# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001410368-25-028353
**Filing Date:** 2025-11
**Character Count:** 21275
**Document Hash:** f2dbd677bdb31732adc941480af984c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-028353.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-028353

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 251507714

**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 BDC Income ETF (Series ID: S000033466)

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

## Nport-Ex

VANECK

BDC

INCOME

ETF

SCHEDULE

OF

INVESTMENTS

September

30,

2025

(unaudited)

#### FootnoteRuleAboveBlank

#### Number

#### of

#### Shares

#### Value

#### COMMON

#### STOCKS:

#### 72.8%

#### Financial

#### Services

#### :

#### 72.8%
Ares

Capital

Corp. †

12,653,260

$

258,253,037

Bain

Capital

Specialty

Finance,

Inc. †

904,719

12,892,246

Barings

BDC,

Inc.

2,025,372

17,742,259

BlackRock

TCP

Capital

Corp. †

1,882,542

11,671,760

Blackstone

Secured

Lending

Fund †

2,009,627

52,390,976

Blue

Owl

Capital

Corp. †

12,411,281

158,492,058

Capital

Southwest

Corp. †

1,231,506

26,920,721

Carlyle

Secured

Lending,

Inc. †

1,500,955

18,761,938

CION

Investment

Corp. †

1,153,100

10,931,388

Fidus

Investment

Corp. †

783,242

15,868,483

FS

KKR

Capital

Corp. †

3,249,970

48,522,052

Gladstone

Capital

Corp. †

494,339

10,811,194

Gladstone

Investment

Corp. †

846,099

11,693,088

Goldman

Sachs

BDC,

Inc. †

2,374,667

24,150,363

Golub

Capital

BDC,

Inc. †

3,925,116

53,734,838

Hercules

Capital,

Inc.

2,991,048

56,560,718

Main

Street

Capital

Corp. †

2,171,900

138,111,121

MidCap

Financial

Investment

Corp. †

2,065,560

24,766,064

Morgan

Stanley

Direct

Lending

Fund †

1,576,334

25,347,451

New

Mountain

Finance

Corp. †

2,119,162

20,428,722

Nuveen

Churchill

Direct

Lending

Corp. †

732,533

10,108,955

Oaktree

Specialty

Lending

Corp. †

1,774,538

23,157,721

PennantPark

Floating

Rate

Capital

Ltd. †

2,196,491

19,526,805

#### Number

#### of

#### Shares

#### Value

#### Financial

#### Services
(continued)

Prospect

Capital

Corp. †

8,290,661

$

22,799,318

Sixth

Street

Specialty

Lending,

Inc. †

2,086,298

47,692,772

SLR

Investment

Corp. †

942,032

14,403,669

Trinity

Capital,

Inc. †

1,556,619

24,096,462

Underline

#### Total

#### Common

#### Stocks
(Cost:

$1,253,432,886)

1,159,836,179

#### Par

#### (000's)

#### SHORT-TERM

#### INVESTMENTS:

#### 26.9%

#### United

#### States

#### Treasury

#### Obligations:

#### 26.9%
(Cost:

$428,849,376)

United

States

Treasury

Bills (y)

4.20%,

01/15/26

#

82,646

81,726,393

4.29%,

10/16/25

#

347,790

347,203,250

428,929,643

#### Total

#### Investments

#### Before

#### Collateral

#### for

#### Securities

#### Loaned:

#### 99.7%
(Cost:

$1,682,282,262)

1,588,765,822

#### Number

#### of

#### Shares

#### SHORT-TERM

#### INVESTMENT

#### HELD

#### AS

#### COLLATERAL

#### FOR

#### SECURITIES

#### ON

#### LOAN:

#### 8.0%

#### Money

#### Market

#### Fund:

#### 8.0%
(Cost:

$127,526,208)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.18%(x)

127,526,208

127,526,208

#### Total

#### Investments:

#### 107.7%
(Cost:

$1,809,808,470)

1,716,292,030

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets:

#### (7.7)%
(121,995,046)

#### NET

#### ASSETS:

#### 100.0%
$

1,594,296,984

#### Total

#### Return

#### Swap

#### Contracts

#### Long

#### Exposure

#### Reference

#### Obligation

#### Notional

#### Amount

#### Counterparty

#### Rate

#### paid

#### by

#### the

#### Fund

#### Payment

#### Frequency

#### Termination

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

#### %

#### of

#### Net

#### Assets
MVIS

US

Business

Development

Companies

Index

$201,885,351

UBS

4.83%(a)

Monthly

10/15/25

$

(13,359,061)

0.8%

MVIS

US

Business

Development

Companies

Index

$242,764,141

UBS

5.03%(b)

Monthly

10/15/25

(15,813,212)

1.0%

MVIS

US

Business

Development

Companies

Index

$10,132,820

Bank

of

America

4.62%(c)

Monthly

09/01/26

(846,005)

0.1%

$(30,018,278)

VANECK

BDC

INCOME

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

#### Footnotes:
†

Security

fully

or

partially

on

loan.

Total

market

value

of

securities

on

loan

is

$276,131,671.

(y) Rate

shown

is

the

calculated

yield

to

maturity

#

All

or

a

portion

of

these

securities

are

segregated

for

swap

collateral.

Total

value

of

securities

segregated

is

$74,946,087.

(x) Rate

shown

is

the

1-day

yield

as

of

09/30/25.

(a) The

rate

shown

reflects

the

rate

in

effect

at

September

30,

2025:

Secured

Overnight

Financing

Rate

+

0.70%.

(b) The

rate

shown

reflects

the

rate

in

effect

at

September

30,

2025:

Secured

Overnight

Financing

Rate

+

0.90%.

(c) The

rate

shown

reflects

the

rate

in

effect

at

September

30,

2025:

Secured

Overnight

Financing

Rate

+

0.53%.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VanEck ETF Trust

- **b. Investment Company Act file number:** 811-10325

- **c. CIK number of Registrant:** 0001137360

- **d. LEI of Registrant:** 549300ZLFKNTXC51ZN76

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 666 THIRD AVENUE, 9TH FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 212-293-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VanEck BDC Income ETF

- **b. EDGAR series identifier (if any):** S000033466

- **c. LEI of Series:** 5493000CQN0MMJGTGK14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1745490614.79

**Total Liabilities:** $159028240.35

**Net Assets:** $1586462374.44

**Cash Not Reported:** $15223129.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102898 | 1.91%                | -0.29%               | -7.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-407919.98              | $23801022.69                               |
| Month 2  | $370124.54               | $-6653075.29                               |
| Month 3  | $-12449175.54            | $-106913106.64                             |

**Designated Index Information**

- **Index Name:** MVIS US Business Development Companies Index (TR Gross)

- **Index Identifier:** MVBDCTRG

### Schedule of Portfolio Investments

| Name                                  | Title                                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MidCap Financial Investment Corp      | MidCap Financial Investment Corp                                                            | CUSIP: 03761U502<br>LEI: 5493005P14I7WFB3FW47 | Long             | EC               | CORP              | US        |   2065560 | NS      | $24766064.40  | 1.56%             |  |  |  | No            |                  1 | On Loan: —       |
| PennantPark Floating Rate Capital Ltd | PennantPark Floating Rate Capital Ltd                                                       | CUSIP: 70806A106<br>LEI: 529900BH3IP6381K4L72 | Long             | EC               | CORP              | US        |   2196491 | NS      | $19526804.99  | 1.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Gladstone Investment Corp             | Gladstone Investment Corp                                                                   | CUSIP: 376546107<br>LEI: 549300HFFTVIBC98Z362 | Long             | EC               | CORP              | US        |    846099 | NS      | $11693088.18  | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| New Mountain Finance Corp             | New Mountain Finance Corp                                                                   | CUSIP: 647551100<br>LEI: 549300L1MPTT1H7SES77 | Long             | EC               | CORP              | US        |   2119162 | NS      | $20428721.68  | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| State Street Global Advisors          | State Street Navigator Securities Lending Government Money Market Portfolio                 | CUSIP: 857492706<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        | 127235688 | NS      | $127235687.75 | 8.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Secured Lending Fund       | Blackstone Secured Lending Fund                                                             | CUSIP: 09261X102<br>LEI: 549300KM7KWQHVBNH962 | Long             | EC               | CORP              | US        |   2009627 | NS      | $52390975.89  | 3.30%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Treasury                | U.S. Treasury Bills                                                                         | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        | 347790000 | PA      | $347203250.45 | 21.89%            | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fidus Investment Corp                 | Fidus Investment Corp                                                                       | CUSIP: 316500107<br>LEI: 549300836CRWCROFBC02 | Long             | EC               | CORP              | US        |    783242 | NS      | $15868482.92  | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| UBS Securities LLC                    | Long: MVBDCTRG  TRS USD R E MVBDCTRG / Short: MVBDCTRG  TRS USD P V 00MSOFR SOFRRATE +90BPS | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               |  | US        | 201885351 | OU      | $-13355217.88 | -0.84%            |  |  |  | No            |                  1 | On Loan: No      |
| Bain Capital Specialty Finance Inc    | Bain Capital Specialty Finance Inc                                                          | CUSIP: 05684B107<br>LEI: 549300V2JL72R0EYBK64 | Long             | EC               | CORP              | US        |    904719 | NS      | $12892245.75  | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank of America NA                    | Long: MVBDCTRG2 TRS USD R E MVBDCTRG / Short: MVBDCTRG2 TRS USD P V 01MOBFR OBFR01+53.00BPS | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |  10132820 | OU      | $-846215.49   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital BDC Inc                 | Golub Capital BDC Inc                                                                       | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | CORP              | US        |   3925116 | NS      | $53734838.04  | 3.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Gladstone Capital Corp                | Gladstone Capital Corp                                                                      | CUSIP: 376535878<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | EC               | CORP              | US        |    494339 | NS      | $10811193.93  | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| FS KKR Capital Corp                   | FS KKR Capital Corp                                                                         | CUSIP: 302635206<br>LEI: 549300TYRSI1T21B1360 | Long             | EC               | CORP              | US        |   3249970 | NS      | $48522052.10  | 3.06%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Treasury                | U.S. Treasury Bills                                                                         | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  82646000 | PA      | $81726393.00  | 5.15%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SLR Investment Corp                   | SLR Investment Corp                                                                         | CUSIP: 83413U100<br>LEI: BJOT6DX9ML6BR3Z0O636 | Long             | EC               | CORP              | US        |    942032 | NS      | $14403669.28  | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Carlyle Secured Lending Inc           | Carlyle Secured Lending Inc                                                                 | CUSIP: 872280102<br>LEI: 5493003POT0JT6WD1D83 | Long             | EC               | CORP              | US        |   1500955 | NS      | $18761937.50  | 1.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Blue Owl Capital Corp                 | Blue Owl Capital Corp                                                                       | CUSIP: 69121K104<br>LEI: 2549000BD79OOCPF2L94 | Long             | EC               | CORP              | US        |  12411281 | NS      | $158492058.37 | 9.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Morgan Stanley Direct Lending Fund    | Morgan Stanley Direct Lending Fund                                                          | CUSIP: 61774A103<br>LEI: 549300QEX22T2J8IB029 | Long             | EC               | CORP              | US        |   1576334 | NS      | $25347450.72  | 1.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Barings BDC Inc                       | Barings BDC Inc                                                                             | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |   2025372 | NS      | $17742258.72  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Prospect Capital Corp                 | Prospect Capital Corp                                                                       | CUSIP: 74348T102<br>LEI: 549300FSD8T39P5Q0O47 | Long             | EC               | CORP              | US        |   8290661 | NS      | $22799317.75  | 1.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Oaktree Specialty Lending Corp        | Oaktree Specialty Lending Corp                                                              | CUSIP: 67401P405<br>LEI: 549300J6MGCEU5928620 | Long             | EC               | CORP              | US        |   1774538 | NS      | $23157720.90  | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| BlackRock TCP Capital Corp            | BlackRock TCP Capital Corp                                                                  | CUSIP: 09259E108<br>LEI: 549300JU1XG1HF56J989 | Long             | EC               | CORP              | US        |   1882542 | NS      | $11671760.40  | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| UBS Securities LLC                    | Long: MVBDCTRG1 TRS USD R E MVBDCTRG / Short: MVBDCTRG1 TRS USD P V 00MSOFR SOFRRATE+90BPS  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               |  | US        | 242764141 | OU      | $-15816844.66 | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Hercules Capital Inc                  | Hercules Capital Inc                                                                        | CUSIP: 427096508<br>LEI: 549300UJ5OC256GR2B73 | Long             | EC               | CORP              | US        |   2991048 | NS      | $56560717.68  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Main Street Capital Corp              | Main Street Capital Corp                                                                    | CUSIP: 56035L104<br>LEI: 5493001FS9QJLJNF3E20 | Long             | EC               | CORP              | US        |   2171900 | NS      | $138111121.00 | 8.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Goldman Sachs BDC Inc                 | Goldman Sachs BDC Inc                                                                       | CUSIP: 38147U107<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | EC               | CORP              | US        |   2374667 | NS      | $24150363.39  | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Trinity Capital Inc                   | Trinity Capital Inc                                                                         | CUSIP: 896442308<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EC               | CORP              | US        |   1556619 | NS      | $24096462.12  | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Nuveen Churchill Direct Lending Corp  | Nuveen Churchill Direct Lending Corp                                                        | CUSIP: 67090S108<br>LEI: 254900X3ULEP6XX7HG39 | Long             | EC               | CORP              | US        |    732533 | NS      | $10108955.40  | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| CION Investment Corp                  | CION Investment Corp                                                                        | CUSIP: 17259U204<br>LEI: 549300XN70JLF94XKX80 | Long             | EC               | CORP              | US        |   1153100 | NS      | $10931388.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Sixth Street Specialty Lending Inc    | Sixth Street Specialty Lending Inc                                                          | CUSIP: 83012A109<br>LEI: 549300TX61566GJWCN05 | Long             | EC               | CORP              | US        |   2086298 | NS      | $47692772.28  | 3.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Capital Southwest Corp                | Capital Southwest Corp                                                                      | CUSIP: 140501107<br>LEI: 54930023YZ4YEJEDBO56 | Long             | EC               | CORP              | US        |   1231506 | NS      | $26920721.16  | 1.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Ares Capital Corp                     | Ares Capital Corp                                                                           | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | CORP              | US        |  12653260 | NS      | $258253036.60 | 16.28%            |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** VanEck ETF Trust

**Signature:** James Parker

**Name of Signer:** James Parker

**Title:** Assistant Treasurer