr 18** | $12565 | $10929 | $12744 |
| **May 18** | $11883 | $10845 | $12056 |
| **Jun 18** | $11490 | $10797 | $11685 |
| **Jul 18** | $11766 | $10780 | $11945 |
| **Aug 18** | $11020 | $10784 | $11187 |
| **Sep 18** | $11244 | $10695 | $11435 |
| **Oct 18** | $11115 | $10583 | $11302 |
| **Nov 18** | $11370 | $10622 | $11589 |
| **Dec 18** | $11446 | $10836 | $11737 |
| **Jan 19** | $12102 | $11001 | $12364 |
| **Feb 19** | $12001 | $10940 | $12235 |
| **Mar 19** | $11806 | $11079 | $12053 |
| **Apr 19** | $11806 | $11048 | $12020 |
| **May 19** | $11764 | $11204 | $12003 |
| **Jun 19** | $12438 | $11451 | $12690 |
| **Jul 19** | $12551 | $11425 | $12821 |
| **Aug 19** | $12002 | $11671 | $12279 |
| **Sep 19** | $12119 | $11548 | $12378 |
| **Oct 19** | $12399 | $11624 | $12678 |
| **Nov 19** | $12174 | $11532 | $12434 |
| **Dec 19** | $12579 | $11591 | $12928 |
| **Jan 20** | $12501 | $11746 | $12787 |
| **Feb 20** | $12094 | $11833 | $12375 |
| **Mar 20** | $10762 | $11576 | $11000 |
| **Apr 20** | $11121 | $11792 | $11408 |
| **May 20** | $11657 | $11857 | $11971 |
| **Jun 20** | $11753 | $11963 | $12054 |
| **Jul 20** | $12122 | $12344 | $12450 |
| **Aug 20** | $12088 | $12304 | $12414 |
| **Sep 20** | $11868 | $12263 | $12191 |
| **Oct 20** | $11909 | $12251 | $12243 |
| **Nov 20** | $12559 | $12463 | $12917 |
| **Dec 20** | $12953 | $12617 | $13374 |
| **Jan 21** | $12849 | $12483 | $13234 |
| **Feb 21** | $12536 | $12235 | $12892 |
| **Mar 21** | $12127 | $12004 | $12496 |
| **Apr 21** | $12391 | $12153 | $12770 |
| **May 21** | $12661 | $12249 | $13081 |
| **Jun 21** | $12550 | $12169 | $12937 |
| **Jul 21** | $12477 | $12323 | $12876 |
| **Aug 21** | $12580 | $12272 | $12977 |
| **Sep 21** | $12146 | $12036 | $12540 |
| **Oct 21** | $11983 | $12003 | $12363 |
| **Nov 21** | $11617 | $11966 | $11994 |
| **Dec 21** | $11745 | $11937 | $12139 |
| **Jan 22** | $11783 | $11675 | $12173 |
| **Feb 22** | $11419 | $11530 | $11703 |
| **Mar 22** | $11200 | $11173 | $11524 |
| **Apr 22** | $10591 | $10564 | $10892 |
| **May 22** | $10720 | $10593 | $11036 |
| **Jun 22** | $10250 | $10256 | $10567 |
| **Jul 22** | $10236 | $10486 | $10569 |
| **Aug 22** | $10273 | $10067 | $10602 |
| **Sep 22** | $9792 | $9531 | $10111 |
| **Oct 22** | $9699 | $9461 | $10013 |
| **Nov 22** | $10335 | $9907 | $10677 |
| **Dec 22** | $10553 | $9949 | $10904 |
| **Jan 23** | $10945 | $10265 | $11301 |
| **Feb 23** | $10665 | $9932 | $11009 |
| **Mar 23** | $11059 | $10245 | $11430 |
| **Apr 23** | $11134 | $10297 | $11516 |
| **May 23** | $11025 | $10102 | $11420 |
| **Jun 23** | $11339 | $10104 | $11737 |
| **Jul 23** | $11603 | $10161 | $12003 |
| **Aug 23** | $11314 | $10029 | $11711 |
| **Sep 23** | $10931 | $9730 | $11309 |
| **Oct 23** | $10849 | $9607 | $11231 |
| **Nov 23** | $11406 | $10088 | $11816 |
| **Dec 23** | $11807 | $10509 | $12093 |
| **Jan 24** | $11634 | $10376 | $11867 |
| **Feb 24** | $11568 | $10238 | $11828 |
| **Mar 24** | $11462 | $10295 | $11822 |
| **Apr 24** | $11249 | $10029 | $11596 |
| **May 24** | $11436 | $10165 | $11796 |
| **Jun 24** | $11295 | $10185 | $11653 |
| **Jul 24** | $11543 | $10469 | $11917 |
| **Aug 24** | $11887 | $10712 | $12272 |
| **Sep 24** | $12246 | $10893 | $12651 |
| **Oct 24** | $11690 | $10526 | $12079 |
| **Nov 24** | $11617 | $10571 | $12016 |
| **Dec 24** | $11409 | $10335 | $11803 |
| **Jan 25** | $11630 | $10397 | $12043 |
| **Feb 25** | $11716 | $10558 | $12133 |
| **Mar 25** | $11847 | $10622 | $12287 |
| **Apr 25** | $12215 | $10926 | $12677 |
| **May 25** | $12374 | $10875 | $12845 |
| **Jun 25** | $12731 | $11082 | $13215 |
| **Jul 25** | $12621 | $10919 | $13110 |
| **Aug 25** | $12891 | $11078 | $13387 |
| **Sep 25** | $13060 | $11154 | $13579 |
| **Oct 25** | $13112 | $11129 | $13647 |
| **Nov 25** | $13229 | $11156 | $13836 |
| **Dec 25** | $13487 | $11167 | $14046 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 18.21% | 0.81% | 3.04% |
| JPMorgan GBI-EMG Core Index | 19.00% | 0.98% | 3.46% |
| ICE BofA Global Broad Market Plus Index | 8.05% | (2.41)% | 1.11% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$4,207,214,001

* Number of Portfolio Holdings489

* Portfolio Turnover Rate26%

* Advisory Fees Paid$8,645,611

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6bae1d0d37ff36a1f9aa49f8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.0% |
| Government | 98.0% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Mexican Bonos, 7.75%, 5/29/2031 | 0.8% |
| Republic of South Africa Government Bond, 8.75%, 2/28/2048 | 0.8% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2031 | 0.8% |
| Turkiye Government Bond, 30.00%, 9/12/2029 | 0.7% |
| Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2029 | 0.7% |
| Republic of South Africa Government Bond, 8.88%, 2/28/2035 | 0.7% |
| Republic of South Africa Government Bond, 8.25%, 3/31/2032 | 0.7% |
| Mexican Bonos, 7.75%, 11/23/2034 | 0.7% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027 | 0.7% |
| Republic of South Africa Government Bond, 8.00%, 1/31/2030 | 0.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Junior Gold Miners ETF

## Ticker: GDXJ \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Junior Gold Miners ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Junior Gold Miners ETF | $97 | 0.52% |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* The Fund's exposure to Canada, Australia and United States were the largest positive contributors to performance for the period. 

* The leading individual contributors to performance were Harmony Gold, Evolution Mining and Pan American Silver. 

* There were no detractors at the country level. Countries with the lowest contributions included Turkey, Indonesia and Peru.

* The leading individual detractors were Arizona Metals Corp, Pantoro Gold and Catalyst Metals.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i5d50da114b86ef3b923bd30c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Junior Gold Miners Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9922 | $9397 | $9921 |
| **Feb 16** | $13392 | $9332 | $13394 |
| **Mar 16** | $14521 | $10024 | $14543 |
| **Apr 16** | $19886 | $10172 | $19894 |
| **May 16** | $17601 | $10185 | $17606 |
| **Jun 16** | $22175 | $10123 | $22197 |
| **Jul 16** | $25942 | $10559 | $25928 |
| **Aug 16** | $21785 | $10595 | $21806 |
| **Sep 16** | $22986 | $10660 | $23073 |
| **Oct 16** | $21150 | $10479 | $21046 |
| **Nov 16** | $17810 | $10558 | $17863 |
| **Dec 16** | $17375 | $10786 | $17509 |
| **Jan 17** | $20591 | $11081 | $20642 |
| **Feb 17** | $20207 | $11392 | $20194 |
| **Mar 17** | $19747 | $11532 | $19774 |
| **Apr 17** | $17808 | $11711 | $17636 |
| **May 17** | $17288 | $11970 | $17157 |
| **Jun 17** | $18312 | $12024 | $18116 |
| **Jul 17** | $18356 | $12360 | $18156 |
| **Aug 17** | $19660 | $12408 | $19437 |
| **Sep 17** | $18400 | $12647 | $18227 |
| **Oct 17** | $17512 | $12910 | $17361 |
| **Nov 17** | $17337 | $13160 | $17196 |
| **Dec 17** | $18746 | $13372 | $18592 |
| **Jan 18** | $18444 | $14127 | $18288 |
| **Feb 18** | $17167 | $13533 | $17055 |
| **Mar 18** | $17578 | $13244 | $17431 |
| **Apr 18** | $17836 | $13370 | $17743 |
| **May 18** | $17918 | $13387 | $17806 |
| **Jun 18** | $17896 | $13314 | $17767 |
| **Jul 18** | $17370 | $13716 | $17273 |
| **Aug 18** | $15266 | $13824 | $15116 |
| **Sep 18** | $14992 | $13884 | $14916 |
| **Oct 18** | $15008 | $12843 | $14925 |
| **Nov 18** | $14658 | $13031 | $14585 |
| **Dec 18** | $16574 | $12113 | $16501 |
| **Jan 19** | $18143 | $13070 | $18073 |
| **Feb 19** | $17890 | $13419 | $17850 |
| **Mar 19** | $17483 | $13588 | $17441 |
| **Apr 19** | $16162 | $14047 | $16110 |
| **May 19** | $16211 | $13214 | $16144 |
| **Jun 19** | $19294 | $14079 | $19253 |
| **Jul 19** | $20905 | $14120 | $20941 |
| **Aug 19** | $22725 | $13785 | $22680 |
| **Sep 19** | $20142 | $14075 | $20138 |
| **Oct 19** | $21507 | $14460 | $21489 |
| **Nov 19** | $20896 | $14813 | $20890 |
| **Dec 19** | $23422 | $15335 | $23461 |
| **Jan 20** | $22987 | $15166 | $22901 |
| **Feb 20** | $20474 | $13941 | $20517 |
| **Mar 20** | $15879 | $12059 | $15922 |
| **Apr 20** | $22518 | $13350 | $22687 |
| **May 20** | $25387 | $13931 | $25537 |
| **Jun 20** | $27358 | $14376 | $27325 |
| **Jul 20** | $33549 | $15137 | $33526 |
| **Aug 20** | $33193 | $16063 | $33334 |
| **Sep 20** | $30766 | $15545 | $30851 |
| **Oct 20** | $29389 | $15167 | $29512 |
| **Nov 20** | $27565 | $17037 | $27724 |
| **Dec 20** | $30464 | $17828 | $30708 |
| **Jan 21** | $28222 | $17747 | $28548 |
| **Feb 21** | $25881 | $18158 | $26172 |
| **Mar 21** | $25142 | $18643 | $25372 |
| **Apr 21** | $26638 | $19458 | $26947 |
| **May 21** | $30572 | $19761 | $31070 |
| **Jun 21** | $26164 | $20021 | $26454 |
| **Jul 21** | $25701 | $20159 | $26026 |
| **Aug 21** | $24217 | $20664 | $24510 |
| **Sep 21** | $21491 | $19810 | $21768 |
| **Oct 21** | $24314 | $20821 | $24644 |
| **Nov 21** | $23950 | $20320 | $24285 |
| **Dec 21** | $23932 | $21133 | $24261 |
| **Jan 22** | $21905 | $20095 | $22175 |
| **Feb 22** | $24738 | $19576 | $25121 |
| **Mar 22** | $26854 | $20000 | $27274 |
| **Apr 22** | $24725 | $18399 | $25171 |
| **May 22** | $22560 | $18420 | $22960 |
| **Jun 22** | $18369 | $16868 | $18673 |
| **Jul 22** | $19185 | $18046 | $19474 |
| **Aug 22** | $16898 | $17381 | $17177 |
| **Sep 22** | $16742 | $15717 | $17010 |
| **Oct 22** | $16875 | $16666 | $17136 |
| **Nov 22** | $20221 | $17958 | $20458 |
| **Dec 22** | $20466 | $17252 | $20799 |
| **Jan 23** | $22365 | $18488 | $22738 |
| **Feb 23** | $19303 | $17958 | $19660 |
| **Mar 23** | $22783 | $18512 | $23235 |
| **Apr 23** | $22886 | $18778 | $23329 |
| **May 23** | $21221 | $18577 | $21622 |
| **Jun 23** | $20405 | $19656 | $20774 |
| **Jul 23** | $21569 | $20375 | $21991 |
| **Aug 23** | $20715 | $19806 | $21180 |
| **Sep 23** | $18537 | $18987 | $18990 |
| **Oct 23** | $19232 | $18416 | $19708 |
| **Nov 23** | $22068 | $20116 | $22601 |
| **Dec 23** | $22057 | $21082 | $22586 |
| **Jan 24** | $19681 | $21206 | $20182 |
| **Feb 24** | $18338 | $22116 | $18802 |
| **Mar 24** | $22292 | $22810 | $22844 |
| **Apr 24** | $23579 | $22057 | $24272 |
| **May 24** | $26206 | $22953 | $26849 |
| **Jun 24** | $24510 | $23464 | $25149 |
| **Jul 24** | $26580 | $23843 | $27257 |
| **Aug 24** | $26612 | $24448 | $27371 |
| **Sep 24** | $28342 | $25016 | $29184 |
| **Oct 24** | $29894 | $24455 | $30825 |
| **Nov 24** | $27635 | $25369 | $28423 |
| **Dec 24** | $25351 | $24769 | $26133 |
| **Jan 25** | $28723 | $25600 | $29712 |
| **Feb 25** | $28958 | $25446 | $29758 |
| **Mar 25** | $33851 | $24441 | $34934 |
| **Apr 25** | $36401 | $24669 | $37696 |
| **May 25** | $38604 | $26087 | $39962 |
| **Jun 25** | $40083 | $27258 | $41481 |
| **Jul 25** | $38015 | $27628 | $39533 |
| **Aug 25** | $47071 | $28310 | $48765 |
| **Sep 25** | $58596 | $29336 | $60800 |
| **Oct 25** | $55428 | $29992 | $57616 |
| **Nov 25** | $64536 | $29989 | $67048 |
| **Dec 25** | $69270 | $30302 | $72259 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Junior Gold Miners ETF | 173.25% | 17.86% | 21.35% |
| MVIS<sup>®</sup> Global Junior Gold Miners Index | 176.50% | 18.67% | 21.87% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$9,405,743,590

* Number of Portfolio Holdings92

* Portfolio Turnover Rate36%

* Advisory Fees Paid$31,712,302

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3b3a38e786843e9e3816b1a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Precious Metals & Minerals | 3.6% |
| Diversified Metals & Mining | 4.6% |
| Silver | 8.0% |
| Gold | 83.6% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Pan American Silver Corp. | 7.0% |
| Alamos Gold, Inc. | 6.3% |
| Coeur Mining, Inc. | 5.7% |
| Equinox Gold Corp. | 5.5% |
| Royal Gold, Inc. | 5.0% |
| Industrias Penoles SAB de CV | 3.1% |
| Evolution Mining Ltd. | 2.7% |
| Endeavour Mining PLC | 2.6% |
| Hecla Mining Co. | 2.5% |
| IAMGOLD Corp. | 2.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Low Carbon Energy ETF

## Ticker: SMOG \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Low Carbon Energy ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Low Carbon Energy ETF | $74 | 0.64% |

---

### How did the Fund perform **last year?** 
* During the period, performance reflected improving conditions across the global low-carbon and clean energy industry, supported by continued electrification trends and increased adoption of alternative energy technologies.

* At the industry level, consumer discretionary and utilities sectors, specifically, electric vehicle manufacturers and electric utilities were the leading contributors to performance.

* The Fund's exposure to companies in the information technology sector, with select companies from China and the United States, led overall detractors.

* The leading individual contributors to performance were Iberdrola SA, Enel SpA, and Vestas Wind Systems. 

* The leading individual detractors to performance were Enphase Energy and Owens Corning. 

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i847490074c3c8fa6d45cfc99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Low Carbon Energy Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9065 | $9397 | $8999 |
| **Feb 16** | $9056 | $9332 | $9039 |
| **Mar 16** | $9709 | $10024 | $9669 |
| **Apr 16** | $9601 | $10172 | $9556 |
| **May 16** | $9366 | $10185 | $9314 |
| **Jun 16** | $9181 | $10123 | $9090 |
| **Jul 16** | $9557 | $10559 | $9480 |
| **Aug 16** | $9663 | $10595 | $9580 |
| **Sep 16** | $9819 | $10660 | $9708 |
| **Oct 16** | $9472 | $10479 | $9381 |
| **Nov 16** | $9234 | $10558 | $9133 |
| **Dec 16** | $9474 | $10786 | $9397 |
| **Jan 17** | $9917 | $11081 | $9822 |
| **Feb 17** | $10119 | $11392 | $10027 |
| **Mar 17** | $10306 | $11532 | $10210 |
| **Apr 17** | $10662 | $11711 | $10587 |
| **May 17** | $10980 | $11970 | $10901 |
| **Jun 17** | $11137 | $12024 | $11058 |
| **Jul 17** | $11300 | $12360 | $11230 |
| **Aug 17** | $10937 | $12408 | $10864 |
| **Sep 17** | $11248 | $12647 | $11175 |
| **Oct 17** | $11699 | $12910 | $11624 |
| **Nov 17** | $11192 | $13160 | $11123 |
| **Dec 17** | $11548 | $13372 | $11496 |
| **Jan 18** | $11944 | $14127 | $11889 |
| **Feb 18** | $11573 | $13533 | $11550 |
| **Mar 18** | $11429 | $13244 | $11361 |
| **Apr 18** | $11488 | $13370 | $11470 |
| **May 18** | $11514 | $13387 | $11489 |
| **Jun 18** | $11008 | $13314 | $10990 |
| **Jul 18** | $11478 | $13716 | $11447 |
| **Aug 18** | $11577 | $13824 | $11541 |
| **Sep 18** | $11042 | $13884 | $11024 |
| **Oct 18** | $10303 | $12843 | $10289 |
| **Nov 18** | $11254 | $13031 | $11230 |
| **Dec 18** | $10506 | $12113 | $10502 |
| **Jan 19** | $11656 | $13070 | $11654 |
| **Feb 19** | $12119 | $13419 | $12129 |
| **Mar 19** | $11871 | $13588 | $11884 |
| **Apr 19** | $12548 | $14047 | $12573 |
| **May 19** | $11265 | $13214 | $11312 |
| **Jun 19** | $12401 | $14079 | $12442 |
| **Jul 19** | $12601 | $14120 | $12666 |
| **Aug 19** | $11872 | $13785 | $11927 |
| **Sep 19** | $12193 | $14075 | $12261 |
| **Oct 19** | $12640 | $14460 | $12717 |
| **Nov 19** | $13249 | $14813 | $13336 |
| **Dec 19** | $14433 | $15335 | $14535 |
| **Jan 20** | $14809 | $15166 | $14936 |
| **Feb 20** | $14208 | $13941 | $14302 |
| **Mar 20** | $11485 | $12059 | $11606 |
| **Apr 20** | $13539 | $13350 | $13675 |
| **May 20** | $14718 | $13931 | $14844 |
| **Jun 20** | $15574 | $14376 | $15722 |
| **Jul 20** | $17779 | $15137 | $17966 |
| **Aug 20** | $20870 | $16063 | $21112 |
| **Sep 20** | $20904 | $15545 | $21170 |
| **Oct 20** | $21982 | $15167 | $22267 |
| **Nov 20** | $28084 | $17037 | $28499 |
| **Dec 20** | $31558 | $17828 | $32027 |
| **Jan 21** | $33538 | $17747 | $34158 |
| **Feb 21** | $30912 | $18158 | $31408 |
| **Mar 21** | $29924 | $18643 | $30383 |
| **Apr 21** | $28920 | $19458 | $29543 |
| **May 21** | $28625 | $19761 | $29163 |
| **Jun 21** | $30719 | $20021 | $31225 |
| **Jul 21** | $30133 | $20159 | $30669 |
| **Aug 21** | $30954 | $20664 | $31611 |
| **Sep 21** | $28458 | $19810 | $29129 |
| **Oct 21** | $33545 | $20821 | $34258 |
| **Nov 21** | $32785 | $20320 | $33529 |
| **Dec 21** | $30603 | $21133 | $31329 |
| **Jan 22** | $26342 | $20095 | $26760 |
| **Feb 22** | $27416 | $19576 | $28012 |
| **Mar 22** | $27811 | $20000 | $28513 |
| **Apr 22** | $24356 | $18399 | $25059 |
| **May 22** | $24864 | $18420 | $25415 |
| **Jun 22** | $23972 | $16868 | $24445 |
| **Jul 22** | $26285 | $18046 | $26806 |
| **Aug 22** | $25012 | $17381 | $25609 |
| **Sep 22** | $21732 | $15717 | $22295 |
| **Oct 22** | $21382 | $16666 | $21861 |
| **Nov 22** | $23648 | $17958 | $23990 |
| **Dec 22** | $21569 | $17252 | $22065 |
| **Jan 23** | $23683 | $18488 | $24129 |
| **Feb 23** | $22631 | $17958 | $23154 |
| **Mar 23** | $23621 | $18512 | $24112 |
| **Apr 23** | $22428 | $18778 | $22896 |
| **May 23** | $22331 | $18577 | $22811 |
| **Jun 23** | $23877 | $19656 | $24389 |
| **Jul 23** | $25211 | $20375 | $25761 |
| **Aug 23** | $22451 | $19806 | $22974 |
| **Sep 23** | $20500 | $18987 | $21001 |
| **Oct 23** | $18388 | $18416 | $18783 |
| **Nov 23** | $20218 | $20116 | $20672 |
| **Dec 23** | $21859 | $21082 | $22379 |
| **Jan 24** | $18784 | $21206 | $19255 |
| **Feb 24** | $19319 | $22116 | $19756 |
| **Mar 24** | $19424 | $22810 | $19871 |
| **Apr 24** | $18952 | $22057 | $19456 |
| **May 24** | $20663 | $22953 | $21111 |
| **Jun 24** | $19140 | $23464 | $19609 |
| **Jul 24** | $20469 | $23843 | $20921 |
| **Aug 24** | $20485 | $24448 | $20983 |
| **Sep 24** | $22363 | $25016 | $22958 |
| **Oct 24** | $20471 | $24455 | $20968 |
| **Nov 24** | $20382 | $25369 | $20860 |
| **Dec 24** | $19855 | $24769 | $20395 |
| **Jan 25** | $19999 | $25600 | $20536 |
| **Feb 25** | $20382 | $25446 | $20909 |
| **Mar 25** | $20289 | $24441 | $20800 |
| **Apr 25** | $20624 | $24669 | $21156 |
| **May 25** | $21819 | $26087 | $22403 |
| **Jun 25** | $22034 | $27258 | $22615 |
| **Jul 25** | $22692 | $27628 | $23325 |
| **Aug 25** | $23685 | $28310 | $24364 |
| **Sep 25** | $25593 | $29336 | $26284 |
| **Oct 25** | $27234 | $29992 | $27998 |
| **Nov 25** | $26722 | $29989 | $27453 |
| **Dec 25** | $26382 | $30302 | $27191 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Low Carbon Energy ETF | 32.88% | (3.52)% | 10.19% |
| MVIS<sup>®</sup> Global Low Carbon Energy Index | 33.32% | (3.22)% | 10.52% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

MVIS Global Low Carbon Energy Index replaced the Ardour Global Index℠ (Extra Liquid) effective April 26, 2021. Index history prior to April 26, 2021 reflects the performance of the Ardour Global Index℠.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$127,498,779

* Number of Portfolio Holdings60

* Portfolio Turnover Rate21%

* Advisory Fees Paid$611,237

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](icc7733b14b103cefbb2f0e60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.5% |
| Materials | 1.3% |
| Information Technology | 9.2% |
| Industrials | 23.0% |
| Consumer Discretionary | 27.8% |
| Utilities | 38.3% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Tesla, Inc. | 8.1% |
| NextEra Energy, Inc. | 8.0% |
| Iberdrola SA | 7.4% |
| Enel SpA | 6.8% |
| BYD Co. Ltd. | 5.9% |
| Vestas Wind Systems A/S | 5.1% |
| First Solar, Inc. | 3.7% |
| Rivian Automotive, Inc. | 3.5% |
| Bloom Energy Corp. | 2.6% |
| Kingspan Group PLC | 2.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Mortgage REIT Income ETF

## Ticker: MORT \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Mortgage REIT Income ETF | $45 | 0.43% |

---

### How did the Fund perform **last year?** 
* The Fund provided positive total return during the period as mortgage REITs (mREITs) benefited from improved spread dynamics driven by a steeping yield curve.

* Residential mREITs were the primary contributors to performance while the commercial and multi-type hybrid mREITs segments experienced more mixed outcomes.

* Annaly Capital Management, Inc. was the top contributor to Fund performance during the period, while Ready Capital Corp. was the greatest detractor.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](id47a0c0693c6fbf466c46a93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **MVIS<sup>®</sup> US Mortgage REITs Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9667 | $9504 | $9438 |
| **Feb 16** | $9915 | $9491 | $9681 |
| **Mar 16** | $10616 | $10135 | $10375 |
| **Apr 16** | $10830 | $10174 | $10584 |
| **May 16** | $11316 | $10357 | $11062 |
| **Jun 16** | $11678 | $10384 | $11426 |
| **Jul 16** | $12108 | $10766 | $11852 |
| **Aug 16** | $12234 | $10782 | $11982 |
| **Sep 16** | $12300 | $10784 | $12049 |
| **Oct 16** | $12303 | $10587 | $12043 |
| **Nov 16** | $12511 | $10979 | $12250 |
| **Dec 16** | $12308 | $11196 | $12318 |
| **Jan 17** | $12712 | $11408 | $12457 |
| **Feb 17** | $13407 | $11861 | $13140 |
| **Mar 17** | $13786 | $11875 | $13522 |
| **Apr 17** | $14311 | $11997 | $14042 |
| **May 17** | $14135 | $12166 | $13872 |
| **Jun 17** | $14486 | $12242 | $14215 |
| **Jul 17** | $14520 | $12494 | $14255 |
| **Aug 17** | $14740 | $12532 | $14478 |
| **Sep 17** | $14959 | $12790 | $14691 |
| **Oct 17** | $14485 | $13089 | $14228 |
| **Nov 17** | $14575 | $13490 | $14320 |
| **Dec 17** | $14539 | $13640 | $14653 |
| **Jan 18** | $13876 | $14421 | $13632 |
| **Feb 18** | $13404 | $13890 | $13174 |
| **Mar 18** | $14316 | $13537 | $14078 |
| **Apr 18** | $14356 | $13589 | $14123 |
| **May 18** | $14779 | $13916 | $14543 |
| **Jun 18** | $15032 | $14002 | $14795 |
| **Jul 18** | $15561 | $14523 | $15329 |
| **Aug 18** | $15638 | $14996 | $15409 |
| **Sep 18** | $15381 | $15081 | $15160 |
| **Oct 18** | $15080 | $14050 | $14856 |
| **Nov 18** | $15316 | $14337 | $15094 |
| **Dec 18** | $13953 | $13042 | $14057 |
| **Jan 19** | $15589 | $14087 | $15379 |
| **Feb 19** | $15562 | $14540 | $15361 |
| **Mar 19** | $15756 | $14822 | $15557 |
| **Apr 19** | $16078 | $15422 | $15882 |
| **May 19** | $15051 | $14442 | $14870 |
| **Jun 19** | $15799 | $15460 | $15621 |
| **Jul 19** | $16126 | $15682 | $15952 |
| **Aug 19** | $15160 | $15434 | $15004 |
| **Sep 19** | $16113 | $15723 | $15946 |
| **Oct 19** | $16540 | $16063 | $16374 |
| **Nov 19** | $16755 | $16646 | $16592 |
| **Dec 19** | $16868 | $17149 | $17152 |
| **Jan 20** | $17904 | $17142 | $17737 |
| **Feb 20** | $16328 | $15731 | $16185 |
| **Mar 20** | $7211 | $13788 | $7128 |
| **Apr 20** | $8582 | $15555 | $8460 |
| **May 20** | $8834 | $16296 | $8713 |
| **Jun 20** | $10099 | $16620 | $9976 |
| **Jul 20** | $10628 | $17558 | $10495 |
| **Aug 20** | $10848 | $18820 | $10717 |
| **Sep 20** | $10705 | $18105 | $10573 |
| **Oct 20** | $10690 | $17623 | $10569 |
| **Nov 20** | $12650 | $19552 | $12514 |
| **Dec 20** | $13176 | $20304 | $13318 |
| **Jan 21** | $13236 | $20099 | $13098 |
| **Feb 21** | $14445 | $20653 | $14298 |
| **Mar 21** | $15250 | $21558 | $15106 |
| **Apr 21** | $15937 | $22708 | $15794 |
| **May 21** | $15978 | $22867 | $15840 |
| **Jun 21** | $16246 | $23401 | $16110 |
| **Jul 21** | $15753 | $23956 | $15618 |
| **Aug 21** | $16152 | $24685 | $16018 |
| **Sep 21** | $15832 | $23537 | $15704 |
| **Oct 21** | $16444 | $25186 | $16320 |
| **Nov 21** | $15434 | $25011 | $15324 |
| **Dec 21** | $15628 | $26132 | $15522 |
| **Jan 22** | $15392 | $24780 | $15293 |
| **Feb 22** | $14363 | $24038 | $14276 |
| **Mar 22** | $14879 | $24931 | $14792 |
| **Apr 22** | $13589 | $22757 | $13500 |
| **May 22** | $13992 | $22798 | $13905 |
| **Jun 22** | $12500 | $20916 | $12422 |
| **Jul 22** | $14292 | $22845 | $14222 |
| **Aug 22** | $13211 | $21913 | $13150 |
| **Sep 22** | $10078 | $19895 | $10008 |
| **Oct 22** | $11450 | $21506 | $11373 |
| **Nov 22** | $12397 | $22708 | $12318 |
| **Dec 22** | $11444 | $21399 | $11380 |
| **Jan 23** | $13303 | $22744 | $13229 |
| **Feb 23** | $12219 | $22189 | $12157 |
| **Mar 23** | $11099 | $23004 | $11062 |
| **Apr 23** | $11286 | $23363 | $11243 |
| **May 23** | $10918 | $23464 | $10880 |
| **Jun 23** | $12293 | $25015 | $12260 |
| **Jul 23** | $12831 | $25818 | $12794 |
| **Aug 23** | $12556 | $25407 | $12522 |
| **Sep 23** | $11928 | $24196 | $11899 |
| **Oct 23** | $10669 | $23687 | $10629 |
| **Nov 23** | $12191 | $25850 | $12148 |
| **Dec 23** | $13190 | $27025 | $13135 |
| **Jan 24** | $12572 | $27479 | $12523 |
| **Feb 24** | $12472 | $28946 | $12427 |
| **Mar 24** | $13041 | $29878 | $13006 |
| **Apr 24** | $12256 | $28657 | $12217 |
| **May 24** | $12789 | $30078 | $12751 |
| **Jun 24** | $12846 | $31157 | $12813 |
| **Jul 24** | $13664 | $31537 | $13634 |
| **Aug 24** | $13959 | $32302 | $13933 |
| **Sep 24** | $14138 | $32992 | $14116 |
| **Oct 24** | $13429 | $32692 | $13405 |
| **Nov 24** | $13783 | $34612 | $13761 |
| **Dec 24** | $13221 | $33786 | $13200 |
| **Jan 25** | $13851 | $34727 | $13834 |
| **Feb 25** | $14682 | $34274 | $14671 |
| **Mar 25** | $13927 | $32343 | $13922 |
| **Apr 25** | $13279 | $32124 | $13244 |
| **May 25** | $13129 | $34146 | $13097 |
| **Jun 25** | $13671 | $35882 | $13647 |
| **Jul 25** | $13841 | $36687 | $13825 |
| **Aug 25** | $14574 | $37431 | $14561 |
| **Sep 25** | $14264 | $38797 | $14255 |
| **Oct 25** | $14211 | $39706 | $14205 |
| **Nov 25** | $14864 | $39803 | $14865 |
| **Dec 25** | $14903 | $39827 | $14910 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Mortgage REIT Income ETF | 12.73% | 2.49% | 4.07% |
| MVIS<sup>®</sup> US Mortgage REITs Index | 12.96% | 2.28% | 4.08% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$377,137,382

* Number of Portfolio Holdings26

* Portfolio Turnover Rate20%

* Advisory Fees Paid$1,253,276

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i479f2c7592e1b78247709862.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Financial Services | 100.1% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Annaly Capital Management, Inc. | 17.1% |
| AGNC Investment Corp. | 13.7% |
| Starwood Property Trust, Inc. | 7.7% |
| Rithm Capital Corp. | 7.1% |
| ARMOUR Residential REIT, Inc. | 4.8% |
| Blackstone Mortgage Trust, Inc. | 4.8% |
| Dynex Capital, Inc. | 4.7% |
| Orchid Island Capital, Inc. | 4.0% |
| Arbor Realty Trust, Inc. | 3.8% |
| Ellington Financial, Inc. | 3.8% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Natural Resources ETF

## Ticker: HAP \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Natural Resources ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Natural Resources ETF | $48 | 0.41% |

---

### How did the Fund perform **last year?** 
* During the period, performance reflected improving conditions across global natural resource markets, supported by resilient energy demand and favorable commodity pricing, particularly in the metals segment.

* The Fund's exposure to materials, led by gold, and energy, led by integrated oil & gas, were the leading contributors to performance, while modest positioning in real estate was the leading detractor. 

* From a country perspective, the United States and Canada were the largest contributors to the Fund's performance while contributions from Indonesia, Portugal, and Israel were more muted.

* The leading individual contributors to performance were Bayer, Newmont, Iberdrola, Agnico Eagle Mines, and Barrick Mining. 

* The leading individual detractors were PT Amman Mineral Internasional Tbk, ONEOK, Ingredion, and Orsted. 

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i84b91bdc147f23ba3a12e298.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MarketVector™ Global Natural Resources Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9610 | $9397 | $9566 |
| **Feb 16** | $10034 | $9332 | $10031 |
| **Mar 16** | $10788 | $10024 | $10787 |
| **Apr 16** | $11748 | $10172 | $11750 |
| **May 16** | $11338 | $10185 | $11333 |
| **Jun 16** | $11619 | $10123 | $11576 |
| **Jul 16** | $11956 | $10559 | $11941 |
| **Aug 16** | $11907 | $10595 | $11896 |
| **Sep 16** | $12036 | $10660 | $12009 |
| **Oct 16** | $11857 | $10479 | $11852 |
| **Nov 16** | $12210 | $10558 | $12178 |
| **Dec 16** | $12493 | $10786 | $12504 |
| **Jan 17** | $13000 | $11081 | $12981 |
| **Feb 17** | $12903 | $11392 | $12896 |
| **Mar 17** | $12864 | $11532 | $12860 |
| **Apr 17** | $12834 | $11711 | $12840 |
| **May 17** | $12714 | $11970 | $12717 |
| **Jun 17** | $12687 | $12024 | $12694 |
| **Jul 17** | $13263 | $12360 | $13269 |
| **Aug 17** | $13220 | $12408 | $13227 |
| **Sep 17** | $13673 | $12647 | $13684 |
| **Oct 17** | $13870 | $12910 | $13883 |
| **Nov 17** | $14075 | $13160 | $14084 |
| **Dec 17** | $14635 | $13372 | $14682 |
| **Jan 18** | $15242 | $14127 | $15273 |
| **Feb 18** | $14390 | $13533 | $14473 |
| **Mar 18** | $14240 | $13244 | $14261 |
| **Apr 18** | $14607 | $13370 | $14669 |
| **May 18** | $14784 | $13387 | $14842 |
| **Jun 18** | $14607 | $13314 | $14677 |
| **Jul 18** | $14784 | $13716 | $14850 |
| **Aug 18** | $14587 | $13824 | $14649 |
| **Sep 18** | $14907 | $13884 | $14989 |
| **Oct 18** | $13818 | $12843 | $13897 |
| **Nov 18** | $13794 | $13031 | $13869 |
| **Dec 18** | $13070 | $12113 | $13151 |
| **Jan 19** | $14308 | $13070 | $14391 |
| **Feb 19** | $14438 | $13419 | $14536 |
| **Mar 19** | $14523 | $13588 | $14610 |
| **Apr 19** | $14669 | $14047 | $14759 |
| **May 19** | $13582 | $13214 | $13685 |
| **Jun 19** | $14913 | $14079 | $15004 |
| **Jul 19** | $14629 | $14120 | $14769 |
| **Aug 19** | $13983 | $13785 | $14078 |
| **Sep 19** | $14309 | $14075 | $14405 |
| **Oct 19** | $14487 | $14460 | $14599 |
| **Nov 19** | $14639 | $14813 | $14743 |
| **Dec 19** | $15467 | $15335 | $15589 |
| **Jan 20** | $14358 | $15166 | $14521 |
| **Feb 20** | $12951 | $13941 | $13005 |
| **Mar 20** | $10492 | $12059 | $10584 |
| **Apr 20** | $11806 | $13350 | $11897 |
| **May 20** | $12402 | $13931 | $12418 |
| **Jun 20** | $12670 | $14376 | $12695 |
| **Jul 20** | $13311 | $15137 | $13347 |
| **Aug 20** | $14050 | $16063 | $14108 |
| **Sep 20** | $13537 | $15545 | $13578 |
| **Oct 20** | $13262 | $15167 | $13304 |
| **Nov 20** | $15500 | $17037 | $15587 |
| **Dec 20** | $16508 | $17828 | $16579 |
| **Jan 21** | $16734 | $17747 | $16832 |
| **Feb 21** | $18385 | $18158 | $18449 |
| **Mar 21** | $19035 | $18643 | $19106 |
| **Apr 21** | $19600 | $19458 | $19702 |
| **May 21** | $20251 | $19761 | $20349 |
| **Jun 21** | $19711 | $20021 | $19783 |
| **Jul 21** | $19538 | $20159 | $19616 |
| **Aug 21** | $19642 | $20664 | $19725 |
| **Sep 21** | $19377 | $19810 | $19499 |
| **Oct 21** | $20375 | $20821 | $20459 |
| **Nov 21** | $19558 | $20320 | $19665 |
| **Dec 21** | $20698 | $21133 | $20798 |
| **Jan 22** | $21127 | $20095 | $21188 |
| **Feb 22** | $22035 | $19576 | $22134 |
| **Mar 22** | $23889 | $20000 | $24046 |
| **Apr 22** | $22596 | $18399 | $22795 |
| **May 22** | $23200 | $18420 | $23348 |
| **Jun 22** | $19804 | $16868 | $19895 |
| **Jul 22** | $20852 | $18046 | $20926 |
| **Aug 22** | $20803 | $17381 | $20952 |
| **Sep 22** | $18902 | $15717 | $19037 |
| **Oct 22** | $21087 | $16666 | $21196 |
| **Nov 22** | $22947 | $17958 | $23020 |
| **Dec 22** | $22167 | $17252 | $22314 |
| **Jan 23** | $23504 | $18488 | $23613 |
| **Feb 23** | $22227 | $17958 | $22382 |
| **Mar 23** | $22255 | $18512 | $22368 |
| **Apr 23** | $22284 | $18778 | $22394 |
| **May 23** | $20347 | $18577 | $20480 |
| **Jun 23** | $21712 | $19656 | $21843 |
| **Jul 23** | $23112 | $20375 | $23260 |
| **Aug 23** | $22466 | $19806 | $22639 |
| **Sep 23** | $22148 | $18987 | $22323 |
| **Oct 23** | $21189 | $18416 | $21316 |
| **Nov 23** | $21876 | $20116 | $22012 |
| **Dec 23** | $22683 | $21082 | $22855 |
| **Jan 24** | $21878 | $21206 | $22068 |
| **Feb 24** | $22005 | $22116 | $22148 |
| **Mar 24** | $23708 | $22810 | $23877 |
| **Apr 24** | $23594 | $22057 | $23795 |
| **May 24** | $24400 | $22953 | $24550 |
| **Jun 24** | $23306 | $23464 | $23468 |
| **Jul 24** | $23846 | $23843 | $24009 |
| **Aug 24** | $23898 | $24448 | $24052 |
| **Sep 24** | $24567 | $25016 | $24727 |
| **Oct 24** | $23565 | $24455 | $23726 |
| **Nov 24** | $23686 | $25369 | $23829 |
| **Dec 24** | $21776 | $24769 | $21928 |
| **Jan 25** | $22891 | $25600 | $23070 |
| **Feb 25** | $23081 | $25446 | $23223 |
| **Mar 25** | $23781 | $24441 | $23922 |
| **Apr 25** | $23083 | $24669 | $23226 |
| **May 25** | $23976 | $26087 | $24126 |
| **Jun 25** | $24794 | $27258 | $24945 |
| **Jul 25** | $25041 | $27628 | $25213 |
| **Aug 25** | $26444 | $28310 | $26599 |
| **Sep 25** | $27264 | $29336 | $27424 |
| **Oct 25** | $27353 | $29992 | $27525 |
| **Nov 25** | $28554 | $29989 | $28720 |
| **Dec 25** | $29336 | $30302 | $29557 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Natural Resources ETF | 34.72% | 12.19% | 11.36% |
| MarketVector™ Global Natural Resources Index | 34.79% | 12.26% | 11.45% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

MarketVector™ Global Natural Resources Index replaced the VanEck<sup>®</sup> Natural Resources Index effective March 15, 2024. Index history prior to March 15, 2024 reflects the performance of the VanEck<sup>®</sup> Natural Resources Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

Effective March 15, 2024, the index that the Fund seeks to track changed from the VanEck<sup>®</sup> Natural Resources Index to the MarketVector™ Global Natural Resources Index.

### Key Fund Statistics
* Total Net Assets$204,217,447

* Number of Portfolio Holdings135

* Portfolio Turnover Rate21%

* Advisory Fees Paid$651,903

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i39f582da9bdfcda7d00cac9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Other Investments | 1.0% |
| Health Care | 3.4% |
| Consumer Staples | 6.4% |
| Industrials | 9.0% |
| Utilities | 10.1% |
| Energy | 30.2% |
| Materials | 39.6% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.0% |
| Chevron Corp. | 5.0% |
| Deere & Co. | 4.9% |
| NextEra Energy, Inc. | 3.9% |
| Iberdrola SA | 3.9% |
| Bayer AG | 3.4% |
| Corteva, Inc. | 2.9% |
| BHP Group Ltd. | 2.6% |
| Nutrien Ltd. | 2.4% |
| Shell PLC | 2.3% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Office and Commercial REIT ETF

## Ticker: DESK \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Office and Commercial REIT ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Office and Commercial REIT ETF | $49 | 0.51% |

---

### How did the Fund perform **last year?** 
* Office and commercial REITs were pressured during the period as refinancing concerns and elevated vacancies continued to weigh on the office real estate sector.

* Although select markets showed signs of stabilization, office REIT performance lagged amid ongoing uncertainty around long-term space demand.

* Paramount Group, Inc. was the top contributor to Fund performance during the period, while SL Green Realty Corp. was the greatest detractor.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/19/2023).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i786c8f5b91b842c43b964937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **MarketVector™ US Listed Office and Commercial REITs Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Sep 23** | $9259 | $9653 | $9260 |
| **Oct 23** | $8433 | $9450 | $8437 |
| **Nov 23** | $9520 | $10313 | $9525 |
| **Dec 23** | $11170 | $10781 | $11181 |
| **Jan 24** | $10554 | $10963 | $10569 |
| **Feb 24** | $10510 | $11548 | $10530 |
| **Mar 24** | $10915 | $11920 | $10946 |
| **Apr 24** | $10300 | $11433 | $10328 |
| **May 24** | $10414 | $12000 | $10445 |
| **Jun 24** | $10584 | $12430 | $10623 |
| **Jul 24** | $12118 | $12581 | $12165 |
| **Aug 24** | $12574 | $12887 | $12630 |
| **Sep 24** | $13199 | $13162 | $13267 |
| **Oct 24** | $13318 | $13042 | $13391 |
| **Nov 24** | $13694 | $13808 | $13776 |
| **Dec 24** | $12984 | $13479 | $13064 |
| **Jan 25** | $12910 | $13854 | $12996 |
| **Feb 25** | $12616 | $13674 | $12705 |
| **Mar 25** | $11894 | $12903 | $11984 |
| **Apr 25** | $11079 | $12816 | $11150 |
| **May 25** | $11774 | $13622 | $11855 |
| **Jun 25** | $12230 | $14315 | $12320 |
| **Jul 25** | $12060 | $14636 | $12154 |
| **Aug 25** | $12906 | $14933 | $13015 |
| **Sep 25** | $13131 | $15478 | $13249 |
| **Oct 25** | $12321 | $15840 | $12436 |
| **Nov 25** | $12273 | $15879 | $12393 |
| **Dec 25** | $11638 | $15889 | $11754 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Office and Commercial REIT ETF | (10.37)% | 6.87% |
| MarketVector™ US Listed Office and Commercial REITs Index | (10.03)% | 7.34% |
| S&P 500 Index | 17.88% | 22.49% |

---

\* Inception of Fund: 09/19/2023.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,834,072

* Number of Portfolio Holdings25

* Portfolio Turnover Rate13%

* Advisory Fees Paid$11,140

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i00b414b70bacea4d89585361.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Equity Real Estate Investment Trusts (REITs) | 100.3% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| BXP, Inc. | 10.2% |
| Cousins Properties, Inc. | 10.1% |
| Vornado Realty Trust | 10.1% |
| Kilroy Realty Corp. | 8.5% |
| COPT Defense Properties | 7.1% |
| SL Green Realty Corp. | 5.0% |
| Highwoods Properties, Inc. | 4.8% |
| Simon Property Group, Inc. | 4.3% |
| Realty Income Corp. | 4.2% |
| Prologis, Inc. | 4.2% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Oil Refiners ETF

## Ticker: CRAK \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Oil Refiners ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Oil Refiners ETF | $73 | 0.61% |

---

### How did the Fund perform **last year?** 
* During the period, strong refining margins and resilient demand for refined petroleum products supported performance across global downstream energy markets.

* The Fund's exposure to the United States, Poland, South Korea, and Finland were the largest positive contributors to performance for the period, while exposures to Israel, Thailand, and Turkey contributed slightly. There were no overall detractors at the country level.

* The leading individual contributors to performance were ORLEN, HD Hyundai, and Neste.

* Holdings including Delek US Holdings, Bangchak and SK Innovation detracted slightly from performance during the period.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i8158d568aaae72cbb1334042.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Oil Refiners Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9548 | $9397 | $9469 |
| **Feb 16** | $9203 | $9332 | $9172 |
| **Mar 16** | $10284 | $10024 | $10234 |
| **Apr 16** | $10112 | $10172 | $10142 |
| **May 16** | $9568 | $10185 | $9547 |
| **Jun 16** | $9441 | $10123 | $9363 |
| **Jul 16** | $9543 | $10559 | $9504 |
| **Aug 16** | $9797 | $10595 | $9769 |
| **Sep 16** | $10127 | $10660 | $10064 |
| **Oct 16** | $10274 | $10479 | $10260 |
| **Nov 16** | $10381 | $10558 | $10323 |
| **Dec 16** | $10955 | $10786 | $10923 |
| **Jan 17** | $10965 | $11081 | $10918 |
| **Feb 17** | $11427 | $11392 | $11374 |
| **Mar 17** | $11816 | $11532 | $11751 |
| **Apr 17** | $11937 | $11711 | $11879 |
| **May 17** | $11816 | $11970 | $11748 |
| **Jun 17** | $12173 | $12024 | $12110 |
| **Jul 17** | $12929 | $12360 | $12868 |
| **Aug 17** | $13413 | $12408 | $13324 |
| **Sep 17** | $14022 | $12647 | $13932 |
| **Oct 17** | $14783 | $12910 | $14691 |
| **Nov 17** | $15361 | $13160 | $15242 |
| **Dec 17** | $16203 | $13372 | $16123 |
| **Jan 18** | $16630 | $14127 | $16512 |
| **Feb 18** | $15622 | $13533 | $15627 |
| **Mar 18** | $15921 | $13244 | $15790 |
| **Apr 18** | $17179 | $13370 | $17116 |
| **May 18** | $17397 | $13387 | $17314 |
| **Jun 18** | $16891 | $13314 | $16808 |
| **Jul 18** | $18351 | $13716 | $18248 |
| **Aug 18** | $18575 | $13824 | $18471 |
| **Sep 18** | $18938 | $13884 | $18839 |
| **Oct 18** | $16891 | $12843 | $16867 |
| **Nov 18** | $16043 | $13031 | $15964 |
| **Dec 18** | $14710 | $12113 | $14671 |
| **Jan 19** | $16064 | $13070 | $15961 |
| **Feb 19** | $15812 | $13419 | $15740 |
| **Mar 19** | $15703 | $13588 | $15659 |
| **Apr 19** | $15769 | $14047 | $15717 |
| **May 19** | $14251 | $13214 | $14238 |
| **Jun 19** | $15174 | $14079 | $15117 |
| **Jul 19** | $15277 | $14120 | $15286 |
| **Aug 19** | $14243 | $13785 | $14206 |
| **Sep 19** | $15404 | $14075 | $15375 |
| **Oct 19** | $16372 | $14460 | $16361 |
| **Nov 19** | $15991 | $14813 | $15962 |
| **Dec 19** | $16062 | $15335 | $16059 |
| **Jan 20** | $14328 | $15166 | $14373 |
| **Feb 20** | $12711 | $13941 | $12578 |
| **Mar 20** | $9606 | $12059 | $9596 |
| **Apr 20** | $11566 | $13350 | $11508 |
| **May 20** | $12167 | $13931 | $12032 |
| **Jun 20** | $12112 | $14376 | $11973 |
| **Jul 20** | $11887 | $15137 | $11790 |
| **Aug 20** | $11991 | $16063 | $11935 |
| **Sep 20** | $10983 | $15545 | $10914 |
| **Oct 20** | $10373 | $15167 | $10278 |
| **Nov 20** | $13117 | $17037 | $13067 |
| **Dec 20** | $14214 | $17828 | $14149 |
| **Jan 21** | $14385 | $17747 | $14351 |
| **Feb 21** | $16037 | $18158 | $15934 |
| **Mar 21** | $15475 | $18643 | $15374 |
| **Apr 21** | $15957 | $19458 | $15899 |
| **May 21** | $16977 | $19761 | $16875 |
| **Jun 21** | $16769 | $20021 | $16666 |
| **Jul 21** | $15561 | $20159 | $15471 |
| **Aug 21** | $15961 | $20664 | $15895 |
| **Sep 21** | $16601 | $19810 | $16589 |
| **Oct 21** | $17049 | $20821 | $16975 |
| **Nov 21** | $15038 | $20320 | $15011 |
| **Dec 21** | $15792 | $21133 | $15772 |
| **Jan 22** | $16454 | $20095 | $16324 |
| **Feb 22** | $16191 | $19576 | $16098 |
| **Mar 22** | $17534 | $20000 | $17545 |
| **Apr 22** | $17549 | $18399 | $17617 |
| **May 22** | $19154 | $18420 | $19153 |
| **Jun 22** | $17271 | $16868 | $17229 |
| **Jul 22** | $17684 | $18046 | $17576 |
| **Aug 22** | $17961 | $17381 | $17945 |
| **Sep 22** | $15825 | $15717 | $15831 |
| **Oct 22** | $17562 | $16666 | $17540 |
| **Nov 22** | $19389 | $17958 | $19260 |
| **Dec 22** | $18713 | $17252 | $18708 |
| **Jan 23** | $19652 | $18488 | $19593 |
| **Feb 23** | $18883 | $17958 | $18893 |
| **Mar 23** | $19109 | $18512 | $19045 |
| **Apr 23** | $18487 | $18778 | $18427 |
| **May 23** | $17406 | $18577 | $17384 |
| **Jun 23** | $18163 | $19656 | $18127 |
| **Jul 23** | $20055 | $20375 | $20037 |
| **Aug 23** | $20235 | $19806 | $20213 |
| **Sep 23** | $20794 | $18987 | $20700 |
| **Oct 23** | $19906 | $18416 | $19742 |
| **Nov 23** | $20976 | $20116 | $20842 |
| **Dec 23** | $21332 | $21082 | $21246 |
| **Jan 24** | $21863 | $21206 | $21827 |
| **Feb 24** | $22028 | $22116 | $21903 |
| **Mar 24** | $23833 | $22810 | $23736 |
| **Apr 24** | $22912 | $22057 | $22860 |
| **May 24** | $22581 | $22953 | $22415 |
| **Jun 24** | $22317 | $23464 | $22208 |
| **Jul 24** | $22337 | $23843 | $22256 |
| **Aug 24** | $22351 | $24448 | $22195 |
| **Sep 24** | $21458 | $25016 | $21308 |
| **Oct 24** | $19465 | $24455 | $19412 |
| **Nov 24** | $19610 | $25369 | $19497 |
| **Dec 24** | $18139 | $24769 | $18053 |
| **Jan 25** | $18842 | $25600 | $18837 |
| **Feb 25** | $18674 | $25446 | $18563 |
| **Mar 25** | $18938 | $24441 | $18841 |
| **Apr 25** | $18337 | $24669 | $18268 |
| **May 25** | $19705 | $26087 | $19663 |
| **Jun 25** | $21516 | $27258 | $21468 |
| **Jul 25** | $22175 | $27628 | $22154 |
| **Aug 25** | $23202 | $28310 | $23176 |
| **Sep 25** | $24204 | $29336 | $24153 |
| **Oct 25** | $25744 | $29992 | $25714 |
| **Nov 25** | $26018 | $29989 | $25963 |
| **Dec 25** | $25169 | $30302 | $25164 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Oil Refiners ETF | 38.75% | 12.11% | 9.67% |
| MVIS<sup>®</sup> Global Oil Refiners Index | 39.39% | 12.20% | 9.67% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$38,499,373

* Number of Portfolio Holdings26

* Portfolio Turnover Rate26%

* Advisory Fees Paid$46,489

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if8c887e50c5631b68592092e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Energy | 99.9% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Reliance Industries Ltd. | 8.5% |
| Phillips 66 | 7.5% |
| ENEOS Holdings, Inc. | 6.3% |
| Valero Energy Corp. | 6.2% |
| Marathon Petroleum Corp. | 6.2% |
| ORLEN SA | 5.9% |
| Neste Oyj | 5.3% |
| Galp Energia SGPS SA | 4.8% |
| Idemitsu Kosan Co. Ltd. | 4.7% |
| OMV AG | 4.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Oil Services ETF

## Ticker: OIH \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Oil Services ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Oil Services ETF | $36 | 0.35% |

---

### How did the Fund perform **last year?** 
* During the period, positive, but muted performance reflected stable activity levels in global oilfield services markets, supported by ongoing offshore development and disciplined capital spending by energy producers.

* The Fund's majority exposure to the United States and United Kingdom contributed largely positively to performance for the period. There were no overall country-level detractors. 

* The leading individual contributors to performance were TechnipFMC, Baker Hughes, and Valaris. 

* The leading individual detractors were Patterson-UTI Energy, Cactus, and SLB. 

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i3279afa6272601669e9c9be8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> US Listed Oil Services 25 Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9187 | $9397 | $9185 |
| **Feb 16** | $9123 | $9332 | $9117 |
| **Mar 16** | $10076 | $10024 | $10067 |
| **Apr 16** | $11346 | $10172 | $11334 |
| **May 16** | $10620 | $10185 | $10606 |
| **Jun 16** | $11055 | $10123 | $11040 |
| **Jul 16** | $10658 | $10559 | $10646 |
| **Aug 16** | $10484 | $10595 | $10468 |
| **Sep 16** | $11055 | $10660 | $11037 |
| **Oct 16** | $10624 | $10479 | $10605 |
| **Nov 16** | $12345 | $10558 | $12319 |
| **Dec 16** | $12792 | $10786 | $12763 |
| **Jan 17** | $12784 | $11081 | $12755 |
| **Feb 17** | $12305 | $11392 | $12272 |
| **Mar 17** | $11814 | $11532 | $11786 |
| **Apr 17** | $10698 | $11711 | $10671 |
| **May 17** | $9951 | $11970 | $9925 |
| **Jun 17** | $9506 | $12024 | $9482 |
| **Jul 17** | $9525 | $12360 | $9463 |
| **Aug 17** | $8513 | $12408 | $8454 |
| **Sep 17** | $10012 | $12647 | $9946 |
| **Oct 17** | $9303 | $12910 | $9241 |
| **Nov 17** | $9421 | $13160 | $9358 |
| **Dec 17** | $10240 | $13372 | $10189 |
| **Jan 18** | $10799 | $14127 | $10748 |
| **Feb 18** | $9355 | $13533 | $9311 |
| **Mar 18** | $9398 | $13244 | $9351 |
| **Apr 18** | $10681 | $13370 | $10630 |
| **May 18** | $10685 | $13387 | $10632 |
| **Jun 18** | $10343 | $13314 | $10293 |
| **Jul 18** | $10228 | $13716 | $10184 |
| **Aug 18** | $9721 | $13824 | $9681 |
| **Sep 18** | $9914 | $13884 | $9877 |
| **Oct 18** | $8091 | $12843 | $8060 |
| **Nov 18** | $7115 | $13031 | $7088 |
| **Dec 18** | $5640 | $12113 | $5614 |
| **Jan 19** | $6785 | $13070 | $6756 |
| **Feb 19** | $6874 | $13419 | $6842 |
| **Mar 19** | $6918 | $13588 | $6887 |
| **Apr 19** | $6705 | $14047 | $6674 |
| **May 19** | $5262 | $13214 | $5238 |
| **Jun 19** | $5953 | $14079 | $5927 |
| **Jul 19** | $5792 | $14120 | $5769 |
| **Aug 19** | $4611 | $13785 | $4592 |
| **Sep 19** | $4726 | $14075 | $4708 |
| **Oct 19** | $4481 | $14460 | $4465 |
| **Nov 19** | $4696 | $14813 | $4679 |
| **Dec 19** | $5451 | $15335 | $5433 |
| **Jan 20** | $4478 | $15166 | $4460 |
| **Feb 20** | $3679 | $13941 | $3660 |
| **Mar 20** | $1653 | $12059 | $1629 |
| **Apr 20** | $2254 | $13350 | $2221 |
| **May 20** | $2436 | $13931 | $2399 |
| **Jun 20** | $2501 | $14376 | $2463 |
| **Jul 20** | $2568 | $15137 | $2530 |
| **Aug 20** | $2575 | $16063 | $2535 |
| **Sep 20** | $2007 | $15545 | $1978 |
| **Oct 20** | $1965 | $15167 | $1937 |
| **Nov 20** | $2835 | $17037 | $2793 |
| **Dec 20** | $3199 | $17828 | $3152 |
| **Jan 21** | $3378 | $17747 | $3329 |
| **Feb 21** | $4169 | $18158 | $4122 |
| **Mar 21** | $3973 | $18643 | $3929 |
| **Apr 21** | $3798 | $19458 | $3756 |
| **May 21** | $4422 | $19761 | $4375 |
| **Jun 21** | $4554 | $20021 | $4503 |
| **Jul 21** | $3970 | $20159 | $3928 |
| **Aug 21** | $3861 | $20664 | $3819 |
| **Sep 21** | $4096 | $19810 | $4053 |
| **Oct 21** | $4372 | $20821 | $4327 |
| **Nov 21** | $3709 | $20320 | $3670 |
| **Dec 21** | $3877 | $21133 | $3839 |
| **Jan 22** | $4735 | $20095 | $4690 |
| **Feb 22** | $5207 | $19576 | $5157 |
| **Mar 22** | $5929 | $20000 | $5873 |
| **Apr 22** | $5540 | $18399 | $5490 |
| **May 22** | $6161 | $18420 | $6105 |
| **Jun 22** | $4883 | $16868 | $4838 |
| **Jul 22** | $5074 | $18046 | $5029 |
| **Aug 22** | $5028 | $17381 | $4982 |
| **Sep 22** | $4430 | $15717 | $4391 |
| **Oct 22** | $6262 | $16666 | $6210 |
| **Nov 22** | $6398 | $17958 | $6345 |
| **Dec 22** | $6441 | $17252 | $6392 |
| **Jan 23** | $6994 | $18488 | $6943 |
| **Feb 23** | $6581 | $17958 | $6532 |
| **Mar 23** | $5876 | $18512 | $5835 |
| **Apr 23** | $5809 | $18778 | $5770 |
| **May 23** | $5228 | $18577 | $5191 |
| **Jun 23** | $6094 | $19656 | $6053 |
| **Jul 23** | $7279 | $20375 | $7232 |
| **Aug 23** | $7217 | $19806 | $7169 |
| **Sep 23** | $7303 | $18987 | $7256 |
| **Oct 23** | $6876 | $18416 | $6833 |
| **Nov 23** | $6619 | $20116 | $6577 |
| **Dec 23** | $6648 | $21082 | $6609 |
| **Jan 24** | $6284 | $21206 | $6248 |
| **Feb 24** | $6379 | $22116 | $6342 |
| **Mar 24** | $7229 | $22810 | $7189 |
| **Apr 24** | $6729 | $22057 | $6693 |
| **May 24** | $6904 | $22953 | $6867 |
| **Jun 24** | $6794 | $23464 | $6758 |
| **Jul 24** | $7248 | $23843 | $7212 |
| **Aug 24** | $6410 | $24448 | $6377 |
| **Sep 24** | $6094 | $25016 | $6063 |
| **Oct 24** | $5898 | $24455 | $5869 |
| **Nov 24** | $6507 | $25369 | $6475 |
| **Dec 24** | $5945 | $24769 | $5916 |
| **Jan 25** | $6067 | $25600 | $6039 |
| **Feb 25** | $5835 | $25446 | $5806 |
| **Mar 25** | $5748 | $24441 | $5719 |
| **Apr 25** | $4586 | $24669 | $4564 |
| **May 25** | $4746 | $26087 | $4722 |
| **Jun 25** | $5046 | $27258 | $5023 |
| **Jul 25** | $5337 | $27628 | $5316 |
| **Aug 25** | $5630 | $28310 | $5608 |
| **Sep 25** | $5693 | $29336 | $5670 |
| **Oct 25** | $6221 | $29992 | $6199 |
| **Nov 25** | $6349 | $29989 | $6325 |
| **Dec 25** | $6342 | $30302 | $6317 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Oil Services ETF | 6.67% | 14.67% | (4.45)% |
| MVIS<sup>®</sup> US Listed Oil Services 25 Index | 6.77% | 14.92% | (4.49)% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,294,457,873

* Number of Portfolio Holdings26

* Portfolio Turnover Rate21%

* Advisory Fees Paid$3,863,176

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iacbe0b56de5ab9308fad6767.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Oil & Gas Drilling | 18.7% |
| Oil & Gas Equipment & Services | 81.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amount is less than 0.05% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| SLB Ltd. | 20.5% |
| Baker Hughes Co. | 12.5% |
| Halliburton Co. | 7.8% |
| TechnipFMC PLC | 5.2% |
| Tenaris SA | 5.0% |
| Weatherford International PLC | 4.6% |
| Transocean Ltd. | 4.6% |
| NOV, Inc. | 4.5% |
| Noble Corp. PLC | 4.3% |
| Liberty Energy, Inc. | 3.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Preferred Securities ex Financials ETF

## Ticker: PFXF \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Preferred Securities ex Financials ETF | $42 | 0.40% |

---

### How did the Fund perform **last year?** 
* The Fund provided positive total return during the period, supported by steady coupon income and improved price performance amid an attractive yield environment for preferred securities outside the financials sector.

* Industrials and utility exposures were top sector contributors to Fund performance during the period, while the retail sector was the greatest detractor.

* From an issuer perspective, Boeing Company, was the top contributor to performance, while QVC Group, Inc. detracted the most.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](id0aa841a1164435f22c1f926.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **ICE BofA US Broad Market Index** | **ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $10057 | $10144 | $9955 |
| **Feb 16** | $10150 | $10218 | $10049 |
| **Mar 16** | $10586 | $10307 | $10483 |
| **Apr 16** | $10778 | $10346 | $10669 |
| **May 16** | $10885 | $10350 | $10771 |
| **Jun 16** | $11113 | $10542 | $11005 |
| **Jul 16** | $11269 | $10611 | $11153 |
| **Aug 16** | $11230 | $10596 | $11109 |
| **Sep 16** | $11160 | $10587 | $11031 |
| **Oct 16** | $11023 | $10501 | $10904 |
| **Nov 16** | $10585 | $10250 | $10463 |
| **Dec 16** | $10579 | $10262 | $10532 |
| **Jan 17** | $10954 | $10286 | $10816 |
| **Feb 17** | $11158 | $10355 | $11001 |
| **Mar 17** | $11211 | $10351 | $11048 |
| **Apr 17** | $11303 | $10429 | $11132 |
| **May 17** | $11303 | $10511 | $11122 |
| **Jun 17** | $11398 | $10502 | $11209 |
| **Jul 17** | $11500 | $10546 | $11302 |
| **Aug 17** | $11564 | $10644 | $11364 |
| **Sep 17** | $11557 | $10589 | $11354 |
| **Oct 17** | $11565 | $10597 | $11367 |
| **Nov 17** | $11552 | $10584 | $11355 |
| **Dec 17** | $11452 | $10632 | $11312 |
| **Jan 18** | $11307 | $10510 | $11114 |
| **Feb 18** | $11301 | $10411 | $11099 |
| **Mar 18** | $11378 | $10478 | $11181 |
| **Apr 18** | $11368 | $10402 | $11171 |
| **May 18** | $11489 | $10475 | $11289 |
| **Jun 18** | $11730 | $10463 | $11526 |
| **Jul 18** | $11813 | $10465 | $11614 |
| **Aug 18** | $11999 | $10533 | $11813 |
| **Sep 18** | $11803 | $10465 | $11619 |
| **Oct 18** | $11494 | $10384 | $11317 |
| **Nov 18** | $11298 | $10444 | $11125 |
| **Dec 18** | $10962 | $10637 | $10870 |
| **Jan 19** | $11839 | $10746 | $11655 |
| **Feb 19** | $12041 | $10745 | $11859 |
| **Mar 19** | $12215 | $10956 | $12032 |
| **Apr 19** | $12266 | $10957 | $12092 |
| **May 19** | $12297 | $11156 | $12123 |
| **Jun 19** | $12555 | $11301 | $12384 |
| **Jul 19** | $12804 | $11330 | $12634 |
| **Aug 19** | $12911 | $11638 | $12745 |
| **Sep 19** | $13059 | $11569 | $12895 |
| **Oct 19** | $13071 | $11600 | $12911 |
| **Nov 19** | $12976 | $11594 | $12822 |
| **Dec 19** | $13172 | $11582 | $13119 |
| **Jan 20** | $13512 | $11817 | $13360 |
| **Feb 20** | $12703 | $12032 | $12563 |
| **Mar 20** | $10817 | $11946 | $10704 |
| **Apr 20** | $12200 | $12156 | $12066 |
| **May 20** | $12481 | $12217 | $12349 |
| **Jun 20** | $12186 | $12299 | $12045 |
| **Jul 20** | $12904 | $12489 | $12760 |
| **Aug 20** | $13144 | $12386 | $13002 |
| **Sep 20** | $13053 | $12385 | $12911 |
| **Oct 20** | $13234 | $12323 | $13092 |
| **Nov 20** | $13853 | $12444 | $13711 |
| **Dec 20** | $14225 | $12458 | $14170 |
| **Jan 21** | $14166 | $12361 | $14029 |
| **Feb 21** | $13981 | $12140 | $13845 |
| **Mar 21** | $14518 | $12012 | $14382 |
| **Apr 21** | $14735 | $12115 | $14621 |
| **May 21** | $14843 | $12151 | $14725 |
| **Jun 21** | $15061 | $12254 | $14934 |
| **Jul 21** | $15296 | $12386 | $15179 |
| **Aug 21** | $15366 | $12369 | $15284 |
| **Sep 21** | $15175 | $12251 | $15086 |
| **Oct 21** | $15628 | $12253 | $15521 |
| **Nov 21** | $15171 | $12302 | $15119 |
| **Dec 21** | $15961 | $12261 | $15867 |
| **Jan 22** | $15198 | $12004 | $15133 |
| **Feb 22** | $14714 | $11852 | $14681 |
| **Mar 22** | $15085 | $11520 | $15039 |
| **Apr 22** | $14204 | $11097 | $14135 |
| **May 22** | $14516 | $11145 | $14453 |
| **Jun 22** | $13491 | $10995 | $13482 |
| **Jul 22** | $14411 | $11249 | $14378 |
| **Aug 22** | $13934 | $10944 | $13914 |
| **Sep 22** | $13068 | $10461 | $13092 |
| **Oct 22** | $12828 | $10318 | $12866 |
| **Nov 22** | $13455 | $10693 | $13506 |
| **Dec 22** | $12911 | $10647 | $12946 |
| **Jan 23** | $14248 | $10968 | $14279 |
| **Feb 23** | $14024 | $10693 | $14068 |
| **Mar 23** | $13765 | $10964 | $13807 |
| **Apr 23** | $13848 | $11034 | $13888 |
| **May 23** | $13662 | $10914 | $13697 |
| **Jun 23** | $14103 | $10874 | $14171 |
| **Jul 23** | $14130 | $10865 | $14188 |
| **Aug 23** | $14123 | $10797 | $14189 |
| **Sep 23** | $13607 | $10529 | $13676 |
| **Oct 23** | $12985 | $10366 | $13046 |
| **Nov 23** | $14115 | $10820 | $14184 |
| **Dec 23** | $14383 | $11222 | $14459 |
| **Jan 24** | $14715 | $11208 | $14792 |
| **Feb 24** | $14965 | $11055 | $15043 |
| **Mar 24** | $14880 | $11148 | $14987 |
| **Apr 24** | $14547 | $10879 | $14645 |
| **May 24** | $15137 | $11063 | $15237 |
| **Jun 24** | $14859 | $11169 | $14948 |
| **Jul 24** | $14831 | $11428 | $14951 |
| **Aug 24** | $15420 | $11590 | $15569 |
| **Sep 24** | $15917 | $11746 | $16059 |
| **Oct 24** | $15763 | $11459 | $15894 |
| **Nov 24** | $15849 | $11574 | $15989 |
| **Dec 24** | $15647 | $11387 | $15850 |
| **Jan 25** | $15705 | $11452 | $15918 |
| **Feb 25** | $15746 | $11701 | $15947 |
| **Mar 25** | $15275 | $11704 | $15433 |
| **Apr 25** | $15203 | $11748 | $15382 |
| **May 25** | $15616 | $11664 | $15810 |
| **Jun 25** | $15864 | $11842 | $16076 |
| **Jul 25** | $16396 | $11817 | $16612 |
| **Aug 25** | $16553 | $11956 | $16697 |
| **Sep 25** | $16765 | $12085 | $16916 |
| **Oct 25** | $16763 | $12162 | $16918 |
| **Nov 25** | $16716 | $12236 | $16964 |
| **Dec 25** | $17124 | $12201 | $17295 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Preferred Securities ex Financials ETF | 9.44% | 3.78% | 5.53% |
| ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index | 9.12% | 4.07% | 5.63% |
| ICE BofA US Broad Market Index | 7.15% | (0.42)% | 2.01% |

---

Index data prior to June 1, 2021 reflects that of the Wells Fargo<sup>®</sup> Hybrid and Preferred Securities ex Financials Index. From June 1, 2021 forward, the index data reflects that of the Fund's underlying index, the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$2,028,512,081

* Number of Portfolio Holdings113

* Portfolio Turnover Rate31%

* Advisory Fees Paid$7,558,351

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id0a8c09655ba386ed8e687c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Other Investments | 4.2% |
| Electronic Equipment & Parts | 1.0% |
| Investment Banking & Investment Services | 1.2% |
| Healthcare Providers & Services | 1.5% |
| Healthcare Equipment & Supplies | 1.5% |
| Semiconductors & Semiconductor Equipment | 2.6% |
| Automobiles & Auto Parts | 2.7% |
| Multiline Utilities | 2.8% |
| Computers Phones & Household Electronics | 3.0% |
| Food & Tobacco | 3.5% |
| Chemicals | 4.1% |
| Software & IT Services | 9.0% |
| Aerospace & Defense | 9.9% |
| Telecommunications Services | 10.0% |
| Residential & Commercial REITs | 17.0% |
| Electric Utilities & IPPs | 25.8% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Boeing Co., 6.00%, 10/15/2027 | 9.9% |
| Strategy, Inc., 10.50% (Perpetual maturity) | 4.1% |
| Albemarle Corp., 7.25%, 3/1/2027 | 4.1% |
| NextEra Energy, Inc., 7.30%, 6/1/2027 | 3.1% |
| Southern Co., 7.12%, 12/15/2028 | 3.0% |
| Hewlett Packard Enterprise Co., 7.62%, 9/1/2027 | 3.0% |
| Microchip Technology, Inc., 7.50%, 3/15/2028 | 2.6% |
| NextEra Energy, Inc., 7.23%, 11/1/2027 | 2.2% |
| AT&T, Inc., 4.75% (Perpetual maturity) | 2.0% |
| PG&E Corp., 6.00%, 12/1/2027 | 2.0% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Rare Earth and Strategic Metals ETF

## Ticker: REMX \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Rare Earth and Strategic Metals ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Rare Earth and Strategic Metals ETF | $78 | 0.53% |

---

### How did the Fund perform **last year?** 
* During the period, performance reflected improving conditions across global rare earth and strategic metals markets, supported by geopolitical tensions, onshoring efforts, and increased demand tied to electrification and advanced manufacturing.

* The Fund's exposure to China, Australia, and the United States led to significant contributions to performance, while exposure to Germany led to marginal detraction. 

* The leading individual contributors to performance for the period were MP Materials, China Northern Rare Earth Group High-Tech, and Lynas Rare Earths. 

* The leading individual detractors were Tronox and Sigma Lithium. 

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i137286db7d0d6ad36072d748.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Rare Earth/Strategic Metals Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $8692 | $9397 | $8587 |
| **Feb 16** | $9598 | $9332 | $9562 |
| **Mar 16** | $10753 | $10024 | $10697 |
| **Apr 16** | $11754 | $10172 | $11762 |
| **May 16** | $11681 | $10185 | $11627 |
| **Jun 16** | $12091 | $10123 | $11942 |
| **Jul 16** | $12485 | $10559 | $12400 |
| **Aug 16** | $12354 | $10595 | $12289 |
| **Sep 16** | $11754 | $10660 | $11720 |
| **Oct 16** | $11711 | $10479 | $11732 |
| **Nov 16** | $12785 | $10558 | $12811 |
| **Dec 16** | $12635 | $10786 | $12664 |
| **Jan 17** | $14018 | $11081 | $13973 |
| **Feb 17** | $14504 | $11392 | $14473 |
| **Mar 17** | $13450 | $11532 | $13403 |
| **Apr 17** | $12859 | $11711 | $12821 |
| **May 17** | $13009 | $11970 | $12923 |
| **Jun 17** | $13151 | $12024 | $13092 |
| **Jul 17** | $16111 | $12360 | $16022 |
| **Aug 17** | $17323 | $12408 | $17167 |
| **Sep 17** | $19124 | $12647 | $18940 |
| **Oct 17** | $20365 | $12910 | $20144 |
| **Nov 17** | $21412 | $13160 | $21143 |
| **Dec 17** | $22924 | $13372 | $22774 |
| **Jan 18** | $23640 | $14127 | $23452 |
| **Feb 18** | $23163 | $13533 | $23126 |
| **Mar 18** | $21483 | $13244 | $21086 |
| **Apr 18** | $21044 | $13370 | $20843 |
| **May 18** | $19818 | $13387 | $19565 |
| **Jun 18** | $17923 | $13314 | $17654 |
| **Jul 18** | $17075 | $13716 | $16855 |
| **Aug 18** | $15658 | $13824 | $15462 |
| **Sep 18** | $15604 | $13884 | $15393 |
| **Oct 18** | $13816 | $12843 | $13566 |
| **Nov 18** | $14332 | $13031 | $14036 |
| **Dec 18** | $11761 | $12113 | $11588 |
| **Jan 19** | $12654 | $13070 | $12285 |
| **Feb 19** | $13807 | $13419 | $13449 |
| **Mar 19** | $13582 | $13588 | $13201 |
| **Apr 19** | $12515 | $14047 | $12143 |
| **May 19** | $12949 | $13214 | $12604 |
| **Jun 19** | $13096 | $14079 | $12700 |
| **Jul 19** | $12099 | $14120 | $11825 |
| **Aug 19** | $10623 | $13785 | $10309 |
| **Sep 19** | $11003 | $14075 | $10669 |
| **Oct 19** | $10836 | $14460 | $10506 |
| **Nov 19** | $10913 | $14813 | $10565 |
| **Dec 19** | $11867 | $15335 | $11501 |
| **Jan 20** | $11268 | $15166 | $11074 |
| **Feb 20** | $9951 | $13941 | $9531 |
| **Mar 20** | $8253 | $12059 | $8048 |
| **Apr 20** | $9258 | $13350 | $9026 |
| **May 20** | $9869 | $13931 | $9525 |
| **Jun 20** | $10070 | $14376 | $9637 |
| **Jul 20** | $11627 | $15137 | $11192 |
| **Aug 20** | $12097 | $16063 | $11699 |
| **Sep 20** | $11265 | $15545 | $10735 |
| **Oct 20** | $11888 | $15167 | $11357 |
| **Nov 20** | $16044 | $17037 | $15339 |
| **Dec 20** | $19370 | $17828 | $18577 |
| **Jan 21** | $22239 | $17747 | $21464 |
| **Feb 21** | $24648 | $18158 | $23680 |
| **Mar 21** | $22189 | $18643 | $21243 |
| **Apr 21** | $23739 | $19458 | $22944 |
| **May 21** | $24633 | $19761 | $24225 |
| **Jun 21** | $25306 | $20021 | $24434 |
| **Jul 21** | $31910 | $20159 | $30875 |
| **Aug 21** | $34786 | $20664 | $33860 |
| **Sep 21** | $30666 | $19810 | $30106 |
| **Oct 21** | $34406 | $20821 | $33365 |
| **Nov 21** | $36476 | $20320 | $35633 |
| **Dec 21** | $34884 | $21133 | $33957 |
| **Jan 22** | $31652 | $20095 | $30464 |
| **Feb 22** | $34315 | $19576 | $33153 |
| **Mar 22** | $36884 | $20000 | $36327 |
| **Apr 22** | $29802 | $18399 | $29661 |
| **May 22** | $31837 | $18420 | $31258 |
| **Jun 22** | $27167 | $16868 | $25557 |
| **Jul 22** | $28971 | $18046 | $26907 |
| **Aug 22** | $29998 | $17381 | $28485 |
| **Sep 22** | $26019 | $15717 | $24845 |
| **Oct 22** | $26781 | $16666 | $25379 |
| **Nov 22** | $29047 | $17958 | $27095 |
| **Dec 22** | $24182 | $17252 | $23012 |
| **Jan 23** | $30074 | $18488 | $28334 |
| **Feb 23** | $26871 | $17958 | $25774 |
| **Mar 23** | $25899 | $18512 | $24666 |
| **Apr 23** | $25251 | $18778 | $23977 |
| **May 23** | $25143 | $18577 | $24040 |
| **Jun 23** | $26385 | $19656 | $25189 |
| **Jul 23** | $25885 | $20375 | $24722 |
| **Aug 23** | $22447 | $19806 | $21521 |
| **Sep 23** | $21210 | $18987 | $20355 |
| **Oct 23** | $18148 | $18416 | $17251 |
| **Nov 23** | $18055 | $20116 | $17207 |
| **Dec 23** | $19591 | $21082 | $18773 |
| **Jan 24** | $15264 | $21206 | $14470 |
| **Feb 24** | $16601 | $22116 | $15753 |
| **Mar 24** | $16272 | $22810 | $15413 |
| **Apr 24** | $16015 | $22057 | $15426 |
| **May 24** | $16472 | $22953 | $15693 |
| **Jun 24** | $13504 | $23464 | $12882 |
| **Jul 24** | $13249 | $23843 | $12600 |
| **Aug 24** | $12794 | $24448 | $12312 |
| **Sep 24** | $14727 | $25016 | $14234 |
| **Oct 24** | $14786 | $24455 | $14264 |
| **Nov 24** | $14558 | $25369 | $14077 |
| **Dec 24** | $12682 | $24769 | $12319 |
| **Jan 25** | $13180 | $25600 | $12796 |
| **Feb 25** | $12911 | $25446 | $12466 |
| **Mar 25** | $12902 | $24441 | $12402 |
| **Apr 25** | $12285 | $24669 | $11840 |
| **May 25** | $11813 | $26087 | $11391 |
| **Jun 25** | $13209 | $27258 | $12736 |
| **Jul 25** | $16008 | $27628 | $15492 |
| **Aug 25** | $20302 | $28310 | $19538 |
| **Sep 25** | $21366 | $29336 | $20590 |
| **Oct 25** | $22688 | $29992 | $21893 |
| **Nov 25** | $24046 | $29989 | $23130 |
| **Dec 25** | $24355 | $30302 | $23455 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Rare Earth and Strategic Metals ETF | 92.05% | 4.69% | 9.31% |
| MVIS<sup>®</sup> Global Rare Earth/Strategic Metals Index | 90.39% | 4.77% | 8.90% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$1,627,205,158

* Number of Portfolio Holdings26

* Portfolio Turnover Rate74%

* Advisory Fees Paid$3,180,570

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i913a2d9ff01c5c3216b03e94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amount is less than 0.05% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Albemarle Corp. | 8.2% |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 7.8% |
| Lynas Rare Earths Ltd. | 6.1% |
| MP Materials Corp. | 5.9% |
| PLS Group Ltd. | 5.8% |
| Sociedad Quimica y Minera de Chile SA | 5.7% |
| Xiamen Tungsten Co. Ltd. | 5.4% |
| Jinduicheng Molybdenum Co. Ltd. | 4.8% |
| Shenghe Resources Holding Co. Ltd. | 4.4% |
| Ganfeng Lithium Group Co. Ltd. | 4.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Russia ETF

## Ticker: RSX \| unlisted

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Russia ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during and after the reporting period.** 

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Russia ETF | $74 | 0.72% |

---

### How did the Fund perform **last year?** 
* Since December 28, 2022, the Fund has been operating under a Plan of Liquidation and Termination which was approved by the Board of Trustees of the Fund.

* Performance during the period resulted primarily from dividend income from money market fund holdings.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ib873c662ea3b6bd1e1244ef0.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** |
| **Dec 15** | $10000 | $10000 |
| **Jan 16** | $9789 | $9397 |
| **Feb 16** | $9816 | $9332 |
| **Mar 16** | $11212 | $10024 |
| **Apr 16** | $12090 | $10172 |
| **May 16** | $11579 | $10185 |
| **Jun 16** | $11920 | $10123 |
| **Jul 16** | $12158 | $10559 |
| **Aug 16** | $12410 | $10595 |
| **Sep 16** | $12696 | $10660 |
| **Oct 16** | $12594 | $10479 |
| **Nov 16** | $13186 | $10558 |
| **Dec 16** | $14591 | $10786 |
| **Jan 17** | $14899 | $11081 |
| **Feb 17** | $14089 | $11392 |
| **Mar 17** | $14311 | $11532 |
| **Apr 17** | $14449 | $11711 |
| **May 17** | $13674 | $11970 |
| **Jun 17** | $13190 | $12024 |
| **Jul 17** | $13757 | $12360 |
| **Aug 17** | $14761 | $12408 |
| **Sep 17** | $15404 | $12647 |
| **Oct 17** | $15141 | $12910 |
| **Nov 17** | $14996 | $13160 |
| **Dec 17** | $15265 | $13372 |
| **Jan 18** | $16919 | $14127 |
| **Feb 18** | $16825 | $13533 |
| **Mar 18** | $16298 | $13244 |
| **Apr 18** | $15323 | $13370 |
| **May 18** | $15193 | $13387 |
| **Jun 18** | $15121 | $13314 |
| **Jul 18** | $15691 | $13716 |
| **Aug 18** | $14449 | $13824 |
| **Sep 18** | $15670 | $13884 |
| **Oct 18** | $15027 | $12843 |
| **Nov 18** | $14839 | $13031 |
| **Dec 18** | $14277 | $12113 |
| **Jan 19** | $16040 | $13070 |
| **Feb 19** | $15622 | $13419 |
| **Mar 19** | $15721 | $13588 |
| **Apr 19** | $16336 | $14047 |
| **May 19** | $16503 | $13214 |
| **Jun 19** | $18038 | $14079 |
| **Jul 19** | $17914 | $14120 |
| **Aug 19** | $17001 | $13785 |
| **Sep 19** | $17353 | $14075 |
| **Oct 19** | $18345 | $14460 |
| **Nov 19** | $18484 | $14813 |
| **Dec 19** | $20044 | $15335 |
| **Jan 20** | $19736 | $15166 |
| **Feb 20** | $17262 | $13941 |
| **Mar 20** | $13493 | $12059 |
| **Apr 20** | $15331 | $13350 |
| **May 20** | $16522 | $13931 |
| **Jun 20** | $16718 | $14376 |
| **Jul 20** | $17534 | $15137 |
| **Aug 20** | $18166 | $16063 |
| **Sep 20** | $16847 | $15545 |
| **Oct 20** | $15692 | $15167 |
| **Nov 20** | $18137 | $17037 |
| **Dec 20** | $19769 | $17828 |
| **Jan 21** | $19633 | $17747 |
| **Feb 21** | $20365 | $18158 |
| **Mar 21** | $21358 | $18643 |
| **Apr 21** | $21471 | $19458 |
| **May 21** | $23288 | $19761 |
| **Jun 21** | $24077 | $20021 |
| **Jul 21** | $23794 | $20159 |
| **Aug 21** | $24340 | $20664 |
| **Sep 21** | $25196 | $19810 |
| **Oct 21** | $26477 | $20821 |
| **Nov 21** | $23379 | $20320 |
| **Dec 21** | $23474 | $21133 |
| **Jan 22** | $21070 | $20095 |
| **Feb 22** | $6869 | $19576 |
| **Mar 22** | $299 | $20000 |
| **Apr 22** | $297 | $18399 |
| **May 22** | $276 | $18420 |
| **Jun 22** | $354 | $16868 |
| **Jul 22** | $331 | $18046 |
| **Aug 22** | $326 | $17381 |
| **Sep 22** | $303 | $15717 |
| **Oct 22** | $303 | $16666 |
| **Nov 22** | $333 | $17958 |
| **Dec 22** | $323 | $17252 |
| **Jan 23** | $324 | $18488 |
| **Feb 23** | $326 | $17958 |
| **Mar 23** | $327 | $18512 |
| **Apr 23** | $328 | $18778 |
| **May 23** | $504 | $18577 |
| **Jun 23** | $658 | $19656 |
| **Jul 23** | $660 | $20375 |
| **Aug 23** | $666 | $19806 |
| **Sep 23** | $1266 | $18987 |
| **Oct 23** | $1271 | $18416 |
| **Nov 23** | $1277 | $20116 |
| **Dec 23** | $1281 | $21082 |
| **Jan 24** | $3782 | $21206 |
| **Feb 24** | $3889 | $22116 |
| **Mar 24** | $3906 | $22810 |
| **Apr 24** | $3939 | $22057 |
| **May 24** | $3937 | $22953 |
| **Jun 24** | $6051 | $23464 |
| **Jul 24** | $6095 | $23843 |
| **Aug 24** | $6463 | $24448 |
| **Sep 24** | $6489 | $25016 |
| **Oct 24** | $6635 | $24455 |
| **Nov 24** | $6667 | $25369 |
| **Dec 24** | $6684 | $24769 |
| **Jan 25** | $6713 | $25600 |
| **Feb 25** | $6733 | $25446 |
| **Mar 25** | $6755 | $24441 |
| **Apr 25** | $6777 | $24669 |
| **May 25** | $6799 | $26087 |
| **Jun 25** | $6821 | $27258 |
| **Jul 25** | $6840 | $27628 |
| **Aug 25** | $6860 | $28310 |
| **Sep 25** | $6881 | $29336 |
| **Oct 25** | $6901 | $29992 |
| **Nov 25** | $6921 | $29989 |
| **Dec 25** | $6927 | $30302 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Russia ETF | 3.64% | (18.92)% | (3.61)% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$32,172,138

* Number of Portfolio Holdings29

* Portfolio Turnover Rate-%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i4d40c595fe56cd6a2a6be065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets<sup>Footnote Reference\*</sup> | (0.7)% |
| Money Market Fund | 100.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes securities fair valued at zero. |

---

### Material Fund Changes
The following material fund changes occurred during and after the period ended December 31, 2025:

The Fund's net expense ratio increased to 0.72% for the year ended December 31, 2025 from 0.32% for the year ended December 31, 2024 primarily resulting from extraordinary legal fees and a decrease in average net assets.

Due to regulatory restrictions imposed by the Office of Foreign Assets Control ("OFAC") upon the Fund and certain of its service providers and operational counterparties, the Fund's ability to process financial transactions and make payments, including distributions to shareholders, has been completely restricted. Such restrictions may exist for a prolonged period of time. During this period, the Fund may not be able to meet its obligations and certain regulatory requirements, which will have a negative impact on the Fund and its shareholders. In addition, the following risk has been added as a principal risk of the Fund.

Tax Risk. The Fund has qualified as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). However, due to restrictions on the Fund's ability to pay distributions imposed by OFAC, the Fund will be unable, unless such restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Unless these restrictions are lifted, the Fund will be unable to meet this requirement and will no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification is likely to result in income tax liability for the Fund and result in economic loss for the shareholders of the Fund.

This is a summary of certain changes to the Fund since December 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at [https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents] or upon request at [800.826.2333].

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Russia Small-Cap ETF

## Ticker: RSXJ \| unlisted

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Russia Small-Cap ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Russia Small-Cap ETF | $150 | 0.72% |

---

### How did the Fund perform **last year?** 
* Since December 28, 2022, the Fund has been operating under a Plan of Liquidation and Termination which was approved by the Board of Trustees of the Fund.

* Performance during the period resulted primarily from a distribution made from a security and dividend income from money market fund holdings.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i8acd107e6c86a032befa457a.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** |
| **Dec 15** | $10000 | $10000 |
| **Jan 16** | $9094 | $9397 |
| **Feb 16** | $9420 | $9332 |
| **Mar 16** | $11554 | $10024 |
| **Apr 16** | $12615 | $10172 |
| **May 16** | $12771 | $10185 |
| **Jun 16** | $13853 | $10123 |
| **Jul 16** | $14635 | $10559 |
| **Aug 16** | $15324 | $10595 |
| **Sep 16** | $16401 | $10660 |
| **Oct 16** | $17240 | $10479 |
| **Nov 16** | $18389 | $10558 |
| **Dec 16** | $20107 | $10786 |
| **Jan 17** | $21548 | $11081 |
| **Feb 17** | $20913 | $11392 |
| **Mar 17** | $21664 | $11532 |
| **Apr 17** | $21654 | $11711 |
| **May 17** | $21797 | $11970 |
| **Jun 17** | $20744 | $12024 |
| **Jul 17** | $21215 | $12360 |
| **Aug 17** | $22812 | $12408 |
| **Sep 17** | $22558 | $12647 |
| **Oct 17** | $22855 | $12910 |
| **Nov 17** | $21691 | $13160 |
| **Dec 17** | $22321 | $13372 |
| **Jan 18** | $23682 | $14127 |
| **Feb 18** | $23380 | $13533 |
| **Mar 18** | $23188 | $13244 |
| **Apr 18** | $20922 | $13370 |
| **May 18** | $20637 | $13387 |
| **Jun 18** | $19808 | $13314 |
| **Jul 18** | $19517 | $13716 |
| **Aug 18** | $17877 | $13824 |
| **Sep 18** | $17761 | $13884 |
| **Oct 18** | $16680 | $12843 |
| **Nov 18** | $16955 | $13031 |
| **Dec 18** | $15829 | $12113 |
| **Jan 19** | $17795 | $13070 |
| **Feb 19** | $17692 | $13419 |
| **Mar 19** | $17600 | $13588 |
| **Apr 19** | $17933 | $14047 |
| **May 19** | $18105 | $13214 |
| **Jun 19** | $19808 | $14079 |
| **Jul 19** | $20151 | $14120 |
| **Aug 19** | $19457 | $13785 |
| **Sep 19** | $19553 | $14075 |
| **Oct 19** | $19682 | $14460 |
| **Nov 19** | $20119 | $14813 |
| **Dec 19** | $21553 | $15335 |
| **Jan 20** | $22866 | $15166 |
| **Feb 20** | $20483 | $13941 |
| **Mar 20** | $14461 | $12059 |
| **Apr 20** | $16363 | $13350 |
| **May 20** | $17485 | $13931 |
| **Jun 20** | $18716 | $14376 |
| **Jul 20** | $19863 | $15137 |
| **Aug 20** | $20476 | $16063 |
| **Sep 20** | $19640 | $15545 |
| **Oct 20** | $18655 | $15167 |
| **Nov 20** | $21594 | $17037 |
| **Dec 20** | $22681 | $17828 |
| **Jan 21** | $22423 | $17747 |
| **Feb 21** | $23181 | $18158 |
| **Mar 21** | $22823 | $18643 |
| **Apr 21** | $22936 | $19458 |
| **May 21** | $23483 | $19761 |
| **Jun 21** | $23001 | $20021 |
| **Jul 21** | $22976 | $20159 |
| **Aug 21** | $23986 | $20664 |
| **Sep 21** | $23575 | $19810 |
| **Oct 21** | $24888 | $20821 |
| **Nov 21** | $22302 | $20320 |
| **Dec 21** | $21938 | $21133 |
| **Jan 22** | $19764 | $20095 |
| **Feb 22** | $8523 | $19576 |
| **Mar 22** | $500 | $20000 |
| **Apr 22** | $446 | $18399 |
| **May 22** | $451 | $18420 |
| **Jun 22** | $426 | $16868 |
| **Jul 22** | $426 | $18046 |
| **Aug 22** | $414 | $17381 |
| **Sep 22** | $377 | $15717 |
| **Oct 22** | $349 | $16666 |
| **Nov 22** | $322 | $17958 |
| **Dec 22** | $294 | $17252 |
| **Jan 23** | $291 | $18488 |
| **Feb 23** | $293 | $17958 |
| **Mar 23** | $293 | $18512 |
| **Apr 23** | $293 | $18778 |
| **May 23** | $294 | $18577 |
| **Jun 23** | $294 | $19656 |
| **Jul 23** | $304 | $20375 |
| **Aug 23** | $306 | $19806 |
| **Sep 23** | $307 | $18987 |
| **Oct 23** | $309 | $18416 |
| **Nov 23** | $310 | $20116 |
| **Dec 23** | $311 | $21082 |
| **Jan 24** | $312 | $21206 |
| **Feb 24** | $314 | $22116 |
| **Mar 24** | $315 | $22810 |
| **Apr 24** | $317 | $22057 |
| **May 24** | $318 | $22953 |
| **Jun 24** | $320 | $23464 |
| **Jul 24** | $1381 | $23843 |
| **Aug 24** | $1386 | $24448 |
| **Sep 24** | $2084 | $25016 |
| **Oct 24** | $2091 | $24455 |
| **Nov 24** | $2109 | $25369 |
| **Dec 24** | $2115 | $24769 |
| **Jan 25** | $2125 | $25600 |
| **Feb 25** | $2132 | $25446 |
| **Mar 25** | $2139 | $24441 |
| **Apr 25** | $2146 | $24669 |
| **May 25** | $2154 | $26087 |
| **Jun 25** | $2161 | $27258 |
| **Jul 25** | $2169 | $27628 |
| **Aug 25** | $2177 | $28310 |
| **Sep 25** | $2183 | $29336 |
| **Oct 25** | $6622 | $29992 |
| **Nov 25** | $6641 | $29989 |
| **Dec 25** | $6665 | $30302 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Russia Small-Cap ETF | 215.15% | (21.72)% | (3.98)% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$340,383

* Number of Portfolio Holdings22

* Portfolio Turnover Rate-%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id4b04cd6a2f51a04d6a534b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets<sup>Footnote Reference\*</sup> | (10.6)% |
| Money Market Fund | 110.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes securities fair valued at zero. |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Steel ETF

## Ticker: SLX \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Steel ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

**This report describes material changes to the Fund that occurred during the reporting period.** 

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Steel ETF | $69 | 0.55% |

---

### How did the Fund perform **last year?** 
* During the period, performance reflected improving conditions across global steel and metals markets, supported by firm demand and favorable pricing dynamics.

* The fund's exposure to aerospace and defense-linked companies led the Fund's contribution to performance for the period.

* From a country perspective, exposures to the United States, Brazil, and Australia were the leading contributors to performance for the period, while Canada detracted.

* The leading individual contributors were ATI, Carpenter Technology, Vale SA, Rio Tinto, and ArcelorMittal.

* The leading individual detractors for the period were Algoma Steel Group and Gibraltar Industries.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](id99fbf56f876abeb69c4acf0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **NYSE Arca Steel Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $8996 | $9397 | $8992 |
| **Feb 16** | $9969 | $9332 | $9963 |
| **Mar 16** | $12787 | $10024 | $12747 |
| **Apr 16** | $15184 | $10172 | $15126 |
| **May 16** | $12782 | $10185 | $12731 |
| **Jun 16** | $14160 | $10123 | $14100 |
| **Jul 16** | $16481 | $10559 | $16407 |
| **Aug 16** | $15241 | $10595 | $15169 |
| **Sep 16** | $15845 | $10660 | $15770 |
| **Oct 16** | $17013 | $10479 | $16937 |
| **Nov 16** | $20312 | $10558 | $20226 |
| **Dec 16** | $19577 | $10786 | $19486 |
| **Jan 17** | $21343 | $11081 | $21247 |
| **Feb 17** | $22176 | $11392 | $22091 |
| **Mar 17** | $20892 | $11532 | $20830 |
| **Apr 17** | $19686 | $11711 | $19640 |
| **May 17** | $18915 | $11970 | $18873 |
| **Jun 17** | $19935 | $12024 | $19890 |
| **Jul 17** | $21306 | $12360 | $21267 |
| **Aug 17** | $22083 | $12408 | $22051 |
| **Sep 17** | $21834 | $12647 | $21809 |
| **Oct 17** | $21928 | $12910 | $21911 |
| **Nov 17** | $21938 | $13160 | $21927 |
| **Dec 17** | $24250 | $13372 | $24285 |
| **Jan 18** | $26226 | $14127 | $26262 |
| **Feb 18** | $26072 | $13533 | $26120 |
| **Mar 18** | $24274 | $13244 | $24316 |
| **Apr 18** | $25669 | $13370 | $25718 |
| **May 18** | $25367 | $13387 | $25430 |
| **Jun 18** | $24030 | $13314 | $24102 |
| **Jul 18** | $25414 | $13716 | $25502 |
| **Aug 18** | $23404 | $13824 | $23497 |
| **Sep 18** | $24353 | $13884 | $24473 |
| **Oct 18** | $22613 | $12843 | $22733 |
| **Nov 18** | $21298 | $13031 | $21409 |
| **Dec 18** | $19657 | $12113 | $19755 |
| **Jan 19** | $22363 | $13070 | $22450 |
| **Feb 19** | $22566 | $13419 | $22665 |
| **Mar 19** | $22543 | $13588 | $22656 |
| **Apr 19** | $21737 | $14047 | $21849 |
| **May 19** | $19820 | $13214 | $19931 |
| **Jun 19** | $22081 | $14079 | $22214 |
| **Jul 19** | $21006 | $14120 | $21140 |
| **Aug 19** | $18383 | $13785 | $18499 |
| **Sep 19** | $19117 | $14075 | $19247 |
| **Oct 19** | $19448 | $14460 | $19588 |
| **Nov 19** | $20696 | $14813 | $20855 |
| **Dec 19** | $21824 | $15335 | $22046 |
| **Jan 20** | $19440 | $15166 | $19613 |
| **Feb 20** | $16988 | $13941 | $17149 |
| **Mar 20** | $12679 | $12059 | $12777 |
| **Apr 20** | $13780 | $13350 | $13890 |
| **May 20** | $15091 | $13931 | $15221 |
| **Jun 20** | $15969 | $14376 | $16111 |
| **Jul 20** | $16562 | $15137 | $16715 |
| **Aug 20** | $17807 | $16063 | $17995 |
| **Sep 20** | $17887 | $15545 | $18087 |
| **Oct 20** | $18542 | $15167 | $18777 |
| **Nov 20** | $23000 | $17037 | $23300 |
| **Dec 20** | $26314 | $17828 | $26739 |
| **Jan 21** | $25559 | $17747 | $25984 |
| **Feb 21** | $28631 | $18158 | $29121 |
| **Mar 21** | $32889 | $18643 | $33539 |
| **Apr 21** | $34966 | $19458 | $35663 |
| **May 21** | $37301 | $19761 | $38068 |
| **Jun 21** | $36580 | $20021 | $37356 |
| **Jul 21** | $38212 | $20159 | $39038 |
| **Aug 21** | $36896 | $20664 | $37711 |
| **Sep 21** | $32584 | $19810 | $33296 |
| **Oct 21** | $33236 | $20821 | $34000 |
| **Nov 21** | $30666 | $20320 | $31382 |
| **Dec 21** | $33657 | $21133 | $34451 |
| **Jan 22** | $33095 | $20095 | $33892 |
| **Feb 22** | $37953 | $19576 | $38881 |
| **Mar 22** | $42901 | $20000 | $44032 |
| **Apr 22** | $39373 | $18399 | $40430 |
| **May 22** | $39738 | $18420 | $40842 |
| **Jun 22** | $31301 | $16868 | $32150 |
| **Jul 22** | $34086 | $18046 | $35018 |
| **Aug 22** | $33433 | $17381 | $34373 |
| **Sep 22** | $30142 | $15717 | $30968 |
| **Oct 22** | $33562 | $16666 | $34490 |
| **Nov 22** | $39460 | $17958 | $40563 |
| **Dec 22** | $38326 | $17252 | $39503 |
| **Jan 23** | $45093 | $18488 | $46514 |
| **Feb 23** | $43814 | $17958 | $45216 |
| **Mar 23** | $42322 | $18512 | $43724 |
| **Apr 23** | $40384 | $18778 | $41742 |
| **May 23** | $36887 | $18577 | $38154 |
| **Jun 23** | $42443 | $19656 | $43944 |
| **Jul 23** | $46859 | $20375 | $48533 |
| **Aug 23** | $44706 | $19806 | $46336 |
| **Sep 23** | $43370 | $18987 | $44976 |
| **Oct 23** | $41514 | $18416 | $43064 |
| **Nov 23** | $46392 | $20116 | $48147 |
| **Dec 23** | $50295 | $21082 | $52367 |
| **Jan 24** | $47331 | $21206 | $49297 |
| **Feb 24** | $48146 | $22116 | $50171 |
| **Mar 24** | $49442 | $22810 | $51569 |
| **Apr 24** | $46897 | $22057 | $48941 |
| **May 24** | $48669 | $22953 | $50838 |
| **Jun 24** | $45406 | $23464 | $47444 |
| **Jul 24** | $47864 | $23843 | $50034 |
| **Aug 24** | $45491 | $24448 | $47597 |
| **Sep 24** | $48012 | $25016 | $50248 |
| **Oct 24** | $45740 | $24455 | $47890 |
| **Nov 24** | $48534 | $25369 | $50833 |
| **Dec 24** | $41276 | $24769 | $43274 |
| **Jan 25** | $43023 | $25600 | $45126 |
| **Feb 25** | $43952 | $25446 | $46140 |
| **Mar 25** | $43318 | $24441 | $45497 |
| **Apr 25** | $42518 | $24669 | $44658 |
| **May 25** | $43625 | $26087 | $45866 |
| **Jun 25** | $46751 | $27258 | $49159 |
| **Jul 25** | $48139 | $27628 | $50641 |
| **Aug 25** | $50173 | $28310 | $52856 |
| **Sep 25** | $51183 | $29336 | $53932 |
| **Oct 25** | $55938 | $29992 | $58968 |
| **Nov 25** | $57208 | $29989 | $60362 |
| **Dec 25** | $60742 | $30302 | $63364 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Steel ETF | 47.16% | 18.21% | 19.77% |
| MarketVector™ Global Steel Index | 48.36% | 19.15% | 20.44% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| NYSE Arca Steel Index | 46.43% | 18.83% | 20.28% |

---

Index data prior to December 22, 2025 reflects that of the NYSE Arca Steel Index. From December 22, 2025 forward, the index data reflects that of the Fund's underlying index, MarketVector Global Steel Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$161,097,156

* Number of Portfolio Holdings39

* Portfolio Turnover Rate107%

* Advisory Fees Paid$375,907

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i772e9088a71e9b9a51aa37fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Industrials | 1.8% |
| Energy | 3.0% |
| Materials | 94.8% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Rio Tinto PLC | 8.3% |
| BHP Group Ltd. | 7.9% |
| Vale SA | 6.9% |
| Fortescue Ltd. | 6.2% |
| Nucor Corp. | 5.9% |
| Rio Tinto Ltd. | 5.8% |
| ArcelorMittal SA | 5.0% |
| Nippon Steel Corp. | 4.6% |
| Reliance, Inc. | 4.4% |
| Steel Dynamics, Inc. | 4.4% |

---

### Material Fund Changes
The following material fund change occurred during the period ended December 31, 2025:

Effective after the close of trading on the NYSE Arca, Inc., on December 19, 2025, the Fund's benchmark index became the MarketVector Global Steel Index and the Fund's investment objective and principal investment strategy changed in connection therewith.

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Uranium and Nuclear ETF

## Ticker: NLR \| NYSE Arca, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Uranium and Nuclear ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Uranium and Nuclear ETF | $67 | 0.52% |

---

### How did the Fund perform **last year?** 
* During the period, nuclear energy and uranium companies benefited from continued growth in electricity demand, driven by increased infrastructure investment and sustained demand from data centers and industrial users.

* The Fund's exposures to energy and utilities were among the top contributing sectors to performance. 

* The United States led the contributions to performance. There were no detractors during the period at the country level.

* The leading individual contributors to performance were Okla, Centrus Energy, Cameco, and Constellation Energy.

* The leading individual detractors from performance were PG&E, encore Energy, and Nano Nuclear Energy. 

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ibd80e2130080f16fa422e854.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Uranium & Nuclear Energy Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $10099 | $9397 | $10045 |
| **Feb 16** | $10099 | $9332 | $10075 |
| **Mar 16** | $10809 | $10024 | $10775 |
| **Apr 16** | $10630 | $10172 | $10655 |
| **May 16** | $10685 | $10185 | $10640 |
| **Jun 16** | $11151 | $10123 | $11050 |
| **Jul 16** | $11145 | $10559 | $11105 |
| **Aug 16** | $10696 | $10595 | $10628 |
| **Sep 16** | $10762 | $10660 | $10665 |
| **Oct 16** | $10690 | $10479 | $10619 |
| **Nov 16** | $10354 | $10558 | $10258 |
| **Dec 16** | $10887 | $10786 | $10776 |
| **Jan 17** | $10928 | $11081 | $10803 |
| **Feb 17** | $11251 | $11392 | $11119 |
| **Mar 17** | $11400 | $11532 | $11253 |
| **Apr 17** | $11317 | $11711 | $11200 |
| **May 17** | $11809 | $11970 | $11679 |
| **Jun 17** | $11516 | $12024 | $11373 |
| **Jul 17** | $11800 | $12360 | $11670 |
| **Aug 17** | $12105 | $12408 | $11960 |
| **Sep 17** | $11798 | $12647 | $11654 |
| **Oct 17** | $12267 | $12910 | $12109 |
| **Nov 17** | $12469 | $13160 | $12303 |
| **Dec 17** | $11787 | $13372 | $11615 |
| **Jan 18** | $11749 | $14127 | $11568 |
| **Feb 18** | $11377 | $13533 | $11230 |
| **Mar 18** | $11747 | $13244 | $11530 |
| **Apr 18** | $12277 | $13370 | $12104 |
| **May 18** | $12121 | $13387 | $11943 |
| **Jun 18** | $12239 | $13314 | $12055 |
| **Jul 18** | $12525 | $13716 | $12328 |
| **Aug 18** | $12505 | $13824 | $12318 |
| **Sep 18** | $12688 | $13884 | $12492 |
| **Oct 18** | $12445 | $12843 | $12264 |
| **Nov 18** | $12626 | $13031 | $12427 |
| **Dec 18** | $12394 | $12113 | $12177 |
| **Jan 19** | $12664 | $13070 | $12429 |
| **Feb 19** | $12921 | $13419 | $12682 |
| **Mar 19** | $12936 | $13588 | $12689 |
| **Apr 19** | $12786 | $14047 | $12546 |
| **May 19** | $12255 | $13214 | $12030 |
| **Jun 19** | $12741 | $14079 | $12501 |
| **Jul 19** | $12405 | $14120 | $12186 |
| **Aug 19** | $12306 | $13785 | $12075 |
| **Sep 19** | $12443 | $14075 | $12230 |
| **Oct 19** | $12248 | $14460 | $12052 |
| **Nov 19** | $12044 | $14813 | $11843 |
| **Dec 19** | $12449 | $15335 | $12246 |
| **Jan 20** | $12757 | $15166 | $12571 |
| **Feb 20** | $11899 | $13941 | $11686 |
| **Mar 20** | $10099 | $12059 | $9948 |
| **Apr 20** | $10892 | $13350 | $10695 |
| **May 20** | $11384 | $13931 | $11146 |
| **Jun 20** | $10856 | $14376 | $10633 |
| **Jul 20** | $11381 | $15137 | $11141 |
| **Aug 20** | $11420 | $16063 | $11194 |
| **Sep 20** | $11363 | $15545 | $11139 |
| **Oct 20** | $11578 | $15167 | $11347 |
| **Nov 20** | $12392 | $17037 | $12149 |
| **Dec 20** | $12896 | $17828 | $12636 |
| **Jan 21** | $12648 | $17747 | $12411 |
| **Feb 21** | $12415 | $18158 | $12179 |
| **Mar 21** | $13685 | $18643 | $13419 |
| **Apr 21** | $14004 | $19458 | $13708 |
| **May 21** | $14208 | $19761 | $13872 |
| **Jun 21** | $13678 | $20021 | $13389 |
| **Jul 21** | $13535 | $20159 | $13250 |
| **Aug 21** | $14052 | $20664 | $13748 |
| **Sep 21** | $13818 | $19810 | $13549 |
| **Oct 21** | $14497 | $20821 | $14192 |
| **Nov 21** | $14058 | $20320 | $13776 |
| **Dec 21** | $14635 | $21133 | $14302 |
| **Jan 22** | $14141 | $20095 | $13804 |
| **Feb 22** | $14365 | $19576 | $14051 |
| **Mar 22** | $15208 | $20000 | $14867 |
| **Apr 22** | $14719 | $18399 | $14425 |
| **May 22** | $15084 | $18420 | $14740 |
| **Jun 22** | $13904 | $16868 | $13580 |
| **Jul 22** | $14793 | $18046 | $14448 |
| **Aug 22** | $14999 | $17381 | $14676 |
| **Sep 22** | $13744 | $15717 | $13467 |
| **Oct 22** | $14327 | $16666 | $14014 |
| **Nov 22** | $15164 | $17958 | $14792 |
| **Dec 22** | $14942 | $17252 | $14668 |
| **Jan 23** | $15807 | $18488 | $15483 |
| **Feb 23** | $15012 | $17958 | $14732 |
| **Mar 23** | $15088 | $18512 | $14785 |
| **Apr 23** | $15353 | $18778 | $15038 |
| **May 23** | $14790 | $18577 | $14501 |
| **Jun 23** | $16187 | $19656 | $15830 |
| **Jul 23** | $16637 | $20375 | $16277 |
| **Aug 23** | $17429 | $19806 | $17084 |
| **Sep 23** | $19256 | $18987 | $18883 |
| **Oct 23** | $18927 | $18416 | $18523 |
| **Nov 23** | $20031 | $20116 | $19633 |
| **Dec 23** | $20325 | $21082 | $19919 |
| **Jan 24** | $21464 | $21206 | $21087 |
| **Feb 24** | $21005 | $22116 | $20591 |
| **Mar 24** | $21608 | $22810 | $21179 |
| **Apr 24** | $21919 | $22057 | $21565 |
| **May 24** | $24647 | $22953 | $24127 |
| **Jun 24** | $22820 | $23464 | $22397 |
| **Jul 24** | $22393 | $23843 | $21941 |
| **Aug 24** | $21477 | $24448 | $21059 |
| **Sep 24** | $23838 | $25016 | $23368 |
| **Oct 24** | $25792 | $24455 | $25323 |
| **Nov 24** | $27037 | $25369 | $26476 |
| **Dec 24** | $23276 | $24769 | $22839 |
| **Jan 25** | $25589 | $25600 | $25126 |
| **Feb 25** | $22801 | $25446 | $22308 |
| **Mar 25** | $21027 | $24441 | $20580 |
| **Apr 25** | $22619 | $24669 | $22132 |
| **May 25** | $27870 | $26087 | $27289 |
| **Jun 25** | $31687 | $27258 | $31023 |
| **Jul 25** | $32786 | $27628 | $32182 |
| **Aug 25** | $34006 | $28310 | $33330 |
| **Sep 25** | $38751 | $29336 | $37941 |
| **Oct 25** | $44372 | $29992 | $43496 |
| **Nov 25** | $37165 | $29989 | $36366 |
| **Dec 25** | $36296 | $30302 | $35587 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Uranium and Nuclear ETF | 55.94% | 22.99% | 13.76% |
| MVIS<sup>®</sup> Global Uranium & Nuclear Energy Index | 55.82% | 23.01% | 13.53% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$3,602,853,321

* Number of Portfolio Holdings26

* Portfolio Turnover Rate42%

* Advisory Fees Paid$10,247,077

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ic62916b356c356e464f3c6b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Industrials | 16.1% |
| Utilities | 35.6% |
| Energy | 47.9% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Cameco Corp. | 8.2% |
| Constellation Energy Corp. | 8.2% |
| BWX Technologies, Inc. | 5.5% |
| Public Service Enterprise Group, Inc. | 5.5% |
| PG&E Corp. | 5.3% |
| CGN Power Co. Ltd. | 4.7% |
| NexGen Energy Ltd. | 4.6% |
| Denison Mines Corp. | 4.6% |
| Oklo, Inc. | 4.5% |
| Centrus Energy Corp. | 4.3% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Vietnam ETF

## Ticker: VNM \| Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - December 31, 2025**![Image](i22eae8eb904b8eec1f9adc6e.jpg)

This annual shareholder report contains important information about the VanEck Vietnam ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Vietnam ETF | $87 | 0.66% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return over the period, supported by robust economic growth in Vietnam, improving manufacturing and export activity and a recovery in domestic consumption, despite continued uncertainty around global demand and currency-related pressures.

* The Real Estate sector contributed the most to the Fund's performance during the period, followed by Financials and Industrials.

* The leading individual contributors to performance were Vingroup Joint Stock Company, Vinhomes Joint Stock Company and VIX Securities Joint Stock Company.

* The Information Technology sector detracted the most from the Fund's performance during the period, followed by Energy.

* The leading individual detractors from performance were Duc Giang Chemicals Group Joint Stock Company, Vietnam Airlines JSC and Vinh Hoan Corp.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i11f30010a33d8f272e3a9573.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MarketVector™ Vietnam Local Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9456 | $9397 | $9326 |
| **Feb 16** | $9395 | $9332 | $9342 |
| **Mar 16** | $9469 | $10024 | $9421 |
| **Apr 16** | $9795 | $10172 | $9772 |
| **May 16** | $9734 | $10185 | $9708 |
| **Jun 16** | $9958 | $10123 | $9912 |
| **Jul 16** | $10209 | $10559 | $10185 |
| **Aug 16** | $10318 | $10595 | $10323 |
| **Sep 16** | $10352 | $10660 | $10299 |
| **Oct 16** | $9836 | $10479 | $9823 |
| **Nov 16** | $9164 | $10558 | $9149 |
| **Dec 16** | $9022 | $10786 | $9051 |
| **Jan 17** | $9286 | $11081 | $9309 |
| **Feb 17** | $9481 | $11392 | $9506 |
| **Mar 17** | $9745 | $11532 | $9802 |
| **Apr 17** | $9780 | $11711 | $9850 |
| **May 17** | $9940 | $11970 | $10016 |
| **Jun 17** | $10329 | $12024 | $10416 |
| **Jul 17** | $10329 | $12360 | $10422 |
| **Aug 17** | $10260 | $12408 | $10359 |
| **Sep 17** | $10350 | $12647 | $10440 |
| **Oct 17** | $11081 | $12910 | $11184 |
| **Nov 17** | $11839 | $13160 | $11948 |
| **Dec 17** | $12248 | $13372 | $12383 |
| **Jan 18** | $13572 | $14127 | $13699 |
| **Feb 18** | $13207 | $13533 | $13389 |
| **Mar 18** | $13593 | $13244 | $13814 |
| **Apr 18** | $12701 | $13370 | $12880 |
| **May 18** | $11689 | $13387 | $11843 |
| **Jun 18** | $11168 | $13314 | $11349 |
| **Jul 18** | $11428 | $13716 | $11572 |
| **Aug 18** | $11667 | $13824 | $11850 |
| **Sep 18** | $11850 | $13884 | $12051 |
| **Oct 18** | $10761 | $12843 | $10916 |
| **Nov 18** | $10979 | $13031 | $11145 |
| **Dec 18** | $10515 | $12113 | $10699 |
| **Jan 19** | $10919 | $13070 | $11091 |
| **Feb 19** | $11635 | $13419 | $11864 |
| **Mar 19** | $11755 | $13588 | $11971 |
| **Apr 19** | $11876 | $14047 | $12087 |
| **May 19** | $11302 | $13214 | $11566 |
| **Jun 19** | $11422 | $14079 | $11642 |
| **Jul 19** | $11421 | $14120 | $11722 |
| **Aug 19** | $11165 | $13785 | $11411 |
| **Sep 19** | $11661 | $14075 | $11914 |
| **Oct 19** | $11610 | $14460 | $11899 |
| **Nov 19** | $11412 | $14813 | $11677 |
| **Dec 19** | $11447 | $15335 | $11741 |
| **Jan 20** | $10635 | $15166 | $11009 |
| **Feb 20** | $9892 | $13941 | $10068 |
| **Mar 20** | $7528 | $12059 | $7815 |
| **Apr 20** | $8855 | $13350 | $9119 |
| **May 20** | $9694 | $13931 | $9936 |
| **Jun 20** | $9629 | $14376 | $9841 |
| **Jul 20** | $9866 | $15137 | $10145 |
| **Aug 20** | $10460 | $16063 | $10797 |
| **Sep 20** | $10625 | $15545 | $10908 |
| **Oct 20** | $10622 | $15167 | $10905 |
| **Nov 20** | $11430 | $17037 | $11795 |
| **Dec 20** | $12560 | $17828 | $12967 |
| **Jan 21** | $12081 | $17747 | $12544 |
| **Feb 21** | $12639 | $18158 | $13090 |
| **Mar 21** | $12824 | $18643 | $13242 |
| **Apr 21** | $13586 | $19458 | $14117 |
| **May 21** | $14039 | $19761 | $14610 |
| **Jun 21** | $14817 | $20021 | $15376 |
| **Jul 21** | $13887 | $20159 | $14411 |
| **Aug 21** | $14080 | $20664 | $14636 |
| **Sep 21** | $13878 | $19810 | $14511 |
| **Oct 21** | $14653 | $20821 | $15278 |
| **Nov 21** | $14907 | $20320 | $15586 |
| **Dec 21** | $15389 | $21133 | $16094 |
| **Jan 22** | $14293 | $20095 | $14820 |
| **Feb 22** | $14141 | $19576 | $14731 |
| **Mar 22** | $13682 | $20000 | $14382 |
| **Apr 22** | $12392 | $18399 | $13052 |
| **May 22** | $11592 | $18420 | $12181 |
| **Jun 22** | $10485 | $16868 | $10992 |
| **Jul 22** | $10640 | $18046 | $11145 |
| **Aug 22** | $11002 | $17381 | $11593 |
| **Sep 22** | $9399 | $15717 | $9962 |
| **Oct 22** | $8290 | $16666 | $8738 |
| **Nov 22** | $8925 | $17958 | $9316 |
| **Dec 22** | $8546 | $17252 | $9009 |
| **Jan 23** | $9323 | $18488 | $9786 |
| **Feb 23** | $8240 | $17958 | $8758 |
| **Mar 23** | $8869 | $18512 | $9372 |
| **Apr 23** | $8839 | $18778 | $9341 |
| **May 23** | $9107 | $18577 | $9676 |
| **Jun 23** | $9679 | $19656 | $10255 |
| **Jul 23** | $10835 | $20375 | $11507 |
| **Aug 23** | $11068 | $19806 | $11788 |
| **Sep 23** | $9921 | $18987 | $10584 |
| **Oct 23** | $8448 | $18416 | $8975 |
| **Nov 23** | $9608 | $20116 | $10234 |
| **Dec 23** | $9909 | $21082 | $10586 |
| **Jan 24** | $9740 | $21206 | $10439 |
| **Feb 24** | $10275 | $22116 | $10959 |
| **Mar 24** | $10558 | $22810 | $11194 |
| **Apr 24** | $9402 | $22057 | $10087 |
| **May 24** | $9770 | $22953 | $10423 |
| **Jun 24** | $9337 | $23464 | $10024 |
| **Jul 24** | $9279 | $23843 | $9929 |
| **Aug 24** | $9663 | $24448 | $10361 |
| **Sep 24** | $9791 | $25016 | $10530 |
| **Oct 24** | $9205 | $24455 | $9919 |
| **Nov 24** | $9044 | $25369 | $9707 |
| **Dec 24** | $8899 | $24769 | $9594 |
| **Jan 25** | $8908 | $25600 | $9619 |
| **Feb 25** | $9220 | $25446 | $9915 |
| **Mar 25** | $9615 | $24441 | $10351 |
| **Apr 25** | $9215 | $24669 | $9917 |
| **May 25** | $10398 | $26087 | $11250 |
| **Jun 25** | $10590 | $27258 | $11456 |
| **Jul 25** | $12399 | $27628 | $13472 |
| **Aug 25** | $13932 | $28310 | $15115 |
| **Sep 25** | $13715 | $29336 | $14874 |
| **Oct 25** | $13433 | $29992 | $14590 |
| **Nov 25** | $13919 | $29989 | $15116 |
| **Dec 25** | $14454 | $30302 | $15739 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Vietnam ETF | 62.42% | 2.85% | 3.75% |
| MarketVector™ Vietnam Local Index | 64.05% | 3.95% | 4.64% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information.

### Key Fund Statistics
* Total Net Assets$606,482,036

* Number of Portfolio Holdings55

* Portfolio Turnover Rate48%

* Advisory Fees Paid$2,392,301

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i2ce8583ff578a61b1d20bc2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.8% |
| Energy | 1.4% |
| Information Technology | 1.9% |
| Materials | 8.9% |
| Industrials | 12.2% |
| Consumer Staples | 16.8% |
| Financials | 28.7% |
| Real Estate | 29.2% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Vingroup JSC | 9.5% |
| Vinhomes JSC | 9.3% |
| Masan Group Corp. | 6.8% |
| Hoa Phat Group JSC | 6.2% |
| Vietnam Dairy Products JSC | 5.2% |
| SSI Securities Corp. | 5.0% |
| Bank for Foreign Trade of Vietnam JSC | 4.8% |
| VIX Securities JSC | 3.6% |
| Vietjet Aviation JSC | 3.3% |
| Vincom Retail JSC | 3.1% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](ic8add8cc568c1f9deff1012c.jpg)

### **Need Additional Information?** 
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<br> Item 2. CODE OF ETHICS. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies
 to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing
 similar functions.

(b) The Registrant's code of ethics is reasonably described in this Form N-CSR.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item
 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period
 covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. <br>

The Registrant's Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. <br>

---

| | |
|:---|:---|
|  | The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31. |
| (a) | Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2025 and December 31, 2024, were $739,035 and $659,250, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2025 and December 31, 2024, were $292,875 and $261,700 respectively. |
| (d) | All Other Fees |
|  | None. |
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
|  | The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

(g) Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant's investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024, were $573,285 and $321,927 respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entities controlled by, or under common control with the investment adviser that provide ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. <br>

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Ms. Hesslein is the Chairperson of the Audit Committee.

Item 6. INVESTMENTS. <br>

Information included in Item 7.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION | ![](x1_c115545x1x2m4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x1_c115545x1x1m4.jpg) |

---

---

| | |
|:---|:---|
| **AFK** | Africa Index ETF |
| **MOO** | Agribusiness ETF |
| **BRF** | Brazil Small-Cap ETF |
| **CNXT** | ChiNext ETF |
| **CMCI** | CMCI Commodity Strategy ETF |
| **EMET** | Copper and Green Metals ETF |
| **DGIN** | Digital India ETF |
| **GDX**<sup>®</sup> | Gold Miners ETF |
| **GLIN** | India Growth Leaders ETF |
| **IDX** | Indonesia Index ETF |
| **ISRA** | Israel ETF |
| **GDXJ**<sup>®</sup> | Junior Gold Miners ETF |
| **SMOG** | Low Carbon Energy ETF |
| **HAP** | Natural Resources ETF |
| **CRAK** | Oil Refiners ETF |
| **OIH** | Oil Services ETF |
| **REMX** | Rare Earth and Strategic Metals ETF |
| **SLX** | Steel ETF |
| **NLR** | Uranium and Nuclear ETF |
| **V**N**M** | Vietnam ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc115545a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#xx1xc115545a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#xx1xc115545a003xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#xx1xc115545a004xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#xx1xc115545a005xm4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CMCI Commodity Strategy ETF](#xx1xc115545a006xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Copper and Green Metals ETF](#xx1xc115545a007xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#xx1xc115545a008xm4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#xx1xc115545a009xm4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#xx1xc115545a010xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#xx1xc115545a011xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#xx1xc115545a012xm4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#xx1xc115545a013xm4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#xx1xc115545a014xm4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#xx1xc115545a015xm4) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#xx1xc115545a016xm4) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#xx1xc115545a017xm4) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth and Strategic Metals ETF](#xx1xc115545a018xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#xx1xc115545a019xm4) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium and Nuclear ETF](#xx1xc115545a020xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#xx1xc115545a021xm4) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc115545a022xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc115545a023xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc115545a024xm4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc115545a025xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#xx1xc115545a026xm4) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#xx1xc115545a027xm4) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#xx1xc115545a028xm4) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#xx1xc115545a029xm4) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CMCI Commodity Strategy ETF](#xx1xc115545a030xm4) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Copper and Green Metals ETF](#xx1xc115545a031xm4) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#xx1xc115545a032xm4) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#xx1xc115545a033xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#xx1xc115545a034xm4) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#xx1xc115545a035xm4) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#xx1xc115545a036xm4) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#xx1xc115545a037xm4) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#xx1xc115545a038xm4) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#xx1xc115545a039xm4) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#xx1xc115545a040xm4) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#xx1xc115545a041xm4) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth and Strategic Metals ETF](#xx1xc115545a042xm4) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#xx1xc115545a043xm4) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium and Nuclear ETF](#xx1xc115545a044xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#xx1xc115545a045xm4) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc115545a046xm4) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx1xc115545a047xm4) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#xx1xc115545a048xm4) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc115545a049xm4) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc115545a050xm4) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc115545a051xm4) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Management Agreements](#xx1xc115545a052xm4) | 109 |

---

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Australia: 5.3%** |  |  |
| AVZ Minerals Ltd. †∞ | 1399901 | $251118 |
| Paladin Energy Ltd. \* † | 311533 | 1973141 |
| Perseus Mining Ltd. | 928609 | 3488376 |
|  |  | 5712635 |
| **Burkina Faso: 2.5%** |  |  |
| IAMGOLD Corp. (USD) \* | 162418 | 2678273 |
| **Canada: 9.1%** |  |  |
| B2Gold Corp. (USD) | 48105 | 216953 |
| Barrick Mining Corp. (USD) | 67985 | 2960747 |
| Fortuna Mining Corp. (USD) \* | 239460 | 2349103 |
| Ivanhoe Mines Ltd. \* † | 371049 | 4225479 |
|  |  | 9752282 |
| **Egypt: 2.3%** |  |  |
| Commercial International Bank - Egypt (USD) (GDR) | 1141362 | 2439642 |
| **India: 1.6%** |  |  |
| MakeMyTrip Ltd. (USD) \* † | 20775 | 1706043 |
| **Indonesia: 0.4%** |  |  |
| Golden Agri-Resources Ltd. (SGD) | 2059100 | 455804 |
| **Kenya: 4.9%** |  |  |
| Equity Group Holdings PLC | 4458761 | 2307150 |
| Safaricom PLC | 13603157 | 2989531 |
|  |  | 5296681 |
| **Morocco: 14.7%** |  |  |
| Attijariwafa Bank | 83193 | 6660001 |
| Bank of Africa | 62159 | 1533528 |
| Banque Centrale Populaire | 112617 | 3575128 |
| Co. Sucrerie Marocaine et de Raffinage | 37525 | 837318 |
| Societe d'Exploitation des Ports | 30682 | 3196042 |
|  |  | 15802017 |
| **Nigeria: 5.1%** |  |  |
| Guaranty Trust Holding Co. PLC | 51927200 | 3255432 |
| Zenith Bank PLC | 51522648 | 2200864 |
|  |  | 5456296 |
| **Norway: 0.1%** |  |  |
| Scatec ASA 144A \* | 13814 | 145118 |
| **South Africa: 34.8%** |  |  |
| Absa Group Ltd. | 91404 | 1320252 |
| African Rainbow Minerals Ltd. † | 10542 | 126153 |
| Anglo American PLC (GBP) | 109324 | 4512183 |
| Aspen Pharmacare Holdings Ltd. | 26210 | 184735 |
| AVI Ltd. | 29458 | 187557 |
| Bid Corp. Ltd. | 28663 | 729756 |
| Bidvest Group Ltd. | 18495 | 265080 |
| Capitec Bank Holdings Ltd. | 8319 | 2086982 |
| Clicks Group Ltd. | 18954 | 385982 |
| Discovery Ltd. | 55645 | 764254 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **South Africa (continued)** |  |  |
| Exxaro Resources Ltd. | 22221 | $240046 |
| FirstRand Ltd. | 563413 | 3085635 |
| Gold Fields Ltd. (ADR) | 77802 | 3396835 |
| Growthpoint Properties Ltd. | 235129 | 243501 |
| Harmony Gold Mining Co. Ltd. (ADR) | 45630 | 908037 |
| Impala Platinum Holdings Ltd. | 75427 | 1184631 |
| Investec PLC (GBP) | 58399 | 432557 |
| Kumba Iron Ore Ltd. | 6432 | 136432 |
| Life Healthcare Group Holdings Ltd. | 132723 | 91232 |
| Momentum Group Ltd. | 95886 | 221284 |
| Mr Price Group Ltd. | 19415 | 205023 |
| MTN Group Ltd. | 145172 | 1485330 |
| Naspers Ltd. | 71797 | 4785357 |
| Nedbank Group Ltd. | 43170 | 693690 |
| Northam Platinum Holdings Ltd. | 31960 | 648171 |
| Old Mutual Ltd. | 353913 | 318244 |
| OUTsurance Group Ltd. | 70901 | 306624 |
| Pepkor Holdings Ltd. 144A | 195242 | 311738 |
| Remgro Ltd. | 48777 | 534919 |
| Sanlam Ltd. | 165113 | 981411 |
| Sasol Ltd. (ADR) \* † | 51767 | 337003 |
| Shoprite Holdings Ltd. | 43763 | 713591 |
| Sibanye Stillwater Ltd. (ADR) \* † | 64838 | 923942 |
| Standard Bank Group Ltd. | 128385 | 2250575 |
| Tiger Brands Ltd. | 9470 | 209298 |
| Valterra Platinum Ltd. | 22126 | 1872687 |
| Woolworths Holdings Ltd. | 74963 | 253345 |
|  |  | 37334072 |
| **Tanzania: 1.3%** |  |  |
| Helios Towers PLC (GBP) \* | 607555 | 1338789 |
| **United Arab Emirates: 1.9%** |  |  |
| Itissalat Al-Maghrib (MAD) | 174563 | 2080230 |
| **United Kingdom: 12.5%** |  |  |
| Airtel Africa PLC 144A | 1092264 | 5220958 |
| Anglogold Ashanti PLC (USD) | 30499 | 2600955 |
| Endeavour Mining PLC | 99394 | 5181912 |
| Vodacom Group Ltd. (ZAR) | 41740 | 355961 |
|  |  | 13359786 |
| **United States: 0.7%** |  |  |
| Royal Caribbean Cruises Ltd. | 2510 | 700089 |
| **Zambia: 2.6%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 104833 | 2814411 |
| **Zimbabwe: 0.0%** |  |  |
| Delta Corp. Ltd. | 15980 | 12675 |
| Econet Wireless Zimbabwe Ltd. | 2231 | 518 |

---

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Zimbabwe (continued)** |  |  |
| TN CyberTech Investments Holdings Ltd. \* | 32900 | $152 |
|  |  | 13345 |
| **Total Common Stocks**<br> (Cost: $73,439,192) |  | 107085513 |
| **RIGHTS: 0.0%**<br> (Cost: $0) |  |  |
| **Morocco: 0.0%** |  |  |
| Bank of Africa, MAD 243.00, exp. 12/31/26\* | 15 | 0 |
| **Total Investments Before Collateral for Securities Loaned: 99.8%**<br> (Cost: $73,439,192) | **Total Investments Before Collateral for Securities Loaned: 99.8%**<br> (Cost: $73,439,192) | 107085513 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%** |  |
| **Money Market Fund: 1.7%**<br> (Cost: $1,789,894) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 1789894 | 1789894 |
| **Total Investments: 101.5%**<br> (Cost: $75,229,086) |  | 108875407 |
| **Liabilities in excess of other assets: (1.5)%** | **Liabilities in excess of other assets: (1.5)%** | (1589367) |
| **NET ASSETS: 100.0%** |  | $107286040 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| MAD | Moroccan Dirham |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,961,974. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $5,677,814, or 5.3% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $5461517 | $251118 | $5712635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 2678273 |  |  | 2678273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 9752282 |  |  | 9752282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt |  | 2439642 |  | 2439642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1706043 |  |  | 1706043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 455804 |  | 455804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenya | 5296681 |  |  | 5296681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco | 12226889 | 3575128 |  | 15802017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria | 5456296 |  |  | 5456296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 145118 |  | 145118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 11251599 | 26082473 |  | 37334072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania |  | 1338789 |  | 1338789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 2080230 |  | 2080230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 2956916 | 10402870 |  | 13359786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 700089 |  |  | 700089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 2814411 |  |  | 2814411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimbabwe | 13345 |  |  | 13345 |
| Rights \* |  | 0 |  | 0 |
| Money Market Fund | 1789894 |  |  | 1789894 |
| **Total Investments** | $56642718 | $51981571 | $251118 | $108875407 |

---

<sup>\*</sup> See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 1.8%** |  |  |
| Dyno Nobel Ltd. | 2475817 | $5287971 |
| Treasury Wine Estates Ltd. † | 1463780 | 5103879 |
|  |  | 10391850 |
| **Brazil: 3.3%** |  |  |
| Rumo SA | 2106300 | 5662936 |
| Yara International ASA (NOK) | 323246 | 13218893 |
|  |  | 18881829 |
| **Canada: 6.1%** |  |  |
| Nutrien Ltd. (USD) † | 572815 | 35354142 |
| **China: 4.2%** |  |  |
| China Mengniu Dairy Co. Ltd. (HKD) | 4238000 | 8134209 |
| Wilmar International Ltd. (SGD) | 6648900 | 15894444 |
|  |  | 24028653 |
| **Denmark: 1.3%** |  |  |
| Bakkafrost P/F (NOK) | 91515 | 4674210 |
| Schouw & Co. A/S | 27761 | 2867250 |
|  |  | 7541460 |
| **Germany: 8.0%** |  |  |
| Bayer AG | 924978 | 40096037 |
| K+S AG | 405858 | 5904400 |
|  |  | 46000437 |
| **Indonesia: 0.4%** |  |  |
| Golden Agri-Resources Ltd. (SGD) | 10632800 | 2353685 |
| **Israel: 1.0%** |  |  |
| ICL Group Ltd. (USD) † | 965179 | 5511172 |
| **Japan: 6.0%** |  |  |
| Kubota Corp. † | 1486800 | 21054841 |
| Maruha Nichiro Corp. | 288900 | 2371140 |
| NH Foods Ltd. | 166200 | 6935212 |
| Nissui Corp. † | 559300 | 4076520 |
|  |  | 34437713 |
| **Malaysia: 2.9%** |  |  |
| IOI Corp. Bhd | 3988100 | 3932043 |
| Kuala Lumpur Kepong Bhd | 883200 | 4352883 |
| PPB Group Bhd | 1096000 | 2986332 |
| SD Guthrie Bhd | 3761000 | 5310628 |
|  |  | 16581886 |
| **Netherlands: 0.2%** |  |  |
| OCI NV † | 268216 | 962030 |
| **Norway: 6.1%** |  |  |
| Leroy Seafood Group ASA | 634536 | 3182046 |
| Mowi ASA | 884217 | 21255322 |
| Salmar ASA | 171807 | 10493387 |
|  |  | 34930755 |
| **Russia: 0.0%** |  |  |
| PhosAgro PJSC \*∞ | 97916 | 0 |
| PhosAgro PJSC (USD) (GDR) ∞ | 1892 | 0 |
| PhosAgro PJSC (USD) (GDR) ∞ | 1 | 0 |
|  |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Singapore: 0.7%** |  |  |
| Charoen Pokphand Indonesia Tbk PT (IDR) | 14120600 | $3813912 |
| **Switzerland: 1.1%** |  |  |
| Bucher Industries AG | 13939 | 6431904 |
| **Taiwan: 0.4%** |  |  |
| Taiwan Fertilizer Co. Ltd. | 1688000 | 2566542 |
| **Thailand: 1.3%** |  |  |
| Charoen Pokphand Foods PCL (NVDR) | 10668700 | 7384881 |
| **United Kingdom: 2.6%** |  |  |
| CNH Industrial NV (USD) | 1271005 | 11718666 |
| Genus PLC | 101025 | 3518169 |
|  |  | 15236835 |
| **United States: 52.5%** |  |  |
| AGCO Corp. | 91318 | 9526294 |
| Archer-Daniels-Midland Co. | 532204 | 30596408 |
| Bunge Global SA | 201560 | 17954965 |
| Cal-Maine Foods, Inc. | 82428 | 6558796 |
| CF Industries Holdings, Inc. | 282762 | 21868813 |
| Corteva, Inc. | 562402 | 37697806 |
| Darling Ingredients, Inc. \* | 290356 | 10452816 |
| Deere & Co. | 96102 | 44742208 |
| Elanco Animal Health, Inc. \* † | 562967 | 12739943 |
| FMC Corp. † | 209479 | 2905474 |
| Mosaic Co. | 496303 | 11955939 |
| Neogen Corp. \* | 310222 | 2168452 |
| Pilgrim's Pride Corp. | 96894 | 3777897 |
| Toro Co. | 153017 | 12045498 |
| Tyson Foods, Inc. | 488357 | 28627487 |
| Zoetis, Inc. | 381648 | 48018952 |
|  |  | 301637748 |
| **Total Common Stocks**<br> (Cost: $721,397,960) |  | 574047434 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.6%** |  |
| **Money Market Fund: 5.6%**<br> (Cost: $32,017,691) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 32017691 | 32017691 |
| **Total Investments: 105.5%**<br> (Cost: $753,415,651) |  | 606065125 |
| **Liabilities in excess of other assets: (5.5)%** | **Liabilities in excess of other assets: (5.5)%** | (31524429) |
| **NET ASSETS: 100.0%** |  | $574540696 |

---

See Notes to Financial Statements

------

**Definitions:**

---

| | |
|:---|:---|
| 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:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $70,508,647. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $10391850 | $— | $10391850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 18881829 |  | 18881829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 35354142 |  |  | 35354142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 24028653 |  | 24028653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 7541460 |  | 7541460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 46000437 |  | 46000437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 2353685 |  | 2353685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 5511172 |  |  | 5511172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 34437713 |  | 34437713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 9663511 | 6918375 |  | 16581886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 962030 |  | 962030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 34930755 |  | 34930755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 3813912 |  | 3813912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 6431904 |  | 6431904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 2566542 |  | 2566542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 7384881 |  | 7384881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 11718666 | 3518169 |  | 15236835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 301637748 |  |  | 301637748 |
| Money Market Fund | 32017691 |  |  | 32017691 |
| **Total Investments** | $395902930 | $210162195 | $0 | $606065125 |

---

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 86.4%** |  |  |
| **Automobiles & Components: 1.9%** | **Automobiles & Components: 1.9%** |  |
| Fras-Le SA\* | 21500 | $94672 |
| Iochpe Maxion SA | 78052 | 143385 |
| Mahle Metal Leve SA | 29600 | 184170 |
|  |  | 422227 |
| **Capital Goods: 1.6%** |  |  |
| Armac Locacao Logistica E Servicos SA\* | 38900 | 31638 |
| Kepler Weber SA | 79650 | 142708 |
| Mills Locacao Servicos e Logistica SA \* | 41550 | 105772 |
| Tupy SA\* | 25000 | 56087 |
|  |  | 336205 |
| **Commercial & Professional Services: 2.3%** | **Commercial & Professional Services: 2.3%** |  |
| Orizon Valorizacao de Residuos SA\* | 31750 | 404071 |
| Valid Solucoes SA\* | 23700 | 92555 |
|  |  | 496626 |
| **Consumer Discretionary Distribution & Retail: 3.4%** | **Consumer Discretionary Distribution & Retail: 3.4%** |  |
| C&A Modas SA | 87450 | 202415 |
| Grupo Casas Bahia SA \* | 57900 | 32962 |
| Grupo SBF SA | 46200 | 108933 |
| Magazine Luiza SA | 183330 | 297744 |
| Pet Center Comercio e Participacoes SA\* | 131250 | 103781 |
|  |  | 745835 |
| **Consumer Durables & Apparel: 17.3%** | **Consumer Durables & Apparel: 17.3%** |  |
| Azzas 2154 SA | 53675 | 245822 |
| Construtora Tenda SA | 46300 | 207657 |
| Cury Construtora e Incorporadora SA | 84450 | 496755 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 154250 | 831362 |
| Direcional Engenharia SA | 184500 | 475562 |
| Ez Tec Empreendimentos e Participacoes SA | 117900 | 296203 |
| Grendene SA | 159900 | 133823 |
| Guararapes Confeccoes SA | 73750 | 119150 |
| MRV Engenharia e Participacoes SA \* | 166200 | 235929 |
| Plano & Plano Desenvolvimento Imobiliario SA | 33700 | 84225 |
| Vivara Participacoes SA | 75300 | 455306 |
| Vulcabras SA | 50836 | 185453 |
|  |  | 3767247 |
| **Consumer Services: 6.7%** |  |  |
| Afya Ltd. | 8806 | 135700 |
| Arcos Dorados Holdings, Inc. | 58661 | 430572 |
| Cogna Educacao SA | 1012110 | 583345 |
| Cruzeiro do Sul Educacional SA | 36650 | 41527 |
| YDUQS Participacoes SA | 116600 | 258679 |
| Zamp SA\*∞ | 41615 | 0 |
|  |  | 1449823 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Consumer Staples Distribution & Retail: 1.1%** | **Consumer Staples Distribution & Retail: 1.1%** |  |  |
| Dimed SA Distribuidora da Medicamentos\* | 46150 | $| 100897 |
| Empreendimentos Pague Menos SA\* | 117422 |  | 130351 |
|  |  |  | 231248 |
| **Energy: 4.6%** |  |  |  |
| Brava Energia\* | 183859 |  | 561507 |
| Karoon Energy Ltd. † | 271440 |  | 278717 |
| Petroreconcavo SA\* | 83200 |  | 171433 |
|  |  |  | 1011657 |
| **Financial Services: 0.9%** |  |  |  |
| Vinci Compass Investments Ltd. | 14695 |  | 191623 |
| **Food, Beverage & Tobacco: 7.2%** | **Food, Beverage & Tobacco: 7.2%** |  |  |
| Adecoagro SA† | 5907 |  | 46843 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 27250 |  | 98845 |
| Camil Alimentos SA | 62050 |  | 62064 |
| M Dias Branco SA | 74100 |  | 322782 |
| Minerva SA | 277700 |  | 291902 |
| Sao Martinho SA \* | 84400 |  | 231680 |
| SLC Agricola SA | 102100 |  | 298452 |
| Tres Tentos Agroindustrial SA | 73550 |  | 221606 |
|  |  |  | 1574174 |
| **Health Care Equipment & Services: 4.3%** | **Health Care Equipment & Services: 4.3%** |  |  |
| Fleury SA | 177737 |  | 486455 |
| Hospital Mater Dei SA | 37400 |  | 35813 |
| Odontoprev SA | 148290 |  | 302907 |
| Oncoclinicas do Brasil Servicos Medicos SA\* | 238050 |  | 117727 |
|  |  |  | 942902 |
| **Insurance: 1.5%** |  |  |  |
| IRB-Brasil Resseguros SA\* | 32423 |  | 317013 |
| **Materials: 7.6%** |  |  |  |
| Braskem SA (ADR)\* | 28537 |  | 84184 |
| Cia Brasileira de Aluminio \* | 119250 |  | 155163 |
| Dexco SA | 233408 |  | 212267 |
| ERO Copper Corp. \* † | 39015 |  | 1103734 |
| Irani Papel e Embalagem SA | 66700 |  | 105592 |
|  |  |  | 1660940 |
| **Mining: 0.0%** |  |  |  |
| ESG Minerals Ltd.∞ | 26308 |  | 702 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 0.2%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.2%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.2%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.2%** |
| Blau Farmaceutica SA | 19050 |  | 48890 |
| **Real Estate Management & Development: 5.1%** | **Real Estate Management & Development: 5.1%** |  |  |
| Iguatemi SA | 127950 |  | 596279 |
| JHSF Participacoes SA | 193150 |  | 278579 |
| LOG Commercial Properties e Participacoes SA | 16100 |  | 70771 |
| Moura Dubeux Engenharia S/A | 31100 |  | 155494 |
|  |  |  | 1101123 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Software & Services: 1.4%** |  |  |
| LWSA SA 144A | 153800 | $119631 |
| Sonda SA | 221257 | 84085 |
| VTEX\* | 29274 | 110070 |
|  |  | 313786 |
| **Technology Hardware & Equipment: 2.1%** | **Technology Hardware & Equipment: 2.1%** |  |
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 54200 | 114444 |
| Ituran Location and Control Ltd. | 7991 | 343693 |
|  |  | 458137 |
| **Telecommunication Services: 0.0%** | **Telecommunication Services: 0.0%** |  |
| OI SA\* | 1 | 0 |
| **Transportation: 4.7%** |  |  |
| EcoRodovias Infraestrutura e Logistica SA | 193290 | 372721 |
| Hidrovias do Brasil SA \* | 160715 | 107779 |
| Movida Participacoes SA | 84250 | 149272 |
| SIMPAR SA | 180500 | 170284 |
| Tegma Gestao Logistica SA | 9000 | 60744 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA\* | 280950 | 164599 |
|  |  | 1025399 |
| **Utilities: 12.5%** |  |  |
| Alupar Investimento SA | 133093 | 771772 |
| Auren Energia SA | 192300 | 416839 |
| Cia de Saneamento de Minas Gerais Copasa MG | 101038 | 808100 |
| Cia De Sanena Do Parana \* | 90900 | 664693 |
| Light SA\* | 79200 | 68031 |
|  |  | 2729435 |
| **Total Common Stocks**<br> (Cost: $16,126,015) |  | 18824992 |
| **PREFERRED SECURITIES: 13.0%** | **PREFERRED SECURITIES: 13.0%** |  |
| **Banks: 4.2%** |  |  |
| Banco ABC Brasil SA<sup>\*</sup> | 53898 | 232842 |
| Banco do Estado do Rio Grande do Sul SA | 119650 | 332340 |
| Banco Pan SA<sup>\*</sup> | 169800 | 350210 |
|  |  | 915392 |
| **Capital Goods: 2.5%** |  |  |
| Marcopolo SA | 415294 | 451982 |
| Randoncorp SA | 92600 | 95170 |
|  |  | 547152 |
| **Consumer Discretionary Distribution & Retail: 0.4%** | **Consumer Discretionary Distribution & Retail: 0.4%** |  |
| Raizen SA<sup>\*</sup> | 594050 | 87786 |
| **Consumer Durables & Apparel: 1.0%** | **Consumer Durables & Apparel: 1.0%** |  |
| Alpargatas SA | 95350 | 207430 |
| **Materials: 4.9%** |  |  |
| Bradespar SA | 94900 | 343511 |
| Cia de Ferro Ligas da Bahia FERBASA<sup>\*</sup> | 82100 | 103535 |
| Unipar Carbocloro SA | 30100 | 317173 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials (continued)** |  |  |
| Usinas Siderurgicas de Minas Gerais SA Usiminas<sup>\*</sup> | 291200 | $314657 |
|  |  | 1078876 |
| **Total Preferred Securities**<br> (Cost: $2,527,751) |  | 2836636 |
| **RIGHTS: 0.0%** |  |  |
| **Financial Services: 0.0%** |  |  |
| Banco ABC Brasil SA BRL 19.70, exp. 02/02/26\* | 3563 | 2603 |
| **Health Care Equipment & Services: 0.0%** |  |  |
| Empreendimentos Pague Menos SA BRL 3.30, exp. 01/27/26\* | 4667 | 485 |
| **Total Rights**<br> (Cost: $0) |  | 3088 |
| **Total Investments Before Collateral for Securities Loaned: 99.4%**<br> (Cost: $18,653,766) | **Total Investments Before Collateral for Securities Loaned: 99.4%**<br> (Cost: $18,653,766) | 21664716 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%** |  |
| **Money Market Fund: 2.4%**<br> (Cost: $524,099) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 524099 | 524099 |
| **Total Investments: 101.8%**<br> (Cost: $19,177,865) |  | 22188815 |
| **Liabilities in excess of other assets: (1.8)%** | **Liabilities in excess of other assets: (1.8)%** | (390023) |
| **NET ASSETS: 100.0%** |  | $21798792 |

---

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

------

**Definitions:**

ADR American Depositary Receipt <br> BRL Brazilian Real

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $865,619. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $119,631, or 0.5% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $— | $422227 | $— | $422227 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 336205 |  | 336205 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services | 92555 | 404071 |  | 496626 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail |  | 745835 |  | 745835 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 3767247 |  | 3767247 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 566272 | 883551 | 0 | 1449823 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 231248 |  | 231248 |
| &nbsp;&nbsp;&nbsp;Energy |  | 1011657 |  | 1011657 |
| &nbsp;&nbsp;&nbsp;Financial Services | 191623 |  |  | 191623 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 338745 | 1235429 |  | 1574174 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 117727 | 825175 |  | 942902 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 317013 |  | 317013 |
| &nbsp;&nbsp;&nbsp;Materials | 1187918 | 473022 |  | 1660940 |
| &nbsp;&nbsp;&nbsp;Mining |  |  | 702 | 702 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 48890 |  | 48890 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1101123 |  | 1101123 |
| &nbsp;&nbsp;&nbsp;Software & Services | 110070 | 203716 |  | 313786 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment | 343693 | 114444 |  | 458137 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 0 |  |  | 0 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 1025399 |  | 1025399 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 2729435 |  | 2729435 |
| Preferred Securities \* |  | 2836636 |  | 2836636 |
| Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 2603 |  | 2603 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 485 |  |  | 485 |
| Money Market Fund | 524099 |  |  | 524099 |
| **Total Investments** | $3473187 | $18714926 | $702 | $22188815 |

---

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Automobiles & Components: 0.6%** | **Automobiles & Components: 0.6%** |  |
| Fulin Precision Co. Ltd. | 73300 | $175499 |
| Shuanglin Co. Ltd. | 21400 | 121453 |
|  |  | 296952 |
| **Capital Goods: 32.6%** |  |  |
| Beijing Easpring Material Technology Co. Ltd. | 28500 | 235669 |
| CNGR Advanced Material Co. Ltd. | 29600 | 196360 |
| Contemporary Amperex Technology Co. Ltd. | 181900 | 9576000 |
| Eve Energy Co. Ltd. | 94000 | 885197 |
| Ginlong Technologies Co. Ltd. | 15800 | 161504 |
| Hunan Yuneng New Energy Battery Material Co. Ltd. | 28400 | 262980 |
| JL Mag Rare-Earth Co. Ltd. | 48000 | 234110 |
| Qingdao TGOOD Electric Co. Ltd. | 50800 | 186667 |
| Shenzhen Han's CNC Technology Co. Ltd. | 4600 | 78111 |
| Shenzhen Inovance Technology Co. Ltd. | 139600 | 1506285 |
| Siasun Robot & Automation Co. Ltd. \* | 84000 | 218871 |
| Sungrow Power Supply Co. Ltd. | 105080 | 2574958 |
| Sunwoda Electronic Co. Ltd. | 96100 | 359941 |
| Suzhou Kematek, Inc. | 10100 | 123777 |
| Wuxi Lead Intelligent Equipment Co. Ltd. | 77500 | 554638 |
| Zhejiang Changsheng Sliding Bearings Co. Ltd. | 9100 | 110920 |
|  |  | 17265988 |
| **Commercial & Professional Services: 0.4%** | **Commercial & Professional Services: 0.4%** |  |
| Centre Testing International Group Co. Ltd. | 98900 | 191813 |
| **Consumer Durables & Apparel: 0.4%** | **Consumer Durables & Apparel: 0.4%** |  |
| DBG Technology Co. Ltd. | 28300 | 100717 |
| Huali Industrial Group Co. Ltd. | 13500 | 97112 |
|  |  | 197829 |
| **Consumer Services: 0.2%** |  |  |
| Songcheng Performance Development Co. Ltd. | 113200 | 132821 |
| **Financial Services: 7.9%** |  |  |
| Beijing Compass Technology Development Co. Ltd.\* | 26265 | 492124 |
| East Money Information Co. Ltd. | 912700 | 3029531 |
| Hithink RoyalFlush Information Network Co. Ltd. | 14500 | 669121 |
|  |  | 4190776 |
| **Food, Beverage & Tobacco: 2.6%** |  |  |
| Fujian Wanchen Biotechnology Group Co. Ltd. | 6400 | 184364 |
| Gambol Pet Group Co. Ltd. | 6700 | 62558 |
| Wens Foodstuff Group Co. Ltd. | 393200 | 950897 |
| Yihai Kerry Arawana Holdings Co. Ltd. | 39900 | 164272 |
|  |  | 1362091 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Health Care Equipment & Services: 4.8%** | **Health Care Equipment & Services: 4.8%** |  |
| Aier Eye Hospital Group Co. Ltd. | 307900 | $484230 |
| Intco Medical Technology Co. Ltd. | 29700 | 165496 |
| Jafron Biomedical Co. Ltd. | 30200 | 85034 |
| Lepu Medical Technology Beijing Co. Ltd. | 83800 | 189748 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 43100 | 1176691 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | 24200 | 195020 |
| Winner Medical Co. Ltd. | 12700 | 68814 |
| Winning Health Technology Group Co. Ltd. | 126100 | 159239 |
|  |  | 2524272 |
| **Household & Personal Products: 0.4%** | **Household & Personal Products: 0.4%** |  |
| By-health Co. Ltd. | 69200 | 118978 |
| Yunnan Botanee Bio-Technology Group Co. Ltd. | 13700 | 77718 |
|  |  | 196696 |
| **Materials: 3.4%** |  |  |
| Hubei Dinglong Co. Ltd. | 48700 | 262296 |
| Hubei Feilihua Quartz Glass Co. Ltd. | 29700 | 426378 |
| Jiangsu Nata Opto-electronic Material Co. Ltd. | 41900 | 257321 |
| Shandong Sinocera Functional Material Co. Ltd. | 57500 | 225761 |
| Shenzhen Capchem Technology Co. Ltd. | 33800 | 253627 |
| Sunresin New Materials Co. Ltd. | 17500 | 154752 |
| Weihai Guangwei Composites Co. Ltd. | 37800 | 213616 |
|  |  | 1793751 |
| **Media & Entertainment: 2.2%** |  |  |
| Beijing Enlight Media Co. Ltd. | 100400 | 235926 |
| Bluefocus Intelligent Communications Group Co. Ltd. \* | 255300 | 421622 |
| Kunlun Tech Co. Ltd. \* | 60300 | 360953 |
| Mango Excellent Media Co. Ltd. | 43600 | 152635 |
|  |  | 1171136 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 4.0%** | **Pharmaceuticals, Biotechnology & Life Sciences: 4.0%** |  |
| Betta Pharmaceuticals Co. Ltd. | 18200 | 121529 |
| BGI Genomics Co. Ltd. \* | 18900 | 122821 |
| Chongqing Zhifei Biological Products Co. Ltd. \* | 79600 | 215068 |
| CSPC Innovation Pharmaceutical Co. Ltd. | 26100 | 134841 |
| Hangzhou Tigermed Consulting Co. Ltd. | 37500 | 304550 |
| Hebei Changshan Biochemical Pharmaceutical Co. Ltd. \* | 46900 | 416967 |
| Imeik Technology Development Co. Ltd. | 9680 | 196576 |
| Pharmaron Beijing Co. Ltd. | 66700 | 271636 |

---

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences (continued)** |  |
| Shenzhen Kangtai Biological Products Co. Ltd. | 45600 | $96471 |
| Walvax Biotechnology Co. Ltd. | 114200 | 178383 |
| Yili Chuanning Biotechnology Co. Ltd. | 45300 | 65769 |
|  |  | 2124611 |
| **Semiconductors & Semiconductor Equipment: 5.0%** | **Semiconductors & Semiconductor Equipment: 5.0%** |  |
| All Winner Technology Co. Ltd. | 42200 | 254237 |
| Hangzhou Chang Chuan Technology Co. Ltd. | 30800 | 446949 |
| Ingenic Semiconductor Co. Ltd. | 24300 | 368548 |
| Konfoong Materials International Co. Ltd. | 14600 | 192359 |
| SG Micro Corp. | 28470 | 279800 |
| Shenzhen SC New Energy Technology Corp. | 19200 | 262734 |
| Sigmastar Technology Ltd. | 12400 | 106312 |
| Suzhou Maxwell Technologies Co. Ltd. | 10513 | 309744 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. | 20600 | 200323 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. | 43200 | 227562 |
|  |  | 2648568 |
| **Software & Services: 4.5%** |  |  |
| Beijing Sinnet Technology Co. Ltd. | 100700 | 180733 |
| Beijing Ultrapower Software Co. Ltd. | 133100 | 219648 |
| Empyrean Technology Co. Ltd. | 14500 | 220764 |
| Isoftstone Information Technology Group Co. Ltd. | 43400 | 294857 |
| Jiangsu Hoperun Software Co. Ltd. | 54100 | 383575 |
| Range Intelligent Computing Technology Group Co. Ltd. | 48400 | 366781 |
| Sangfor Technologies, Inc. | 16800 | 277370 |
| Thunder Software Technology Co. Ltd. | 24600 | 237824 |
| Wangsu Science & Technology Co. Ltd. | 148900 | 218690 |
|  |  | 2400242 |
| **Technology Hardware & Equipment: 30.9%** | **Technology Hardware & Equipment: 30.9%** |  |
| Anker Innovations Technology Co. Ltd. | 15080 | 247180 |
| Chaozhou Three-Circle Group Co. Ltd. | 88700 | 580491 |
| Electric Connector Technology Co. Ltd. | 19600 | 136720 |
| Eoptolink Technology, Inc. Ltd. | 62940 | 3860948 |
| EverProX Technologies Co. Ltd. | 15800 | 320340 |
| Lens Technology Co. Ltd. | 138000 | 598276 |
| Maxscend Microelectronics Co. Ltd. | 24300 | 283534 |
| Ruijie Networks Co. Ltd. | 7000 | 89184 |
| Shanghai Huace Navigation Technology Ltd. | 35400 | 177014 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Technology Hardware & Equipment (continued)** | **Technology Hardware & Equipment (continued)** |  |
| Sharetronic Data Technology Co. Ltd. | 16100 | $388721 |
| Shenzhen Everwin Precision Technology Co. Ltd. | 66900 | 445680 |
| Shenzhen Longsys Electronics Co. Ltd. \* | 11500 | 402164 |
| Shenzhen Sunway Communication Co. Ltd. | 57100 | 507221 |
| Suzhou TFC Optical Communication Co. Ltd. | 31236 | 903002 |
| Victory Giant Technology Huizhou Co. Ltd. | 43200 | 1767271 |
| Wuhan Jingce Electronic Group Co. Ltd. \* | 13800 | 180216 |
| Yealink Network Technology Corp. Ltd. | 33600 | 171641 |
| Zhongji Innolight Co. Ltd. | 60500 | 5262823 |
|  |  | 16322426 |
| **Total Common Stocks**<br> (Cost: $36,109,794) |  | 52819972 |
| **Total Investments: 99.9%**<br> (Cost: $36,109,794) |  | 52819972 |
| **Other assets less liabilities: 0.1%** |  | 62328 |
| **NET ASSETS: 100.0%** |  | $52882300 |

---

See Notes to Financial Statements

------

**Footnotes:**

\* Non-income producing

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Materials | $— | $9576000 | $— | $9576000 |
| &nbsp;&nbsp;&nbsp;Automobiles & Components |  | 296952 |  | 296952 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 7689988 |  | 7689988 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 191813 |  | 191813 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel | 97112 | 100717 |  | 197829 |
| &nbsp;&nbsp;&nbsp;Consumer Services |  | 132821 |  | 132821 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 4190776 |  | 4190776 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 1135261 | 226830 |  | 1362091 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 2524272 |  | 2524272 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products |  | 196696 |  | 196696 |
| &nbsp;&nbsp;&nbsp;Materials |  | 1793751 |  | 1793751 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 1171136 |  | 1171136 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 2124611 |  | 2124611 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 2648568 |  | 2648568 |
| &nbsp;&nbsp;&nbsp;Software & Services |  | 2400242 |  | 2400242 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 16322426 |  | 16322426 |
| **Total Investments** | $1232373 | $51587599 | $— | $52819972 |

---

See Notes to Financial Statements

VANECK CMCI COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's)** | **Value** |
| **Short-Term Investments: 111.4%** |  |  |
| **United States Treasury Obligations: 99.0%** | **United States Treasury Obligations: 99.0%** |  |
| United States Treasury Bills (y) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57%, 06/11/26 | $125 | $123070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 06/04/26 | 170 | 167495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71%, 05/28/26 | 40 | 39432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 04/02/26 # | 125 | 123891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 05/21/26 | 100 | 98657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/16/26 | 100 | 98984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 03/19/26 | 100 | 99261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 03/12/26 # | 25 | 24830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/05/26 # | 325 | 323028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 02/26/26 # † | 250 | 248631 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **United States Treasury Obligations (continued)** | **United States Treasury Obligations (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99%, 02/12/26 | $125 | $124490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/19/26 # | 350 | 348342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 01/29/26 | 150 | 149604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%, 02/05/26 | 150 | 149500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 01/22/26 | 250 | 249508 |
|  |  | 2368723 |
|  | **Number<br> of Shares** | **Value** |
| **Money Market Fund: 12.4%** |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 296257 | 296257 |
| **Total Short-Term Investments: 111.4%**<br> (Cost: $2,663,622) |  | 2664980 |
| **Liabilities in excess of other assets: (11.4)%** |  | (273770) |
| **NET ASSETS: 100.0%** |  | $2391210 |

---

**Total Return Swap Contracts <u>Long Exposure</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation** | **Notional**<br> **Amount** | **Counterparty** | **Rate paid by**<br> **the Fund** | **Payment**<br> **Frequency** | **Termination**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| UBS Constant Maturity Commodity Index Total Return | $2373000 | UBS | 4.27%(b) | Monthly | 01/08/26 | $11569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | $11569 |

---

**Footnotes:**

---

| | |
|:---|:---|
| # | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $372,589. |
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| (b) | The rate shown reflects the rate in effect at December 31, 2025: Secured Overnight Financing Rate + 0.40%. |
| (y) | The rate shown is the calculated yield to maturity. |
| † | Security fully or partially on loan. Total market value of securities on loan is $179,015. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| United States Treasury Obligations | $— | $2368723 | $— | $2368723 |
| Money Market Fund | 296257 |  |  | 296257 |
| **Total Investments** | $296257 | $2368723 | $— | $2664980 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $— | $11569 | $— | $11569 |

---

See Notes to Financial Statements

VANECK COPPER AND GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 12.8%** |  |  |
| Glencore PLC (GBP) | 458364 | $2500328 |
| IGO Ltd. \* | 33311 | 181404 |
| Iluka Resources Ltd. | 22616 | 86877 |
| Liontown Ltd. \* † | 150097 | 157059 |
| Lynas Rare Earths Ltd. \* | 51392 | 421172 |
| PLS Group Ltd. \* † | 151748 | 424778 |
| Sandfire Resources Ltd. \* | 23940 | 284153 |
|  |  | 4055771 |
| **Canada: 10.9%** |  |  |
| Capstone Copper Corp. \* | 44973 | 452109 |
| Hudbay Minerals, Inc. (USD) | 28630 | 568306 |
| Ivanhoe Mines Ltd. \* † | 37916 | 431785 |
| Lithium Americas Corp. (USD) \* | 19787 | 86271 |
| NGEx Minerals Ltd. \* † | 10195 | 190401 |
| Teck Resources Ltd. (USD) | 35489 | 1699568 |
|  |  | 3428440 |
| **Chile: 3.9%** |  |  |
| Lundin Mining Corp. (CAD) † | 41678 | 896955 |
| Sociedad Quimica y Minera de Chile SA (ADR) \* | 5048 | 347302 |
|  |  | 1244257 |
| **China: 14.6%** |  |  |
| Beijing Easpring Material Technology Co. Ltd. | 11900 | 98402 |
| Chengxin Lithium Group Co. Ltd. \* | 20400 | 100627 |
| China Nonferrous Mining Corp. Ltd. (HKD) | 101000 | 191599 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 85168 | 562492 |
| China Rare Earth Resources And Technology Co. Ltd. \* | 25000 | 166154 |
| Ganfeng Lithium Group Co. Ltd. | 28520 | 256963 |
| GEM Co. Ltd. | 119900 | 143619 |
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. | 41900 | 213154 |
| Jiangxi Copper Co. Ltd. | 48903 | 384599 |
| MMG Ltd. (HKD) \* | 318400 | 359713 |
| Shenghe Resources Holding Co. Ltd. | 41200 | 127001 |
| Tianqi Lithium Corp. \* | 34700 | 275093 |
| Tongling Nonferrous Metals Group Co. Ltd. | 262600 | 225763 |
| Western Mining Co. Ltd. | 56100 | 222250 |
| Yunnan Chihong Zinc&Germanium Co. Ltd. | 118800 | 124431 |
| Yunnan Copper Co. Ltd. | 47200 | 138615 |
| Yunnan Tin Co. Ltd. | 38785 | 154859 |
| Zangge Mining Co. Ltd. | 37000 | 447658 |
| Zhejiang Huayou Cobalt Co. Ltd. | 44330 | 433609 |
|  |  | 4626601 |
| **Germany: 0.9%** |  |  |
| Aurubis AG | 1942 | 280928 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Indonesia: 1.9%** |  |  |
| Amman Mineral Internasional PT \* | 1139300 | $438630 |
| Merdeka Copper Gold Tbk PT \* | 1076600 | 146679 |
|  |  | 585309 |
| **Japan: 2.5%** |  |  |
| Mitsubishi Materials Corp. † | 7700 | 180602 |
| Sumitomo Metal Mining Co. Ltd. | 15100 | 604252 |
|  |  | 784854 |
| **Liechtenstein: 4.2%** |  |  |
| Antofagasta PLC (GBP) | 30202 | 1323784 |
| **Mexico: 9.4%** |  |  |
| Grupo Mexico SAB de CV | 207400 | 1961357 |
| Southern Copper Corp. (USD) | 7078 | 1015481 |
|  |  | 2976838 |
| **Poland: 2.2%** |  |  |
| KGHM Polska Miedz SA \* | 8955 | 694780 |
| **Russia: 0.0%** |  |  |
| GMK Norilskiy Nickel PAO \*∞ | 440500 | 0 |
| GMK Norilskiy Nickel PAO (ADR) \*∞ | 2 | 0 |
|  |  | 0 |
| **South Africa: 16.8%** |  |  |
| Anglo American PLC (GBP) | 52974 | 2186422 |
| Impala Platinum Holdings Ltd. | 50439 | 792178 |
| Northam Platinum Holdings Ltd. | 21371 | 433419 |
| Sibanye Stillwater Ltd. (ADR) \* | 43358 | 617852 |
| Valterra Platinum Ltd. | 14796 | 1252295 |
|  |  | 5282166 |
| **Sweden: 3.2%** |  |  |
| Boliden AB \* | 18308 | 1012842 |
| **United Kingdom: 1.0%** |  |  |
| Johnson Matthey PLC | 10694 | 306120 |
| **United States: 11.7%** |  |  |
| Albemarle Corp. | 4901 | 693197 |
| Freeport-McMoRan, Inc. | 50002 | 2539602 |
| MP Materials Corp. \* † | 8354 | 422044 |
|  |  | 3654843 |
| **Zambia: 3.9%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 45215 | 1213870 |
| **Total Common Stocks**<br> (Cost: $23,949,490) |  | 31471403 |

---

See Notes to Financial Statements

VANECK COPPER AND GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** |  |
| **Money Market Fund: 0.2%**<br> (Cost: $53,110) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 53110 | $53110 |
| **Total Investments: 100.1%**<br> (Cost: $24,002,600) |  | 31524513 |
| **Liabilities in excess of other assets: (0.1)%** |  | (31336) |
| **NET ASSETS: 100.0%** |  | $31493177 |

---

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,109,084. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $4055771 | $— | $4055771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3428440 |  |  | 3428440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 1244257 |  |  | 1244257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 100627 | 4525974 |  | 4626601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 280928 |  | 280928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 585309 |  | 585309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 784854 |  | 784854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liechtenstein |  | 1323784 |  | 1323784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2976838 |  |  | 2976838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 694780 |  | 694780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 617852 | 4664314 |  | 5282166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1012842 |  | 1012842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 306120 |  | 306120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 3654843 |  |  | 3654843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 1213870 |  |  | 1213870 |
| Money Market Fund | 53110 |  |  | 53110 |
| **Total Investments** | $13289837 | $18234676 | $0 | $31524513 |

---

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Capital Goods: 0.6%** |  |  |
| IndiaMart InterMesh Ltd. 144A | 2355 | $58298 |
| Zen Technologies Ltd. | 3773 | 57568 |
|  |  | 115866 |
| **Commercial & Professional Services: 2.7%** | **Commercial & Professional Services: 2.7%** |  |
| Computer Age Management Services Ltd. | 21118 | 174357 |
| eClerx Services Ltd. | 1463 | 76421 |
| Firstsource Solutions Ltd. | 22585 | 84416 |
| L&T Technology Services Ltd. 144A | 1717 | 85316 |
| Sagility Ltd. | 131733 | 76247 |
|  |  | 496757 |
| **Consumer Discretionary Distribution & Retail: 0.6%** | **Consumer Discretionary Distribution & Retail: 0.6%** |  |
| Cartrade Tech Ltd.\* | 3709 | 116721 |
| **Consumer Durables & Apparel: 2.5%** | **Consumer Durables & Apparel: 2.5%** |  |
| Dixon Technologies India Ltd. | 3361 | 453458 |
| **Consumer Services: 10.8%** |  |  |
| Eternal Ltd.\* | 320163 | 992179 |
| MakeMyTrip Ltd. \* | 4061 | 333489 |
| Swiggy Ltd.\* | 148849 | 640754 |
|  |  | 1966422 |
| **Energy: 8.1%** |  |  |
| Reliance Industries Ltd. 144A (GDR) | 21493 | 1504900 |
| **Financial Services: 8.7%** |  |  |
| Angel One Ltd. | 5112 | 133427 |
| Indian Energy Exchange Ltd. 144A | 37258 | 55690 |
| Jio Financial Services Ltd. | 249206 | 818476 |
| Kfin Technologies Ltd. | 8674 | 104663 |
| One 97 Communications Ltd.\* | 34903 | 504819 |
|  |  | 1617075 |
| **Health Care Equipment & Services: 0.5%** | **Health Care Equipment & Services: 0.5%** |  |
| Inventurus Knowledge Solutions Ltd.\* | 5267 | 97144 |
| **Insurance: 3.8%** |  |  |
| PB Fintech Ltd.\* | 34274 | 697081 |
| **Media & Entertainment: 3.4%** |  |  |
| Affle 3i Ltd.\* | 5398 | 108161 |
| Info Edge India Ltd. | 34282 | 508907 |
|  |  | 617068 |
| **Software & Services: 41.9%** |  |  |
| Birlasoft Ltd. | 12351 | 59568 |
| Coforge Ltd. | 23125 | 428430 |
| Cyient Ltd. | 6158 | 76723 |
| HCL Technologies Ltd. | 59382 | 1073234 |
| Hexaware Technologies Ltd. | 13026 | 111001 |
| Infosys Ltd. (ADR) | 70980 | 1264864 |
| Intellect Design Arena Ltd. | 5936 | 64191 |
| KPIT Technologies Ltd. | 14260 | 186187 |
| LTIMindtree Ltd. 144A | 5815 | 392747 |
| Mphasis Ltd. | 7473 | 231947 |
| Oracle Financial Services Software Ltd. | 2003 | 171612 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Software & Services (continued)** | **Software & Services (continued)** |  |
| Persistent Systems Ltd. | 8744 | $610455 |
| Tata Consultancy Services Ltd. | 33605 | 1200679 |
| Tata Elxsi Ltd. | 2975 | 173643 |
| Tata Technologies Ltd. | 15568 | 111493 |
| Tech Mahindra Ltd. | 45946 | 813825 |
| Wipro Ltd. (ADR) | 241422 | 685638 |
| Zensar Technologies Ltd. | 8724 | 68324 |
|  |  | 7724561 |
| **Technology Hardware & Equipment: 1.5%** | **Technology Hardware & Equipment: 1.5%** |  |
| Kaynes Technology India Ltd.\* | 2629 | 117400 |
| Redington Ltd. | 44665 | 135461 |
| Tejas Networks Ltd. 144A | 6961 | 34904 |
|  |  | 287765 |
| **Telecommunication Services: 14.6%** | **Telecommunication Services: 14.6%** |  |
| Bharti Airtel Ltd. | 63816 | 1497856 |
| Bharti Hexacom Ltd. | 6395 | 129988 |
| HFCL Ltd. | 73813 | 55742 |
| Indus Towers Ltd. \* | 112482 | 524586 |
| Tata Communications Ltd. | 9964 | 202364 |
| Vodafone Idea Ltd.\* | 2309690 | 276895 |
|  |  | 2687431 |
| **Total Common Stocks**<br> (Cost: $15,688,840) |  | 18382249 |
| **Total Investments: 99.7%**<br> (Cost: $15,688,840) |  | 18382249 |
| **Other assets less liabilities: 0.3%** | **Other assets less liabilities: 0.3%** | 49651 |
| **NET ASSETS: 100.0%** |  | $18431900 |

---

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

(continued)

**Definitions:**

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | 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. These securities have an aggregate value of $2,131,855, or 11.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Goods | $— | $115866 | $— | $115866 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 496757 |  | 496757 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail |  | 116721 |  | 116721 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 453458 |  | 453458 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 333489 | 1632933 |  | 1966422 |
| &nbsp;&nbsp;&nbsp;Energy |  | 1504900 |  | 1504900 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 1617075 |  | 1617075 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 97144 |  | 97144 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 697081 |  | 697081 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 617068 |  | 617068 |
| &nbsp;&nbsp;&nbsp;Software & Services | 1950502 | 5774059 |  | 7724561 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 287765 |  | 287765 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 2687431 |  | 2687431 |
| **Total Investments** | $2283991 | $16098258 | $— | $18382249 |

---

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 8.7%** |  |  |
| Capricorn Metals Ltd. \* | 17302077 | $163581878 |
| Evolution Mining Ltd. † | 52394106 | 438143907 |
| Genesis Minerals Ltd. \* † | 36987375 | 176798601 |
| Northern Star Resources Ltd. † | 52119091 | 916485855 |
| Perseus Mining Ltd. | 50587961 | 190036734 |
| Ramelius Resources Ltd. † | 80836585 | 222166006 |
| Westgold Resources Ltd. | 33939367 | 144038980 |
|  |  | 2251251961 |
| **Brazil: 5.0%** |  |  |
| Wheaton Precious Metals Corp. (USD) † | 10914146 | 1282630438 |
| **Burkina Faso: 1.6%** |  |  |
| IAMGOLD Corp. (USD) \* | 24451603 | 403206934 |
| **Canada: 48.0%** |  |  |
| Agnico Eagle Mines Ltd. (USD) † | 13552819 | 2297609405 |
| Alamos Gold, Inc. (USD) † | 18518293 | 714435744 |
| Artemis Gold, Inc. \* † | 7363092 | 197083236 |
| B2Gold Corp. (USD) † | 56781795 | 256085895 |
| Barrick Mining Corp. (USD) | 42855038 | 1866336905 |
| Discovery Silver Corp. \* | 31852772 | 194730060 |
| DPM Metals, Inc. | 9116987 | 282139404 |
| Equinox Gold Corp. (USD) \* † | 36922174 | 518387323 |
| First Majestic Silver Corp. (USD) † | 21866766 | 364300322 |
| Fortuna Mining Corp. (USD) \* † | 13046081 | 127982055 |
| Franco-Nevada Corp. (USD) † | 5922598 | 1227636113 |
| G Mining Ventures Corp. \* | 7960696 | 240955154 |
| K92 Mining, Inc. \* † | 9234796 | 152863411 |
| Kinross Gold Corp. (USD) † | 40523159 | 1141132157 |
| Lundin Gold, Inc. † | 4030414 | 335252821 |
| New Gold, Inc. (USD) \* | 37250672 | 324453353 |
| OceanaGold Corp. | 10094095 | 286456535 |
| OR Royalties, Inc. (USD) † | 6379582 | 225773407 |
| Pan American Silver Corp. (USD) | 19857271 | 1028805210 |
| Seabridge Gold, Inc. (USD) \* † | 3959240 | 117153912 |
| SSR Mining, Inc. (USD) \* | 8422074 | 184611862 |
| Torex Gold Resources, Inc. † | 3795394 | 181470088 |
| Wesdome Gold Mines Ltd. \* † | 7103192 | 117838108 |
|  |  | 12383492480 |
| **China: 1.1%** |  |  |
| Zhaojin Mining Industry Co. Ltd. (HKD) | 74351000 | 293547272 |
| **Indonesia: 2.1%** |  |  |
| Amman Mineral Internasional PT \* | 733746300 | 282491666 |
| Bumi Resources Minerals Tbk PT \* | 3873247700 | 255285837 |
|  |  | 537777503 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Mexico: 4.1%** |  |  |
| Fresnillo PLC (GBP) | 9320320 | $414702835 |
| Industrias Penoles SAB de CV \* | 9451398 | 497678831 |
| Orla Mining Ltd. (USD) \* † | 10517364 | 141668893 |
|  |  | 1054050559 |
| **Peru: 0.9%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) | 8761515 | 243832962 |
| **South Africa: 6.3%** |  |  |
| Gold Fields Ltd. (ADR) † | 28613101 | 1249247990 |
| Harmony Gold Mining Co. Ltd. (ADR) † | 19652474 | 391084232 |
|  |  | 1640332222 |
| **Turkey: 1.1%** |  |  |
| Eldorado Gold Corp. (USD) \* | 7827465 | 281162543 |
| **United Kingdom: 6.6%** |  |  |
| Anglogold Ashanti PLC (USD) † | 14907922 | 1271347588 |
| Endeavour Mining PLC | 8181284 | 426531703 |
|  |  | 1697879291 |
| **United States: 14.4%** |  |  |
| Coeur Mining, Inc. \* | 22421139 | 399768908 |
| Hecla Mining Co. | 21361183 | 409921102 |
| Newmont Corp. | 22702076 | 2266802289 |
| Royal Gold, Inc. | 2860611 | 635885219 |
|  |  | 3712377518 |
| **Total Common Stocks**<br> (Cost: $14,009,901,989) |  | 25781541683 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** |  |
| **Money Market Fund: 0.3%**<br> (Cost: $64,968,841) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 64968841 | 64968841 |
| **Total Investments: 100.2%**<br> (Cost: $14,074,870,830) |  | 25846510524 |
| **Liabilities in excess of other assets: (0.2)%** | **Liabilities in excess of other assets: (0.2)%** | (45282751) |
| **NET ASSETS: 100.0%** |  | $25801227773 |

---

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $984,067,359. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $2251251961 | $— | $2251251961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1282630438 |  |  | 1282630438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 403206934 |  |  | 403206934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 12383492480 |  |  | 12383492480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 293547272 |  | 293547272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 537777503 |  | 537777503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 639347724 | 414702835 |  | 1054050559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 243832962 |  |  | 243832962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1640332222 |  |  | 1640332222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 281162543 |  |  | 281162543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 1271347588 | 426531703 |  | 1697879291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 3712377518 |  |  | 3712377518 |
| Money Market Fund | 64968841 |  |  | 64968841 |
| **Total Investments** | $21922699250 | $3923811274 | $— | $25846510524 |

---

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |  |
| **Automobiles & Components: 4.4%** | **Automobiles & Components: 4.4%** |  |  |
| Banco Products India Ltd. | 20376 | $| 156423 |
| Eicher Motors Ltd. | 58606 |  | 4770683 |
| Gabriel India Ltd. | 29694 |  | 333894 |
|  |  |  | 5261000 |
| **Banks: 22.4%** |  |  |  |
| Bank of Baroda | 892844 |  | 2942433 |
| Bank of India | 576352 |  | 923785 |
| Bank of Maharashtra | 747324 |  | 516225 |
| Canara Bank | 1507179 |  | 2599339 |
| ICICI Bank Ltd. | 358881 |  | 5371220 |
| IDBI Bank Ltd. | 2651815 |  | 3040325 |
| Indian Bank | 168542 |  | 1571250 |
| Jammu & Kashmir Bank Ltd. | 199754 |  | 223110 |
| Karur Vysya Bank Ltd. | 417431 |  | 1225907 |
| State Bank of India | 622811 |  | 6812985 |
| Union Bank of India Ltd. | 930952 |  | 1594428 |
|  |  |  | 26821007 |
| **Capital Goods: 20.3%** |  |  |  |
| Balu Forge Industries Ltd. | 14930 |  | 100730 |
| Bharat Electronics Ltd. | 1354378 |  | 6028606 |
| Cummins India Ltd. | 62428 |  | 3080877 |
| Elecon Engineering Co. Ltd. | 39354 |  | 211272 |
| Enviro Infra Engineers Ltd. \* | 25517 |  | 58384 |
| Force Motors Ltd. | 917 |  | 209987 |
| GE Vernova T&D India Ltd. | 61078 |  | 2128706 |
| HBL Engineering Ltd. | 53267 |  | 549319 |
| Hindustan Aeronautics Ltd. | 90139 |  | 4405879 |
| IndiaMart InterMesh Ltd. 144A | 14416 |  | 356865 |
| Polycab India Ltd. | 30710 |  | 2606470 |
| Sanghvi Movers Ltd. | 17835 |  | 68595 |
| Shaily Engineering Plastics Ltd. | 9840 |  | 247687 |
| Shakti Pumps India Ltd. | 25670 |  | 206870 |
| Suzlon Energy Ltd. \* | 5512941 |  | 3235622 |
| TD Power Systems Ltd. | 50298 |  | 392907 |
| Transformers & Rectifiers India Ltd. | 46053 |  | 146424 |
| Transrail Lighting Ltd. | 13098 |  | 81296 |
|  |  |  | 24116496 |
| **Commercial & Professional Services: 1.5%** |  |  |  |
| BLS International Services Ltd. | 51961 |  | 185863 |
| Doms Industries Ltd. | 8135 |  | 236905 |
| eClerx Services Ltd. | 10623 |  | 554903 |
| International Gemmological Institute India Ltd. | 48217 |  | 180219 |
| Sagility Ltd. | 757840 |  | 438636 |
|  |  |  | 1596526 |
| **Consumer Discretionary Distribution & Retail: 3.9%** | **Consumer Discretionary Distribution & Retail: 3.9%** | **Consumer Discretionary Distribution & Retail: 3.9%** | **Consumer Discretionary Distribution & Retail: 3.9%** |
| Trent Ltd. | 96534 |  | 4603788 |
| **Energy: 4.0%** |  |  |  |
| Coal India Ltd. | 1061644 |  | 4715944 |
| **Financial Services: 9.8%** |  |  |  |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 34398 |  | 308542 |
| Authum Investment & Infrastucture Ltd. | 9511 |  | 331778 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Financial Services (continued)** |  |  |  |
| HDFC Asset Management Co. Ltd. 144A | 93040 | $| 2767479 |
| Kfin Technologies Ltd. | 35897 |  | 433143 |
| Multi Commodity Exchange of India Ltd. | 21272 |  | 2638934 |
| Muthoot Finance Ltd. | 47257 |  | 2004451 |
| Nippon Life India Asset Management Ltd. 144A | 82447 |  | 807653 |
| REC Ltd. | 572626 |  | 2277002 |
|  |  |  | 11568982 |
| **Food, Beverage & Tobacco: 0.8%** |  |  |  |
| Godfrey Phillips India Ltd. | 19148 |  | 588289 |
| Manorama Industries Ltd. | 8016 |  | 119343 |
| Tilaknagar Industries Ltd. | 47976 |  | 244614 |
|  |  |  | 952246 |
| **Health Care Equipment & Services: 0.1%** | **Health Care Equipment & Services: 0.1%** | **Health Care Equipment & Services: 0.1%** |  |
| Yatharth Hospital & Trauma Care Services Ltd.\* | 15918 |  | 120751 |
| **Materials: 5.3%** |  |  |  |
| AGI Greenpac Ltd. | 9378 |  | 78412 |
| Ashapura Minechem Ltd. | 16581 |  | 162094 |
| Chambal Fertilisers and Chemicals Ltd. | 74173 |  | 398375 |
| Coromandel International Ltd. | 60763 |  | 1533307 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 31373 |  | 449956 |
| National Aluminium Co. Ltd. | 397947 |  | 1390812 |
| NMDC Ltd. | 1541646 |  | 1427114 |
| Sarda Energy & Minerals Ltd. | 45148 |  | 261557 |
| Sharda Cropchem Ltd. | 12030 |  | 117067 |
| Welspun Corp. Ltd. | 50743 |  | 460388 |
|  |  |  | 6279082 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 8.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 8.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 8.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 8.3%** |
| Alkem Laboratories Ltd. | 20513 |  | 1256434 |
| Blue Jet Healthcare Ltd. | 9596 |  | 56662 |
| Caplin Point Laboratories Ltd. | 9321 |  | 190760 |
| Dr. Reddy's Laboratories Ltd. | 286636 |  | 4053460 |
| Lupin Ltd. | 112113 |  | 2633446 |
| Natco Pharma Ltd. | 42744 |  | 430037 |
| Vimta Labs Ltd. | 5658 |  | 38043 |
| Zydus Lifesciences Ltd. | 114635 |  | 1167833 |
|  |  |  | 9826675 |
| **Real Estate Management & Development: 0.1%** | **Real Estate Management & Development: 0.1%** |  |  |
| Arkade Developers Ltd. | 25070 |  | 37847 |
| NESCO Ltd. | 9542 |  | 130186 |
|  |  |  | 168033 |
| **Semiconductors & Semiconductor Equipment: 0.7%** | **Semiconductors & Semiconductor Equipment: 0.7%** | **Semiconductors & Semiconductor Equipment: 0.7%** | **Semiconductors & Semiconductor Equipment: 0.7%** |
| WAAREE Energies Ltd. | 22237 |  | 735412 |
| Websol Energy System Ltd.\* | 140908 |  | 140658 |
|  |  |  | 876070 |
| **Software & Services: 10.8%** |  |  |  |
| Infosys Ltd. (ADR) | 335608 |  | 5980535 |
| KPIT Technologies Ltd. | 71145 |  | 928912 |
| Tata Consultancy Services Ltd. | 165200 |  | 5902460 |
|  |  |  | 12811907 |

---

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Technology Hardware & Equipment: 0.3%** |  |  |
| Genus Power Infrastructures Ltd. | 48491 | $162951 |
| Netweb Technologies India Ltd. | 5802 | 200704 |
|  |  | 363655 |
| **Telecommunication Services: 7.4%** |  |  |
| Bharti Airtel Ltd. | 266019 | 6243860 |
| Indus Towers Ltd.\* | 581220 | 2710657 |
|  |  | 8954517 |
| **Total Common Stocks** <br> (Cost: $101,385,473) |  | 119036679 |
| **Total Investments: 100.1%** <br> (Cost: $101,385,473) |  | 119036679 |
| **Liabilities in excess of other assets: (0.1)%** |  | (59996) |
| **NET ASSETS: 100.0%** |  | $118976683 |

---

------

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | 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. These securities have an aggregate value of $3,931,997, or 3.3% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $— | $5261000 | $— | $5261000 |
| &nbsp;&nbsp;&nbsp;Banks |  | 26821007 |  | 26821007 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 2128706 | 21987790 |  | 24116496 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 1596526 |  | 1596526 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail |  | 4603788 |  | 4603788 |
| &nbsp;&nbsp;&nbsp;Energy |  | 4715944 |  | 4715944 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 11568982 |  | 11568982 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 952246 |  | 952246 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 120751 |  | 120751 |
| &nbsp;&nbsp;&nbsp;Materials | 162094 | 6116988 |  | 6279082 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 9826675 |  | 9826675 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 168033 |  | 168033 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 140658 | 735412 |  | 876070 |
| &nbsp;&nbsp;&nbsp;Software & Services | 5980535 | 6831372 |  | 12811907 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 363655 |  | 363655 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 8954517 |  | 8954517 |
| **Total Investments** | $8411993 | $110624686 | $— | $119036679 |

---

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |  |
| **Banks: 26.1%** |  |  |  |
| Bank Central Asia Tbk PT | 9832000 | $| 4747840 |
| Bank Jago Tbk PT \* | 1475100 |  | 174309 |
| Bank Mandiri Persero Tbk PT | 13977804 |  | 4262297 |
| Bank Negara Indonesia Persero Tbk PT | 5732264 |  | 1497619 |
| Bank Rakyat Indonesia Persero Tbk PT | 21691733 |  | 4750635 |
|  |  |  | 15432700 |
| **Capital Goods: 6.1%** |  |  |  |
| Astra International Tbk PT | 7489900 |  | 3006121 |
| Jardine Cycle & Carriage Ltd.† | 23188 |  | 609803 |
|  |  |  | 3615924 |
| **Consumer Discretionary Distribution & Retail: 2.9%** | **Consumer Discretionary Distribution & Retail: 2.9%** | **Consumer Discretionary Distribution & Retail: 2.9%** | **Consumer Discretionary Distribution & Retail: 2.9%** |
| GoTo Gojek Tokopedia Tbk PT\* | 382073600 |  | 1460965 |
| Mitra Adiperkasa Tbk PT | 3205900 |  | 223697 |
|  |  |  | 1684662 |
| **Consumer Staples Distribution & Retail: 1.6%** | **Consumer Staples Distribution & Retail: 1.6%** |  |  |
| Sumber Alfaria Trijaya Tbk PT | 8182700 |  | 967319 |
| **Energy: 14.4%** |  |  |  |
| Adaro Andalan Indonesia PT | 583000 |  | 243523 |
| AKR Corporindo Tbk PT | 2847800 |  | 214830 |
| Alamtri Resources Indonesia Tbk PT | 5212000 |  | 564817 |
| Banpu PCL (NVDR) | 3632829 |  | 566194 |
| Bukit Asam Tbk PT | 1543400 |  | 213515 |
| Bumi Resources Tbk PT \* | 54147000 |  | 1187106 |
| Dian Swastatika Sentosa Tbk PT \* | 544100 |  | 3295598 |
| Indo Tambangraya Megah Tbk PT | 155900 |  | 204330 |
| Petrindo Jaya Kreasi Tbk PT | 7088300 |  | 991721 |
| United Tractors Tbk PT | 602769 |  | 1065708 |
|  |  |  | 8547342 |
| **Financial Services: 1.0%** |  |  |  |
| Indokripto Koin Semesta Tbk PT\* | 2492100 |  | 590092 |
| **Food, Beverage & Tobacco: 5.3%** | **Food, Beverage & Tobacco: 5.3%** |  |  |
| Charoen Pokphand Indonesia Tbk PT | 2455800 |  | 663301 |
| First Pacific Co. Ltd. | 811250 |  | 620978 |
| Golden Agri-Resources Ltd. | 1848900 |  | 409274 |
| Indofood CBP Sukses Makmur Tbk PT | 873200 |  | 428586 |
| Indofood Sukses Makmur Tbk PT | 1730400 |  | 701724 |
| Japfa Comfeed Indonesia Tbk PT | 2079700 |  | 325831 |
|  |  |  | 3149694 |
| **Health Care Equipment & Services: 1.1%** | **Health Care Equipment & Services: 1.1%** |  |  |
| Medikaloka Hermina Tbk PT | 4178800 |  | 344989 |
| Mitra Keluarga Karyasehat Tbk PT | 1973197 |  | 281631 |
|  |  |  | 626620 |
| **Household & Personal Products: 0.6%** | **Household & Personal Products: 0.6%** |  |  |
| Unilever Indonesia Tbk PT | 2255500 |  | 351682 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **Materials: 22.2%** |  |  |  |
| Amman Mineral Internasional PT\* | 5715800 | $| 2200578 |
| Aneka Tambang Tbk | 3314800 |  | 624448 |
| Avia Avian Tbk PT | 6104100 |  | 184433 |
| Barito Pacific Tbk PT \* | 10714148 |  | 2094886 |
| Bumi Resources Minerals Tbk PT \* | 30173500 |  | 1988736 |
| Chandra Asri Pacific Tbk PT | 5113836 |  | 2141824 |
| Indah Kiat Pulp & Paper Tbk PT | 927400 |  | 471534 |
| Indocement Tunggal Prakarsa Tbk PT | 568000 |  | 254086 |
| Merdeka Battery Materials Tbk PT \* | 15747500 |  | 535737 |
| Merdeka Copper Gold Tbk PT \* | 5401195 |  | 735875 |
| Nickel Industries Ltd. | 855377 |  | 473897 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | 490700 |  | 213547 |
| Petrosea Tbk PT | 1113100 |  | 726018 |
| Semen Indonesia Persero Tbk PT | 1304062 |  | 205642 |
| Vale Indonesia Tbk PT | 872400 |  | 270411 |
|  |  |  | 13121652 |
| **Media & Entertainment: 0.5%** |  |  |  |
| Elang Mahkota Teknologi Tbk PT | 4839200 |  | 313513 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 0.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 0.9%** |
| Kalbe Farma Tbk PT | 7748300 |  | 559006 |
| **Real Estate Management & Development: 1.5%** | **Real Estate Management & Development: 1.5%** | **Real Estate Management & Development: 1.5%** |  |
| Bumi Serpong Damai Tbk PT\* | 2837100 |  | 153709 |
| Ciputra Development Tbk PT | 3433595 |  | 170492 |
| Pantai Indah Kapuk Dua Tbk PT | 714337 |  | 538375 |
|  |  |  | 862576 |
| **Telecommunication Services: 8.1%** | **Telecommunication Services: 8.1%** |  |  |
| Indosat Tbk PT | 2033300 |  | 282617 |
| Sarana Menara Nusantara Tbk PT | 8151500 |  | 285810 |
| Telkom Indonesia Persero Tbk PT (ADR) † | 176056 |  | 3705979 |
| XLSMART Telecom Sejahtera Tbk PT | 2438275 |  | 548338 |
|  |  |  | 4822744 |
| **Transportation: 0.3%** |  |  |  |
| Jasa Marga Persero Tbk PT | 858150 |  | 175119 |
| **Utilities: 7.2%** |  |  |  |
| Barito Renewables Energy Tbk PT\* | 5671100 |  | 3297017 |
| Chandra Daya Investasi Tbk PT \* | 4919600 |  | 492698 |
| Perusahaan Gas Negara Tbk PT | 4108300 |  | 469456 |
|  |  |  | 4259171 |
| **Total Common Stocks** <br> (Cost: $61,905,941) |  |  | 59079816 |

---

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3%** |  |
| **Money Market Fund: 2.3%** <br> (Cost: $1,364,762) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 1364762 | $1364762 |
| **Total Investments: 102.1%** <br> (Cost: $63,270,703) |  | 60444578 |
| **Liabilities in excess of other assets: (2.1)%** |  | (1218113) |
| **NET ASSETS: 100.0%** |  | $59226465 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> NVDR Non-Voting Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,666,493. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | $— | $15432700 | $— | $15432700 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 3615924 |  | 3615924 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail |  | 1684662 |  | 1684662 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 967319 |  | 967319 |
| &nbsp;&nbsp;&nbsp;Energy | 3295598 | 5251744 |  | 8547342 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 590092 |  | 590092 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 3149694 |  | 3149694 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 281631 | 344989 |  | 626620 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products | 351682 |  |  | 351682 |
| &nbsp;&nbsp;&nbsp;Materials |  | 13121652 |  | 13121652 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 313513 |  | 313513 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 559006 |  | 559006 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 862576 |  | 862576 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 4254317 | 568427 |  | 4822744 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 175119 |  | 175119 |
| &nbsp;&nbsp;&nbsp;Utilities | 492698 | 3766473 |  | 4259171 |
| Money Market Fund | 1364762 |  |  | 1364762 |
| **Total Investments** | $10040688 | $50403890 | $— | $60444578 |

---

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |  |
| **Automobiles & Components: 0.5%** |  |  |  |
| Mobileye Global, Inc.\* | 52900 | $| 552276 |
| **Banks: 23.5%** |  |  |  |
| Bank Hapoalim BM | 385425 |  | 8710204 |
| Bank Leumi Le-Israel BM | 457741 |  | 10079484 |
| FIBI Holdings Ltd. | 5750 |  | 479723 |
| First International Bank Of Israel Ltd. | 19619 |  | 1541658 |
| Israel Discount Bank Ltd. | 358525 |  | 3804323 |
| Mizrahi Tefahot Bank Ltd. | 51771 |  | 3614198 |
|  |  |  | 28229590 |
| **Capital Goods: 6.3%** |  |  |  |
| Ashtrom Group Ltd. | 10568 |  | 232667 |
| Elbit Systems Ltd. | 10105 |  | 5837760 |
| Electra Ltd. | 8698 |  | 297253 |
| Kornit Digital Ltd. \* | 12742 |  | 183230 |
| Shapir Engineering and Industry Ltd. | 33807 |  | 332247 |
| Shikun & Binui Ltd. \* | 83444 |  | 482136 |
| Stratasys Ltd.\* | 19475 |  | 169043 |
|  |  |  | 7534336 |
| **Commercial & Professional Services: 0.5%** |  |  |  |
| Fiverr International Ltd.\* | 10501 |  | 207500 |
| Hilan Ltd. | 4421 |  | 366082 |
|  |  |  | 573582 |
| **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** | **Consumer Discretionary Distribution & Retail: 1.3%** |
| Global-e Online Ltd.\* † | 40843 |  | 1605538 |
| **Consumer Durables & Apparel: 0.2%** | **Consumer Durables & Apparel: 0.2%** |  |  |
| Delta Galil Ltd. | 3865 |  | 210889 |
| **Consumer Services: 0.3%** |  |  |  |
| Fattal Holdings 1998 Ltd.\* | 1559 |  | 318858 |
| **Consumer Staples Distribution & Retail: 0.7%** | **Consumer Staples Distribution & Retail: 0.7%** |  |  |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3124 |  | 344737 |
| Shufersal Ltd. | 42252 |  | 526823 |
|  |  |  | 871560 |
| **Energy: 1.8%** |  |  |  |
| Delek Group Ltd. | 3442 |  | 917903 |
| Energean PLC † | 41006 |  | 486740 |
| Oil Refineries Ltd. | 800865 |  | 249022 |
| Paz Retail And Energy Ltd. | 2069 |  | 464163 |
|  |  |  | 2117828 |
| **Financial Services: 2.7%** |  |  |  |
| Etoro Group Ltd.\* | 13173 |  | 462768 |
| Isracard Ltd. | 73761 |  | 361294 |
| Payoneer Global, Inc. \* | 84678 |  | 475890 |
| Plus500 Ltd. | 17953 |  | 875000 |
| Tel Aviv Stock Exchange Ltd. | 34852 |  | 1037793 |
|  |  |  | 3212745 |
| **Food, Beverage & Tobacco: 0.5%** |  |  |  |
| Strauss Group Ltd. | 16282 |  | 567252 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **Health Care Equipment & Services: 0.6%** | **Health Care Equipment & Services: 0.6%** | **Health Care Equipment & Services: 0.6%** |  |
| Inmode Ltd.\* | 22693 | $| 333360 |
| Novocure Ltd. \* | 21604 |  | 279340 |
| OPKO Health, Inc.\* | 137019 |  | 172644 |
|  |  |  | 785344 |
| **Household & Personal Products: 0.3%** |  |  |  |
| Oddity Tech Ltd.\* | 10688 |  | 429444 |
| **Insurance: 8.3%** |  |  |  |
| Clal Insurance Enterprises Holdings Ltd. | 24081 |  | 1552642 |
| Harel Insurance Investments & Financial Services Ltd. | 42603 |  | 1660003 |
| Lemonade, Inc. \* † | 21915 |  | 1559910 |
| Menora Mivtachim Holdings Ltd. | 8684 |  | 1086864 |
| Migdal Insurance & Financial Holdings Ltd. \* | 218980 |  | 1061789 |
| Phoenix Financial Ltd. | 74469 |  | 3077503 |
|  |  |  | 9998711 |
| **Materials: 1.0%** |  |  |  |
| ICL Group Ltd.† | 160357 |  | 915638 |
| Israel Corp. Ltd. | 1061 |  | 306170 |
|  |  |  | 1221808 |
| **Media & Entertainment: 0.3%** |  |  |  |
| Playtika Holding Corp.† | 37194 |  | 146916 |
| Taboola.com Ltd.\* | 61593 |  | 283944 |
|  |  |  | 430860 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 10.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 10.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 10.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 10.5%** |
| Teva Pharmaceutical Industries Ltd. (ADR)\* | 403552 |  | 12594858 |
| **Real Estate Management & Development: 4.2%** | **Real Estate Management & Development: 4.2%** |  |  |
| Airport City Ltd.\* | 14744 |  | 288463 |
| Alony Hetz Properties & Investments Ltd. | 35290 |  | 434181 |
| Amot Investments Ltd. | 55868 |  | 438388 |
| Azrieli Group Ltd. | 13685 |  | 1550311 |
| Big Shopping Centers Ltd. | 4030 |  | 968755 |
| Melisron Ltd. | 7177 |  | 931633 |
| Mivne Real Estate KD Ltd. | 92884 |  | 454741 |
|  |  |  | 5066472 |
| **Semiconductors & Semiconductor Equipment: 5.4%** | **Semiconductors & Semiconductor Equipment: 5.4%** | **Semiconductors & Semiconductor Equipment: 5.4%** | **Semiconductors & Semiconductor Equipment: 5.4%** |
| Camtek Ltd.\* † | 9297 |  | 988690 |
| Nova Ltd. \* † | 6163 |  | 2023868 |
| SolarEdge Technologies, Inc. \* † | 14437 |  | 416507 |
| Tower Semiconductor Ltd.\* | 25719 |  | 3019925 |
|  |  |  | 6448990 |
| **Software & Services: 24.1%** |  |  |  |
| Amdocs Ltd. | 30590 |  | 2462801 |
| Cellebrite DI Ltd. \* | 45973 |  | 828893 |
| Check Point Software Technologies Ltd. \* | 28633 |  | 5313139 |
| CyberArk Software Ltd. \* | 16494 |  | 7357314 |
| Formula Systems 1985 Ltd. | 2142 |  | 361490 |
| JFrog Ltd. \* | 38682 |  | 2416078 |

---

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Software & Services (continued)** |  |  |
| Matrix IT Ltd. | 7456 | $326645 |
| Monday.com Ltd. \* | 12597 | 1858813 |
| Nice Ltd. (ADR) \* † | 23204 | 2622980 |
| One Software Technologies Ltd. | 10034 | 277422 |
| Pagaya Technologies Ltd. \* | 20585 | 430227 |
| Radware Ltd. \* | 8582 | 206740 |
| SentinelOne, Inc. \* | 104017 | 1560255 |
| Varonis Systems, Inc. \* | 35037 | 1149214 |
| Wix.com Ltd.\* | 17579 | 1826282 |
|  |  | 28998293 |
| **Technology Hardware & Equipment: 1.2%** |  |  |
| Next Vision Stabilized Systems Ltd. | 22274 | 1467016 |
| **Telecommunication Services: 1.3%** |  |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 688424 | 1535542 |
| **Transportation: 0.7%** |  |  |
| ZIM Integrated Shipping Services Ltd.† | 42623 | 904886 |
| **Utilities: 3.7%** |  |  |
| Energix-Renewable Energies Ltd. | 64691 | 327165 |
| Enlight Renewable Energy Ltd. \* | 27822 | 1263783 |
| Kenon Holdings Ltd. | 4145 | 273011 |
| OPC Energy Ltd. \* | 27300 | 638415 |
| Ormat Technologies, Inc. | 17365 | 1918311 |
|  |  | 4420685 |
| **Total Common Stocks** <br> (Cost: $67,624,034) |  | 120097363 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%** |  |
| **Money Market Fund: 3.2%** <br> (Cost: $3,827,302) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 3827302 | 3827302 |
| **Total Investments: 103.1%** <br> (Cost: $71,451,336) |  | 123924665 |
| **Liabilities in excess of other assets: (3.1)%** |  | (3708006) |
| **NET ASSETS: 100.0%** |  | $120216659 |

---

------

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $9,075,697. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automobiles & Components | $552276 | $— | $— | $552276 |
| &nbsp;&nbsp;&nbsp;Banks |  | 28229590 |  | 28229590 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 6190033 | 1344303 |  | 7534336 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services | 207500 | 366082 |  | 573582 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail | 1605538 |  |  | 1605538 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel | 210889 |  |  | 210889 |
| &nbsp;&nbsp;&nbsp;Consumer Services |  | 318858 |  | 318858 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 344737 | 526823 |  | 871560 |
| &nbsp;&nbsp;&nbsp;Energy | 713185 | 1404643 |  | 2117828 |
| &nbsp;&nbsp;&nbsp;Financial Services | 938658 | 2274087 |  | 3212745 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 567252 |  | 567252 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 785344 |  |  | 785344 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products | 429444 |  |  | 429444 |
| &nbsp;&nbsp;&nbsp;Insurance | 1559910 | 8438801 |  | 9998711 |
| &nbsp;&nbsp;&nbsp;Materials | 915638 | 306170 |  | 1221808 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment | 430860 |  |  | 430860 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | 12594858 |  |  | 12594858 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 5066472 |  | 5066472 |
| &nbsp;&nbsp;&nbsp;Renewable Energy | 2334818 |  |  | 2334818 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 6032483 |  |  | 6032483 |
| &nbsp;&nbsp;&nbsp;Software & Services | 28032736 | 965557 |  | 28998293 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 1467016 |  | 1467016 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 1535542 |  | 1535542 |
| &nbsp;&nbsp;&nbsp;Transportation | 904886 |  |  | 904886 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 2502374 |  | 2502374 |
| Money Market Fund | 3827302 |  |  | 3827302 |
| **Total Investments** | $68611095 | $55313570 | $— | $123924665 |

---

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Australia: 15.0%** |  |  |
| Alkane Resources Ltd. \* | 23161505 | $20615897 |
| Aurelia Metals Ltd. \* | 37116054 | 6161473 |
| Australian Strategic Materials Ltd. \* | 1 | 0 |
| Bellevue Gold Ltd. \* | 25976818 | 29052573 |
| Black Cat Syndicate Ltd. \* † | 18460518 | 15130914 |
| Capricorn Metals Ltd. \* | 10000132 | 94545896 |
| Catalyst Metals Ltd. \* | 6857812 | 33326439 |
| Emerald Resources NL \* † | 13131677 | 54582581 |
| Evolution Mining Ltd. | 30279754 | 253213400 |
| Firefinch Ltd. †∞ | 54133739 | 2129845 |
| Genesis Minerals Ltd. \* † | 21375884 | 102176118 |
| Greatland Resources Ltd. \* † | 14952761 | 102854919 |
| Kingsgate Consolidated Ltd. \* † | 7536244 | 28122230 |
| Meeka Metals Ltd. \* | 81395914 | 14264211 |
| Ora Banda Mining Ltd. \* | 36425135 | 36793300 |
| Pantoro Gold Ltd. \* | 7376131 | 23799851 |
| Perseus Mining Ltd. | 29235758 | 109825893 |
| Ramelius Resources Ltd. | 46712321 | 128381101 |
| Regis Resources Ltd. | 16605617 | 82758147 |
| Resolute Mining Ltd. \* | 47947015 | 38804908 |
| St Barbara Ltd. \* † | 27944249 | 10726626 |
| Vault Minerals Ltd. \* | 25649146 | 92245559 |
| West African Resources Ltd. \* | 24375051 | 48214760 |
| Westgold Resources Ltd. † | 19613999 | 83241989 |
|  |  | 1410968630 |
| **Burkina Faso: 2.5%** |  |  |
| IAMGOLD Corp. (USD) \* | 14130659 | 233014567 |
| **Canada: 47.5%** |  |  |
| Alamos Gold, Inc. (USD) † | 15397112 | 594020581 |
| Allied Gold Corp. \* | 2357481 | 54089205 |
| Artemis Gold, Inc. \* | 4254852 | 113886938 |
| Aya Gold & Silver, Inc. \* † | 3403071 | 48758938 |
| B2Gold Corp. (USD) † | 32815857 | 147999515 |
| Centerra Gold, Inc. (USD) | 4306547 | 61885080 |
| Dakota Gold Corp. (USD) \* | 2781738 | 15800272 |
| Discovery Silver Corp. \* | 18359875 | 112242023 |
| DPM Metals, Inc. | 5255018 | 162624741 |
| Endeavour Silver Corp. (USD) \* † | 8085201 | 76000889 |
| Equinox Gold Corp. (USD) \* | 36757359 | 516073320 |
| First Majestic Silver Corp. (USD) | 12637758 | 210545048 |
| Fortuna Mining Corp. (USD) \* | 7539008 | 73957668 |
| Future Mineral Resources, Inc. \* | 168999 | 35137 |
| G Mining Ventures Corp. \* † | 4588523 | 138885879 |
| Gold Royalty Corp. (USD) \* † | 4734925 | 19129097 |
| GoldMining, Inc. (USD) \* † | 6091014 | 7613767 |
| K92 Mining, Inc. \* † | 5336877 | 88341229 |
| Lundin Gold, Inc. | 2329257 | 193749322 |
| McEwen, Inc. (USD) \* † | 1353984 | 25062244 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **Canada (continued)** |  |  |
| Metalla Royalty & Streaming Ltd. (USD) \* | 2110951 | $16423199 |
| New Found Gold Corp. \* † | 4973484 | 14730874 |
| New Gold, Inc. (USD) \* | 21528056 | 187509368 |
| NorthX Nickel Corp. \* † | 179304 | 28778 |
| Novagold Resources, Inc. (USD) \* † | 6305925 | 58771221 |
| OceanaGold Corp. | 5833642 | 165550738 |
| OR Royalties, Inc. (USD) † | 3686655 | 130470720 |
| Pan American Silver Corp. (USD) | 12672949 | 656585489 |
| Seabridge Gold, Inc. (USD) \* † | 2288115 | 67705323 |
| Silvercorp Metals, Inc. (USD) † | 5668561 | 47275799 |
| Skeena Resources Ltd. (USD) \* † | 2726127 | 64690994 |
| SSR Mining, Inc. (USD) \* | 4867048 | 106685692 |
| Torex Gold Resources, Inc. | 2193392 | 104873180 |
| Triple Flag Precious Metals Corp. (USD) | 2113832 | 70221499 |
| Victoria Gold Corp. \* †∞ | 1722275 | 0 |
| Vizsla Silver Corp. (USD) \* † | 9404143 | 51440662 |
| Wesdome Gold Mines Ltd. \* | 4105111 | 68101568 |
|  |  | 4471765997 |
| **Cayman Islands: 0.0%** |  |  |
| Blue Gold Ltd. (USD) \* † | 364008 | 698896 |
| **China: 2.5%** |  |  |
| Chifeng Jilong Gold Mining Co. Ltd. (HKD) † | 5319200 | 20448983 |
| Wanguo Gold Group Ltd. (HKD) † | 42681000 | 41841286 |
| Zhaojin Mining Industry Co. Ltd. (HKD) | 42968200 | 169643957 |
|  |  | 231934226 |
| **Colombia: 0.8%** |  |  |
| Aris Mining Corp. (USD) \* | 4681362 | 75978505 |
| **Indonesia: 1.6%** |  |  |
| Bumi Resources Minerals Tbk PT \* | 2237980400 | 147505335 |
| **Jersey, Channel Islands: 0.1%** | **Jersey, Channel Islands: 0.1%** |  |
| Caledonia Mining Corp. PLC (USD) | 434397 | 11368170 |
| **Mexico: 4.3%** |  |  |
| Avino Silver & Gold Mines Ltd. (USD) \* † | 4494747 | 27912379 |
| Industrias Penoles SAB de CV \* | 5462363 | 287629664 |
| Luca Mining Corp. (CAD) \* † | 6859628 | 7456389 |
| Orla Mining Ltd. (USD) \* | 6062185 | 81657632 |
|  |  | 404656064 |
| **Peru: 2.1%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) | 5063517 | 140917678 |
| Hochschild Mining PLC (GBP) | 8423484 | 57784527 |
|  |  | 198702205 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **South Africa: 2.7%** |  |  |
| DRDGOLD Ltd. (ADR) | 938370 | $29098854 |
| Harmony Gold Mining Co. Ltd. (ADR) | 11357565 | 226015543 |
|  |  | 255114397 |
| **Turkey: 2.2%** |  |  |
| Eldorado Gold Corp. (USD) \* | 4523605 | 162487892 |
| TR Anadolu Metal Madencilik Isletmeleri AS \* | 5446269 | 13205793 |
| Turk Altin Isletmeleri AS \* | 28089705 | 26721974 |
|  |  | 202415659 |
| **United Kingdom: 3.2%** |  |  |
| Endeavour Mining PLC | 4728449 | 246517955 |
| Pan African Resources PLC | 31415930 | 51031750 |
|  |  | 297549705 |
| **United States: 15.3%** |  |  |
| Aura Minerals, Inc. (BRL) (BDR) | 3370262 | 55334673 |
| Coeur Mining, Inc. \* | 30339603 | 540955122 |
| Contango ORE, Inc. \* † | 354392 | 9359493 |
| GoGold Resources, Inc. (CAD) \* | 12651714 | 26858645 |
| Hecla Mining Co. | 12343333 | 236868560 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| i-80 Gold Corp. \* † | 19896251 | $29048527 |
| Idaho Strategic Resources, Inc. \* † | 433097 | 17453809 |
| Perpetua Resources Corp. \* † | 2407043 | 58274511 |
| Royal Gold, Inc. | 2103308 | 467544335 |
|  |  | 1441697675 |
| **Total Common Stocks** <br> (Cost: $4,459,962,141) |  | 9383370031 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%** |  |
| **Money Market Fund: 1.1%** <br> (Cost: $103,978,164) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 103978164 | 103978164 |
| **Total Investments: 100.9%** <br> (Cost: $4,563,940,305) |  | 9487348195 |
| **Liabilities in excess of other assets: (0.9)%** |  | (81604605) |
| **NET ASSETS: 100.0%** |  | $9405743590 |

---

------

**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:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $319,643,274. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br> 12/31/2024** | **Purchases** | **Sales<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 12/31/2025** | **Dividend<br> Income** |
| B2Gold Corp. | $221002959 | $46642683 | $(285415563) | $49283725 | $116485711 | $–(a) | $5569228 |
| Harmony Gold Mining Co. Ltd. | 263223043 | 56982649 | (375714713) | 183899899 | 97624666 | –(a) | 3993136 |
| &nbsp;&nbsp;&nbsp;Total | $484226002 | $103625332 | $(661130276) | $233183624 | $214110377 | $– | $9562364 |

---

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

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $1408838785 | $2129845 | $1410968630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 233014567 |  |  | 233014567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 4471765997 |  |  | 4471765997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | 698896 |  |  | 698896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 231934226 |  | 231934226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 75978505 |  |  | 75978505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 147505335 |  | 147505335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jersey, Channel Islands | 11368170 |  |  | 11368170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 404656064 |  |  | 404656064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 140917678 | 57784527 |  | 198702205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 255114397 |  |  | 255114397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 162487892 | 39927767 |  | 202415659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 297549705 |  | 297549705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1386363002 | 55334673 |  | 1441697675 |
| Money Market Fund | 103978164 |  |  | 103978164 |
| **Total Investments** | $7246343332 | $2238875018 | $2129845 | $9487348195 |

---

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Austria: 0.5%** |  |  |
| Verbund AG | 8730 | $633492 |
| **Brazil: 4.1%** |  |  |
| Axia Energia (ADR) \* † | 87783 | 756690 |
| Axia Energia (ADR) † | 333984 | 3059293 |
| Cia Energetica de Minas Gerais (ADR) | 395948 | 791896 |
| Cia Paranaense de Energia - Copel (ADR) † | 62439 | 593795 |
|  |  | 5201674 |
| **Canada: 2.5%** |  |  |
| Boralex, Inc. † | 21633 | 399755 |
| Brookfield Renewable Corp. (USD) † | 34022 | 1304403 |
| Northland Power, Inc. † | 65640 | 854769 |
| TransAlta Corp. (USD) † | 44848 | 566879 |
|  |  | 3125806 |
| **Chile: 0.4%** |  |  |
| Enel Americas SA | 5211968 | 494057 |
| **China: 16.0%** |  |  |
| BYD Co. Ltd. (HKD) | 616998 | 7539407 |
| China Everbright Environment Group Ltd. (HKD) † | 895000 | 553835 |
| China Longyuan Power Group Corp. Ltd. (HKD) | 493000 | 420955 |
| Contemporary Amperex Technology Co. Ltd. (HKD) † | 27400 | 1781898 |
| GCL Technology Holdings Ltd. (HKD) \* † | 6276000 | 855377 |
| Li Auto, Inc. (ADR) \* | 146949 | 2487847 |
| NIO, Inc. (ADR) \* | 502013 | 2560266 |
| Xinyi Solar Holdings Ltd. (HKD) † | 1482000 | 566808 |
| XPeng, Inc. (ADR) \* † | 149575 | 3033381 |
| Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A \* | 97700 | 611944 |
|  |  | 20411718 |
| **Denmark: 7.7%** |  |  |
| Orsted AS 144A \* | 124809 | 2381045 |
| ROCKWOOL A/S | 23641 | 830084 |
| Vestas Wind Systems A/S | 242586 | 6557196 |
|  |  | 9768325 |
| **Germany: 0.9%** |  |  |
| Nordex SE \* | 33824 | 1145731 |
| **Ireland: 2.4%** |  |  |
| Kingspan Group PLC | 35609 | 3066433 |
| **Italy: 7.1%** |  |  |
| Enel SpA | 830741 | 8631982 |
| ERG SpA † | 15012 | 386010 |
|  |  | 9017992 |
| **Japan: 0.8%** |  |  |
| Horiba Ltd. † | 10584 | 1079623 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **New Zealand: 2.3%** |  |  |
| Contact Energy Ltd. | 214720 | $1140886 |
| Mercury NZ Ltd. | 187455 | 697518 |
| Meridian Energy Ltd. | 349033 | 1125932 |
|  |  | 2964336 |
| **Portugal: 0.9%** |  |  |
| EDP Renovaveis SA \* | 82267 | 1161057 |
| **South Korea: 6.1%** |  |  |
| Ecopro BM Co. Ltd. \* | 13199 | 1342658 |
| Hanwha Solutions Corp. \* | 29693 | 553076 |
| LG Energy Solution Ltd. \* | 11368 | 2907198 |
| Samsung SDI Co. Ltd. \* | 15878 | 2969037 |
|  |  | 7771969 |
| **Spain: 8.5%** |  |  |
| Acciona SA † | 6663 | 1449206 |
| Iberdrola SA | 435948 | 9433732 |
|  |  | 10882938 |
| **Sweden: 1.4%** |  |  |
| Nibe Industrier AB † | 457162 | 1745115 |
| **Switzerland: 0.3%** |  |  |
| Landis+Gyr Group AG | 6242 | 401284 |
| **Taiwan: 0.4%** |  |  |
| Simplo Technology Co. Ltd. | 45000 | 513415 |
| **United Kingdom: 1.5%** |  |  |
| Drax Group PLC | 80092 | 901681 |
| Johnson Matthey PLC | 36741 | 1051726 |
|  |  | 1953407 |
| **United States: 36.3%** |  |  |
| Bloom Energy Corp. \* | 38301 | 3327974 |
| EnerSys | 7471 | 1096369 |
| Enphase Energy, Inc. \* | 21545 | 690517 |
| First Solar, Inc. \* | 17957 | 4690907 |
| HA Sustainable Infrastructure Capital, Inc. † | 19807 | 622534 |
| Installed Building Products, Inc. | 4320 | 1120565 |
| Lucid Group, Inc. \* † | 36748 | 388426 |
| NextEra Energy, Inc. | 127148 | 10207441 |
| Nextpower, Inc. \* | 27234 | 2372354 |
| Ormat Technologies, Inc. | 12468 | 1377340 |
| Owens Corning | 16638 | 1861959 |
| QuantumScape Corp. \* † | 121437 | 1265374 |
| Rivian Automotive, Inc. \* | 224280 | 4420559 |
| Sunrun, Inc. \* † | 42588 | 783619 |
| Tesla, Inc. \* | 22889 | 10293641 |
| TopBuild Corp. \* † | 4091 | 1706724 |
|  |  | 46226303 |
| **Total Common Stocks**<br> (Cost: $134,664,318) |  | 127564675 |

---

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.7%** |
| **Money Market Fund: 5.7%**<br> (Cost: $7,311,985) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 7311985 | $7311985 |
| **Total Investments: 105.8%**<br> (Cost: $141,976,303) |  | 134876660 |
| **Liabilities in excess of other assets: (5.8)%** |  | (7377881) |
| **NET ASSETS: 100.0%** |  | $127498779 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $17,715,287. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,992,989, or 2.3% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | $— | $633492 | $— | $633492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 5201674 |  |  | 5201674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3125806 |  |  | 3125806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 494057 |  | 494057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 8081494 | 12330224 |  | 20411718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 9768325 |  | 9768325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 1145731 |  | 1145731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 3066433 |  | 3066433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 9017992 |  | 9017992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 1079623 |  | 1079623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 2964336 |  | 2964336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 1161057 |  | 1161057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 7771969 |  | 7771969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 10882938 |  | 10882938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1745115 |  | 1745115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 401284 |  | 401284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 513415 |  | 513415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 901681 | 1051726 |  | 1953407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 46226303 |  |  | 46226303 |
| Money Market Fund | 7311985 |  |  | 7311985 |
| **Total Investments** | $70848943 | $64027717 | $— | $134876660 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Australia: 7.6%** |  |  |
| BHP Group Ltd. (ADR) † | 87649 | $5291369 |
| Evolution Mining Ltd. † | 63087 | 527563 |
| Fortescue Ltd. † | 83499 | 1220049 |
| Glencore PLC (GBP) | 379842 | 2071999 |
| Northern Star Resources Ltd. | 53702 | 944321 |
| Rio Tinto Ltd. † | 11960 | 1165890 |
| Rio Tinto PLC (ADR) | 46207 | 3697946 |
| Woodside Energy Group Ltd. (ADR) † | 41231 | 642791 |
|  |  | 15561928 |
| **Brazil: 4.0%** |  |  |
| Axia Energia (ADR) † | 91271 | 836042 |
| Axia Energia (ADR) \* † | 23989 | 206785 |
| Klabin SA | 92523 | 316009 |
| Petroleo Brasileiro SA - Petrobras (ADR) | 58255 | 656534 |
| Suzano SA (ADR) † | 61037 | 570086 |
| Vale SA (ADR) | 160990 | 2097700 |
| Wheaton Precious Metals Corp. (USD) | 17074 | 2006536 |
| Yara International ASA (NOK) | 33582 | 1373310 |
|  |  | 8063002 |
| **Burkina Faso: 0.2%** |  |  |
| IAMGOLD Corp. (USD) \* | 30353 | 500521 |
| **Canada: 14.2%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 23319 | 3953270 |
| Alamos Gold, Inc. (USD) | 20024 | 772526 |
| Barrick Mining Corp. (USD) | 74362 | 3238465 |
| Cameco Corp. (USD) | 20961 | 1917722 |
| Canadian Natural Resources Ltd. (USD) † | 44914 | 1520339 |
| Enbridge, Inc. (USD) † | 54475 | 2605539 |
| Equinox Gold Corp. (USD) \* | 42063 | 590565 |
| Franco-Nevada Corp. (USD) | 7736 | 1603518 |
| Kinross Gold Corp. (USD) | 47699 | 1343204 |
| Lundin Gold, Inc. | 5277 | 438945 |
| Northland Power, Inc. † | 28524 | 371441 |
| Nutrien Ltd. (USD) | 80132 | 4945747 |
| Pan American Silver Corp. (USD) | 20362 | 1054955 |
| Pembina Pipeline Corp. (USD) † | 15938 | 606600 |
| Suncor Energy, Inc. (USD) | 31349 | 1390642 |
| TC Energy Corp. (USD) † | 21730 | 1195367 |
| Teck Resources Ltd. (USD) | 23332 | 1117370 |
| West Fraser Timber Co. Ltd. (USD) † | 5611 | 342888 |
|  |  | 29009103 |
| **China: 1.1%** |  |  |
| China Hongqiao Group Ltd. (HKD) | 166500 | 699182 |
| Wilmar International Ltd. (SGD) | 645164 | 1542289 |
|  |  | 2241471 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Denmark: 1.2%** |  |  |
| Orsted AS 144A \* | 36631 | $698828 |
| Vestas Wind Systems A/S | 62179 | 1680723 |
|  |  | 2379551 |
| **Finland: 0.8%** |  |  |
| Stora Enso Oyj † | 44128 | 550615 |
| UPM-Kymmene Oyj † | 38764 | 1119929 |
|  |  | 1670544 |
| **France: 1.8%** |  |  |
| TotalEnergies SE (USD) † | 54524 | 3566960 |
| **Germany: 3.4%** |  |  |
| Bayer AG | 158579 | 6874098 |
| **India: 1.3%** |  |  |
| Reliance Industries Ltd. (USD) 144A (GDR) † | 38614 | 2703680 |
| **Indonesia: 0.4%** |  |  |
| Barito Renewables Energy Tbk PT \* | 1371300 | 797235 |
| **Israel: 0.0%** |  |  |
| Enlight Renewable Energy Ltd. \* | 1 | 36 |
| **Italy: 0.6%** |  |  |
| Eni SpA (ADR) † | 30691 | 1164417 |
| **Japan: 1.9%** |  |  |
| JFE Holdings, Inc. † | 37564 | 478578 |
| Kubota Corp. † | 133600 | 1891933 |
| Nippon Steel Corp. † | 260400 | 1064857 |
| Oji Holdings Corp. | 85476 | 468973 |
|  |  | 3904341 |
| **Liechtenstein: 0.4%** |  |  |
| Antofagasta PLC (GBP) | 20695 | 907083 |
| **Luxembourg: 0.5%** |  |  |
| ArcelorMittal SA (USD) | 23838 | 1086298 |
| **Mexico: 1.4%** |  |  |
| Grupo Mexico SAB de CV | 154464 | 1460748 |
| Industrias Penoles SAB de CV \* | 11600 | 610817 |
| Southern Copper Corp. (USD) | 4971 | 713189 |
|  |  | 2784754 |
| **New Zealand: 0.4%** |  |  |
| Contact Energy Ltd. † | 80878 | 429734 |
| Meridian Energy Ltd. † | 133480 | 430588 |
|  |  | 860322 |
| **Norway: 1.2%** |  |  |
| Equinor ASA (ADR) | 25687 | 606984 |
| Mowi ASA | 80510 | 1935346 |
|  |  | 2542330 |
| **Portugal: 0.4%** |  |  |
| EDP SA | 181089 | 833525 |
| **Russia: 0.0%** |  |  |
| Evraz PLC (GBP) \*¥ | 10824 | 0 |
| Gazprom PJSC \*¥ | 125520 | 0 |
| GMK Norilskiy Nickel PAO \*¥ | 128400 | 0 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Russia (continued)** |  |  |
| GMK Norilskiy Nickel PAO (ADR) \*¥ | 17 | $0 |
| LUKOIL PJSC \*¥ | 3739 | 0 |
| Novatek PJSC \*¥ | 19580 | 0 |
| Novolipetsk Steel PJSC \* | 26910 | 0 |
| PhosAgro PJSC \*¥ | 4623 | 0 |
| PhosAgro PJSC (USD) (GDR) ¥ | 1 | 0 |
| PhosAgro PJSC (USD) (GDR) ¥ | 89 | 0 |
| Polyus PJSC (USD) (GDR) \*¥ | 1669 | 0 |
| Rosneft Oil Co. PJSC \*¥ | 13000 | 0 |
| Severstal PAO (USD) (GDR) \*¥ | 4118 | 0 |
| Surgutneftegas PAO \*¥ | 371430 | 0 |
| Tatneft PJSC (ADR) \*¥ | 2680 | 0 |
|  |  | 0 |
| **South Africa: 2.6%** |  |  |
| Anglo American PLC (GBP) | 45242 | 1867295 |
| Gold Fields Ltd. (ADR) | 32825 | 1433139 |
| Harmony Gold Mining Co. Ltd. (ADR) | 24124 | 480068 |
| Impala Platinum Holdings Ltd. | 39378 | 618457 |
| Valterra Platinum Ltd. | 10288 | 870750 |
|  |  | 5269709 |
| **South Korea: 0.4%** |  |  |
| POSCO Holdings, Inc. (ADR) † | 15822 | 841889 |
| **Spain: 3.9%** |  |  |
| Iberdrola SA | 364077 | 7878474 |
| **Sweden: 0.8%** |  |  |
| Boliden AB \* | 13083 | 723782 |
| Holmen AB † | 9638 | 369206 |
| Svenska Cellulosa AB SCA † | 40912 | 541844 |
|  |  | 1634832 |
| **Taiwan: 0.2%** |  |  |
| China Steel Corp. | 793672 | 479521 |
| **United Kingdom: 5.0%** |  |  |
| Anglogold Ashanti PLC (USD) | 19288 | 1644880 |
| BP PLC (ADR) | 60667 | 2106965 |
| CNH Industrial NV (USD) | 131215 | 1209802 |
| Endeavour Mining PLC | 10186 | 531048 |
| Shell PLC (ADR) † | 64485 | 4738358 |
|  |  | 10231053 |
| **United States: 44.0%** |  |  |
| AGCO Corp. | 10177 | 1061665 |
| Archer-Daniels-Midland Co. | 49902 | 2868866 |
| Baker Hughes Co. | 15597 | 710287 |
| Bloom Energy Corp. \* | 10464 | 909217 |
| Bunge Global SA | 18787 | 1673546 |
| CF Industries Holdings, Inc. | 25507 | 1972711 |
| Cheniere Energy, Inc. | 5006 | 973116 |
| Chevron Corp. | 66389 | 10118348 |
| Coeur Mining, Inc. \* | 28276 | 504161 |
| ConocoPhillips | 25643 | 2400441 |
| Corteva, Inc. | 89765 | 6016948 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Darling Ingredients, Inc. \* | 32040 | $1153440 |
| Deere & Co. | 21437 | 9980424 |
| Devon Energy Corp. | 14011 | 513223 |
| Diamondback Energy, Inc. | 4328 | 650628 |
| EOG Resources, Inc. | 8621 | 905291 |
| EQT Corp. | 12504 | 670214 |
| Exxon Mobil Corp. | 84088 | 10119150 |
| First Solar, Inc. \* | 4767 | 1245283 |
| Freeport-McMoRan, Inc. | 52484 | 2665662 |
| Ingredion, Inc. | 11670 | 1286734 |
| Kinder Morgan, Inc. | 41121 | 1130416 |
| Louisiana-Pacific Corp. | 4881 | 394190 |
| Marathon Petroleum Corp. | 6108 | 993344 |
| Mosaic Co. | 52144 | 1256149 |
| Newmont Corp. | 39113 | 3905433 |
| NextEra Energy, Inc. | 100125 | 8038035 |
| Nucor Corp. | 7181 | 1171293 |
| Occidental Petroleum Corp. | 16374 | 673299 |
| ONEOK, Inc. | 13032 | 957852 |
| Phillips 66 | 8390 | 1082646 |
| Reliance, Inc. | 2106 | 608360 |
| Royal Gold, Inc. | 3177 | 706215 |
| SLB Ltd. | 29888 | 1147102 |
| Steel Dynamics, Inc. | 6024 | 1020767 |
| Targa Resources Corp. | 3975 | 733388 |
| The Williams Companies, Inc. | 25000 | 1502750 |
| Toro Co. | 16331 | 1285576 |
| Tyson Foods, Inc. | 42841 | 2511339 |
| UFP Industries, Inc. | 4351 | 396159 |
| Valero Energy Corp. | 6234 | 1014833 |
| Weyerhaeuser Co. | 38621 | 914932 |
|  |  | 89843433 |
| **Total Common Stocks**<br> (Cost: $170,246,791) |  | 203630110 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1%** |  |
| **Money Market Fund: 5.1%**<br> (Cost: $10,360,805) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 10360805 | 10360805 |
| **Total Investments: 104.8%**<br> (Cost: $180,607,596) |  | 213990915 |
| **Liabilities in excess of other assets: (4.8)%** |  | (9773468) |
| **NET ASSETS: 100.0%** |  | $204217447 |

---

See Notes to Financial Statements

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| NOK | Norwegian Krone |
| SGD | Singapore Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| |
|:---|
| Rate shown is the 7-day yield as of 12/31/25. |
| Non-income producing |
| Security fully or partially on loan. Total market value of securities on loan is $27,943,687. |
| ¥Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $9632106 | $5929822 | $— | $15561928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 6373683 | 1689319 |  | 8063002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 500521 |  |  | 500521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 29009103 |  |  | 29009103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 2241471 |  | 2241471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 2379551 |  | 2379551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 1670544 |  | 1670544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 3566960 |  |  | 3566960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 6874098 |  | 6874098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 2703680 |  | 2703680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 797235 |  | 797235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 36 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 1164417 |  |  | 1164417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 3904341 |  | 3904341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liechtenstein |  | 907083 |  | 907083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 1086298 |  |  | 1086298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2784754 |  |  | 2784754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 860322 |  | 860322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 606984 | 1935346 |  | 2542330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 833525 |  | 833525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1913207 | 3356502 |  | 5269709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 841889 |  |  | 841889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 7878474 |  | 7878474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1634832 |  | 1634832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 479521 |  | 479521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 9700005 | 531048 |  | 10231053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 89843433 |  |  | 89843433 |
| Money Market Fund | 10360805 |  |  | 10360805 |
| **Total Investments** | $167384165 | $46606750 | $0 | $213990915 |

---

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 3.5%** |  |  |
| Ampol Ltd. † | 62990 | $1337750 |
| **Austria: 4.7%** |  |  |
| OMV AG | 32473 | 1805886 |
| **Finland: 5.3%** |  |  |
| Neste Oyj † | 89989 | 2034532 |
| **Greece: 2.3%** |  |  |
| Motor Oil Hellas Corinth Refineries SA | 23921 | 881945 |
| **Hungary: 4.0%** |  |  |
| MOL Hungarian Oil & Gas PLC | 170836 | 1531533 |
| **India: 8.5%** |  |  |
| Reliance Industries Ltd. (USD) 144A (GDR) | 46896 | 3283570 |
| **Japan: 14.1%** |  |  |
| Cosmo Energy Holdings Co. Ltd. | 44900 | 1196798 |
| ENEOS Holdings, Inc. | 342500 | 2421600 |
| Idemitsu Kosan Co. Ltd. | 239740 | 1813922 |
|  |  | 5432320 |
| **Poland: 5.9%** |  |  |
| ORLEN SA | 85928 | 2290679 |
| **Portugal: 4.8%** |  |  |
| Galp Energia SGPS SA | 107351 | 1847440 |
| **Saudi Arabia: 1.8%** |  |  |
| S-Oil Corp. (KRW) \* | 12155 | 699375 |
| **South Korea: 8.5%** |  |  |
| HD Hyundai Co. Ltd. | 12780 | 1672782 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **South Korea (continued)** |  |  |
| SK Innovation Co. Ltd. | 22752 | $1596887 |
|  |  | 3269669 |
| **Taiwan: 2.5%** |  |  |
| Formosa Petrochemical Corp. | 638000 | 968801 |
| **Thailand: 1.4%** |  |  |
| Thai Oil PCL (NVDR) | 457400 | 521189 |
| **Turkey: 3.7%** |  |  |
| Turkiye Petrol Rafinerileri AS | 337145 | 1444901 |
| **United States: 28.9%** |  |  |
| CVR Energy, Inc. \* | 11259 | 286429 |
| Delek US Holdings, Inc. | 15650 | 464179 |
| HF Sinclair Corp. | 35895 | 1654042 |
| Marathon Petroleum Corp. | 14629 | 2379114 |
| Par Pacific Holdings, Inc. \* | 13706 | 481629 |
| PBF Energy, Inc. | 20760 | 563011 |
| Phillips 66 | 22302 | 2877850 |
| Valero Energy Corp. | 14765 | 2403594 |
|  |  | 11109848 |
| **Total Common Stocks**<br> (Cost: $35,780,329) |  | 38459438 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** |  |
| **Money Market Fund: 0.0%**<br> (Cost: $7,042) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 7042 | 7042 |
| **Total Investments: 99.9%**<br> (Cost: $35,787,371) |  | 38466480 |
| **Other assets less liabilities: 0.1%** |  | 32893 |
| **NET ASSETS: 100.0%** |  | $38499373 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| GDR | Global Depositary Receipt |
| KRW | Korean Won |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $991,505. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $3,283,570, or 8.5% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $1337750 | $— | $1337750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 1805886 |  | 1805886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 2034532 |  | 2034532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 881945 |  | 881945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 1531533 |  | 1531533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 3283570 |  | 3283570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 5432320 |  | 5432320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 2290679 |  | 2290679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 1847440 |  | 1847440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 699375 |  | 699375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 3269669 |  | 3269669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 968801 |  | 968801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 521189 |  | 521189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 1444901 |  | 1444901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 11109848 |  |  | 11109848 |
| Money Market Fund | 7042 |  |  | 7042 |
| **Total Investments** | $11116890 | $27349590 | $— | $38466480 |

---

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Bermuda: 3.1%** |  |  |
| Valaris Ltd. (USD) \* † | 793515 | $39993156 |
| **Netherlands: 5.3%** |  |  |
| Core Laboratories, Inc. (USD) † | 291554 | 4673611 |
| Tenaris SA (ADR) † | 1690639 | 65005069 |
|  |  | 69678680 |
| **Switzerland: 4.6%** |  |  |
| Transocean Ltd. (USD) \* † | 14423115 | 59567465 |
| **United Kingdom: 5.2%** |  |  |
| TechnipFMC PLC (USD) | 1509124 | 67246566 |
| **United States: 81.7%** |  |  |
| Baker Hughes Co. | 3549834 | 161659440 |
| Cactus, Inc. | 939052 | 42895895 |
| Expro Group Holdings NV \* † | 1218951 | 16272996 |
| Halliburton Co. | 3588361 | 101407082 |
| Helix Energy Solutions Group, Inc. \* | 2105011 | 13198419 |
| Helmerich & Payne, Inc. † | 1342940 | 38515519 |
| Innovex International, Inc. \* † | 647382 | 14158244 |
| Liberty Energy, Inc. | 2462938 | 45465835 |
| Nabors Industries Ltd. \* † | 240963 | 13084291 |
| Noble Corp. PLC † | 1965750 | 55512780 |
| NOV, Inc. | 3749660 | 58607186 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Oceaneering International, Inc. \* | 1450286 | $34850373 |
| Patterson-UTI Energy, Inc. | 5682108 | 34717680 |
| ProPetro Holding Corp. \* | 1162645 | 11056754 |
| RPC, Inc. † | 2268984 | 12343273 |
| Select Water Solutions, Inc. † | 1736045 | 18263193 |
| SLB Ltd. | 6903123 | 264941861 |
| Solaris Energy Infrastructure, Inc. † | 742108 | 34114705 |
| Tidewater, Inc. \* † | 532009 | 26871775 |
| Weatherford International PLC | 762751 | 59692893 |
|  |  | 1057630194 |
| **Total Common Stocks**<br> (Cost: $1,604,838,795) |  | 1294116061 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%** |  |
| **Money Market Fund: 3.2%**<br> (Cost: $41,071,791) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 41071791 | 41071791 |
| **Total Investments: 103.1%**<br> (Cost: $1,645,910,586) |  | 1335187852 |
| **Liabilities in excess of other assets: (3.1)%** |  | (40729979) |
| **NET ASSETS: 100.0%** |  | $1294457873 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $193,072,816. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $1294116061 | $— | $— | $1294116061 |
| Money Market Fund | 41071791 |  |  | 41071791 |
| **Total Investments** | $1335187852 | $— | $— | $1335187852 |

---

<sup>\*</sup> See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 20.3%** |  |  |
| AVZ Minerals Ltd. ∞ | 52906510 | $9490507 |
| Iluka Resources Ltd. | 14396129 | 55301287 |
| Liontown Ltd. \* † | 68783678 | 71974283 |
| Lynas Rare Earths Ltd. \* † | 12020533 | 98511685 |
| PLS Group Ltd. \* † | 33736755 | 94437056 |
|  |  | 329714818 |
| **Brazil: 2.6%** |  |  |
| Sigma Lithium Corp. (USD) \* † | 3174673 | 41873937 |
| **Canada: 13.3%** |  |  |
| Almonty Industries, Inc. \* † | 8027780 | 70687802 |
| Lithium Americas Corp. (USD) \* † | 12595672 | 54917130 |
| Lithium Argentina AG (USD) \* † | 7388443 | 41227512 |
| Standard Lithium Ltd. (USD) \* † | 11199834 | 50063258 |
|  |  | 216895702 |
| **Chile: 5.7%** |  |  |
| Sociedad Quimica y Minera de Chile SA (ADR) \* † | 1347700 | 92721760 |
| **China: 32.1%** |  |  |
| Baoji Titanium Industry Co. Ltd. | 7167776 | 40523808 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 19102316 | 126161320 |
| Ganfeng Lithium Group Co. Ltd. (HKD) 144A † | 10773440 | 72082366 |
| Hubei Zhenhua Chemical Co. Ltd. | 10663680 | 44015918 |
| Jinduicheng Molybdenum Co. Ltd. | 35135090 | 78450478 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **China (continued)** |  |  |
| Shenghe Resources Holding Co. Ltd. | 23451531 | $72290383 |
| Xiamen Tungsten Co. Ltd. | 15012540 | 88324673 |
|  |  | 521848946 |
| **France: 2.2%** |  |  |
| Eramet SA † | 517629 | 34829221 |
| **Germany: 2.4%** |  |  |
| Vulcan Energy Resources Ltd. (AUD) \* † | 13489798 | 39589294 |
| **Netherlands: 3.3%** |  |  |
| AMG Critical Materials NV ‡ | 1625323 | 54111536 |
| **United States: 18.1%** |  |  |
| Albemarle Corp. † | 941225 | 133126864 |
| IperionX Ltd. (ADR) \* † | 1309110 | 47370145 |
| MP Materials Corp. \* † | 1890540 | 95510081 |
| Tronox Holdings PLC † | 4519067 | 18844510 |
|  |  | 294851600 |
| **Total Common Stocks** <br> (Cost: $1,330,677,917) |  | 1626436814 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.0%** |  |
| **Money Market Fund: 5.0%**<br> (Cost: $81,757,910) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 81757910 | 81757910 |
| **Total Investments: 105.0%**<br> (Cost: $1,412,435,827) |  | 1708194724 |
| **Liabilities in excess of other assets: (5.0)%** |  | (80989566) |
| **NET ASSETS: 100.0%** |  | $1627205158 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $344,825,714. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| ¥ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $72,082,366, or 4.4% of net assets. |

---

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br> 12/31/2024** | **Purchases** | **Sales<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 12/31/2025** | **Dividend<br> Income** |
| AMG Critical Materials NV | $–(a) | $51645380 | $(15280814) | $(491866) | $12103350 | $54111536 | $356892 |

---

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

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $320224311 | $9490507 | $329714818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 41873937 |  |  | 41873937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 216895702 |  |  | 216895702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 92721760 |  |  | 92721760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 521848946 |  | 521848946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 34829221 |  | 34829221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 39589294 |  | 39589294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 54111536 |  | 54111536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 294851600 |  |  | 294851600 |
| Money Market Fund | 81757910 |  |  | 81757910 |
| **Total Investments** | $728100909 | $970603308 | $9490507 | $1708194724 |

---

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Australia: 32.3%** |  |  |
| BHP Group Ltd. (ADR) † | 209839 | $12667980 |
| BlueScope Steel Ltd. | 202476 | 3230620 |
| Fortescue Ltd. † | 686248 | 10027138 |
| Mineral Resources Ltd. \* | 97005 | 3499063 |
| Rio Tinto Ltd. † | 95695 | 9328585 |
| Rio Tinto PLC (ADR) | 166600 | 13332998 |
|  |  | 52086384 |
| **Brazil: 9.3%** |  |  |
| Cia Siderurgica Nacional SA (ADR) \* † | 459455 | 735128 |
| Gerdau SA (ADR) | 833545 | 3075781 |
| Vale SA (ADR) | 855571 | 11148090 |
|  |  | 14958999 |
| **Canada: 1.4%** |  |  |
| Labrador Iron Ore Royalty Corp. † | 43425 | 946274 |
| Russel Metals, Inc. † | 38166 | 1219530 |
|  |  | 2165804 |
| **Finland: 0.9%** |  |  |
| Outokumpu Oyj | 273145 | 1419915 |
| **Japan: 10.5%** |  |  |
| Hanwa Co. Ltd. | 26900 | 1231676 |
| JFE Holdings, Inc. † | 429200 | 5468154 |
| Maruichi Steel Tube Ltd. | 141900 | 1312964 |
| Nippon Steel Corp. † | 1803400 | 7374665 |
| Yamato Kogyo Co. Ltd. | 21500 | 1466649 |
|  |  | 16854108 |
| **Luxembourg: 5.8%** |  |  |
| APERAM SA | 31696 | 1308209 |
| ArcelorMittal SA (USD) | 176411 | 8039049 |
|  |  | 9347258 |
| **Netherlands: 3.8%** |  |  |
| Tenaris SA (ADR) † | 123805 | 4760302 |
| Ternium SA (ADR) | 34729 | 1326301 |
|  |  | 6086603 |
| **South Africa: 0.5%** |  |  |
| Kumba Iron Ore Ltd. | 39523 | 838340 |
| **South Korea: 5.0%** |  |  |
| Hyundai Steel Co. | 52015 | 1120408 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **South Korea (continued)** |  |  |
| POSCO Holdings, Inc. (ADR) † | 131214 | $6981897 |
|  |  | 8102305 |
| **Spain: 1.2%** |  |  |
| Acerinox SA † | 134981 | 1996731 |
| **Sweden: 2.1%** |  |  |
| SSAB AB | 439996 | 3290057 |
| **Taiwan: 5.1%** |  |  |
| China Steel Corp. | 9086000 | 5489580 |
| Feng Hsin Steel Co. Ltd. | 399000 | 778431 |
| TA Chen Stainless Pipe | 1753000 | 1987516 |
|  |  | 8255527 |
| **Turkey: 0.9%** |  |  |
| Eregli Demir ve Celik Fabrikalari TAS | 2526360 | 1398626 |
| **United Kingdom: 0.3%** |  |  |
| Vesuvius PLC | 96733 | 514843 |
| **United States: 20.6%** |  |  |
| Cleveland-Cliffs, Inc. \* | 308418 | 4095791 |
| Commercial Metals Co. | 53705 | 3717460 |
| Nucor Corp. | 57970 | 9455487 |
| Reliance, Inc. | 24730 | 7143755 |
| Sims Ltd. (AUD) | 96240 | 1147474 |
| Steel Dynamics, Inc. | 41725 | 7070301 |
| Worthington Steel, Inc. | 16878 | 584316 |
|  |  | 33214584 |
| **Total Common Stocks** <br> (Cost: $151,960,280) |  | 160530084 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.3%** |  |
| **Money Market Fund: 9.3%**<br> (Cost: $15,053,208) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 15053208 | 15053208 |
| **Total Investments: 109.0%**<br> (Cost: $167,013,488) |  | 175583292 |
| **Liabilities in excess of other assets: (9.0)%** |  | (14486136) |
| **NET ASSETS: 100.0%** |  | $161097156 |

---

**Definitions:**

ADR American Depositary Receipt <br> AUD Australia Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $25,898,354. |

---

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  | $160530084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $26000978 | $26085406 | $— | $52086384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 14958999 |  |  | 14958999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2165804 |  |  | 2165804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 1419915 |  | 1419915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 16854108 |  | 16854108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 8039049 | 1308209 |  | 9347258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 6086603 |  |  | 6086603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 838340 |  | 838340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 6981897 | 1120408 |  | 8102305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 1996731 |  | 1996731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 3290057 |  | 3290057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 778431 | 7477096 |  | 8255527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 1398626 |  | 1398626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 514843 |  | 514843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 32067110 | 1147474 |  | 33214584 |
| Money Market Fund | 15053208 |  |  | 15053208 |
| **Total Investments** | $112132079 | $63451213 | $— | $175583292 |

---

See Notes to Financial Statements

VANECK URANIUM AND NUCLEAR ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.6%** |  |  |
| **Australia: 9.0%** |  |  |
| Deep Yellow Ltd. \* † ‡ | 57181063 | $69646375 |
| Paladin Energy Ltd. \* † ‡ | 24085176 | 152547115 |
| Silex Systems Ltd. \* † ‡ | 17702557 | 100706835 |
|  |  | 322900325 |
| **Canada: 17.4%** |  |  |
| Cameco Corp. (USD) † | 3214450 | 294090031 |
| Denison Mines Corp. (USD) \* † ‡ | 62595329 | 166503575 |
| NexGen Energy Ltd. (USD) \* † | 18189922 | 167347282 |
|  |  | 627940888 |
| **China: 7.8%** |  |  |
| CGN Mining Co. Ltd. (HKD) † | 281340000 | 111466232 |
| CGN Power Co. Ltd. (HKD) 144A † | 452451000 | 170223710 |
|  |  | 281689942 |
| **Czech Republic: 3.9%** |  |  |
| CEZ AS | 2257379 | 141905866 |
| **Finland: 3.5%** |  |  |
| Fortum Oyj | 5931395 | 125878171 |
| **Kazakhstan: 4.3%** |  |  |
| NAC Kazatomprom JSC (USD) (GDR) | 2756590 | 153297664 |
| **South Korea: 2.3%** |  |  |
| KEPCO Engineering & Construction Co., Inc. \* | 1333278 | 83426589 |
| **United Kingdom: 3.5%** |  |  |
| Yellow Cake PLC 144A \* † ‡ | 15917044 | 125741772 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States: 47.9%** |  |  |
| BWX Technologies, Inc. | 1153373 | $199348989 |
| Centrus Energy Corp. \* † | 640751 | 155548713 |
| Constellation Energy Corp. | 832395 | 294060181 |
| Encore Energy Corp. \* † ‡ | 9718427 | 24101699 |
| Energy Fuels, Inc. \* † | 8297079 | 120639529 |
| NANO Nuclear Energy, Inc. \* † ‡ | 3241350 | 77824813 |
| NuScale Power Corp. \* † | 8441198 | 119611776 |
| Oklo, Inc. \* † | 2246918 | 161238836 |
| PG&E Corp. | 11948804 | 192017280 |
| Public Service Enterprise Group, Inc. | 2465986 | 198018676 |
| Uranium Energy Corp. \* † | 13275936 | 155062932 |
| Ur-Energy, Inc. \* † ‡ | 20403343 | 28360647 |
|  |  | 1725834071 |
| **Total Common Stocks**<br> (Cost: $3,103,324,014) |  | 3588615288 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.9%** |  |
| **Money Market Fund: 4.9%**<br> (Cost: $175,875,119) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 175875119 | 175875119 |
| **Total Investments: 104.5%** <br> (Cost: $3,279,199,133) |  | 3764490407 |
| **Liabilities in excess of other assets: (4.5)%** | **Liabilities in excess of other assets: (4.5)%** | (161637086) |
| **NET ASSETS: 100.0%** |  | $3602853321 |

---

------

**Definitions:**

GDR Global Depositary Receipt <br> HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $641,566,731. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $295,965,482, or 8.2% of net assets. |

---

See Notes to Financial Statements

VANECK URANIUM AND NUCLEAR ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in and earnings from securities of affiliates for the year ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/2024** | **Purchases** | **Sales**<br> **Proceeds** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Value**<br> **12/31/2025** | **Dividend**<br> **Income** |
| Deep Yellow Ltd. | $–(a) | $69405223 | $(24538769) | $(1755992) | $15095741 | $69646375 | $– |
| Denison Mines Corp. | –(a) | 136505171 | (41541780) | 4047662 | 39764472 | 166503575 |  |
| Encore Energy Corp. | –(a) | 39158400 | (20455857) | (7485086) | 1122010 | 24101699 |  |
| NANO Nuclear Energy, Inc. | –(a) | 140153358 | (24144272) | (9979526) | (39515865) | 77824813 |  |
| Paladin Energy Ltd. | –(a) | 136039920 | (31229142) | (6660513) | 34809810 | 152547115 |  |
| Silex Systems Ltd. | –(a) | 62430151 | (22064508) | 153754 | 46488015 | 100706835 |  |
| Ur-Energy, Inc. |  | 29529226 |  |  | (1168579) | 28360647 |  |
| Yellow Cake PLC | –(a) | 104268356 | (17159703) | (844931) | 17178400 | 125741772 | – |
| Total | $– | $717489805 | $(181134031) | $(22524632) | $113774004 | $745432831 | $– |

---

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

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $322900325 | $— | $322900325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 627940888 |  |  | 627940888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 281689942 |  | 281689942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic |  | 141905866 |  | 141905866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 125878171 |  | 125878171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan |  | 153297664 |  | 153297664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 83426589 |  | 83426589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 125741772 |  | 125741772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1725834071 |  |  | 1725834071 |
| Money Market Fund | 175875119 |  |  | 175875119 |
| **Total Investments** | $2529650078 | $1234840329 | $— | $3764490407 |

---

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.5%** |  |  |
| **Banks: 10.9%** |  |  |
| Bank for Foreign Trade of Vietnam JSC | 13269701 | $28982460 |
| Nam A Commercial JSB \* | 9075100 | 4928838 |
| Saigon - Hanoi Commercial Joint Stock Bank | 21783492 | 13518943 |
| Saigon Thuong Tin Commercial JSB \* | 5156900 | 11358484 |
| Vietnam Export Import Commercial JSB\* | 9172629 | 7416942 |
|  |  | 66205667 |
| **Capital Goods: 8.2%** |  |  |
| Development Investment Construction JSC\* | 5229794 | 3321713 |
| Gelex Electric Equipment JSC | 1402000 | 13087110 |
| Gelex Group JSC | 6912742 | 11448195 |
| Ha Do Group JSC \* | 1957356 | 2031780 |
| Hoang Huy Investment Financial Services JSC \* | 5988155 | 4154801 |
| IDICO Corp. JSC | 2630116 | 3640161 |
| Tasco JSC \* | 9352400 | 5618552 |
| Vietnam Construction and Import-Export JSC | 5187919 | 4453352 |
| Viettel Construction Joint Stock Corp. | 604400 | 1957853 |
|  |  | 49713517 |
| **Energy: 1.4%** |  |  |
| PetroVietnam Drilling & Well Services JSC | 4156888 | 4474451 |
| PetroVietnam Technical Services Corp.\* | 3170707 | 4135181 |
|  |  | 8609632 |
| **Financial Services: 16.8%** |  |  |
| FPT Securities JSC | 3412234 | 4265682 |
| Sai Gon-Ha Noi Securities JSC | 6889324 | 5396200 |
| SSI Securities Corp. | 26302039 | 30186577 |
| Techcom Securities JSC \* | 6323600 | 11300730 |
| Vietcap Securities JSC | 10015735 | 13419325 |
| VIX Securities JSC \* | 25696506 | 21886051 |
| VNDirect Securities Corp. | 20546225 | 15161905 |
|  |  | 101616470 |
| **Food, Beverage & Tobacco: 16.8%** |  |  |
| BAF Viet Nam Agriculture JSC\* | 2606500 | 3711537 |
| HAGL JSC \* | 10863600 | 7244007 |
| KIDO Group Corp. \* | 1797036 | 3553075 |
| Masan Group Corp. \* | 14041676 | 41110610 |
| Saigon Beer Alcohol Beverage Corp. | 2338500 | 4353058 |
| Thanh Thanh Cong - Bien Hoa JSC \* | 6706718 | 6395671 |
| Vietnam Dairy Products JSC | 13463141 | 31300357 |
| Vinh Hoan Corp. | 2088360 | 4450340 |
|  |  | 102118655 |
| **Insurance: 0.6%** |  |  |
| Bao Viet Holdings | 1759396 | 3799760 |
| **Materials: 8.9%** |  |  |
| Duc Giang Chemicals JSC | 2632032 | 6844386 |
| Hoa Phat Group JSC \* | 37673399 | 37753830 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials (continued)** |  |  |
| Hoa Sen Group | 4983601 | $2981876 |
| PetroVietNam Ca Mau Fertilizer JSC | 2317100 | 2880957 |
| Petrovietnam Fertilizer & Chemicals JSC | 4216586 | 3567264 |
|  |  | 54028313 |
| **Real Estate Management & Development: 29.2%** | **Real Estate Management & Development: 29.2%** | **Real Estate Management & Development: 29.2%** |
| CEO Group JSC\* | 4553395 | 3653104 |
| Dat Xanh Group JSC \* | 6086465 | 3945349 |
| Khang Dien House Trading and Investment JSC \* | 4502472 | 5392694 |
| Kinh Bac City Development Holding Corp. \* | 6698000 | 8976087 |
| Novaland Investment Group Corp. \* | 14937958 | 7582576 |
| Phat Dat Real Estate Development Corp. \* | 7326362 | 5214225 |
| Sai Gon VRG Investment Corp. | 2031620 | 4047995 |
| Van Phu Real estate development JSC \* | 2218652 | 4884409 |
| Vincom Retail JSC \* | 14919922 | 19089558 |
| Vingroup JSC \* | 8984149 | 57737606 |
| Vinhomes JSC 144A\* | 11938567 | 56195650 |
|  |  | 176719253 |
| **Software & Services: 1.9%** |  |  |
| FPT Corp. | 3106300 | 11301974 |
| **Transportation: 4.0%** |  |  |
| Vietjet Aviation JSC\* | 2482040 | 19685497 |
| Vietnam Airlines JSC\* | 4540100 | 4293191 |
|  |  | 23978688 |
| **Utilities: 0.8%** |  |  |
| PetroVietnam Power Corp.\* | 10183226 | 4908273 |
| **Total Common Stocks**<br> (Cost: $396,566,489) |  | 603000202 |
| **RIGHTS: 0.4%** |  |  |
| **Financial Services: 0.4%** |  |  |
| SSI Securities Corp. VND 15,000.00, exp. 01/15/26\* | 20692937 | 2399751 |
| **Utilities: 0.0%** |  |  |
| PetroVietnam Power Corp. VND 10,000.00, exp. 01/06/26\* | 8398510 | 103465 |
| **Total Rights**<br> (Cost: $0) |  | 2503216 |
| **EXCHANGE TRADED FUND: 0.0%**<br> (Cost: $42,157) |  |  |
| DCVFMVN Diamond ETF | 62610 | 91185 |
| **Total Investments: 99.9%**<br> (Cost: $396,608,646) |  | 605594603 |
| **Other assets less liabilities: 0.1%** |  | 887433 |
| **NET ASSETS: 100.0%** |  | $606482036 |

---

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

(continued)

VND Vietnam Dong

**Footnotes:**

---

| | |
|:---|:---|
| \* | 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. These securities have an aggregate value of $56,195,650, or 9.3% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | $— | $66205667 | $— | $66205667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Goods | 24377603 | 25335914 |  | 49713517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 4135181 | 4474451 |  | 8609632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 16696930 | 84919540 |  | 101616470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 48375222 | 53743433 |  | 102118655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 3799760 |  |  | 3799760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 6448221 | 47580092 |  | 54028313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development | 40602341 | 136116912 |  | 176719253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software & Services |  | 11301974 |  | 11301974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation |  | 23978688 |  | 23978688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 4908273 |  | 4908273 |
| Rights \* |  | 2503216 |  | 2503216 |
| Exchange Traded Fund |  | 91185 |  | 91185 |
| **Total Investments** | $144435258 | $461159345 | $— | $605594603 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Agribusiness ETF** | **Brazil Small-Cap<br> ETF** | **ChiNext ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $107085513 | $574047434 | $21664716 | $52819972 |
| Short-term investments held as collateral for securities loaned (3) | 1789894 | 32017691 | 524099 |  |
| Cash | 314520 | 269625 |  | 125013 |
| Cash denominated in foreign currency, at value (4) | 419 | 379731 | 102359 | 488 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  | 26580 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 6652 | 1593497 | 241044 |  |
| Prepaid expenses | 719 | 4909 | 628 | 570 |
| Other assets | 7829 | 116244 | 5375 | 19298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 109205546 | 608429131 | 22564801 | 52965341 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1789894 | 32017691 | 524099 |  |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 681366 | 140539 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 42408 | 247566 | 689 | 10346 |
| Deferred Trustee fees | 19226 | 765755 | 49260 | 1941 |
| Accrued expenses | 67978 | 175629 | 51422 | 58432 |
| Accrued interest |  | 428 |  | 12322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1919506 | 33888435 | 766009 | 83041 |
| **NET ASSETS** | $107286040 | $574540696 | $21798792 | $52882300 |
| Shares outstanding | 4100000 | 7900000 | 1350000 | 1200000 |
| Net asset value, per share | $26.17 | $72.73 | $16.15 | $44.07 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $149319589 | $1655725442 | $188330059 | $49317188 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (42033549) | (1081184746) | (166531267) | 3565112 |
| **NET ASSETS** | $107286040 | $574540696 | $21798792 | $52882300 |
| (1) Includes Investment in securities on loan, at market value | $6961974 | $70508647 | $865619 | $— |
| (2) Cost of investments - Unaffiliated issuers | $73439192 | $721397960 | $18653766 | $36109794 |
| (3) Cost of short-term investments held as collateral for securities loaned | $1789894 | $32017691 | $524099 | $— |
| (4) Cost of cash denominated in foreign currency | $703 | $376894 | $101719 | $488 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CMCI Commodity<br> Strategy ETF (a)** | **Copper and Green<br> Metals ETF** | **Digital India ETF** | **Gold Miners ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $2664980 | $31471403 | $18382249 | $25781541683 |
| Short-term investments held as collateral for securities loaned (3) |  | 53110 |  | 64968841 |
| Total return swap contracts, at value | 11569 |  |  |  |
| Cash |  | 27436 | 251423 | 29905964 |
| Cash denominated in foreign currency, at value (4) |  | 1217 | 34063 | 734577 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 11012 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 229 | 7590 |  | 1496330 |
| Prepaid expenses | 481 |  |  | 72267 |
| Other assets | 3 |  |  | 486207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 2688274 | 31560756 | 18667735 | 25879205869 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  | 50582 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 53110 |  | 64968841 |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  | 13696 | 11256 | 10799900 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 229548 |  |  |  |
| Deferred Trustee fees | 13 |  |  | 1902200 |
| Accrued expenses | 67447 |  |  | 246226 |
| Accrued foreign taxes |  |  | 224552 |  |
| Accrued interest | 56 | 773 | 27 | 10347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 297064 | 67579 | 235835 | 77978096 |
| **NET ASSETS** | $2391210 | $31493177 | $18431900 | $25801227773 |
| Shares outstanding | 100000 | 850000 | 450000 | 299952500 |
| Net asset value, per share | $23.91 | $37.05 | $40.96 | $86.02 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $2381906 | $33223095 | $16018911 | $24023970103 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 9304 | (1729918) | 2412989 | 1777257670 |
| **NET ASSETS** | $2391210 | $31493177 | $18431900 | $25801227773 |
| (1) Includes Investment in securities on loan, at market value | $179015 | $2109084 | $— | $984067359 |
| (2) Cost of investments - Unaffiliated issuers | $2663622 | $23949490 | $15688840 | $14009901989 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $53110 | $— | $64968841 |
| (4) Cost of cash denominated in foreign currency | $— | $1218 | $34147 | $733460 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **India Growth<br> Leaders ETF (a)** | **Indonesia Index<br> ETF** | **Israel ETF** | **Junior Gold<br> Miners ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $119036679 | $59079816 | $120097363 | $9383370031 |
| Short-term investments held as collateral for securities loaned (3) |  | 1364762 | 3827302 | 103978164 |
| Cash | 595880 | 99073 | 1970 | 26651764 |
| Cash denominated in foreign currency, at value (4) | 80868 |  | 28 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 518999 | 86718331 |
| &nbsp;&nbsp;&nbsp;Dividends and interest |  | 153532 | 42156 | 667622 |
| Prepaid expenses | 1811 | 641 | 1912 | 32008 |
| Other assets | 16235 | 4554 | 1374 | 93269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 119731473 | 60702378 | 124491104 | 9601511189 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  | 355525 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  |  |  | 86746650 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 1364762 | 3827302 | 103978164 |
| &nbsp;&nbsp;&nbsp;Line of credit |  |  | 334042 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 12333 | 13852 | 45167 | 3994399 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  |  | 719 |
| Deferred Trustee fees | 21876 | 42045 | 7090 | 503571 |
| Accrued expenses | 82262 | 55254 | 60799 | 188571 |
| Accrued foreign taxes | 637999 |  |  |  |
| Accrued interest | 320 |  | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 754790 | 1475913 | 4274445 | 195767599 |
| **NET ASSETS** | $118976683 | $59226465 | $120216659 | $9405743590 |
| Shares outstanding | 2574967 | 3550000 | 2050000 | 82337446 |
| Net asset value, per share | $46.21 | $16.68 | $58.64 | $114.23 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $177134648 | $195298510 | $84197811 | $8971144289 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (58157965) | (136072045) | 36018848 | 434599301 |
| **NET ASSETS** | $118976683 | $59226465 | $120216659 | $9405743590 |
| (1) Includes Investment in securities on loan, at market value | $— | $3666493 | $9075697 | $319643274 |
| (2) Cost of investments - Unaffiliated issuers | $101385473 | $61905941 | $67624034 | $4459962141 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $1364762 | $3827302 | $103978164 |
| (4) Cost of cash denominated in foreign currency | $80576 | $— | $28 | $— |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Low Carbon<br> Energy ETF** | **Natural<br> Resources ETF** | **Oil Refiners ETF** | **Oil Services ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $127564675 | $203630110 | $38459438 | $1294116061 |
| Short-term investments held as collateral for securities loaned (3) | 7311985 | 10360805 | 7042 | 41071791 |
| Cash |  | 227712 |  |  |
| Cash denominated in foreign currency, at value (4) |  | 131085 | 520 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 304874 | 352039 | 112874 | 1667621 |
| Prepaid expenses | 3212 |  | 685 |  |
| Other assets | 4576 |  | 63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 135189322 | 214701751 | 38580622 | 1336855473 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 40814 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 7311985 | 10360805 | 7042 | 41071791 |
| &nbsp;&nbsp;&nbsp;Line of credit | 236696 |  |  | 731136 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 55386 | 67811 | 9130 | 387460 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 1739 |  | 17777 |  |
| Deferred Trustee fees | 25095 | 14855 | 1376 | 206441 |
| Accrued expenses | 59464 |  | 45917 |  |
| Accrued interest | 178 | 19 | 7 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 7690543 | 10484304 | 81249 | 42397600 |
| **NET ASSETS** | $127498779 | $204217447 | $38499373 | $1294457873 |
| Shares outstanding | 983298 | 3400000 | 1025000 | 4550543 |
| Net asset value, per share | $129.66 | $60.06 | $37.56 | $284.46 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $233365183 | $227335274 | $50890674 | $3913889910 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (105866404) | (23117827) | (12391301) | (2619432037) |
| **NET ASSETS** | $127498779 | $204217447 | $38499373 | $1294457873 |
| (1) Includes Investment in securities on loan, at market value | $17715287 | $27943687 | $991505 | $193072816 |
| (2) Cost of investments - Unaffiliated issuers | $134664318 | $170246791 | $35780329 | $1604838795 |
| (3) Cost of short-term investments held as collateral for securities loaned | $7311985 | $10360805 | $7042 | $41071791 |
| (4) Cost of cash denominated in foreign currency | $— | $131315 | $521 | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rare Earth and<br> Strategic Metals<br> ETF** | **Steel ETF** | **Uranium and<br> Nuclear ETF** | **Vietnam ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $1572325278 | $160530084 | $2843182457 | $605594603 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) | 54111536 |  | 745432831 |  |
| Short-term investments held as collateral for securities loaned (4) | 81757910 | 15053208 | 175875119 |  |
| Cash |  |  | 11096266 | 138321 |
| Cash denominated in foreign currency, at value (5) | 1616224 |  | 1991 | 1534254 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1468200 | 781534 | 4836104 | 294505 |
| Prepaid expenses | 2998 | 1209 | 7338 | 4194 |
| Other assets | 19477 | 3888 | 5638 | 16082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1711301623 | 176369923 | 3780437744 | 607581959 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 620225 |  |  | 19316 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 81757910 | 15053208 | 175875119 |  |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 115048 |  | 537928 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 664459 | 58918 | 1567781 | 246281 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 948845 |  |  |  |
| Deferred Trustee fees | 35727 | 26623 | 21449 | 78904 |
| Accrued expenses | 63573 | 18897 | 89273 | 141559 |
| Accrued interest | 5726 | 73 | 30801 | 75935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 84096465 | 15272767 | 177584423 | 1099923 |
| **NET ASSETS** | $1627205158 | $161097156 | $3602853321 | $606482036 |
| Shares outstanding | 22074987 | 1900000 | 29141632 | 32200000 |
| Net asset value, per share | $73.71 | $84.79 | $123.63 | $18.83 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $1899935737 | $331960022 | $3296602221 | $746596814 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (272730579) | (170862866) | 306251100 | (140114778) |
| **NET ASSETS** | $1627205158 | $161097156 | $3602853321 | $606482036 |
| (1) Includes Investment in securities on loan, at market value | $344825714 | $25898354 | $641566731 | $— |
| (2) Cost of investments - Unaffiliated issuers | $1280991688 | $151960280 | $2455226062 | $396608646 |
| (3) Cost of investments - Affiliated issuers | $49686229 | $— | $648097952 | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $81757910 | $15053208 | $175875119 | $— |
| (5) Cost of cash denominated in foreign currency | $1614199 | $— | $1995 | $1532293 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Agribusiness ETF** | **Brazil Small-Cap<br> ETF** | **ChiNext ETF** |
| **Income:** |  |  |  |  |
| Dividends | $1979705 | $17992638 | $1401375 | $378237 |
| Interest | 12665 | 17412 | 1695 | 20412 |
| Securities lending income | 31193 | 355582 | 19475 |  |
| Net foreign taxes withheld | (190934) | (769702) | (50172) | (37824) |
| &nbsp;&nbsp;&nbsp;Total income | 1832629 | 17595930 | 1372373 | 360825 |
| **Expenses:** |  |  |  |  |
| Management fees | 308288 | 2979225 | 95938 | 173368 |
| Professional fees | 54103 | 48179 | 52724 | 60394 |
| Custody and accounting fees | 65621 | 41570 | 38695 | 77398 |
| Reports to shareholders | 21107 | 42882 | 16636 | 15916 |
| Trustees' fees and expenses | 5487 | 176243 | 8877 | 1344 |
| Exchange listing fees | 6766 | 6767 | 6766 | 6781 |
| Insurance | 1293 | 10893 | 1131 | 1177 |
| Interest | 1059 | 35120 | 966 | 3422 |
| Taxes | 263 | 378 | 259 | 263 |
| Other | 1932 | 8174 | 2545 | 8168 |
| &nbsp;&nbsp;&nbsp;Total expenses | 465919 | 3349431 | 224537 | 348231 |
| Expenses assumed by the Adviser |  |  | (110103) | (122590) |
| &nbsp;&nbsp;&nbsp;Net expenses | 465919 | 3349431 | 114434 | 225641 |
| Net investment income | 1366710 | 14246499 | 1257939 | 135184 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | 133286 | (47649589) | (110930) | (3067289) |
| In-kind redemptions | 1048364 | 8511477 | 41849 |  |
| Increase from payment from Advisor (See Note 3) |  |  | 26580 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (47677) | 22330 | 255 | (8350) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1133973 | (39115782) | (42246) | (3075639) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 29746743 | 106646241 | 6651249 | 17742798 |
| Foreign currency translations and foreign denominated assets and liabilities | 28 | 86592 | 5595 | 44 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 29746771 | 106732833 | 6656844 | 17742842 |
| Net increase in net assets resulting from operations | $32247454 | $81863550 | $7872537 | $14802387 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CMCI Commodity<br> Strategy ETF (a)** | **Copper and<br> Green Metals<br> ETF** | **Digital India ETF** | **Gold Miners ETF** |
| **Income:** |  |  |  |  |
| Dividends | $3272 | $480236 | $291304 | $258363554 |
| Interest | 105178 | 884 | 13707 | 474013 |
| Securities lending income | 118 | 14628 |  | 2011213 |
| Net foreign taxes withheld |  | (20144) | (53741) | (22173377) |
| &nbsp;&nbsp;&nbsp;Total income | 108568 | 475604 | 251270 | 238675403 |
| **Expenses:** |  |  |  |  |
| Management fees | 16381 | 120547 | 151275 | 88063011 |
| Professional fees | 72353 |  |  | 74835 |
| Custody and accounting fees | 21674 |  |  | 595211 |
| Reports to shareholders | 5381 |  |  | 664902 |
| Trustees' fees and expenses | 56 |  |  | 755363 |
| Exchange listing fees | 6940 |  |  | 4001 |
| Insurance | 1038 |  |  | 97748 |
| Interest | 424 | 5115 | 219 | 147411 |
| Taxes | 74 | 243 | 243 | 2355 |
| Other | 553 |  |  | 105160 |
| &nbsp;&nbsp;&nbsp;Total expenses | 124874 | 125905 | 151737 | 90509997 |
| Expenses assumed by the Adviser | (107983) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 16891 | 125905 | 151737 | 90509997 |
| Net investment income | 91677 | 349699 | 99533 | 148165406 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments (1) | 74 | (653924) | 218768 | 2590144855 |
| In-kind redemptions |  | 528956 | 263442 | 2667150513 |
| Swap contracts | 120850 |  |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | 4187 | (54336) | (873488) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 120924 | (120781) | 427874 | 5256421880 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments (2) | (286) | 12984201 | (2372634) | 10941956967 |
| Swap contracts | (8151) |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  | 1924 | 137 | 3192 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8437) | 12986125 | (2372497) | 10941960159 |
| Net increase (decrease) in net assets resulting from operations | $204164 | $13215043 | $(1845090) | $16346547445 |
| (1) Net of foreign taxes | $— | $— | $(181999) | $— |
| (2) Net change in accrued foreign taxes | $— | $— | $624350 | $— |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **India Growth<br> Leaders ETF (a)** | **Indonesia Index<br> ETF** | **Israel ETF** | **Junior Gold<br> Miners ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $2248386 | $1421909 | $2262959 | $56448519 |
| Dividends - affiliated issuers |  |  |  | 9562364 |
| Interest | 9163 | 2706 | 4436 | 233239 |
| Securities lending income |  | 5264 | 116865 | 2902879 |
| Net foreign taxes withheld | (476002) | (206794) | (514558) | (5959793) |
| &nbsp;&nbsp;&nbsp;Total income | 1781547 | 1223085 | 1869702 | 63187208 |
| **Expenses:** |  |  |  |  |
| Management fees | 651657 | 169205 | 521411 | 31712302 |
| Professional fees | 110691 | 51765 | 50104 | 61214 |
| Custody and accounting fees | 129813 | 36004 | 60856 | 585554 |
| Reports to shareholders | 25604 | 17050 | 20707 | 139538 |
| Trustees' fees and expenses | 52121 | 7876 | 3709 | 210046 |
| Exchange listing fees | 6766 | 6766 | 6767 | 4001 |
| Insurance | 3220 | 1224 | 2666 | 47264 |
| Interest | 23435 | 223 | 443 | 236268 |
| Taxes | 263 | 263 | 263 | 1355 |
| Other | 38571 | 672 | 905 | 14405 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1042141 | 291048 | 667831 | 33011947 |
| Expenses assumed by the Adviser | (106124) | (97669) | (51860) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 936017 | 193379 | 615971 | 33011947 |
| Net investment income | 845530 | 1029706 | 1253731 | 30175261 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers(1) | (3134804) | (4733363) | (1046209) | 642840095 |
| Investments - affiliated issuers |  |  |  | 153665777 |
| In-kind redemptions - unaffiliated issuers | 626336 | 379818 | 8268209 | 745012111 |
| In-kind redemptions - affiliated issuers |  |  |  | 79517847 |
| Foreign currency transactions and foreign denominated assets and liabilities | (156815) | (1858) | 2615 | 505291 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2665283) | (4355403) | 7224615 | 1621541121 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers(2) | (7937687) | 8645520 | 25381658 | 4549843412 |
| Investments - affiliated issuers |  |  |  | 214110377 |
| Foreign currency translations and foreign denominated assets and liabilities | 2493 | 189 | 42 | (451060) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7935194) | 8645709 | 25381700 | 4763502729 |
| Net increase (decrease) in net assets resulting from operations | $(9754947) | $5320012 | $33860046 | $6415219111 |
| (1) Net of foreign taxes | $(5977) | $— | $— | $— |
| (2) Net change in accrued foreign taxes | $(637999) | $— | $— | $— |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Low Carbon<br> Energy ETF** | **Natural<br> Resources ETF** | **Oil Refiners ETF** | **Oil Services ETF** |
| **Income:** |  |  |  |  |
| Dividends | $2662071 | $5302742 | $1025992 | $25941650 |
| Interest | 5390 | 2921 | 1593 | 37470 |
| Securities lending income | 202631 | 93923 | 3188 | 205837 |
| Net foreign taxes withheld | (187748) | (218181) | (87302) |  |
| &nbsp;&nbsp;&nbsp;Total income | 2682344 | 5181405 | 943471 | 26184957 |
| **Expenses:** |  |  |  |  |
| Management fees | 619248 | 651903 | 136609 | 3863176 |
| Professional fees | 52975 |  | 52354 |  |
| Custody and accounting fees | 55108 |  | 33535 |  |
| Reports to shareholders | 25917 |  | 18102 |  |
| Trustees' fees and expenses | 8460 |  | 706 |  |
| Exchange listing fees | 6766 |  | 6767 |  |
| Insurance | 3373 |  | 1176 |  |
| Interest | 22237 | 21060 | 6009 | 16264 |
| Taxes | 263 | 243 | 259 | 358 |
| Other | 4030 |  | 2069 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 798377 | 673206 | 257586 | 3879798 |
| Expenses assumed by the Adviser | (8011) |  | (90120) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 790366 | 673206 | 167466 | 3879798 |
| Net investment income | 1891978 | 4508199 | 776005 | 22305159 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (12452746) | 1370783 | (1999850) | (131891465) |
| In-kind redemptions | 5641840 | (75) | 739235 | 20951566 |
| Foreign currency transactions and foreign denominated assets and liabilities | 15586 | 14770 | 6689 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6795320) | 1385478 | (1253926) | (110939899) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 39350135 | 42870591 | 8345195 | 124740265 |
| Foreign currency translations and foreign denominated assets and liabilities | 14253 | 4731 | 10656 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 39364388 | 42875322 | 8355851 | 124740265 |
| Net increase in net assets resulting from operations | $34461046 | $48768999 | $7877930 | $36105525 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rare Earth and<br> Strategic Metals<br> ETF** | **Steel ETF** | **Uranium and<br> Nuclear ETF** | **Vietnam ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $4041112 | $3095487 | $22482289 | $6587657 |
| Dividends - affiliated issuers | 356892 |  |  |  |
| Interest | 199479 | 9570 | 114387 | 51262 |
| Securities lending income | 5154833 | 32947 | 13143905 |  |
| Net foreign taxes withheld | (270100) | (78226) | (1783295) |  |
| &nbsp;&nbsp;&nbsp;Total income | 9482216 | 3059778 | 33957286 | 6638919 |
| **Expenses:** |  |  |  |  |
| Management fees | 3180570 | 450582 | 10247077 | 2392301 |
| Professional fees | 51489 | 52686 | 53832 | 60276 |
| Custody and accounting fees | 20806 | 23382 | 107272 | 305936 |
| Reports to shareholders | 48822 | 25974 | 204451 | 33953 |
| Trustees' fees and expenses | 16758 | 7134 | 34138 | 27639 |
| Exchange listing fees | 6559 | 6766 | 6766 | 3982 |
| Insurance | 6062 | 3484 | 7397 | 7934 |
| Interest | 50040 | 4088 | 84221 | 313316 |
| Taxes | 604 | 259 | 378 | 263 |
| Other | 8584 | 307 | 13115 | 14516 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3390294 | 574662 | 10758647 | 3160116 |
| Expenses assumed by the Adviser |  | (74675) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 3390294 | 499987 | 10758647 | 3160116 |
| Net investment income | 6091922 | 2559791 | 23198639 | 3478803 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (85897183) | (3423051) | 20990987 | 61155915 |
| Investments - affiliated issuers | (3213800) |  | (23480842) |  |
| In-kind redemptions - unaffiliated issuers | 49369423 | 8396833 | 27530629 |  |
| In-kind redemptions - affiliated issuers | 2721934 |  | 956210 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (215555) | (23333) | 523410 | (826585) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (37235181) | 4950449 | 26520394 | 60329330 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 430194180 | 29335859 | 382132103 | 162109457 |
| Investments - affiliated issuers | 12103350 |  | 113774004 |  |
| Foreign currency translations and foreign denominated assets and liabilities | 6640 |  | (3425) | 3949 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 442304170 | 29335859 | 495902682 | 162113406 |
| Net increase in net assets resulting from operations | $411160911 | $36846099 | $545621715 | $225921539 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Africa Index ETF** | **Agribusiness ETF** | **Agribusiness ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1366710 | $972114 | $14246499 | $18523601 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1133973 | (1216838) | (39115782) | (48147755) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 29746771 | 4450502 | 106732833 | (66492429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 32247454 | 4205778 | 81863550 | (96116583) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1099980) |  | (14200251) | (19475310) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 37813912 | 9433069 | 40633036 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4821439) | (12274875) | (103842561) | (226378504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 32992473 | (2841806) | (63209525) | (226378504) |
| Total increase (decrease) in net assets | 64139947 | 1363972 | 4453774 | (341970397) |
| Net Assets, beginning of year | 43146093 | 41782121 | 570086922 | 912057319 |
| Net Assets, end of year | $107286040 | $43146093 | $574540696 | $570086922 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 1650000 | 600000 | 550000 |  |
| Shares redeemed | (300000) | (800000) | (1450000) | (3150000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1350000 | (200000) | (900000) | (3150000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **ChiNext ETF** | **ChiNext ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1257939 | $778759 | $135184 | $102694 |
| &nbsp;&nbsp;&nbsp;Increase from payment from Adviser (See Note 3) | 26580 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss | (68826) | (1539123) | (3075639) | (4303642) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6656844 | (8832330) | 17742842 | (559901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7872537 | (9592694) | 14802387 | (4760849) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1200015) | (650035) | (86680) | (48120) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 785867 |  | 19394272 | 41168856 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1729431) | (3732846) | (14558319) | (20254902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (943564) | (3732846) | 4835953 | 20913954 |
| Total increase (decrease) in net assets | 5728958 | (13975575) | 19551660 | 16104985 |
| Net Assets, beginning of year | 16069834 | 30045409 | 33330640 | 17225655 |
| Net Assets, end of year | $21798792 | $16069834 | $52882300 | $33330640 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 50000 |  | 450000 | 1200000 |
| Shares redeemed | (150000) | (250000) | (450000) | (700000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (100000) | (250000) |  | 500000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CMCI Commodity Strategy ETF (a)** | **CMCI Commodity Strategy ETF (a)** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $91677 | $115783 | $349699 | $275124 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 120924 | (98900) | (120781) | (1813003) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8437) | 100324 | 12986125 | (1425532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 204164 | 117207 | 13215043 | (2963411) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (217127) | (96000) | (512025) | (334985) |
| &nbsp;&nbsp;&nbsp;Return of capital | (19873) |  |  |  |
| Total distributions | (237000) | (96000) | (512025) | (334985) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  | 3698239 | 2686419 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  | (2759399) | (8285041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions |  |  | 938840 | (5598622) |
| Total increase (decrease) in net assets | (32836) | 21207 | 13641858 | (8897018) |
| Net Assets, beginning of year | 2424046 | 2402839 | 17851319 | 26748337 |
| Net Assets, end of year | $2391210 | $2424046 | $31493177 | $17851319 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold |  |  | 100000 | 100000 |
| Shares redeemed |  |  | (100000) | (350000) |
| &nbsp;&nbsp;&nbsp;Net decrease |  |  |  | (250000) |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital India ETF** | **Digital India ETF** | **Gold Miners ETF** | **Gold Miners ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $99533 | $51637 | $148165406 | $143480934 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 427874 | (118) | 5256421880 | 854104459 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2372497) | 4284429 | 10941960159 | 461527143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1845090) | 4335948 | 16346547445 | 1459112536 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (350190) |  | (189994893) | (150012756) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 14415956 | 3150393633 | 2047295890 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7134895) |  | (6166212458) | (3665481534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (7134895) | 14415956 | (3015818825) | (1618185644) |
| Total increase (decrease) in net assets | (9330175) | 18751904 | 13140733727 | (309085864) |
| Net Assets, beginning of year | 27762075 | 9010171 | 12660494046 | 12969579910 |
| Net Assets, end of year | $18431900 | $27762075 | $25801227773 | $12660494046 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold |  | 375000 | 46800000 | 60150000 |
| Shares redeemed | (175000) |  | (120400000) | (103300000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (175000) | 375000 | (73600000) | (43150000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **India Growth Leaders ETF (a)** | **India Growth Leaders ETF (a)** | **Indonesia Index ETF** | **Indonesia Index ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $845530 | $775564 | $1029706 | $1190448 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2665283) | 14211235 | (4355403) | (2098485) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7935194) | 3011121 | 8645709 | (4474539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (9754947) | 17997920 | 5320012 | (5382576) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1000117) | (5499942) | (1100160) | (1274950) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4750035 | 45660398 | 28881605 | 51254389 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (28375606) |  | (3967298) | (43477457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (23625571) | 45660398 | 24914307 | 7776932 |
| Total increase (decrease) in net assets | (34380635) | 58158376 | 29134159 | 1119406 |
| Net Assets, beginning of year | 153357318 | 95198942 | 30092306 | 28972900 |
| Net Assets, end of year | $118976683 | $153357318 | $59226465 | $30092306 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 100000 | 950000 | 1800000 | 2850000 |
| Shares redeemed | (650000) |  | (250000) | (2550000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (550000) | 950000 | 1550000 | 300000 |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Israel ETF** | **Israel ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1253731 | $885800 | $30175261 | $24957887 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 7224615 | (2871693) | 1621541121 | 319011424 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 25381700 | 19364376 | 4763502729 | 377112888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 33860046 | 17378483 | 6415219111 | 721082199 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1759928) | (1050000) | (219999409) | (116496530) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13642269 | 12000037 | 564758086 | 271658366 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13307621) |  | (1788427430) | (853366579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 334648 | 12000037 | (1223669344) | (581708213) |
| Total increase in net assets | 32434766 | 28328520 | 4971550358 | 22877456 |
| Net Assets, beginning of year | 87781893 | 59453373 | 4434193232 | 4411315776 |
| Net Assets, end of year | $120216659 | $87781893 | $9405743590 | $4434193232 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 275000 | 325000 | 6400000 | 7450000 |
| Shares redeemed | (250000) |  | (27850000) | (19350000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 25000 | 325000 | (21450000) | (11900000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Natural Resources ETF** | **Natural Resources ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1891978 | $1956967 | $4508199 | $3277645 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6795320) | (5348249) | 1385478 | 2613440 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 39364388 | (11521369) | 42875322 | (13580922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 34461046 | (14912651) | 48768999 | (7689837) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (2000028) | (2000039) | (4499880) | (3199875) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  | 34581322 | 33373516 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (27166176) | (25256706) |  | (21412676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (27166176) | (25256706) | 34581322 | 11960840 |
| Total increase (decrease) in net assets | 5294842 | (42169396) | 78850441 | 1071128 |
| Net Assets, beginning of year | 122203937 | 164373333 | 125367006 | 124295878 |
| Net Assets, end of year | $127498779 | $122203937 | $204217447 | $125367006 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold |  |  | 650000 | 650000 |
| Shares redeemed | (250000) | (250000) |  | (450000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (250000) | (250000) | 650000 | 200000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Services ETF** | **Oil Services ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $776005 | $1269076 | $22305159 | $27053044 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1253926) | 2405118 | (110939899) | 18305775 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 8355851 | (8487732) | 124740265 | (227757802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7877930 | (4813538) | 36105525 | (182398983) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (775003) | (1270005) | (22400044) | (27199954) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 12581958 | 20503727 | 2944136561 | 4119562741 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6039756) | (23875116) | (3169213188) | (4571565235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 6542202 | (3371389) | (225076627) | (452002494) |
| Total increase (decrease) in net assets | 13645129 | (9454932) | (211371146) | (661601431) |
| Net Assets, beginning of year | 24854244 | 34309176 | 1505829019 | 2167430450 |
| Net Assets, end of year | $38499373 | $24854244 | $1294457873 | $1505829019 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 325000 | 575000 | 11450000 | 13900000 |
| Shares redeemed | (200000) | (675000) | (12450000) | (15350000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 125000 | (100000) | (1000000) | (1450000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rare Earth and Strategic Metals ETF** | **Rare Earth and Strategic Metals ETF** | **Steel ETF** | **Steel ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $6091922 | $4015037 | $2559791 | $2590388 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (37235181) | (72073747) | 4950449 | 6466325 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 442304170 | (82697039) | 29335859 | (28794550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 411160911 | (150755749) | 36846099 | (19737837) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (27999703) | (5608675) | (2500020) | (2649960) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1191070507 | 74875577 | 96249433 | 23823749 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (166617856) | (108334764) | (44081828) | (67051708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 1024452651 | (33459187) | 52167605 | (43227959) |
| Total increase (decrease) in net assets | 1407613859 | (189823611) | 86513684 | (65615756) |
| Net Assets, beginning of year | 219591299 | 409414910 | 74583472 | 140199228 |
| Net Assets, end of year | $1627205158 | $219591299 | $161097156 | $74583472 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 19150000 | 1500000 | 1275000 | 350000 |
| Shares redeemed | (2700000) | (2500000) | (650000) | (975000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 16450000 | (1000000) | 625000 | (625000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Uranium and Nuclear ETF** | **Uranium and Nuclear ETF** | **Vietnam ETF** | **Vietnam ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $23198639 | $2943729 | $3478803 | $3748577 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 26520394 | (10348015) | 60329330 | (15892288) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 495902682 | (36866693) | 162113406 | (40013540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 545621715 | (44270979) | 225921539 | (52157251) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (90998881) | (5660855) | (1198900) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2494544472 | 698705421 | 65210817 | 1296496 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (95332066) | (31405515) | (100622514) | (59226300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 2399212406 | 667299906 | (35411697) | (57929804) |
| Total increase (decrease) in net assets | 2853835240 | 617368072 | 189310942 | (110087055) |
| Net Assets, beginning of year | 749018081 | 131650009 | 417171094 | 527258149 |
| Net Assets, end of year | $3602853321 | $749018081 | $606482036 | $417171094 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 21075000 | 7800000 | 3950000 | 100000 |
| Shares redeemed | (1150000) | (425000) | (7650000) | (4950000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 19925000 | 7375000 | (3700000) | (4850000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** | **Africa Index ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2022** | **2021** |
| Net asset value, beginning of year | $15.69 | $14.16 | $15.81 |  | $20.06 | $20.17 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.46 | 0.33 | 0.35 |  | 0.60 | 0.53 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 10.29 | 1.20 | (1.69) |  | (4.27) | 0.20 (b) |
| Total from investment operations | 10.75 | 1.53 | (1.34) |  | (3.67) | 0.73 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) |  | (0.31) |  | (0.58) | (0.84) |
| Net asset value, end of year | $26.17 | $15.69 | $14.16 |  | $15.81 | $20.06 |
| **Total return (c)** | 68.50% | 10.77% | (8.45)% | (18.34 | (18.34)% | 3.69% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.76% | 0.89% | 1.47% |  | 0.98% | 0.77% |
| Net expenses | 0.76% | 0.88% | 1.31% |  | 0.98% | 0.77% |
| Net expenses excluding interest and taxes | 0.75% | 0.78% | 0.78% |  | 0.75% | 0.77% |
| Net investment income | 2.22% | 2.16% | 2.33% |  | 3.29% | 2.50% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $107 | $43 | $42 |  | $46 | $59 |
| Portfolio turnover rate (d) | 36% | 44% | 34% |  | 33% | 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** | **Agribusiness ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $64.78 |  | $76.32 | $85.96 | $95.38 | $77.82 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.70 |  | 1.81 | 1.94 | 1.71 | 1.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.05 | (11.15 | (11.15) | (9.34) | (9.28) | 17.54 |
| Total from investment operations | 9.75 |  | (9.34) | (7.40) | (7.57) | 18.68 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.80) |  | (2.20) | (2.24) | (1.85) | (1.12) |
| Net asset value, end of year | $72.73 |  | $64.78 | $76.32 | $85.96 | $95.38 |
| **Total return (b)** | 15.03% | (12.24 | (12.24)% | (8.58)% | (7.95)% | 23.99% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.56% |  | 0.55% | 0.53% | 0.53% | 0.52% |
| Expenses excluding interest and taxes | 0.56% |  | 0.54% | 0.53% | 0.53% | 0.52% |
| Net investment income | 2.39% |  | 2.51% | 2.34% | 1.84% | 1.25% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $575 |  | $570 | $912 | $1341 | $1183 |
| Portfolio turnover rate (c) | 17% |  | 12% | 12% | 24% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2024** | **2023** | **2022** | **2022** | **2021** | **2021** |
| Net asset value, beginning of year | $11.08 |  | $17.67 | $13.64 |  | $16.35 |  | $21.44 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.95 |  | 0.51 | 0.46 |  | 0.44 |  | 0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.99 |  | (6.65) | 4.45 |  | (2.59) |  | (5.08) |
| &nbsp;&nbsp;&nbsp;Payment from Adviser | 0.02 (b) |  |  |  |  |  |  |  |
| Total from investment operations | 5.96 |  | (6.14) | 4.91 |  | (2.15) |  | (4.60) |
| Distributions from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.89) |  | (0.45) | (0.88) |  | (0.56) |  | (0.49) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | — (c) |  |  |
| Total distributions | (0.89) |  | (0.45) | (0.88) |  | (0.56) |  | (0.49) |
| Net asset value, end of year | $16.15 |  | $11.08 | $17.67 |  | $13.64 |  | $16.35 |
| **Total return (d)** | 53.82 %(b) | (34.74 | (34.74)% | 36.14% | (13.30 | (13.30)% | (21.38 | (21.38)% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| Gross expenses | 1.17% |  | 0.97% | 1.07% |  | 0.83 %(e) |  | 0.84 %(e) |
| Net expenses | 0.60% |  | 0.60% | 0.68% |  | 0.59 %(e) |  | 0.59 %(e) |
| Net expenses excluding interest and taxes | 0.59% |  | 0.59% | 0.59% |  | 0.59 %(e) |  | 0.59 %(e) |
| Net investment income | 6.56% |  | 3.40% | 2.93% |  | 2.71 %(e) |  | 2.32 %(e) |
| **Supplemental data** |  |  |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $22 |  | $16 | $30 |  | $25 |  | $32 |
| Portfolio turnover rate (f) | 43% |  | 30% | 43% |  | 42% |  | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) For the year ended December 31, 2025, 0.18% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).

(c) Amount represents less than $0.005 per share.

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(e) The ratios presented do not reflect the Fund's proportionate share of income and expenses from the Fund's investment in underlying funds.

(f) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** | **ChiNext ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** |
| Net asset value, beginning of year | $27.78 | $24.61 |  | $31.27 |  | $48.47 | $48.95 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.12 |  | 0.10 |  | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 16.24 | 3.09 (b) |  | (6.76) |  | (17.12) | 4.03 |
| &nbsp;&nbsp;&nbsp;Payment from Adviser |  |  |  |  |  |  | 0.02 (c) |
| Total from investment operations | 16.37 | 3.21 |  | (6.66) |  | (17.20) | 3.99 |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.04) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  |  |  | (3.74) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |  | (0.73) |
| Total distributions | (0.08) | (0.04) |  |  |  |  | (4.47) |
| Net asset value, end of year | $44.07 | $27.78 |  | $24.61 |  | $31.27 | $48.47 |
| **Total return (d)** | 58.93% | 13.04% | (21.31 | (21.31)% | (35.49 | (35.49)% | 8.21 %(c) |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses | 1.00% | 1.27% |  | 1.89% |  | 1.25% | 0.89% |
| Net expenses | 0.65% | 0.65% |  | 0.65% |  | 0.65% | 0.65% |
| Net investment income (loss) | 0.39% | 0.48% |  | 0.34% |  | (0.22)% | (0.12)% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $53 | $33 |  | $17 |  | $20 | $41 |
| Portfolio turnover rate (e) | 48% | 109% |  | 123% |  | 10% | 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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) For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share oustanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **CMCI Commodity Strategy ETF(a)** | **CMCI Commodity Strategy ETF(a)** | **CMCI Commodity Strategy ETF(a)** |
|  | Year Ended December 31, | Year Ended December 31, | |
|  | **2025** | **2024** | **Period<br> Ended<br> December<br> 31,**<br>**2023 (b)** |
| Net asset value, beginning of period | $24.24 | $24.03 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (c) | 0.92 | 1.16 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.12 | 0.01 | (1.01) |
| Total from investment operations | 2.04 | 1.17 | (0.57) |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.17) | (0.96) | (0.40) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.20) |  |  |
| Total distributions | (2.37) | (0.96) | (0.40) |
| Net asset value, end of period | $23.91 | $24.24 | $24.03 |
| **Total return (d)** | 8.42% | 4.91% | (2.32)% |
| **Ratios to average net assets** |  |  |  |
| Gross expenses | 4.95% | 4.40% | 6.32 %(e) |
| Net expenses | 0.67% | 0.65% | 0.65 %(e) |
| Net expenses excluding interest and taxes | 0.65% | 0.65% | 0.65 %(e) |
| Net investment income | 3.64% | 4.63% | 4.82 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $2 | $2 | $2 |
| Portfolio turnover rate (f) | —% | —% | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Financial Highlights

(b) For the period August 22, 2023 (commencement of operations) through December 31, 2023.

(c) Calculated based upon average shares outstanding

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(e) Annualized

(f) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** | **Copper and Green Metals ETF** |
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |
|  | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **Period<br> Ended<br> December<br> 31,**<br>**2021 (a)** |
| Net asset value, beginning of period | $21.00 |  | $24.32 |  | $28.24 |  | $34.88 | $34.67 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.44 |  | 0.27 |  | 0.63 |  | 0.73 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 16.29 |  | (3.20) |  | (4.06) |  | (6.64) | 0.22 |
| Total from investment operations | 16.73 |  | (2.93) |  | (3.43) |  | (5.91) | 0.21 |
| Distributions from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.68) |  | (0.39) |  | (0.49) |  | (0.73) |  |
| Net asset value, end of period | $37.05 |  | $21.00 |  | $24.32 |  | $28.24 | $34.88 |
| **Total return (c)** | 79.63% | (12.05 | (12.05)% | (12.13 | (12.13)% | (16.99 | (16.99)% | 0.61% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |  |
| Expenses | 0.62% |  | 0.61% |  | 0.66% |  | 0.63% | 0.60 %(d) |
| Expenses excluding interest and taxes | 0.59% |  | 0.59% |  | 0.59% |  | 0.59% | 0.59 %(d) |
| Net investment income (loss) | 1.71% |  | 1.14% |  | 2.37% |  | 2.33% | (0.30)%(d) |
| **Supplemental data** |  |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $31 |  | $18 |  | $27 |  | $23 | $16 |
| Portfolio turnover rate (e) | 21% |  | 20% |  | 28% |  | 32% | 10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period November 10, 2021 (commencement of operations) through December 31, 2021.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Digital India ETF** | **Digital India ETF** | **Digital India ETF** | **Digital India ETF** | **Digital India ETF** |
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | **Period<br> Ended<br> December<br> 31,** | **Period<br> Ended<br> December<br> 31,** |
|  | **2025** | **2024** | **2023** | **2022 (a)** | **2022 (a)** |
| Net asset value, beginning of period | $44.42 | $36.04 | $27.79 |  | $36.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.19 | 0.09 | 0.09 |  | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.88) | 8.29 | 8.25 |  | (8.33) |
| Total from investment operations | (2.69) | 8.38 | 8.34 |  | (8.19) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) |  | (0.08) |  | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.64) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) |  |  |
| Total distributions | (0.77) |  | (0.09) |  | (0.27) |
| Net asset value, end of period | $40.96 | $44.42 | $36.04 |  | $27.79 |
| **Total return (c)** | (6.06)% | 23.25% | 30.00% | (22.56 | (22.56)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.70% | 0.74% | 0.77% |  | 0.76 %(d) |
| Expenses excluding interest and taxes | 0.70% | 0.70% | 0.71% |  | 0.75 %(d) |
| Net investment income | 0.46% | 0.22% | 0.27% |  | 0.53 %(d) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $18 | $28 | $9 |  | $1 |
| Portfolio turnover rate (e) | 22% | 28% | 22% |  | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period February 16, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** | **Gold Miners ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year |  | $33.89 | $31.12 | $28.69 | $32.00 | $35.98 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) |  | 0.47 | 0.37 | 0.52 | 0.48 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | 52.29 | 2.80 | 2.41 | (3.31) | (3.97) |
| Total from investment operations |  | 52.76 | 3.17 | 2.93 | (2.83) | (3.45) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.63) | (0.40) | (0.50) | (0.48) | (0.53) |
| Net asset value, end of year |  | $86.02 | $33.89 | $31.12 | $28.69 | $32.00 |
| **Total return (b)** | 155.57 | 155.57% | 10.17% | 10.22% | (8.87)% | (9.56)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses |  | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| Net investment income |  | 0.84% | 1.06% | 1.70% | 1.61% | 1.53% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) |  | $25801 | $12660 | $12970 | $11934 | $13273 |
| Portfolio turnover rate (c) |  | 50% | 15% | 13% | 17% | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** | **India Growth Leaders ETF(a)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $49.07 | $43.77 | $32.62 | $42.93 | $32.94 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.29 | 0.27 | 0.33 | 0.59 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.76) | 6.79 | 11.24 | (10.34) | 9.91 |
| Total from investment operations | (2.47) | 7.06 | 11.57 | (9.75) | 9.99 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (1.76) | (0.42) | (0.56) |  |
| Net asset value, end of year | $46.21 | $49.07 | $43.77 | $32.62 | $42.93 |
| **Total return (c)** | (5.05)% | 16.11% | 35.48% | (22.67)% | 30.30% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.80% | 0.76% | 1.09% | 0.80% | 1.00% |
| Net expenses | 0.72% | 0.76% | 0.87% | 0.80% | 0.90% |
| Net expenses excluding interest and taxes | 0.70% | 0.70% | 0.72% | 0.73% | 0.83% |
| Net investment income | 0.65% | 0.54% | 0.91% | 1.64% | 0.22% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $119 | $153 | $95 | $51 | $78 |
| Portfolio turnover rate (d) | 66% | 47% | 79% | 102% | 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Financial Highlights

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Indonesia Index ETF** | **Indonesia Index ETF** | **Indonesia Index ETF** | **Indonesia Index ETF** | **Indonesia Index ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $15.05 | $17.04 | $17.34 | $19.93 | $20.49 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.46 | 0.58 | 0.63 | 0.45 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.51 | (1.98) | (0.31) | (2.41) | (0.61) |
| Total from investment operations | 1.97 | (1.40) | 0.32 | (1.96) | (0.34) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.59) | (0.62) | (0.63) | (0.22) |
| Net asset value, end of year | $16.68 | $15.05 | $17.04 | $17.34 | $19.93 |
| **Total return (b)** | 13.19% | (8.21)% | 1.91% | (9.88)% | (1.65)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.86% | 0.84% | 0.99% | 0.67% | 0.82% |
| Net expenses | 0.57% | 0.57% | 0.58% | 0.57% | 0.57% |
| Net expenses excluding interest and taxes | 0.57% | 0.57% | 0.57% | 0.57% | N/A |
| Net investment income | 3.04% | 3.49% | 3.56% | 2.24% | 1.38% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $59 | $30 | $29 | $33 | $54 |
| Portfolio turnover rate (c) | 23% | 23% | 21% | 25% | 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Israel ETF** | **Israel ETF** | **Israel ETF** | **Israel ETF** | **Israel ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $43.35 | $34.97 | $35.71 | $48.77 | $44.82 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.59 | 0.47 | 0.45 | 0.61 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 15.57 | 8.44 | (0.53) | (13.19) | 4.30 |
| Total from investment operations | 16.16 | 8.91 | (0.08) | (12.58) | 4.57 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.87) | (0.53) | (0.66) | (0.48) | (0.62) |
| Net asset value, end of year | $58.64 | $43.35 | $34.97 | $35.71 | $48.77 |
| **Total return (b)** | 37.28% | 25.44% | (0.22)% | (25.79)% | 10.20% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.64% | 0.71% | 0.78% | 0.64% | 0.71% |
| Net expenses | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 1.20% | 1.25% | 1.28% | 1.48% | 0.57% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $120 | $88 | $59 | $59 | $80 |
| Portfolio turnover rate (c) | 8% | 10% | 13% | 12% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $42.72 | $38.13 | $35.63 | $41.88 | $54.26 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.34 | 0.22 | 0.23 | 0.24 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 73.82 | 5.48 | 2.54 | (6.31) | (12.02) |
| Total from investment operations | 74.16 | 5.70 | 2.77 | (6.07) | (11.63) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.65) | (1.11) | (0.27) | (0.18) | (0.75) |
| Net asset value, end of year | $114.23 | $42.72 | $38.13 | $35.63 | $41.88 |
| **Total return (b)** | 173.25% | 14.93% | 7.78% | (14.48)% | (21.44)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.52% | 0.51% | 0.52% | 0.52% | 0.52% |
| Net investment income | 0.48% | 0.51% | 0.63% | 0.64% | 0.84% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $9406 | $4434 | $4411 | $3737 | $4495 |
| Portfolio turnover rate (c) | 36% | 28% | 20% | 27% | 24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $99.09 | $110.82 | $111.11 | $159.69 | $165.41 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.73 | 1.44 | 1.64 | 1.45 | 0.78 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 30.87 | (11.55) | (0.18) | (48.57) | (5.79) |
| Total from investment operations | 32.60 | (10.11) | 1.46 | (47.12) | (5.01) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.03) | (1.62) | (1.75) | (1.46) | (0.71) |
| Net asset value, end of year | $129.66 | $99.09 | $110.82 | $111.11 | $159.69 |
| **Total return (b)** | 32.88% | (9.17)% | 1.34% | (29.52)% | (3.02)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.64% | 0.61% | 0.61% | 0.61% | 0.55% |
| Expenses excluding interest and taxes | 0.62% | 0.60% | 0.57% | 0.61% | 0.55% |
| Net investment income | 1.53% | 1.42% | 1.43% | 1.13% | 0.49% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $127 | $122 | $164 | $198 | $301 |
| Portfolio turnover rate (c) | 21% | 23% | 16% | 16% | 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Natural Resources ETF** | **Natural Resources ETF** | **Natural Resources ETF** | **Natural Resources ETF** | **Natural Resources ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $45.59 | $48.74 | $49.20 | $47.44 | $38.65 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.46 | 1.30 | 1.52 | 1.66 | 1.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 14.37 | (3.24) | (0.38) | 1.71 | 8.60 |
| Total from investment operations | 15.83 | (1.94) | 1.14 | 3.37 | 9.81 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.36) | (1.21) | (1.60) | (1.61) | (1.02) |
| Net asset value, end of year | $60.06 | $45.59 | $48.74 | $49.20 | $47.44 |
| **Total return (b)** | 34.72% | (4.00)% | 2.32% | 7.10% | 25.38% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.41% | 0.44% | 0.52% | 0.50% | 0.78% |
| Net expenses (c) | 0.41% | 0.44% | 0.52% | 0.50% | 0.49% |
| Net expenses excluding interest and taxes (c) | 0.40% | 0.42% | 0.49% | 0.49% | 0.49% |
| Net investment income | 2.77% | 2.59% | 3.11% | 3.36% | 2.63% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $204 | $125 | $124 | $143 | $97 |
| Portfolio turnover rate (d) | 21% | 54% | 26% | 37% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Periods after December 31, 2021 reflect a unitary management fee structure.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $27.62 | $34.31 | $31.19 | $27.14 | $25.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.94 | 1.28 | 1.19 | 1.07 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 9.76 | (6.43) | 3.18 | 3.94 | 2.12 |
| Total from investment operations | 10.70 | (5.15) | 4.37 | 5.01 | 2.78 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.76) | (1.54) | (1.25) | (0.96) | (0.65) |
| Net asset value, end of year | $37.56 | $27.62 | $34.31 | $31.19 | $27.14 |
| **Total return (b)** | 38.75% | (14.97)% | 14.00% | 18.50% | 11.10% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.94% | 0.85% | 0.85% | 0.78% | 1.02% |
| Net expenses | 0.61% | 0.62% | 0.62% | 0.61% | 0.59% |
| Net expenses excluding interest and taxes | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 2.84% | 3.64% | 3.68% | 3.54% | 2.32% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $38 | $25 | $34 | $39 | $20 |
| Portfolio turnover rate (c) | 26% | 23% | 19% | 40% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Oil Services ETF** | **Oil Services ETF** | **Oil Services ETF** | **Oil Services ETF** | **Oil Services ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $271.29 | $309.61 | $304.03 | $184.74 | $153.90 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 5.21 | 4.47 | 3.65 | 2.14 | 2.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 12.83 | (37.35) | 6.15 | 120.04 | 30.24 (b) |
| Total from investment operations | 18.04 | (32.88) | 9.80 | 122.18 | 32.65 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (4.87) | (5.44) | (4.22) | (2.89) | (1.81) |
| Net asset value, end of year | $284.46 | $271.29 | $309.61 | $304.03 | $184.74 |
| **Total return (c)** | 6.67% | (10.57)% | 3.21% | 66.14% | 21.18% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.36% |
| Net expenses (d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 2.02% | 1.48% | 1.18% | 0.83% | 1.21% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $1294 | $1506 | $2167 | $2584 | $2143 |
| Portfolio turnover rate (e) | 21% | 17% | 17% | 17% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(d) Periods after December 31, 2021 reflect a unitary management fee structure.

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rare Earth and Strategic Metals ETF** | **Rare Earth and Strategic Metals ETF** | **Rare Earth and Strategic Metals ETF** | **Rare Earth and Strategic Metals ETF** | **Rare Earth and Strategic Metals ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $39.04 | $61.80 | $76.28 | $111.72 | $65.41 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.56 | 0.63 | 1.02 | 0.68 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 35.41 | (22.39) | (15.50) | (34.93) | 52.12 |
| Total from investment operations | 35.97 | (21.76) | (14.48) | (34.25) | 52.20 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.30) | (1.00) |  | (1.19) | (5.89) |
| Net asset value, end of year | $73.71 | $39.04 | $61.80 | $76.28 | $111.72 |
| **Total return (b)** | 92.05% | (35.27)% | (18.98)% | (30.68)% | 80.09% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.53% | 0.58% | 0.56% | 0.54% | 0.53% |
| Expenses excluding interest and taxes | 0.53% | 0.56% | 0.55% | 0.54% | 0.53% |
| Net investment income | 0.96% | 1.34% | 1.34% | 0.70% | 0.08% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $1627 | $220 | $409 | $631 | $1014 |
| Portfolio turnover rate (c) | 74% | 34% | 41% | 40% | 74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Steel ETF** | **Steel ETF** | **Steel ETF** | **Steel ETF** | **Steel ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $58.50 | $73.79 | $57.80 | $53.25 | $44.57 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.97 | 1.76 | 2.09 | 2.71 | 3.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 25.64 | (14.97) | 15.97 | 4.72 | 9.25 |
| Total from investment operations | 27.61 | (13.21) | 18.06 | 7.43 | 12.44 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.32) | (2.08) | (2.07) | (2.87) | (3.76) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |
| Total distributions | (1.32) | (2.08) | (2.07) | (2.88) | (3.76) |
| Net asset value, end of year | $84.79 | $58.50 | $73.79 | $57.80 | $53.25 |
| **Total return (b)** | 47.16% | (17.94)% | 31.23% | 13.88% | 27.91% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.64% | 0.60% | 0.57% | 0.58% | 0.56% |
| Net expenses | 0.55% | 0.56% | 0.56% | 0.56% | 0.55% |
| Net expenses excluding interest and taxes | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 2.84% | 2.57% | 3.22% | 4.72% | 5.48% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $161 | $75 | $140 | $100 | $112 |
| Portfolio turnover rate (c) | 107% | 14% | 22% | 20% | 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uranium and Nuclear ETF** | **Uranium and Nuclear ETF** | **Uranium and Nuclear ETF** | **Uranium and Nuclear ETF** | **Uranium and Nuclear ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $81.27 | $71.49 | $54.94 | $54.90 | $49.35 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.30 | 0.87 | 1.19 | 0.86 | 1.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 44.23 | 9.52 | 18.62 | 0.29 | 5.20 |
| Total from investment operations | 45.53 | 10.39 | 19.81 | 1.15 | 6.64 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (3.17) | (0.61) | (3.26) | (1.11) | (1.09) |
| Net asset value, end of year | $123.63 | $81.27 | $71.49 | $54.94 | $54.90 |
| **Total return (b)** | 55.93% | 14.52% | 36.02% | 2.10% | 13.48% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.52% | 0.56% | 0.64% | 0.67% | 0.89% |
| Net expenses | 0.52% | 0.56% | 0.61% | 0.61% | 0.60% |
| Net expenses excluding interest and taxes | 0.52% | 0.55% | 0.60% | 0.60% | 0.60% |
| Net investment income | 1.13% | 1.04% | 1.88% | 1.56% | 2.70% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $3603 | $749 | $132 | $54 | $35 |
| Portfolio turnover rate (c) | 42% | 36% | 41% | 53% | 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Vietnam ETF** | **Vietnam ETF** | **Vietnam ETF** | **Vietnam ETF** | **Vietnam ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $11.62 | $12.94 | $11.75 | $21.36 | $17.52 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.11 | 0.09 | 0.08 | 0.18 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.14 | (1.41) | 1.78 | (9.68) | 3.83 |
| Total from investment operations | 7.25 | (1.32) | 1.86 | (9.50) | 3.94 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  | (0.67) | (0.11) | (0.10) |
| Net asset value, end of year | $18.83 | $11.62 | $12.94 | $11.75 | $21.36 |
| **Total return (b)** | 62.42% | (10.19)% | 15.95% | (44.47)% | 22.52% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses (c) | 0.66% | 0.68% | 0.70% | 0.66% | 0.59% |
| Expenses excluding interest and taxes (c) | 0.59% | 0.62% | 0.61% | 0.60% | 0.58% |
| Net investment income (c) | 0.73% | 0.75% | 0.59% | 1.13% | 0.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $606 | $417 | $527 | $413 | $591 |
| Portfolio turnover rate (d) | 48% | 21% | 55% | 57% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund.

(c) The ratios presented do not reflect the Fund's proportionate share of income and expenses from the Fund's investment in underlying
 funds.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**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 |
| Africa Index ETF | Diversified |
| Agribusiness ETF | Non-Diversified |
| Brazil Small-Cap ETF | Diversified |
| ChiNext ETF | Diversified |
| CMCI Commodity Strategy ETF | Non-Diversified |
| Copper and Green Metals ETF\* | Non-Diversified |
| Digital India ETF | Non-Diversified |
| Gold Miners ETF | Non-Diversified |
| India Growth Leaders ETF | Diversified |
| Indonesia Index ETF | Non-Diversified |
| Israel ETF | Non-Diversified |
| Junior Gold Miners ETF | Non-Diversified |
| Low Carbon Energy ETF | Non-Diversified |
| Natural Resources ETF | Diversified |
| Oil Refiners ETF | Non-Diversified |
| Oil Services ETF | Non-Diversified |
| Rare Earth and Strategic Metals ETF | Non-Diversified |
| Steel ETF | Non-Diversified |
| Uranium and Nuclear ETF | Non-Diversified |
| Vietnam ETF | Non-Diversified |

---

*\** *Formerly known as Green Metals ETF (See Note11).*

Each Fund's investment objective 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.

---

| | |
|:---|:---|
| Fund | Index |
| Africa Index ETF | MVIS<sup>®</sup> GDP Africa Index |
| Agribusiness ETF | MVIS<sup>®</sup> Global Agribusiness Index |
| Brazil Small-Cap ETF | MVIS<sup>®</sup> Brazil Small-Cap Index |
| ChiNext ETF | ChiNext Index |
| CMCI Commodity Strategy ETF | UBS Constant Maturity Commodity Total Return Index |
| Copper and Green Metals ETF | MVIS<sup>®</sup> Global Clean-Tech Metals Index |
| Digital India ETF | MVIS<sup>®</sup> Digital India Index |
| Gold Miners ETF | MarketVector™ Global Gold Miners Index\* |
| India Growth Leaders ETF | MarketGrader India All-Cap Growth Leaders Index |
| Indonesia Index ETF | MVIS<sup>®</sup> Indonesia Index |
| Israel ETF | Bluestar<sup>®</sup> Israel Global Index |
| Junior Gold Miners ETF | MVIS<sup>®</sup> Global Junior Gold Miners Index |
| Low Carbon Energy ETF | MVIS Global Low Carbon Energy Index |
| Natural Resources ETF | MarketVector™ Global Natural Resources Index |
| Oil Refiners ETF | MVIS<sup>®</sup> Global Oil Refiners Index |
| Oil Services ETF | MVIS<sup>®</sup> US Listed Oil Services 25 Index |
| Rare Earth and Strategic Metals ETF | MVIS<sup>®</sup> Global Rare Earth/Strategic Metals Index |
| Steel ETF | MarketVector™ Global Steel Index\*\* |
| Uranium and Nuclear ETF | MVIS<sup>®</sup> Global Uranium & Nuclear Energy Index |
| Vietnam ETF | MarketVector™ Vietnam Local Index |

---

*\** *Prior to September 19, 2025, the index was NYSE Arca Gold Miners Index*

*\*\** *Prior to December 19, 2025, the index was NYSE Arca Steel Index*

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 1—Fund Organization (continued)**

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index.

India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the "Mauritius Subsidiary"), a wholly owned subsidiary organized in the Republic of Mauritius. ChiNext ETF seeks to achieve its investment objective by primarily investing directly in A-shares through the Shanghai and Shenzhen-Hong Kong Stock Connect Programs (the "Programs").

Van Eck Associates Corporation ("VEAC") serves as the investment adviser for the Funds, except for CMCI Commodity Strategy ETF. Van Eck Absolute Return Advisers Corporation ("VEARA"), a wholly owned subsidiary of VEAC, serves as the investment adviser to CMCI Commodity Strategy ETF and its subsidiary. VEAC and VEARA are collectively referred to as the "Adviser".

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADRs and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**A. Security Valuation (continued)**

foreign market is closed but the Funds are open. 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. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.

The Board of Trustees (the "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.

Any Russian securities held in the Funds at December 31, 2025 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments at $0, as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

A summary of the inputs and the levels used to value the Funds' investments are located in the Schedule 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.

&nbsp;&nbsp;&nbsp;&nbsp;**B. Basis for Consolidation**

The CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the "CMCI Subsidiary"), a Cayman Islands exempted company. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned subsidiary.

The Mauritius Subsidiary of India Growth Leaders ETF, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Mauritius Subsidiary,

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**B. Basis for Consolidation (continued)**

and it is intended that the Fund will remain the sole shareholder and will continue to control the Mauritius Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly-owned Mauritius Subsidiary. All interfund account balances and transactions between the Funds and their subsidiaries have been eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;**C. 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.

The wholly-owned CMCI Subsidiary is classified as controlled foreign corporation ("CFC") under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly-owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the each Fund's investment company taxable income. Net losses of the CFC cannot be deducted by the Fund in the current year, nor carried forward to offset taxable income in future years.

&nbsp;&nbsp;&nbsp;&nbsp;**D. Distributions to Shareholders**

Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are generally declared and paid annually by each Fund. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund's taxable income which can only be determined after the Fund's fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;**E. 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, held by the Funds, cannot be repatriated and such currency was valued at $0 as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**F. 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.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**G. Use of Derivative Instruments**

Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter ("OTC") derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Funds' derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

**Total Return Swaps**

The CMCI Commodity Strategy ETF enters into total return swaps in order take a "long" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund's swap transactions may contain provisions for early termination of a swap in the event the net assets of the Fund decline below specific levels set forth in the documentation ("net asset contingent features"). If these levels are triggered, the Fund's counterparty has the right to terminate the swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap positions held by the Fund at December 31, 2025, are reflected in the Fund's Consolidated Schedule of Investments.

At December 31, 2025, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

---

| | |
|:---|:---|
|  | **Asset Derivatives** |
|  | **Commodities<br> Futures Risk** |
| **CMCI Commodity Strategy ETF** |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $11569 |

---

<sup>1</sup> Consolidated Statement of Assets and Liabilities location: Total return swap contracts, at value

The impact of transactions in derivative instruments during the year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Commodities<br> Futures Risk** |
| **CMCI Commodity Strategy ETF** |  |
| Realized gain: |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $120850 |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (8151) |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

**Total Return Swaps (continued)**

<sup>1</sup> Statement of Operations location: Net realized gain (loss) on swap contracts <br> <sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

&nbsp;&nbsp;&nbsp;&nbsp;**H. 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. The Fund may pledge cash and or securities as collateral for derivative instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 held in the form of money market fund investments, if any, at December 31, 2025 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).

The table below presents both gross and net information about the derivative instruments eligible for offset in the Statement of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of December 31, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statement of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of<br> Recognized Assets/<br> (Liabilities)** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets/(Liabilities)<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments and<br> Cash Collateral<br> Received** | **Net Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;**CMCI Commodity Strategy ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;$11570 | $— | $11570 | $— | $11570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**I. Segment Reporting**

The Funds' Chief Financial Officer and the Funds' Treasurer act as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**J. 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. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of 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.

**Note 3—Investment Management and Other Agreements**

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets.

For the Funds listed below, the management fee rates and expense limitations for the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management**<br> **Fees** | **Expense**<br> **Limitations** |
| Africa Index ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Agribusiness ETF | 0.50 | 0.56 |
| Brazil Small-Cap ETF | 0.50 | 0.59 |
| ChiNext ETF | 0.50 | 0.65 |
| CMCI Commodity Strategy ETF | 0.65 | 0.65 |
| Gold Miners ETF | 0.50 | 0.53 |
| India Growth Leaders ETF | 0.50 | 0.70 |
| Indonesia Index ETF | 0.50 | 0.57 |
| Israel ETF | 0.50 | 0.59 |
| Junior Gold Miners ETF | 0.50 | 0.56 |
| Low Carbon Energy ETF | 0.50 | 0.62 |
| Oil Refiners ETF | 0.50 | 0.59 |
| Rare Earth and Strategic Metals ETF | 0.50 | 0.57 |
| Steel ETF | 0.50 | 0.55 |
| Uranium and Nuclear ETF | 0.50 | 0.60 |
| Vietnam ETF | 0.50 | 0.76 |

---

The Adviser has agreed, until at least May 1, 2026 (for Gold Miners ETF and Steel ETF until May 1, 2027), to waive management fees and assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding their expense limitations.

Refer to the Statements of Operations for amounts assumed by the Adviser for the year ended December 31, 2025.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 3—Investment Management and Other Agreements (continued)**

fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Fund** | **Management**<br> **Fees** |
| Copper and Green Metals ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% |
| Digital India ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Natural Resources ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Oil Services ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |

---

During the year ended December 31, 2025, the Adviser reimbursed the Brazil Small-Cap ETF $26,580 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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 December 31, 2025, the Adviser owned approximately 60% of CMCI Commodity Strategy ETF.

**Note 4—Capital Share Transactions**

As of December 31, 2025, 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 year ended December 31, 2025, 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 and U.S. government obligations) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **Fund** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Africa Index ETF | $32330106 | $22261476 | $26319817 | $3383910 |
| Agribusiness ETF | 101836799 | 104415381 | 38604491 | 99096368 |
| Brazil Small-Cap ETF | 8292939 | 9048133 | 142400 | 352581 |

---

------

**Note 5—Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| ChiNext ETF | $22016514 | $17127556 | $— | $— |
| Copper and Green Metals ETF | 4417828 | 4497528 | 3240182 | 2388717 |
| Digital India ETF | 4723661 | 9912508 |  | 1610581 |
| Gold Miners ETF | 8718544518 | 8754730931 | 3131373414 | 6167579267 |
| India Growth Leaders ETF | 86495942 | 109554496 | 231210 | 1303135 |
| Indonesia Index ETF | 7796911 | 7881173 | 28740319 | 3964662 |
| Israel ETF | 8588479 | 9145690 | 13642530 | 13304573 |
| Junior Gold Miners ETF | 2284160171 | 2442055531 | 512162269 | 1776886327 |
| Low Carbon Energy ETF | 25593686 | 27997961 |  | 25946368 |
| Natural Resources ETF | 33785455 | 34415950 | 34379463 |  |
| Oil Refiners ETF | 8328653 | 7116123 | 10479406 | 5146482 |
| Oil Services ETF | 235281219 | 237143868 | 2944621670 | 3169112174 |
| Rare Earth and Strategic Metals ETF | 717077633 | 485686962 | 898147121 | 127744762 |
| Steel ETF | 98076416 | 97470878 | 96253415 | 45171027 |
| Uranium and Nuclear ETF | 888637459 | 872444969 | 2394505353 | 93267271 |
| Vietnam ETF | 231664443 | 267181638 |  |  |

---

**Note 6—Income Taxes**

As of December 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Africa Index ETF | $76596503 | $34902754 | $(2623850) | $32278904 |
| Agribusiness ETF | 758177139 | 34699189 | (186811203) | (152112014) |
| Brazil Small-Cap ETF | 21051315 | 5193639 | (4056139) | 1137500 |
| ChiNext ETF | 34186949 | 21909750 | (3276726) | 18633024 |
| CMCI Commodity Strategy ETF | 2576858 | 100302 | (1035) | 99267 |
| Copper and Green Metals ETF | 24544846 | 9391314 | (2411647) | 6979667 |
| Digital India ETF | 15909039 | 3764974 | (1291764) | 2473210 |
| Gold Miners ETF | 14151995857 | 11823537109 | (129022442) | 11694514667 |
| India Growth Leaders ETF | 102555556 | 23309096 | (6827973) | 16481123 |
| Indonesia Index ETF | 63517970 | 5774665 | (8848057) | (3073392) |
| Israel ETF | 72800614 | 60198627 | (9074576) | 51124051 |
| Junior Gold Miners ETF | 4886952755 | 4689786544 | (89391104) | 4600395440 |
| Low Carbon Energy ETF | 144546869 | 31449989 | (41120198) | (9670209) |
| Natural Resources ETF | 180702763 | 41424950 | (8136798) | 33288152 |
| Oil Refiners ETF | 36687308 | 5102188 | (3323016) | 1779172 |
| Oil Services ETF | 1645996845 | 16796771 | (327605764) | (310808993) |
| Rare Earth and Strategic Metals ETF | 1499195465 | 339108677 | (130109418) | 208999259 |
| Steel ETF | 167443693 | 10733300 | (2593701) | 8139599 |
| Uranium and Nuclear ETF | 3355784016 | 649739910 | (241033519) | 408706391 |
| Vietnam ETF | 425269597 | 219623563 | (39298557) | 180325006 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Post-October<br> Losses<br> Deferred\*** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| Africa Index ETF | $181286 | $(74474234) | $– | $(19225) | $32278624 | $(42033549) |
| Agribusiness ETF |  | (928327536) |  | (765757) | (152091453) | (1081184746) |
| Brazil Small-Cap ETF | 169052 | (167790023) |  | (49262) | 1138966 | (166531267) |
| ChiNext ETF | 174029 | (15240072) |  | (1869) | 18633024 | 3565112 |
| CMCI Commodity Strategy ETF |  |  |  | (13) | 9317 | 9304 |
| Copper and Green Metals ETF | 209248 | (8918604) |  |  | 6979438 | (1729918) |
| Digital India ETF |  | 170317 | (5904) |  | 2248576 | 2412989 |
| Gold Miners ETF | 53206686 | (9968562896) |  | (1902199) | 11694516079 | 1777257670 |
| India Growth Leaders ETF | 423216 | (74402722) |  | (21875) | 15843416 | (58157965) |
| Indonesia Index ETF | 123796 | (133081169) |  | (42045) | (3072627) | (136072045) |
| Israel ETF | 38157 | (15136318) |  | (7090) | 51124099 | 36018848 |
| Junior Gold Miners ETF | 94806778 | (4260096519) |  | (503569) | 4600392611 | 434599301 |
| Low Carbon Energy ETF | 66382 | (96242907) |  | (25094) | (9664785) | (105866404) |
| Natural Resources ETF | 41699 | (56432214) |  | (14854) | 33287542 | (23117827) |
| Oil Refiners ETF | 328 | (14175022) |  | (1375) | 1784768 | (12391301) |
| Oil Services ETF | 93292 | (2308506106) |  | (210231) | (310808992) | (2619432037) |
| Rare Earth and Strategic Metals ETF | 28008882 | (509702054) |  | (35727) | 208998320 | (272730579) |
| Steel ETF | 63397 | (179039240) |  | (26622) | 8139599 | (170862866) |
| Uranium and Nuclear ETF | 385066 | (102813865) |  | (21451) | 408701350 | 306251100 |
| Vietnam ETF |  | (320187975) | (175023) | (78905) | 180327125 | (140114778) |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

*\* Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2025. These losses are deemed to arise on the first day of the Funds' next taxable year.*

The tax character of distributions paid to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **<u>Fund</u>** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** | **Ordinary<br> Income\*** | **Return<br> of Capital** |
| Africa Index ETF | $1099980 | $– | $– | $– | $– |
| Agribusiness ETF | 14200251 |  |  | 19475310 |  |
| Brazil Small-Cap ETF | 1200015 |  |  | 650035 |  |
| ChiNext ETF | 86680 |  |  | 48120 |  |
| CMCI Commodity Strategy ETF | 217127 |  | 19873 | 96000 |  |
| Copper and Green Metals ETF | 512025 |  |  | 334985 |  |
| Digital India ETF | 120773 | 229417 |  |  |  |
| Gold Miners ETF | 189994893 |  |  | 150012756 |  |
| India Growth Leaders ETF | 1000117 |  |  | 5499942 |  |
| Indonesia Index ETF | 1100160 |  |  | 1274950 |  |
| Israel ETF | 1759928 |  |  | 1050000 |  |
| Junior Gold Miners ETF | 219999409 |  |  | 116496530 |  |
| Low Carbon Energy ETF | 2000028 |  |  | 2000039 |  |
| Natural Resources ETF | 4499880 |  |  | 3199875 |  |
| Oil Refiners ETF | 775003 |  |  | 1270005 |  |
| Oil Services ETF | 22400044 |  |  | 27199954 |  |
| Rare Earth and Strategic Metals ETF | 27999703 |  |  | 5608675 |  |
| Steel ETF | 2500020 |  |  | 2649960 |  |
| Uranium and Nuclear ETF | 90998881 |  |  | 5660855 |  |
| Vietnam ETF | 1198900 |  |  |  |  |

---

\* Includes distributions from short-term capital gains (if any).

------

**Note 6—Income Taxes (continued)**

During the year ended December 31, 2025, Africa Index ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Uranium and Nuclear ETF, and Vietnam ETF utilized $449,102, $2,548,620,957, $719,079,142, $1,407,595, $5,983,235, and $58,738,911 respectively, of its capital loss carryover available from prior years.

During the year ended December 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| Africa Index ETF | $(908432) | $908432 |
| Agribusiness ETF | (8423158) | 8423158 |
| Brazil Small-Cap ETF | (26366) | 26366 |
| Copper and Green Metals ETF | (480446) | 480446 |
| Digital India ETF | (100127) | 100127 |
| Gold Miners ETF | (2663169071) | 2663169071 |
| India Growth Leaders ETF | (626337) | 626337 |
| Indonesia Index ETF | (351576) | 351576 |
| Israel ETF | (8052860) | 8052860 |
| Junior Gold Miners ETF | (773528152) | 773528152 |
| Low Carbon Energy ETF | (5182854) | 5182854 |
| Natural Resources ETF | 194 | (194) |
| Oil Refiners ETF | (725057) | 725057 |
| Oil Services ETF | (18958602) | 18958602 |
| Rare Earth and Strategic Metals ETF | (48906710) | 48906710 |
| Steel ETF | (6490846) | 6490846 |
| Uranium and Nuclear ETF | (26467899) | 26467899 |

---

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 Statement of Operations. During the year ended in December 31, 2025, the Funds did not incur any such interest or penalties.

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are required for fiscal years beginning after December 15, 2024. ASU 2023-09 is effective for the year ended December 31, 2025 for all of the Funds included in these financial statements. Management has evaluated the implications of these changes and determined that no additional disclosures are necessary for any of the Funds except for Digital India ETF. The funds all qualify as Regulated Investment Companies (RICs) and therefore pay no federal taxes, an immaterial amount of state and local taxes and an immaterial amount of foreign taxes except for Digital India which pays a material amount of foreign taxes as disclosed below:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

---

| | |
|:---|:---|
|  | Digital India ETF |
| Income taxes by foreign jurisdiction: |  |
| &nbsp;&nbsp;&nbsp;India | $235740 \* |
| Total income taxes paid, net of refunds | $235740 |

---

\* Includes income and capital gains taxes paid.

**Investments in China:** Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for ChiNext ETF (the "Fund"). China generally imposes withholding income tax ("WHT") at a rate of 10% on dividends derived from non-People's Republic of China ("PRC") resident enterprises (including a Qualified Foreign Institutional Investor ("QFII") and a Renminbi Qualified Foreign Institutional Investor ("RQFII")) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes this Fund, were exempted temporarily from WHT with respect to gains derived from the trading of equity investments (including A-shares). However, uncertainties remain regarding the taxation of capital gains in China. PRC rules for taxation of RQFIIs (and QFIIs) and the PRC tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Minister of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to the nonresident investors. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains derived by QFIIs, RQFIIs and other nonresident investors WHT on gains from such investments the Fund could be subject to additional tax liabilities. Prior to January 12, 2024, all or a portion of the Fund's investments were through an RQFII arrangement with a sub-adviser.

**Investments in India:** India currently assesses a capital gains tax on shares sold on the exchange of 20% on short term capital gains and 12.5% on long term capital gains (plus applicable surcharge and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.

**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. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. 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.

Additionally, the 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, difficult to trade, and potentially less liquid than securities issued in more developed markets. 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. 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. There may be limitations or delays in the convertibility or repatriation of certain currencies, which would adversely affect the U.S. dollar value and/or liquidity of a Fund's investments denominated in such currencies. This

------

**Note 7—Principal Risks (continued)** 

may impair a Fund's ability to achieve its investment objective and/or may impede a Fund's ability to satisfy redemption requests in a timely manner.

The taxation of income and capital gains of foreign securities is subject to the fiscal laws and practices of different jurisdictions. Any of those jurisdictions may change their fiscal laws and practices or interpretation and enforcement policies, possibly with retroactive effect. The India Growth Leaders ETF's investment in the Mauritius Subsidiary involves certain tax risks. Changes to the Double Taxation Avoidance Treaty (the "Treaty") between Mauritius and India, or its interpretation may adversely affect the ability of the Mauritius Subsidiary to realize efficiently income or capital gains. Indian capital gains tax can be imposed on income arising from the transfer of shares in a company registered outside India which derives, directly or indirectly, its value substantially from the assets located in India.

Should the Chinese government impose restrictions on the ability of ChiNext ETF to repatriate funds associated with direct investment in A-Shares, the Funds may be unable to satisfy distribution requirements applicable to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended, and the Funds may therefore be subject to Fund-level U.S. federal taxes.

The CMCI Commodity Strategy ETF may invest in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject the Fund to greater volatility than investments in traditional securities. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

As a result of the current conditions related to Russian securities and Russian markets, the Agribusiness ETF, Copper and Green Metals ETF and Natural Resources ETF are unable to dispose of the Russian securities in its portfolios, with limited exceptions, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia took actions that impact the custody of equity securities of Russian issuers and may be detrimental to the Funds ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Funds. Additionally, while certain Russian securities held by the Agribusiness ETF, Copper and Green Metals ETF and Natural Resources ETF have declared dividends, there is no assurance these dividends can be realized by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0, as of December 31, 2025.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**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.

The expense for the Plan is included in "Trustees' fees and expenses" in the Statements of Operations. The liability for the Plan is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities. In prior years, the Natural Resources ETF and Oil Services ETF adopted a unitary management fee in which the Adviser is responsible for paying all expenses of the Funds. 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 the date of conversion to a unitary management fee structure. Digital India ETF and Copper and Green Metals ETF commenced operations with a unitary management fee, and therefore bear no cost or liabilities relative to the Plan.

**Note 9—Securities Lending**

To generate additional income, the Funds may lend 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 Fund's 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 any, at December 31, 2025, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Africa Index ETF | $6961974 | $1789894 | $5990470 | $7780364 |
| Agribusiness ETF | 70508647 | 32017691 | 41167762 | 73185453 |
| Brazil Small-Cap ETF | 865619 | 524099 | 384740 | 908839 |
| CMCI Commodity Strategy ETF | 179015 |  | 182667 | 182667 |
| Copper and Green Metals ETF | 2109084 | 53110 | 2179621 | 2232731 |
| Gold Miners ETF | 984067359 | 64968841 | 956334808 | 1021303649 |
| Indonesia Index ETF | 3666493 | 1364762 | 2388106 | 3752868 |
| Israel ETF | 9075697 | 3827302 | 5549112 | 9376414 |
| Junior Gold Miners ETF | 319643274 | 103978164 | 234551739 | 338529903 |
| Low Carbon Energy ETF | 17715287 | 7311985 | 11301440 | 18613425 |
| Natural Resources ETF | 27943687 | 10360805 | 18679556 | 29040361 |
| Oil Refiners ETF | 991505 | 7042 | 1043005 | 1050047 |
| Oil Services ETF | 193072816 | 41071791 | 158019009 | 199090800 |
| Rare Earth and Strategic Metals ETF | 344825714 | 81757910 | 279444736 | 361202646 |
| Steel ETF | 25898354 | 15053208 | 11816621 | 26869829 |

---

------

**Note 9—Securities Lending (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Uranium and Nuclear ETF | $641566731 | $175875119 | $485833440 | $661708559 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets and<br> Liabilities** |
| **Fund** | **Equity Securities** |
| Africa Index ETF | $1789894 |
| Agribusiness ETF | 32017691 |
| Brazil Small-Cap ETF | 524099 |
| Copper and Green Metals ETF | 53110 |
| Gold Miners ETF | 64968841 |
| Indonesia Index ETF | 1364762 |
| Israel ETF | 3827302 |
| Junior Gold Miners ETF | 103978164 |
| Low Carbon Energy ETF | 7311985 |
| Natural Resources ETF | 10360805 |
| Oil Refiners ETF | 7042 |
| Oil Services ETF | 41071791 |
| Rare Earth and Strategic Metals ETF | 81757910 |
| Steel ETF | 15053208 |
| Uranium and Nuclear ETF | 175875119 |

---

\* 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 year ended December 31, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Africa Index ETF | 14 | $305439 | 5.68% |
| Agribusiness ETF | 276 | 782679 | 5.59 |
| Brazil Small-Cap ETF | 22 | 281021 | 5.43 |
| ChiNext ETF | 1 | 1966676 | 4.99 |
| CMCI Commodity Strategy ETF | 10 | 233410 | 5.68 |
| Copper and Green Metals ETF | 96 | 131644 | 5.68 |
| Digital India ETF | 4 | 358272 | 5.45 |
| Gold Miners ETF | 60 | 11978775 | 5.55 |
| India Growth Leaders ETF | 140 | 919102 | 5.54 |
| Indonesia Index ETF | 9 | 128342 | 5.68 |
| Israel ETF | 26 | 112560 | 5.63 |
| Junior Gold Miners ETF | 191 | 7244097 | 5.62 |
| Low Carbon Energy ETF | 295 | 456583 | 5.59 |
| Natural Resources ETF | 307 | 416253 | 5.62 |
| Oil Refiners ETF | 259 | 125445 | 5.60 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 10—Bank Line of Credit (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Oil Services ETF | 90 | $987132 | 5.61% |
| Rare Earth and Strategic Metals ETF | 166 | 1823915 | 5.66 |
| Steel ETF | 48 | 540495 | 5.64 |
| Uranium and Nuclear ETF | 156 | 3571805 | 5.58 |
| Vietnam ETF | 171 | 10620576 | 5.56 |

---

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—Subsequent Event Review** 

Effective on February 13, 2026, the VanEck Green Metals ETF changed its name to the "VanEck Copper and Green Metals ETF" and its ticker changed to "EMET." Additionally, the definition of "green metals" as set forth in the Fund's Principal Investment Strategies was amended to reflect that copper is a type of green metal.

In a landmark ruling issued on January 15, 2026, the Supreme Court of India denied a plaintiff the benefits of the India Mauritius tax treaty, notwithstanding its possession of a valid Mauritius Tax Residency Certificate (TRC) and Global Business License. The Court held that Indian tax authorities may look beyond a TRC to evaluate an entity's commercial substance, focusing in particular on decision-making authority, control, and the location of effective management when determining eligibility for treaty benefits. In light of this decision, legislative or administrative clarification from the Indian tax authorities may be forthcoming, including guidance regarding the scope of the ruling and its potential effect on applicable statutes of limitation. India Growth Leaders ETF is currently assessing the potential implications of this ruling with respect to treaty benefits previously claimed through its Mauritius Subsidiary. Given the uncertainty surrounding the interpretation and application of the decision, management is not currently able to reasonably estimate the potential impact, if any, to the Fund.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the twenty funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Funds**

---

| | |
|:---|:---|
| VanEck Africa Index ETF | VanEck Israel ETF |
| VanEck Agribusiness ETF | VanEck Junior Gold Miners ETF |
| VanEck Brazil Small-Cap ETF | VanEck Low Carbon Energy ETF |
| VanEck ChiNext ETF | VanEck Natural Resources ETF |
| VanEck CMCI Commodity Strategy ETF\* | VanEck Oil Refiners ETF |
| VanEck Copper and Green Metals ETF | VanEck Oil Services ETF |
| VanEck Digital India ETF | VanEck Rare Earth and Strategic Metals ETF |
| VanEck Gold Miners ETF | VanEck Steel ETF |
| VanEck India Growth Leaders ETF\* | VanEck Uranium and Nuclear ETF |
| VanEck Indonesia Index ETF | VanEck Vietnam ETF |

---

\*The financial statements of VanEck CMCI Commodity Strategy ETF and VanEck India Growth Leaders ETF are prepared on a consolidated basis

The financial statements of the Funds (other than VanEck CMCI Commodity Strategy ETF, VanEck Digital India ETF and VanEck India Growth Leaders ETF) as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

The financial statements of VanEck India Growth Leaders ETF as of and for the year ended December 31, 2021, and the financial highlights for the year ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 10, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 26, 2026

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker <br> Symbol** | **Payable<br> Date** | **Total<br> Distribution<br> Paid<br> Per Share** | **Income<br> Dividends** | **Foreign<br> Taxes<br> Paid (a)** | **Total<br> Ordinary<br> Income<br> Dividends** | **Foreign<br> Source<br> Income as<br> a % of Total<br> Ordinary<br> Income (a)** |
| Africa Index ETF | AFK | Annual | $0.2716 | $0.2716 | $0.0322 | $0.3038 | 100.00% |
| Agribusiness ETF | MOO | Annual | 1.7975 | 1.7975 |  | 1.7975 |  |
| Brazil Small-Cap ETF | BRF | Annual | 0.8889 | 0.8889 | 0.0346 | 0.9235 | 96.28 |
| ChiNext ETF | CNXT | Annual | 0.0788 | 0.0788 | 0.0216 | 0.1004 | 94.89 |
| CMCI Commodity Strategy ETF | CMCI | Annual | 2.3700 | 2.1712 |  | 2.1712 |  |
| Copper and Green Metals ETF | EMET | Annual | 0.6827 | 0.6827 | 0.0202 | 0.7029 | 48.69 |
| Digital India ETF | DGIN | Annual | 0.7782 | 0.2684 | 0.5239 | 0.7923 | 100.00 |
| Gold Miners ETF | GDX | Annual | 0.6331 | 0.6331 | 0.0653 | 0.6984 | 62.34 |
| India Growth Leaders ETF | GLIN | Annual | 0.3884 | 0.3884 | 0.1872 | 0.5756 | 78.29 |
| Indonesia Index ETF | IDX | Annual | 0.3438 | 0.3438 | 0.0568 | 0.4006 | 90.71 |
| Israel ETF | ISRA | Annual | 0.8691 | 0.8691 | 0.2307 | 1.0998 | 79.36 |
| Junior Gold Miners ETF | GDXJ | Annual | 2.6494 | 2.6494 | 0.0394 | 2.6888 | 17.70 |
| Low Carbon Energy ETF | SMOG | Annual | 2.0340 | 2.0340 | 0.1166 | 2.1506 | 74.90 |
| Natural Resources ETF | HAP | Annual | 1.3636 | 1.3636 | 0.0386 | 1.4022 | 62.08 |
| Oil Refiners ETF | CRAK | Annual | 0.7561 | 0.7561 | 0.0819 | 0.8380 | 74.14 |
| Oil Services ETF | OIH | Annual | 4.8690 | 4.8690 |  | 4.8690 |  |
| Rare Earth and Strategic Metals ETF | REMX | Annual | 1.3008 | 1.3008 | 0.0068 | 1.3076 | 6.74 |
| Steel ETF | SLX | Annual | 1.3158 | 1.3158 | 0.0342 | 1.3500 | 83.06 |
| Uranium and Nuclear ETF | NLR | Annual | 3.1661 | 3.1661 | 0.0386 | 3.2047 | 15.13 |
| Vietnam ETF | VNM | Annual | 0.0380 | 0.0380 |  | 0.0380 | 100.00 |

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Payable<br> Date** | **Long-Term<br> Capital Gains** | **Return of<br> Capital (b)** |
| CMCI Commodity Strategy ETF | Annual |  | $0.1988 |
| Digital India ETF DGIN | Annual | $0.5098 |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable<br> Date** | **Percent of<br> Total<br> Ordinary<br> Income<br> Dividends<br> that are<br> QDI Eligible (c)** | **Percent of<br> Total<br> Ordinary<br> Income<br> Dividends<br> that are<br> DRD Eligible<br> (d)** | **Section 163(j)-<br> Interest<br> Dividends as a<br> % of the Total<br> Ordinary Income<br> Distribution (e)** | **Qualified<br> Interest<br> Income<br> (QII) as a %<br> of the Total<br> Ordinary<br> Income<br> Distribution<br> (f)** | **Federal<br> Obligation<br> Interest as a<br> Percentage<br> of the Total<br> Distribution<br> (g)** |
| Africa Index ETF | AFK | Annual | 74.50% | 0.50% | -% | -% | -% |
| Agribusiness ETF | MOO | Annual | 93.60 | 47.92 |  |  |  |
| Brazil Small-Cap ETF | BRF | Annual | 1.91 | 0.10 |  |  |  |
| ChiNext ETF | CNXT | Annual | 100.00 |  |  |  |  |
| CMCI Commodity Strategy ETF | CMCI | Annual |  |  | 33.97 | 39.97 | 38.96 |
| Copper and Green Metals ETF | EMET | Annual | 56.60 | 6.26 |  |  |  |
| Digital India ETF | DGIN | Annual | 97.63 |  |  |  |  |

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VANECK ETF TRUST

TAX INFORMATION

(unaudited) (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable<br> Date** | **Percent of<br> Total<br> Ordinary<br> Income<br> Dividends<br> that are<br> QDI Eligible (c)** | **Percent of<br> Total<br> Ordinary<br> Income<br> Dividends<br> that are<br> DRD Eligible<br> (d)** | **Section 163(j)-<br> Interest<br> Dividends as a<br> % of the Total<br> Ordinary Income<br> Distribution (e)** | **Qualified<br> Interest<br> Income<br> (QII) as a %<br> of the Total<br> Ordinary<br> Income<br> Distribution<br> (f)** | **Federal<br> Obligation<br> Interest as a<br> Percentage<br> of the Total<br> Distribution<br> (g)** |
| Gold Miners ETF | GDX | Annual | 87.20 | 13.33 |  |  |  |
| India Growth Leaders ETF | GLIN | Annual | 95.14 |  |  |  |  |
| Indonesia Index ETF | IDX | Annual | 85.45 |  |  |  |  |
| Israel ETF | ISRA | Annual | 87.18 | 3.74 |  |  |  |
| Junior Gold Miners ETF | GDXJ | Annual | 14.73 | 0.36 |  |  |  |
| Low Carbon Energy ETF | SMOG | Annual | 84.78 | 19.23 |  |  |  |
| Natural Resources ETF | HAP | Annual | 77.52 | 40.40 |  |  |  |
| Oil Refiners ETF | CRAK | Annual | 100.00 | 28.71 |  |  |  |
| Oil Services ETF | OIH | Annual | 81.95 | 80.69 |  |  |  |
| Rare Earth and Strategic Metals ETF | REMX | Annual | 8.17 | 4.05 |  |  |  |
| Steel ETF | SLX | Annual | 90.81 | 16.57 |  |  |  |
| Uranium and Nuclear ETF | NLR | Annual | 18.11 | 6.69 |  |  |  |

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(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(b) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds' website at www.vaneck.com.

(c) All or a portion of a shareholder's total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.

(e) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

(f) These amounts represent distributions paid during the taxable year ended December 31, 2025 that were considered to be Qualified Interest Income ("QII") distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

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(g) Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.

Additionally, Digital India ETF paid short-term capital gains of $0.1315 per share that represents Qualified Short-Term Capital Gains ("QSTG") which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

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**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

(unaudited)

**VanEck MSCI EM Analyst Sentiment ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck MSCI EM Analyst Sentiment 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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund's proposed investment program, fee arrangements and service provider arrangements. 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 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 manager and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, 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 considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund. 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 Meeting as part of their consideration of the Investment Management Agreement.

In voting to approve 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.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

(unaudited) (continued)

**VanEck MSCI EAFE Analyst Sentiment ETF**

At a meeting held on December 5, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck MSCI EAFE Analyst Sentiment 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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund's proposed investment program, fee arrangements and service provider arrangements. 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 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 manager and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, 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 considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund. 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 Meeting as part of their consideration of the Investment Management Agreement.

In voting to approve 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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> **ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION** | ![](x1_c115545x113x1m4.jpg) |

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| | | |
|:---|:---|:---|
| **CLOB** | \| | AA-BB CLO ETF |
| **BIZD** | \| | BDC Income ETF |
| **CBON** | \| | China Bond ETF |
| **CLOI** | \| | CLO ETF |
| **IHY** | \| | International High Yield Bond ETF |
| **EMLC** | \| | J.P. Morgan EM Local Currency Bond ETF |
| **MORT** | \| | Mortgage REIT Income ETF |
| **DESK** | \| | Office and Commercial REIT ETF |
| **PFXF** | \| | Preferred Securities ex Financials ETF |

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800.826.2333 vaneck.com

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc115545b001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AA-BB CLO ETF](#xx1xc115545b002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BDC Income ETF](#xx1xc115545b003xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Bond ETF](#xx1xc115545b004xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CLO ETF](#xx1xc115545b005xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International High Yield Bond ETF](#xx1xc115545b006xm4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[J.P. Morgan EM Local Currency Bond ETF](#xx1xc115545b007xm4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage REIT Income ETF](#xx1xc115545b008xm4) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Office and Commercial REIT ETF](#xx1xc115545b009xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Preferred Securities ex Financials ETF](#xx1xc115545b010xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc115545b011xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc115545b012xm4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#xx1xc115545b013xm4) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc115545b014xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AA-BB CLO ETF](#xx1xc115545b015xm4) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BDC Income ETF](#xx1xc115545b016xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Bond ETF](#xx1xc115545b017xm4) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CLO ETF](#xx1xc115545b018xm4) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International High Yield Bond ETF](#xx1xc115545b019xm4) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[J.P. Morgan EM Local Currency Bond ETF](#xx1xc115545b020xm4) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage REIT Income ETF](#xx1xc115545b021xm4) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Office and Commercial REIT ETF](#xx1xc115545b022xm4) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Preferred Securities ex Financials ETF](#xx1xc115545b023xm4) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc115545b024xm4) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx1xc115545b025xm4) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#xx1xc115545b026xm4) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc115545b027xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc115545b028xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc115545b029xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc115545b030xm4) | 85 |

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VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

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| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS: 94.0%** | **COLLATERALIZED LOAN OBLIGATIONS: 94.0%** | **COLLATERALIZED LOAN OBLIGATIONS: 94.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arini US CLO II Ltd. 144A<br> 7.54% (Term SOFR USD 3 Month+3.25%), 03/31/38 (a) | $475 | $478354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-1 Ltd. 144A<br> 10.18% (Term SOFR USD 3 Month+6.30%), 04/18/34 (a) | 3000 | 2875038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-2 Ltd. 144A<br> 5.89% (Term SOFR USD 3 Month+2.00%), 07/16/34 (a) | 2250 | 2254496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-7 Ltd. 144A<br> 10.36% (Term SOFR USD 3 Month+6.50%), 01/22/35 (a) | 3500 | 3345759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-2 Ltd. 144A<br> 8.86% (Term SOFR USD 3 Month+5.00%), 04/22/35 (a) | 1000 | 1003501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-3 Ltd. 144A<br> 7.58% (Term SOFR USD 3 Month+3.70%), 07/17/35 (a) | 2980 | 2988559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXI Ltd. 144A<br> 5.75% (Term SOFR USD 3 Month+1.60%), 04/19/34 (a) | 1300 | 1301382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXIII Ltd. 144A<br> 10.85% (Term SOFR USD 3 Month+6.93%), 10/20/38 (a) | 3000 | 3014544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXV Ltd. 144A<br> 11.93% (Term SOFR USD 3 Month+8.07%), 10/22/37 (a) | 2500 | 2517120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brant Point CLO 2025-8 Ltd. 144A<br> 5.66% (Term SOFR USD 3 Month+1.70%), 03/31/38 (a) | 5000 | 5011604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2019-2 Ltd. 144A<br> 5.80% (Term SOFR USD 3 Month+1.90%), 10/15/34 (a) | 1775 | 1778064 |
| Canyon Capital CLO 2020-1 Ltd. 144A |  |  |

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| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% (Term SOFR USD 3 Month+1.95%), 07/15/34 (a) | $1500 | $1501685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO III Ltd. 144A<br> 6.07% (Term SOFR USD 3 Month+2.20%), 04/21/38 (a) | 5000 | 5022314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 113 CLO Ltd. 144A<br> 6.90% (Term SOFR USD 3 Month+3.00%), 10/15/37 (a) | 2000 | 2003890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 72 CLO Ltd. 144A<br> 5.85% (Term SOFR USD 3 Month+2.00%), 05/15/32 (a) | 1000 | 1001105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd. 144A<br> 6.94% (Term SOFR USD 3 Month+3.05%), 08/20/34 (a) | 7000 | 6954317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 8 Ltd. 144A<br> 5.73% (Term SOFR USD 3 Month+1.85%), 10/20/34 (a) | 1000 | 1001127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halseypoint CLO 7 Ltd. 144A<br> 6.08% (Term SOFR USD 3 Month+2.20%), 07/20/38 (a) | 1000 | 1002611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27 Ltd. 144A<br> 10.15% (Term SOFR USD 3 Month+6.25%), 01/15/35 (a) | 2500 | 2440898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 36 Ltd. 144A<br> 5.65% (Term SOFR USD 3 Month+1.75%), 10/15/34 (a) | 5000 | 5004974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 39 Ltd. 144A<br> 10.90% (Term SOFR USD 3 Month+7.00%), 10/15/34 (a) | 2500 | 2504948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding LVII Ltd. 144A<br> 6.81% (Term SOFR USD 3 Month+2.95%), 07/27/34 (a) | 1500 | 1486608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 38 Ltd. 144A<br> 5.28% (Term SOFR USD 3 Month+1.40%), 10/20/36 (a) | 5000 | 5004169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 42 Ltd. 144A<br> 5.29% (Term SOFR USD 3 Month+1.40%), 07/16/36 (a) | 5000 | 5002825 |
| Ocean Trails CLO XIV Ltd. 144A |  |  |

---

See Notes to Financial Statements

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (Term SOFR USD 3 Month+2.00%), 01/20/38 (a) | $1700 | $1702785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 64 Ltd. 144A<br> 5.57% (Term SOFR USD 3 Month+1.70%), 07/21/37 (a) | 10000 | 10015789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OZLM XXIII Ltd. 144A<br> 6.10% (Term SOFR USD 3 Month+2.20%), 10/15/37 (a) | 1000 | 1004493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO Ltd. 2021-1 144A<br> 5.53% (Term SOFR USD 3 Month+1.65%), 01/20/34 (a) | 1000 | 1000933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2019-2 Ltd. 144A<br> 5.89% (Term SOFR USD 3 Month+2.00%), 08/20/32 (a) | 1000 | 1002037 |
| Rockford Tower CLO 2021-2 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58% (Term SOFR USD 3 Month+1.70%), 07/20/34 (a) | 6500 | 6503542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83% (Term SOFR USD 3 Month+1.95%), 07/20/34 (a) | 2500 | 2501978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2022-1 Ltd. 144A<br> 5.58% (Term SOFR USD 3 Month+1.70%), 07/20/35 (a) | 7000 | 7011584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXIX Ltd. 144A<br> 5.61% (Term SOFR USD 3 Month+1.75%), 07/22/38 (a) | 3000 | 3009153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVI Ltd. 144A<br> 6.08% (Term SOFR USD 3 Month+2.20%), 01/20/38 (a) | 3300 | 3316936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVIII Ltd. 144A<br> 5.83% (Term SOFR USD 3 Month+1.95%), 01/20/35 (a) | 3000 | 3002130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXX Ltd. 144A<br> 7.48% (Term SOFR USD 3 Month+3.60%), 07/20/38 (a) | 2000 | 2011836 |
| Signal Peak CLO 4 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% (Term SOFR USD 3 Month+1.65%), 10/26/34 (a) | 5000 | 5012129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86% (Term SOFR USD 3 Month+2.00%), 10/26/34 (a) | 2500 | 2502853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32% (Term SOFR USD 3 Month+3.46%), 10/26/34 (a) | 2300 | 2269284 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| Sound Point CLO XXIX Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% (Term SOFR USD 3 Month+1.60%), 04/25/34 (a) | $| 5000 | $5003955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62% (Term SOFR USD 3 Month+3.76%), 04/25/34 (a) |  | 3500 | 3475777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXVI Ltd. 144A<br> 7.50% (Term SOFR USD 3 Month+3.61%), 07/20/34 (a) |  | 1000 | 982636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXXI Ltd. 144A<br> 7.37% (Term SOFR USD 3 Month+3.51%), 10/25/34 (a) |  | 2500 | 2455520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XIX Ltd. 144A<br> 6.83% (Term SOFR USD 3 Month+2.95%), 10/20/33 (a) |  | 2500 | 2502523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XVII Ltd. 144A<br> 7.13% (Term SOFR USD 3 Month+3.25%), 10/20/34 (a) |  | 1750 | 1754443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebox CLO III Ltd. 144A<br> 5.80% (Term SOFR USD 3 Month+1.90%), 10/15/35 (a) |  | 2250 | 2252464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2021-2 CLO Ltd. 144A<br> 5.88% (Term SOFR USD 3 Month+2.00%), 07/20/34 (a) |  | 2500 | 2503758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2022-1 CLO Ltd. 144A<br> 5.73% (Term SOFR USD 3 Month+1.85%), 07/20/35 (a) |  | 2500 | 2502875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2023-1 CLO Ltd. 144A<br> 5.91% (Term SOFR USD 3 Month+2.05%), 07/25/38 (a) |  | 1000 | 1005511 |
| **Total Collateralized Loan Obligations**<br> (Cost: $142,797,078) | **Total Collateralized Loan Obligations**<br> (Cost: $142,797,078) | **Total Collateralized Loan Obligations**<br> (Cost: $142,797,078) | 142806816 |
| **SHORT-TERM INVESTMENT: 4.6%** | **SHORT-TERM INVESTMENT: 4.6%** | **SHORT-TERM INVESTMENT: 4.6%** |  |
| **United States Treasury Obligations: 4.6%**<br> **(Cost: $6,982,129)** | **United States Treasury Obligations: 4.6%**<br> **(Cost: $6,982,129)** | **United States Treasury Obligations: 4.6%**<br> **(Cost: $6,982,129)** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill (y)<br> 3.52%, 01/27/26 |  | 7000 | 6982868 |
| **Total Investments: 98.6%**<br> (Cost: $149,779,207) |  |  | 149789684 |
| **Other assets less liabilities: 1.4%** | **Other assets less liabilities: 1.4%** | **Other assets less liabilities: 1.4%** | 2191666 |
| **NET ASSETS: 100.0%** |  |  | $151981350 |

---

See Notes to Financial Statements

------

**Definitions:**

SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Variable rate security — the rate shown is as of 12/31/25 |
| (y) | The rate shown is the calculated yield to maturity. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $142,806,816, or 94.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Collateralized Loan Obligations | $— | $142806816 | $— | $142806816 |
| United States Treasury Obligations |  | 6982868 |  | 6982868 |
| **Total Investments** | $— | $149789684 | $— | $149789684 |

---

See Notes to Financial Statements

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 67.8%** |  |  |
| **Financial Services: 67.8%** |  |  |
| Ares Capital Corp. † | 12292242 | $248672056 |
| Bain Capital Specialty Finance, Inc. † | 961227 | 13370668 |
| Barings BDC, Inc. † | 1823792 | 16742411 |
| BlackRock TCP Capital Corp. † | 1691267 | 9251231 |
| Blackstone Secured Lending Fund † | 4716221 | 124178099 |
| Blue Owl Capital Corp. † | 11817328 | 146889387 |
| Capital Southwest Corp. † | 1145571 | 25374398 |
| Carlyle Secured Lending, Inc. † | 1351554 | 16880909 |
| CION Investment Corp. † | 1030026 | 9960351 |
| Fidus Investment Corp. † | 726166 | 14015004 |
| FS KKR Capital Corp. † | 3325709 | 49253750 |
| Gladstone Capital Corp. † | 450366 | 9304562 |
| Gladstone Investment Corp. † | 790323 | 11040812 |
| Goldman Sachs BDC, Inc. † | 2138317 | 19843582 |
| Golub Capital BDC, Inc. † | 3677813 | 49907922 |
| Hercules Capital, Inc. | 2774298 | 52212288 |
| Kayne Anderson BDC, Inc. † | 824303 | 11804019 |
| Main Street Capital Corp. † | 839674 | 50707913 |
| MidCap Financial Investment Corp. † | 1859967 | 21278022 |
| Morgan Stanley Direct Lending Fund † | 1436353 | 23671097 |
| New Mountain Finance Corp. | 1850730 | 17045223 |
| Nuveen Churchill Direct Lending Corp. † | 839143 | 11194168 |
| Oaktree Specialty Lending Corp. † | 1740319 | 22171664 |
| PennantPark Floating Rate Capital Ltd. † | 1977860 | 18334762 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Prospect Capital Corp. † | 7603828 | $19693915 |
| Sixth Street Specialty Lending, Inc. † | 1883681 | 40913551 |
| SLR Investment Corp. † | 848277 | 13114362 |
| Trinity Capital, Inc. † | 1508723 | 22102792 |
| **Total Common Stocks**<br> (Cost: $1,214,760,486) |  | 1088928918 |
|  | **Par** <br> **(000's)** |  |
| **SHORT-TERM INVESTMENTS: 32.5%** | **SHORT-TERM INVESTMENTS: 32.5%** |  |
| **United States Treasury Obligations: 32.5%**<br> (Cost: $521,583,946) | **United States Treasury Obligations: 32.5%**<br> (Cost: $521,583,946) |  |
| United States Treasury Bills (y) |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 04/16/26 # | 272221 | 269455036 |
| &nbsp;&nbsp;&nbsp;4.20%, 01/15/26 # | 252644 | 252321561 |
|  |  | 521776597 |
| **Total Investments Before Collateral for Securities Loaned: 100.3%**<br> (Cost: $1,736,344,432) | **Total Investments Before Collateral for Securities Loaned: 100.3%**<br> (Cost: $1,736,344,432) | 1610705515 |
|  | **Number**<br> **of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 18.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 18.0%** |  |
| **Money Market Fund: 18.0%**<br> (Cost: $288,549,931) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 288549931 | 288549931 |
| **Total Investments: 118.3%**<br> (Cost: $2,024,894,363) |  | 1899255446 |
| **Liabilities in excess of other assets: (18.3)%** | **Liabilities in excess of other assets: (18.3)%** | (293208422) |
| **NET ASSETS: 100.0%** |  | $1606047024 |

---

------

**Total Return Swap Contracts**

**Long Exposure**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation** | **Notional**<br> **Amount** | **Counterparty** | **Rate paid by**<br> **the Fund** | **Payment**<br> **Frequency** | **Termination**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| MVIS US Business Development Companies Index | $10132820 | Bank of America | 4.17%(b) | Monthly | 08/31/26 | $(799193) |
| MVIS US Business Development Companies Index | $555589429 | UBS | 4.72%(c) | Monthly | 11/17/26 | (6053590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | $(6852783) |

---

**Footnotes:**

# All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $74,321,191.

(a) The rate shown is the 7-day yield as of 12/31/25.

(b) The rate shown reflects the rate in effect at December 31, 2025: Overnight Bank Funding Rate + 0.53%.

(c) The rate shown reflects the rate in effect at December 31, 2025: Secured Overnight Financing Rate + 0.85%.

(y) The rate shown is the calculated yield to maturity.

See Notes to Financial Statements

------

† Security fully or partially on loan. Total market value of securities on loan is $441,105,337.

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $1088928918 | $— | $— | $1088928918 |
| United States Treasury Obligations |  | 521776597 |  | 521776597 |
| Money Market Fund | 288549931 |  |  | 288549931 |
| **Total Investments** | $1377478849 | $521776597 | $— | $1899255446 |
| Other Financial Instruments: |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $— | $6852783 | $— | $6852783 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 72.7%** |  |  |  |
| **Energy: 12.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Petrochemical Corp.<br> 2.00%, 08/09/29 | CNY | 10000 | $1435519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp.<br> 3.20%, 07/27/26 | CNY | 5240 | 757249 |
|  |  |  | 2192768 |
| **Financials: 46.7%** |  |  |  |
| Agricultural Development Bank of China |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, 04/17/30 | CNY | 8020 | 1204089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 02/04/28 | CNY | 3400 | 504908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Reg S<br> 2.70%, 09/26/26 | CNY | 5800 | 836994 |
| China Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 09/11/33 | CNY | 4060 | 610695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 09/20/29 | CNY | 4800 | 729164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 01/08/29 | CNY | 4460 | 671709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 05/21/29 | CNY | 1950 | 296709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66%, 03/01/31 | CNY | 1170 | 182547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/20/30 | CNY | 4150 | 646191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%, 07/06/28 | CNY | 4360 | 660540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd. Reg S<br> 2.72%, 09/25/26 | CNY | 5800 | 837028 |
| Export-Import Bank of China |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 08/19/32 | CNY | 3300 | 500361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 02/13/33 | CNY | 580 | 89424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/16/31 | CNY | 3400 | 525529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Financials (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 11/16/30 | CNY |  | 1740 | $271738 |
|  |  |  |  | 8567626 |
| **Utilities: 14.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Huaneng Group Co. Ltd.<br> 3.95%, 04/21/26 | CNY |  | 4500 | 649173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Three Gorges Corp.<br> 4.15%, 05/11/26 | CNY |  | 3400 | 491440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangdong Hengjian Investment Holding Co. Ltd.<br> 3.28%, 01/14/27 | CNY |  | 4300 | 625718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Grid Corp. of China<br> 2.88%, 08/30/27 | CNY |  | 5500 | 802185 |
|  |  |  |  | 2568516 |
| **Total Corporate Bonds**<br> (Cost: $13,196,004) |  |  |  | 13328910 |
| **GOVERNMENT OBLIGATIONS: 25.3%** | **GOVERNMENT OBLIGATIONS: 25.3%** | **GOVERNMENT OBLIGATIONS: 25.3%** |  |  |
| China Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 01/25/30 | CNY |  | 3550 | 506069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%, 09/15/27 | CNY |  | 1760 | 252492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 08/15/27 | CNY |  | 7170 | 1031819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 05/25/34 | CNY |  | 3490 | 516738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/25/34 | CNY |  | 1760 | 262044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/28 | CNY |  | 3480 | 511306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 09/15/30 | CNY |  | 3400 | 509964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/25/33 | CNY |  | 6950 | 1059154 |
| **Total Government Obligations**<br> (Cost: $4,438,287) |  |  |  | 4649586 |
| **Total Investments: 98.0%**<br> (Cost: $17,634,291) |  |  |  | 17978496 |
| **Other assets less liabilities: 2.0%** | **Other assets less liabilities: 2.0%** |  |  | 365990 |
| **NET ASSETS: 100.0%** |  |  |  | $18344486 |

---

------

**Definitions:**

CNY Chinese Yuan

**Footnotes:**

---

| | |
|:---|:---|
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. 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. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds \* | $— | $13328910 | $— | $13328910 |
| Government Obligations \* |  | 4649586 |  | 4649586 |
| **Total Investments** | $— | $17978496 | $— | $17978496 |

---

<sup>\*</sup> See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS: 92.1%** | **COLLATERALIZED LOAN OBLIGATIONS: 92.1%** |  |
| 610 Funding CLO 2 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% (Term SOFR USD 3 Month+1.35%), 01/20/34 (a) | $10600 | $10605576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% (Term SOFR USD 3 Month+1.85%), 01/20/34 (a) | 6000 | 6008400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL Core CLO 8 Ltd. 144A<br> 5.38% (Term SOFR USD 3 Month+1.50%), 01/20/38 (a) | 3000 | 3002751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 24 Ltd. 144A<br> 5.98% (Term SOFR USD 3 Month+1.85%), 04/19/38 (a) | 2650 | 2669743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XII Ltd. 144A<br> 5.31% (Term SOFR USD 3 Month+1.44%), 07/21/37 (a) | 8625 | 8647460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 15 Ltd. 144A<br> 6.31% (Term SOFR USD 3 Month+2.10%), 07/20/38 (a) | 2000 | 2009564 |
| Anchorage Capital CLO 17 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% (Term SOFR USD 3 Month+1.45%), 02/15/38 (a) | 7875 | 7859817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% (Term SOFR USD 3 Month+1.65%), 02/15/38 (a) | 4250 | 4258985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 30 Ltd. 144A<br> 5.48% (Term SOFR USD 3 Month+1.60%), 01/20/37 (a) | 3075 | 3076316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LX CLO Ltd. 144A<br> 5.80% (Term SOFR USD 3 Month+1.91%), 07/18/34 (a) | 2000 | 2003130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arini US CLO II Ltd. 144A<br> 7.54% (Term SOFR USD 3 Month+3.25%), 03/31/38 (a) | 1250 | 1258825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arini US CLO III Ltd. 144A<br> 5.19% (Term SOFR USD 3 Month+1.27%), 01/15/39 (a) | 11000 | 11008019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2017-2 Ltd. 144A<br> 5.26% (Term SOFR USD 3 Month+1.40%), 07/25/37 (a) | 10600 | 10625037 |
| Bain Capital Credit CLO 2020-3 Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96% (Term SOFR USD 3 Month+3.10%), 10/23/34 (a) | $10130 | $10130071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-1 Ltd. 144A<br> 5.28% (Term SOFR USD 3 Month+1.40%), 04/18/34 (a) | 5950 | 5954028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-2 Ltd. 144A<br> 6.99% (Term SOFR USD 3 Month+3.10%), 07/16/34 (a) | 12850 | 12843575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-4 Ltd. 144A<br> 7.25% (Term SOFR USD 3 Month+3.36%), 10/20/34 (a) | 6780 | 6746798 |
| Bain Capital Credit CLO 2021-7 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66% (Term SOFR USD 3 Month+1.80%), 01/22/35 (a) | 4500 | 4504181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36% (Term SOFR USD 3 Month+6.50%), 01/22/35 (a) | 1100 | 1051524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO 2018-3 Ltd. 144A<br> 5.05% (Term SOFR USD 3 Month+1.19%), 10/25/30 (a) | 1373 | 1375521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXV Ltd. 144A<br> 5.25% (Term SOFR USD 3 Month+1.35%), 01/15/38 (a) | 13000 | 13014404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXX Ltd. 144A<br> 5.50% (Term SOFR USD 3 Month+1.60%), 04/15/35 (a) | 14475 | 14508654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXI Ltd. 144A<br> 5.75% (Term SOFR USD 3 Month+1.60%), 04/19/34 (a) | 14100 | 14114988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXII Ltd. 144A<br> 7.00% (Term SOFR USD 3 Month+3.10%), 10/15/34 (a) | 5000 | 5007225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXIII Ltd. 144A<br> 7.67% (Term SOFR USD 3 Month+3.75%), 10/20/38 (a) | 2000 | 2009078 |
| BlueMountain CLO XXXIV Ltd. 144A |  |  |

---

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% (Term SOFR USD 3 Month+1.60%), 04/20/35 (a) | $8779 | $8800236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXV Ltd. 144A<br> 5.56% (Term SOFR USD 3 Month+1.70%), 10/22/37 (a) | 11000 | 11027302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brant Point CLO 2024-4 Ltd. 144A<br> 5.63% (Term SOFR USD 3 Month+1.75%), 07/20/37 (a) | 5500 | 5513079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brant Point CLO 2025-8 Ltd. 144A<br> 5.66% (Term SOFR USD 3 Month+1.70%), 03/31/38 (a) | 1500 | 1503482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2016-1 Ltd. 144A<br> 5.87% (Term SOFR USD 3 Month+1.96%), 07/15/31 (a) | 10000 | 10045790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2016-2 Ltd. 144A<br> 5.92% (Term SOFR USD 3 Month+2.01%), 10/15/31 (a) | 6000 | 6009240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2019-1 Ltd. 144A<br> 5.33% (Term SOFR USD 3 Month+1.43%), 07/15/37 (a) | 2150 | 2154177 |
| Canyon Capital CLO 2019-2 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% (Term SOFR USD 3 Month+1.01%), 10/15/34 (a) | 5300 | 5290964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% (Term SOFR USD 3 Month+1.90%), 10/15/34 (a) | 12325 | 12346273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2020-1 Ltd. 144A<br> 5.85% (Term SOFR USD 3 Month+1.95%), 07/15/34 (a) | 11500 | 11512915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2020-2 Ltd. 144A<br> 5.43% (Term SOFR USD 3 Month+1.53%), 10/15/34 (a) | 16665 | 16660583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO Ltd. 144A<br> 5.06% (Term SOFR USD 3 Month+1.30%), 10/18/38 (a) | 16750 | 16764588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAM 2017-2 Ltd. 144A<br> 5.99% (Term SOFR USD 3 Month+2.11%), 07/17/34 (a) | 1500 | 1501577 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Cent CLO 31 Ltd. 144A<br> 5.48% (Term SOFR USD 3 Month+1.60%), 04/20/34 (a) | $5740 | $5740155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Cent CLO 32 Ltd. 144A<br> 6.25% (Term SOFR USD 3 Month+2.10%), 07/24/34 (a) | 10000 | 9993430 |
| Columbia Cent CLO 34 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% (Term SOFR USD 3 Month+1.65%), 01/25/38 (a) | 12000 | 12008688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71% (Term SOFR USD 3 Month+1.85%), 01/25/38 (a) | 2300 | 2306953 |
| Columbia Cent CLO 35 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% (Term SOFR USD 3 Month+1.75%), 07/25/36 (a) | 7500 | 7514550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32% (Term SOFR USD 3 Month+2.00%), 07/25/36 (a) | 1500 | 1501835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creeksource 2024-1 Dunes Creek CLO Ltd. 144A<br> 5.55% (Term SOFR USD 3 Month+1.65%), 01/15/38 (a) | 3500 | 3507893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 104 CLO Ltd. 144A<br> 5.49% (Term SOFR USD 3 Month+1.60%), 08/20/34 (a) | 1075 | 1075588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 61 CLO Ltd. 144A<br> 5.46% (Term SOFR USD 3 Month+1.58%), 01/17/32 (a) | 10375 | 10392959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 64 CLO Ltd. 144A<br> 5.12% (Term SOFR USD 3 Month+1.23%), 04/18/31 (a) | 338 | 338595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd. 144A<br> 6.94% (Term SOFR USD 3 Month+3.05%), 08/20/34 (a) | 5275 | 5240575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort Washington CLO 2019-1 144A<br> 5.58% (Term SOFR USD 3 Month+1.70%), 10/20/37 (a) | 5500 | 5509158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halseypoint CLO 7 Ltd. 144A<br> 6.08% (Term SOFR USD 3 Month+2.20%), 07/20/38 (a) | 1200 | 1203133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 2023-18 Ltd. 144A<br> 6.93% (Term SOFR USD 3 Month+3.05%), 07/20/39 (a) | 1500 | 1504766 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO 2021-3 Ltd. 144A<br> 5.98% (Term SOFR USD 3 Month+2.10%), 10/20/34 (a) | $6000 | $6007158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO 2025-2 Ltd. 144A<br> 5.01% (Term SOFR USD 3 Month+1.25%), 01/18/39 (a) | 18750 | 18768637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy Lewis CLO 12 Ltd. 144A<br> 6.28% (Term SOFR USD 3 Month+2.00%), 07/20/38 (a) | 2500 | 2515005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy Lewis CLO 22 Ltd. 144A<br> 5.85% (Term SOFR USD 3 Month+1.75%), 07/20/38 (a) | 12000 | 12062628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy Lewis CLO 9 Ltd. 144A<br> 5.63% (Term SOFR USD 3 Month+1.75%), 01/20/38 (a) | 10000 | 10046610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 24 Ltd. 144A<br> 5.23% (Term SOFR USD 3 Month+1.34%), 04/20/32 (a) | 1971 | 1972747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27 Ltd. 144A<br> 10.15% (Term SOFR USD 3 Month+6.25%), 01/15/35 (a) | 1000 | 976359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 28 Ltd. 144A<br> 5.52% (Term SOFR USD 3 Month+1.65%), 02/09/35 (a) | 14200 | 14244403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 30 Ltd. 144A<br> 5.73% (Term SOFR USD 3 Month+1.85%), 04/17/37 (a) | 2500 | 2505543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 36 Ltd. 144A<br> 5.92% (Term SOFR USD 3 Month+1.75%), 10/15/34 (a) | 22000 | 22021889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 37 Ltd. 144A<br> 5.53% (Term SOFR USD 3 Month+1.65%), 04/20/38 (a) | 15700 | 15729218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 40 Ltd. 144A<br> 5.58% (Term SOFR USD 3 Month+1.70%), 10/20/34 (a) | 6350 | 6356217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 45a Ltd. 144A<br> 6.04% (Term SOFR USD 3 Month+1.75%), 07/15/38 (a) | 3275 | 3291300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 29 Ltd. 144A<br> 5.24% (Term SOFR USD 3 Month+1.33%), 04/15/31 (a) | 1734 | 1737057 |
| LCM 39 Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% (Term SOFR USD 3 Month+2.00%), 10/15/34 (a) | $14250 | $14278329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15% (Term SOFR USD 3 Month+3.25%), 10/15/34 (a) | 3575 | 3548095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90% (Term SOFR USD 3 Month+7.00%), 10/15/34 (a) | 1250 | 1252474 |
| LCM 40 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% (Term SOFR USD 3 Month+2.15%), 01/15/38 (a) | 13200 | 13242148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40% (Term SOFR USD 3 Month+7.50%), 01/15/38 (a) | 1500 | 1474058 |
| LCM 41 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% (Term SOFR USD 3 Month+1.70%), 04/15/36 (a) | 3300 | 3297278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% (Term SOFR USD 3 Month+3.60%), 04/15/36 (a) | 1850 | 1855195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding LXIII Ltd. 144A<br> 6.02% (Term SOFR USD 3 Month+2.15%), 07/21/38 (a) | 2000 | 2014412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marble Point CLO XXII Ltd. 144A<br> 5.56% (Term SOFR USD 3 Month+1.70%), 07/25/34 (a) | 5200 | 5205871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI Ltd. 144A<br> 5.38% (Term SOFR USD 3 Month+1.50%), 01/18/36 (a) | 4500 | 4502241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XX 144A<br> 4.96% (Term SOFR USD 3 Month+1.23%), 01/20/39 (a) | 2680 | 2682742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 38 Ltd. 144A<br> 5.28% (Term SOFR USD 3 Month+1.40%), 10/20/36 (a) | 26700 | 26722267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 42 Ltd. 144A<br> 5.29% (Term SOFR USD 3 Month+1.40%), 07/16/36 (a) | 22500 | 22512712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocean Trails CLO XI 144A<br> 5.43% (Term SOFR USD 3 Month+1.55%), 07/20/34 (a) | 9800 | 9804861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2019-17 Ltd. 144A<br> 5.28% (Term SOFR USD 3 Month+1.40%), 07/20/37 (a) | 5950 | 5969760 |

---

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 54 Ltd. 144A<br> 5.29% (Term SOFR USD 3 Month+1.38%), 07/15/34 (a) | $5900 | $5903581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 64 Ltd. 144A<br> 5.57% (Term SOFR USD 3 Month+1.70%), 07/21/37 (a) | 25000 | 25039474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 66 Ltd. 144A<br> 5.65% (Term SOFR USD 3 Month+1.90%), 02/16/37 (a) | 3600 | 3612859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 28 Ltd. 144A<br> 5.59% (Term SOFR USD 3 Month+1.72%), 04/24/37 (a) | 2500 | 2506138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OZLM XIV Ltd. 144A<br> 5.74% (Term SOFR USD 3 Month+1.84%), 01/15/38 (a) | 16400 | 16446625 |
| OZLM XIX Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% (Term SOFR USD 3 Month+1.35%), 01/15/35 (a) | 16625 | 16637152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% (Term SOFR USD 3 Month+2.05%), 01/15/35 (a) | 3125 | 3129138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40% (Term SOFR USD 3 Month+3.50%), 01/15/35 (a) | 10000 | 10026470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO 2023-2 Ltd. 144A<br> 6.08% (Term SOFR USD 3 Month+2.20%), 07/20/38 (a) | 2000 | 2014404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO Ltd. 2021-1 144A<br> 5.88% (Term SOFR USD 3 Month+1.65%), 01/20/34 (a) | 4000 | 4003732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO 2024-V Ltd. 144A<br> 5.34% (Term SOFR USD 3 Month+1.48%), 07/25/37 (a) | 5100 | 5115101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polus US CLO II Ltd. 144A<br> 8.63% (Term SOFR USD 3 Month+4.75%), 07/20/38 (a) | 2000 | 2020364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polus US CLO III Ltd. 144A<br> 1.00% (Term SOFR USD 3 Month+2.05%), 01/20/39 (a) | 3000 | 3002250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 22 Ltd. 144A<br> 5.68% (Term SOFR USD 3 Month+1.95%), 10/20/40 (a) | 2925 | 2933178 |
| Regatta VI Funding Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (Term SOFR USD 3 Month+1.25%), 10/20/38 (a) | $36400 | $36412775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2019-2 Ltd. 144A<br> 5.89% (Term SOFR USD 3 Month+2.00%), 08/20/32 (a) | 3000 | 3006111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2020-1 Ltd. 144A<br> 5.78% (Term SOFR USD 3 Month+1.90%), 01/20/36 (a) | 8650 | 8663485 |
| Rockford Tower CLO 2021-2 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86% (Term SOFR USD 3 Month+1.70%), 07/20/34 (a) | 12500 | 12506813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% (Term SOFR USD 3 Month+1.95%), 07/20/34 (a) | 8500 | 8506724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2021-3 Ltd. 144A<br> 5.55% (Term SOFR USD 3 Month+1.65%), 01/15/38 (a) | 13500 | 13518887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2022-1 Ltd. 144A<br> 5.97% (Term SOFR USD 3 Month+1.70%), 07/20/35 (a) | 10500 | 10517378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2022-3 Ltd. 144A<br> 5.32% (Term SOFR USD 3 Month+1.44%), 07/20/37 (a) | 12000 | 12031236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR 20 Ltd. 144A<br> 5.45% (Term SOFR USD 3 Month+1.55%), 07/15/37 (a) | 22000 | 22014849 |
| Sagard-Halseypoint CLO 10 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% (Term SOFR USD 3 Month+1.75%), 10/20/38 (a) | 22000 | 22053811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% (Term SOFR USD 3 Month+2.05%), 10/20/38 (a) | 13000 | 13057707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagard-Halseypoint CLO 8 Ltd. 144A<br> 5.23% (Term SOFR USD 3 Month+1.39%), 01/30/38 (a) | 14500 | 14521895 |
| Sculptor CLO XXIX Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% (Term SOFR USD 3 Month+1.37%), 07/22/38 (a) | 6200 | 6218619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24% (Term SOFR USD 3 Month+1.75%), 07/22/38 (a) | 20000 | 20061019 |
| Sculptor CLO XXVI Ltd. 144A |  |  |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% (Term SOFR USD 3 Month+1.85%), 01/20/38 (a) | $1725 | $1729930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVIII Ltd. 144A<br> 5.83% (Term SOFR USD 3 Month+1.95%), 01/20/35 (a) | 9000 | 9006390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXX Ltd. 144A<br> 5.93% (Term SOFR USD 3 Month+2.05%), 07/20/38 (a) | 2000 | 2002430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 10 Ltd. 144A<br> 5.32% (Term SOFR USD 3 Month+1.45%), 01/24/38 (a) | 1500 | 1498922 |
| Signal Peak CLO 4 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% (Term SOFR USD 3 Month+1.65%), 10/26/34 (a) | 37000 | 37089761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16% (Term SOFR USD 3 Month+2.00%), 10/26/34 (a) | 13850 | 13865803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32% (Term SOFR USD 3 Month+3.46%), 10/26/34 (a) | 7400 | 7301173 |
| Signal Peak CLO 9 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% (Term SOFR USD 3 Month+1.36%), 01/21/38 (a) | 5275 | 5292112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% (Term SOFR USD 3 Month+1.75%), 01/21/38 (a) | 6950 | 6982443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point CLO 9 Ltd. 144A<br> 6.09% (Term SOFR USD 3 Month+1.80%), 03/31/38 (a) | 5000 | 5025655 |
| Silver Rock CLO II Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% (Term SOFR USD 3 Month+1.60%), 01/20/35 (a) | 21000 | 20983451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% (Term SOFR USD 3 Month+2.10%), 01/20/35 (a) | 2000 | 2002812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO V Ltd. 144A<br> 1.00% (Term SOFR USD 3 Month+2.10%), 01/20/39 (a) | 4000 | 4003000 |
| Sound Point CLO 2025R-1 Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54% (Term SOFR USD 3 Month+1.65%), 02/20/38 (a) | 10200 | 10215800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99% (Term SOFR USD 3 Month+2.10%), 02/20/38 (a) | 1000 | 1004189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XVIII Ltd. 144A<br> 5.27% (Term SOFR USD 3 Month+1.38%), 01/21/31 (a) | 292 | 291864 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXIII Ltd. 144A<br> 5.34% (Term SOFR USD 3 Month+1.43%), 07/15/34 (a) | $1000 | $1001586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXIX Ltd. 144A<br> 5.50% (Term SOFR USD 3 Month+1.60%), 04/25/34 (a) | 2900 | 2902294 |
| Sound Point CLO XXVI Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (Term SOFR USD 3 Month+1.43%), 07/20/34 (a) | 1100 | 1101397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% (Term SOFR USD 3 Month+1.91%), 07/20/34 (a) | 10510 | 10515339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXXI Ltd. 144A<br> 7.37% (Term SOFR USD 3 Month+3.51%), 10/25/34 (a) | 2250 | 2209968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXXIII Ltd. 144A<br> 5.76% (Term SOFR USD 3 Month+1.90%), 04/25/35 (a) | 9900 | 9911771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sycamore Tree CLO 2021-1 Ltd. 144A<br> 5.27% (Term SOFR USD 3 Month+1.39%), 01/20/38 (a) | 11000 | 11044143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 42 Ltd. 144A<br> 5.41% (Term SOFR USD 3 Month+1.53%), 04/17/37 (a) | 10600 | 10620606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCI-Symphony CLO 2017-1 Ltd. 144A<br> 5.10% (Term SOFR USD 3 Month+1.19%), 07/15/30 (a) | 560 | 560388 |
| TCW CLO 2019-1 AMR Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (Term SOFR USD 3 Month+1.30%), 08/16/34 (a) | 2300 | 2301801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% (Term SOFR USD 3 Month+1.95%), 08/16/34 (a) | 9150 | 9158885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78% (Term SOFR USD 3 Month+3.93%), 08/16/34 (a) | 3200 | 3203171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2020-1 Ltd. 144A<br> 5.88% (Term SOFR USD 3 Month+2.00%), 04/20/34 (a) | 4200 | 4204637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2021-1 Ltd. 144A<br> 5.98% (Term SOFR USD 3 Month+2.10%), 01/20/38 (a) | 8200 | 8231734 |

---

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2023-1 Ltd. 144A<br> 5.62% (Term SOFR USD 3 Month+1.75%), 03/31/38 (a) | $2000 | $2008600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THL Credit Wind River 2017- 3 CLO Ltd. 144A<br> 6.10% (Term SOFR USD 3 Month+2.20%), 04/15/35 (a) | 2000 | 2002436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIAA CLO I Ltd. 144A<br> 5.13% (Term SOFR USD 3 Month+1.25%), 07/20/31 (a) | 1759 | 1758761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TICP CLO VII Ltd. 144A<br> 5.80% (Term SOFR USD 3 Month+1.90%), 04/15/33 (a) | 3700 | 3703911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XIV Ltd. 144A<br> 5.96% (Term SOFR USD 3 Month+2.10%), 01/25/34 (a) | 11500 | 11528049 |
| Trinitas CLO XIX Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% (Term SOFR USD 3 Month+1.11%), 10/20/33 (a) | 26490 | 26499138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83% (Term SOFR USD 3 Month+2.95%), 10/20/33 (a) | 7000 | 7007063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XVII Ltd. 144A<br> 7.41% (Term SOFR USD 3 Month+3.25%), 10/20/34 (a) | 3250 | 3258252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XVIII Ltd. 144A<br> 5.63% (Term SOFR USD 3 Month+1.75%), 01/20/35 (a) | 12775 | 12787009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XX Ltd. 144A<br> 5.38% (Term SOFR USD 3 Month+1.50%), 07/20/35 (a) | 17000 | 17000237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2018-1 Ltd. 144A<br> 5.10% (Term SOFR USD 3 Month+1.21%), 04/19/31 (a) | 1271 | 1271132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wehle Park CLO Ltd. 144A<br> 5.85% (Term SOFR USD 3 Month+1.90%), 10/21/38 (a) | 5000 | 5015040 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| Wellfleet CLO 2021-2 Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% (Term SOFR USD 3 Month+1.75%), 07/15/34 (a) | $| 7750 | $7764531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% (Term SOFR USD 3 Month+3.75%), 07/15/34 (a) |  | 5500 | 5497476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebox CLO III Ltd. 144A<br> 5.80% (Term SOFR USD 3 Month+1.90%), 10/15/35 (a) |  | 2100 | 2102300 |
| Wind River 2021-2 CLO Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% (Term SOFR USD 3 Month+1.60%), 07/20/34 (a) |  | 6000 | 6003750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01% (Term SOFR USD 3 Month+2.00%), 07/20/34 (a) |  | 1755 | 1757638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2023-1 CLO Ltd. 144A<br> 5.91% (Term SOFR USD 3 Month+2.05%), 07/25/38 (a) |  | 1000 | 1005511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2024-1 CLO Ltd. 144A<br> 5.48% (Term SOFR USD 3 Month+1.60%), 04/20/37 (a) |  | 10000 | 10023560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WISE CLO 2023-1 Ltd. 144A<br> 5.85% (Term SOFR USD 3 Month+1.70%), 10/20/38 (a) |  | 2250 | 2255774 |
| **Total Collateralized Loan Obligations** <br> (Cost: $1,216,707,611) | **Total Collateralized Loan Obligations** <br> (Cost: $1,216,707,611) |  | 1218854766 |
| **SHORT-TERM INVESTMENT: 6.6%** |  |  |  |
| **United States Treasury Obligations: 6.6% <br> (Cost: $87,774,184)** | **United States Treasury Obligations: 6.6% <br> (Cost: $87,774,184)** | **United States Treasury Obligations: 6.6% <br> (Cost: $87,774,184)** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill (y)<br> 3.52%, 01/27/26 |  | 88000 | 87784622 |
| **Total Investments: 98.7%** <br> (Cost: $1,304,481,795) | **Total Investments: 98.7%** <br> (Cost: $1,304,481,795) | **Total Investments: 98.7%** <br> (Cost: $1,304,481,795) | 1306639388 |
| **Other assets less liabilities: 1.3%** |  |  | 17846841 |
| **NET ASSETS: 100.0%** |  |  | $1324486229 |

---

**Definitions:**

SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Variable rate security — the rate shown is as of 12/31/25 |
| (y) | The rate shown is the calculated yield to maturity. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $1,218,854,766, or 92.0% of net assets. |

---

See Notes to Financial Statements

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br> Quoted <br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Collateralized Loan Obligations | $— | $1218854766 | $— | $1218854766 |
| United States Treasury Obligations |  | 87784622 |  | 87784622 |
| **Total Investments** | $— | $1306639388 | $— | $1306639388 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 97.4%** |  |  |  |
| **Argentina: 1.6%** |  |  |  |
| Arcor SAIC 144A <br> 7.60%, 07/31/33 | USD | 50 | $50575 |
| Pampa Energia SA 144A <br> 7.88%, 12/16/34 | USD | 75 | 75592 |
| Pan American Energy LLC 144A <br> 8.50%, 04/30/32 | USD | 25 | 26562 |
| Pluspetrol SA 144A <br> 8.50%, 05/30/32 | USD | 100 | 101757 |
| Tecpetrol SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 11/03/30 | USD | 25 | 24853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 01/22/33 | USD | 25 | 25325 |
| Telecom Argentina SA 144A <br> 9.50%, 07/18/31 | USD | 75 | 79144 |
| Transportadora de Gas del Sur SA 144A <br> 8.50%, 07/24/31 | USD | 25 | 26025 |
| Vista Energy Argentina SAU 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 12/10/35 | USD | 25 | 25013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/10/33 | USD | 25 | 25719 |
| YPF Energia Electrica SA 144A <br> 7.88%, 10/16/32 | USD | 25 | 25108 |
| YPF SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/27 | USD | 25 | 25219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/30/33 (s) | USD | 75 | 73741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/47 | USD | 25 | 22052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/17/34 | USD | 50 | 51223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/11/31 | USD | 81 | 83941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/30/29 (s) | USD | 25 | 26075 |
|  |  |  | 767924 |
| **Australia: 1.1%** |  |  |  |
| Fortescue Treasury Pty Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/31 | USD | 50 | 48401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/27 | USD | 25 | 24960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/30 | USD | 100 | 102926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 04/15/32 | USD | 50 | 52219 |
| Karoon USA Finance, Inc. 144A <br> 10.50%, 05/14/29 | USD | 25 | 25866 |
| Mineral Resources Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/31 | USD | 100 | 104371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/30 | USD | 100 | 104084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/28 | USD | 25 | 26260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A<br> 5.00%, 01/27/30 | USD | 30 | 27627 |
|  |  |  | 516714 |
| **Austria: 0.4%** |  |  |  |
| ams-OSRAM AG Reg S <br> 10.50%, 03/30/29 | EUR | 100 | 122752 |
| LD Celulose International GmbH 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Austria (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 01/26/32 | USD | 50 | $52256 |
|  |  |  | 175008 |
| **Bahrain: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bapco Energies BSCC 144A<br> 7.50%, 10/25/27 | USD | 200 | 207592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bapco Energies Sukuk Ltd. 144A<br> 5.25%, 04/08/29 | USD | 100 | 99818 |
|  |  |  | 307410 |
| **Belgium: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azelis Finance NV Reg S<br> 4.75%, 09/25/29 | EUR | 100 | 120610 |
| **Bermuda: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel Group Holdings Ltd. 144A<br> 0.00%, 12/31/30 ^¥ | USD | 31 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Energy Resources Ltd. 144A<br> 6.25%, 04/26/29 | USD | 50 | 50401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seadrill Finance Ltd. 144A<br> 8.38%, 08/01/30 | USD | 100 | 104065 |
|  |  |  | 154466 |
| **Brazil: 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amaggi Luxembourg International Sarl 144A<br> 5.25%, 01/28/28 | USD | 50 | 49196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axia Energia 144A<br> 4.62%, 02/04/30 | USD | 50 | 48396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao 144A<br> 4.12%, 09/20/31 | USD | 50 | 46969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA 144A<br> 6.50%, 01/22/30 † | USD | 50 | 52646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil SA 144A<br> 6.00%, 03/18/31 | USD | 100 | 103076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Votorantim SA 144A<br> 5.88%, 04/08/28 | USD | 100 | 101795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI 144A<br> 7.45%, 11/15/29 (d) \* | USD | 75 | 43875 |
| Braskem Netherlands Finance BV 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/10/28 † | USD | 50 | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/31/30 | USD | 50 | 19580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/50 | USD | 50 | 17406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/13/33 | USD | 50 | 19407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRF SA 144A<br> 4.88%, 01/24/30 | USD | 50 | 48545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caixa Economica Federal 144A<br> 5.62%, 05/13/30 | USD | 100 | 101732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan Luxembourg SA 144A<br> 5.50%, 09/20/29 | USD | 50 | 49011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Inova Ventures 144A<br> 6.75%, 01/28/28 † | USD | 50 | 46394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globo Comunicacao e Participacoes S/A 144A<br> 5.50%, 01/14/32 | USD | 100 | 98684 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA 144A<br> 6.00%, 02/27/30 | USD | 50 | $51906 |
| Klabin Austria GmbH 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 01/12/31 | USD | 100 | 90577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/03/29 | USD | 50 | 50921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARB BondCo PLC 144A<br> 3.95%, 01/29/31 | USD | 50 | 45368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV24 Capital BV 144A<br> 6.75%, 06/01/34 | USD | 17 | 17234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natura & Co. Luxembourg Holdings Sarl 144A<br> 4.12%, 05/03/28 | USD | 100 | 94423 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/03/31 | USD | 25 | 25144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/27/28 | USD | 75 | 76478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/27/41 | USD | 50 | 50315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 06/05/15 | USD | 75 | 70422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/20/40 | USD | 50 | 51045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 03/19/49 | USD | 25 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/17/44 | USD | 25 | 26000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/17/27 | USD | 25 | 25851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'or Finance Sarl 144A<br> 4.50%, 01/22/30 | USD | 50 | 48661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A<br> 5.25%, 01/10/28 | USD | 50 | 49940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao SA 144A<br> 9.50%, 06/30/31 | USD | 196 | 198644 |
|  |  |  | 1864991 |
| **Bulgaria: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgarian Energy Holding EAD Reg S<br> 2.45%, 07/22/28 | EUR | 100 | 113397 |
| **Burkina Faso: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. 144A<br> 5.75%, 10/15/28 | USD | 25 | 24951 |
| **Canada: 7.5%** |  |  |  |
| 1011778 BC ULC / New Red Finance, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/29 | USD | 125 | 121214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/28 | USD | 75 | 74002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/30 | USD | 100 | 95353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/15/29 | USD | 100 | 101944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/15/29 | USD | 50 | 51384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada 144A<br> 4.62%, 08/15/29 | CAD | 100 | 72998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp.<br> 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 (a) | USD | 50 | 49518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AltaGas Ltd.<br> 5.25% (Generic Canadian 5 Year+3.81%), 01/11/82 (a) | CAD | 15 | 10974 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 (a) | CAD | 25 | $19140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90% (Generic Canadian 5 Year+5.09%), 11/10/83 (a) | CAD | 25 | 20276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AltaGas Ltd. 144A<br> 7.20% (US Treasury Yield Curve Rate T 5 Year+3.57%), 10/15/54 (a) | USD | 25 | 25942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Automation Tooling Systems, Inc. 144A<br> 4.12%, 12/15/28 | USD | 25 | 24486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Corp.<br> 6.50%, 08/21/32 | CAD | 25 | 18612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada<br> 5.62% (Generic Canadian 5 Year+2.95%), 03/27/55 (a) | CAD | 75 | 55913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% (US Treasury Yield Curve Rate T 5 Year+2.39%), 09/15/55 (a) | USD | 100 | 103588 |
| Bombardier, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/15/28 | USD | 25 | 25092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/32 | USD | 25 | 26447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/01/31 | USD | 50 | 53345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 05/01/34 | USD | 50 | 56133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/01/29 | USD | 25 | 26087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/30 | USD | 75 | 81124 |
| Brookfield Property Finance ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/15/27 | CAD | 25 | 18212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 02/13/28 | CAD | 25 | 19158 |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | USD | 25 | 24307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/15/27 | USD | 50 | 50210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Power Corp.<br> 8.12% (Generic Canadian 5 Year+4.44%), 06/05/54 (a) | CAD | 25 | 20541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Copper Corp. 144A<br> 6.75%, 03/31/33 | USD | 50 | 51930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA Inc 144A<br> 5.38%, 01/15/28 | USD | 25 | 24952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Iron Canada, Inc. 144A<br> 7.88%, 07/15/32 | USD | 25 | 26643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cineplex, Inc. 144A<br> 7.62%, 03/31/29 | CAD | 25 | 19004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogeco Communications, Inc.<br> 6.12%, 02/27/29 | CAD | 25 | 18873 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corus Entertainment, Inc. Reg S<br> 5.00%, 05/11/28 | CAD | 25 | $6657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doman Building Materials Group Ltd.<br> 7.50%, 09/17/29 | CAD | 25 | 18683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dye & Durham Ltd. 144A<br> 8.62%, 04/15/29 † | USD | 15 | 14159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corp. 144A<br> 6.25%, 09/01/29 | USD | 25 | 25299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Communities Corp. 144A<br> 9.75%, 05/01/29 | USD | 25 | 25818 |
| First Quantum Minerals Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/34 | USD | 100 | 105211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/33 | USD | 50 | 53460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 06/01/31 | USD | 50 | 52680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 03/01/29 | USD | 50 | 52713 |
| Garda World Security Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/29 | USD | 50 | 49079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/15/32 | USD | 75 | 76506 |
| GFL Environmental, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/28 | USD | 100 | 98692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/29 | USD | 25 | 24602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/29 | USD | 25 | 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/31 | USD | 100 | 105042 |
| goeasy Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/30 | USD | 25 | 23887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/30 | USD | 75 | 72237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 07/01/29 | USD | 15 | 14845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/01/28 | USD | 15 | 15435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC 144A<br> 8.75%, 11/15/29 | USD | 25 | 25271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC 144A<br> 9.00%, 02/15/29 | USD | 40 | 41999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Pipeline Ltd.<br> 6.88% (Canada Bankers' Acceptances 3 Month+5.01%), 03/26/79 (a) | CAD | 25 | 19196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. 144A<br> 7.88%, 01/23/30 | USD | 100 | 103533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. 144A<br> 8.50%, 03/15/30 | USD | 25 | 26220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corp.<br> 5.95% (Generic Canadian 5 Year+4.66%), 03/10/81 (a) | CAD | 25 | 18828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% (Canada Bankers' Acceptances 3 Month+5.17%), 06/13/79 (a) | CAD | 25 | 19433 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurentian Bank of Canada<br> 5.09% (Canada Bankers' Acceptances 3 Month+2.42%), 06/15/32 (a) | CAD | 25 | $18336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattamy Group Corp. 144A<br> 4.62%, 03/01/30 | USD | 25 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercer International, Inc.<br> 5.12%, 02/01/29 † | USD | 50 | 32098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex Corp.<br> 5.25%, 12/15/29 | USD | 100 | 100978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc. 144A<br> 6.88%, 04/01/32 | USD | 25 | 26652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northriver Midstream Finance LP 144A<br> 6.75%, 07/15/32 | USD | 25 | 25494 |
| NOVA Chemicals Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/29 | USD | 25 | 24469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/27 | USD | 40 | 40378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/15/28 | USD | 50 | 52340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/30 | USD | 25 | 26725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp. 144A<br> 3.88%, 12/01/29 | USD | 75 | 71280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp.<br> 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 (a) | CAD | 50 | 36383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc.<br> 5.62% (Generic Canadian 5 Year+2.85%), 04/15/55 (a) | CAD | 50 | 37296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (US Treasury Yield Curve Rate T 5 Year+2.65%), 04/15/55 (a) | USD | 50 | 52345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% (US Treasury Yield Curve Rate T 5 Year+2.62%), 04/15/55 (a) | USD | 25 | 26339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. 144A<br> 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 (a) | USD | 50 | 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Oil & Gas, Inc. 144A<br> 9.62%, 06/15/29 | USD | 24 | 23679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sleep Country Canada Holdings, Inc.<br> 6.62%, 11/28/32 | CAD | 25 | 18588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.<br> 7.50% (US Treasury Yield Curve Rate T 5 Year+3.67%), 03/01/55 (a) | USD | 25 | 26737 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62% (US Treasury Yield Curve Rate T 5 Year+3.95%), 03/01/55 (a) | USD | 50 | $52306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Plus LP / Superior General Partner, Inc. 144A<br> 4.50%, 03/15/29 | USD | 25 | 24419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Plus LP 144A<br> 4.25%, 05/18/28 | CAD | 25 | 18010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tamarack Valley Energy Ltd. 144A<br> 7.25%, 05/10/27 | CAD | 25 | 18562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taseko Mines Ltd. 144A<br> 8.25%, 05/01/30 | USD | 25 | 26587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teine Energy Ltd. 144A<br> 6.88%, 04/15/29 | USD | 25 | 25091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada / Telesat LLC 144A<br> 5.62%, 12/06/26 | USD | 25 | 19982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELUS Corp.<br> 6.25% (Generic Canadian 5 Year+3.48%), 07/21/55 (a) | CAD | 75 | 57353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% (Generic Canadian 5 Year+3.61%), 07/21/55 (a) | CAD | 65 | 51439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (US Treasury Yield Curve Rate T 5 Year+2.71%), 10/15/55 (a) | USD | 50 | 52076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp. 144A<br> 5.62%, 03/24/32 | CAD | 25 | 19082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp. Reg S<br> 5.62%, 03/24/32 | CAD | 25 | 19651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. 144A<br> 7.25%, 02/15/33 | USD | 25 | 23573 |
|  |  |  | 3624483 |
| **Cayman Islands: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA 144A<br> 6.25%, 04/08/29 | USD | 50 | 51943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co. Ltd. 144A<br> 8.75%, 09/01/27 | USD | 40 | 41532 |
|  |  |  | 93475 |
| **Chile: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falabella SA 144A<br> 3.38%, 01/15/32 | USD | 50 | 44778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inversiones CMPC SA 144A<br> 6.70% (US Treasury Yield Curve Rate T 5 Year+2.83%), 12/09/57 (a) | USD | 100 | 100556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latam Airlines Group SA 144A<br> 7.88%, 04/15/30 | USD | 100 | 105302 |
|  |  |  | 250636 |
| **China: 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFAMC III Co. Ltd. Reg S<br> 4.25%, 11/07/27 | USD | 200 | 198927 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |  |
| Melco Resorts Finance Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/29 | USD | 100 | $99071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/17/27 | USD | 50 | 50013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/21/28 | USD | 50 | 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. 144A<br> 4.75%, 02/01/27 | USD | 100 | 99643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City Finance Ltd. 144A<br> 5.00%, 01/15/29 | USD | 100 | 96646 |
|  |  |  | 594316 |
| **Colombia: 2.2%** |  |  |  |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/02/31 | USD | 125 | 112135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/28/45 | USD | 50 | 37243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/29/30 | USD | 100 | 101515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/18/43 | USD | 100 | 91751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/32 | USD | 75 | 77281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/36 | USD | 100 | 102979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 01/19/29 | USD | 50 | 53625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/33 | USD | 75 | 80148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresas Publicas de Medellin ESP 144A<br> 4.25%, 07/18/29 | USD | 75 | 70648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aval Ltd. 144A<br> 4.38%, 02/04/30 | USD | 50 | 46895 |
| Grupo Nutresa SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/12/30 | USD | 50 | 54076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 05/12/35 | USD | 150 | 169606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termocandelaria Power SA 144A<br> 7.75%, 09/17/31 | USD | 50 | 51765 |
|  |  |  | 1049667 |
| **Costa Rica: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instituto Costarricense de Electricidad 144A<br> 6.38%, 05/15/43 | USD | 50 | 49713 |
| **Czech Republic: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechoslovak Group AS Reg S<br> 5.25%, 01/10/31 | EUR | 100 | 121846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energo - Pro as Reg S<br> 8.00%, 05/27/30 | EUR | 100 | 124018 |
|  |  |  | 245864 |
| **Denmark: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab Finance LLC 144A<br> 6.25%, 12/15/32 | USD | 150 | 153831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orsted AS Reg S<br> 1.75% (EUR Swap Annual 5 Year+1.95%), 12/09/19 (a) | EUR | 100 | 112741 |
|  |  |  | 266572 |
| **Dominican Republic: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuertos Dominicanos Siglo XXI SA 144A<br> 7.00%, 06/30/34 | USD | 25 | 26374 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Finland: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finnair Oyj Reg S<br> 4.75%, 05/24/29 | EUR | 100 | $120560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBB Treasury Oyj Reg S<br> 1.12%, 11/26/29 | EUR | 100 | 85723 |
|  |  |  | 206283 |
| **France: 11.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accor SA Reg S<br> 7.25% (EUR Swap Annual 5 Year+4.11%), 01/11/29 (o)(a) | EUR | 100 | 128957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air France-KLM Reg S<br> 8.12%, 05/31/28 | EUR | 100 | 130491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alstom SA Reg S<br> 5.87% (EUR Swap Annual 5 Year+2.93%), 05/29/29 (o)(a) | EUR | 100 | 124610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA 144A<br> 6.50%, 04/15/32 | USD | 77 | 73875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atos SE Reg S<br> 9.36%, 12/18/29 (s) | EUR | 75 | 101099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banijay Entertainment SAS 144A<br> 8.12%, 05/01/29 | USD | 50 | 52120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAB Selas Reg S<br> 3.38%, 02/01/28 | EUR | 100 | 114467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerba Healthcare SACA Reg S<br> 3.50%, 05/31/28 | EUR | 100 | 85635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMA CGM SA Reg S<br> 5.50%, 07/15/29 | EUR | 100 | 121894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium SE 144A<br> 3.75%, 04/15/29 | USD | 100 | 96643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA 144A<br> 9.12% (US Treasury Yield Curve Rate T 5 Year+5.41%), 03/15/33 (o)(a) | USD | 50 | 58344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA Reg S<br> 3.38% (EUR Swap Annual 5 Year+3.97%), 06/15/30 (o)(a) | EUR | 200 | 224726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (BPISDS15+3.32%), 01/22/29 (o)(a) | GBP | 100 | 135192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.77%), 06/17/35 (o)(a) | GBP | 100 | 138304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emeria SASU Reg S<br> 7.75%, 03/31/28 | EUR | 100 | 108218 |
| &nbsp;&nbsp;&nbsp;Eramet SA Reg S<br> 6.50%, 11/30/29 | EUR | 100 | 116824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific SE Reg S<br> 6.75% (Euribor 3 Month ACT/360+4.24%), 04/24/28 (o)(a) | EUR | 100 | 124903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eutelsat SA Reg S<br> 2.25%, 07/13/27 | EUR | 100 | 116583 |
| Fnac Darty SA Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/29 | EUR | 100 | $122006 |
| Forvia SE Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 06/15/27 | EUR | 100 | 116882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/31 | EUR | 100 | 122011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/15/30 | EUR | 100 | 122793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding d'Infrastructures des Metiers de l'Environnement SAS Reg S<br> 0.62%, 09/16/28 | EUR | 100 | 109391 |
| Iliad Holding SAS 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/28 | USD | 100 | 101330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/31 | USD | 100 | 107690 |
| iliad SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/14/27 | EUR | 100 | 121161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 02/15/30 | EUR | 100 | 126469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loxam SAS Reg S<br> 6.38%, 05/31/29 | EUR | 90 | 109624 |
| New Immo Holding SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/17/28 | EUR | 100 | 121740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/22/29 | EUR | 100 | 122556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexans SA Reg S<br> 4.12%, 05/29/29 | EUR | 100 | 120620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS Reg S<br> 5.50%, 03/31/32 | EUR | 100 | 121489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paprec Holding SA Reg S<br> 3.50%, 07/01/28 | EUR | 100 | 117619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Picard Groupe SAS Reg S<br> 6.38%, 07/01/29 | EUR | 100 | 122831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCI Banque SA Reg S<br> 5.50% (EUR Swap Annual 5 Year+2.75%), 10/09/34 (a) | EUR | 100 | 124000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renault SA Reg S<br> 2.50%, 04/01/28 | EUR | 100 | 116578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel SA Reg S<br> 2.12%, 06/15/28 | EUR | 100 | 115834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seche Environnement SACA Reg S<br> 4.50%, 03/25/30 | EUR | 100 | 119909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNF Group SACA Reg S<br> 2.62%, 02/01/29 | EUR | 100 | 115142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tereos Finance Groupe I SA Reg S<br> 7.25%, 04/15/28 | EUR | 100 | 119081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield SE Reg S<br> 4.88% (EUR Swap Annual 5 Year+2.50%), 07/04/30 (o)(a) | EUR | 100 | 120492 |
| Valeo SE Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 08/03/28 | EUR | 100 | 111840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/11/30 | EUR | 100 | 120134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vallourec SACA 144A<br> 7.50%, 04/15/32 | USD | 50 | 53152 |
| Veolia Environnement SA Reg S |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% (EUR Swap Annual 5 Year+2.84%), 01/20/29 (o)(a) | EUR | 100 | $113124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% (EUR Swap Annual 5 Year+2.05%), 05/20/30 (o)(a) | EUR | 100 | 119528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldline SA Reg S<br> 5.25%, 11/27/29 | EUR | 100 | 104241 |
|  |  |  | 5392152 |
| **Georgia: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC 144A<br> 4.00%, 06/17/28 | USD | 25 | 23690 |
| **Germany: 5.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alstria Office AG Reg S<br> 5.50%, 03/20/31 | EUR | 100 | 120452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG Reg S<br> 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 (a) | EUR | 100 | 115979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (EUR Swap Annual 5 Year+3.90%), 09/25/83 (a) | EUR | 100 | 129315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH 144A<br> 9.38%, 10/03/31 | USD | 100 | 103875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel GmbH Reg S<br> 4.38%, 01/15/28 | EUR | 100 | 117007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dresdner Funding Trust I 144A<br> 8.15%, 06/30/31 | USD | 125 | 137606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fressnapf Holding SE Reg S<br> 5.25%, 10/31/31 | EUR | 100 | 117589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gruenenthal GmbH Reg S<br> 4.12%, 05/15/28 | EUR | 100 | 118230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHO Verwaltungs GmbH 144A<br> 7.75%, 11/15/30 | USD | 100 | 105156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHO Verwaltungs GmbH Reg S<br> 8.75%, 05/15/28 | EUR | 100 | 122967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mahle GmbH Reg S<br> 2.38%, 05/14/28 | EUR | 100 | 114512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METRO AG Reg S<br> 4.00%, 03/05/30 | EUR | 100 | 122581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH Reg S<br> 5.62%, 02/21/30 | EUR | 100 | 120857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progroup AG Reg S<br> 5.38%, 04/15/31 | EUR | 100 | 120425 |
| Schaeffler AG Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/12/28 | EUR | 100 | 118139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/28/30 | EUR | 100 | 120533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Techem Verwaltungsgesellschaft 675 mbH Reg S<br> 5.38%, 07/15/29 | EUR | 100 | 121490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TUI Cruises GmbH Reg S<br> 5.00%, 05/15/30 | EUR | 100 | 120978 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEPA Hygieneprodukte GmbH Reg S<br> 5.62%, 01/15/31 | EUR | 200 | $246198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF Europe Finance BV Reg S<br> 3.00%, 10/23/29 | EUR | 200 | 220750 |
|  |  |  | 2614639 |
| **Greece: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Bank SA Reg S<br> 6.00% (EUR Swap Annual 5 Year+3.27%), 09/13/34 (a) | EUR | 100 | 126668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurobank SA Reg S<br> 4.25% (EUR Swap Annual 5 Year+2.00%), 04/30/35 (a) | EUR | 100 | 117662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metlen Energy & Metals SA Reg S<br> 4.00%, 10/17/29 | EUR | 100 | 119448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece SA Reg S<br> 8.00% (EUR Swap Annual 5 Year+4.65%), 01/03/34 (a) | EUR | 100 | 130838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank SA Reg S<br> 5.38% (EUR Swap Annual 5 Year+3.15%), 09/18/35 (a) | EUR | 100 | 122934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. SA Reg S<br> 4.62%, 10/31/31 | EUR | 100 | 120573 |
|  |  |  | 738123 |
| **Guatemala: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A<br> 5.25%, 04/27/29 | USD | 100 | 99186 |
| **Hungary: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBH Bank Nyrt Reg S<br> 5.25% (Euribor 3 Month ACT/360+3.00%), 01/29/30 (a) | EUR | 100 | 119554 |
| **India: 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuum Green Energy India Pvt / Co.-Issuers 144A<br> 7.50%, 06/26/33 | USD | 94 | 97279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi International Airport Ltd. 144A<br> 6.45%, 06/04/29 | USD | 100 | 104170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IIFL Finance Ltd. 144A<br> 8.75%, 07/24/28 | USD | 100 | 102729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Steel Ltd. 144A<br> 5.05%, 04/05/32 | USD | 100 | 97790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. 144A<br> 6.38%, 04/23/29 | USD | 100 | 101590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Pvt Ltd. 144A<br> 5.88%, 03/05/27 | USD | 50 | 49711 |
| Shriram Finance Ltd. 144A |  |  |  |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **India (continued)** |  |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 04/22/27 | USD | 50 | $51063 |
|  |  |  | 604332 |
| **Indonesia: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakrie Telecom Pte Ltd. Reg S<br> 11.50%, 05/07/15 (d) \*¥ | USD | 150 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indika Energy Tbk PT 144A<br> 8.75%, 05/07/29 | USD | 25 | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickel Industries Ltd. 144A<br> 9.00%, 09/30/30 | USD | 100 | 103807 |
|  |  |  | 129164 |
| **Ireland: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Finance DAC 144A<br> 9.75%, 05/15/29 | USD | 100 | 89296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC Reg S<br> 4.88%, 07/15/28 | GBP | 150 | 197208 |
|  |  |  | 286504 |
| **Israel: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd. 144A Reg S<br> 8.50%, 09/30/33 | USD | 50 | 53486 |
| Leviathan Bond Ltd. 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/27 | USD | 25 | 25197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/30/30 | USD | 40 | 40769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Co. LLC<br> 6.15%, 02/01/36 | USD | 25 | 26280 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/46 | USD | 50 | 37877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/28 | USD | 50 | 51929 |
|  |  |  | 235538 |
| **Italy: 4.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2A SpA Reg S<br> 5.00% (EUR Swap Annual 5 Year+2.26%), 06/11/29 (o)(a) | EUR | 100 | 121470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almaviva-The Italian Innovation Co. SpA Reg S<br> 5.00%, 10/30/30 | EUR | 100 | 118666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banca IFIS SpA Reg S<br> 5.50%, 02/27/29 | EUR | 100 | 124448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BPM SpA Reg S<br> 4.50% (EUR Swap Annual 5 Year+2.25%), 11/26/36 (a) | EUR | 200 | 241987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPER Banca SPA Reg S<br> 5.75% (Euribor 3 Month ACT/360+2.60%), 09/11/29 (a) | EUR | 150 | 188307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Industria Macchine Automatiche SpA Reg S<br> 3.75%, 01/15/28 | EUR | 100 | 117739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA Reg S<br> 3.75%, 04/01/30 | EUR | 100 | 118834 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group SpA Reg S<br> 5.38%, 06/01/30 | EUR | 100 | $121737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mundys SpA Reg S<br> 1.88%, 02/12/28 | EUR | 200 | 229842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poste Italiane SpA Reg S<br> 2.62% (EUR Swap Annual 5 Year+2.68%), 03/24/29 (o)(a) | EUR | 100 | 112864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prysmian SpA Reg S<br> 5.25% (EUR Swap Annual 5 Year+3.01%), 05/21/30 (o)(a) | EUR | 100 | 122417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TeamSystem SpA Reg S<br> 5.00%, 07/01/31 | EUR | 100 | 118746 |
| Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/33 | USD | 25 | 26322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/38 | USD | 200 | 221876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia SpA Reg S<br> 1.62%, 01/18/29 | EUR | 100 | 113130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webuild SpA Reg S<br> 7.00%, 09/27/28 | EUR | 100 | 127638 |
|  |  |  | 2226023 |
| **Jamaica: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd. / Difi US LLC 144A<br> 8.62%, 08/01/32 | USD | 100 | 103827 |
| **Japan: 3.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kioxia Holdings Corp. 144A<br> 6.62%, 07/24/33 | USD | 100 | 104078 |
| Nissan Motor Co. Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34%, 09/17/27 | USD | 150 | 148076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 09/17/30 | USD | 175 | 165095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/17/30 | USD | 50 | 52512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 07/17/35 | USD | 75 | 79764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. Reg S<br> 3.20%, 09/17/28 | EUR | 100 | 115693 |
| Rakuten Group, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/26 (o)(a) | USD | 25 | 23888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12% (US Treasury Yield Curve Rate T 5 Year+4.25%), 12/15/29 (o)(a) | USD | 50 | 51544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 04/15/29 | USD | 100 | 111936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 02/15/27 | USD | 75 | 80257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank Group Corp. Reg S<br> 3.38%, 07/06/29 | EUR | 100 | 113648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/19/29 | EUR | 100 | 116658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/28 | EUR | 100 | 119634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 09/19/27 | USD | 200 | 198664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/08/29 | EUR | 100 | 120602 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Japan (continued)** |  |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year+4.85%), 07/19/27 (o)(a) | USD | 200 | $195669 |
|  |  |  | 1797718 |
| **Jersey, Channel Islands: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC 144A<br> 9.50%, 05/15/30 | USD | 100 | 99954 |
| **Luxembourg: 7.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro SA 144A<br> 7.50%, 07/29/32 | USD | 30 | 28409 |
| Aegea Finance Sarl 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 01/20/36 | USD | 100 | 95560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/20/31 | USD | 50 | 52956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A<br> 7.00%, 05/21/30 | USD | 100 | 104776 |
| Altice Financing SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/28 | USD | 150 | 105159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/29 | USD | 50 | 34723 |
| &nbsp;&nbsp;&nbsp;Ambipar Lux Sarl 144A<br> 9.88%, 02/06/31 (d) \* | USD | 50 | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aroundtown Finance Sarl<br> 7.88% (US Treasury Yield Curve Rate T 5 Year+3.16%), 08/07/29 (o)(a) | USD | 150 | 151170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cidron Aida Finco Sarl Reg S<br> 7.00%, 10/27/31 | EUR | 100 | 121754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco Sarl / Connect US Finco LLC 144A<br> 9.00%, 09/15/29 | USD | 75 | 79649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA 144A<br> 12.00%, 02/15/31 † | USD | 50 | 35412 |
| CPI Property Group SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/27/31 | EUR | 100 | 96185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/14/30 | EUR | 100 | 100176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/22/28 (s) | GBP | 100 | 128603 |
| CSN Resources SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/10/31 † | USD | 50 | 38538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 12/05/30 | USD | 100 | 92979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currenta Group Holdings Sarl Reg S<br> 5.50%, 05/15/30 | EUR | 100 | 118899 |
| Energean Israel Finance Ltd. 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/28 | USD | 25 | 24695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/31 | USD | 35 | 33940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essendi SA Reg S<br> 6.38%, 10/15/29 | EUR | 100 | 123530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri Lux FinCo Sarl 144A<br> 6.00%, 08/01/32 | USD | 100 | 101452 |
| FS Luxembourg Sarl 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Luxembourg (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/12/31 | USD | 100 | $104700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc. 144A<br> 7.88%, 09/30/32 | USD | 100 | 95011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHMC Finco 2 Sarl Reg S<br> 9.38%, 05/15/30 | EUR | 105 | 128174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loarre Investments Sarl Reg S<br> 6.50%, 05/15/29 | EUR | 100 | 120976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luna 1.5 Sarl Reg S<br> 10.50%, 07/01/32 | EUR | 100 | 122390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Telecom SA Reg S<br> 4.50%, 01/30/30 | EUR | 100 | 120625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxam Prill Sarl 144A<br> 7.75%, 07/15/30 | USD | 100 | 103897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Brazil Downstream Trading Sarl 144A<br> 7.25%, 06/30/31 | USD | 45 | 39766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerva Luxembourg SA 144A<br> 4.38%, 03/18/31 | USD | 75 | 69809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRIO Luxembourg Holding Sarl 144A<br> 6.75%, 10/15/30 | USD | 50 | 48700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma International Financing SA 144A<br> 7.75%, 04/25/29 | USD | 25 | 25805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'or Finance Sarl 144A<br> 6.45%, 09/09/35 | USD | 100 | 102912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rossini Sarl Reg S<br> 6.75%, 12/31/29 | EUR | 100 | 123718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saavi Energia Sarl 144A<br> 8.88%, 02/10/35 | USD | 125 | 135725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SES SA Reg S<br> 5.50% (EUR Swap Annual 5 Year+3.23%), 09/12/54 (a) | EUR | 100 | 113665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stena International SA 144A<br> 7.25%, 01/15/31 | USD | 100 | 102334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl Reg S<br> 3.50%, 03/01/28 | EUR | 100 | 117712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator US Newco, Inc. 144A<br> 5.25%, 07/15/27 | USD | 100 | 100085 |
|  |  |  | 3455819 |
| **Malta: 0.2%** |  |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/01/30 | USD | 50 | 47620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/01/27 | USD | 50 | 50406 |
|  |  |  | 98026 |
| **Mauritius: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Power II Ltd. 144A<br> 4.30%, 12/13/28 | USD | 76 | 72081 |
| UPL Corp. Ltd. Reg S |  |  |  |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Mauritius (continued)** |  |  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/16/30 | USD | 200 | $188574 |
|  |  |  | 260655 |
| **Mexico: 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea SAB de CV 144A<br> 7.75%, 12/14/26 | USD | 50 | 50062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC Ltd. / Borr Finance LLC 144A<br> 10.00%, 11/15/28 | USD | 43 | 42954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex SAB de CV 144A<br> 7.20% (US Treasury Yield Curve Rate T 5 Year+3.52%), 06/10/30 (o)(a) | USD | 50 | 52207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV 144A<br> 8.62%, 11/15/31 † | USD | 50 | 51172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nemak SAB de CV 144A<br> 3.62%, 06/28/31 | USD | 50 | 43393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orbia Advance Corp. SAB de CV 144A<br> 6.80%, 05/13/30 | USD | 100 | 98883 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/28 | USD | 30 | 30134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/31 | USD | 150 | 145270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/12/48 | USD | 50 | 39281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/45 | USD | 50 | 40431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 01/23/27 | USD | 25 | 25385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/13/27 | USD | 75 | 76154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/23/29 | USD | 25 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/02/41 | USD | 50 | 43333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/35 | USD | 50 | 47478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/32 | USD | 275 | 274438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/47 | USD | 125 | 102859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/30 | USD | 50 | 50806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/28/60 | USD | 50 | 40738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 01/23/50 | USD | 275 | 246641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 06/02/29 | USD | 50 | 53636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/07/33 † | USD | 50 | 57971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos Reg S<br> 4.75%, 02/26/29 | EUR | 100 | 118182 |
|  |  |  | 1756824 |
| **Mongolia: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golomt Bank 144A<br> 11.00%, 05/20/27 | USD | 25 | 25904 |
| **Morocco: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP SA 144A<br> 6.88%, 04/25/44 | USD | 100 | 104627 |
| **Netherlands: 7.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abertis Infraestructuras Finance BV Reg S<br> 4.87% (EUR Swap Annual 5 Year+2.62%), 11/28/29 (o)(a) | EUR | 100 | 121038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boels Topholding BV Reg S<br> 5.75%, 05/15/30 | EUR | 100 | 121696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV 144A<br> 8.50%, 01/12/31 | USD | 125 | 49025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Netherlands (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citycon Treasury BV Reg S<br> 5.38%, 07/08/31 | EUR | 100 | $111712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dufry One BV Reg S<br> 2.00%, 02/15/27 | EUR | 100 | 116682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flora Food Management BV Reg S<br> 6.88%, 07/02/29 | EUR | 100 | 116887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPD 3 BV Reg S<br> 5.50%, 06/15/31 | EUR | 100 | 119027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN NV Reg S<br> 6.00% (EUR Swap Annual 5 Year+3.77%), 09/21/27 (o)(a) | EUR | 100 | 123419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odido Holding BV Reg S<br> 3.75%, 01/15/29 | EUR | 100 | 117689 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 09/10/30 | USD | 100 | 98118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/10/51 | USD | 25 | 20608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/13/35 | USD | 50 | 49391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/10/36 | USD | 100 | 98243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/03/33 | USD | 25 | 25793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saipem Finance International BV Reg S<br> 4.88%, 05/30/30 | EUR | 100 | 124251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrise FinCo I BV 144A<br> 4.88%, 07/15/31 | USD | 100 | 95330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrise FinCo I BV Reg S<br> 4.62%, 05/15/32 | EUR | 100 | 118858 |
| Telefonica Europe BV Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% (EUR Swap Annual 8 Year+2.62%), 02/12/29 (o)(a) | EUR | 100 | 111870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (EUAMDB08+3.12%), 01/15/32 (o)(a) | EUR | 100 | 124555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% (EUR Swap Annual 6 Year+4.32%), 08/23/28 (o)(a) | EUR | 100 | 127331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TenneT Holding BV Reg S<br> 4.88% (EUR Swap Annual 5 Year+2.21%), 12/21/31 (o)(a) | EUR | 100 | 122249 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/09/27 | EUR | 100 | 118704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/09/30 | EUR | 200 | 241960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/29 | EUR | 100 | 132532 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/27 | USD | 25 | 25095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/09/29 † | USD | 50 | 50606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/32 | USD | 25 | 26257 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands IV BV<br> 5.75%, 12/01/30 | USD | 50 | 51907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Group BV Reg S<br> 3.62%, 02/15/28 | EUR | 100 | 117533 |
| VZ Vendor Financing II BV Reg S |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Netherlands (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/29 | EUR | 200 | $222488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintershall Dea Finance 2 BV Reg S <br> 3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o)(a) | EUR | 100 | 112970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yinson Bergenia Production BV 144A<br> 8.50%, 01/31/45  | USD | 100 | 104962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yinson Boronia Production BV<br> 144A 8.95%, 07/31/42  | USD | 49 | 53553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF Europe Finance BV Reg S<br> 4.75%, 01/31/29  | EUR | 100 | 117204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo Bond Co. BV Reg<br> S 3.38%, 02/28/30  | EUR | 100 | 104851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo BV 144A<br> 4.88%, 01/15/30  | USD | 100 | 94617 |
|  |  |  | 3689011 |
| **Norway: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TGS ASA 144A<br> 8.50%, 01/15/30  | USD | 100 | 104789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Var Energi ASA Reg S <br> 7.86% (EUR Swap Annual 5 Year+4.76%), 11/15/83 (a)  | EUR | 100 | 129214 |
|  |  |  | 234003 |
| **Oman: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mazoon Assets Co. SAOC 144A<br> 5.25%, 10/09/31  | USD | 50 | 50962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OQ SAOC 144A<br> 5.12%, 05/06/28  | USD | 100 | 100881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Funding Ltd. 144A<br> 5.80%, 02/03/31  | USD | 50 | 51727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oztel Holdings SPC Ltd. 144A<br> 6.62%, 04/24/28  | USD | 100 | 104406 |
|  |  |  | 307976 |
| **Panama: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL 144A<br> 4.38%, 05/31/30  | USD | 163 | 153840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banistmo SA 144A<br> 4.25%, 07/31/27  | USD | 50 | 49435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance Ltd. 144A<br> 7.12%, 10/15/32  | USD | 75 | 76073 |
|  |  |  | 279348 |
| **Peru: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Internacional del Peru SAA Interbank 144A<br> 6.40% (US Treasury Yield Curve Rate T 5 Year+2.07%), 04/30/35 (a)  | USD | 50 | 52562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA 144A<br> 6.80%, 02/04/32  | USD | 25 | 26066 |
| Hudbay Minerals, Inc. 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Peru (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 04/01/29 | USD | 25 | $25430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minsur SA 144A<br> 4.50%, 10/28/31  | USD | 50 | 47922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl 144A<br> 5.38%, 03/22/30  | USD | 19 | 18175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos del Peru SA 144A<br> 4.75%, 06/19/32  | USD | 75 | 55363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A<br> 3.75%, 08/02/28  | USD | 100 | 96253 |
|  |  |  | 321771 |
| **Poland: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC 144A<br> 3.88%, 11/15/29  | USD | 100 | 95768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InPost SA Reg S<br> 4.00%, 04/01/31  | EUR | 200 | 235317 |
|  |  |  | 331085 |
| **Portugal: 0.5%** |  |  |  |
| EDP SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% (EUR Swap Annual 5 Year+2.40%), 09/16/54 (a) | EUR | 100 | 120806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% (EUR Swap Annual 5 Year+2.05%), 05/29/54 (a) | EUR | 100 | 121387 |
|  |  |  | 242193 |
| **Romania: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania SA Reg S <br> 5.12% (EURIBOR ICE Swap Rate 1 Year+2.95%), 09/30/30 (a) | EUR | 100 | 120671 |
| **Saudi Arabia: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dar Al-Arkan Sukuk Co. Ltd. Reg S<br> 7.25%, 07/02/30  | USD | 200 | 203477 |
| **Serbia: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications co Telekom Srbija AD Belgrade 144A<br> 7.00%, 10/28/29  | USD | 100 | 100175 |
| **Singapore: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. 144A<br> 8.96%, 04/27/29  | USD | 50 | 52263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A<br> 6.75%, 04/24/33  | USD | 64 | 65825 |
|  |  |  | 118088 |
| **South Africa: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 6.50%, 09/27/28  | USD | 50 | 49298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnet/South Africa 144A<br> 8.25%, 02/06/28  | USD | 100 | 105732 |
|  |  |  | 155030 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Spain: 0.5%** |  |  |  |
| Abengoa Abenewco 2 SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/26/24 (d) \*∞ | USD | 63 | $633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/26/24 (d) \*∞ | USD | 63 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abengoa SA<br> 0.00%, 03/31/27 (s) ^∞  | EUR | 100 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Candelaria Spain SA 144A<br> 5.75%, 06/15/33  | USD | 50 | 44407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Telecomunicaciones SA ESP 144A<br> 4.95%, 07/17/30  | USD | 50 | 45498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols SA Reg S<br> 3.88%, 10/15/28  | EUR | 100 | 116603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorca Telecom Bondco SA Reg S<br> 4.00%, 09/18/27  | EUR | 30 | 35007 |
|  |  |  | 242840 |
| **Sweden: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castellum AB Reg S<br> 3.12% (EUR Swap Annual 5 Year+3.45%), 12/02/26 (o)(a)  | EUR | 100 | 115644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heimstaden Bostad AB Reg S<br> 2.62% (EUR Swap Annual 5 Year+3.15%), 02/01/27 (o)(a)  | EUR | 100 | 114271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intrum Investments And Financing AB 144A Reg S<br> 8.50%, 09/11/30  | EUR | 100 | 98960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Holding AB Reg S<br> 5.50%, 05/15/30  | EUR | 100 | 122142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Midholding AB Reg S<br> 5.25%, 02/15/29  | EUR | 100 | 118055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volvo Car AB Reg S<br> 4.25%, 05/31/28  | EUR | 100 | 120771 |
|  |  |  | 689843 |
| **Tanzania: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings PLC<br> 6.50%, 04/15/40  | USD | 40 | 42601 |
| **Thailand: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bangkok Bank PCL 144A<br> 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 (a)  | USD | 50 | 47473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muangthai Capital PCL 144A<br> 7.55%, 07/21/30  | USD | 100 | 102825 |
|  |  |  | 150298 |
| **Trinidad and Tobago: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Petroleum Co. Ltd. 144A<br> 9.00%, 08/12/29  | USD | 25 | 25753 |
| **Turkey: 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS 144A<br> 7.50%, 01/20/30  | USD | 100 | 105971 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Turkey (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eregli Demir ve Celik Fabrikalari TAS 144A<br> 8.38%, 07/23/29  | USD | 50 | $52732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mersin Uluslararasi Liman Isletmeciligi AS<br> 144A 8.25%, 11/15/28  | USD | 50 | 52114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Ziraat Bankasi AS 144A<br> 7.25%, 02/04/30  | USD | 100 | 104244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS 144A<br> 7.38%, 05/20/29  | USD | 100 | 104450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS 144A<br> 7.45%, 01/24/30  | USD | 100 | 105371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi AS 144A<br> 8.12% (US Treasury Yield Curve Rate T 5 Year+3.84%), 01/03/35 (a)  | USD | 100 | 104200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Ihracat Kredi Bankasi AS 144A<br> 9.00%, 01/28/27  | USD | 200 | 210581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi AS 144A<br> 7.75%, 06/12/29  | USD | 100 | 106135 |
| Turkiye Vakiflar Bankasi TAO 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/31/30 | USD | 100 | 103689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 (a) | USD | 100 | 107298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi AS 144A<br> 9.25%, 10/16/28  | USD | 100 | 109865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS 144A<br> 11.00%, 04/23/30  | USD | 50 | 43330 |
|  |  |  | 1309980 |
| **United Arab Emirates: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Star Holding VIII Ltd. Reg S<br> 8.38%, 04/12/27  | USD | 200 | 206537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Binghatti Sukuk 2 Spv Ltd. Reg S<br> 7.75%, 07/02/29  | USD | 200 | 195706 |
|  |  |  | 402243 |
| **United Kingdom: 10.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allwyn Entertainment Financing UK PLC Reg S<br> 7.25%, 04/30/30  | EUR | 90 | 111290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amber Finco PLC Reg S<br> 6.62%, 07/15/29  | EUR | 100 | 123769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco Ltd. 144A<br> 7.75%, 02/15/31  | USD | 100 | 104907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco Ltd. Reg S<br> 6.88%, 02/15/31  | EUR | 100 | 121534 |
| Aston Martin Capital Holdings Ltd. 144A |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 03/31/29 | USD | 50 | $46575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure Ltd. 144A<br> 4.12%, 06/15/28  | USD | 100 | 97434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 PLC 144A<br> 9.00%, 12/01/28  | USD | 75 | 75687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azule Energy Finance PLC 144A<br> 8.12%, 01/23/30  | USD | 100 | 100230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&M European Value Retail SA Reg S<br> 8.12%, 11/15/30  | GBP | 100 | 140801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP V Modular Services Finance II PLC Reg S<br> 4.75%, 11/30/28  | EUR | 100 | 111307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellis Acquisition Co. PLC Reg S<br> 8.12%, 05/14/30  | GBP | 100 | 125452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron UK Finance PLC 144A<br> 5.75%, 10/15/29  | USD | 150 | 153256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biocon Biologics Global PLC 144A<br> 6.67%, 10/09/29  | USD | 100 | 100885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Telecommunications PLC Reg S<br> 5.12% (EUR Swap Annual 5 Year+2.54%), 10/03/54 (a)  | EUR | 200 | 244544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edge Finco PLC Reg S<br> 8.12%, 08/15/31  | GBP | 100 | 143443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EG Global Finance PLC 144A<br> 12.00%, 11/30/28  | USD | 100 | 108800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Auto Holdings Ltd./ AAG FH UK Ltd 144A<br> 8.75%, 01/15/32  | USD | 50 | 48049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heathrow Finance PLC Reg S<br> 4.12%, 09/01/29 (s)  | GBP | 100 | 126487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC 144A<br> 7.25%, 02/15/31  | USD | 50 | 51522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.50%, 06/04/29  | USD | 100 | 103606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding Ltd. 144A<br> 8.25%, 11/29/31 †  | USD | 50 | 52359 |
| INEOS Finance PLC Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/29 | EUR | 100 | 103724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 05/15/28 | EUR | 100 | 109153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 Plc 144A<br> 9.62%, 03/15/29 †  | USD | 100 | 69388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ithaca Energy North Sea PLC 144A<br> 8.12%, 10/15/29  | USD | 100 | 103554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jaguar Land Rover Automotive PLC Reg S<br> 4.50%, 07/15/28  | EUR | 100 | 118481 |
| Jerrold Finco PLC Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/30 | GBP | 100 | $138510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Bidco Finco PLC Reg S<br> 6.75%, 01/31/31  | EUR | 100 | 116439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobico Group PLC Reg S<br> 4.88%, 09/26/31  | EUR | 100 | 93406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion Bondco DAC 144A<br> 6.62%, 11/15/27 †  | USD | 100 | 97165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGG Finance PLC Reg S<br> 2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 (a)  | EUR | 100 | 115705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Infrastructure Receivable Purchaser PLC 144A<br> 0.00%, 04/05/32 ^  | USD | 100 | 77220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sisecam UK PLC 144A<br> 8.62%, 05/02/32  | USD | 50 | 52051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC 144A<br> 7.01%, 07/30/37 (o)  | USD | 50 | 52382 |
| Vedanta Resources Finance II PLC 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47%, 07/24/30 | USD | 100 | 102371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 09/17/29 | USD | 50 | 52797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Secured Finance PLC 144A<br> 5.50%, 05/15/29  | USD | 50 | 49290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Secured Finance PLC Reg S<br> 4.25%, 01/15/30  | GBP | 100 | 123934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC 144A<br> 4.75%, 07/15/31  | USD | 100 | 92400 |
| Vmed O2 UK Financing I PLC Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/31 | EUR | 100 | 112479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/15/31 | GBP | 100 | 119837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 04/15/32 | EUR | 100 | 118469 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 (a) | USD | 100 | 93626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 (a) | USD | 100 | 78539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 (a) | USD | 75 | 79504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC Reg S<br> 8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86 (a)  | GBP | 100 | 147084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE Soda Investments Holding PLC 144A<br> 9.50%, 10/06/28  | USD | 50 | 50587 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zegona Finance PLC Reg S<br> 6.75%, 07/15/29  | EUR | 90 | $111474 |
|  |  |  | 4871506 |
| **United States: 5.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports Co. 144A<br> 6.75%, 02/16/31  | USD | 75 | 78695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Packaging Finance PLC Escrow Shares<br> 0.00%, ^∞  | USD | 30 | 5442 |
| Boots Group Finco LP Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/31/32 | EUR | 100 | 121562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 08/31/32 | GBP | 100 | 139452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A<br> 6.38%, 02/15/32  | USD | 50 | 50191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A<br> 5.38%, 12/30/30  | USD | 100 | 93104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUSHI Finance, Inc.<br> 7.62% (US Treasury Yield Curve Rate T 5 Year+3.14%), 12/15/54 (a)  | USD | 50 | 52598 |
| Fibercop SpA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/33 | USD | 50 | 49672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/36 | USD | 50 | 49887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/38 | USD | 200 | 201240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fibercop SpA Reg S<br> 7.88%, 07/31/28  | EUR | 100 | 128650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings, Inc. / Garrett LX I Sarl 144A<br> 7.75%, 05/31/32  | USD | 50 | 53178 |
| ION Platform Finance US, Inc. / ION Platform Finance SARL 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/01/29 | USD | 100 | 101411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 05/30/29 | USD | 100 | 101369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. 144A<br> 8.75%, 10/01/31 †  | USD | 50 | 28476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Acquisition Holdings, Inc. 144A<br> 8.25%, 06/30/31  | USD | 25 | 16531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC 144A<br> 6.75%, 10/15/27  | USD | 75 | 52500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV 144A<br> 5.12%, 05/07/29  | USD | 58 | 57351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Flyer Holdings, Inc. 144A<br> 9.25%, 07/01/30  | USD | 25 | 26997 |
| Open Text Holdings, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 02/15/30 | USD | 50 | 47824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/01/31 | USD | 25 | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp. 144A<br> 4.25%, 03/15/29  | USD | 25 | 22441 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q-Park Holding I BV Reg S <br> 2.00%, 03/01/27 | EUR | 100 | $116964 |
| RB Global Holdings, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/28 | USD | 100 | 102390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 03/15/31 | USD | 40 | 41869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 5.50%, 03/18/31  | USD | 50 | 42489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC 144A<br> 8.75%, 05/03/29  | USD | 100 | 101893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development 144A<br> 9.00%, 11/14/30  | USD | 100 | 95150 |
| Wynn Macau Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/29 | USD | 75 | 74352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/26/28 | USD | 100 | 100045 |
| ZF North America Capital, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/23/30 | USD | 50 | 49443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/14/28 | USD | 50 | 51215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/23/32 | USD | 125 | 122335 |
|  |  |  | 2400071 |
| **Uzbekistan: 0.4%** |  |  |  |
| Navoi Mining & Metallurgical Combinat 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/17/28 | USD | 100 | 103640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/17/31 | USD | 25 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC 144A<br> 4.75%, 11/16/28  | USD | 50 | 48159 |
|  |  |  | 178515 |
| **Total Corporate Bonds**<br> (Cost: $46,511,072) |  |  | 47041591 |
|  | **Number <br> of Shares** | **Number <br> of Shares** |  |
| **COMMON STOCK: 0.0%**<br> (Cost: $7,953) |  |  |  |
| **Luxembourg: 0.0%** |  |  |  |
| LUXCO3 Shares (EUR) ∞ |  | 452 | 8162 |
| **Total Investments Before Collateral for Securities Loaned: 97.4%**<br> (Cost: $46,519,025) |  |  | 47049753 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%** |  |
| **Money Market Fund: 1.2%**<br> (Cost: $571,687) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(b) |  | 571687 | 571687 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Total Investments: 98.6%**<br> (Cost: $47,090,712) |  | $47621440 |
| **Other assets less liabilities: 1.4%** |  | 694811 |
| **NET ASSETS: 100.0%** |  | $48316251 |

---

------

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | Variable rate security — the rate shown is as of 12/31/25 |
| (b) | The rate shown is the 7-day yield as of 12/31/25. |
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown, if applicable, is the next call date |
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at December 31, 2025. |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $547,900. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. 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. These securities have an aggregate value of $20,008,862, or 41.4% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $— | $767924 | $— | $767924 |
| &nbsp;&nbsp;&nbsp;Australia |  | 516714 |  | 516714 |
| &nbsp;&nbsp;&nbsp;Austria |  | 175008 |  | 175008 |
| &nbsp;&nbsp;&nbsp;Bahrain |  | 307410 |  | 307410 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 120610 |  | 120610 |
| &nbsp;&nbsp;&nbsp;Bermuda |  | 154466 | 0 | 154466 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 1864991 |  | 1864991 |
| &nbsp;&nbsp;&nbsp;Bulgaria |  | 113397 |  | 113397 |
| &nbsp;&nbsp;&nbsp;Burkina Faso |  | 24951 |  | 24951 |
| &nbsp;&nbsp;&nbsp;Canada |  | 3624483 |  | 3624483 |
| &nbsp;&nbsp;&nbsp;Cayman Islands |  | 93475 |  | 93475 |
| &nbsp;&nbsp;&nbsp;Chile |  | 250636 |  | 250636 |
| &nbsp;&nbsp;&nbsp;China |  | 594316 |  | 594316 |
| &nbsp;&nbsp;&nbsp;Colombia |  | 1049667 |  | 1049667 |
| &nbsp;&nbsp;&nbsp;Costa Rica |  | 49713 |  | 49713 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 245864 |  | 245864 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 266572 |  | 266572 |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  | 26374 |  | 26374 |
| &nbsp;&nbsp;&nbsp;Finland |  | 206283 |  | 206283 |
| &nbsp;&nbsp;&nbsp;France |  | 5392152 |  | 5392152 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Georgia | $— | $23690 | $— | $23690 |
| &nbsp;&nbsp;&nbsp;Germany |  | 2614639 |  | 2614639 |
| &nbsp;&nbsp;&nbsp;Greece |  | 738123 |  | 738123 |
| &nbsp;&nbsp;&nbsp;Guatemala |  | 99186 |  | 99186 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 119554 |  | 119554 |
| &nbsp;&nbsp;&nbsp;India |  | 604332 |  | 604332 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 128587 | 577 | 129164 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 286504 |  | 286504 |
| &nbsp;&nbsp;&nbsp;Israel |  | 235538 |  | 235538 |
| &nbsp;&nbsp;&nbsp;Italy |  | 2226023 |  | 2226023 |
| &nbsp;&nbsp;&nbsp;Jamaica |  | 103827 |  | 103827 |
| &nbsp;&nbsp;&nbsp;Japan |  | 1797718 |  | 1797718 |
| &nbsp;&nbsp;&nbsp;Jersey, Channel Islands |  | 99954 |  | 99954 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 3455819 |  | 3455819 |
| &nbsp;&nbsp;&nbsp;Malta |  | 98026 |  | 98026 |
| &nbsp;&nbsp;&nbsp;Mauritius |  | 260655 |  | 260655 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 1756824 |  | 1756824 |
| &nbsp;&nbsp;&nbsp;Mongolia |  | 25904 |  | 25904 |
| &nbsp;&nbsp;&nbsp;Morocco |  | 104627 |  | 104627 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 3689011 |  | 3689011 |
| &nbsp;&nbsp;&nbsp;Norway |  | 234003 |  | 234003 |
| &nbsp;&nbsp;&nbsp;Oman |  | 307976 |  | 307976 |
| &nbsp;&nbsp;&nbsp;Panama |  | 279348 |  | 279348 |
| &nbsp;&nbsp;&nbsp;Peru |  | 321771 |  | 321771 |
| &nbsp;&nbsp;&nbsp;Poland |  | 331085 |  | 331085 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 242193 |  | 242193 |
| &nbsp;&nbsp;&nbsp;Romania |  | 120671 |  | 120671 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 203477 |  | 203477 |
| &nbsp;&nbsp;&nbsp;Serbia |  | 100175 |  | 100175 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 118088 |  | 118088 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 155030 |  | 155030 |
| &nbsp;&nbsp;&nbsp;Spain |  | 241515 | 1325 | 242840 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 689843 |  | 689843 |
| &nbsp;&nbsp;&nbsp;Tanzania |  | 42601 |  | 42601 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 150298 |  | 150298 |
| &nbsp;&nbsp;&nbsp;Trinidad and Tobago |  | 25753 |  | 25753 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 1309980 |  | 1309980 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 402243 |  | 402243 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 4871506 |  | 4871506 |
| &nbsp;&nbsp;&nbsp;United States |  | 2394629 | 5442 | 2400071 |
| &nbsp;&nbsp;&nbsp;Uzbekistan |  | 178515 |  | 178515 |
| Common Stock \* |  |  | 8162 | 8162 |
| Money Market Fund | 571687 |  |  | 571687 |
| **Total Investments** | $571687 | $47034247 | $15506 | $47621440 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 0.1%** |  |  |  |
| **Qatar: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Finance Ltd. Reg S<br> 3.50%, 03/09/26 | CNY | 14100 | $2023649 |
| **South Africa: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskom Holdings<br> 7.50%, 09/15/33 | ZAR | 11000 | 620875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnet Reg S<br> 13.50%, 04/18/28 | ZAR | 500 | 32972 |
|  |  |  | 653847 |
| **Total Corporate Bonds**<br> (Cost: $2,717,661) |  |  | 2677496 |
| **GOVERNMENT OBLIGATIONS: 98.0%** |  |  |  |
| **Brazil: 5.7%** |  |  |  |
| Brazil Letras do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/26 ^ | BRL | 150960 | 25803968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/27 ^ | BRL | 136250 | 20656438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/28 ^ | BRL | 72885 | 10405284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/28 ^ | BRL | 51450 | 6903824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/29 ^ | BRL | 238910 | 30065083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/29 ^ | BRL | 107630 | 12694411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/30 ^ | BRL | 86060 | 9508217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/32 ^ | BRL | 101280 | 8562660 |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/27 | BRL | 166290 | 29400381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/29 | BRL | 150005 | 25343902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/31 | BRL | 196050 | 31440615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/33 | BRL | 63870 | 9823178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/35 | BRL | 129510 | 19378838 |
|  |  |  | 239986799 |
| **Chile: 3.3%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 05/06/27 ^ | CLP | 17375000 | 18231248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 04/01/29 ^ | CLP | 13075000 | 12471338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/35 | CLP | 14350000 | 15575924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/43 | CLP | 10225000 | 12414714 |
| Bonos de la Tesoreria de la Republica en pesos 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/01/30 | CLP | 13760000 | 15010971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | CLP | 4585000 | 5128504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/01/37 | CLP | 5925000 | 6562271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/29 | CLP | 9370000 | 10685285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/34 | CLP | 5290000 | 6072466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/33 | CLP | 19970000 | 23118072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 10/01/40 | CLP | 6085000 | 7310994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/01/34 | CLP | 3060000 | 3779121 |
|  |  |  | 136360908 |
| **China: 8.8%** |  |  |  |
| China Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%, 11/15/27 | CNY | 22610 | 3241523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%, 08/15/28 | CNY | 47480 | 6800331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 01/25/30 | CNY | 46300 | 6592530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/25/28 | CNY | 41080 | 5895498 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 04/25/30 | CNY | 34160 | $4864070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 05/25/28 | CNY | 42750 | 6139109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%, 12/25/31 | CNY | 7420 | 1049017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 07/25/30 | CNY | 35030 | 5009132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%, 05/15/32 | CNY | 30040 | 4256009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61%, 02/15/35 | CNY | 45660 | 6400106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 08/15/27 | CNY | 38050 | 5471400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/25/30 | CNY | 8470 | 1212566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 05/15/35 | CNY | 21810 | 3065923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%, 05/25/35 | CNY | 56270 | 7945617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%, 10/15/29 | CNY | 23650 | 3414633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78%, 09/15/32 | CNY | 28030 | 4021588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78%, 11/15/35 | CNY | 11020 | 1567192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 03/25/32 | CNY | 48530 | 6985106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%, 08/25/35 | CNY | 43770 | 6251534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%, 05/15/27 | CNY | 39350 | 5671114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87%, 09/15/31 | CNY | 22750 | 3286560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 04/25/55 | CNY | 36970 | 4842012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/15/55 | CNY | 30280 | 3940341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 07/15/29 | CNY | 50110 | 7272803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 07/15/45 | CNY | 12610 | 1688664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 01/15/55 | CNY | 18770 | 2479983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%, 04/25/45 | CNY | 17010 | 2301231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 02/25/27 | CNY | 12440 | 1794719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | CNY | 31610 | 4596044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/29 | CNY | 37480 | 5463128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11%, 08/25/34 | CNY | 39940 | 5840867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 06/25/31 | CNY | 45620 | 6680820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 08/25/55 | CNY | 22660 | 3158979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17%, 08/29/34 | CNY | 32100 | 4717503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18%, 08/15/26 | CNY | 22280 | 3204902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19%, 09/25/54 | CNY | 23990 | 3312708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/29/39 | CNY | 10050 | 1466428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 05/25/34 | CNY | 38670 | 5723416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%, 03/25/31 | CNY | 34020 | 5024585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33%, 08/15/44 | CNY | 19200 | 2746428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/25/34 | CNY | 29880 | 4447179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 01/20/27 | CNY | 930 | 134546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 01/15/29 | CNY | 9880 | 1454123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%, 11/15/26 | CNY | 16370 | 2364328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/28 | CNY | 29730 | 4365031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%, 10/15/27 | CNY | 26900 | 3920470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47%, 07/25/54 | CNY | 21390 | 3125198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 04/15/27 | CNY | 20420 | 2964807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/25/28 | CNY | 37560 | 5537993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 05/25/44 | CNY | 17090 | 2502553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/27 | CNY | 29960 | 4357368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52%, 08/25/33 | CNY | 6870 | 1034645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54%, 12/25/30 | CNY | 34720 | 5191782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/15/28 | CNY | 38520 | 5692664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 05/20/54 | CNY | 22180 | 3309558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 09/15/30 | CNY | 43970 | 6587300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 09/01/32 | CNY | 23120 | 3487914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 04/15/28 | CNY | 25120 | 3697495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 09/25/29 | CNY | 28330 | 4215105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 06/25/30 | CNY | 31820 | 4758134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 01/15/28 | CNY | 7570 | 1111960 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 05/25/33 | CNY | 25880 | $3933719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/25/33 | CNY | 32960 | 5023162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%, 05/21/30 | CNY | 36870 | 5520571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 08/12/26 | CNY | 37930 | 5475191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 08/15/32 | CNY | 25560 | 3870616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/15/29 | CNY | 22310 | 3330100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/17/32 | CNY | 33920 | 5147369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%, 05/15/32 | CNY | 15150 | 2305618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79%, 12/15/29 | CNY | 28190 | 4232163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/24/29 | CNY | 20650 | 3081050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/25/30 | CNY | 42140 | 6341910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | CNY | 23750 | 3635806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 06/04/27 | CNY | 32270 | 4720520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/25/33 | CNY | 22910 | 3535748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/18/31 | CNY | 30340 | 4647258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%, 10/14/28 | CNY | 23110 | 3447099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/53 | CNY | 19830 | 3211811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01%, 05/13/28 | CNY | 32740 | 4869458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02%, 05/27/31 | CNY | 30990 | 4769430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 12/05/26 | CNY | 6090 | 886916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | CNY | 19280 | 3175825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | CNY | 21890 | 3333796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 04/15/53 | CNY | 18430 | 3077313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/22/28 | CNY | 2020 | 305223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | CNY | 32810 | 5104871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28%, 12/03/27 | CNY | 33930 | 5046068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%, 05/23/29 | CNY | 24120 | 3677227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%, 04/15/52 | CNY | 14840 | 2519559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | CNY | 18230 | 3200059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72%, 04/12/51 | CNY | 16770 | 3020840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 09/14/50 | CNY | 30910 | 5619583 |
|  |  |  | 369722151 |
| **Colombia: 3.9%** |  |  |  |
| Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/03/27 | COP | 27368500 | 6581496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/28/28 | COP | 71396500 | 16548839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/09/36 | COP | 43276000 | 7137498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/26/31 | COP | 55944100 | 11582583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/30/32 | COP | 51206200 | 10064691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/18/34 | COP | 50951700 | 9600901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/26/50 | COP | 39906100 | 6085530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 08/26/26 | COP | 21274700 | 5572826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/18/30 | COP | 49224600 | 10715018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 05/28/42 | COP | 86908700 | 17183942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 08/22/29 | COP | 48540100 | 12146017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 07/25/46 | COP | 58787600 | 14002453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 01/24/35 | COP | 19735000 | 5094472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 11/28/40 | COP | 25403200 | 6755580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25%, 02/09/33 | COP | 87057100 | 23233166 |
|  |  |  | 162305012 |
| **Czech Republic: 4.5%** |  |  |  |
| Czech Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05%, 11/29/29 | CZK | 142320 | 5974497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/10/27 | CZK | 255600 | 12009476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 03/13/31 | CZK | 239430 | 10083633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/24/40 | CZK | 150820 | 4822543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/23/32 | CZK | 238970 | 9991166 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Czech Republic (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 07/30/37 | CZK | 140510 | $5180626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/13/33 | CZK | 237250 | 9702889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/23/29 | CZK | 251420 | 11768549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/03/33 | CZK | 147640 | 6583987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/30/35 | CZK | 261780 | 11770308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/03/36 | CZK | 129720 | 5775373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/24/34 | CZK | 103550 | 4938921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/11/32 | CZK | 264060 | 12961831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/14/34 | CZK | 268120 | 13417235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/30/30 | CZK | 268590 | 13601600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 09/19/35 | CZK | 43930 | 2252440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/12/28 | CZK | 202530 | 10318302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/29/29 | CZK | 111970 | 5760048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/16/31 | CZK | 108630 | 5804917 |
| Czech Republic Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/30 | CZK | 238500 | 10209071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/25/28 | CZK | 243320 | 11486177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 12/04/36 | CZK | 126650 | 5942936 |
|  |  |  | 190356525 |
| **Dominican Republic: 1.2%** |  |  |  |
| Dominican Republic International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 03/15/37 | DOP | 842300 | 14245589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 06/01/36 | DOP | 687750 | 11879665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 09/15/35 | DOP | 121200 | 2143007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62%, 02/03/33 | DOP | 384800 | 7417993 |
| Dominican Republic International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 03/15/37 | DOP | 153200 | 2603704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 06/01/36 | DOP | 168000 | 2901903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 09/15/35 | DOP | 474900 | 8396979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62%, 02/03/33 | DOP | 95080 | 1832908 |
|  |  |  | 51421748 |
| **Hungary: 3.6%** |  |  |  |
| Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 08/26/26 † | HUF | 1776960 | 5295046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/23/29 | HUF | 5475820 | 14652590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/20/33 | HUF | 3422770 | 7879058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/22/34 | HUF | 2099440 | 4615500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 12/22/26 | HUF | 2325990 | 6908301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/27/27 | HUF | 3865010 | 11210908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/21/30 | HUF | 5836280 | 15502522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/27/38 | HUF | 1658700 | 3365405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/25/41 | HUF | 1350170 | 2547879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/22/31 | HUF | 5222940 | 13593278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/23/28 | HUF | 3503520 | 10353312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/27/32 | HUF | 881700 | 2416422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/24/32 | HUF | 3933340 | 10841119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/28/29 | HUF | 806600 | 2447517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/22/28 | HUF | 5236490 | 16252632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/23/31 | HUF | 877490 | 2724986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/24/35 | HUF | 4443480 | 13782860 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Hungary (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/21/26 | HUF | 2370210 | $7434999 |
|  |  |  | 151824334 |
| **India: 7.9%** |  |  |  |
| India Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%, 08/03/30 | INR | 914410 | 9945669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 05/11/30 | INR | 912260 | 9935317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/30 | INR | 1045300 | 11406151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01%, 07/21/30 | INR | 79510 | 876801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 07/12/31 | INR | 781570 | 8562613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 05/05/35 | INR | 654280 | 7166700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 10/07/29 | INR | 870030 | 9767691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/06/35 | INR | 360840 | 3962182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 01/17/32 | INR | 1157150 | 12868693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67%, 12/17/50 | INR | 1094780 | 11297430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/23/29 | INR | 572480 | 6496819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 12/30/31 | INR | 66600 | 750773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 10/07/34 | INR | 1669630 | 18763846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 12/02/34 | INR | 134300 | 1503063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 12/15/51 | INR | 1302070 | 14090757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02%, 06/18/31 | INR | 513540 | 5854190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04%, 06/03/29 | INR | 662120 | 7584271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06%, 04/10/28 | INR | 492930 | 5648605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 04/18/29 | INR | 792380 | 9095936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 04/08/34 | INR | 1463750 | 16751011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 09/20/50 | INR | 811770 | 8910653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17%, 04/17/30 | INR | 550650 | 6318904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18%, 08/14/33 | INR | 1421040 | 16328583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18%, 07/24/37 | INR | 580410 | 6620722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 01/14/29 | INR | 412930 | 4765863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 08/22/32 | INR | 1302600 | 15011232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 02/06/33 | INR | 938450 | 10810665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 06/19/53 | INR | 1649800 | 18410702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32%, 11/13/30 | INR | 506070 | 5859990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36%, 09/12/52 | INR | 1400750 | 15770917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37%, 10/23/28 | INR | 459880 | 5318741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37%, 01/23/54 | INR | 39470 | 448073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/20/27 | INR | 609050 | 6955875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 12/19/36 | INR | 1271800 | 14800961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.54%, 05/23/36 | INR | 1293580 | 15200012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/15/49 | INR | 710180 | 8342261 |
|  |  |  | 332202672 |
| **Indonesia: 8.1%** |  |  |  |
| Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/15/27 | IDR | 157035000 | 9417555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/31 | IDR | 25822000 | 1574915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 05/15/28 | IDR | 140480000 | 8574290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/15/36 | IDR | 93721000 | 5670004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/28 | IDR | 135226000 | 8318299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/32 | IDR | 209260000 | 12819428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/37 | IDR | 23415000 | 1419240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/30 | IDR | 227702000 | 14209424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/31 | IDR | 240400000 | 14842501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/36 | IDR | 48725000 | 3011503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 05/15/33 | IDR | 138401000 | 8548661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 02/15/34 | IDR | 255476000 | 15857037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/35 | IDR | 253074000 | 15967717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/29 | IDR | 202674000 | 12683761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/15/27 | IDR | 130368000 | 8010868 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Indonesia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/30 | IDR | 218889000 | $13854699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/33 | IDR | 230191000 | 14540630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/38 | IDR | 158618000 | 10149820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 08/15/40 | IDR | 173199000 | 11158274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/42 | IDR | 158128000 | 10061560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/43 | IDR | 140477000 | 8938432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 08/15/45 | IDR | 121211000 | 7805225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 08/15/32 | IDR | 82839000 | 5361176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/15/35 | IDR | 163802000 | 10757573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/38 | IDR | 91484000 | 6005675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/15/40 | IDR | 197748000 | 12972734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/29 | IDR | 152631000 | 9936913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/15/32 | IDR | 60648000 | 4089294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/36 | IDR | 135577000 | 9359229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 09/15/26 | IDR | 92180000 | 5657945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 03/15/34 | IDR | 176635000 | 12092426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/15/39 | IDR | 88090000 | 6173271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/31 | IDR | 97671000 | 6645315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 03/15/29 | IDR | 114730000 | 7608096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 07/15/31 | IDR | 50189000 | 3538001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 08/15/30 | IDR | 70826000 | 5088981 |
| Perusahaan Penerbit SBSN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/26 | IDR | 33725000 | 2016778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/28 | IDR | 82430000 | 5031322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/34 | IDR | 58856000 | 3583196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 09/15/29 | IDR | 10084000 | 622719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/15/36 | IDR | 24600000 | 1559230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 11/15/31 | IDR | 58822000 | 4028375 |
|  |  |  | 339562092 |
| **Malaysia: 8.3%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/31 | MYR | 48394 | 11520554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 05/15/30 | MYR | 13302 | 3288621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 07/02/35 | MYR | 10822 | 2660726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/31/27 | MYR | 41800 | 10366884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 04/20/28 | MYR | 34737 | 8657747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 07/15/32 | MYR | 37533 | 9357826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 06/15/28 | MYR | 31780 | 7960249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 05/22/40 | MYR | 37478 | 9207830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/34 | MYR | 41764 | 10554030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/29 | MYR | 40377 | 10184328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/30/26 | MYR | 32129 | 7989328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/16/27 | MYR | 31911 | 8013744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92%, 07/15/55 | MYR | 13645 | 3325849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/18/39 | MYR | 39113 | 9927275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 06/15/50 | MYR | 40782 | 10250870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 05/16/44 | MYR | 30506 | 7836697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/31/35 | MYR | 22331 | 5827154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 03/31/53 | MYR | 34475 | 9203346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/30/29 | MYR | 15350 | 3942666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 11/07/33 | MYR | 33874 | 9018175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/15/42 | MYR | 33797 | 9199467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, 04/07/37 | MYR | 35693 | 9700853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 06/08/38 | MYR | 32445 | 8920305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/06/48 | MYR | 24860 | 7043344 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Malaysia (continued)** |  |  |  |
| Malaysia Government Investment Issue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 09/30/27 | MYR | 37133 | $9213939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 07/15/36 | MYR | 29652 | 7228630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46%, 10/15/30 | MYR | 38336 | 9526699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 07/31/28 | MYR | 42314 | 10556551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61%, 04/30/35 | MYR | 18652 | 4631016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/30/30 | MYR | 13861 | 3471871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 05/31/45 | MYR | 14433 | 3517471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 10/08/31 | MYR | 33696 | 8512090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 07/16/40 | MYR | 10990 | 2779904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 09/30/26 | MYR | 40171 | 9986806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/30/34 | MYR | 42413 | 10927469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/29 | MYR | 41348 | 10513867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19%, 10/07/32 | MYR | 35216 | 9094919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/30/30 | MYR | 31449 | 8078958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26%, 07/26/27 | MYR | 16567 | 4159301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29%, 08/14/43 | MYR | 43339 | 11277970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 10/31/28 | MYR | 35662 | 9080762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 09/30/41 | MYR | 28047 | 7419714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47%, 09/15/39 | MYR | 43317 | 11542242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, 03/31/38 | MYR | 13922 | 3773680 |
|  |  |  | 349251727 |
| **Mexico: 5.9%** |  |  |  |
| Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/04/27 | MXN | 18798 | 1022063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/03/26 | MXN | 7872 | 436847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/03/27 | MXN | 12005 | 667029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/26/33 | MXN | 426506 | 22087452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/29/31 | MXN | 640173 | 34330649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/23/34 | MXN | 571127 | 29498166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | 578301 | 27528646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/32 | MXN | 78264 | 4191221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/24/35 | MXN | 88381 | 4582492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 02/21/36 | MXN | 146336 | 7543676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/07/47 | MXN | 345638 | 16571437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/53 | MXN | 562839 | 26735670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/29/55 | MXN | 37325 | 1764437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/02/28 | MXN | 32111 | 1807910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/01/29 | MXN | 372062 | 20886485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/31/29 | MXN | 293074 | 16445900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/28/30 | MXN | 146224 | 7881526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/18/38 | MXN | 347508 | 18141227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/20/36 | MXN | 128966 | 7632275 |
|  |  |  | 249755108 |
| **Peru: 3.5%** |  |  |  |
| Peru Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 08/12/40 | PEN | 35148 | 9284087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/12/34 | PEN | 66174 | 19618057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/12/29 | PEN | 21965 | 6844731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 08/12/32 | PEN | 60675 | 19476370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 08/12/28 | PEN | 10246 | 3207974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 08/12/37 | PEN | 61228 | 19050911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 08/12/31 | PEN | 39866 | 13186405 |
| Peru Government Bond 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 08/12/35 † | PEN | 58712 | 18799845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/12/33 | PEN | 65538 | 22235793 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Peru (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60%, 08/12/39 | PEN | 46516 | $15113585 |
|  |  |  | 146817758 |
| **Poland: 5.3%** |  |  |  |
| Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/25/28 ^ | PLN | 5375 | 1385736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 10/25/26 | PLN | 16854 | 4580537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 10/25/30 | PLN | 72820 | 17519091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 04/25/32 | PLN | 79603 | 18671431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/26 | PLN | 4234 | 1174034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/27 | PLN | 39099 | 10700358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/25/28 | PLN | 19314 | 5257796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/25/29 | PLN | 72543 | 19130932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/25/27 | PLN | 46072 | 12849129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/25/30 | PLN | 88113 | 24568370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/25/31 | PLN | 19920 | 5528433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/25/29 | PLN | 71360 | 20223601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/25/30 | PLN | 36222 | 10329703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/34 | PLN | 72252 | 20025681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/35 | PLN | 34113 | 9389258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/25/33 | PLN | 79331 | 23610150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/25/28 | PLN | 56976 | 17223919 |
|  |  |  | 222168159 |
| **Romania: 3.9%** |  |  |  |
| Romania Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/25/27 | RON | 22295 | 4817595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/24/31 | RON | 27355 | 5448994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 01/26/28 | RON | 28665 | 6334713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/24/30 | RON | 25855 | 5377435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/28/36 | RON | 22260 | 4209234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/11/34 | RON | 27750 | 5570875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/29 | RON | 30175 | 6567199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/12/29 | RON | 27235 | 6009257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 07/26/27 | RON | 28560 | 6537942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 04/26/28 | RON | 24645 | 5653284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 04/25/29 | RON | 36610 | 8355257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/25/32 | RON | 35920 | 8266113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/25/35 | RON | 19020 | 4388433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 07/29/30 | RON | 15735 | 3653978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 07/31/34 | RON | 35760 | 8427912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 10/28/26 | RON | 30980 | 7214165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 05/31/27 | RON | 32820 | 7658214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 10/30/33 | RON | 37245 | 8822231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 04/28/31 | RON | 38080 | 9051769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/27/33 | RON | 9095 | 2190054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 07/27/31 | RON | 15440 | 3718683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 02/24/38 | RON | 36775 | 9252048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/29/30 | RON | 36890 | 8918744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/29/32 | RON | 38365 | 9537835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/30/28 | RON | 36545 | 8889671 |
|  |  |  | 164871635 |
| **Serbia: 1.2%** |  |  |  |
| Serbia Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/32 | RSD | 1491070 | 14589279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/27/35 | RSD | 1260890 | 12718469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/08/28 | RSD | 1169730 | 12037420 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Serbia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/26/31 | RSD | 1128090 | $12522793 |
|  |  |  | 51867961 |
| **South Africa: 5.7%** |  |  |  |
| Republic of South Africa Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/31/36 | ZAR | 93760 | 4811872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/28/41 | ZAR | 118931 | 5696199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/28/31 | ZAR | 222861 | 13141812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 01/31/30 | ZAR | 471328 | 29057801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 03/31/32 | ZAR | 478653 | 29582445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/31/37 | ZAR | 379765 | 22732379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/44 | ZAR | 394223 | 22778076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/28/48 | ZAR | 580813 | 33712000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/28/35 | ZAR | 471743 | 29664466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/31/40 | ZAR | 404313 | 24466346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 03/31/33 | ZAR | 40253 | 2697507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 03/31/38 | ZAR | 139925 | 9762579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62%, 03/31/53 | ZAR | 120835 | 9206106 |
|  |  |  | 237309588 |
| **Supranational: 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Development Bank<br> 6.55%, 05/23/35 | INR | 670000 | 7141347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Development Bank<br> 2.50%, 02/15/27 | CNY | 14000 | 2019409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank Reg S<br> 5.00%, 03/05/26 | MXN | 55650 | 3079886 |
| European Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/28/27 ^ | MXN | 12500 | 639617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%, 03/04/26 | PLN | 7140 | 1978939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/27/32 | CNY | 30310 | 4540811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/07/28 | IDR | 58730000 | 3472209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/06/26 | IDR | 76263400 | 4574152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/01/27 | IDR | 15160000 | 910345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/11/28 | INR | 393600 | 4343139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/08/36 | INR | 460000 | 5010841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/13/32 | INR | 1081700 | 12027474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development Reg S<br> 3.01%, 03/13/28 | PLN | 25730 | 6977523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank 144A<br> 6.95%, 03/01/29 | INR | 231500 | 2599661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank Reg S<br> 1.00%, 02/25/28 | PLN | 44372 | 11602819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/25/26 | PLN | 63868 | 17690884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/15/29 | PLN | 4088 | 1083049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/25/29 | PLN | 35400 | 9381155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/16/28 | MXN | 96500 | 5010840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40%, 10/23/33 | INR | 161500 | 1858507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter-American Development Bank<br> 7.00%, 01/25/29 | INR | 555000 | 6242866 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Supranational (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/17/33 | INR | 672000 | $7607528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 04/08/29 | INR | 392000 | 4397251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 10/06/30 | INR | 534000 | 6094580 |
| International Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/24/28 | CNY | 39000 | 5578975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/19/29 | CNY | 49000 | 7098384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/13/31 | CNY | 14000 | 2056989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/02/33 | CNY | 40000 | 5879610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/19/27 | CNY | 76000 | 10976557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/26/34 | CNY | 20000 | 2994027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/22/26 | MXN | 69480 | 3841794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/25/30 | MXN | 141000 | 6866922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/09/29 | IDR | 15600000 | 939924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 08/02/27 | PLN | 5600 | 1597390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/17/30 | INR | 501600 | 5482965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/37 | INR | 928000 | 9985720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/08/27 | INR | 266200 | 2973297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 07/22/29 | INR | 337000 | 3796712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07%, 06/26/29 | MXN | 32700 | 1755355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/21/27 | MXN | 269750 | 14979193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/06/26 | MXN | 33600 | 1874626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development Reg S<br> 6.75%, 06/17/27 | MXN | 65300 | 3578235 |
| International Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 02/11/28 | MXN | 40000 | 2080147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/05/30 | MXN | 33000 | 1611761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/20/27 | MXN | 334280 | 18393806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02%, 04/06/28 | MXN | 70500 | 3798715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/18/28 | MXN | 109710 | 6064911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 01/18/30 | MXN | 247780 | 13484541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 11/03/27 | COP | 7100000 | 1970689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp. Reg S<br> 8.38%, 05/31/29 | MXN | 238740 | 13254783 |
|  |  |  | 283200860 |
| **Thailand: 6.8%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 06/17/27 | THB | 401725 | 12731273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%, 04/17/29 | THB | 73080 | 2323380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 277554 | 8797908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 12/17/29 | THB | 279336 | 8999811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 06/17/35 | THB | 141677 | 4504933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%, 03/17/30 | THB | 273077 | 8823662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | THB | 436916 | 14413960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/17/42 | THB | 201642 | 6262512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/17/28 | THB | 308055 | 9984029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 12/17/26 | THB | 303916 | 9739857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/17/27 | THB | 333286 | 10723680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 11/17/27 | THB | 329986 | 10730769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/17/29 | THB | 324439 | 10698608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41%, 03/17/35 | THB | 260112 | 8837428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/17/29 | THB | 312344 | 10399644 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Thailand (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 06/17/28 | THB | 368611 | $12119738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/17/40 | THB | 185073 | 6434636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 06/17/34 | THB | 319268 | 11124756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 12/17/28 | THB | 270080 | 9001707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/17/46 | THB | 240133 | 8315566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, 06/17/45 | THB | 243139 | 8601053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 06/17/38 | THB | 344217 | 12615940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 06/17/33 | THB | 331084 | 11961170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/17/37 | THB | 351877 | 13010308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/17/36 | THB | 253088 | 9295281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 06/17/43 | THB | 381786 | 14169062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/20/31 | THB | 265019 | 9452085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 06/25/32 | THB | 330526 | 12065081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/22/29 | THB | 287957 | 10290280 |
|  |  |  | 286428117 |
| **Turkey: 2.5%** |  |  |  |
| Turkiye Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 08/11/27 | TRY | 215601 | 3645768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 02/24/27 | TRY | 63124 | 1167683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70%, 11/13/30 | TRY | 135012 | 1742702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40%, 03/08/28 | TRY | 287627 | 4641884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90%, 09/02/26 | TRY | 180322 | 3799607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.30%, 07/19/28 | TRY | 458151 | 8182934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.80%, 07/13/33 | TRY | 248540 | 4089515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.20%, 10/05/33 | TRY | 1007570 | 22821926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.70%, 09/27/34 | TRY | 324501 | 7704384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00%, 09/12/29 | TRY | 1331179 | 30188436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.08%, 11/08/28 | TRY | 790939 | 18266117 |
|  |  |  | 106250956 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Uruguay: 1.2%** |  |  |  |
| Uruguay Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/29/35 | UYU | 383500 | $10114063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/21/31 | UYU | 583041 | 15413483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/20/33 | UYU | 678684 | 19515098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond 144A<br> 8.50%, 03/15/28 | UYU | 63147 | 1652383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond Reg S<br> 8.50%, 03/15/28 | UYU | 103013 | 2695566 |
|  |  |  | 49390593 |
| **Total Government Obligations**<br> (Cost: $3,968,600,291) |  |  | 4121054703 |
| **Total Investments Before Collateral for Securities Loaned: 98.1%**<br> (Cost: $3,971,317,952) |  |  | 4123732199 |
|  |  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%** |  |
| **Money Market Fund: 0.2%**<br> (Cost: $10,336,646) | **Money Market Fund: 0.2%**<br> (Cost: $10,336,646) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) |  | 10336646 | 10336646 |
| **Total Investments: 98.3%**<br> (Cost: $3,981,654,598) |  |  | 4134068845 |
| **Other assets less liabilities: 1.7%** |  |  | 73145156 |
| **NET ASSETS: 100.0%** |  |  | $4207214001 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RSD | Serbian Dinar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $9,873,846. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. 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. These securities have an aggregate value of $173,755,205, or 4.1% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds \* | $— | $2677496 | $— | $2677496 |
| Government Obligations \* |  | 4121054703 |  | 4121054703 |
| Money Market Fund | 10336646 |  |  | 10336646 |
| **Total Investments** | $10336646 | $4123732199 | $— | $4134068845 |

---

\* See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Financial Services: 100.1%** |  |  |
| Adamas Trust, Inc. † | 871830 | $6364359 |
| AGNC Investment Corp. † | 4826488 | 51739951 |
| Annaly Capital Management, Inc. | 2881058 | 64420457 |
| Apollo Commercial Real Estate Finance, Inc. † | 1134994 | 10986742 |
| Arbor Realty Trust, Inc. † | 1855299 | 14397120 |
| Ares Commercial Real Estate Corp. † | 585711 | 2799699 |
| ARMOUR Residential REIT, Inc. † | 1021819 | 18075978 |
| Blackstone Mortgage Trust, Inc. † | 936736 | 17919760 |
| BrightSpire Capital, Inc. † | 1172159 | 6564090 |
| Chimera Investment Corp. | 788258 | 9798047 |
| Dynex Capital, Inc. † | 1253203 | 17557374 |
| Ellington Financial, Inc. † | 1057498 | 14360823 |
| Franklin BSP Realty Trust, Inc. † | 737325 | 7395370 |
| Invesco Mortgage Capital, Inc. | 743335 | 6251447 |
| KKR Real Estate Finance Trust, Inc. † | 502533 | 4130821 |
| Ladder Capital Corp. | 1118844 | 12296096 |
| MFA Financial, Inc. | 1032534 | 9612892 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Financial Services (continued)** |  |  |
| Orchid Island Capital, Inc. † | 2099476 | $15116227 |
| PennyMac Mortgage Investment Trust † | 716358 | 8990293 |
| Ready Capital Corp. † | 1404633 | 3062100 |
| Redwood Trust, Inc. † | 972121 | 5375829 |
| Rithm Capital Corp. | 2464488 | 26862919 |
| Starwood Property Trust, Inc. † | 1620661 | 29188105 |
| TPG RE Finance Trust, Inc. | 581185 | 5004003 |
| Two Harbors Investment Corp. | 876599 | 9204289 |
| **Total Common Stocks**<br> (Cost: $386,890,375) |  | 377474791 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 15.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 15.4%** |  |
| **Money Market Fund: 15.4%**<br> (Cost: $58,177,789) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 58177789 | 58177789 |
| **Total Investments: 115.5%**<br> (Cost: $445,068,164) |  | 435652580 |
| **Liabilities in excess of other assets: (15.5)%** |  | (58515198) |
| **NET ASSETS: 100.0%** |  | $377137382 |

---

**Footnotes:**

(a) The rate shown is the 7-day yield as of 12/31/25.

† Security fully or partially on loan. Total market value of securities on loan is $102,807,817.

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $377474791 | $— | $— | $377474791 |
| Money Market Fund | 58177789 |  |  | 58177789 |
| **Total Investments** | $435652580 | $— | $— | $435652580 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK OFFICE AND COMMERCIAL REIT ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.3%** |  |  |
| **Equity Real Estate Investment Trusts (REITs): 100.3%** |  |  |
| Alexander's, Inc. | 146 | $31819 |
| American Assets Trust, Inc. | 2890 | 54708 |
| Brandywine Realty Trust † | 8479 | 24759 |
| BXP, Inc. † | 2780 | 187593 |
| COPT Defense Properties | 4691 | 130410 |
| Cousins Properties, Inc. | 7192 | 185410 |
| Douglas Emmett, Inc. | 6488 | 71303 |
| Easterly Government Properties, Inc. | 2322 | 49203 |
| Empire State Realty Trust, Inc. | 7736 | 50439 |
| Highwoods Properties, Inc. | 3378 | 87220 |
| Hudson Pacific Properties, Inc. \* | 2730 | 29566 |
| JBG SMITH Properties † | 1972 | 33544 |
| Kilroy Realty Corp. † | 4167 | 155721 |
| Kimco Realty Corp. | 2314 | 46905 |
| Net Lease Office Properties | 872 | 22489 |
| Piedmont Realty Trust, Inc. † | 7333 | 61157 |
| Prologis, Inc. | 603 | 76979 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
| Realty Income Corp. | 1380 | $77791 |
| Regency Centers Corp. | 445 | 30718 |
| Rexford Industrial Realty, Inc. | 604 | 23387 |
| Simon Property Group, Inc. | 431 | 79782 |
| SL Green Realty Corp. | 1990 | 91281 |
| Vornado Realty Trust | 5553 | 184804 |
| WP Carey, Inc. | 841 | 54127 |
| **Total Common Stocks**<br> (Cost: $2,012,362) |  | 1841115 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.4%** |  |
| **Money Market Fund: 1.4%**<br> (Cost: $24,846) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 24846 | 24846 |
| **Total Investments: 101.7%**<br> (Cost: $2,037,208) |  | 1865961 |
| **Liabilities in excess of other assets: (1.7)%** | **Liabilities in excess of other assets: (1.7)%** | (31889) |
| **NET ASSETS: 100.0%** |  | $1834072 |

---

**Definitions:**

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $388,144. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $1841115 | $— | $— | $1841115 |
| Money Market Fund | 24846 |  |  | 24846 |
| **Total Investments** | $1865961 | $— | $— | $1865961 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number**<br> **of Shares** | **Value** |
| **PREFERRED SECURITIES: 99.8%** |  |  |
| **Aerospace & Defense: 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<br> 6.00%, 10/15/27 † | 2908190 | $200839601 |
| **Automobiles & Auto Parts: 2.7%** | **Automobiles & Auto Parts: 2.7%** |  |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/59 † | 964825 | 19894691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/01/59 | 904524 | 19112592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/62 † | 723618 | 16093264 |
|  |  | 55100547 |
| **Chemicals: 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp.<br> 7.25%, 03/01/27 | 1386936 | 82370129 |
| **Computers Phones & Household Electronics: 3.0%** | **Computers Phones & Household Electronics: 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co.<br> 7.62%, 09/01/27 | 904524 | 60322706 |
| **Consumer Goods Conglomerates: 0.2%** | **Consumer Goods Conglomerates: 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Finance ULC<br> 5.00%, 05/24/81 | 301509 | 4911582 |
| **Diversified Retail: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QVC Group, Inc.<br> 8.00%, 03/15/31 † | 383457 | 1395783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QVC, Inc.<br> 6.25%, 11/26/68 | 603256 | 4928602 |
|  |  | 6324385 |
| **Electric Utilities & IPPs: 25.8%** |  |  |
| Brookfield BRP Holdings Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 04/30/26 (o) | 422112 | 6492082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/09/26 (o) | 313568 | 5082937 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/01/81 | 337687 | 5798086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/77 † | 482412 | 10198190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/85 | 723618 | 18010852 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/15/78 † | 603015 | 14834169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (o) † | 1206030 | 30114569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Arkansas LLC<br> 4.88%, 09/01/66 | 494473 | 10235591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Louisiana LLC<br> 4.88%, 09/01/66 † | 325628 | 6659093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi LLC<br> 4.90%, 10/01/66 † | 313568 | 6440687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Power Co.<br> 5.00%, 10/01/77 † | 325628 | 7294067 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/01/79 † | 829146 | 19741966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/85 | 1055277 | 26719614 |
| NextEra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.23%, 11/01/27 † | 904524 | 44095545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 06/01/27 | 1206030 | 62436173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp.<br> 6.00%, 12/01/27 | 970853 | 39804973 |
| SCE Trust V |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Number**<br> **of Shares** | **Value** |
| **Electric Utilities & IPPs (continued)** | **Electric Utilities & IPPs (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26 (o)(a) | 361810 | $9113994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VI<br> 5.00% (o) | 572865 | 9973580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VII<br> 7.50%, 11/22/28 (o) † | 663316 | 16768628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VIII<br> 6.95%, 05/13/29 (o) † | 422112 | 10033602 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/60 | 904524 | 16046256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/30/80 | 1206030 | 24410047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/77 † | 542714 | 11728049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/85 † | 681407 | 17307738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 12/15/28 | 1206030 | 60735671 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 †(a) | 309347 | 7439795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc.<br> 6.25%, 10/15/85 | 1085427 | 27092258 |
|  |  | 524608212 |
| **Electronic Equipment & Parts: 1.0%** | **Electronic Equipment & Parts: 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc.<br> 6.50%, 11/01/28 | 380912 | 20942542 |
| **Food & Tobacco: 3.5%** |  |  |
| CHS, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% (o) | 593970 | 14676999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10% (o) | 506532 | 12617712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% (o) | 624120 | 15827683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88% (o) † | 647036 | 16809995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% (o) † | 370009 | 10249250 |
|  |  | 70181639 |
| **Healthcare Equipment & Supplies: 1.5%** | **Healthcare Equipment & Supplies: 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker Corp.<br> 6.38%, 09/01/28 | 83216 | 30457056 |
| **Healthcare Providers & Services: 1.5%** | **Healthcare Providers & Services: 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.<br> 6.75%, 02/01/27 | 241205 | 30442483 |
| **Homebuilding / Household Goods: 0.9%** | **Homebuilding / Household Goods: 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc.<br> 5.50%, 05/15/28 | 346734 | 19122380 |
| **Investment Banking & Investment Services: 1.2%** | **Investment Banking & Investment Services: 1.2%** |  |
| DigitalBridge Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% (o) † | 350233 | 7771670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15% (o) | 387980 | 8613156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc.<br> 6.50%, 04/16/26 (o) | 395337 | 7222807 |
|  |  | 23607633 |
| **Multiline Utilities: 2.8%** |  |  |
| Algonquin Power & Utilities Corp. |  |  |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number**<br> **of Shares** | **Value** |
| **Multiline Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86% 07/01/79 †(a) | 422112 | $10742750 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/78 † | 337687 | 7648610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/79 † | 759799 | 17589347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra<br> 5.75%, 07/01/79 | 913569 | 20199011 |
|  |  | 56179718 |
| **Natural Gas Utilities: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc.<br> 5.90% (o) † | 301509 | 7230186 |
| **Office Equipment: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<br> 6.70%, 03/07/43 | 421415 | 8592652 |
| **Oil & Gas: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP<br> 11.14% (Term SOFR USD 3 Month+7.47%) (o)(a) | 379416 | 9098396 |
| **Oil & Gas Related Equipment and Srvices: 0.5%** | **Oil & Gas Related Equipment and Srvices: 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd.<br> 6.25%, 11/01/85 | 446201 | 10949772 |
| **Professional & Commercial Services: 0.3%** | **Professional & Commercial Services: 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIP Bermuda Holdings I Ltd.<br> 5.12%, 01/21/27 (o) | 361810 | 5980719 |
| **Real Estate Operations: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Property Preferred LP<br> 6.25%, 07/26/81 | 809365 | 12545157 |
| **Residential & Commercial REITs: 17.0%** | **Residential & Commercial REITs: 17.0%** |  |
| AGNC Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% (o) | 416081 | 10501884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86% (Term SOFR USD 3 Month+4.96%) (o)(a) | 693467 | 17017680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16% (Term SOFR USD 3 Month+5.25%) (o) †(a) | 485426 | 12140504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.28% (Term SOFR USD 3 Month+5.37%) (o) †(a) | 391961 | 9900935 |
| Annaly Capital Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09% (Term SOFR USD 3 Month+4.43%) (o) †(a) | 512563 | 12778196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 09/30/30 (o) † | 331659 | 8619817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.91% (Term SOFR USD 3 Month+5.25%) (o) †(a) | 533668 | 13645891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92% (Term SOFR USD 3 Month+5.25%) (o)(a) | 868343 | 22108013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc.<br> 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 (o) †(a) | 342030 | 7442573 |
| Chimera Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% (Term SOFR USD 3 Month+5.00%) (o) †(a) | 313568 | 6688406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74% (Term SOFR USD 3 Month+6.05%) (o)(a) | 391961 | 9113093 |
| Digital Realty Trust, Inc. |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Number**<br> **of Shares** | **Value** |
| **Residential & Commercial REITs (continued)** | **Residential & Commercial REITs (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% (o) | 416081 | $8517178 |
| Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/01/42 | 422112 | 6758013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/46 | 301509 | 5276408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc.<br> 7.50% (o) † | 311398 | 6642119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc.<br> 4.75%, 11/16/26 (o) † | 512563 | 7949852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp.<br> 5.25% (o) † | 315498 | 6515034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Financial, Inc.<br> 9.27% (Term SOFR USD 3 Month+5.61%) (o)(a) | 331659 | 7568458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust<br> 6.75%, 08/24/26 (o) | 301509 | 5568871 |
| Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% (o) | 340706 | 5257094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/16/26 (o) | 1252823 | 19958645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/13/27 (o) | 301509 | 4902536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% (o) | 681407 | 12606029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% (o) | 312120 | 5824159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% (o) † | 381346 | 7363791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% (o) | 361810 | 7294090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (o) † | 337687 | 6973237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% (o) † | 343720 | 7857439 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 (o) (a) | 560804 | 13812603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08% (Term SOFR USD 3 Month+5.23%) (o)(a) | 479519 | 11925638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% (Term SOFR USD 3 Month+5.90%) (o) †(a) | 339497 | 8677543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust<br> 1.95% (o) † | 388342 | 9669716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp.<br> 7.62% 07/27/27 (o) †(a) | 306333 | 7217206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMH Properties, Inc.<br> 6.38% (o) | 388221 | 8470982 |
| Vornado Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/22/26 (o) † | 361810 | 5155792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% (o) † | 747138 | 12645899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (o) | 361810 | 6393183 |
|  |  | 346758507 |
| **Semiconductors & Semiconductor Equipment: 2.6%** | **Semiconductors & Semiconductor Equipment: 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc.<br> 7.50%, 03/15/28 † | 895478 | 52188458 |
| **Software & IT Services: 9.0%** |  |  |
| Strategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% (o) | 419669 | 33053131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% (o) † | 753015 | 66465969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50% (o) † | 844554 | 83437712 |
|  |  | 182956812 |
| **Telecommunications Services: 10.0%** | **Telecommunications Services: 10.0%** |  |
| AT&T, Inc. |  |  |

---

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Telecommunications Services (continued)** | **Telecommunications Services (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% (o) | 2110554 | $40142737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% (o) † | 1447238 | 29147374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/01/66 | 1594977 | 35520138 |
| Qwest Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/56 | 1178897 | 22139686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/57 | 795982 | 15123658 |
| Telephone and Data Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/30/26 (o) | 832160 | 15852648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 03/31/26 (o) | 506532 | 10545996 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/70 | 483377 | 11335190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/70 | 476140 | 11027402 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Telecommunications Services (continued)** | **Telecommunications Services (continued)** | **Telecommunications Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/69 | 474575 | $11888104 |
|  |  | 202722933 |
| **Total Preferred Securities**<br> (Cost: $1,986,316,374) |  | 2024434205 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8%** |  |
| **Money Market Fund: 4.8%**<br> (Cost: $97,300,456) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(b) | 97300456 | 97300456 |
| **Total Investments: 104.6%**<br> (Cost: $2,083,616,830) |  | 2121734661 |
| **Liabilities in excess of other assets: (4.6)%** | **Liabilities in excess of other assets: (4.6)%** | (93222580) |
| **NET ASSETS: 100.0%** |  | $2028512081 |

---

------

**Definitions:**

IPP Independent power producer <br> SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

(a) Variable rate security — the rate shown is as of 12/31/25

(b) The rate shown is the 7-day yield as of 12/31/25.

(o) Perpetual Maturity — the date shown, if applicable, is the next call date

† Security fully or partially on loan. Total market value of securities on loan is $144,990,489.

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Preferred Securities \* | $2024434205 | $— | $— | $2024434205 |
| Money Market Fund | 97300456 |  |  | 97300456 |
| **Total Investments** | $2121734661 | $— | $— | $2121734661 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AA-BB CLO ETF** | **BDC Income ETF** | **China Bond ETF** | **CLO ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $149789684 | $1610705515 | $17978496 | $1306639388 |
| Short-term investments held as collateral for securities loaned (3) |  | 288549931 |  |  |
| Cash | 380060 |  | 59106 | 10980072 |
| Cash denominated in foreign currency, at value (4) |  |  | 131423 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 11206460 |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  | 11325104 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1869808 | 12459160 | 236189 | 14263997 |
| Prepaid expenses |  |  | 635 |  |
| Other assets |  |  | 83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 152039552 | 1934246170 | 18405932 | 1331883457 |
| **Liabilities:** |  |  |  |  |
| Total return swap contracts, at value |  | 6852783 |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  | 7000000 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  | 11325104 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 288549931 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 58202 | 546729 | 387 | 397228 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  | 20868902 |  |  |
| Deferred Trustee fees |  | 9396 | 1861 |  |
| Accrued expenses |  |  | 59198 |  |
| Accrued interest |  | 46301 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 58202 | 328199146 | 61446 | 7397228 |
| **NET ASSETS** | $151981350 | $1606047024 | $18344486 | $1324486229 |
| Shares outstanding | 3000000 | 113450000 | 800000 | 25100000 |
| Net asset value, per share | $50.66 | $14.16 | $22.93 | $52.77 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $151974697 | $1886081573 | $18239435 | $1322075046 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 6653 | (280034549) | 105051 | 2411183 |
| **NET ASSETS** | $151981350 | $1606047024 | $18344486 | $1324486229 |
| (1) Includes Investment in securities on loan, at market value | $— | $441105337 | $— | $— |
| (2) Cost of investments - Unaffiliated issuers | $149779207 | $1736344432 | $17634291 | $1304481795 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $288549931 | $— | $— |
| (4) Cost of cash denominated in foreign currency | $— | $— | $132251 | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International<br> High Yield Bond<br> ETF** | **J.P. Morgan EM<br> Local Currency<br> Bond ETF** | **Mortgage REIT<br> Income ETF** | **Office and<br> Commercial REIT<br> ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $47049753 | $4123732199 | $377474791 | $1841115 |
| Short-term investments held as collateral for securities loaned (3) | 571687 | 10336646 | 58177789 | 24846 |
| Cash | 50046 | 19253821 |  |  |
| Cash denominated in foreign currency, at value (4) | 354899 | 1712967 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 73995 | 23017543 |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  |  | 1577977 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 837405 | 83408216 | 7568845 | 8975 |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes |  |  |  | 187 |
| Prepaid expenses |  | 20229 |  |  |
| Other assets |  | 40439 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 48937785 | 4261522060 | 444799402 | 1875123 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 41235984 | 1550516 |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 571687 | 10336646 | 58177789 | 24846 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 16426 | 862792 | 123993 | 810 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 7792184 | 15395 |
| Deferred Trustee fees | 33385 | 362301 | 16359 |  |
| Accrued expenses |  | 289433 |  |  |
| Accrued foreign taxes |  | 1219882 |  |  |
| Accrued interest | 36 | 1021 | 1179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 621534 | 54308059 | 67662020 | 41051 |
| **NET ASSETS** | $48316251 | $4207214001 | $377137382 | $1834072 |
| Shares outstanding | 2200000 | 163022682 | 35850000 | 50000 |
| Net asset value, per share | $21.96 | $25.81 | $10.52 | $36.68 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $66762835 | $4606493320 | $558313056 | $2156799 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (18446584) | (399279319) | (181175674) | (322727) |
| **NET ASSETS** | $48316251 | $4207214001 | $377137382 | $1834072 |
| (1) Includes Investment in securities on loan, at market value | $547900 | $9873846 | $102807817 | $388144 |
| (2) Cost of investments - Unaffiliated issuers | $46519025 | $3971317952 | $386890375 | $2012362 |
| (3) Cost of short-term investments held as collateral for securities loaned | $571687 | $10336646 | $58177789 | $24846 |
| (4) Cost of cash denominated in foreign currency | $353688 | $1709679 | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | |
|:---|:---|
|  | **Preferred<br> Securities ex<br> Financials ETF** |
| **Assets:** | |
| Investments, at value (1) |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $2024434205 |
| Short-term investments held as collateral for securities loaned (3) | 97300456 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 46682543 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 31858157 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 6122080 |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes | 25478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 2206422919 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 49247448 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 29092155 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 97300456 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 690859 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 1542691 |
| Deferred Trustee fees | 36282 |
| Accrued interest | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 177910838 |
| **NET ASSETS** | $2028512081 |
| Shares outstanding | 115050000 |
| Net asset value, per share | $17.63 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $2250457219 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (221945138) |
| **NET ASSETS** | $2028512081 |
| (1) Includes Investment in securities on loan, at market value | $144990489 |
| (2) Cost of investments - Unaffiliated issuers | $1986316374 |
| (3) Cost of short-term investments held as collateral for securities loaned | $97300456 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AA-BB CLO ETF** | **BDC Income ETF** | **China Bond ETF** | **CLO ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $129868630 | $— | $— |
| Interest | 8050269 | 13339084 | 409910 | 65032718 |
| Securities lending income |  | 4217456 |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 8050269 | 147425170 | 409910 | 65032718 |
| **Expenses:** |  |  |  |  |
| Management fees | 505803 | 6190323 | 75061 | 4178564 |
| Professional fees |  |  | 57642 |  |
| Custody and accounting fees |  |  | 22204 |  |
| Reports to shareholders |  |  | 11058 |  |
| Trustees' fees and expenses |  |  | 1028 |  |
| Exchange listing fees |  |  | 2319 |  |
| Insurance |  |  | 1146 |  |
| Interest |  | 233268 |  | 760 |
| Taxes | 227 | 1585 | 250 | 243 |
| Other |  |  | 781 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 506030 | 6425176 | 171489 | 4179567 |
| Expenses assumed by the Adviser |  |  | (77413) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 506030 | 6425176 | 94076 | 4179567 |
| Net investment income | 7544239 | 140999994 | 315834 | 60853151 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | 187649 | (27925526) | (403784) | 575411 |
| In-kind redemptions |  | 23891105 |  | 288491 |
| Capital gain distributions from investment companies |  | 612573 |  |  |
| Swap contracts |  | (35409974) |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  |  | 8594 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 187649 | (38831822) | (395190) | 863902 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (415434) | (181251632) | 1112179 | (1756759) |
| Swap contracts |  | (6937639) |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  |  | 16865 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (415434) | (188189271) | 1129044 | (1756759) |
| Net increase (decrease) in net assets resulting from operations | $7316454 | $(86021099) | $1049688 | $59960294 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International<br> High Yield Bond<br> ETF** | **J.P. Morgan EM<br> Local Currency<br> Bond ETF** | **Mortgage REIT<br> Income ETF** | **Office and<br> Commercial REIT<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $— | $33446934 | $58912 |
| Interest | 2080899 | 225542110 | 18846 | 101 |
| Securities lending income | 8384 | 22923 | 308360 | 240 |
| Net foreign taxes withheld | (1697) | (5614306) |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 2087586 | 219950727 | 33774140 | 59253 |
| **Expenses:** |  |  |  |  |
| Management fees | 145593 | 8997145 | 1253276 | 11140 |
| Professional fees |  | 71480 |  |  |
| Custody and accounting fees |  | 698886 |  |  |
| Reports to shareholders |  | 338281 |  |  |
| Trustees' fees and expenses |  | 159828 |  |  |
| Exchange listing fees |  | 1841 |  |  |
| Insurance |  | 33757 |  |  |
| Interest | 143 | 58986 | 83009 |  |
| Taxes | 234 | 254 | 1020 | 301 |
| Other |  | 47143 |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 145970 | 10407601 | 1337305 | 11441 |
| Expenses assumed by the Adviser |  | (351534) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 145970 | 10056067 | 1337305 | 11441 |
| Net investment income | 1941616 | 209894660 | 32436835 | 47812 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments (1) | (32787) | (74806657) | (18262190) | (149727) |
| In-kind redemptions | (171637) | 331638 | 2453415 | 218380 |
| Foreign currency transactions and foreign denominated assets and liabilities | 6218 | (34875) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (198206) | (74509894) | (15808775) | 68653 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments (2) | 2204574 | 396129509 | 19906335 | (331772) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations and foreign denominated assets and liabilities | 13798 | 3571591 |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2218372 | 399701100 | 19906335 | (331772) |
| Net increase (decrease) in net assets resulting from operations | $3961782 | $535085866 | $36534395 | $(215307) |
| (1) Net of foreign taxes | $— | $(680282) | $— | $— |
| (2) Net change in accrued foreign taxes | $— | $(781418) | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  | **Preferred<br> Securities ex<br> Financials ETF** |
| **Income:** |  |
| Dividends | $130831311 |
| Interest | 164423 |
| Securities lending income | 1195240 |
| Net foreign taxes reclaimed | 9983 |
| &nbsp;&nbsp;&nbsp;Total income | 132200957 |
| **Expenses:** |  |
| Management fees | 7558351 |
| Interest | 21351 |
| Taxes | 476 |
| &nbsp;&nbsp;&nbsp;Total expenses | 7580178 |
| Net investment income | 124620779 |
| **Net realized gain (loss) on:** |  |
| Investments | (41905489) |
| In-kind redemptions | 47318882 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5413393 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 31520429 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 31520429 |
| Net increase in net assets resulting from operations | $161554601 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **AA-BB CLO ETF** | **AA-BB CLO ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $7544239 | $895028 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 187649 | (61) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (415434) | 425912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7316454 | 1320879 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (7740860) | (889820) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 106733286 | 60300171 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15058760) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 91674526 | 60300171 |
| Total increase in net assets | 91250120 | 60731230 |
| Net Assets, beginning of period | 60731230 |  |
| Net Assets, end of period | $151981350 | $60731230 |
| **\*Transactions in capital shares:** |  |  |
| Shares sold | 2100000 | 1200000 |
| Shares redeemed | (300000) |  |
| &nbsp;&nbsp;&nbsp;Net increase | 1800000 | 1200000 |

---

(a) For the period September 25, 2024 (commencement of operations) through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** | **Year Ended<br> April 30, 2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $140999994 | $100277252 | $89851157 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (38831822) | (6033853) | 3724610 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (188189271) | 2207977 | 93198589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (86021099) | 96451376 | 186774356 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (98652381) | (100652127) | (89851157) |
| &nbsp;&nbsp;&nbsp;Return of capital | (71762469) | (534358) | (187793) |
| Total distributions | (170414850) | (101186485) | (90038950) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 726385774 | 382193690 | 510600418 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (233150090) | (92553027) | (100247033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 493235684 | 289640663 | 410353385 |
| Total increase in net assets | 236799735 | 284905554 | 507088791 |
| Net Assets, beginning of period | 1369247289 | 1084341735 | 577252944 |
| Net Assets, end of period | $1606047024 | $1369247289 | $1084341735 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 46750000 | 22925000 | 31825000 |
| Shares redeemed | (15850000) | (5550000) | (6350000) |
| &nbsp;&nbsp;&nbsp;Net increase | 30900000 | 17375000 | 25475000 |

---

(a) The Fund changed its fiscal year-end from April 30 to December 31. The period
 includes activity from May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $315834 | $311579 | $765062 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (395190) | (383568) | (3361989) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1129044 | 554868 | 1766414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1049688 | 482879 | (830513) |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (139605) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (176385) | (312780) | (1040340) |
| Total distributions | (315990) | (312780) | (1040340) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  | 2165020 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4383302) | (2252117) | (19651805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (4383302) | (2252117) | (17486785) |
| Total decrease in net assets | (3649604) | (2082018) | (19357638) |
| Net Assets, beginning of period | 21994090 | 24076108 | 43433746 |
| Net Assets, end of period | $18344486 | $21994090 | $24076108 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold |  |  | 100000 |
| Shares redeemed | (200000) | (100000) | (900000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (200000) | (100000) | (800000) |

---

(a) The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from
 May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **CLO ETF** | **CLO ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $60853151 | $28689042 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 863902 | 2167982 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1756759) | 1575429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 59960294 | 32432453 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (61868570) | (30616070) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 739475963 | 570662000 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (204748242) | (15684333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 534727721 | 554977667 |
| Total increase in net assets | 532819445 | 556794050 |
| Net Assets, beginning of year | 791666784 | 234872734 |
| Net Assets, end of year | $1324486229 | $791666784 |
| **\*Transactions in capital shares:** |  |  |
| Shares sold | 14000000 | 10800000 |
| Shares redeemed | (3900000) | (300000) |
| &nbsp;&nbsp;&nbsp;Net increase | 10100000 | 10500000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **International High Yield Bond ETF** | **International High Yield Bond ETF** | **International High Yield Bond ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** | **Year Ended<br> April 30, 2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1941616 | $929861 | $2207379 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (198206) | (730316) | (5090301) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2218372 | 1240408 | 5490598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3961782 | 1439953 | 2607676 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (2039590) | (762590) | (1811747) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (190340) | (464333) |
| Total distributions | (2039590) | (952930) | (2276080) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 28017187 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4240867) | (8297285) | (35962025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 23776320 | (8297285) | (35962025) |
| Total increase (decrease) in net assets | 25698512 | (7810262) | (35630429) |
| Net Assets, beginning of period | 22617739 | 30428001 | 66058430 |
| Net Assets, end of period | $48316251 | $22617739 | $30428001 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 1300000 |  |  |
| Shares redeemed | (200000) | (400000) | (1800000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1100000 | (400000) | (1800000) |

---

(a) The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from
 May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** | **Year Ended<br> April 30, 2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $209894660 | $116610026 | $190687135 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (74509894) | (80348331) | (239448468) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 399701100 | 2685881 | 72095992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 535085866 | 38947576 | 23334659 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (144597007) |  | (74799534) |
| &nbsp;&nbsp;&nbsp;Return of capital | (63717700) | (116685317) | (116037962) |
| Total distributions | (208314707) | (116685317) | (190837496) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1475817740 | 115993004 | 362831748 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (185928158) | (226378184) | (640998130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 1289889582 | (110385180) | (278166382) |
| Total increase (decrease) in net assets | 1616660741 | (188122921) | (445669219) |
| Net Assets, beginning of period | 2590553260 | 2778676181 | 3224345400 |
| Net Assets, end of period | $4207214001 | $2590553260 | $2778676181 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 59300000 | 4600000 | 14400000 |
| Shares redeemed | (7900000) | (9400000) | (26300000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 51400000 | (4800000) | (11900000) |

---

(a) The Fund changed its fiscal year-end from April 30 to December 31. The Period includes activity from
 May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** | **Year Ended<br> April 30, 2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $32436835 | $20146343 | $23290638 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (15808775) | (25273187) | (17394242) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 19906335 | 24541341 | 9541624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 36534395 | 19414497 | 15438020 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (31969592) | (18288440) | (23290638) |
| &nbsp;&nbsp;&nbsp;Return of capital | (9106273) | (5850010) | (2175757) |
| Total distributions | (41075865) | (24138450) | (25466395) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 122637333 | 50849592 | 98094333 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (28937585) | (14189073) | (21455897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 93699748 | 36660519 | 76638436 |
| Total increase in net assets | 89158278 | 31936566 | 66610061 |
| Net Assets, beginning of period | 287979104 | 256042538 | 189432477 |
| Net Assets, end of period | $377137382 | $287979104 | $256042538 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 11400000 | 4450000 | 8650000 |
| Shares redeemed | (2700000) | (1250000) | (1900000) |
| &nbsp;&nbsp;&nbsp;Net increase | 8700000 | 3200000 | 6750000 |

---

(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from
 May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Office and Commercial REIT ETF** | **Office and Commercial REIT ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $47812 | $38992 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 68653 | 105793 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (331772) | 32329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (215307) | 177114 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (53922) | (34588) |
| &nbsp;&nbsp;&nbsp;Return of capital | (49934) | (22379) |
| Total distributions | (103856) | (56967) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2050001 | 1659528 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2047087) | (786927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 2914 | 872601 |
| Total increase (decrease) in net assets | (316249) | 992748 |
| Net Assets, beginning of year | 2150321 | 1157573 |
| Net Assets, end of year | $1834072 | $2150321 |
| **\*Transactions in capital shares:** |  |  |
| Shares sold | 50000 | 40000 |
| Shares redeemed | (50000) | (20000) |
| &nbsp;&nbsp;&nbsp;Net increase |  | 20000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Period Ended<br> December 31,<br> 2024(a)** | **Year Ended<br> April 30, 2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $124620779 | $87260197 | $99354821 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5413393 | (81947165) | (31324978) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 31520429 | 118561865 | (4235878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 161554601 | 123874897 | 63793965 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (130217130) | (108632645) | (103210465) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 493740702 | 380527666 | 610528274 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (397617918) | (82936239) | (42538023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 96122784 | 297591427 | 567990251 |
| Total increase in net assets | 127460255 | 312833679 | 528573751 |
| Net Assets, beginning of period | 1901051826 | 1588218147 | 1059644396 |
| Net Assets, end of period | $2028512081 | $1901051826 | $1588218147 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 28050000 | 21450000 | 35350000 |
| Shares redeemed | (23150000) | (4650000) | (2500000) |
| &nbsp;&nbsp;&nbsp;Net increase | 4900000 | 16800000 | 32850000 |

---

(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from
 May 1, 2024 through December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **AA-BB CLO ETF** | **AA-BB CLO ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024 (a)** |
| Net asset value, beginning of period | $50.61 | $50.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 3.41 | 0.95 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 0.49 |
| Total from investment operations | 3.39 | 1.44 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (3.28) | (0.83) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.06) |  |
| Total distributions | (3.34) | (0.83) |
| Net asset value, end of period | $50.66 | $50.61 |
| **Total return (c)** | 6.92% | 2.90% |
| **Ratios to average net assets** |  |  |
| Expenses | 0.45% | 0.45 %(d) |
| Net investment income | 6.71% | 6.93 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $152 | $61 |
| Portfolio turnover rate (e) | 47% | — % |

---

(a) For the period September 25, 2024 (commencement of operations) through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **<br>2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $16.59 | $16.64 | $14.54 | $16.76 | $16.76 | $10.75 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.43 | 1.39 | 1.84 | 1.63 | 1.44 | 1.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.19) | (0.08) | 2.04 | (2.18) | (0.06) | 6.02 |
| Total from investment operations | (0.76) | 1.31 | 3.88 | (0.55) | 1.38 | 7.45 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.97) | (1.35) | (1.78) | (1.63) | (1.38) | (1.44) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.70) | (0.01) | — (c) | (0.04) |  | — (c) |
| Total distributions | (1.67) | (1.36) | (1.78) | (1.67) | (1.38) | (1.44) |
| Net asset value, end of period | $14.16 | $16.59 | $16.64 | $14.54 | $16.76 | $16.76 |
| **Total return (d)** | (4.62)% | 8.11% | 28.03% | (2.60)% | 8.23% | 73.81% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (e)(f) | 0.42% | 0.42 %(g) | 0.42% | 0.42% | 0.41% | 0.46% |
| Net expenses (e)(f) | 0.42% | 0.42 %(g) | 0.42% | 0.42% | 0.41% | 0.41% |
| Net expenses excluding interest and taxes (e)(f) | 0.40% | 0.40 %(g) | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income (e) | 9.11% | 12.55 %(g) | 11.60% | 10.75% | 8.34% | 10.57% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $1606 | $1369 | $1084 | $577 | $625 | $412 |
| Portfolio turnover rate (h) | 28% | 17% | 12% | 28% | 29% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Amount represents less than $0.005 per share.

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(e) The ratios presented do not reflect the Fund's proportionate share of income and expenses from the Fund's investment in underlying funds.

(f) Periods after April 30, 2021 reflect a unitary management fee structure.

(g) Annualized

(h) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **<br>2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $21.99 | $21.89 | $22.86 | $23.56 | $24.07 | $22.39 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.38 | 0.29 | 0.51 | 0.57 | 0.66 | 0.73 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.94 | 0.11 | (0.79) | (0.76) | (0.40) | 1.60 |
| Total from investment operations | 1.32 | 0.40 | (0.28) | (0.19) | 0.26 | 2.33 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) |  |  | — (c) | (0.76) | (0.65) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.21) | (0.30) | (0.69) | (0.51) | (0.01) |  |
| Total distributions | (0.38) | (0.30) | (0.69) | (0.51) | (0.77) | (0.65) |
| Net asset value, end of period | $22.93 | $21.99 | $21.89 | $22.86 | $23.56 | $24.07 |
| **Total return (d)** | 6.04% | 1.83% | (1.21)% | (0.80)% | 1.02% | 10.56% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.91% | 1.16 %(e) | 0.79% | 0.51% | 0.52% | 0.68% |
| Net expenses | 0.50% | 0.50 %(e) | 0.51% | 0.51% | 0.51% | 0.50% |
| Net expenses excluding interest and taxes | 0.50% | 0.50 %(e) | 0.50% | 0.50% | 0.50% | 0.50% |
| Net investment income | 1.68% | 1.97 %(e) | 2.31% | 2.51% | 2.69% | 3.07% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $18 | $22 | $24 | $43 | $130 | $104 |
| Portfolio turnover rate (f) | 48% | 72% | 65% | 10% | 60% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Amount represents less than $0.005 per share.

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(e) Annualized

(f) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CLO ETF** | **CLO ETF** | **CLO ETF** | **CLO ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **2025** | **2024** | **2023** | **Period<br> Ended<br> December<br> 31,**<br>**2022 (a)** |
| Net asset value, beginning of period | $52.78 | $52.19 | $50.48 | $50.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 2.97 | 3.52 | 3.32 | 1.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 0.61 | 1.32 | 0.43 |
| Total from investment operations | 2.95 | 4.13 | 4.64 | 1.61 |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.93) | (3.42) | (2.93) | (1.13) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.03) | (0.12) |  |  |
| Total distributions | (2.96) | (3.54) | (2.93) | (1.13) |
| Net asset value, end of period | $52.77 | $52.78 | $52.19 | $50.48 |
| **Total return (c)** | 5.74% | 8.13% | 9.40% | 3.26% |
| **Ratios to average net assets** |  |  |  |  |
| Expenses | 0.39% | 0.40% | 0.40% | 0.40 %(d) |
| Net investment income | 5.61% | 6.65% | 6.38% | 4.43 %(d) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $1324 | $792 | $235 | $25 |
| Portfolio turnover rate (e) | 39% | 68% | 59% | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period June 22, 2022 (commencement of operations) through December 31, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International High Yield Bond ETF** | **International High Yield Bond ETF** | **International High Yield Bond ETF** | **International High Yield Bond ETF** | **International High Yield Bond ETF** | **International High Yield Bond ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **<br>2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $20.56 | $20.29 | $20.02 | $20.90 | $25.71 | $22.21 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.16 | 0.75 | 1.06 | 0.96 | 1.02 | 1.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.41 | 0.31 | 0.33 | (0.85) | (4.78) | 3.54 |
| Total from investment operations | 2.57 | 1.06 | 1.39 | 0.11 | (3.76) | 4.67 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.17) | (0.63) | (0.88) | (0.89) | (1.05) | (1.10) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.16) | (0.24) | (0.10) |  | (0.07) |
| Total distributions | (1.17) | (0.79) | (1.12) | (0.99) | (1.05) | (1.17) |
| Net asset value, end of period | $21.96 | $20.56 | $20.29 | $20.02 | $20.90 | $25.71 |
| **Total return (c)** | 12.72% | 5.23% | 7.13% | 0.78% | (15.07)% | 21.30% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.40% | 0.41 %(e) | 0.40% | 0.40% | 0.40% | 0.56% |
| Net expenses (d) | 0.40% | 0.41 %(e) | 0.40% | 0.40% | 0.40% | 0.40% |
| Net expenses excluding interest and taxes (d) | 0.40% | 0.40 %(e) | 0.40% | 0.40% | N/A | N/A |
| Net investment income | 5.33% | 5.33 %(e) | 5.27% | 4.89% | 4.21% | 4.54% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $48 | $23 | $30 | $66 | $79 | $100 |
| Portfolio turnover rate (f) | 36% | 19% | 31% | 22% | 25% | 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Periods after April 30, 2021 reflect a unitary management fee structure.

(e) Annualized

(f) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** | **J.P. Morgan EM Local Currency Bond ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **<br>2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $23.21 | $23.87 | $25.13 | $25.33 | $31.14 | $29.36 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.57 | 1.02 | 1.52 | 1.43 | 1.47 | 1.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.56 | (0.66) | (1.25) | (0.21) | (5.84) | 1.78 |
| Total from investment operations | 4.13 | 0.36 | 0.27 | 1.22 | (4.37) | 3.33 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.06) |  | (0.60) | (0.18) | (0.77) | (0.01) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.47) | (1.02) | (0.93) | (1.24) | (0.67) | (1.54) |
| Total distributions | (1.53) | (1.02) | (1.53) | (1.42) | (1.44) | (1.55) |
| Net asset value, end of period | $25.81 | $23.21 | $23.87 | $25.13 | $25.33 | $31.14 |
| **Total return (c)** | 18.21% | 1.43% | 1.03% | 5.16% | (14.56)% | 11.40% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.31% | 0.31 %(d) | 0.31% | 0.31% | 0.32% | 0.31% |
| Net expenses | 0.30% | 0.30 %(d) | 0.30% | 0.30% | 0.30% | 0.30% |
| Net investment income | 6.30% | 6.26 %(d) | 6.10% | 5.87% | 5.00% | 4.92% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $4207 | $2591 | $2779 | $3224 | $3073 | $3380 |
| Portfolio turnover rate (e) | 26% | 25% | 37% | 29% | 33% | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** | **Mortgage REIT Income ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **<br>2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $10.61 | $10.69 | $11.01 | $15.23 | $19.45 | $11.42 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.10 | 0.80 | 1.17 | 1.21 | 0.76 | 0.86 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | 0.05 | (0.22) | (3.82) | (3.44) | 8.49 |
| Total from investment operations | 1.25 | 0.85 | 0.95 | (2.61) | (2.68) | 9.35 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.04) | (0.70) | (1.16) | (1.21) | (0.79) | (0.83) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.30) | (0.23) | (0.11) | (0.40) | (0.75) | (0.49) |
| Total distributions | (1.34) | (0.93) | (1.27) | (1.61) | (1.54) | (1.32) |
| Net asset value, end of period | $10.52 | $10.61 | $10.69 | $11.01 | $15.23 | $19.45 |
| **Total return (c)** | 12.73% | 7.88% | 8.59% | (16.95)% | (14.74)% | 85.71% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.43% | 0.42 %(e) | 0.43% | 0.43% | 0.41% | 0.49% |
| Net expenses (d) | 0.43% | 0.42 %(e) | 0.43% | 0.43% | 0.41% | 0.41% |
| Net expenses excluding interest and taxes (d) | 0.40% | 0.40 %(e) | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income | 10.35% | 10.44 %(e) | 10.40% | 9.30% | 4.15% | 5.55% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $377 | $288 | $256 | $189 | $211 | $310 |
| Portfolio turnover rate (f) | 20% | 26% | 16% | 19% | 12% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Periods after April 30, 2021 reflect a unitary management fee structure.

(e) Annualized

(f) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Office and Commercial REIT ETF** | **Office and Commercial REIT ETF** | **Office and Commercial REIT ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **2025** | **2024** | **Period<br> Ended<br> December<br> 31,**<br>**2023 (a)** |
| Net asset value, beginning of period | $43.01 | $38.59 | $35.14 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.85 | 1.22 | 0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (5.29) | 4.83 | 3.61 |
| Total from investment operations | (4.44) | 6.05 | 4.12 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.98) | (0.85) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (0.15) | (0.09) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.91) | (0.63) |  |
| Total distributions | (1.89) | (1.63) | (0.67) |
| Net asset value, end of period | $36.68 | $43.01 | $38.59 |
| **Total return (c)** | (10.37)% | 16.24% | 11.70% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.51% | 0.52% | 0.50 %(d) |
| Expenses excluding interest and taxes | 0.50% | 0.50% | 0.50 %(d) |
| Net investment income | 2.15% | 3.07% | 5.40 %(d) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $2 | $2 | $1 |
| Portfolio turnover rate (e) | 13% | 17% | 1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period September 20, 2023 (commencement of operations) through December 31, 2023.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Year Ended<br> December<br> 31, 2025** | **Period<br> Ended<br> December<br> 31,<br> 2024(a)** | **<br>2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | $17.26 | $17.01 | $17.51 | $19.15 | $20.97 | $18.23 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.14 | 0.85 | 1.29 | 1.12 | 1.01 | 0.98 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.42 | 0.43 | (0.45) | (1.62) | (1.68) | 2.72 |
| Total from investment operations | 1.56 | 1.28 | 0.84 | (0.50) | (0.67) | 3.70 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.19) | (1.03) | (1.34) | (1.14) | (1.13) | (0.96) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.02) |  |
| Total distributions | (1.19) | (1.03) | (1.34) | (1.14) | (1.15) | (0.96) |
| Net asset value, end of period | $17.63 | $17.26 | $17.01 | $17.51 | $19.15 | $20.97 |
| **Total return (c)** | 9.44% | 7.57% | 5.04% | (2.50)% | (3.61)% | 20.78% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.40% | 0.40 %(e) | 0.40% | 0.41% | 0.40% | 0.43% |
| Net expenses (d) | 0.40% | 0.40 %(e) | 0.40% | 0.41% | 0.40% | 0.40% |
| Net expenses excluding interest and taxes (d) | 0.40% | 0.40 %(e) | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income | 6.60% | 7.14 %(e) | 7.55% | 6.28% | 4.79% | 4.97% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (in millions) | $2029 | $1901 | $1588 | $1060 | $1002 | $948 |
| Portfolio turnover rate (f) | 31% | 30% | 27% | 27% | 37% | 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Periods after April 30, 2021 reflect a unitary management fee structure.

(e) Annualized

(f) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**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"). Van Eck Associates Corporation (the "Adviser") serves as the investment adviser for the Funds.

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| AA-BB CLO ETF ("AA-BB CLO") | Non-Diversified |
| BDC Income ETF ("BDC Income") | Diversified |
| China Bond ETF ("China Bond") | Non-Diversified |
| CLO ETF ("CLO") | 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 |
| Mortgage REIT Income ETF ("Mortgage REIT") | Non-Diversified |
| Office and Commercial REIT ETF ("Office and Commercial REIT") | Non-Diversified |
| Preferred Securities ex Financials ETF ("Preferred Securities") | Non-Diversified |

---

Each Fund's investment objective, except for AA-BB CLO ETF and CLO 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.

---

| | |
|:---|:---|
| Fund | Index |
| BDC Income | MVIS<sup>®</sup> US Business Development Companies Index |
| China Bond | FTSE Chinese Broad Bond 0-10 Years Diversified Select 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 |
| Mortgage REIT | MVIS<sup>®</sup> US Mortgage REITs Index |
| Office and Commercial REIT | MarketVector™ US Listed Office and Commercial REITs Index |
| Preferred Securities | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index |

---

The AA-BB CLO ETF and CLO ETF are actively managed exchange-traded funds that seek capital preservation and current income by primarily investing in investment-grade debt tranches of collateralized loan obligations ("CLOs"). The China Bond, International High Yield, and J.P. Morgan EM funds expect to use a sampling approach in seeking to achieve their objectives. Sampling means that 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 Bond seeks to achieve its investment objective by primarily investing in RMB bonds through Bond Connect. BDC Income, Mortgage REIT, Office and Commercial REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. BDC Income may invest in swaps and other types of derivative instruments that have investment exposure to BDCs, including swaps on the benchmark index and/or swaps on the components that comprise the benchmark index. BDC Income may also invest in exchange-traded notes.

Van Eck Associates Corp. ("VEAC") serves as the investment adviser for the Funds, except for BDC Income. Van Eck Absolute Return Advisers Corporation ("VEARA") serves as the investment adviser to BDC Income. VEAC and VEARA are collectively referred to as the "Adviser". PineBridge Investments LLC ("PineBridge" or the "Sub-Adviser") is a Sub-Adviser for the AA-BB CLO ETF and CLO ETF. On December 30, 2025, PineBridge was acquired by MetLife, Inc. ("MetLife") and is now part of MetLife Investment Management, the institutional

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 1—Fund Organization (continued)** 

asset management business of MetLife. There have been no changes to the investment staff of PineBridge that provide services to the Funds, as well as to each Fund's portfolio managers, investment philosophy or principal investment strategies and risks, in connection with the transaction.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp;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. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. 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. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp;Security Valuation (continued)** 

change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.

The Funds' Board of Trustees (the "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 of the Adviser 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 Schedule 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders**

Dividends to shareholders from net investment income, if any, are declared and paid monthly by each fund (except BDC Income, Mortgage REIT, and Office and Commercial REIT which are declared and paid quarterly). Distributions of net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund's taxable income which can only be determined after the Fund's fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;Currency Translation (continued)**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.&nbsp;&nbsp;&nbsp;&nbsp;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 in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.&nbsp;&nbsp;&nbsp;&nbsp;Use of Derivative Instruments**

The Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund's derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

**Total Return Swaps**

The BDC Income ETF enters into total return swaps in order take a "long" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund's swap transactions may contain provisions for early termination of a swap in the event the net assets of the Fund decline below specific levels set forth in the documentation ("net asset contingent features"). If these levels are triggered, the Fund's counterparty has the right to terminate the swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap position held by the Fund at December 31, 2025 is reflected in the Fund's Schedule of Investments.

During the year ended December 31, 2025, the BDC Income ETF held total return swap contracts with average monthly notional amount of $349,694,648.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.&nbsp;&nbsp;&nbsp;&nbsp;Use of Derivative Instruments (continued)**

At December 31, 2025, the BDC Income ETF held the following derivatives:

---

| | |
|:---|:---|
|  | **Liabilities**<br> **Derivatives** |
|  | **Equity Risk** |
| **BDC Income** |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $6852783 |

---

1 Statement of Assets and Liabilities location: Total return swap contracts, at value

The impact of transactions in derivative instruments during the year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Equity Risk** |
| **BDC Income** |  |
| Realized loss: |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $(35409974) |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (6937639) |

---

1 Statement of Operations location: Net realized gain (loss) on swap contracts

2 Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.&nbsp;&nbsp;&nbsp;&nbsp;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. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 held in the form of money market fund investments, if any, at December 31, 2025 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).

The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of December 31, 2025. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.&nbsp;&nbsp;&nbsp;&nbsp;Offsetting Assets and Liabilities (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts<br> of Recognized<br> Liabilities** | **Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments and<br> Cash Collateral<br> Received** | **Net Amount** |
| **BDC Income** |  |  |  |  |  |
| Total return swap contracts | $6852783 | $— | $6852783 | $— | $6852783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting**

The Funds' Chief Financial Officer and the Funds' Treasurer act as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.&nbsp;&nbsp;&nbsp;&nbsp;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. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of 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.

**Note 3—Investment Management and Other Agreements**

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 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. The unitary management fee rates for the year ended December 31, 2025 are as follows:

------

**Note 3—Investment Management and Other Agreements (continued)**

---

| | |
|:---|:---|
| **Fund** | **Management <br> Fees** |
| AA-BB CLO ETF | 0.45% |
| BDC Income | 0.40 |
| CLO ETF | 0.36 \* |
| International High Yield | 0.40 |
| Mortgage REIT | 0.40 |
| Office and Commercial REIT ETF | 0.50 |
| Preferred Securities | 0.40 |

---

*\*Prior to September 8, 2025 the management fee rate was 0.40%*

For the Funds listed below, the management fee rates and expense limitations for the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management <br> Fees** | **Expense <br> Limitations** |
| China Bond | 0.40% | 0.50% |
| J.P. Morgan EM | 0.27 | 0.30 |

---

The Adviser has agreed, until at least May 1, 2026, to waive management fees and assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding their expense limitations.

Refer to the Statements of Operations for amounts assumed by the Adviser for the year ended December 31, 2025.

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.

**Note 4—Capital Share Transactions**

As of December 31, 2025, 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 4—Capital Share Transactions (continued)**

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 year ended December 31, 2025, 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 and U.S. government obligations) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **Fund** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| AA-BB CLO ETF | $128385533 | $50655368 | $5007295 | $— |
| BDC Income | 504893774 | 342394722 |  | 231787387 |
| China Bond | 8478213 | 9763284 |  |  |
| CLO ETF | 845461593 | 402530399 | 80530909 | 89226817 |
| International High Yield | 14675131 | 12869269 | 25321142 | 4239388 |
| J.P. Morgan EM | 1512502310 | 837620250 | 632604126 | 99489401 |
| Mortgage REIT | 64326648 | 65902846 | 122588508 | 29290560 |
| Office and Commercial REIT ETF | 282515 | 1239221 | 2049633 | 1093211 |
| Preferred Securities | 586343450 | 573427496 | 478443203 | 392572010 |

---

**Note 6—Income Taxes**

As of December 31, 2025, 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<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| AA-BB CLO ETF | $149779206 | $445143 | $(434665) | $10478 |
| BDC Income | 2040725421 | 31960694 | (173430669) | (141469975) |
| China Bond | 17634291 | 534990 | (190785) | 344205 |
| CLO ETF | 1304481795 | 2430610 | (273017) | 2157593 |
| International High Yield | 47161232 | 1552707 | (1092499) | 460208 |
| J.P. Morgan EM | 4059931445 | 228128740 | (153991340) | 74137400 |
| Mortgage REIT | 455642055 | 20962300 | (40951775) | (19989475) |
| Office and Commercial REIT ETF | 2045879 | 31873 | (211791) | (179918) |
| Preferred Securities | 2104969312 | 116233083 | (99467734) | 16765349 |

---

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Post-October<br> Losses Deferred\*** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| AA-BB CLO ETF | $961 | $– | $(4786) | $– | $10478 | $6653 |
| BDC Income |  | (138555179) |  | 6843387 | (148322758) | (280034550) |
| China Bond |  | (241464) |  | (1861) | 348376 | 105051 |
| CLO ETF | 64021 | 189569 |  |  | 2157593 | 2411183 |
| International High Yield | 46240 | (18924621) |  | (33695) | 465492 | (18446584) |
| J.P. Morgan EM |  | (486143199) | (5038200) | 17667607 | 74234473 | (399279319) |
| Mortgage REIT |  | (163494982) |  | 2308787 | (19989475) | (181175670) |

---

------

**Note 6—Income Taxes (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Post-October<br> Losses Deferred\*** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| Office and Commercial REIT ETF | $– | $(145615) | $&nbsp;&nbsp;&nbsp;&nbsp;– | $2806 | $(179918) | $(322727) |
| Preferred Securities | 2391180 | (240641667) |  | (460000) | 16765349 | (221945138) |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

*\* Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2025. These losses are deemed to arise on the first day of the funds' next taxable year.*

The tax character of distributions paid to shareholders was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return<br> of Capital** |
| AA-BB CLO ETF | $7740860 | $– | $– | $889820 | $– | $– |
| BDC Income | 98652381 |  | 71762469 | 100652127 |  | 534358 |
| China Bond | 139605 |  | 176385 |  |  | 312780 |
| CLO ETF | 61171503 | 697067 |  | 30059570 | 556500 |  |
| International High Yield | 2039590 |  |  | 762590 |  | 190340 |
| J.P. Morgan EM | 144597007 |  | 63717700 |  |  | 116685317 |
| Mortgage REIT | 31969592 |  | 9106273 | 18288440 |  | 5850010 |
| Office and Commercial REIT ETF | 53922 |  | 49934 | 34093 | 495 | 22379 |
| Preferred Securities | 130217130 |  |  | 108632645 |  |  |

---

*\*Includes short-term capital gains (if any)*

During the year ended December 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **Fund** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| BDC Income | $(19525179) | $19525179 |
| CLO ETF | (288491) | 288491 |
| International High Yield | 171632 | (171632) |
| J.P. Morgan EM | 6217862 | (6217862) |
| Mortgage REIT | (1764890) | 1764890 |
| Office and Commercial REIT ETF | (215311) | 215311 |
| Preferred Securities | (42515034) | 42515034 |

---

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

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 year ended December 31, 2025 the Funds did not incur any interest or penalties.

**Investments in China:**

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 People's Republic of China ("PRC") issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax ("VAT") 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 ("STA") jointly issued Caishui [2021] No. 34 ("Circular 34") to formally extend the tax exemption period provided in Circular 108 to December 31, 2025. On January 15, 2026, STA [2026] No.5, extended the Corporate Income Tax ("CIT") and VAT exemption treatment for the foreign institutions' bond interest income derived from their investment into the domestic bond market of Mainland China from January 1, 2026 to December 31, 2027.

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 former sub-adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the former 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.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new

------

**Note 6—Income Taxes (continued)**

disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Funds included in this report, since the Funds pay no federal income taxes and have immaterial amounts of state, local and foreign taxes.

**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. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. 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.

The Funds (except BDC Income, China Bond, Mortgage REIT, Office and Commercial 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 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.

The AA-BB CLO and CLO assets are concentrated in CLO securities, organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may individually be rated below investment grade or equivalent unrated loans, and including "covenant lite" loans, which have few or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Funds are invested. The Funds invest primarily in investment grade-rated tranches of CLOs; however, the rating does not constitute a guarantee of credit quality and may be downgraded, and in stressed market environments it is possible that even senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Funds' portfolio managers may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying asset. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by a Fund and may adversely affect the value of a Fund's shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity.

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. BDC Income may invest in total return swap agreements that provide economic exposure to the investment returns of underlying BDC companies. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 7—Principal Risks (continued)** 

strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security.

China Bond, International High Yield, and J.P. Morgan EM 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. 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.

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.

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.

Office and Commercial REIT invests in office and commercial real estate companies and is exposed to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Investment Trusts ("REITs") are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type.

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 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. 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.

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, International High Yield, 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.

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. AA-BB CLO ETF, CLO ETF and Office and Commercial REIT ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

**Note 9—Securities Lending**

To generate additional income, the Funds, excluding the AA-BB ETF and the CLO ETF, may lend 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 Fund's 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 any, at December 31, 2025, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| BDC Income | $441105337 | $288549931 | $171340115 | $459890046 |
| International High Yield | 547900 | 571687 | 2993 | 574680 |
| J.P. Morgan EM | 9873846 | 10336646 |  | 10336646 |
| Mortgage REIT | 102807817 | 58177789 | 48620758 | 106798547 |
| Office and Commercial REIT ETF | 388144 | 24846 | 381093 | 405939 |
| Preferred Securities | 144990489 | 97300456 | 52276317 | 149576773 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 9—Securities Lending (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\* in the<br> Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\* in the<br> Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\* in the<br> Statements of Assets and Liabilities** |
| **Fund** | **Corporate Bonds** | **Equity Securities** | **Government Obligations** |
| BDC Income | $– | $288549931 | $– |
| International High Yield | 571687 |  |  |
| J.P. Morgan EM |  |  | 10336646 |
| Mortgage REIT |  | 58177789 |  |
| Office and Commercial REIT ETF |  | 24846 |  |
| Preferred Securities |  | 97300456 |  |

---

\* 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 year ended December 31, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| BDC Income | 125 | $11802168 | 5.59% |
| CLO ETF | 5 | 962724 | 5.68 |
| International High Yield | 2 | 160703 | 5.56 |
| J.P. Morgan EM | 85 | 4353044 | 5.65 |
| Mortgage REIT | 150 | 3389736 | 5.57 |
| Preferred Securities | 102 | 1315511 | 5.64 |

---

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the nine funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Funds** | |
| VanEck AA-BB CLO ETF (1) | VanEck J.P. Morgan EM Local Currency Bond ETF (2) |
| VanEck BDC Income ETF (2) | VanEck Mortgage REIT Income ETF (2) |
| VanEck China Bond ETF (2) | VanEck Office and Commercial REIT ETF (3) |
| VanEck CLO ETF (3) | VanEck Preferred Securities ex Financials ETF (2) |
| VanEck International High Yield Bond ETF (2) |  |

---

(1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 and the period September 25, 2024 (commencement of operations) through December 31, 2024

(2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025, the period May 1, 2024 through December 31, 2024 and for the year ended April 30, 2024

(3) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024

The financial statements of the Funds (except for VanEck AA-BB CLO ETF, VanEck CLO ETF, and VanEck Office and Commercial REIT ETF) as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on April 30, 2022 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 26, 2026

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable <br> Date** | **Total <br> Distribution <br> Per Share** | **Income <br> Dividends** | **Foreign <br> Taxes <br> Paid (a)** | **Total <br> Ordinary <br> Income <br> Dividends** | **Foreign <br> Source <br> Income as <br> a % of Total <br> Ordinary <br> Income (a)** | **Long-<br> Term<br> Capital<br> Gains** | **Return of<br> Capital (b)** |
| AA-BB CLO ETF | CLOB | Monthly | $3.3477 | $3.3477 | $- | $3.3477 | -% | $- | $- |
| BDC Income | BIZD | Quarterly | 1.6708 | 0.9672 |  | 0.9672 |  |  | 0.7036 |
| China Bond | CBON | Monthly | 0.3796 | 0.1677 |  | 0.1677 | 100.00 |  | 0.2119 |
| CLO ETF | CLOI | Monthly | 2.9608 | 2.9329 |  | 2.9329 |  | 0.0279 |  |
| International High Yield | IHY | Monthly | 1.1699 | 1.1691 | 0.0008 | 1.1699 | 90.80 |  |  |
| J.P. Morgan EM | EMLC | Monthly | 1.5262 | 1.0594 | 0.0461 | 1.1055 | 100.00 |  | 0.4668 |
| Mortgage REIT | MORT | Quarterly | 1.3412 | 1.0439 |  | 1.0439 |  |  | 0.2973 |
| Office and Commercial REIT ETF | DESK | Quarterly | 1.8920 | 0.9823 |  | 0.9823 |  |  | 0.9097 |
| Preferred Securities | PFXF | Monthly | 1.1870 | 1.1870 |  | 1.1870 |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable <br> Date** | **Percent of <br> Total<br> Ordinary <br> Income <br> Dividends <br> that are <br> QDI Eligible<br> (c)** | **Percent of <br> Total<br> Ordinary <br> Income<br> Dividends <br> that are <br> DRD<br> Eligible (d)** | **Section <br> 199A <br> QBI as a <br> Percent of <br> Ordinary <br> Income <br> Dividends<br> (e)** | **Section 163(j)-<br> Interest<br> Dividends<br> as a % of<br> the Total<br> Ordinary<br> Income<br> Distribution<br> (f)** | **Qualified <br> Interest <br> Income <br> (QII) as a % <br> of the Total <br> Ordinary<br> Income <br> Distribution<br> (g)** | **Federal<br> Obligation<br> Interest as a<br> Percentage<br> of the Total<br> Distribution<br> (h)** |
| AA-BB CLO ETF | CLOB | Monthly | -% | -% | -% | 97.67% | 3.76% | 2.76% |
| BDC Income | BIZD | Quarterly | 4.09 | 2.98 | 0.07 | 50.57 | 78.66 | 8.86% |
| China Bond | CBON | Monthly |  |  |  | 100.00 |  |  |
| CLO ETF | CLOI | Monthly |  |  |  | 99.98 | 3.88 | 3.87 |
| International High Yield | IHY | Monthly |  |  |  | 95.60 |  |  |
| J.P. Morgan EM | EMLC | Monthly |  |  |  | 100.00 |  |  |
| Mortgage REIT | MORT | Quarterly | 2.90 |  | 59.88 |  |  |  |
| Office and Commercial REIT ETF | DESK | Quarterly | 2.61 |  | 78.11 |  |  |  |
| Preferred Securities | PFXF | Monthly | 29.29 | 28.64 | 17.89 | 24.62 | 23.69 |  |

---

*(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your total ordinary dividends by the percentage indicated.*

*(b) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 -Organizational Actions Affecting Basis provided on the funds' website at www.vaneck.com.*

*(c) All or a portion of a shareholder's total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.*

*(d) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.*

*(e) The Section 199A amount represents the percentage of each Fund's ordinary income distributions that represent Qualified Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers.*

VANECK ETF TRUST

TAX INFORMATION

(unaudited) (continued)

*(f) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.*

*(g) These amounts represent distributions paid during the taxable year ended December 31, 2025 that were considered to be Qualified Interest Income ("QII") distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.*

*(h) Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.*

*Additionally, AA-BB CLO ETF and CLO ETF paid short-term capital gains of $0.0641 and $0.0070 per share, respectively, that represents Qualified Short-Term Capital Gains ("QSTG") which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.*

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025<br> **ANNUAL FINANCIAL STATEMENTS AND OTHER <br> INFORMATION**  | ![](x1_c115545x198x1m4.jpg) |

---

---

| | | |
|:---|:---|:---|
| **RSX** | \| | Russia ETF |
| **RSXJ** | \| | Russia Small-Cap ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc115545c001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#xx1xc115545c002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#xx1xc115545c003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc115545c004xm4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc115545c005xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc115545c006xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Cash Flows](#xx1xc115545c007xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc115545c008xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#xx1xc115545c009xm4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#xx1xc115545c010xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc115545c011xm4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx1xc115545c012xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#xx1xc115545c013xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc115545c014xm4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc115545c015xm4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc115545c016xm4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc115545c017xm4) | 24 |

---

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 0.0%** |  |  |  |
| **Banks: 0.0%** |  |  |  |
| Sberbank of Russia PJSC \*∞ | 46050016 | $| 0 |
| VTB Bank PJSC \*∞ | 13375470 |  | 0 |
|  |  |  | 0 |
| **Consumer Discretionary Distribution & Retail: 0.0%** | **Consumer Discretionary Distribution & Retail: 0.0%** | **Consumer Discretionary Distribution & Retail: 0.0%** | **Consumer Discretionary Distribution & Retail: 0.0%** |
| Ozon Holdings PLC (ADR) \* †∞ | 8707 |  | 0 |
| **Energy: 0.0%** |  |  |  |
| Gazprom PJSC \*∞ | 45772138 |  | 0 |
| LUKOIL PJSC \*∞ | 2063982 |  | 0 |
| Novatek PJSC \*∞ | 7452940 |  | 0 |
| Rosneft Oil Co. PJSC \*∞ | 16922345 |  | 0 |
| Surgutneftegas PAO \*∞ | 125211510 |  | 0 |
| Surgutneftegas PAO (ADR) \*∞ | 1364815 |  | 0 |
| Tatneft PJSC (ADR) \*∞ | 3393156 |  | 0 |
|  |  |  | 0 |
| **Financial Services: 0.0%** |  |  |  |
| Moscow Exchange MICEX-RTS PJSC \*∞ | 17946312 |  | 0 |
| **Materials: 0.0%** |  |  |  |
| Alrosa PJSC \*∞ | 33188190 |  | 0 |
| Evraz PLC \*∞ | 266000 |  | 0 |
| GMK Norilskiy Nickel PAO \*∞ | 52917800 |  | 0 |
| GMK Norilskiy Nickel PAO (ADR) \*∞ | 4 |  | 0 |
| Novolipetsk Steel PJSC \*∞ | 22272460 |  | 0 |
| PhosAgro PJSC \*∞ | 705974 |  | 0 |
| PhosAgro PJSC (GDR) ∞ | 13644 |  | 0 |
| Polyus PJSC (GDR) \*∞ | 1155875 |  | 0 |
| Raspadskaya PAO \*∞ | 730890 |  | 0 |
| Severstal PAO (GDR) \*∞ | 3405164 |  | 0 |
|  |  |  | 0 |
| **Media & Entertainment: 0.0%** |  |  |  |
| VK IPJSC (GDR) \*∞ | 2338938 |  | 0 |
| **Telecommunication Services: 0.0%** |  |  |  |
| Rostelecom PJSC \*∞ | 13944591 |  | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **Utilities: 0.0%** |  |  |  |
| Inter RAO UES PJSC \*∞ |  | 482502010 | $0 |
| Irkutsk Electronetwork Co. JSC \*∞ |  | 7410870 | 0 |
|  |  |  | 0 |
| **Total Common Stocks** <br> (Cost: $1,403,242,108) |  |  | 0 |
| **PREFERRED SECURITIES: 0.0%** <br> (Cost: $46,034,628) |  |  |  |
| **Energy: 0.0%** |  |  |  |
| Transneft PJSC ∞ |  | 2097200 | 0 |
| **MONEY MARKET FUND: 100.7%** <br> (Cost: $32,412,663) |  |  |  |
| State Street Institutional Treasury Plus - Premier Class 3.74%(a) |  | 32412663 | 32412663 |
| **Total Investments Before Collateral for Securities Loaned: 100.7%**<br> (Cost: $1,481,689,399) |  |  | 32412663 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** |
| **Money Market Fund: 0.5%** <br> (Cost: $150,672) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 150672 | 150672 |
| **Total Investments: 101.2%** <br> (Cost: $1,481,840,071) |  |  | 32563335 |
| **Liabilities in excess of other assets: (1.2)%** |  |  | (391197) |
| **NET ASSETS: 100.0%** |  |  | $32172138 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is 0. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

See Notes to Financial Statements

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $— | $— | $0 | $0 |
| Preferred Securities \* |  |  | 0 | 0 |
| Money Market Funds | 32563335 |  |  | 32563335 |
| **Total Investments** | $32563335 | $— | $0 | $32563335 |

---

<sup>\*</sup> See Schedule of Investments for industry sectors.

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund's Level 3 investment securities and related transactions during the year ended December 31, 2025. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

---

| | |
|:---|:---|
|  | **Common Stock** |
| Balance as of December 31, 2024 | $0 |
| Realized loss |  |
| Net change in unrealized appreciation (depreciation) |  |
| Purchases |  |
| Sales |  |
| Transfers in/out of level 3 |  |
| Balance as of December 31, 2025 | $0 |
|  | **Preferred Securities** |
| Balance as of December 31, 2024 | $0 |
| Realized loss |  |
| Net change in unrealized appreciation (depreciation) |  |
| Purchases |  |
| Sales |  |
| Transfers in/out of level 3 |  |
| Balance as of December 31, 2025 | $0 |

---

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 0.0%** |  |  |  |
| **Banks: 0.0%** |  |  |  |
| Credit Bank of Moscow PJSC\*∞ | 21005200 | $| 0 |
| **Consumer Discretionary Distribution & Retail: 0.0%** | **Consumer Discretionary Distribution & Retail: 0.0%** | **Consumer Discretionary Distribution & Retail: 0.0%** | **Consumer Discretionary Distribution & Retail: 0.0%** |
| M.Video PJSC\*∞ | 110194 |  | 0 |
| **Consumer Staples Distribution & Retail: 0.0%** |  |  |  |
| Lenta International Co. PJSC (GDR)\*∞ | 263199 |  | 0 |
| **Energy: 0.0%** |  |  |  |
| Sovcomflot PJSC\*∞ | 989960 |  | 0 |
| **Financial Services: 0.0%** |  |  |  |
| SFI PJSC\*∞ | 2663 |  | 0 |
| **Food, Beverage & Tobacco: 0.0%** |  |  |  |
| NovaBev Group PJSC\*∞ | 89880 |  | 0 |
| **Materials: 0.0%** |  |  |  |
| Mechel PJSC\*∞ | 438883 |  | 0 |
| Raspadskaya PAO \*∞ | 703205 |  | 0 |
| Segezha Group PJSC 144A\*∞ | 8945900 |  | 0 |
|  |  |  | 0 |
| **Real Estate Management & Development: 0.0%** | **Real Estate Management & Development: 0.0%** | **Real Estate Management & Development: 0.0%** | **Real Estate Management & Development: 0.0%** |
| Etalon Group PLC (GDR)\*∞ | 394873 |  | 0 |
| Gruppa Kompanii Samolyot PAO \*∞ | 16988 |  | 0 |
| LSR Group PJSC\*∞ | 103574 |  | 0 |
|  |  |  | 0 |
| **Telecommunication Services: 0.0%** |  |  |  |
| Sistema AFK PAO\*∞ | 6612640 |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Transportation: 0.0%** |  |  |
| Aeroflot PJSC\*∞ | 1885382 | $0 |
| Globaltrans Investment PLC (GDR) ∞ | 182773 | 0 |
| Novorossiysk Commercial Sea Port PJSC\*∞ | 8972400 | 0 |
|  |  | 0 |
| **Utilities: 0.0%** |  |  |
| Mosenergo PJSC\*∞ | 19492800 | 0 |
| OGK-2 PJSC \*∞ | 51450600 | 0 |
| TGC-1 PJSC \*∞ | 1701100000 | 0 |
| Unipro PAO\*∞ | 24734000 | 0 |
|  |  | 0 |
| **Total Common Stocks** <br> (Cost: $20,767,966) |  | 0 |
| **PREFERRED SECURITIES: 0.0%** <br> (Cost: $341,612) |  |  |
| **Utilities: 0.0%** |  |  |
| Rosseti Lenenergo PJSC ∞ | 171506 | 0 |
| **MONEY MARKET FUND: 110.6%** <br> (Cost: $376,383) |  |  |
| State Street Institutional Treasury Plus - Premier Class 3.74%(a) | 376383 | 376383 |
| **Total Investments: 110.6%** <br> (Cost: $21,485,961) |  | 376383 |
| **Liabilities in excess of other assets: (10.6)%** | **Liabilities in excess of other assets: (10.6)%** | (36000) |
| **NET ASSETS: 100.0%** |  | $340383 |

---

------

**Definitions:**

GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $0, or 0.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $— | $— | $0 | $0 |
| Preferred Securities \* |  |  | 0 | 0 |
| Money Market Fund | 376383 |  |  | 376383 |
| **Total Investments** | $376383 | $— | $0 | $376383 |

---

<sup>\*</sup> See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

The Adviser has elected to apply a 100% discount for lack of marketability to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of the Fund's Level 3 investment securities and related transactions during the year ended December 31, 2025. Transfers in/out of levels are assessed at the beginning of the year (See Note 2):

---

| | |
|:---|:---|
|  | **Common Stock** |
| Balance as of December 31, 2024 | $0 |
| Realized loss | (1603111) |
| Net change in unrealized appreciation (depreciation) | 1603111 |
| Purchases |  |
| Sales |  |
| Transfers in/out of level 3 |  |
| Balance as of December 31, 2025 | $0 |
|  | **Preferred Securities** |
| Balance as of December 31, 2024 | $0 |
| Realized loss |  |
| Net change in unrealized appreciation (depreciation) |  |
| Purchases |  |
| Sales |  |
| Transfers in/out of level 3 |  |
| Balance as of December 31, 2025 | $0 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $32412663 | $376383 |
| Short-term investments held as collateral for securities loaned (3) | 150672 |  |
| Cash denominated in foreign currency, at value (4) | 683 | 629 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 7541 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 83214 | 2589 |
| Prepaid expenses | 776 | 478 |
| Other assets | 16140 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 32664148 | 388037 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 150672 |  |
| Deferred Trustee fees | 263225 | 5030 |
| Accrued expenses | 78113 | 42624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 492010 | 47654 |
| **NET ASSETS** | $32172138 | $340383 |
| Shares outstanding | 95900000 | 883318 |
| Net asset value, per share | $0.34 | $0.39 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $3460323422 | $41603873 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (3428151284) | (41263490) |
| **NET ASSETS** | $32172138 | $340383 |
| (1) Includes Investment in securities on loan, at market value | $— | $— |
| (2) Cost of investments - Unaffiliated issuers | $1481689399 | $21485961 |
| (3) Cost of short-term investments held as collateral for securities loaned | $150672 | $— |
| (4) Cost of cash denominated in foreign currency | $612 | $612 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Income:** |  |  |
| Dividends | $1352275 | $729311 |
| Interest | 18896 | 698 |
| Securities lending income | 797 |  |
| &nbsp;&nbsp;&nbsp;Total income | 1371968 | 730009 |
| **Expenses:** |  |  |
| Professional fees | 109421 | 26997 |
| Custody and accounting fees | 30129 |  |
| Reports to shareholders | 69762 | 11767 |
| Trustees' fees and expenses | 24322 | 1303 |
| Insurance | 2036 | 1019 |
| Taxes | 263 | 259 |
| Other | 921 | 921 |
| &nbsp;&nbsp;&nbsp;Total expenses | 236854 | 42266 |
| Expenses assumed by the Adviser |  | (38819) |
| &nbsp;&nbsp;&nbsp;Net expenses | 236854 | 3447 |
| Net investment income | 1135114 | 726562 |
| **Net realized gain (loss) on:** |  |  |
| Investments | 480 | (1603111)(a) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 480 | (1603111) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments |  | 1603111 |
| Foreign currency translations and foreign denominated assets and liabilities | 48 | 43 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 48 | 1603154 |
| Net increase in net assets resulting from operations | $1135642 | $726605 |

---

(a) Amount represents a realized loss resulting from an issuer bankruptcy. Due to the bankruptcy and share cancellation, no proceeds were received from the issuer.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Russia ETF** | **Russia ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1135114 | $2558164 | $726562 | $32699 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 480 | (80967925) | (1603111) | (157606) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 48 | 167972420 | 1603154 | 2064582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1135642 | 89562659 | 726605 | 1939675 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1141210) | (2757442) | (725027) | (33046) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (87014548) |  | (1907869) |
| Total distributions | (1141210 | (89771990) | (725027) | (1940915) |
| Total increase (decrease) in net assets | (5568) | (209331) | 1578 | (1240) |
| Net Assets, beginning of year | 32177706 | 32387037 | 338805 | 340045 |
| Net Assets, end of year | $32172138 | $32177706 | $340383 | $338805 |

---

<br> \* Refer to Note 1 for distribution information.

There were no share transactions for the years ended December 31, 2025 and December 31, 2024, respectively (See Note 5).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Cash Flows from Operating Activities** |  |  |
| Net increase in net assets resulting from operations | $1135642 | $726605 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net (purchases) sales of short term investments | (73352) | 25589 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments in securities |  | 1603111 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments |  | (1603111) |
| (Increase) decrease in assets: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 16749 | (1364) |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | (2489) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 854 | 53 |
| &nbsp;&nbsp;&nbsp;Other assets | (3465) | 780 |
| Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4792 | (25016) |
| &nbsp;&nbsp;&nbsp;Deferred trustee fees | 27046 | 506 |
| &nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1108266 | 724664 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash distributions paid | (1141210) (a) | (725027) |
| &nbsp;&nbsp;&nbsp;Net cash used for financing activities | (1141210) | (725027) |
| **Cash Balance** |  |  |
| Net change in cash | (32944) | (363) |
| Cash at beginning of year | 33627 | 992 |
| Cash at end of year | $683 | $629 |

---

(a) Refer to Note 1 for distribution information.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Russia ETF** | **Russia ETF** | **Russia ETF** | **Russia ETF** | **Russia ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $0.34 | $0.34 | $0.37 | $26.75 | $23.82 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.01 | 0.03 | 0.02 | 0.05 | 1.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | 0.91 | 0.66 | (26.43) | 3.06 |
| Total from investment operations | 0.01 | 0.94 | 0.68 | (26.38) | 4.45 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.03) | (0.02) |  | (1.52) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.91) | (0.69) |  |  |
| Total distributions | (0.01) | (0.94) | (0.71) |  | (1.52) |
| Net asset value, end of year | $0.34 | $0.34 | $0.34 | $0.37 | $26.75 |
| **Total return (b)** | 3.64% | 421.94 %(c) | 296.65 %(c) | (98.62)% | 18.74% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses (d) | 0.72 %(e) | 0.32% | 0.47% | 0.60 %(e) | 0.56% |
| Expenses excluding interest, a portion of depositary receipt fees and taxes (d) (f) | 0.72 %(e) | 0.31% | 0.41% | 0.59 %(e) | 0.56% |
| Net investment income | 3.47% | 4.72% | 4.55% | 1.67% | 4.99% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $32 | $32 | $32 | $35 | $1376 |
| Portfolio turnover rate (g) | — % | — % | — % | 4% | 20% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued
 at zero. See Note 2 - Plan of Liquidation for more information.

(d) Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).

(e) During the period the Fund incurred significant expenses outside of its expense cap.

(f) Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets.

(g) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** | **Russia Small-Cap ETF** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $0.38 | $0.38 | $0.44 | $32.97 | $36.22 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.82 (b) | 0.04 | 0.02 | (0.09) | 1.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on Investments | 0.01 | 2.16 |  | (32.44) | (2.29) |
| Total from investment operations | 0.83 | 2.20 | 0.02 | (32.53) | (1.17) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.82) | (0.04) | (0.02) |  | (2.00) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (2.16) | (0.06) |  | (0.08) |
| Total distributions | (0.82) | (2.20) | (0.08) |  | (2.08) |
| Net asset value, end of year | $0.39 | $0.38 | $0.38 | $0.44 | $32.97 |
| **Total return (c)** | 215.15% | 580.57 %(d) | 5.73% | (98.66)% | (3.29)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (e) | 8.88 %(f) | 12.02% | 24.81% | 5.34 %(f) | 1.08% |
| Net expenses (e) | 0.72 %(f) | 0.72% | 0.74% | 4.50 %(f) | 0.75% |
| Net expenses excluding interest, a portion of depositary receipt fees and taxes (e) (g) | 0.67 %(f) | 0.67% | 0.67% | 4.49 %(f) | 0.75% |
| Net investment income (loss) | 152.67 %(b) | 4.80% | 5.30% | (1.77)% | 3.01% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $— (h) | $— (h) | $— (h) | $— (h) | $24 |
| Portfolio turnover rate (i) | — % | — % | — % | 68% | 47% |

---

(a) Calculated based upon average shares outstanding

(b) During the year the Fund received a special dividend.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued
 at zero. See Note 2 - Plan of Liquidation for more information.

(e) Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).

(f) During the period the Fund incurred significant expenses outside of its expense cap (See Note 2).

(g) Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets.

(h) Amount is less than $500,000.

(i) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**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"). Van Eck Associates Corporation (the "Adviser") serves as the investment adviser for the Funds.

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Russia ETF | Non-Diversified |
| Russia Small-Cap ETF | Non-Diversified |

---

Prior to the Funds' plan of liquidation (See Note 2), the Funds sought to replicate as closely as possible, before fees and expenses, the price and yield performance of their index. Effective July 31, 2023, the MVIS Russia Index and the MVIS Russia Small-Cap Index were decommissioned.

The Russia ETF declared a distribution of $0.0119 per share on December 22, 2025, to shareholders of record as of December 22, 2025. The distribution was paid to Depository Trust & Clearing Corporation (DTCC) to be distributed to shareholders on December 26, 2025. However, this distribution is currently being held by DTCC pending the issuance of a license to DTCC from the Office of Foreign Assets Control under applicable sanctions regulations relating to Russia authorizing its release. Shareholders should consult their tax advisers with regard to the U.S. federal income tax consequences of the unpaid distribution.

The Russia ETF has qualified as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). However, due to the restrictions on the Russia ETF's ability to pay distributions, the Russia ETF will be unable, unless the restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Unless these restrictions are lifted, the Russia ETF will be unable to meet this requirement and will no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification is likely to result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

**Note 2— Plan of Liquidation**

Russia's large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds' operations since March 2022. The governments of the United States and many other countries imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. It remains uncertain how long this will persist.

As a result, the fair value of Russian securities held by the Funds were valued near or at zero since shortly after the invasion and have rendered virtually all of the Funds' investments in equity securities, including depositary receipts, illiquid.

On September 29, 2022, the Board of Trustees of the Trust (the Trustees") unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all of their assets to remaining shareholders. Furthermore, because the Funds have been delisted by Cboe BZX Exchange, Inc. in connection with the liquidation of the

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2— Plan of Liquidation (continued)**

Funds, the Funds are no longer exchange-traded funds and we do not anticipate that there will be a trading market for your shares. Upon payment of the final liquidating distribution, the Funds will be terminated.

The Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. It is expected that the liquidation of the Funds will take an extended period of time, if circumstances involving Russian securities markets do not improve.

While certain Russian securities held by the Funds have declared dividends, there is no assurance these dividends can be collected by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2025.

The Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders will receive any additional liquidating distributions relating to the Russian securities and depositary receipts. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale.

In connection with the Plan of Liquidation, the Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

Refer to the Liquidation FAQ posted on the Funds' webpages for additional information.

**Note 3— 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 |

---

------

**Note 3— Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

---

| |
|:---|
| 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. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. |
| The Funds' Board of Trustees (the "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 of the Adviser 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. |
| The holdings of the Funds at December 31, 2025 are generally restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments at $0 as represented in the Schedule of Investments and deeming all these holdings as Level 3 in the fair value hierarchy. |
| A summary of the inputs and the levels used to value the Funds' investments are located in the Schedule 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Federal Income Taxes** 

It is each Fund's policy to comply with the provisions of the 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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 3— Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Distributions to Shareholders** 

In accordance with the Plan of Liquidation and Termination, the Funds may make a series of liquidating distributions at various times. Additionally, until termination, each of the Funds may declare taxable distributions of income (if any) and/or net capital gains, (if any after reduction for capital loss carryforwards) to continue to satisfy the Federal income and excise tax distribution requirements for regulated investment companies. See Note 1 for distribution information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 December 31, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral, if any, is disclosed in Note 10 (Securities Lending).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Segment Reporting** 

The Chief Financial Officer and the Treasurer act as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. In accordance with the Plan of Liquidation, the Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. Therefore, the CODM has determined that segment reporting is not applicable.

------

**Note 3— Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Other** 

---

| |
|:---|
| Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of 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. |
| 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 4— Investment Management and Other Agreements**

Prior to March 11, 2022, the Adviser received a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. Effective March 11, 2022, the Adviser has implemented a waiver of the Funds' management fee, which will continue to be in effect while the Funds liquidate. The Adviser may eliminate such management fee waiver in its sole discretion at any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, depositary receipt fees, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.

The management fee rates and expense limitations for the year ended December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Management<br>Fees** | **Expense<br> Limitations** |
| Russia ETF | 0.50% | 0.62% |
| Russia Small-Cap ETF | 0.50 | 0.67 |

---

\* Fee rates reflected are those in effect before voluntary waivers.

Refer to the Statements of Operations for the amounts assumed by the Adviser for the year ended December 31, 2025.

In connection with the Plan of Liquidation (Note 2), the Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

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.

**Note 5— Capital Share Transactions**

As of December 31, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Since March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when the Plan of Liquidation and Termination of the Funds became effective.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6— Investments**

For the year ended December 31, 2025, there were no purchases and sales of investments (excluding short-term investments). One position held by RSXJ was written off due to bankruptcy by the issuer and cancellation of shares. The Fund received no proceeds.

**Note 7— Income Taxes**

As of December 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Russia ETF | $1483477710 | $– $| (1450914375) | $(1450914375) |
| Russia Small-Cap ETF | 22037326 | – | (21660943) | (21660943) |

---

At December 31, 2025, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable <br> Earnings (Loss)** |
| Russia ETF | $20950 | $(1976994706) | $(263226) | $(1450914302) | $(3428151284) |
| Russia Small-Cap ETF | 2041 | (19599576) | (5028) | (21660927) | (41263490) |

---

*^* *These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

The tax character of dividends paid to shareholders was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December<br> 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **<u>Fund</u>** | **Ordinary<br> Income** | **Ordinary<br> Income** | **Return of<br> Capital** |
| Russia ETF | $1141210 \* | $2757442 | $87014548 |
| Russia Small-Cap ETF | 725027 | 33046 | 1907869 |

---

*\** *Refer to Note 1 for distribution information.*

During the year ended December 31, 2025, Russia ETF utilized $480 of its capital loss carryover available from prior years.

Each year, the Funds assess the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2025, the Funds did not have any reclassifications.

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, if any, on both realized and unrealized appreciation.

------

**Note 7— Income Taxes (continued)**

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Funds included in this report, since the Funds pay no federal income taxes and have immaterial amounts of state, local and foreign taxes.

**Note 8— 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. The Funds own securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. 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. Additionally, the Funds invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price, difficult to trade, and potentially less liquid than securities issued in more developed markets. 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.

As a result of the current conditions related to Russian securities and Russian markets as outlined in the Plan of Liquidation (Note 2), the Funds are unable to dispose of the Russian securities in their portfolios, with limited exceptions, and the Funds' portfolios have become illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices. Russia recently took actions that impact the custody of equity securities of Russian issuers and may be detrimental to a Fund's ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to a Fund.

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

**Note 9— Trustee Deferred Compensation Plan**

The Trust has a Deferred Compensation Plan (the "Plan") for Trustees under which a Trustee 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 of the Trust as directed by the Trustees.

The expense for the Plan is included in "Trustees' fees and expenses" in the Statements of Operations. The liability for the Plan is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities.

**Note 10— 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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 10— Securities Lending (continued)** 

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 any, at December 31, 2025, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Russia ETF | $– $| 150672 | $– $| 150672 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets<br> and Liabilities** |
| **Fund** | **Equity Securities** |
| Russia ETF | $150672 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 11— Subsequent Events**

Subsequent to December 31, 2025, State Street Bank and Trust Company, which serves as custodian and provides transfer agency and fund accounting services to the Russia ETF, indicated that, due to certain restrictions imposed by the Office of Foreign Assets Control, State Street Bank and Trust Company and its affiliates will no longer process any financial transactions, including distributions for the Russia ETF. The Russia ETF will therefore have no operational mechanism to conduct transactions, pay expenses, or effect distributions to shareholders. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Without the ability to have its financial transactions processed, if the Russia ETF earned investment company taxable income for a particular taxable year, the Russia ETF would be unable to meet this annual distribution requirement and would no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification would likely result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of VanEck Russia ETF and VanEck Russia Small-Cap ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of VanEck Russia ETF and VanEck Russia Small-Cap ETF (two of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and cash flows for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025, (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations and each of their cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the four years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statement of the Funds as of and for the year ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on the financial statements and financial highlights.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of Matter**

As discussed in Note 2 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Funds, and management is in process of executing its liquidation plan.

/s/PricewaterhouseCoopers LLP

New York, New York

February 26, 2026

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid and received by shareholders during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker Symbol** | **Payable Date** | **Total<br> Ordinary<br> Income<br> Dividends** | **Section 163(j)-<br> Interest Dividends<br> as a % of the Total<br> Ordinary Income<br> Distribution (a)** | **Qualified<br> Interest<br> Income<br> (QII) as a %<br> of the Total<br> Ordinary Income<br> Distribution (b)** |
| Russia Small-Cap ETF | RSXJ | Annual | $0.8208 | 1.44% | 3.00% |

---

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Ticker Symbol** | **Federal Obligation<br> Interest (c)** |
| Russia Small-Cap ETF | RSXJ | 1.53% |

---

*(a) These amounts represent distributions paid during the taxable year ended December 31, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.*

*(b) These amounts represent distributions paid during the taxable year ended December 31, 2025 that were considered to be Qualified Interest Income ("QII") distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.*

*(c) The interest from Federal obligations represents income derived from assets backed by the full faith and credit of the U.S. Government. State law varies as to what percentage of this dividend is exempt from state income tax.*

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

<br> Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

Information included in Item 7.

<br> Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

Information included in Item 7.

<br> Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

Information included in Item 7.

<br> Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. <br>

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable. <br>

Item 13. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable. <br>

Item 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. <br>

Not applicable. <br>

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes. <br>

Item 16. CONTROLS AND PROCEDURES. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(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(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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable.

<br> Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. <br>

Not applicable. <br>

Item 19. EXHIBITS. <br>

---

| | |
|:---|:---|
| (a)(1) | [The code of ethics is attached as EX-99.CODE ETH](c115545_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [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) is attached as Exhibit 99.CERT.](c115545_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c115545_ex99-906cert.htm)

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, CFO |

---

<br> Date <u>March 10, 2026</u>

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, CEO |

---

<br> Date <u>March 10, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, CFO |

---

<br> Date <u>March 10, 2026</u>

## Ex-99.Code

EX-99.CODE ETH

VANECK VIP TRUST

VANECK FUNDS

VANECK ETF TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

VanEck's Code of Ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;o honest and ethical conduct, including the ethical handling
of actual or apparent conflicts of interest between personal and professional relationships;

o full, fair, accurate, timely and understandable disclosure
in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC")
and in other public communications made by the Company;

o compliance with applicable laws and governmental rules
and regulations;

o the prompt internal reporting of violations of the Code
to an appropriate person or persons identified in the Code; and

o accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT
CONFLICTS OF INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally
to the detriment of the Company;

o not cause the Company to take action, or fail to take action,
for the individual personal benefit of the Covered Officer rather than the benefit the Company;

o not use material non-public knowledge of portfolio transactions
made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect
of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;o service as a director on the board of any public or private
company;

o the receipt of any non-nominal gifts;

o the receipt of any entertainment from any company with
which the Company has current or prospective business dealings unless such entertainment is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety.

o any ownership interest in, or any consulting or employment
relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator
or any affiliated person thereof,

&nbsp;&nbsp;&nbsp;&nbsp;o a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should familiarize himself with the
disclosure requirements generally applicable to the Company;

o Each Covered Officer should not knowingly misrepresent,
or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's
directors and auditors, and to governmental regulators and self-regulatory organizations;

o Each Covered Officer should, to the extent appropriate
within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the
SEC and in other public communications made by the Funds; and

o It is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;o report at least annually all affiliations or other relationships
related to conflicts of interest that the Company's Directors and Officers Questionnaire covers;

o upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

o annually thereafter affirm to the Board that he has complied
with the requirements of the Code;

o not retaliate against any other Covered Officer or any
employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith, and

o notify the Compliance Officer promptly if he knows of any
violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer or other designated senior legal officer of the Funds' investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;o the Compliance Officer or other designated senior legal
officer will take all appropriate action to investigate any potential violations reported to him;

o if, after such investigation, the Compliance Officer believes
that no violation has occurred, the Compliance Officer is not required to take any further action;

o any matter that the Compliance Officer believes is a violation
will be reported to the Committee;

o if the Committee concurs that a violation has occurred,
it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation
to dismiss the Covered Officer;

o the Committee will be responsible for granting waivers,
as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

John J. Crimmins, Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>March 10, 2026</u> |  |
|  | /s/ Jan F. van Eck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jan F. van Eck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

I, John J. Crimmins, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 10, 2026</u> |  |
|  | /s/ John J. Crimmins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;John J. Crimmins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, ChiNext ETF, CMCI Commodity Strategy ETF, Copper and Green Metals ETF, Digital India ETF, Gold Miners ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF, Vietnam ETF, AA-BB CLO ETF, CLO ETF, Office and Commercial REIT ETF, BDC Income ETF, China Bond ETF, International High Yield Bond ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF), do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of VanEck ETF Trust for the period ending December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck ETF Trust.

---

| | |
|:---|:---|
| Dated: March 10, 2026 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |
| Dated: March 10, 2026 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck ETF Trust |

---

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.