# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-25-002903
**Filing Date:** 2025-9
**Character Count:** 807305
**Document Hash:** b22cfa5fb407aa5d462f591d521d5f20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002903.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0000930413-25-002903

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 251295107

**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 Green Metals ETF (Series ID: S000073995)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000231316 | VanEck Green Metals ETF | GMET            |

### 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: JUNE 30, 2025

Item 1. REPORTS TO STOCKHOLDERS.

# VanEck AA-BB CLO ETF

## Ticker: CLOB

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck AA-BB CLO ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$106,920,247

* Number of Portfolio Holdings40

* Portfolio Turnover Rate40%

* Advisory Fees Paid$201,647

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i0ff852bd7f82b1af45de45fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.1% |
| Government | 3.6% |
| Collateralized Loan Obligations | 95.3% |

---

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

---

| | |
|:---|:---|
| Octagon 64 Ltd., 6.02%, 7/21/2037 | 9.4% |
| Dryden 95 CLO Ltd., 7.37%, 8/20/2034 | 6.5% |
| Capital Four US CLO III Ltd., 6.53%, 4/21/2038 | 4.7% |
| Neuberger Berman Loan Advisers CLO 38 Ltd., 5.67%, 10/20/2036 | 4.7% |
| Neuberger Berman Loan Advisers CLO 42 Ltd., 5.66%, 7/16/2036 | 4.7% |
| United States Treasury Bills, 4.23%, 7/10/2025 | 3.6% |
| Sound Point CLO XXIX Ltd., 8.04%, 4/25/2034 | 3.3% |
| Bain Capital Credit CLO 2021-7 Ltd., 10.77%, 1/22/2035 | 3.2% |
| Sculptor CLO XXVI Ltd., 6.47%, 1/20/2038 | 3.1% |
| BlueMountain CLO XXXII Ltd., 10.86%, 10/15/2034 | 3.0% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Africa Index ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $44 | 0.79%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$51,751,734

* Number of Portfolio Holdings72

* Portfolio Turnover Rate23%

* Advisory Fees Paid$96,520

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3cd94ec9c4b654702e63eb35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 0.8% |
| Industrials | 3.0% |
| Consumer Staples | 3.9% |
| Energy | 5.1% |
| Consumer Discretionary | 10.6% |
| Communication Services | 12.8% |
| Materials | 29.7% |
| Financials | 34.1% |

---

---

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

---

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

---

| | |
|:---|:---|
| Naspers Ltd. | 5.9% |
| Attijariwafa Bank | 5.0% |
| Banque Centrale Populaire | 4.2% |
| Airtel Africa PLC | 4.2% |
| Guaranty Trust Holding Co. PLC | 3.7% |
| Barrick Mining Corp. | 3.6% |
| Anglo American PLC | 3.5% |
| Ivanhoe Mines Ltd. | 3.2% |
| Safaricom PLC | 3.1% |
| Paladin Energy Ltd. | 2.9% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Agribusiness ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $29 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$646,813,731

* Number of Portfolio Holdings51

* Portfolio Turnover Rate8%

* Advisory Fees Paid$1,442,581

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6107e21380fe73538b3ecb94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 16.0% |
| Industrials | 19.6% |
| Materials | 28.2% |
| Consumer Staples | 36.2% |

---

---

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

---

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

---

| | |
|:---|:---|
| Deere & Co. | 7.9% |
| Zoetis, Inc. | 7.5% |
| Corteva, Inc. | 7.3% |
| Bayer AG | 6.2% |
| Archer-Daniels-Midland Co. | 6.0% |
| Nutrien Ltd. | 5.8% |
| Tyson Foods, Inc. | 4.9% |
| CF Industries Holdings, Inc. | 4.0% |
| Kubota Corp. | 3.6% |
| Mosaic Co. | 3.4% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck BDC Income ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $21 | 0.42%<sup>Footnote Reference(b)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$1,602,018,111

* Number of Portfolio Holdings32

* Portfolio Turnover Rate16%

* Advisory Fees Paid$2,955,926

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i33c78017c9a46ea8324a0822.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 2.3% |
| Government | 19.1% |
| Financials | 78.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.0% |

---

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

---

| | |
|:---|:---|
| United States Treasury Bills, 4.27%, 7/15/2025 | 18.4% |
| Ares Capital Corp. | 17.7% |
| Blue Owl Capital Corp. | 10.8% |
| Blackstone Secured Lending Fund | 9.1% |
| Main Street Capital Corp. | 3.8% |
| Hercules Capital, Inc. | 3.7% |
| FS KKR Capital Corp. | 3.6% |
| Golub Capital BDC, Inc. | 3.5% |
| Sixth Street Specialty Lending, Inc. | 2.8% |
| Morgan Stanley Direct Lending Fund | 1.9% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Brazil Small-Cap ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $35 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$20,033,700

* Number of Portfolio Holdings95

* Portfolio Turnover Rate17%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i691336d858853dc9387ecdad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 0.9% |
| Information Technology | 2.7% |
| Real Estate | 3.0% |
| Health Care | 3.5% |
| Financials | 7.8% |
| Materials | 8.5% |
| Consumer Staples | 10.5% |
| Energy | 10.7% |
| Utilities | 10.7% |
| Industrials | 13.8% |
| Consumer Discretionary | 27.9% |

---

---

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

---

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

---

| | |
|:---|:---|
| Modec, Inc. | 4.2% |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3.4% |
| Alupar Investimento SA | 3.1% |
| Inter & Co., Inc. | 3.0% |
| Brava Energia | 3.0% |
| Azzas 2154 SA | 2.9% |
| ERO Copper Corp. | 2.8% |
| Santos Brasil Participacoes SA | 2.6% |
| Marfrig Global Foods SA | 2.5% |
| Marcopolo SA | 2.5% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck China Bond ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $25 | 0.50%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$18,003,661

* Number of Portfolio Holdings31

* Portfolio Turnover Rate18%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ia2120e604da12a21ae37f05a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.8% |
| Energy | 9.9% |
| Utilities | 19.0% |
| Government | 21.7% |
| Financials | 46.6% |

---

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

---

| | |
|:---|:---|
| China Government Bond, 2.67%, 11/25/2033 | 5.8% |
| China Government Bond, 1.62%, 8/15/2027 | 5.6% |
| State Grid Corp. of China, 2.88%, 8/30/2027 | 5.2% |
| China Petroleum & Chemical Corp., 3.20%, 7/27/2026 | 5.2% |
| Agricultural Development Bank of China, 2.90%, 3/8/2028 | 4.7% |
| China National Petroleum Corp., 4.16%, 8/16/2025 | 4.7% |
| China Everbright Bank Co. Ltd., 2.72%, 9/25/2026 | 4.6% |
| Bank of Communications Co. Ltd., 2.70%, 9/26/2026 | 4.6% |
| China Southern Power Grid Co. Ltd., 2.42%, 10/24/2025 | 4.1% |
| China Development Bank, 3.45%, 9/20/2029 | 4.0% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck ChiNext ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $33 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$27,433,078

* Number of Portfolio Holdings98

* Portfolio Turnover Rate4%

* Advisory Fees Paid$5,354

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i95127c060fe8abd4a1bde80c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.9% |
| Communication Services | 2.8% |
| Materials | 3.8% |
| Consumer Staples | 4.2% |
| Financials | 11.0% |
| Health Care | 13.3% |
| Information Technology | 30.5% |
| Industrials | 33.4% |

---

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

---

| | |
|:---|:---|
| Contemporary Amperex Technology Co. Ltd. | 19.2% |
| East Money Information Co. Ltd. | 8.5% |
| Shenzhen Inovance Technology Co. Ltd. | 3.8% |
| Zhongji Innolight Co. Ltd. | 3.7% |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 3.6% |
| Eoptolink Technology, Inc. Ltd. | 3.3% |
| Sungrow Power Supply Co. Ltd. | 2.9% |
| Wens Foodstuff Group Co. Ltd. | 2.7% |
| Victory Giant Technology Huizhou Co. Ltd. | 2.4% |
| Eve Energy Co. Ltd. | 1.7% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck CLO ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $20 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$1,054,147,029

* Number of Portfolio Holdings150

* Portfolio Turnover Rate20%

* Advisory Fees Paid$1,925,572

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i4c29ba727986f50f58488924.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.5% |
| Government | 3.2% |
| Collateralized Loan Obligations | 96.3% |

---

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

---

| | |
|:---|:---|
| RR 15 Ltd., 5.62%, 4/15/2036 | 3.0% |
| Trinitas CLO XIX Ltd., 5.38%, 10/20/2033 | 2.9% |
| Neuberger Berman Loan Advisers CLO 38 Ltd., 5.67%, 10/20/2036 | 2.5% |
| Octagon 64 Ltd., 6.02%, 7/21/2037 | 2.4% |
| AGL CLO 5 Ltd., 5.93%, 7/20/2034 | 2.2% |
| United States Treasury Bills, 4.23%, 7/10/2025 | 2.2% |
| Neuberger Berman Loan Advisers CLO 42 Ltd., 5.66%, 7/16/2036 | 2.1% |
| RR 20 Ltd., 5.81%, 7/15/2037 | 2.1% |
| Silver Rock CLO II Ltd., 5.87%, 1/20/2035 | 2.0% |
| Trinitas CLO XX Ltd., 5.77%, 7/20/2035 | 1.6% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck CMCI Commodity Strategy ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $33 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$2,489,182

* Number of Portfolio Holdings16

* Portfolio Turnover Rate-%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1c0312c3a70acac3f3919147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 0.3% |
| Money Market Fund | 2.0% |
| Government | 97.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.2% |

---

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

---

| | |
|:---|:---|
| United States Treasury Bills, 4.28%, 8/21/2025 | 14.0% |
| United States Treasury Bills, 4.16%, 9/4/2025 | 13.0% |
| United States Treasury Bills, 4.22%, 7/24/2025 | 11.0% |
| United States Treasury Bills, 4.22%, 8/28/2025 | 11.0% |
| United States Treasury Bills, 4.23%, 8/7/2025 | 10.0% |
| United States Treasury Bills, 4.27%, 8/14/2025 | 10.0% |
| United States Treasury Bills, 4.19%, 7/31/2025 | 6.0% |
| United States Treasury Bills, 4.21%, 7/17/2025 | 5.0% |
| United States Treasury Bills, 4.15%, 9/18/2025 | 4.0% |
| United States Treasury Bills, 4.13%, 10/2/2025 | 4.0% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Digital India ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $35 | 0.70%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$22,053,592

* Number of Portfolio Holdings49

* Portfolio Turnover Rate13%

* Advisory Fees Paid$83,366

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i2bd696084dfaea683809aaad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.7)% |
| Other Investments | 0.5% |
| Industrials | 4.6% |
| Energy | 8.1% |
| Financials | 13.7% |
| Consumer Discretionary | 13.8% |
| Communication Services | 17.6% |
| Information Technology | 42.4% |

---

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

---

| | |
|:---|:---|
| Bharti Airtel Ltd. | 8.5% |
| Reliance Industries Ltd. | 8.1% |
| Infosys Ltd. | 6.8% |
| Tata Consultancy Services Ltd. | 6.4% |
| HCL Technologies Ltd. | 5.9% |
| Eternal Ltd. | 5.5% |
| Jio Financial Services Ltd. | 4.7% |
| Tech Mahindra Ltd. | 4.4% |
| Wipro Ltd. | 3.5% |
| PB Fintech Ltd. | 3.3% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Gold Miners ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $32 | 0.51%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$15,485,749,940

* Number of Portfolio Holdings64

* Portfolio Turnover Rate5%

* Advisory Fees Paid$36,226,391

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib963c29dd114f56105f7837f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Silver | 3.0% |
| Gold | 96.9% |

---

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

---

| | |
|:---|:---|
| Newmont Corp. | 12.8% |
| Agnico Eagle Mines Ltd. | 11.8% |
| Wheaton Precious Metals Corp. | 8.0% |
| Barrick Mining Corp. | 7.1% |
| Franco-Nevada Corp. | 6.2% |
| Anglogold Ashanti PLC | 4.2% |
| Gold Fields Ltd. | 4.2% |
| Kinross Gold Corp. | 3.8% |
| Northern Star Resources Ltd. | 3.5% |
| Zijin Mining Group Co. Ltd. | 3.0% |

---

![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/](i5256e25004fcef0a130799aa.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 Green Metals ETF

## Ticker: GMET

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Green Metals ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 Green Metals ETF | $34 | 0.63%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$19,072,652

* Number of Portfolio Holdings55

* Portfolio Turnover Rate11%

* Advisory Fees Paid$51,174

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i4c0081cf7b46d2a91405b350.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Fertilizers & Agricultural Chemicals | 1.2% |
| Electrical Components & Equipment | 2.1% |
| Specialty Chemicals | 6.5% |
| Precious Metals & Minerals | 9.0% |
| Copper | 32.6% |
| Diversified Metals & Mining | 48.5% |

---

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

---

| | |
|:---|:---|
| Freeport-McMoRan, Inc. | 8.2% |
| Glencore PLC | 7.7% |
| Anglo American PLC | 6.9% |
| Grupo Mexico SAB de CV | 6.7% |
| Teck Resources Ltd. | 6.1% |
| Antofagasta PLC | 4.2% |
| Southern Copper Corp. | 3.9% |
| Valterra Platinum Ltd. | 3.6% |
| Boliden AB | 3.6% |
| First Quantum Minerals Ltd. | 3.5% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck India Growth Leaders ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $35 | 0.71%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$138,872,000

* Number of Portfolio Holdings80

* Portfolio Turnover Rate41%

* Advisory Fees Paid$311,763

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i60440c53bac0e43c65b9b745.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Other Investments | 1.3% |
| Materials | 2.5% |
| Communication Services | 2.6% |
| Energy | 4.7% |
| Health Care | 9.0% |
| Consumer Discretionary | 9.6% |
| Information Technology | 14.4% |
| Industrials | 24.6% |
| Financials | 31.0% |

---

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

---

| | |
|:---|:---|
| Bharat Electronics Ltd. | 6.4% |
| Trent Ltd. | 5.2% |
| ICICI Bank Ltd. | 4.9% |
| Dr. Reddy's Laboratories Ltd. | 4.8% |
| State Bank of India | 4.7% |
| Kotak Mahindra Bank Ltd. | 4.7% |
| HCL Technologies Ltd. | 4.6% |
| Hindustan Aeronautics Ltd. | 4.4% |
| Coal India Ltd. | 4.3% |
| Tata Consultancy Services Ltd. | 4.0% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Indonesia Index ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $28 | 0.57%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$31,910,580

* Number of Portfolio Holdings59

* Portfolio Turnover Rate8%

* Advisory Fees Paid$24,558

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1505eb60bcef5903ce8345ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Real Estate | 1.0% |
| Health Care | 3.0% |
| Consumer Discretionary | 3.5% |
| Utilities | 5.8% |
| Industrials | 6.4% |
| Communication Services | 8.9% |
| Consumer Staples | 9.8% |
| Energy | 12.3% |
| Materials | 22.5% |
| Financials | 26.7% |

---

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

---

| | |
|:---|:---|
| Bank Central Asia Tbk PT | 8.1% |
| Bank Rakyat Indonesia Persero Tbk PT | 7.8% |
| Bank Mandiri Persero Tbk PT | 6.9% |
| Telkom Indonesia Persero Tbk PT | 6.4% |
| Amman Mineral Internasional PT | 6.1% |
| Barito Renewables Energy Tbk PT | 4.9% |
| Chandra Asri Pacific Tbk PT | 4.9% |
| Astra International Tbk PT | 4.7% |
| Dian Swastatika Sentosa Tbk PT | 4.3% |
| Bank Negara Indonesia Persero Tbk PT | 3.2% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck International High Yield Bond ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $21 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$41,676,539

* Number of Portfolio Holdings521

* Portfolio Turnover Rate22%

* Advisory Fees Paid$52,707

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6f13404f40a60d50388ff9ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.2% |
| Other Investments | 0.5% |
| Consumer Non-Cyclicals | 2.4% |
| Real Estate | 2.5% |
| Healthcare | 4.6% |
| Utilities | 6.3% |
| Basic Materials | 8.2% |
| Consumer Cyclicals | 10.0% |
| Energy | 10.8% |
| Technology | 12.3% |
| Industrials | 13.6% |
| Financials | 26.6% |

---

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

---

| | |
|:---|:---|
| Industrial & Commercial Bank of China Ltd., 3.20% (Perpetual) | 0.9% |
| Mediobanca Banca di Credito Finanziario SpA, 5.25%, 4/22/2034 | 0.6% |
| Teva Pharmaceutical Finance Netherlands II BV, 4.38%, 5/9/2030 | 0.6% |
| Intesa Sanpaolo Assicurazioni SpA, 4.22%, 3/5/2035 | 0.6% |
| Electricite de France SA, 3.38% (Perpetual) | 0.5% |
| Telecom Italia Capital SA, 7.72%, 6/4/2038 | 0.5% |
| VZ Vendor Financing II BV, 2.88%, 1/15/2029 | 0.5% |
| State Oil Co. of the Azerbaijan Republic, 6.95%, 3/18/2030 | 0.5% |
| QNB Bank AS, 7.25%, 5/21/2029 | 0.5% |
| Alpha Star Holding VIII Ltd., 8.38%, 4/12/2027 | 0.5% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Israel ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $32 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$111,321,152

* Number of Portfolio Holdings81

* Portfolio Turnover Rate4%

* Advisory Fees Paid$210,842

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i4675effe731daa10e1b260e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Communication Services | 1.5% |
| Materials | 1.5% |
| Consumer Staples | 1.7% |
| Energy | 1.8% |
| Consumer Discretionary | 2.2% |
| Utilities | 2.7% |
| Real Estate | 3.8% |
| Industrials | 7.1% |
| Health Care | 7.3% |
| Financials | 32.3% |
| Information Technology | 38.1% |

---

---

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

---

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

---

| | |
|:---|:---|
| Bank Leumi Le-Israel BM | 8.5% |
| Bank Hapoalim BM | 7.0% |
| CyberArk Software Ltd. | 6.8% |
| Check Point Software Technologies Ltd. | 6.7% |
| Teva Pharmaceutical Industries Ltd. | 6.5% |
| Elbit Systems Ltd. | 4.3% |
| Monday.com Ltd. | 4.0% |
| Nice Ltd. | 3.4% |
| Mizrahi Tefahot Bank Ltd. | 3.4% |
| Israel Discount Bank Ltd. | 3.3% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-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 June 30, 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 six months ?** 
**(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 | $16 | 0.30%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$3,353,863,773

* Number of Portfolio Holdings477

* Portfolio Turnover Rate17%

* Advisory Fees Paid$3,520,130

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i5d1ce67ea5a4b187341332fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.7% |
| Other Investments | 0.2% |
| Government | 97.1% |

---

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

---

| | |
|:---|:---|
| Brazil Letras do Tesouro Nacional, 0.00%, 7/1/2026 | 1.1% |
| Turkiye Government Bond, 30.00%, 9/12/2029 | 0.7% |
| Mexican Bonos, 7.75%, 11/23/2034 | 0.7% |
| Mexican Bonos, 7.75%, 5/29/2031 | 0.7% |
| Republic of South Africa Government Bond, 8.75%, 2/28/2048 | 0.7% |
| Republic of South Africa Government Bond, 8.00%, 1/31/2030 | 0.7% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027 | 0.6% |
| Republic of South Africa Government Bond, 8.88%, 2/28/2035 | 0.6% |
| Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2029 | 0.6% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2029 | 0.6% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Junior Gold Miners ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $34 | 0.53%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$5,494,533,812

* Number of Portfolio Holdings88

* Portfolio Turnover Rate14%

* Advisory Fees Paid$12,783,173

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i9b53e71348e4c00e16756f6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Diversified Metals & Mining | 2.6% |
| Precious Metals & Minerals | 5.6% |
| Silver | 7.4% |
| Gold | 84.2% |

---

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

---

| | |
|:---|:---|
| Alamos Gold, Inc. | 7.0% |
| Pan American Silver Corp. | 6.6% |
| Harmony Gold Mining Co. Ltd. | 6.0% |
| Evolution Mining Ltd. | 5.2% |
| B2Gold Corp. | 5.1% |
| Industrias Penoles SAB de CV | 3.2% |
| Coeur Mining, Inc. | 2.8% |
| Lundin Gold, Inc. | 2.7% |
| Fresnillo PLC | 2.2% |
| IAMGOLD Corp. | 2.2% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Low Carbon Energy ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $33 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$119,120,782

* Number of Portfolio Holdings58

* Portfolio Turnover Rate11%

* Advisory Fees Paid$284,822

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iacb44d42a8922df6eedff9e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Other Investments | 0.5% |
| Materials | 1.5% |
| Information Technology | 9.8% |
| Industrials | 18.4% |
| Consumer Discretionary | 29.3% |
| Utilities | 40.6% |

---

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

---

| | |
|:---|:---|
| Tesla, Inc. | 8.0% |
| NextEra Energy, Inc. | 7.8% |
| Iberdrola SA | 7.4% |
| Enel SpA | 6.9% |
| BYD Co. Ltd. | 5.3% |
| Li Auto, Inc. | 3.8% |
| First Solar, Inc. | 3.8% |
| Vestas Wind Systems A/S | 3.6% |
| XPeng, Inc. | 3.1% |
| Kingspan Group PLC | 3.1% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $22 | 0.43%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$306,906,799

* Number of Portfolio Holdings26

* Portfolio Turnover Rate13%

* Advisory Fees Paid$586,663

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib0e63ddba8e82791b3d2a688.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.2% |
| Financial Services | 97.8% |

---

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

---

| | |
|:---|:---|
| AGNC Investment Corp. | 13.5% |
| Annaly Capital Management, Inc. | 13.4% |
| Starwood Property Trust, Inc. | 8.7% |
| Rithm Capital Corp. | 8.1% |
| Blackstone Mortgage Trust, Inc. | 4.9% |
| Arbor Realty Trust, Inc. | 4.5% |
| Dynex Capital, Inc. | 4.4% |
| ARMOUR Residential REIT, Inc. | 3.7% |
| Ladder Capital Corp. | 3.3% |
| Ellington Financial, Inc. | 3.3% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Natural Resources ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $22 | 0.42%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$158,315,698

* Number of Portfolio Holdings123

* Portfolio Turnover Rate6%

* Advisory Fees Paid$291,807

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ied974a3e58780dab501061ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 1.3% |
| Health Care | 2.5% |
| Consumer Staples | 6.6% |
| Industrials | 8.5% |
| Utilities | 10.0% |
| Energy | 31.0% |
| Materials | 40.1% |

---

---

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

---

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

---

| | |
|:---|:---|
| Shell PLC | 5.0% |
| Chevron Corp. | 5.0% |
| Exxon Mobil Corp. | 5.0% |
| Deere & Co. | 4.9% |
| NextEra Energy, Inc. | 4.3% |
| Iberdrola SA | 4.1% |
| Corteva, Inc. | 3.4% |
| BHP Group Ltd. | 3.0% |
| Bayer AG | 2.5% |
| Nutrien Ltd. | 2.4% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Office and Commercial REIT ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $25 | 0.52%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$2,390,074

* Number of Portfolio Holdings26

* Portfolio Turnover Rate7%

* Advisory Fees Paid$5,712

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i07526121ba8c228f327aad35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.8% |
| Real Estate Investment Trusts | 99.2% |

---

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

---

| | |
|:---|:---|
| Vornado Realty Trust | 9.4% |
| BXP, Inc. | 9.3% |
| Cousins Properties, Inc. | 9.3% |
| SL Green Realty Corp. | 8.8% |
| Kilroy Realty Corp. | 8.1% |
| Douglas Emmett, Inc. | 4.6% |
| Highwoods Properties, Inc. | 4.5% |
| COPT Defense Properties | 4.4% |
| Simon Property Group, Inc. | 4.1% |
| Realty Income Corp. | 4.0% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Oil Refiners ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $34 | 0.62%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$26,206,545

* Number of Portfolio Holdings26

* Portfolio Turnover Rate15%

* Advisory Fees Paid$15,451

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8b15cf189b370d4c0f140f5b.jpg)

---

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

---

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

---

| | |
|:---|:---|
| Reliance Industries Ltd. | 7.9% |
| Marathon Petroleum Corp. | 7.7% |
| Phillips 66 | 6.6% |
| ORLEN SA | 6.3% |
| Valero Energy Corp. | 6.3% |
| SK Innovation Co. Ltd. | 5.7% |
| ENEOS Holdings, Inc. | 5.3% |
| Galp Energia SGPS SA | 4.9% |
| OMV AG | 4.7% |
| Neste Oyj | 4.7% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Oil Services ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $16 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$932,748,035

* Number of Portfolio Holdings26

* Portfolio Turnover Rate9%

* Advisory Fees Paid$2,032,272

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i815959390f27a7e1d28b49ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Oil & Gas Drilling | 16.9% |
| Oil & Gas Equipment & Services | 83.1% |

---

---

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

---

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

---

| | |
|:---|:---|
| Schlumberger NV | 19.3% |
| Baker Hughes Co. | 14.2% |
| Halliburton Co. | 7.0% |
| Tenaris SA | 5.5% |
| TechnipFMC PLC | 5.4% |
| ChampionX Corp. | 4.5% |
| NOV, Inc. | 4.4% |
| Noble Corp. PLC | 4.3% |
| Cactus, Inc. | 4.0% |
| Weatherford International PLC | 3.9% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $20 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$1,788,737,159

* Number of Portfolio Holdings107

* Portfolio Turnover Rate14%

* Advisory Fees Paid$3,641,050

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib0cdf81b19fc45985a0719fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Other Investments | 3.6% |
| Healthcare Providers & Services | 1.1% |
| Real Estate Operations | 1.5% |
| Chemicals | 2.5% |
| Multiline Utilities | 2.9% |
| Computers Phones & Household Electronics | 3.0% |
| Automobiles & Auto Parts | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.3% |
| Food & Tobacco | 3.8% |
| Software & IT Services | 7.2% |
| Telecommunications Services | 11.4% |
| Aerospace & Defense | 13.1% |
| Residential & Commercial REITs | 18.0% |
| Electric Utilities & IPPs | 25.1% |

---

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

---

| | |
|:---|:---|
| Boeing Co., 6.00%, 10/15/2027 | 13.1% |
| Microchip Technology, Inc., 7.50%, 3/15/2028 | 3.3% |
| NextEra Energy, Inc., 7.30%, 6/1/2027 | 3.2% |
| Hewlett Packard Enterprise Co., 7.62%, 9/1/2027 | 3.0% |
| NextEra Energy, Inc., 6.93%, 9/1/2025 | 2.7% |
| Albemarle Corp., 7.25%, 3/1/2027 | 2.5% |
| MicroStrategy, Inc., 8.00% (Perpetual) | 2.4% |
| AT&T, Inc., 4.75% (Perpetual) | 2.2% |
| NextEra Energy, Inc., 7.23%, 11/1/2027 | 2.2% |
| PG&E Corp., 6.00%, 12/1/2027 | 2.0% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Rare Earth and Strategic Metals ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $30 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$308,020,931

* Number of Portfolio Holdings23

* Portfolio Turnover Rate27%

* Advisory Fees Paid$631,089

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i29e6a2488ed6c5b63921c086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Materials | 99.8% |

---

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

---

| | |
|:---|:---|
| China Northern Rare Earth Group High-Tech Co. Ltd. | 7.6% |
| MP Materials Corp. | 7.6% |
| Albemarle Corp. | 7.5% |
| Lynas Rare Earths Ltd. | 6.9% |
| Sociedad Quimica y Minera de Chile SA | 6.6% |
| AMG Critical Materials NV | 5.1% |
| Pilbara Minerals Ltd. | 5.1% |
| Jinduicheng Molybdenum Co. Ltd. | 4.9% |
| Ganfeng Lithium Group Co. Ltd. | 4.7% |
| IperionX Ltd. | 4.7% |

---

![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/](i5256e25004fcef0a130799aa.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

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Russia ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $24 | 0.48%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$32,794,301

* 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](i85c56e79b5e7d355efcfc25d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets<sup>Footnote Reference\*</sup> | (0.5)% |
| Money Market Fund | 100.5% |

---

---

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

---

![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/](i5256e25004fcef0a130799aa.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

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Russia Small-Cap ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $39 | 0.78%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$345,868

* 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](ia5d534595a8c19bf3cd59422.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets<sup>Footnote Reference\*</sup> | (13.9)% |
| Money Market Fund | 113.9% |

---

---

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

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Steel ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $30 | 0.56%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$71,225,294

* Number of Portfolio Holdings25

* Portfolio Turnover Rate17%

* Advisory Fees Paid$146,495

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i7d0e8f8c9750b4799d6e78c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Energy | 5.1% |
| Industrials | 9.0% |
| Materials | 85.8% |

---

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

---

| | |
|:---|:---|
| Rio Tinto PLC | 10.6% |
| Vale SA | 8.4% |
| Nucor Corp. | 5.7% |
| Worthington Steel, Inc. | 5.3% |
| ArcelorMittal SA | 5.1% |
| Tenaris SA | 5.1% |
| Reliance, Inc. | 5.0% |
| POSCO Holdings, Inc. | 5.0% |
| Carpenter Technology Corp. | 4.9% |
| Steel Dynamics, Inc. | 4.7% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Uranium and Nuclear ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $31 | 0.53%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$1,702,823,194

* Number of Portfolio Holdings26

* Portfolio Turnover Rate30%

* Advisory Fees Paid$2,757,524

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ia3b5f452537b32cb204b14fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Industrials | 18.9% |
| Utilities | 32.9% |
| Energy | 48.1% |

---

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

---

| | |
|:---|:---|
| Constellation Energy Corp. | 8.1% |
| Cameco Corp. | 7.2% |
| BWX Technologies, Inc. | 5.9% |
| Public Service Enterprise Group, Inc. | 5.6% |
| Centrus Energy Corp. | 4.8% |
| Denison Mines Corp. | 4.6% |
| Uranium Energy Corp. | 4.5% |
| NAC Kazatomprom JSC | 4.4% |
| NexGen Energy Ltd. | 4.3% |
| PG&E Corp. | 4.2% |

---

![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/](i5256e25004fcef0a130799aa.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

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i81fd8553bdbd2e8d2f96e072.jpg)

This semi-annual shareholder report contains important information about the VanEck Vietnam ETF (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $37 | 0.69%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized |

---

### Key Fund Statistics
* Total Net Assets$421,757,067

* Number of Portfolio Holdings49

* Portfolio Turnover Rate14%

* Advisory Fees Paid$989,234

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i709a7ede3256ce6bcf7a121b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Utilities | 1.1% |
| Energy | 1.7% |
| Industrials | 9.6% |
| Materials | 11.7% |
| Consumer Staples | 18.0% |
| Real Estate | 28.3% |
| Financials | 29.5% |

---

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

---

| | |
|:---|:---|
| Vinhomes JSC | 8.1% |
| Vingroup JSC | 8.1% |
| Hoa Phat Group JSC | 7.0% |
| Vietnam Dairy Products JSC | 6.5% |
| Bank for Foreign Trade of Vietnam JSC | 5.9% |
| SSI Securities Corp. | 5.5% |
| Masan Group Corp. | 5.1% |
| VNDirect Securities Corp. | 3.4% |
| Vietcap Securities JSC | 3.2% |
| VIX Securities JSC | 3.1% |

---

![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/](i5256e25004fcef0a130799aa.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/.

Item 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

Item 6. INVESTMENTS.

Information included in Item 7.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESSTMENT COMPANIES.

![](x1_c113435x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| **MOO** | \| | Agribusiness ETF |
| **CMCI** | \| | CMCI Commodity Strategy ETF |
| **GDX** | \| | Gold Miners ETF |
| **GMET** | \| | Green Metals ETF |
| **GDXJ** | \| | 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 |

---

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc113435a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#xx1xc113435a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CMCI Commodity Strategy ETF](#xx1xc113435a003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#xx1xc113435a004xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Metals ETF](#xx1xc113435a005xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#xx1xc113435a006xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#xx1xc113435a007xm4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#xx1xc113435a008xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#xx1xc113435a009xm4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#xx1xc113435a010xm4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth and Strategic Metals ETF](#xx1xc113435a011xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#xx1xc113435a012xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium and Nuclear ETF](#xx1xc113435a013xm4) | 24 |
| [Statements of Assets and Liabilities](#xx1xc113435a014xm4) | 26 |
| [Statements of Operations](#xx1xc113435a015xm4) | 29 |
| [Statements of Changes in Net Assets](#xx1xc113435a016xm4) | 32 |
| [Financial Highlights](#xx1xc113435a017xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Agribusiness ETF](#xx1xc113435a018xm4) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CMCI Commodity Strategy ETF](#xx1xc113435a019xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gold Miners ETF](#xx1xc113435a020xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Metals ETF](#xx1xc113435a021xm4) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Junior Gold Miners ETF](#xx1xc113435a022xm4) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Low Carbon Energy ETF](#xx1xc113435a023xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Natural Resources ETF](#xx1xc113435a024xm4) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Refiners ETF](#xx1xc113435a025xm4) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil Services ETF](#xx1xc113435a026xm4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rare Earth and Strategic Metals ETF](#xx1xc113435a027xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Steel ETF](#xx1xc113435a028xm4) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Uranium and Nuclear ETF](#xx1xc113435a029xm4) | 49 |
| [Notes to Financial Statements](#xx1xc113435a030xm4) | 50 |
| [Changes In and Disagreements with Accountants](#xx1xc113435a031xm4) | 60 |
| [Proxy Disclosures](#xx1xc113435a032xm4) | 60 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc113435a033xm4) | 60 |
| [Approval of Investment Advisory Contracts](#xx1xc113435a034xm4) | 61 |

---

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 2.4%** |  |  |
| Dyno Nobel Ltd. | 3621694 | $6383050 |
| Treasury Wine Estates Ltd. † | 1807916 | 9262422 |
|  |  | 15645472 |
| **Brazil: 3.4%** |  |  |
| Rumo SA | 2402500 | 8156751 |
| Yara International ASA (NOK) | 369566 | 13583664 |
|  |  | 21740415 |
| **Canada: 5.8%** |  |  |
| Nutrien Ltd. (USD) † | 647218 | 37693976 |
| **China: 4.1%** |  |  |
| China Mengniu Dairy Co.Ltd. (HKD) | 5381000 | 11091350 |
| Wilmar International Ltd. (SGD) | 6954800 | 15672416 |
|  |  | 26763766 |
| **Denmark: 1.3%** |  |  |
| Bakkafrost P/F (NOK) | 115400 | 5173656 |
| Schouw & Co. A/S | 31736 | 3009273 |
|  |  | 8182929 |
| **Germany: 7.3%** |  |  |
| Bayer AG | 1325100 | 39782700 |
| K+S AG | 394408 | 7209491 |
|  |  | 46992191 |
| **Indonesia: 0.4%** |  |  |
| Golden Agri-Resources Ltd. (SGD) | 11827800 | 2321635 |
| **Israel: 1.2%** |  |  |
| ICL Group Ltd. (USD) † | 1103291 | 7590642 |
| **Japan: 5.7%** |  |  |
| Kubota Corp. † | 2086900 | 23462078 |
| Maruha Nichiro Corp. | 109900 | 2316151 |
| NH Foods Ltd. | 190100 | 6563314 |
| Nissui Corp. | 704200 | 4266094 |
|  |  | 36607637 |
| **Malaysia: 2.6%** |  |  |
| IOI Corp. Bhd | 4660600 | 4141782 |
| Kuala Lumpur Kepong Bhd | 1038700 | 5106541 |
| PPB Group Bhd | 1326600 | 3240870 |
| SD Guthrie Bhd | 4121000 | 4544049 |
|  |  | 17033242 |
| **Netherlands: 0.4%** |  |  |
| OCI NV \* † | 306647 | 2763468 |
| **Norway: 4.5%** |  |  |
| Leroy Seafood Group ASA | 632843 | 2992072 |
| Mowi ASA | 1004791 | 19328654 |
| Salmar ASA | 162871 | 7030056 |
|  |  | 29350782 |
| **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) | 16143700 | $4673924 |
| **Switzerland: 1.2%** |  |  |
| Bucher Industries AG | 16199 | 8025587 |
| **Taiwan: 0.6%** |  |  |
| Taiwan Fertilizer Co. Ltd. | 1930000 | 3511699 |
| **Thailand: 1.3%** |  |  |
| Charoen Pokphand Foods PCL (NVDR) | 12173000 | 8620584 |
| **United Kingdom: 3.0%** |  |  |
| CNH Industrial NV (USD) | 1230061 | 15941590 |
| Genus PLC | 119763 | 3357595 |
|  |  | 19299185 |
| **United States: 54.1%** |  |  |
| AGCO Corp. † | 96617 | 9967010 |
| Archer-Daniels-Midland Co. | 734202 | 38751181 |
| Bunge Global SA | 226338 | 18170415 |
| Cal-Maine Foods, Inc. | 86690 | 8636925 |
| CF Industries Holdings, Inc. | 281221 | 25872332 |
| Corteva, Inc. | 631037 | 47031188 |
| Darling Ingredients, Inc. \* | 331900 | 12592286 |
| Deere & Co. | 99790 | 50742217 |
| Elanco Animal Health, Inc. \* † | 681950 | 9738246 |
| FMC Corp. | 207112 | 8646926 |
| Mosaic Co. | 608187 | 22186662 |
| Neogen Corp. \* † | 337377 | 1612662 |
| Pilgrim's Pride Corp. \* | 110579 | 4973843 |
| Toro Co. | 147408 | 10418797 |
| Tyson Foods, Inc. | 570991 | 31941236 |
| Zoetis, Inc. | 312488 | 48732504 |
|  |  | 350014430 |
| **Total Common Stocks**<br> (Cost: $812,257,983) |  | 646831564 |
| **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: $31,216,997) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 31216997 | 31216997 |
| **Total Investments: 104.8%**<br> (Cost: $843,474,980) |  | 678048561 |
| **Liabilities in excess of other assets: (4.8)%** |  | (31234830) |
| **NET ASSETS: 100.0%** |  | $646813731 |

---

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

------

**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:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $70,067,541. |
| \* | Non-income producing |
| ∞ | 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 June 30, 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 | $— | $15645472 | $— | $15645472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 8156751 | 13583664 |  | 21740415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 37693976 |  |  | 37693976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 26763766 |  | 26763766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 8182929 |  | 8182929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 46992191 |  | 46992191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 2321635 |  |  | 2321635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 7590642 |  |  | 7590642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 36607637 |  | 36607637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 5106541 | 11926701 |  | 17033242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 2763468 |  | 2763468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 7030056 | 22320726 |  | 29350782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 4673924 |  | 4673924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 8025587 |  | 8025587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 3511699 |  | 3511699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 8620584 |  | 8620584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 15941590 | 3357595 |  | 19299185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 350014430 |  |  | 350014430 |
| Money Market Fund | 31216997 |  |  | 31216997 |
| **Total Investments** | $465072618 | $212975943 | $0 | $678048561 |

---

See Notes to Financial Statements

VANECK CMCI COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **Short-Term Investments: 99.6%** |  |  |
| **United States Treasury Obligations: 97.6%** |  |  |
| United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 10/02/25 # | $100 | $98910 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/11/25 # | 25 | 24788 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/18/25 | 100 | 99075 |
| &nbsp;&nbsp;&nbsp;4.16%, 09/04/25 # | 325 | 322507 |
| &nbsp;&nbsp;&nbsp;4.19%, 07/31/25 | 150 | 149482 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/20/25 | 100 | 98372 |
| &nbsp;&nbsp;&nbsp;4.21%, 07/17/25 | 125 | 124770 |
| &nbsp;&nbsp;&nbsp;4.21%, 12/04/25 # | 45 | 44200 |
| &nbsp;&nbsp;&nbsp;4.22%, 07/24/25 # | 275 | 274269 |
| &nbsp;&nbsp;&nbsp;4.22%, 08/28/25 | 275 | 273086 |
| &nbsp;&nbsp;&nbsp;4.23%, 08/07/25 | 250 | 248909 |
| &nbsp;&nbsp;&nbsp;4.24%, 10/16/25 | 75 | 74067 |
| &nbsp;&nbsp;&nbsp;4.27%, 08/14/25 | 250 | 248686 |
| &nbsp;&nbsp;&nbsp;4.28%, 08/21/25 # | 350 | 347864 |
|  |  | 2428985 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Money Market Fund: 2.0%** |  |  |
| Invesco Treasury Portfolio - Institutional Class | 50678 | 50678 |
| **Total Short-Term Investments: 99.6%**<br> (Cost: $2,479,980) |  | 2479663 |
| **Other assets less liabilities: 0.4%** |  | 9519 |
| **NET ASSETS: 100.0%** |  | $2489182 |

---

**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)** | **% of Net**<br> **Assets** |
| UBS Constant Maturity Commodity Index Total Return | $2483000 | UBS | 4.79%(a) | Monthly | 08/01/25 | $5217 | 0.2% |

---

**Footnotes:**

# All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $391,454.

(a) The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.40%.

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $2428985 | $— | $2428985 |
| Money Market Fund | 50678 |  |  | 50678 |
| **Total Investments** | $50678 | $2428985 | $— | $2479663 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Total Return Swap Contracts | $— | $5217 | $— | $5217 |

---

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 10.6%** |  |  |
| Bellevue Gold Ltd. \* | 45039796 | $27027679 |
| Capricorn Metals Ltd. \* | 13146724 | 83381887 |
| Catalyst Metals Ltd. \* | 7708247 | 26566649 |
| Emerald Resources NL \* † | 20046112 | 52093115 |
| Evolution Mining Ltd. † | 60659133 | 314465653 |
| Genesis Minerals Ltd. \* † | 34466723 | 98666473 |
| Gold Road Resources Ltd. | 33126672 | 71658353 |
| Northern Star Resources Ltd. † | 43594255 | 536191263 |
| Pantoro Gold Ltd. \* | 12025793 | 24321569 |
| Perseus Mining Ltd. | 41535714 | 93934096 |
| Ramelius Resources Ltd. † | 35339121 | 59253570 |
| Regis Resources Ltd. \* | 23036008 | 67324536 |
| Resolute Mining Ltd. \* | 64919121 | 26335116 |
| Vault Minerals Ltd. \* | 207421396 | 58067992 |
| West African Resources Ltd. \* | 34757602 | 52572063 |
| Westgold Resources Ltd. † | 28757370 | 54787024 |
|  |  | 1646647038 |
| **Brazil: 8.0%** |  |  |
| Wheaton Precious Metals Corp. (USD) † | 13844939 | 1243275522 |
| **Burkina Faso: 0.8%** |  |  |
| IAMGOLD Corp. (USD) \* | 17536300 | 128891805 |
| **Canada: 43.9%** |  |  |
| Agnico Eagle Mines Ltd. (USD) † | 15422509 | 1834198995 |
| Alamos Gold, Inc. (USD) | 12823913 | 340603129 |
| Allied Gold Corp. \* | 3532302 | 47321715 |
| Aya Gold & Silver, Inc. \* † | 3990593 | 35826137 |
| B2Gold Corp. (USD) † | 40291813 | 145453445 |
| Barrick Mining Corp. (USD) | 52453835 | 1092088845 |
| Discovery Silver Corp. \* | 24534765 | 53582704 |
| Dundee Precious Metals, Inc. † | 5143564 | 82477963 |
| Endeavour Silver Corp. (USD) \* † | 8832000 | 43453440 |
| Equinox Gold Corp. \* | 10175612 | 58615105 |
| Equinox Gold Corp. (USD) \* | 12877132 | 74043509 |
| First Majestic Silver Corp. (USD) † | 14776190 | 122199091 |
| Fortuna Mining Corp. (USD) \* † | 9346671 | 61127228 |
| Franco-Nevada Corp. (USD) | 5876990 | 963356201 |
| G Mining Ventures Corp. \* † | 6889110 | 89767956 |
| K92 Mining, Inc. \* | 7343642 | 82666428 |
| Kinross Gold Corp. (USD) | 37407375 | 584677271 |
| MAG Silver Corp. (USD) | 3154818 | 66661304 |
| New Gold, Inc. (USD) \* | 24131424 | 119450549 |
| OceanaGold Corp. † | 7095433 | 99944465 |
| OR Royalties, Inc. (USD) † | 5716353 | 146967436 |
| Pan American Silver Corp. (USD) | 11043885 | 313646334 |
| Sandstorm Gold Ltd. (USD) | 8939172 | 84028217 |
| Silvercorp Metals, Inc. (USD) † | 6645948 | 28045901 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Canada (continued)** |  |  |
| SSR Mining, Inc. (USD) \* | 6183134 | $78773127 |
| Torex Gold Resources, Inc. \* | 2628639 | 85572843 |
| Wesdome Gold Mines Ltd. \* | 4580981 | 63687219 |
|  |  | 6798236557 |
| **China: 4.7%** |  |  |
| Chifeng Jilong Gold Mining Co. Ltd. (HKD) | 7101800 | 25087516 |
| Zhaojin Mining Industry Co. Ltd. (HKD) † | 87848000 | 230913918 |
| Zijin Mining Group Co. Ltd. (HKD) † | 182698000 | 469861669 |
|  |  | 725863103 |
| **Colombia: 0.2%** |  |  |
| Aris Mining Corp. (USD) \* † | 5431514 | 36499774 |
| **Kyrgyzstan: 0.3%** |  |  |
| Centerra Gold, Inc. (CAD) | 6328655 | 45499528 |
| **Mexico: 0.7%** |  |  |
| Orla Mining Ltd. (USD) \* † | 9953573 | 99734801 |
| **Peru: 0.8%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) | 7736307 | 127030161 |
| **South Africa: 6.2%** |  |  |
| DRDGOLD Ltd. (ADR) † | 2636259 | 35141333 |
| Gold Fields Ltd. (ADR) | 27293799 | 646044222 |
| Harmony Gold Mining Co. Ltd. (ADR) † | 19355397 | 270394896 |
|  |  | 951580451 |
| **Turkey: 0.8%** |  |  |
| Eldorado Gold Corp. (USD) \* | 6265270 | 127435592 |
| **United Kingdom: 5.9%** |  |  |
| Anglogold Ashanti PLC (USD) | 14342514 | 653588363 |
| Endeavour Mining PLC (CAD) | 7378675 | 227065272 |
| Pan African Resources PLC (ZAR) † | 61878057 | 38754384 |
|  |  | 919408019 |
| **United States: 17.0%** |  |  |
| Coeur Mining, Inc. \* | 19505874 | 172822043 |
| Hecla Mining Co. | 19288218 | 115536426 |
| Newmont Corp. | 33952181 | 1978054065 |
| Royal Gold, Inc. | 2006862 | 356900338 |
|  |  | 2623312872 |
| **Total Common Stocks**<br> (Cost: $10,113,943,612) |  | 15473415223 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** |  |
| **Money Market Fund: 0.4%**<br> (Cost: $62,629,788) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 62629788 | 62629788 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Total Investments: 100.3%**<br> (Cost: $10,176,573,400) |  | $15536045011 |
| **Liabilities in excess of other assets: (0.3)%** |  | (50295071) |
| **NET ASSETS: 100.0%** |  | $15485749940 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $798,701,639. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $1646647038 | $— | $1646647038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1243275522 |  |  | 1243275522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 128891805 |  |  | 128891805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 6798236557 |  |  | 6798236557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 725863103 |  | 725863103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 36499774 |  |  | 36499774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyrgyzstan | 45499528 |  |  | 45499528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 99734801 |  |  | 99734801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 127030161 |  |  | 127030161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 951580451 |  |  | 951580451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 127435592 |  |  | 127435592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 880653635 | 38754384 |  | 919408019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2623312872 |  |  | 2623312872 |
| Money Market Fund | 62629788 |  |  | 62629788 |
| **Total Investments** | $13124780486 | $2411264525 | $— | $15536045011 |

---

See Notes to Financial Statements

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 11.8%** |  |  |
| Glencore PLC (GBP) | 377893 | $1470045 |
| IGO Ltd. | 28964 | 79457 |
| Iluka Resources Ltd. | 26080 | 65153 |
| Liontown Resources Ltd. \* † | 117068 | 53851 |
| Lynas Rare Earths Ltd. \* | 45113 | 256060 |
| Pilbara Minerals Ltd. \* † | 187297 | 164291 |
| Sandfire Resources Ltd. \* | 22139 | 163776 |
|  |  | 2252633 |
| **Canada: 10.9%** |  |  |
| Capstone Copper Corp. \* | 47531 | 291212 |
| Hudbay Minerals, Inc. (USD) | 30219 | 320624 |
| Ivanhoe Mines Ltd. \* † | 35992 | 269841 |
| Lithium Americas Corp. (USD) \* † | 15653 | 41950 |
| Teck Resources Ltd. (USD) | 28580 | 1154060 |
|  |  | 2077687 |
| **Chile: 3.7%** |  |  |
| Lundin Mining Corp. (CAD) † | 44162 | 463466 |
| Sociedad Quimica y Minera de Chile SA (ADR) \* | 7244 | 255496 |
|  |  | 718962 |
| **China: 12.9%** |  |  |
| Beijing Easpring Material Technology Co. Ltd. | 12600 | 77179 |
| Chengxin Lithium Group Co.Ltd. \* | 21600 | 38852 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 90168 | 313603 |
| China Rare Earth Resources And Technology Co. Ltd. \* | 26500 | 133701 |
| Ganfeng Lithium Group Co.Ltd. | 30120 | 142063 |
| GEM Co. Ltd. | 126800 | 112459 |
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. | 44300 | 98200 |
| Jiangxi Copper Co. Ltd. | 51803 | 169692 |
| MMG Ltd. (HKD) \* † | 334400 | 163823 |
| Shenghe Resources Holding Co. Ltd. | 43700 | 80452 |
| Tianqi Lithium Corp. \* | 36800 | 164649 |
| Tongling Nonferrous Metals Group Co. Ltd. | 262600 | 122627 |
| Western Mining Co. Ltd. | 59400 | 138056 |
| Yunnan Chihong Zinc&Germanium Co. Ltd. | 127000 | 93831 |
| Yunnan Copper Co. Ltd. | 50000 | 88872 |
| Yunnan Tin Co. Ltd. | 41085 | 87830 |
| Zangge Mining Co. Ltd. | 39200 | 233711 |
| Zhejiang Huayou Cobalt Co. Ltd. | 42030 | 217339 |
|  |  | 2476939 |
| **Germany: 1.1%** |  |  |
| Aurubis AG | 2056 | 213366 |
| **Indonesia: 3.8%** |  |  |
| Amman Mineral Internasional PT \* | 1145700 | 597392 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Indonesia (continued)** |  |  |
| Merdeka Copper Gold Tbk PT \* | 1139500 | $141258 |
|  |  | 738650 |
| **Japan: 3.1%** |  |  |
| Mitsubishi Materials Corp. † | 6900 | 108701 |
| Sumitomo Metal Mining Co. Ltd. | 19300 | 474199 |
|  |  | 582900 |
| **Liechtenstein: 4.2%** |  |  |
| Antofagasta PLC (GBP) | 31969 | 793509 |
| **Mexico: 10.6%** |  |  |
| Grupo Mexico SAB de CV | 213400 | 1283879 |
| Southern Copper Corp. (USD) | 7354 | 744004 |
|  |  | 2027883 |
| **Poland: 1.8%** |  |  |
| KGHM Polska Miedz SA \* | 9479 | 338387 |
| **Russia: 0.0%** |  |  |
| GMK Norilskiy Nickel PAO \*∞ | 440500 | 0 |
| GMK Norilskiy Nickel PAO (ADR) \*∞ | 2 | 0 |
|  |  | 0 |
| **South Africa: 16.0%** |  |  |
| Anglo American PLC (GBP) | 44592 | 1312275 |
| Impala Platinum Holdings Ltd. \* | 53390 | 477900 |
| Northam Platinum Holdings Ltd. † | 23620 | 254804 |
| Sibanye Stillwater Ltd. (ADR) \* | 42953 | 310121 |
| Valterra Platinum Ltd. | 15662 | 694734 |
|  |  | 3049834 |
| **Sweden: 3.6%** |  |  |
| Boliden AB \* | 21992 | 682226 |
| **United Kingdom: 1.4%** |  |  |
| Johnson Matthey PLC | 11025 | 262441 |
| **United States: 11.5%** |  |  |
| Albemarle Corp. † | 5772 | 361731 |
| Freeport-McMoRan, Inc. | 36054 | 1562941 |
| MP Materials Corp. \* | 7747 | 257743 |
|  |  | 2182415 |
| **Zambia: 3.5%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 37456 | 664024 |
| **Total Common Stocks**<br> (Cost: $21,730,559) |  | 19061856 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%** |  |  |
| **Money Market Fund: 0.5%**<br> (Cost: $91,558) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 91558 | $91558 |
| **Total Investments: 100.4%**<br> (Cost: $21,822,117) |  | 19153414 |
| **Liabilities in excess of other assets: (0.4)%** |  | (80762) |
| **NET ASSETS: 100.0%** |  | $19072652 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $1,666,223. |
| \* | Non-income producing |
| ∞ | 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 June 30, 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 | $— | $2252633 | $— | $2252633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2077687 |  |  | 2077687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 718962 |  |  | 718962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 2476939 |  | 2476939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 213366 |  | 213366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 738650 |  | 738650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 582900 |  | 582900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liechtenstein |  | 793509 |  | 793509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2027883 |  |  | 2027883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 338387 |  | 338387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 564925 | 2484909 |  | 3049834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 682226 |  | 682226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 262441 |  | 262441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2182415 |  |  | 2182415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 664024 |  |  | 664024 |
| Money Market Fund | 91558 |  |  | 91558 |
| **Total Investments** | $8327454 | $10825960 | $0 | $19153414 |

---

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Australia: 16.9%** |  |  |
| Alkane Resources Ltd. \* † | 14579930 | $6888093 |
| Aurelia Metals Ltd. \* | 44102459 | 5491485 |
| Australian Strategic Materials Ltd. \* | 1 | 0 |
| Bellevue Gold Ltd. \* | 26781407 | 16071105 |
| Capricorn Metals Ltd. \* † | 11943042 | 75747645 |
| Emerald Resources NL \* † | 14311117 | 37189788 |
| Evolution Mining Ltd. † | 55405494 | 287230034 |
| Firefinch Ltd. †∞ | 54133739 | 3441225 |
| Genesis Minerals Ltd. \* † | 21621713 | 61895590 |
| Gold Road Resources Ltd. | 28666044 | 62009293 |
| Greatland Resources Ltd. \* | 313758 | 1461968 |
| Kingsgate Consolidated Ltd. \* † | 8501390 | 12697864 |
| Ora Banda Mining Ltd. \* | 39763840 | 20286933 |
| Perseus Mining Ltd. | 33776471 | 76386366 |
| Ramelius Resources Ltd. † | 22552932 | 37814798 |
| Regis Resources Ltd. \* | 16944118 | 49520511 |
| Resolute Mining Ltd. \* | 52666629 | 21364765 |
| Spartan Resources Ltd. \* | 22402944 | 29502124 |
| Vault Minerals Ltd. \* | 166030152 | 46480439 |
| West African Resources Ltd. \* | 25189887 | 38100566 |
| Westgold Resources Ltd. † | 21152393 | 40298423 |
|  |  | 929879015 |
| **Burkina Faso: 2.2%** |  |  |
| IAMGOLD Corp. (USD) \* | 16311457 | 119889209 |
| **Canada: 50.9%** |  |  |
| Alamos Gold, Inc. (USD) | 14426874 | 383177773 |
| Arizona Metals Corp. \* † | 4507449 | 3303370 |
| Artemis Gold, Inc. \* | 5232289 | 94982630 |
| Aya Gold & Silver, Inc. \* † | 3669133 | 32940183 |
| B2Gold Corp. (USD) † ‡ | 77932674 | 281336953 |
| Centerra Gold, Inc. (USD) | 5398770 | 38925132 |
| Dakota Gold Corp. (USD) \* | 3099964 | 11438867 |
| Discovery Silver Corp. \* | 18382295 | 40146016 |
| Dundee Precious Metals, Inc. | 3321173 | 53255599 |
| Endeavour Silver Corp. (USD) \* † | 7544394 | 37118418 |
| Equinox Gold Corp. \* | 9174882 | 52850548 |
| Equinox Gold Corp. (USD) \* † | 12227868 | 70310241 |
| First Majestic Silver Corp. (USD) | 13576621 | 112278656 |
| Fortuna Mining Corp. (USD) \* † | 8707001 | 56943787 |
| G Mining Ventures Corp. \* | 4319847 | 56289395 |
| Gold Royalty Corp. (USD) \* † | 4610531 | 10189274 |
| GoldMining, Inc. (USD) \* | 6465498 | 4655159 |
| K92 Mining, Inc. \* | 6016025 | 67721615 |
| Lundin Gold, Inc. † | 2862768 | 150848677 |
| MAG Silver Corp. (USD) | 2354642 | 49753585 |
| McEwen Mining, Inc. (USD) \* † | 1513568 | 14545388 |
| Metalla Royalty & Streaming Ltd. (USD) \* | 2410869 | 9257737 |
| New Found Gold Corp. \* † | 4361516 | 6233020 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Canada (continued)** |  |  |
| New Gold, Inc. (USD) \* | 21404941 | $105954458 |
| NorthX Nickel Corp. \* † | 179304 | 15769 |
| Novagold Resources, Inc. (USD) \* | 5537245 | 22647332 |
| OceanaGold Corp. | 6535522 | 92057705 |
| OR Royalties, Inc. (USD) † | 4383911 | 112710352 |
| Pan American Silver Corp. (USD) | 12690572 | 360412245 |
| Prime Mining Corp. \* † | 3771896 | 5915616 |
| Sandstorm Gold Ltd. (USD) | 7155623 | 67262856 |
| Seabridge Gold, Inc. (USD) \* | 2420826 | 35150394 |
| Silvercorp Metals, Inc. (USD) † | 6611869 | 27902087 |
| Skeena Resources Ltd. (USD) \* † | 2372098 | 37763800 |
| SSR Mining, Inc. (USD) \* | 6153143 | 78391042 |
| Sulliden Mining Capital, Inc. \* | 1689990 | 30964 |
| Torex Gold Resources, Inc. \* | 2160910 | 70346370 |
| Triple Flag Precious Metals Corp. (USD) † | 2185857 | 51782952 |
| Victoria Gold Corp. \* †∞ | 1722275 | 1 |
| Vizsla Silver Corp. (USD) \* † | 8448275 | 24837929 |
| Wesdome Gold Mines Ltd. \* | 4558738 | 63377985 |
|  |  | 2795061880 |
| **China: 2.9%** |  |  |
| Wanguo Gold Group Ltd. (HKD) † | 10010000 | 40284498 |
| Zhaojin Mining Industry Co.Ltd. (HKD) † | 44669700 | 117417078 |
|  |  | 157701576 |
| **Colombia: 0.5%** |  |  |
| Aris Mining Corp. (USD) \* | 4498259 | 30228301 |
| **Indonesia: 0.9%** |  |  |
| Bumi Resources Minerals Tbk PT \* | 1964106500 | 48142114 |
| **Jersey, Channel Islands: 0.1%** |  |  |
| Caledonia Mining Corp. PLC (USD) | 451842 | 8729587 |
| **Mexico: 5.9%** |  |  |
| Fresnillo PLC (GBP) | 6076216 | 120573713 |
| Industrias Penoles SAB de CV \* | 6292763 | 173790445 |
| Orla Mining Ltd. (USD) \* † | 2788103 | 27936792 |
|  |  | 322300950 |
| **Peru: 2.3%** |  |  |
| Cia de Minas Buenaventura SAA (ADR) | 5530661 | 90813453 |
| Hochschild Mining PLC (GBP) | 10520354 | 37019402 |
|  |  | 127832855 |
| **South Africa: 6.2%** |  |  |
| DRDGOLD Ltd. (ADR) † | 1254731 | 16725564 |
| Harmony Gold Mining Co. Ltd. (ADR) † | 23396095 | 326843447 |
|  |  | 343569011 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Turkey: 2.2%** |  |  |
| Eldorado Gold Corp. (USD) \* | 4405041 | $89598534 |
| Koza Anadolu Metal Madencilik Isletmeleri AS \* | 6143996 | 12988759 |
| Turk Altin Isletmeleri AS \* | 31688289 | 19112860 |
|  |  | 121700153 |
| **United Kingdom: 2.7%** |  |  |
| Endeavour Mining PLC | 2892737 | 88712980 |
| Greatland Resources Ltd. \* † | 6881831 | 31120686 |
| Pan African Resources PLC | 44175581 | 27695207 |
|  |  | 147528873 |
| **United States: 6.0%** |  |  |
| Aura Minerals, Inc. (BRL) (BDR) | 3392305 | 29883933 |
| Coeur Mining, Inc. \* | 17512215 | 155158225 |
| GoGold Resources, Inc. (CAD) \* | 11481196 | 16828430 |
| Hecla Mining Co. | 15439174 | 92480652 |
| i-80 Gold Corp. \* † | 25994488 | 15555102 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Perpetua Resources Corp. \* † | 1533810 | $18620453 |
|  |  | 328526795 |
| **Total Common Stocks**<br> (Cost: $3,681,512,348) |  | 5481090319 |
| **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: $65,479,043) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 65479043 | 65479043 |
| **Total Investments: 100.9%**<br> (Cost: $3,746,991,391) |  | 5546569362 |
| **Liabilities in excess of other assets: (0.9)%** |  | (52035550) |
| **NET ASSETS: 100.0%** |  | $5494533812 |

---

**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:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $404,165,873. |
| ‡ | 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. |

---

Transactions in securities of affiliates for the period ended June 30, 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> 6/30/2025** | **Dividend<br> Income** |
| B2Gold Corp. | $221002959 | $28922096 | $(64726585) | $(1126457) | $97264940 | $281336953 | $3285669 |
| Harmony Gold Mining Co. Ltd. | 263223043 | 36137575 | (148321774) | 80375541 | 95429062 | –(a) | 2904651 |
| &nbsp;&nbsp;&nbsp;Total | $484226002 | $65059671 | $(213048359) | $79249084 | $192694002 | $281336953 | $6190320 |

---

(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

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 | $6953453 | $919484337 | $3441225 | $929879015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 119889209 |  |  | 119889209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2795061879 |  | 1 | 2795061880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 157701576 |  | 157701576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 30228301 |  |  | 30228301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 48142114 |  | 48142114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jersey, Channel Islands | 8729587 |  |  | 8729587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 201727237 | 120573713 |  | 322300950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 90813453 | 37019402 |  | 127832855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 343569011 |  |  | 343569011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 89598534 | 32101619 |  | 121700153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 58815893 | 88712980 |  | 147528873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 328526795 |  |  | 328526795 |
| Money Market Fund | 65479043 |  |  | 65479043 |
| **Total Investments** | $4139392395 | $1403735741 | $3441226 | $5546569362 |

---

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Austria: 0.7%** |  |  |
| Verbund AG | 10598 | $811372 |
| **Brazil: 3.9%** |  |  |
| Centrais Eletricas Brasileiras SA (ADR) † | 405140 | 3010190 |
| Cia Energetica de Minas Gerais (ADR) | 486911 | 954345 |
| Cia Paranaense de Energia - Copel (ADR) | 75659 | 690767 |
|  |  | 4655302 |
| **Canada: 3.8%** |  |  |
| Boralex, Inc. † | 28618 | 663594 |
| Brookfield Renewable Corp. (USD) † | 41301 | 1353847 |
| Innergex Renewable Energy, Inc. † | 53244 | 535367 |
| Northland Power, Inc. † | 77971 | 1221136 |
| TransAlta Corp. (USD) † | 73822 | 796539 |
|  |  | 4570483 |
| **Chile: 0.5%** |  |  |
| Enel Americas SA | 6321628 | 614605 |
| **China: 16.8%** |  |  |
| BYD Co. Ltd. (HKD) † | 408000 | 6352528 |
| China Everbright Environment Group Ltd. (HKD) | 1027000 | 500241 |
| China Longyuan Power Group Corp. Ltd. (HKD) † | 696000 | 628034 |
| GCL Technology Holdings Ltd. (HKD) \* † | 7372000 | 941594 |
| Li Auto, Inc. (ADR) \* † | 166694 | 4519074 |
| NIO, Inc. (ADR) \* † | 536060 | 1838686 |
| Xinyi Solar Holdings Ltd. (HKD) † | 1992000 | 634115 |
| XPeng, Inc. (ADR) \* | 208876 | 3734703 |
| Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A \* | 117100 | 818072 |
|  |  | 19967047 |
| **Denmark: 6.5%** |  |  |
| Orsted AS 144A \* | 48209 | 2069572 |
| ROCKWOOL A/S | 29361 | 1371442 |
| Vestas Wind Systems A/S | 287874 | 4309141 |
|  |  | 7750155 |
| **Germany: 0.7%** |  |  |
| Nordex SE \* | 41062 | 811941 |
| **Ireland: 3.1%** |  |  |
| Kingspan Group PLC | 42900 | 3642755 |
| **Italy: 7.2%** |  |  |
| Enel SpA | 866444 | 8194537 |
| ERG SpA † | 18224 | 397092 |
|  |  | 8591629 |
| **Japan: 0.8%** |  |  |
| Horiba Ltd. † | 12184 | 944943 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **New Zealand: 3.0%** |  |  |
| Contact Energy Ltd. | 231278 | $1264010 |
| Mercury NZ Ltd. | 221087 | 806806 |
| Meridian Energy Ltd. | 419550 | 1502658 |
|  |  | 3573474 |
| **Portugal: 0.9%** |  |  |
| EDP Renovaveis SA \* † | 99870 | 1113626 |
| **South Korea: 4.3%** |  |  |
| Hanwha Solutions Corp. | 32103 | 749232 |
| LG Energy Solution Ltd. \* | 9967 | 2188187 |
| Samsung SDI Co. Ltd. | 17231 | 2200069 |
|  |  | 5137488 |
| **Spain: 8.6%** |  |  |
| Acciona SA † | 8088 | 1453708 |
| Iberdrola SA † | 460596 | 8830111 |
|  |  | 10283819 |
| **Sweden: 1.9%** |  |  |
| Nibe Industrier AB † | 536984 | 2276019 |
| **Switzerland: 0.4%** |  |  |
| Landis+Gyr Group AG † | 7578 | 532383 |
| **Taiwan: 0.6%** |  |  |
| Simplo Technology Co. Ltd. | 52000 | 685616 |
| **United Kingdom: 1.7%** |  |  |
| Drax Group PLC | 100777 | 958879 |
| Johnson Matthey PLC | 43445 | 1034171 |
|  |  | 1993050 |
| **United States: 34.7%** |  |  |
| Bloom Energy Corp. \* † | 46416 | 1110271 |
| EnerSys | 9632 | 826137 |
| Enphase Energy, Inc. \* | 29664 | 1176178 |
| First Solar, Inc. \* † | 27057 | 4479016 |
| HA Sustainable |  |  |
| Infrastructure Capital, Inc. † | 24274 | 652000 |
| Installed Building Products, Inc. | 5610 | 1011595 |
| Lucid Group, Inc. \* † | 419764 | 885702 |
| NextEra Energy, Inc. | 133721 | 9282912 |
| NEXTracker, Inc. \* | 29194 | 1587278 |
| Ormat Technologies, Inc. † | 15106 | 1265278 |
| Owens Corning | 21458 | 2950904 |
| QuantumScape Corp. \* † | 135174 | 908369 |
| Rivian Automotive, Inc. \* † | 264880 | 3639451 |
| Sunrun, Inc. \* † | 44919 | 367437 |
| Tesla, Inc. \* | 29904 | 9499305 |
| TopBuild Corp. \* | 5245 | 1698016 |
|  |  | 41339849 |
| **Total Common Stocks**<br> (Cost: $151,614,354) |  | 119295556 |

---

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (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%** |  |
| **Money Market Fund: 5.7%**<br> (Cost: $6,739,865) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 6739865 | $6739865 |
| **Total Investments: 105.8%**<br> (Cost: $158,354,219) |  | 126035421 |
| **Liabilities in excess of other assets: (5.8)%** | **Liabilities in excess of other assets: (5.8)%** | (6914639) |
| **NET ASSETS: 100.0%** |  | $119120782 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $25,346,670. |
| \* | 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 $2,887,644, or 2.4% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $811372 | $— | $811372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 4655302 |  |  | 4655302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 4570483 |  |  | 4570483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 614605 |  |  | 614605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 10092463 | 9874584 |  | 19967047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 7750155 |  | 7750155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 811941 |  | 811941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 3642755 |  | 3642755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 8591629 |  | 8591629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 944943 |  | 944943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand | 1502658 | 2070816 |  | 3573474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 1113626 |  | 1113626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 5137488 |  | 5137488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 10283819 |  | 10283819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 2276019 |  | 2276019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 532383 |  | 532383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 685616 |  | 685616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 1993050 |  | 1993050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 41339849 |  |  | 41339849 |
| Money Market Fund | 6739865 |  |  | 6739865 |
| **Total Investments** | $69515225 | $56520196 | $— | $126035421 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 8.5%** |  |  |
| BHP Group Ltd. (ADR) † | 98892 | $4755716 |
| Evolution Mining Ltd. | 83055 | 430569 |
| Fortescue Ltd. † | 99325 | 994190 |
| Glencore PLC (GBP) | 447863 | 1742237 |
| Northern Star Resources Ltd. | 65416 | 804590 |
| Rio Tinto Ltd. † | 13670 | 963585 |
| Rio Tinto PLC (ADR) | 48031 | 2801648 |
| South32 Ltd. | 228368 | 434531 |
| Woodside Energy Group Ltd. (ADR) † | 30175 | 465600 |
|  |  | 13392666 |
| **Brazil: 4.0%** |  |  |
| Centrais Eletricas Brasileiras SA (ADR) † | 97179 | 722040 |
| Petroleo Brasileiro SA - Petrobras (ADR) | 42098 | 485811 |
| Suzano SA (ADR) † | 59513 | 560017 |
| Vale SA (ADR) | 182403 | 1771133 |
| Wheaton Precious Metals Corp. (USD) † | 19273 | 1730716 |
| Yara International ASA (NOK) | 27685 | 1017582 |
|  |  | 6287299 |
| **Canada: 13.3%** |  |  |
| Agnico Eagle Mines Ltd. (USD) † | 26622 | 3166154 |
| Alamos Gold, Inc. (USD) | 24510 | 650986 |
| Barrick Mining Corp. (USD) | 93978 | 1956622 |
| Cameco Corp. (USD) | 21756 | 1614948 |
| Canadian Natural Resources Ltd. (USD) | 31512 | 989477 |
| Enbridge, Inc. (USD) | 38569 | 1747947 |
| Franco-Nevada Corp. (USD) | 9437 | 1546913 |
| Kinross Gold Corp. (USD) | 65943 | 1030689 |
| Northland Power, Inc. † | 25198 | 394636 |
| Nutrien Ltd. (USD) † | 65806 | 3832541 |
| Pan American Silver Corp. (USD) | 21575 | 612730 |
| Pembina Pipeline Corp. (USD) † | 11147 | 418124 |
| Suncor Energy, Inc. (USD) | 22816 | 854459 |
| TC Energy Corp. (USD) † | 15678 | 764930 |
| Teck Resources Ltd. (USD) | 25507 | 1029973 |
| West Fraser Timber Co. Ltd. (USD) † | 4985 | 365401 |
|  |  | 20976530 |
| **China: 0.9%** |  |  |
| GCL Technology Holdings Ltd. (HKD) \* † | 2818000 | 359931 |
| Wilmar International Ltd. (SGD) | 493864 | 1112907 |
|  |  | 1472838 |
| **Denmark: 0.9%** |  |  |
| Orsted AS 144A \* | 12770 | 548206 |
| Vestas Wind Systems A/S | 62898 | 941510 |
|  |  | 1489716 |
| **Finland: 1.0%** |  |  |
| Stora Enso Oyj † | 46187 | 500378 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Finland (continued)** |  |  |
| UPM-Kymmene Oyj † | 38017 | $1034554 |
|  |  | 1534932 |
| **France: 1.5%** |  |  |
| TotalEnergies SE (ADR) † | 39216 | 2407470 |
| **Germany: 2.5%** |  |  |
| Bayer AG | 131895 | 3959806 |
| **India: 1.2%** |  |  |
| Reliance Industries Ltd. (USD) 144A (GDR) | 27649 | 1928019 |
| **Israel: 0.0%** |  |  |
| Enlight Renewable Energy Ltd. \* | 1 | 18 |
| **Italy: 0.5%** |  |  |
| Eni SpA (ADR) † | 22131 | 717487 |
| **Japan: 2.2%** |  |  |
| JFE Holdings, Inc. | 40664 | 471589 |
| Kubota Corp. † | 136100 | 1530111 |
| Nippon Steel Corp. | 58300 | 1099207 |
| Oji Holdings Corp. | 82376 | 413433 |
|  |  | 3514340 |
| **Liechtenstein: 0.4%** |  |  |
| Antofagasta PLC (GBP) | 25310 | 628224 |
| **Luxembourg: 0.5%** |  |  |
| ArcelorMittal SA (USD) † | 26295 | 830396 |
| **Mexico: 0.7%** |  |  |
| Grupo Mexico SAB de CV | 183164 | 1101970 |
| **New Zealand: 0.5%** |  |  |
| Contact Energy Ltd. † | 73096 | 399494 |
| Meridian Energy Ltd. | 124419 | 445618 |
|  |  | 845112 |
| **Norway: 1.1%** |  |  |
| Equinor ASA (ADR) | 19514 | 490582 |
| Mowi ASA | 68561 | 1318873 |
|  |  | 1809455 |
| **Russia: 0.0%** |  |  |
| Evraz PLC (GBP) \*∞ | 10824 | 0 |
| Gazprom PJSC \*∞ | 125520 | 0 |
| GMK Norilskiy Nickel PAO \*∞ | 128400 | 0 |
| 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) ∞ | 89 | 0 |
| PhosAgro PJSC (USD) (GDR) ∞ | 1 | 0 |
| Polyus PJSC (USD) (GDR) \*∞ | 1669 | 0 |
| Rosneft Oil Co. PJSC ∞ | 13000 | 0 |
| Severstal PAO (USD) (GDR) \*∞ | 4118 | 0 |
| Surgutneftegas PAO ∞ | 371430 | 0 |

---

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Russia (continued)** |  |  |
| Tatneft PJSC (ADR) \*∞ | 2680 | $0 |
|  |  | 0 |
| **South Africa: 2.4%** |  |  |
| Anglo American PLC (GBP) | 49152 | 1446468 |
| Gold Fields Ltd. (ADR) | 41701 | 987063 |
| Harmony Gold Mining Co. Ltd. (ADR) | 30107 | 420595 |
| Impala Platinum Holdings Ltd. \* | 49098 | 439482 |
| Valterra Platinum Ltd. (GBP) \* | 12707 | 557217 |
|  |  | 3850825 |
| **South Korea: 0.6%** |  |  |
| POSCO Holdings, Inc. (ADR) † | 18192 | 882130 |
| **Spain: 4.1%** |  |  |
| Iberdrola SA † | 339906 | 6516357 |
| **Sweden: 0.9%** |  |  |
| Boliden AB \* | 17967 | 557364 |
| Holmen AB † | 9150 | 359808 |
| Svenska Cellulosa AB SCA † | 42016 | 542340 |
|  |  | 1459512 |
| **Taiwan: 0.3%** |  |  |
| China Steel Corp. | 860672 | 553556 |
| **United Kingdom: 7.2%** |  |  |
| Anglogold Ashanti PLC (USD) | 22020 | 1003451 |
| BP PLC (ADR) | 43200 | 1292976 |
| CNH Industrial NV (USD) | 88156 | 1142502 |
| Shell PLC (ADR) † | 112242 | 7902959 |
|  |  | 11341888 |
| **United States: 44.8%** |  |  |
| AGCO Corp. † | 8114 | 837040 |
| Archer-Daniels-Midland Co. | 46321 | 2444822 |
| Bunge Global SA | 15909 | 1277174 |
| CF Industries Holdings, Inc. | 17848 | 1642016 |
| Cheniere Energy, Inc. | 3617 | 880812 |
| Chevron Corp. | 55059 | 7883898 |
| ConocoPhillips | 17916 | 1607782 |
| Corteva, Inc. | 72754 | 5422356 |
| Darling Ingredients, Inc. \* | 27298 | 1035686 |
| Deere & Co. | 15305 | 7782439 |
| Devon Energy Corp. | 10690 | 340049 |
| Diamondback Energy, Inc. | 3194 | 438856 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| EOG Resources, Inc. | 6690 | $800191 |
| Exxon Mobil Corp. | 72925 | 7861315 |
| First Solar, Inc. \* † | 5987 | 991088 |
| Freeport-McMoRan, Inc. | 58629 | 2541567 |
| Hess Corp. | 4700 | 651138 |
| Ingredion, Inc. | 9014 | 1222479 |
| Kinder Morgan, Inc. | 29407 | 864566 |
| Louisiana-Pacific Corp. | 4697 | 403895 |
| Marathon Petroleum Corp. | 4588 | 762113 |
| Mosaic Co. | 40580 | 1480358 |
| Newmont Corp. | 46537 | 2711246 |
| NextEra Energy, Inc. | 98100 | 6810102 |
| Nucor Corp. | 8588 | 1112490 |
| Occidental Petroleum Corp. | 11782 | 494962 |
| ONEOK, Inc. | 9194 | 750506 |
| Phillips 66 | 6174 | 736558 |
| Reliance, Inc. | 2308 | 724481 |
| Royal Gold, Inc. | 2503 | 445134 |
| Schlumberger NV | 17746 | 599815 |
| Steel Dynamics, Inc. | 7121 | 911559 |
| Targa Resources Corp. | 3023 | 526244 |
| The Williams Companies, Inc. | 17421 | 1094213 |
| Toro Co. | 12136 | 857772 |
| Tyson Foods, Inc. | 35191 | 1968585 |
| UFP Industries, Inc. | 4262 | 423472 |
| Valero Energy Corp. | 4725 | 635134 |
| Weyerhaeuser Co. | 34167 | 877750 |
|  |  | 70851663 |
| **Total Common Stocks**<br> (Cost: $150,203,340) |  | 158352209 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.5%** |  |
| **Money Market Fund: 6.5%**<br> (Cost: $10,254,286) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 10254286 | 10254286 |
| **Total Investments: 106.5%**<br> (Cost: $160,457,626) |  | 168606495 |
| **Liabilities in excess of other assets: (6.5)%** | **Liabilities in excess of other assets: (6.5)%** | (10290797) |
| **NET ASSETS: 100.0%** |  | $158315698 |

---

------

**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 |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $33,544,997. |
| \* | 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 $2,476,225, or 1.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | $8022964 | $5369702 | $— | $13392666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 5269717 | 1017582 |  | 6287299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 20976530 |  |  | 20976530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 1472838 |  | 1472838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 1489716 |  | 1489716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 1534932 |  | 1534932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 2407470 |  |  | 2407470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 3959806 |  | 3959806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 1928019 |  | 1928019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 18 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 717487 |  |  | 717487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 3514340 |  | 3514340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liechtenstein |  | 628224 |  | 628224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 830396 |  |  | 830396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1101970 |  |  | 1101970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand | 445618 | 399494 |  | 845112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 490582 | 1318873 |  | 1809455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1964875 | 1885950 |  | 3850825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 882130 |  |  | 882130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 6516357 |  | 6516357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1459512 |  | 1459512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 553556 |  | 553556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 11341888 |  |  | 11341888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 70851663 |  |  | 70851663 |
| Money Market Fund | 10254286 |  |  | 10254286 |
| **Total Investments** | $135557576 | $33048919 | $0 | $168606495 |

---

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 3.3%** |  |  |
| Ampol Ltd. | 50999 | $860651 |
| **Austria: 4.8%** |  |  |
| OMV AG | 22942 | 1243269 |
| **Finland: 4.7%** |  |  |
| Neste Oyj † | 91507 | 1235800 |
| **Greece: 2.1%** |  |  |
| Motor Oil Hellas Corinth Refineries SA | 20036 | 556714 |
| **Hungary: 4.5%** |  |  |
| MOL Hungarian Oil & Gas PLC | 135284 | 1174245 |
| **India: 7.9%** |  |  |
| Reliance Industries Ltd. (USD) 144A (GDR) | 29792 | 2077454 |
| **Japan: 12.6%** |  |  |
| Cosmo Energy Holdings Co. Ltd. | 18400 | 785262 |
| ENEOS Holdings, Inc. | 279000 | 1378743 |
| Idemitsu Kosan Co. Ltd. † | 189540 | 1145941 |
|  |  | 3309946 |
| **Poland: 6.3%** |  |  |
| ORLEN SA | 72600 | 1650357 |
| **Portugal: 4.9%** |  |  |
| Galp Energia SGPS SA | 70915 | 1293639 |
| **Saudi Arabia: 1.7%** |  |  |
| S-Oil Corp. (KRW) | 9841 | 436351 |
| **South Korea: 10.2%** |  |  |
| HD Hyundai Co. Ltd. | 12318 | 1180295 |
| SK Innovation Co. Ltd. | 16503 | 1495919 |
|  |  | 2676214 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Taiwan: 2.4%** | | |
| Formosa Petrochemical Corp. | 517000 | $637300 |
| **Thailand: 2.1%** |  |  |
| Bangchak Corp. PCL (NVDR) | 269800 | 253345 |
| Thai Oil PCL (NVDR) | 370300 | 308006 |
|  |  | 561351 |
| **Turkey: 3.7%** |  |  |
| Turkiye Petrol Rafinerileri AS | 272968 | 960479 |
| **United States: 28.7%** |  |  |
| Calumet, Inc. \* † | 18538 | 292066 |
| HF Sinclair Corp. | 29305 | 1203849 |
| Marathon Petroleum Corp. | 12213 | 2028702 |
| Par Pacific Holdings, Inc. \* | 10883 | 288726 |
| PBF Energy, Inc. | 14989 | 324812 |
| Phillips 66 | 14548 | 1735576 |
| Valero Energy Corp. | 12188 | 1638311 |
|  |  | 7512042 |
| **Total Common Stocks**<br> (Cost: $27,273,295) |  | 26185812 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** |  |
| **Money Market Fund: 0.1%**<br> (Cost: $25,488) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 25488 | 25488 |
| **Total Investments: 100.0%**<br> (Cost: $27,298,783) |  | 26211300 |
| **Liabilities in excess of other assets: 0.0%** | **Liabilities in excess of other assets: 0.0%** | (4755) |
| **NET ASSETS: 100.0%** |  | $26206545 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| GDR | Global Depositary Receipt |
| KRW | Korean Won |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $537,544. |
| \* | 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 $2,077,454, or 7.9% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $860651 | $— | $860651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 1243269 |  | 1243269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 1235800 |  | 1235800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 556714 |  | 556714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 1174245 |  | 1174245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 2077454 |  | 2077454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 3309946 |  | 3309946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 1650357 |  | 1650357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 1293639 |  | 1293639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 436351 |  | 436351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 2676214 |  | 2676214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 637300 |  | 637300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 561351 |  | 561351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 960479 |  | 960479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 7512042 |  |  | 7512042 |
| Money Market Fund | 25488 |  |  | 25488 |
| **Total Investments** | $7537530 | $18673770 | $— | $26211300 |

---

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Bermuda: 3.7%** |  |  |
| Valaris Ltd. (USD) \* † | 815919 | $34358349 |
| **Netherlands: 5.8%** |  |  |
| Core Laboratories, Inc. (USD) † | 292731 | 3372261 |
| Tenaris SA (ADR) | 1366692 | 51114281 |
|  |  | 54486542 |
| **Switzerland: 3.3%** |  |  |
| Transocean Ltd. (USD) \* † | 11741543 | 30410597 |
| **United Kingdom: 5.4%** |  |  |
| TechnipFMC PLC (USD) | 1460452 | 50297967 |
| **United States: 81.8%** |  |  |
| Baker Hughes Co. | 3451435 | 132328018 |
| Cactus, Inc. | 854923 | 37377233 |
| ChampionX Corp. | 1703326 | 42310618 |
| Expro Group Holdings NV \* | 1231797 | 10581136 |
| Halliburton Co. | 3205126 | 65320468 |
| Helix Energy Solutions Group, Inc. \* | 1922791 | 11998216 |
| Helmerich & Payne, Inc. † | 1201441 | 18213846 |
| Innovex International, Inc. \* † | 625201 | 9765640 |
| Liberty Energy, Inc. | 1859341 | 21345235 |
| Nabors Industries Ltd. \* † | 224511 | 6290798 |
| Noble Corp. PLC † | 1528147 | 40572303 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| NOV, Inc. † | 3334034 | $41442043 |
| Oceaneering International, Inc. \* | 1215675 | 25188786 |
| Patterson-UTI Energy, Inc. † | 4586873 | 27200157 |
| ProPetro Holding Corp. \* | 962735 | 5747528 |
| RPC, Inc. † | 1732576 | 8195084 |
| Schlumberger NV | 5320240 | 179824112 |
| Select Water Solutions, Inc. † | 1529057 | 13211052 |
| Tidewater, Inc. \* † | 637778 | 29420699 |
| Weatherford International PLC | 730695 | 36761265 |
|  |  | 763094237 |
| **Total Common Stocks**<br> (Cost: $1,508,461,395) |  | 932647692 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** |  |
| **Money Market Fund: 0.1%**<br> (Cost: $1,394,948) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1394948 | 1394948 |
| **Total Investments: 100.1%**<br> (Cost: $1,509,856,343) |  | 934042640 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (1294605) |
| **NET ASSETS: 100.0%** |  | $932748035 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $118,394,387. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $932647692 | $— | $— | $932647692 |
| Money Market Fund | 1394948 |  |  | 1394948 |
| **Total Investments** | $934042640 | $— | $— | $934042640 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Australia: 21.3%** |  |  |
| AVZ Minerals Ltd. ∞ | 52906510 | $1525581 |
| Iluka Resources Ltd. † | 5497724 | 13734355 |
| Liontown Resources Ltd. \* † | 29043951 | 13360086 |
| Lynas Rare Earths Ltd. \* | 3753543 | 21304990 |
| Pilbara Minerals Ltd. \* † | 17801857 | 15615203 |
|  |  | 65540215 |
| **Canada: 7.6%** |  |  |
| Lithium Americas Corp. (USD) \* † | 3999991 | 10719976 |
| Lithium Argentina AG (USD) \* † | 3129894 | 6510180 |
| Sigma Lithium Corp. (USD) \* † | 1345851 | 6056329 |
|  |  | 23286485 |
| **Chile: 6.6%** |  |  |
| Sociedad Quimica y Minera de Chile SA (ADR) \* † | 574856 | 20275171 |
| **China: 30.4%** |  |  |
| Baoji Titanium Industry Co. Ltd. | 3042551 | 13357635 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | 6774212 | 23560601 |
| Ganfeng Lithium Group Co. Ltd. (HKD) 144A † | 4996040 | 14557820 |
| Jinduicheng Molybdenum Co. Ltd. | 9947765 | 15202496 |
| Shenghe Resources Holding Co. Ltd. | 7188431 | 13234006 |
| Xiamen Tungsten Co. Ltd. | 4660616 | 13618855 |
|  |  | 93531413 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **France: 3.8%** |  |  |
| Eramet SA † | 219673 | $11856081 |
| **Germany: 2.6%** |  |  |
| Vulcan Energy Resources Ltd. (AUD) \* † | 3417977 | 8167722 |
| **Netherlands: 5.1%** |  |  |
| AMG Critical Materials NV † | 609167 | 15624044 |
| **United States: 22.4%** |  |  |
| Albemarle Corp. † | 369330 | 23145911 |
| IperionX Ltd. (AUD) \* † | 4642768 | 14483011 |
| MP Materials Corp. \* † | 703846 | 23416956 |
| Tronox Holdings PLC | 1580291 | 8012075 |
|  |  | 69057953 |
| **Total Common Stocks**<br> (Cost: $408,289,176) |  | 307339084 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.5%** |  |
| **Money Market Fund: 7.5%**<br> (Cost: $23,096,853) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 23096853 | 23096853 |
| **Total Investments: 107.3%**<br> (Cost: $431,386,029) |  | 330435937 |
| **Liabilities in excess of other assets: (7.3)%** | **Liabilities in excess of other assets: (7.3)%** | (22415006) |
| **NET ASSETS: 100.0%** |  | $308020931 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| † | Security fully or partially on loan. Total market value of securities on loan is $70,918,332. |
| \* | 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 $14,557,820, or 4.7% of net assets. |

---

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $64014634 | $1525581 | $65540215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 23286485 |  |  | 23286485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 20275171 |  |  | 20275171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 93531413 |  | 93531413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 11856081 |  | 11856081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 8167722 |  | 8167722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 15624044 |  | 15624044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 54574942 | 14483011 |  | 69057953 |
| Money Market Fund | 23096853 |  |  | 23096853 |
| **Total Investments** | $121233451 | $207676905 | $1525581 | $330435937 |

---

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 10.7%** |  |  |
| Rio Tinto PLC (ADR) | 129893 | $7576659 |
| **Brazil: 16.6%** |  |  |
| Cia Siderurgica Nacional SA (ADR) † | 2027908 | 2839071 |
| Gerdau SA (ADR) | 1030576 | 3009282 |
| Vale SA (ADR) | 613022 | 5952444 |
|  |  | 11800797 |
| **Canada: 0.9%** |  |  |
| Algoma Steel Group, Inc. (USD) † | 96092 | 662074 |
| **Luxembourg: 5.1%** |  |  |
| ArcelorMittal SA (USD) | 115177 | 3637289 |
| **Netherlands: 9.5%** |  |  |
| Tenaris SA (ADR) | 96451 | 3607267 |
| Ternium SA (ADR) † | 105266 | 3168507 |
|  |  | 6775774 |
| **South Korea: 5.0%** |  |  |
| POSCO Holdings, Inc. (ADR) † | 73172 | 3548110 |
| **United States: 52.1%** |  |  |
| ATI, Inc. \* | 36910 | 3186809 |
| Carpenter Technology Corp. | 12594 | 3480730 |
| Cleveland-Cliffs, Inc. \* † | 429994 | 3267954 |
| Commercial Metals Co. | 64930 | 3175726 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Gibraltar Industries, Inc. \* | 54222 | $3199098 |
| Metallus, Inc. \* † | 38482 | 593008 |
| Nucor Corp. | 31164 | 4036985 |
| Olympic Steel, Inc. | 10222 | 333135 |
| Radius Recycling, Inc. | 25643 | 761341 |
| Reliance, Inc. | 11420 | 3584738 |
| Ryerson Holding Corp. † | 29483 | 635948 |
| Steel Dynamics, Inc. | 26434 | 3383816 |
| SunCoke Energy, Inc. | 77518 | 665880 |
| Warrior Met Coal, Inc. † | 67092 | 3074826 |
| Worthington Steel, Inc. | 125831 | 3753539 |
|  |  | 37133533 |
| **Total Common Stocks**<br> (Cost: $87,067,255) |  | 71134236 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3%** |  |
| **Money Market Fund: 4.3%**<br> (Cost: $3,071,732) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 3071732 | 3071732 |
| **Total Investments: 104.2%**<br> (Cost: $90,138,987) |  | 74205968 |
| **Liabilities in excess of other assets: (4.2)%** | **Liabilities in excess of other assets: (4.2)%** | (2980674) |
| **NET ASSETS: 100.0%** |  | $71225294 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $11,061,063. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $71134236 | $— | $— | $71134236 |
| Money Market Fund | 3071732 |  |  | 3071732 |
| **Total Investments** | $74205968 | $— | $— | $74205968 |

---

<sup>\*</sup> See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK URANIUM AND NUCLEAR ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 10.7%** |  |  |
| Boss Energy Ltd. \* † | 10842487 | $33329274 |
| Deep Yellow Ltd. \* † | 41108832 | 45169762 |
| Paladin Energy Ltd. \* † | 13530833 | 71829954 |
| Silex Systems Ltd. \* † | 11517390 | 31960304 |
|  |  | 182289294 |
| **Canada: 16.1%** |  |  |
| Cameco Corp. (USD) | 1653909 | 122769665 |
| Denison Mines Corp. (USD) \* † | 42856185 | 77998257 |
| NexGen Energy Ltd. (USD) \* † | 10621087 | 73710344 |
|  |  | 274478266 |
| **China: 6.7%** |  |  |
| CGN Mining Co. Ltd. (HKD) † | 135235000 | 41971604 |
| CGN Power Co. Ltd. (HKD) 144A | 208884000 | 71211908 |
|  |  | 113183512 |
| **Czech Republic: 3.9%** |  |  |
| CEZ AS | 1129210 | 66120501 |
| **Finland: 3.4%** |  |  |
| Fortum Oyj | 3135799 | 58597134 |
| **Jersey, Channel Islands: 3.8%** |  |  |
| Yellow Cake PLC 144A \* † | 8922139 | 64339594 |
| **Kazakhstan: 4.4%** |  |  |
| NAC Kazatomprom JSC (USD) (GDR) \* | 1743487 | 75500080 |
| **South Korea: 4.0%** |  |  |
| KEPCO Engineering & Construction Co., Inc. | 889588 | 68596450 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States: 46.9%** |  |  |
| BWX Technologies, Inc. | 692425 | $99750745 |
| Centrus Energy Corp. \* † | 445984 | 81695350 |
| Constellation Energy Corp. | 429097 | 138495348 |
| Encore Energy Corp. \* † | 9045688 | 25870668 |
| Energy Fuels, Inc. \* † | 5129082 | 29492221 |
| NANO Nuclear Energy, Inc. \* † | 1568018 | 54080941 |
| NuScale Power Corp. \* † | 1695295 | 67065870 |
| Oklo, Inc. \* † | 1036655 | 58042313 |
| PG&E Corp. | 5161905 | 71956956 |
| Public Service Enterprise Group, Inc. | 1131313 | 95233928 |
| Uranium Energy Corp. \* † | 11229941 | 76363599 |
|  |  | 798047939 |
| **Total Common Stocks**<br> (Cost: $1,439,072,278) |  | 1701152770 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.2%** |  |
| **Money Market Fund: 8.2%**<br> (Cost: $140,138,935) | **Money Market Fund: 8.2%**<br> (Cost: $140,138,935) |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 140138935 | 140138935 |
| **Total Investments: 108.1%**<br> (Cost: $1,579,211,213) | **Total Investments: 108.1%**<br> (Cost: $1,579,211,213) | 1841291705 |
| **Liabilities in excess of other assets: (8.1)%** | **Liabilities in excess of other assets: (8.1)%** | (138468511) |
| **NET ASSETS: 100.0%** |  | $1702823194 |

---

------

**Definitions:**

GDR Global Depositary Receipt <br> HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $346,336,619. |
| \* | 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 $135,551,502, or 8.0% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $182289294 | $— | $182289294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 274478266 |  |  | 274478266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 113183512 |  | 113183512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic | 66120501 |  |  | 66120501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 58597134 |  | 58597134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jersey, Channel Islands |  | 64339594 |  | 64339594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan |  | 75500080 |  | 75500080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 68596450 |  | 68596450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 798047939 |  |  | 798047939 |
| Money Market Fund | 140138935 |  |  | 140138935 |
| **Total Investments** | $1278785641 | $562506064 | $— | $1841291705 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **CMCI Commodity<br> Strategy ETF (a)** | **Gold Miners ETF** | **Green Metals ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $646831564 | $2479663 | $15473415223 | $19061856 |
| Short-term investments held as collateral for securities loaned (3) | 31216997 |  | 62629788 | 91558 |
| Total return swap contracts, at value |  | 5217 |  |  |
| Cash | 6847 | 33171 | 17616818 |  |
| Cash denominated in foreign currency, at value (4) | 417247 |  | 1328737 | 88017 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 11025148 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 6453 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 2069370 | 185 | 1224810 | 16784 |
| Prepaid expenses | 1288 |  | 18665 |  |
| Other assets | 192531 | 7 | 697064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 691760992 | 2524696 | 15556931105 | 19258215 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 11534963 |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 31216997 |  | 62629788 | 91558 |
| &nbsp;&nbsp;&nbsp;Line of credit | 1038921 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 254293 |  | 6602092 | 8842 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  |  | 84274 |
| Deferred Trustee fees | 696571 | 9 | 1715331 |  |
| Accrued expenses | 205516 | 35505 | 233954 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 44947261 | 35514 | 71181165 | 185563 |
| **NET ASSETS** | $646813731 | $2489182 | $15485749940 | $19072652 |
| Shares outstanding | 8800000 | 100000 | 297452500 | 800000 |
| Net asset value, redemption and offering price per share | $73.50 | $24.89 | $52.06 | $23.84 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $1712950603 | $2401779 | $21025521095 | $30710711 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (1066136872) | 87403 | (5539771155) | (11638059) |
| **NET ASSETS** | $646813731 | $2489182 | $15485749940 | $19072652 |
| (1) Includes Investment in securities on loan, at market value | $70067541 | $— | $798701639 | $1666223 |
| (2) Cost of investments - Unaffiliated issuers | $812257983 | $2479980 | $10113943612 | $21730559 |
| (3) Cost of short-term investments held as collateral for securities loaned | $31216997 | $— | $62629788 | $91558 |
| (4) Cost of cash denominated in foreign currency | $414605 | $— | $1323690 | $87493 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Junior Gold<br> Miners ETF** | **Low Carbon<br> Energy ETF** | **Natural<br> Resources ETF** | **Oil Refiners ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $5199753365 | $119295556 | $158352209 | $26185812 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) | 281336953 |  |  |  |
| Short-term investments held as collateral for securities loaned (4) | 65479043 | 6739865 | 10254286 | 25488 |
| Cash | 16615844 | 2617 |  |  |
| Cash denominated in foreign currency, at value (5) | 271580 | 512737 | 401180 | 526 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 821393 | 440592 | 199651 | 159715 |
| Prepaid expenses | 6525 | 1704 |  | 198 |
| Other assets | 133776 | 7623 |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 5564418479 | 127000694 | 169207326 | 26371887 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 1470666 |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 65479043 | 6739865 | 10254286 | 25488 |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 1014844 | 493377 | 106416 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 2293353 | 45640 | 51895 | 2513 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 12354 |  |
| Deferred Trustee fees | 452638 | 22758 | 14855 | 1251 |
| Accrued expenses | 188967 | 56805 | 64861 | 29674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 69884667 | 7879912 | 10891628 | 165342 |
| **NET ASSETS** | $5494533812 | $119120782 | $158315698 | $26206545 |
| Shares outstanding | 81337446 | 1083298 | 3050000 | 800000 |
| Net asset value, redemption and offering price per share | $67.55 | $109.96 | $51.91 | $32.76 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $8166486255 | $240273273 | $206928212 | $40703471 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (2671952443) | (121152491) | (48612514) | (14496926) |
| **NET ASSETS** | $5494533812 | $119120782 | $158315698 | $26206545 |
| (1) Includes Investment in securities on loan, at market value | $404165873 | $25346670 | $33544997 | $537544 |
| (2) Cost of investments - Unaffiliated issuers | $3418598973 | $151614354 | $150203340 | $27273295 |
| (3) Cost of investments - Affiliated issuers | $262913375 | $— | $— | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $65479043 | $6739865 | $10254286 | $25488 |
| (5) Cost of cash denominated in foreign currency | $271575 | $508776 | $397529 | $521 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Oil Services ETF** | **Rare Earth and<br> Strategic Metals <br> ETF** | **Steel ETF** | **Uranium and <br> Nuclear ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $932647692 | $307339084 | $71134236 | $1701152770 |
| Short-term investments held as collateral for securities loaned (3) | 1394948 | 23096853 | 3071732 | 140138935 |
| Cash | 5356 |  | 118448 | 11418 |
| Cash denominated in foreign currency, at value (4) |  | 974694 |  | 4108 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 11514180 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 23027586 | 2033052 |  | 5531512 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1518791 | 708889 | 43976 | 4690295 |
| Prepaid expenses |  | 565 | 173 | 228 |
| Other assets |  | 11157 | 6486 | 22777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 970108553 | 334164294 | 74375051 | 1851552043 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 23028360 | 2032262 |  | 5307839 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 11513793 |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 1394948 | 23096853 | 3071732 | 140138935 |
| &nbsp;&nbsp;&nbsp;Line of credit | 934649 |  |  | 2653646 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 280336 | 116424 | 22807 | 611068 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  | 786187 |  |  |
| Deferred Trustee fees | 206441 | 31757 | 24203 | 16555 |
| Accrued expenses | 1991 | 79880 | 31015 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 37360518 | 26143363 | 3149757 | 148728849 |
| **NET ASSETS** | $932748035 | $308020931 | $71225294 | $1702823194 |
| Shares outstanding | 4050543 | 7574987 | 1075000 | 15391632 |
| Net asset value, redemption and offering price per share | $230.28 | $40.66 | $66.26 | $110.63 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $3724791856 | $904272959 | $260964330 | $1473262990 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (2792043821) | (596252028) | (189739036) | 229560204 |
| **NET ASSETS** | $932748035 | $308020931 | $71225294 | $1702823194 |
| (1) Includes Investment in securities on loan, at market value | $118394387 | $70918332 | $11061063 | $346336619 |
| (2) Cost of investments - Unaffiliated issuers | $1508461395 | $408289176 | $87067256 | $1439072278 |
| (3) Cost of short-term investments held as collateral for securities loaned | $1394948 | $23096853 | $3071732 | $140138935 |
| (4) Cost of cash denominated in foreign currency | $— | $974694 | $— | $4065 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **CMCI Commodity <br> Strategy ETF (a)** | **Gold Miners ETF** | **Green Metals <br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $10627331 | $1561 | $124174348 | $347127 |
| Interest | 8174 | 52908 | 182737 | 418 |
| Securities lending income | 173861 | 95 | 846481 | 9769 |
| Net foreign taxes withheld | (554160) |  | (12095505) | (12083) |
| &nbsp;&nbsp;&nbsp;Total income | 10255206 | 54564 | 113108061 | 345231 |
| **Expenses:** |  |  |  |  |
| Management fees | 1442581 | 8014 | 36226391 | 51174 |
| Professional fees | 22280 | 26875 | 25351 |  |
| Custody and accounting fees | 30010 | 12360 | 406220 |  |
| Reports to shareholders | 29476 | 3483 | 252616 |  |
| Trustees' fees and expenses | 25796 | 26 | 190417 |  |
| Exchange listing fees | 3359 | 3436 | 1462 |  |
| Insurance | 6543 | 536 | 51402 |  |
| Interest | 18061 |  | 50946 | 3597 |
| Taxes | 185 |  | 185 | 185 |
| Other | 2332 | 204 | 37693 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 1580623 | 54934 | 37242683 | 54956 |
| Expenses assumed by the Adviser |  | (46920) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1580623 | 8014 | 37242683 | 54956 |
| Net investment income | 8674583 | 46550 | 75865378 | 290275 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (22404579) | 11 | 124525997 | (810323) |
| In-kind redemptions | (659156) |  | 1446225209 | 34013 |
| Swap contracts |  | 35040 |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities | 20753 |  | (79114) | 4321 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (23042982) | 35051 | 1570672092 | (771989) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 88570348 | (1962) | 4529788623 | 2793586 |
| Swap contracts |  | (14503) |  |  |
| Foreign currency translations and foreign denominated assets and liabilities | 86065 |  | 28563 | 2559 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 88656413 | (16465) | 4529817186 | 2796145 |
| Net increase in net assets resulting from operations | $74288014 | $65136 | $6176354656 | $2314431 |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Junior Gold <br> Miners ETF** | **Low Carbon <br> Energy ETF** | **Natural<br> Resources ETF** | **Oil Refiners ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $26469853 | $1304581 | $2610880 | $593985 |
| Dividends - affiliated issuers | 6190320 |  |  |  |
| Interest | 43321 | 843 |  |  |
| Securities lending income | 1281236 | 63163 | 37535 | 1950 |
| Net foreign taxes withheld | (3122450) | (100956) | (109386) | (47692) |
| &nbsp;&nbsp;&nbsp;Total income | 30862280 | 1267631 | 2539029 | 548243 |
| **Expenses:** |  |  |  |  |
| Management fees | 12783173 | 295694 | 291807 | 60485 |
| Professional fees | 25894 | 23419 |  | 23398 |
| Custody and accounting fees | 419912 | 36009 |  | 19231 |
| Reports to shareholders | 71501 | 13144 |  | 8207 |
| Trustees' fees and expenses | 57955 | 2045 |  | 287 |
| Exchange listing fees | 1462 | 3358 |  | 3358 |
| Insurance | 24725 | 1791 |  | 547 |
| Interest | 110679 | 11094 | 12706 | 3660 |
| Taxes | 185 | 185 | 185 | 185 |
| Other | 6175 | 2073 |  | 894 |
| &nbsp;&nbsp;&nbsp;Total expenses | 13501661 | 388812 | 304698 | 120252 |
| Expenses assumed by the Adviser |  | (10872) |  | (45034) |
| &nbsp;&nbsp;&nbsp;Net expenses | 13501661 | 377940 | 304698 | 75218 |
| Net investment income | 17360619 | 889691 | 2234331 | 473025 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 115488422 | (6104940) | (1121676) | (1283774) |
| Investments - affiliated issuers | 13875030 |  |  |  |
| In-kind redemptions - unaffiliated issuers | 463017492 | 2998137 | (75) | 482167 |
| In-kind redemptions - affiliated issuers | 65374054 |  |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities | 354185 | 60543 | 16530 | 8228 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 658109183 | (3046260) | (1105221) | (793379) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 1447429869 | 14130980 | 17636141 | 4578603 |
| Investments - affiliated issuers | 192694002 |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities | (453867) | 17666 | 9375 | 13996 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1639670004 | 14148646 | 17645516 | 4592599 |
| Net increase in net assets resulting from operations | $2315139806 | $11992077 | $18774626 | $4272245 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil Services ETF** | **Rare Earth and <br> Strategic Metals<br> ETF** | **Steel ETF** | **Uranium and <br> Nuclear ETF** |
| **Income:** |  |  |  |  |
| Dividends | $14563391 | $1483372 | $1198215 | $12745271 |
| Interest | 12041 | 19636 | 1890 | 22154 |
| Securities lending income | 84998 | 1401897 | 12458 | 2864026 |
| Net foreign taxes withheld |  | (111201) | (17755) | (1493559) |
| &nbsp;&nbsp;&nbsp;Total income | 14660430 | 2793704 | 1194808 | 14137892 |
| **Expenses:** |  |  |  |  |
| Management fees | 2032272 | 631089 | 182286 | 2757524 |
| Professional fees |  | 22682 | 22253 | 23514 |
| Custody and accounting fees |  | 16597 | 12695 | 38416 |
| Reports to shareholders |  | 27954 | 12383 | 26057 |
| Trustees' fees and expenses |  | 3568 | 1472 | 7251 |
| Exchange listing fees |  | 3279 | 3358 | 3358 |
| Insurance |  | 3270 | 1689 | 2597 |
| Interest | 13929 | 37321 | 3573 | 36083 |
| Taxes | 185 | 185 | 185 | 185 |
| Other |  | 2383 | 169 | 561 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2046386 | 748328 | 240063 | 2895546 |
| Expenses assumed by the Adviser |  |  | (35791) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 2046386 | 748328 | 204272 | 2895546 |
| Net investment income | 12614044 | 2045376 | 990536 | 11242346 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (47903452) | (39892475) | (1371524) | 49083485 |
| In-kind redemptions | (2224792) | 3004633 | 4527017 | 17907374 |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (20231) |  | 528862 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (50128244) | (36908073) | 3155493 | 67519721 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (140350704) | 45588412 | 4833034 | 272695325 |
| Foreign currency translations and foreign denominated assets and liabilities |  | 7334 |  | 6648 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (140350704) | 45595746 | 4833034 | 272701973 |
| Net increase (decrease) in net assets resulting from operations | $(177864904) | $10733049 | $8979063 | $351464040 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agribusiness ETF** | **Agribusiness ETF** | **CMCI Commodity Strategy ETF (a)** | **CMCI Commodity Strategy ETF (a)** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $8674583 | $18523601 | $46550 | $115783 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (23042982) | (48147755) | 35051 | (98900) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 88656413 | (66492429) | (16465) | 100324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 74288014 | (96116583) | 65136 | 117207 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (19475310) |  | (96000) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 33225428 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (30786633) | (226378504) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 2438795 | (226378504) |  |  |
| Total increase (decrease) in net assets | 76726809 | (341970397) | 65136 | 21207 |
| Net Assets, beginning of period | 570086922 | 912057319 | 2424046 | 2402839 |
| Net Assets, end of period | $646813731 | $570086922 | $2489182 | $2424046 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 450000 |  |  |  |
| Shares redeemed | (450000) | (3150000) |  |  |
| &nbsp;&nbsp;&nbsp;Net decrease |  | (3150000) |  |  |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gold Miners ETF** | **Gold Miners ETF** | **Green Metals ETF** | **Green Metals ETF** |
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months<br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $75865378 | $143480934 | $290275 | $275124 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1570672092 | 854104459 | (771989) | (1813003) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4529817186 | 461527143 | 2796145 | (1425532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6176354656 | 1459112536 | 2314431 | (2963411) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (150012756) |  | (334985) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 512016345 | 2047295890 |  | 2686419 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3863115107) | (3665481534) | (1093098) | (8285041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (3351098762) | (1618185644) | (1093098) | (5598622) |
| Total increase (decrease) in net assets | 2825255894 | (309085864) | 1221333 | (8897018) |
| Net Assets, beginning of period | 12660494046 | 12969579910 | 17851319 | 26748337 |
| Net Assets, end of period | $15485749940 | $12660494046 | $19072652 | $17851319 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 10600000 | 60150000 |  | 100000 |
| Shares redeemed | (86700000) | (103300000) | (50000) | (350000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (76100000) | (43150000) | (50000) | (250000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Junior Gold Miners ETF** | **Junior Gold Miners ETF** | **Low Carbon Energy ETF** | **Low Carbon Energy ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $17360619 | $24957887 | $889691 | $1956967 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 658109183 | 319011424 | (3046260) | (5348249) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1639670004 | 377112888 | 14148646 | (11521369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2315139806 | 721082199 | 11992077 | (14912651) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (116496530) |  | (2000039) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 27423870 | 271658366 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1282223096) | (853366579) | (15075232) | (25256706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (1254799226) | (581708213) | (15075232) | (25256706) |
| Total increase (decrease) in net assets | 1060340580 | 22877456 | (3083155) | (42169396) |
| Net Assets, beginning of period | 4434193232 | 4411315776 | 122203937 | 164373333 |
| Net Assets, end of period | $5494533812 | $4434193232 | $119120782 | $122203937 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 400000 | 7450000 |  |  |
| Shares redeemed | (22850000) | (19350000) | (150000) | (250000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (22450000) | (11900000) | (150000) | (250000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Natural Resources ETF** | **Natural Resources ETF** | **Oil Refiners ETF** | **Oil Refiners ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2234331 | $3277645 | $473025 | $1269076 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1105221) | 2613440 | (793379) | 2405118 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 17645516 | (13580922) | 4592599 | (8487732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 18774626 | (7689837) | 4272245 | (4813538) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (3199875) |  | (1270005) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 14174066 | 33373516 | 1443624 | 20503727 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (21412676) | (4363568) | (23875116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 14174066 | 11960840 | (2919944) | (3371389) |
| Total increase (decrease) in net assets | 32948692 | 1071128 | 1352301 | (9454932) |
| Net Assets, beginning of period | 125367006 | 124295878 | 24854244 | 34309176 |
| Net Assets, end of period | $158315698 | $125367006 | $26206545 | $24854244 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 300000 | 650000 | 50000 | 575000 |
| Shares redeemed |  | (450000) | (150000) | (675000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 300000 | 200000 | (100000) | (100000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil Services ETF** | **Oil Services ETF** | **Rare Earth and Strategic Metals ETF** | **Rare Earth and Strategic Metals ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $12614044 | $27053044 | $2045376 | $4015037 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (50128244) | 18305775 | (36908073) | (72073747) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (140350704) | (227757802) | 45595746 | (82697039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (177864904) | (182398983) | 10733049 | (150755749) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (27199954) |  | (5608675) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1624301679 | 4119562741 | 105825164 | 74875577 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2019517759) | (4571565235) | (28128581) | (108334764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (395216080) | (452002494) | 77696583 | (33459187) |
| Total increase (decrease) in net assets | (573080984) | (661601431) | 88429632 | (189823611) |
| Net Assets, beginning of period | 1505829019 | 2167430450 | 219591299 | 409414910 |
| Net Assets, end of period | $932748035 | $1505829019 | $308020931 | $219591299 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 6500000 | 13900000 | 2650000 | 1500000 |
| Shares redeemed | (8000000) | (15350000) | (700000) | (2500000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (1500000) | (1450000) | 1950000 | (1000000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Steel ETF** | **Steel ETF** | **Uranium and Nuclear ETF** | **Uranium and Nuclear ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** | **Six Months <br> Ended <br> June 30, 2025 <br> (unaudited)** | **Year Ended <br> December 31, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $990536 | $2590388 | $11242346 | $2943729 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3155493 | 6466325 | 67519721 | (10348015) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4833034 | (28794550) | 272701973 | (36866693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 8979063 | (19737837) | 351464040 | (44270979) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (2649960) |  | (5660855) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8009771 | 23823749 | 678675003 | 698705421 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (20347012) | (67051708) | (76333930) | (31405515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (12337241) | (43227959) | 602341073 | 667299906 |
| Total increase (decrease) in net assets | (3358178) | (65615756) | 953805113 | 617368072 |
| Net Assets, beginning of period | 74583472 | 140199228 | 749018081 | 131650009 |
| Net Assets, end of period | $71225294 | $74583472 | $1702823194 | $749018081 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 125000 | 350000 | 7200000 | 7800000 |
| Shares redeemed | (325000) | (975000) | (1025000) | (425000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (200000) | (625000) | 6175000 | 7375000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $64.78 | $76.32 | $85.96 | $95.38 | $77.82 | $68.59 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.03 | 1.81 | 1.94 | 1.71 | 1.14 | 0.90 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.69 | (11.15) | (9.34) | (9.28) | 17.54 | 9.19 |
| Total from investment operations | 8.72 | (9.34) | (7.40) | (7.57) | 18.68 | 10.09 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (2.20) | (2.24) | (1.85) | (1.12) | (0.86) |
| Net asset value, end of period | $73.50 | $64.78 | $76.32 | $85.96 | $95.38 | $77.82 |
| **Total return (b)** | 13.46% | (12.24)% | (8.58)% | (7.95)% | 23.99% | 14.73% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.55 %(c) | 0.55% | 0.53% | 0.53% | 0.52% | 0.55% |
| Expenses excluding interest and taxes | 0.54 %(c) | 0.54% | 0.53% | 0.53% | N/A | N/A |
| Net investment income | 3.01 %(c) | 2.51% | 2.34% | 1.84% | 1.25% | 1.41% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $647 | $570 | $912 | $1341 | $1183 | $794 |
| Portfolio turnover rate (d) | 8% | 12% | 12% | 24% | 17% | 13% |

---

(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) Annualized

(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 period:

---

| | | | |
|:---|:---|:---|:---|
|  | **CMCI Commodity Strategy ETF(a)** | **CMCI Commodity Strategy ETF(a)** | **CMCI Commodity Strategy ETF(a)** |
|  | **Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | **Year Ended<br> December<br> 31, 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) | 0.47 | 1.16 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.18 | 0.01 | (1.01) |
| Total from investment operations | 0.65 | 1.17 | (0.57) |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.96) | (0.40) |
| Net asset value, end of period | $24.89 | $24.24 | $24.03 |
| **Total return (d)** | 2.69% | 4.91% | (2.32)% |
| **Ratios to average net assets** |  |  |  |
| Gross expenses | 4.46 %(e) | 4.40% | 6.32 %(e) |
| Net expenses | 0.65 %(e) | 0.65% | 0.65 %(e) |
| Net investment income | 3.78 %(e) | 4.63% | 4.82 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $2 | $2 | $2 |
| Portfolio turnover rate (f) | — % | —% | — % |

---

(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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $33.89 | $31.12 | $28.69 | $32.00 | $35.98 | $29.34 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.23 | 0.37 | 0.52 | 0.48 | 0.52 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 17.94 | 2.80 | 2.41 | (3.31) | (3.97) | 6.62 |
| Total from investment operations | 18.17 | 3.17 | 2.93 | (2.83) | (3.45) | 6.83 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.40) | (0.50) | (0.48) | (0.53) | (0.19) |
| Net asset value, end of period | $52.06 | $33.89 | $31.12 | $28.69 | $32.00 | $35.98 |
| **Total return (b)** | 53.61% | 10.17% | 10.22% | (8.87)% | (9.56)% | 23.30% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.51 %(c) | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| Net investment income | 1.05 %(c) | 1.06% | 1.70% | 1.61% | 1.53% | 0.61% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $15486 | $12660 | $12970 | $11934 | $13273 | $16504 |
| Portfolio turnover rate (d) | 5% | 15% | 13% | 17% | 15% | 13% |

---

(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) Annualized

(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 period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Green Metals ETF** | **Green Metals ETF** | **Green Metals ETF** | **Green Metals ETF** | **Green Metals ETF** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **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) | 0.36 | 0.27 | 0.63 | 0.73 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.48 | (3.20) | (4.06) | (6.64) | 0.22 |
| Total from investment operations | 2.84 | (2.93) | (3.43) | (5.91) | 0.21 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.39) | (0.49) | (0.73) |  |
| Net asset value, end of period | $23.84 | $21.00 | $24.32 | $28.24 | $34.88 |
| **Total return (c)** | 13.52% | (12.05)% | (12.13)% | (16.99)% | 0.61% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.63 %(d) | 0.61% | 0.66% | 0.63% | 0.60 %(d) |
| Expenses excluding interest and taxes | 0.59 %(d) | 0.59% | 0.59% | 0.59% | 0.59 %(d) |
| Net investment income (loss) | 3.35 %(d) | 1.14% | 2.37% | 2.33% | (0.30)%(d) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $19 | $18 | $27 | $23 | $16 |
| Portfolio turnover rate (e) | 11% | 20% | 28% | 32% | 10% |

---

(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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Junior Gold Miners ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $42.72 | $38.13 | $35.63 | $41.88 | $54.26 | $42.39 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.19 | 0.22 | 0.23 | 0.24 | 0.39 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 24.64 | 5.48 | 2.54 | (6.31) | (12.02) | 12.51 |
| Total from investment operations | 24.83 | 5.70 | 2.77 | (6.07) | (11.63) | 12.73 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.11) | (0.27) | (0.18) | (0.75) | (0.86) |
| Net asset value, end of period | $67.55 | $42.72 | $38.13 | $35.63 | $41.88 | $54.26 |
| **Total return (b)** | 58.11% | 14.93% | 7.78% | (14.48)% | (21.44)% | 30.07% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.53 %(c) | 0.51% | 0.52% | 0.52% | 0.52% | 0.52% |
| Expenses excluding interest and taxes | 0.52 %(c) | 0.51% | 0.52% | 0.52% | N/A | N/A |
| Net investment income | 0.68 %(c) | 0.51% | 0.63% | 0.64% | 0.84% | 0.46% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $5495 | $4434 | $4411 | $3737 | $4495 | $6315 |
| Portfolio turnover rate (d) | 14% | 28% | 20% | 27% | 24% | 34% |

---

(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) Annualized

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Low Carbon Energy ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $99.09 | $110.82 | $111.11 | $159.69 | $165.41 | $75.70 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.77 | 1.44 | 1.64 | 1.45 | 0.78 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 10.10 | (11.55) | (0.18) | (48.57) | (5.79) | 89.64 |
| Total from investment operations | 10.87 | (10.11) | 1.46 | (47.12) | (5.01) | 89.80 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.62) | (1.75) | (1.46) | (0.71) | (0.09) |
| Net asset value, end of period | $109.96 | $99.09 | $110.82 | $111.11 | $159.69 | $165.41 |
| **Total return (b)** | 10.97% | (9.17)% | 1.34% | (29.52)% | (3.02)% | 118.65% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.66 %(c) | 0.61% | 0.61% | 0.61% | 0.55% | 0.64% |
| Net expenses | 0.64 %(c) | 0.61% | 0.61% | 0.61% | 0.55% | 0.62% |
| Net expenses excluding interest and taxes | 0.62 %(c) | 0.60% | 0.57% | 0.61% | 0.55% | 0.62% |
| Net investment income | 1.50 %(c) | 1.42% | 1.43% | 1.13% | 0.49% | 0.16% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $119 | $122 | $164 | $198 | $301 | $270 |
| Portfolio turnover rate (d) | 11% | 23% | 16% | 16% | 77% | 84% |

---

(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) Annualized

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Natural Resources ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $45.59 | $48.74 | $49.20 | $47.44 | $38.65 | $37.10 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.74 | 1.30 | 1.52 | 1.66 | 1.21 | 0.84 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.58 | (3.24) | (0.38) | 1.71 | 8.60 | 1.65 (b) |
| Total from investment operations | 6.32 | (1.94) | 1.14 | 3.37 | 9.81 | 2.49 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.21) | (1.60) | (1.61) | (1.02) | (0.94) |
| Net asset value, end of period | $51.91 | $45.59 | $48.74 | $49.20 | $47.44 | $38.65 |
| **Total return (c)** | 13.86% | (4.00)% | 2.32% | 7.10% | 25.38% | 6.73% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.42 %(e) | 0.44% | 0.52% | 0.50% | 0.78% | 0.90% |
| Net expenses (d) | 0.42 %(e) | 0.44% | 0.52% | 0.50% | 0.49% | 0.49% |
| Net expenses excluding interest and taxes (d) | 0.40 %(e) | 0.42% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net investment income | 3.06 %(e) | 2.59% | 3.11% | 3.36% | 2.63% | 2.59% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $158 | $125 | $124 | $143 | $97 | $52 |
| Portfolio turnover rate (f) | 6% | 54% | 26% | 37% | 26% | 26% |

---

(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) 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oil Refiners ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.62 | $34.31 | $31.19 | $27.14 | $25.01 | $29.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.56 | 1.28 | 1.19 | 1.07 | 0.66 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.58 | (6.43) | 3.18 | 3.94 | 2.12 | (3.92) |
| Total from investment operations | 5.14 | (5.15) | 4.37 | 5.01 | 2.78 | (3.34) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.54) | (1.25) | (0.96) | (0.65) | (0.64) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.02) |
| Total distributions |  | (1.54) | (1.25) | (0.96) | (0.65) | (0.66) |
| Net asset value, end of period | $32.76 | $27.62 | $34.31 | $31.19 | $27.14 | $25.01 |
| **Total return (b)** | 18.62% | (14.97)% | 14.00% | 18.50% | 11.10% | (11.50)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.99 %(c) | 0.85% | 0.85% | 0.78% | 1.02% | 1.29% |
| Net expenses | 0.62 %(c) | 0.62% | 0.62% | 0.61% | 0.59% | 0.59% |
| Net expenses excluding interest and taxes | 0.59 %(c) | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 3.91 %(c) | 3.64% | 3.68% | 3.54% | 2.32% | 2.56% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $26 | $25 | $34 | $39 | $20 | $18 |
| Portfolio turnover rate (d) | 15% | 23% | 19% | 40% | 18% | 37% |

---

(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) Annualized

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** | **Oil Services ETF(a)** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $271.29 | $309.61 | $304.03 | $184.74 | $153.90 | $265.47 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 2.72 | 4.47 | 3.65 | 2.14 | 2.41 | 2.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (43.73) | (37.35) | 6.15 | 120.04 | 30.24 (c) | (111.94) |
| Total from investment operations | (41.01) | (32.88) | 9.80 | 122.18 | 32.65 | (109.68) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (5.44) | (4.22) | (2.89) | (1.81) | (1.89) |
| Net asset value, end of period | $230.28 | $271.29 | $309.61 | $304.03 | $184.74 | $153.90 |
| **Total return (d)** | (15.12)% | (10.57)% | 3.21% | 66.14% | 21.18% | (41.31)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (e) | 0.35 %(f) | 0.35% | 0.35% | 0.35% | 0.36% | 0.40% |
| Net expenses (e) | 0.35 %(f) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 2.17 %(f) | 1.48% | 1.18% | 0.83% | 1.21% | 1.68% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $933 | $1506 | $2167 | $2584 | $2143 | $723 |
| Portfolio turnover rate (g) | 9% | 17% | 17% | 17% | 28% | 33% |

---

(a) On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data prior to
 this date has been adjusted to reflect the reverse share split.

(b) Calculated based upon average shares outstanding

(c) 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.

(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) Periods after December 31, 2021 reflect a unitary management fee structure.

(f) Annualized

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Rare Earth and Strategic Metals ETF(a)** | **Rare Earth and Strategic Metals ETF(a)** | **Rare Earth and Strategic Metals ETF(a)** | **Rare Earth and Strategic Metals ETF(a)** | **Rare Earth and Strategic Metals ETF(a)** | **Rare Earth and Strategic Metals ETF(a)** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $39.04 | $61.80 | $76.28 | $111.72 | $65.41 | $40.41 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.32 | 0.63 | 1.02 | 0.68 | 0.08 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.30 | (22.39) | (15.50) | (34.93) | 52.12 | 24.95 |
| Total from investment operations | 1.62 | (21.76) | (14.48) | (34.25) | 52.20 | 25.53 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.00) |  | (1.19) | (5.89) | (0.53) |
| Net asset value, end of period | $40.66 | $39.04 | $61.80 | $76.28 | $111.72 | $65.41 |
| **Total return (c)** | 4.16% | (35.27)% | (18.98)% | (30.68)% | 80.09% | 63.22% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.59 %(d) | 0.58% | 0.56% | 0.54% | 0.53% | 0.63% |
| Net expenses | 0.59 %(d) | 0.58% | 0.56% | 0.54% | 0.53% | 0.59% |
| Net expenses excluding interest and taxes | 0.56 %(d) | 0.56% | 0.55% | 0.54% | 0.53% | 0.57% |
| Net investment income | 1.62 %(d) | 1.34% | 1.34% | 0.70% | 0.08% | 1.44% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $308 | $220 | $409 | $631 | $1014 | $322 |
| Portfolio turnover rate (e) | 27% | 34% | 41% | 40% | 74% | 70% |

---

(a) On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data prior to
 this date has been adjusted to reflect the reverse share split.

(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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Steel ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $58.50 | $73.79 | $57.80 | $53.25 | $44.57 | $37.74 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.83 | 1.76 | 2.09 | 2.71 | 3.19 | 0.71 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.93 | (14.97) | 15.97 | 4.72 | 9.25 | 6.95 |
| Total from investment operations | 7.76 | (13.21) | 18.06 | 7.43 | 12.44 | 7.66 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (2.08) | (2.07) | (2.87) | (3.76) | (0.77) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  | (0.06) |
| Total distributions |  | (2.08) | (2.07) | (2.88) | (3.76) | (0.83) |
| Net asset value, end of period | $66.26 | $58.50 | $73.79 | $57.80 | $53.25 | $44.57 |
| **Total return (b)** | 13.26% | (17.94)% | 31.23% | 13.88% | 27.91% | 20.57% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.66 %(c) | 0.60% | 0.57% | 0.58% | 0.56% | 0.95% |
| Net expenses | 0.56 %(c) | 0.56% | 0.56% | 0.56% | 0.55% | 0.56% |
| Net expenses excluding interest and taxes | 0.55 %(c) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 2.72 %(c) | 2.57% | 3.22% | 4.72% | 5.48% | 2.31% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $71 | $75 | $140 | $100 | $112 | $77 |
| Portfolio turnover rate (d) | 17% | 14% | 22% | 20% | 25% | 34% |

---

(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) Annualized

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Uranium and Nuclear ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $81.27 | $71.49 | $54.94 | $54.90 | $49.35 | $48.71 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.88 | 0.87 | 1.19 | 0.86 | 1.44 | 0.89 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 28.48 | 9.52 | 18.62 | 0.29 | 5.20 | 0.85 |
| Total from investment operations | 29.36 | 10.39 | 19.81 | 1.15 | 6.64 | 1.74 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.61) | (3.26) | (1.11) | (1.09) | (1.10) |
| Net asset value, end of period | $110.63 | $81.27 | $71.49 | $54.94 | $54.90 | $49.35 |
| **Total return (b)** | 36.14% | 14.52% | 36.02% | 2.10% | 13.48% | 3.59% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.53 %(c) | 0.56% | 0.64% | 0.67% | 0.89% | 1.25% |
| Net expenses | 0.53 %(c) | 0.56% | 0.61% | 0.61% | 0.60% | 0.60% |
| Net expenses excluding interest and taxes | 0.52 %(c) | 0.55% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net investment income | 2.04 %(c) | 1.04% | 1.88% | 1.56% | 2.70% | 1.97% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $1703 | $749 | $132 | $54 | $35 | $18 |
| Portfolio turnover rate (d) | 30% | 36% | 41% | 53% | 25% | 25% |

---

(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) Annualized

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Agribusiness ETF | Non-Diversified |
| CMCI Commodity Strategy ETF | Non-Diversified |
| Gold Miners ETF | Non-Diversified |
| Green Metals 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 |

---

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 |
| Agribusiness ETF | MVIS<sup>®</sup> Global Agribusiness Index |
| CMCI Commodity Strategy ETF | UBS Constant Maturity Commodity Total Return Index |
| Gold Miners ETF | NYSE<sup>®</sup> Arca<sup>®</sup> Gold Miners Index<sup>®</sup> |
| Green Metals ETF | MVIS<sup>®</sup> Global Clean-Tech Metals 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<sup>TM</sup> 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 | NYSE<sup>®</sup> Arca<sup>®</sup> Steel Index |
| Uranium and Nuclear ETF | MVIS<sup>®</sup> Global Uranium & Nuclear Energy Index |

---

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.

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 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 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 ("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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 June 30, 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 zero, 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 Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

&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 "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. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated
 in consolidation.

**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 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 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.

**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 and 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.

**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 June 30, 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.

**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 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 CMCI Commodity Strategy ETF invests in 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 total return swap transactions may contain provisions for early termination of a total return 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 total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap positions held by the CMCI Commodity Strategy ETF at June 30, 2025 are reflected in the Fund's Consolidated Schedule of Investments.

During the six months ended June 30, 2025, the CMCI Commodity Strategy ETF held total return swap contracts for six months with an average monthly notional amount of $2,531,500.

At June 30, 2025, the CMCI Commodity Strategy ETF held the following derivatives:

---

| | |
|:---|:---|
|  | **Asset Derivatives** |
|  | **Commodities<br> Futures Risk** |
| **CMCI Commodity Strategy ETF** |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $5217 |

---

<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 six months ended June 30, 2025, was as follows:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | **Commodities<br> Futures Risk** |
| **CMCI Commodity Strategy ETF** |  |
| Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $35040 |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (14503) |

---

<sup>1</sup> Consolidated Statement of Operations location: Net realized gain (loss) on swap contracts <br> <sup>2</sup> Consolidated Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

---

| | |
|:---|:---|
| **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 pledge and receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present derivatives and 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 June 30, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. |
|  | 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 June 30, 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. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts**<br> **of Recognized**<br> **Assets/(Liabilities)** | **Gross Amounts Offset**<br> **in the Statement of**<br> **Assets and Liabilities** | **Net Amounts of**<br> **Assets/(Liabilities)**<br> **Presented in the**<br> **Statements of Assets**<br> **and Liabilities** | **Financial**<br> **Instruments and**<br> **Cash Collateral**<br> **Pledged** | **Net Amount** |
| **CMCI Commodity Strategy ETF** |  |  |  |  |  |
| Total return swap contracts | $5217 | $— | $5217 | $— | $5217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Segment Reporting—** The Adviser acts as the Funds' chief operating decision maker
 (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund as 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 Fund's financial statements.

**J.** **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. Interest income,
 including amortization of premiums and discounts, is accrued as earned. 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 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 Adviser has agreed, until at least May 1, 2026, to waive fees and/or assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the six months ended June 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Management<br> Fees** | **Expense<br> Limitations** |
| Agribusiness ETF | 0.50% | 0.56% |
| CMCI Commodity Strategy ETF | 0.65 | 0.65 |
| Gold Miners ETF | 0.50 | 0.53 |
| 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 |

---

Refer to the Statements of Operations for amounts assumed by the Adviser for the six months ended June 30, 2025.

The Green Metals ETF and effective January 1, 2022, the Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2026.

The unitary management fee rates for the six months ended June 30, 2025, are as follows:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Unitary<br> Management<br> Fee Rate** |
| Green Metals ETF | 0.59% |
| Natural Resources ETF | 0.40 |
| Oil Services ETF | 0.35 |

---

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 June 30, 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 a designated portfolio of securities ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 six months ended June 30, 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) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Agribusiness ETF | $59443000 | $49975799 | $31504218 | $29256239 |
| Gold Miners ETF | 856025846 | 785293376 | 512303275 | 3865143933 |
| Green Metals ETF | 2158256 | 1999520 |  | 954561 |
| Junior Gold Miners ETF | 697725062 | 695363780 | 27034129 | 1272794681 |
| Low Carbon Energy ETF | 14050955 | 13594656 |  | 14559344 |
| Natural Resources ETF | 11388138 | 9048672 | 14119773 |  |
| Oil Refiners ETF | 3762989 | 3684836 | 1234099 | 3732839 |
| Oil Services ETF | 121081452 | 109520929 | 1624174670 | 2019285298 |
| Rare Earth and Strategic Metals ETF | 89538817 | 66955393 | 77398911 | 20676712 |
| Steel ETF | 14539002 | 12371035 | 8009381 | 21567954 |
| Uranium and Nuclear ETF | 365264312 | 338872305 | 660613451 | 74816082 |

---

**Note 6—Income Taxes—**As of June 30, 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)** |
| Agribusiness ETF | $848077593 | $37048656 | $(207077688) | $(170029032) |
| CMCI Commodity Strategy ETF | 2583510 | 17 | (103864) | (103847) |
| Gold Miners ETF | 10203807253 | 5456793264 | (124555506) | 5332237758 |
| Green Metals ETF | 21964127 | 1908744 | (4719457) | (2810713) |
| Junior Gold Miners ETF | 3889085070 | 1987491380 | (330007088) | 1657484292 |
| Low Carbon Energy ETF | 159193363 | 17062457 | (50220399) | (33157942) |
| Natural Resources ETF | 160515981 | 20672954 | (12582440) | 8090514 |
| Oil Refiners ETF | 27975547 | 2298267 | (4062514) | (1764247) |
| Oil Services ETF | 1510138910 | 4576324 | (580672594) | (576096270) |
| Rare Earth and Strategic Metals ETF | 444991322 | 27288754 | (141844139) | (114555385) |
| Steel ETF | 91481414 | 3477764 | (20753210) | (17275446) |
| Uranium and Nuclear ETF | 1581768826 | 289263589 | (29740710) | 259522879 |

---

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

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 six months ended June 30, 2025, the Funds did not incur any interest or penalties.

**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, such as the recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

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, 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, 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 zero as of June 30, 2025.

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 a Trustee can elect to defer receipt of 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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as "Deferred Trustee fees" in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Green Metals ETF commenced operations with a unitary management fee and therefore bears no costs or liabilities relative to the Plan.

**Note 9—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Agribusiness ETF | $70067541 | $31216997 | $41137060 | $72354057 |
| Gold Miners ETF | 798701639 | 62629788 | 738588277 | 801218065 |
| Green Metals ETF | 1666223 | 91558 | 1680231 | 1771789 |
| Junior Gold Miners ETF | 404165873 | 65479043 | 345107398 | 410586441 |
| Low Carbon Energy ETF | 25346670 | 6739865 | 19423496 | 26163361 |
| Natural Resources ETF | 33544997 | 10254286 | 24327399 | 34581685 |
| Oil Refiners ETF | 537544 | 25488 | 527496 | 552984 |
| Oil Services ETF | 118394387 | 1394948 | 120088703 | 121483651 |
| Rare Earth and Strategic Metals ETF | 70918332 | 23096853 | 51815198 | 74912051 |
| Steel ETF | 11061063 | 3071732 | 8189998 | 11261730 |
| Uranium and Nuclear ETF | 346336619 | 140138935 | 209792189 | 349931124 |

---

------

The following table represents money market fund investments held as collateral by type of security on loan as of June 30, 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** |
| Agribusiness ETF | $31216997 |
| Gold Miners ETF | 62629788 |
| Green Metals ETF | 91558 |
| Junior Gold Miners ETF | 65479043 |
| Low Carbon Energy ETF | 6739865 |
| Natural Resources ETF | 10254286 |
| Oil Refiners ETF | 25488 |
| Oil Services ETF | 1394948 |
| Rare Earth and Strategic Metals ETF | 23096853 |
| Steel ETF | 3071732 |
| Uranium and Nuclear ETF | 140138935 |

---

\* 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 six months ended June 30, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Agribusiness ETF | 138 | $808544 | 5.68% |
| Gold Miners ETF | 18 | 5187062 | 5.68 |
| Green Metals ETF | 95 | 131670 | 5.68 |
| Junior Gold Miners ETF | 92 | 7694217 | 5.68 |
| Low Carbon Energy ETF | 148 | 465256 | 5.68 |
| Natural Resources ETF | 174 | 460789 | 5.68 |
| Oil Refiners ETF | 133 | 145365 | 5.68 |
| Oil Services ETF | 68 | 1096844 | 5.68 |
| Rare Earth and Strategic Metals ETF | 133 | 1676807 | 5.68 |
| Steel ETF | 41 | 552342 | 5.68 |
| Uranium and Nuclear ETF | 95 | 2410847 | 5.68 |

---

Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—Share Split—**In 2020, the Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF and a 1 for 3 reverse share split for Rare Earth and Strategic Metals ETF. On April 15, 2020, shares began trading on a split-adjusted basis. The Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.

**Note 12 - New Accounting Pronouncements and Regulatory Requirements—**In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

------

**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 ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the "Renewal Meeting"), the Board of Trustees (the "Board") of VanEck® ETF Trust (the "Trust," and the series thereof listed below, the "Funds"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation ("VEAC") (the "VEAC Investment Management Agreements") with respect to the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Bond ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, International High Yield Bond ETF, Israel ETF, J.P. Morgan EM Local Currency Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Preferred Securities ex Financials ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation ("VEARA," and together with VEAC, the "Advisers") (the "VEARA Investment Management Agreements") with respect to the VanEck BDC Income ETF and CMCI Commodity Strategy ETF and (iii) the sub-advisory agreements between VEAC and PineBridge Investments LLC (the "Sub-Adviser") (the "Existing Sub-Advisory Agreements") with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the "CLO ETFs"). In addition, at the Renewal Meeting, the Trustees also approved new sub-advisory agreements between VEAC and the Sub-Adviser (the "New Sub-Advisory Agreements," and collectively with the Existing Sub-Advisory Agreements, the "Sub-Advisory Agreements") to take effect upon the expected acquisition of the Sub-Adviser by a third party (the "Acquisition"), which could be deemed to be a "change in control" of the Sub-Adviser and thus would result in an "assignment" (as defined under the Investment Company Act of 1940, as amended) and automatic termination of the Existing Sub-Advisory Agreements. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreements are collectively referred to as the "Agreements."

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds' peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the CLO ETFs) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers' relationships with the Funds and the Sub-Adviser's relationship with the CLO ETFs. In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except the CLO ETFs, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund's performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the "Russia ETFs") is in the process of being liquidated and no longer seeks to track an index. The Trustees also considered the fact that the VanEck AA-BB CLO ETF had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund's performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds, except for the CLO ETFs. The Trustees also considered VEAC's efforts to address regulatory and operational challenges in managing the Russia ETFs during the Russia ETFs' process of liquidating their assets and winding up their business.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

The Independent Trustees' consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the Advisers at the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers and the Sub-Adviser (with respect to the CLO ETFs), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers and the Sub-Adviser (with respect to the CLO ETFs) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Digital India ETF, Green Metals ETF, International High Yield Bond ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Services ETF and Preferred Securities ex Financials ETF (the "Unitary Funds"), the Advisers' agreement to pay all of the direct expenses of each Unitary Fund (excluding the fee payment under the applicable VEAC Investment Management Agreement or VEARA Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the "Non-Unitary Funds"), the Advisers' commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC's undertaking to waive all of the Russia ETFs' management fees while the Russia ETFs are in the process of liquidation. With respect to the Sub-Advisory Agreements, the Trustees noted the Sub-Adviser's experience and investment management process with respect to investments in collateralized loan obligation ("CLO") securities and the Sub-Adviser's experience serving as the investment adviser to other registered investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be retained by VEAC under each Sub-Advisory Agreement. The Trustees further considered the Sub-Adviser's representation that the Acquisition was not expected to result in changes to how the Sub-Adviser conducts its business and its management of the CLO ETFs, as well as the fact that the New Sub-Advisory Agreements are materially identical to the Existing Sub-Advisory Agreements.

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds' portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund's performance to that of certain other registered funds, but relied principally on a comparison of the "gross" performance of each Fund except for the CLO ETFs (*i.e.*, measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund's allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

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

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds' management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver, including, with respect to the Russia ETFs, VEAC's waiver of all management fees payable by each of the Russia ETFs since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Low Carbon Energy ETF, Office and Commercial REIT

------

ETF, Oil Services ETF and Rare Earth and Strategic Metals ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Africa Index ETF had management fees (after the effect of the fee waiver) above the average and below the median of its peer group of funds, each of the VanEck AA-BB CLO ETF, Agribusiness ETF, BDC Income ETF, CLO ETF, Gold Miners ETF, Green Metals ETF, International High Yield Bond ETF and Junior Gold Miners ETF had management fees above the average and median of its respective peer group of funds, the VanEck Vietnam ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Uranium and Nuclear ETF had management fees below the average and above the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, BDC Income ETF, China Bond ETF, CLO ETF, CMCI Commodity Strategy ETF, Gold Miners ETF, International High Yield Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Russia Small-Cap ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, each of the VanEck ChiNext ETF, Indonesia Index ETF and Russia ETF had a total expense ratio (after the effect of the expense limitation) above the average and below the median of its respective peer group of funds, and each of the VanEck Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds' management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees noted that the Russia ETFs are bearing legal expenses in connection with their liquidations, which are considered extraordinary expenses for purposes of the Russia ETFs' expense limitations. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Advisers and Sub-Adviser (with respect to the CLO ETFs) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund's asset size, expense ratio and expense limitation, as applicable, and noted that the VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for each of the CLO ETFs are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Agreements.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

![](x1_c113435x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

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| | |
|:---|:---|
| AA-BB CLO ETF | CLOB |
| Africa Index ETF | AFK |
| Brazil Small-Cap ETF | BRF |
| ChiNext ETF | CNXT |
| CLO ETF | CLOI |
| Digital India ETF | DGIN |
| India Growth Leaders ETF | GLIN |
| Indonesia Index ETF | IDX |
| Israel ETF | ISRA |
| Office and Commercial REIT ETF | DESK |
| Vietnam ETF | VNM |

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<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

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| | |
|:---|:---|
| [Schedules of Investments](#xx1xc113435b001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AA-BB CLO ETF](#xx1xc113435b002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#xx1xc113435b003xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#xx1xc113435b004xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#xx1xc113435b005xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CLO ETF](#xx1xc113435b006xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#xx1xc113435b007xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#xx1xc113435b008xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#xx1xc113435b009xm4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#xx1xc113435b010xm4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Office and Commercial REIT ETF](#xx1xc113435b011xm4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#xx1xc113435b012xm4) | 32 |
| [Statements of Assets and Liabilities](#xx1xc113435b013xm4) | 34 |
| [Statements of Operations](#xx1xc113435b014xm4) | 37 |
| [Statements of Changes in Net Assets](#xx1xc113435b015xm4) | 40 |
| [FInancial Highlights](#xx1xc113435b016xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AA-BB CLO ETF](#xx1xc113435b017xm4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Africa Index ETF](#xx1xc113435b018xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Brazil Small-Cap ETF](#xx1xc113435b019xm4) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ChiNext ETF](#xx1xc113435b020xm4) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CLO ETF](#xx1xc113435b021xm4) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital India ETF](#xx1xc113435b022xm4) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[India Growth Leaders ETF](#xx1xc113435b023xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indonesia Index ETF](#xx1xc113435b024xm4) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Israel ETF](#xx1xc113435b025xm4) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Office and Commercial REIT ETF](#xx1xc113435b026xm4) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Vietnam ETF](#xx1xc113435b027xm4) | 56 |
| [Notes to Financial Statements](#xx1xc113435b028xm4) | 57 |
| [Changes In and Disagreements with Accountants](#xx1xc113435b029xm4) | 66 |
| [Proxy Disclosures](#xx1xc113435b030xm4) | 66 |
| [Remuneration Paid to Directors, Officers, and Others](#xx1xc113435b031xm4) | 66 |
| [Approval of Investment Advisory Contracts](#xx1xc113435b032xm4) | 67 |

---

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS: 95.3%** | **COLLATERALIZED LOAN OBLIGATIONS: 95.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-1 Ltd. 144A<br> 10.57% (Term SOFR USD 3 Month+6.30%), 04/18/34  | $3000 | $2941011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-2 Ltd. 144A<br> 6.26% (Term SOFR USD 3 Month+2.00%), 07/16/34  | 2250 | 2253573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-7 Ltd. 144A<br> 10.77% (Term SOFR USD 3 Month+6.50%), 01/22/35  | 3500 | 3410243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-2 Ltd. 144A<br> 1.00% (Term SOFR USD 3 Month+5.00%), 04/22/35  | 1000 | 1003750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-3 Ltd. 144A<br> 7.98% (Term SOFR USD 3 Month+3.70%), 07/17/35  | 2980 | 2997880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXVIII Ltd. 144A<br> 7.42% (Term SOFR USD 3 Month+3.16%), 04/15/34  | 1500 | 1494941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXII Ltd. 144A<br> 10.86% (Term SOFR USD 3 Month+6.60%), 10/15/34  | 3250 | 3196245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXIII Ltd. 144A<br> 11.41% (Term SOFR USD 3 Month+7.09%), 11/20/34  | 3000 | 2991405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXV Ltd. 144A<br> 12.35% (Term SOFR USD 3 Month+8.07%), 10/22/37  | 2500 | 2515588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2019-2 Ltd. 144A<br> 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/34  | 1775 | 1777929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO 2020-1 Ltd. 144A<br> 6.21% (Term SOFR USD 3 Month+1.95%), 07/15/34  | 1500 | 1501737 |
| Capital Four US CLO III Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53% (Term SOFR USD 3 Month+2.20%), 04/21/38 | $5000 | $5031864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2012-4 Ltd. 144A<br> 6.37% (Term SOFR USD 3 Month+2.10%), 04/22/32  | 1650 | 1652193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 72 CLO Ltd. 144A<br> 6.33% (Term SOFR USD 3 Month+2.00%), 05/15/32  | 1000 | 1001259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd. 144A<br> 7.37% (Term SOFR USD 3 Month+3.05%), 08/20/34  | 7000 | 6988015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 12 Ltd. 144A<br> 5.80% (Term SOFR USD 3 Month+1.53%), 07/20/37  | 2000 | 2000678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 8 Ltd. 144A<br> 6.12% (Term SOFR USD 3 Month+1.85%), 10/20/34  | 1000 | 1001881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 74 B Ltd. 144A<br> 6.13% (Term SOFR USD 3 Month+1.85%), 07/25/37  | 1250 | 1253405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halseypoint CLO 7 Ltd. 144A<br> 6.49% (Term SOFR USD 3 Month+2.20%), 07/20/38  | 1000 | 1002500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27 Ltd. 144A<br> 10.51% (Term SOFR USD 3 Month+6.25%), 01/15/35  | 2500 | 2475310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 39 Ltd. 144A<br> 11.26% (Term SOFR USD 3 Month+7.00%), 10/15/34  | 2500 | 2502618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding LVII Ltd. 144A<br> 7.23% (Term SOFR USD 3 Month+2.95%), 07/27/34  | 1500 | 1493835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 38 Ltd. 144A<br> 5.67% (Term SOFR USD 3 Month+1.40%), 10/20/36  | 5000 | 5000614 |
| Neuberger Berman Loan Advisers CLO 42 Ltd. 144A |  |  |

---

See Notes to Financial Statements

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66% (Term SOFR USD 3 Month+1.40%), 07/16/36 | $5000 | $5000140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocean Trails CLO XIV Ltd. 144A<br> 6.27% (Term SOFR USD 3 Month+2.00%), 01/20/38  | 1700 | 1701787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 64 Ltd. 144A<br> 6.02% (Term SOFR USD 3 Month+1.70%), 07/21/37  | 10000 | 10009849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OZLM XXIII Ltd. 144A<br> 6.46% (Term SOFR USD 3 Month+2.20%), 10/15/37  | 1000 | 1005033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2019-2 Ltd. 144A<br> 6.32% (Term SOFR USD 3 Month+2.00%), 08/20/32  | 1000 | 1001273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVI Ltd. 144A<br> 6.47% (Term SOFR USD 3 Month+2.20%), 01/20/38  | 3300 | 3318173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVIII Ltd. 144A<br> 6.22% (Term SOFR USD 3 Month+1.95%), 01/20/35  | 3000 | 2997342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXX Ltd. 144A<br> 7.87% (Term SOFR USD 3 Month+3.60%), 07/20/38  | 2000 | 2007500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 4 Ltd. 144A<br> 7.74% (Term SOFR USD 3 Month+3.46%), 10/26/34  | 2300 | 2230354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXIX Ltd. 144A<br> 8.04% (Term SOFR USD 3 Month+3.76%), 04/25/34  | 3500 | 3510966 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXVI Ltd. 144A<br> 7.88% (Term SOFR USD 3 Month+3.61%), 07/20/34  | $1000 | $980412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXXI Ltd. 144A<br> 7.79% (Term SOFR USD 3 Month+3.51%), 10/25/34  | 2500 | 2405045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XIX Ltd. 144A<br> 7.22% (Term SOFR USD 3 Month+2.95%), 10/20/33  | 2500 | 2504493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebox CLO III Ltd. 144A<br> 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/35  | 2250 | 2253681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2022-1 CLO Ltd. 144A<br> 6.12% (Term SOFR USD 3 Month+1.85%), 07/20/35  | 2500 | 2502385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River 2023-1 CLO Ltd. 144A<br> 6.36% (Term SOFR USD 3 Month+2.05%), 07/25/38  | 1000 | 1004958 |
| **Total Collateralized Loan Obligations**<br> (Cost: $101,874,142) |  | 101921865 |
| **SHORT-TERM INVESTMENT: 3.6%** |  |  |
| **United States Treasury Obligations: 3.6%<br> (Cost: $3,796,032)** |  |  |
| United States Treasury Bills<br> 4.23%, 07/10/25 | 3800000 | 3796023 |
| **Total Investments: 98.9%**<br> (Cost: $105,670,174) |  | 105717888 |
| **Other assets less liabilities: 1.1%** |  | 1202359 |
| **NET ASSETS: 100.0%** |  | $106920247 |

---

**Definitions:**

SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| 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 $101,921,865, or 95.3% of net assets. |

---

See Notes to Financial Statements

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $101921865 | $— | $101921865 |
| United States Treasury Obligations |  | 3796023 |  | 3796023 |
| **Total Investments** | $— | $105717888 | $— | $105717888 |

---

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 5.3%** |  |  |
| AVZ Minerals Ltd. \* †∞ | 1399901 | $40367 |
| Paladin Energy Ltd. \* † | 287651 | 1527028 |
| Perseus Mining Ltd. | 508662 | 1150352 |
|  |  | 2717747 |
| **Burkina Faso: 2.4%** |  |  |
| IAMGOLD Corp. (USD) \* | 172314 | 1266508 |
| **Canada: 7.3%** |  |  |
| B2Gold Corp. (USD) | 61144 | 220730 |
| Barrick Mining Corp. (USD) | 90414 | 1882419 |
| Ivanhoe Mines Ltd. \* † | 222081 | 1664997 |
|  |  | 3768146 |
| **Egypt: 2.6%** |  |  |
| Commercial International Bank - Egypt (USD) (GDR) | 787261 | 1322377 |
| **India: 2.8%** |  |  |
| MakeMyTrip Ltd. (USD) \* † | 14778 | 1448540 |
| **Indonesia: 0.4%** |  |  |
| Golden Agri-Resources Ltd. (SGD) | 1086500 | 213265 |
| **Kenya: 5.1%** |  |  |
| Equity Group Holdings PLC | 2753361 | 1041697 |
| Safaricom PLC | 8400157 | 1620325 |
|  |  | 2662022 |
| **Morocco: 14.8%** |  |  |
| Attijariwafa Bank | 34195 | 2578851 |
| Bank of Africa | 32011 | 994059 |
| Banque Centrale Populaire | 67861 | 2182595 |
| Co. Sucrerie Marocaine et de Raffinage | 20024 | 521883 |
| Societe d'Exploitation des Ports | 15554 | 1397275 |
|  |  | 7674663 |
| **Nigeria: 6.6%** |  |  |
| Guaranty Trust Holding Co. PLC | 35792220 | 1897105 |
| Zenith Bank PLC | 40746112 | 1512272 |
|  |  | 3409377 |
| **Norway: 0.2%** |  |  |
| Scatec ASA 144A \* | 8444 | 77700 |
| **South Africa: 33.6%** |  |  |
| Absa Group Ltd. | 55129 | 546637 |
| African Rainbow Minerals Ltd. | 7373 | 71695 |
| Anglo American PLC (GBP) | 61930 | 1822506 |
| Aspen Pharmacare Holdings Ltd. | 18970 | 127550 |
| AVI Ltd. | 15902 | 84229 |
| Bid Corp. Ltd. | 15993 | 420657 |
| Bidvest Group Ltd. | 10849 | 142559 |
| Capitec Bank Holdings Ltd. | 5429 | 1081383 |
| Clicks Group Ltd. | 11583 | 241812 |
| Discovery Ltd. | 32264 | 390726 |
| Exxaro Resources Ltd. | 8414 | 69566 |
| FirstRand Ltd. | 337817 | 1438628 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **South Africa (continued)** |  |  |
| Gold Fields Ltd. (ADR) | 50096 | $1185772 |
| Growthpoint Properties Ltd. | 133689 | 100690 |
| Harmony Gold Mining Co. Ltd. (ADR) † | 27883 | 389526 |
| Impala Platinum Holdings Ltd. \* | 45493 | 407213 |
| Investec PLC (GBP) | 28340 | 211655 |
| Kumba Iron Ore Ltd. | 3879 | 62217 |
| Life Healthcare Group Holdings Ltd. | 84209 | 67666 |
| Momentum Group Ltd. | 60967 | 117637 |
| Mr Price Group Ltd. | 12516 | 156315 |
| MTN Group Ltd. | 90780 | 719885 |
| Naspers Ltd. | 9786 | 3041766 |
| Nedbank Group Ltd. | 26958 | 368693 |
| Northam Platinum Holdings Ltd. † | 20127 | 217123 |
| Old Mutual Ltd. | 197006 | 133804 |
| OUTsurance Group Ltd. | 42729 | 188336 |
| Pepkor Holdings Ltd. 144A | 133451 | 204664 |
| Remgro Ltd. | 24372 | 217287 |
| Sanlam Ltd. | 93000 | 464025 |
| Sasol Ltd. (ADR) \* † | 28207 | 124675 |
| Shoprite Holdings Ltd. | 27233 | 424403 |
| Sibanye Stillwater Ltd. (ADR) \* | 36600 | 264252 |
| Standard Bank Group Ltd. | 76979 | 984627 |
| Thungela Resources Ltd. | 8262 | 39416 |
| Tiger Brands Ltd. † | 7098 | 127364 |
| Valterra Platinum Ltd. | 13345 | 591956 |
| Woolworths Holdings Ltd. | 41329 | 120374 |
|  |  | 17369289 |
| **Tanzania: 1.5%** |  |  |
| Helios Towers PLC (GBP) \* | 471131 | 785067 |
| **United Arab Emirates: 2.2%** |  |  |
| Itissalat Al-Maghrib (MAD) | 93150 | 1149437 |
| **United Kingdom: 9.5%** |  |  |
| Airtel Africa PLC 144A | 866774 | 2142915 |
| Anglogold Ashanti PLC (USD) | 27461 | 1251398 |
| Endeavour Mining PLC | 43564 | 1335998 |
| Vodacom Group Ltd. (ZAR) | 25027 | 192513 |
|  |  | 4922824 |
| **United States: 2.9%** |  |  |
| Kosmos Energy Ltd. \* † | 591370 | 1017158 |
| Royal Caribbean Cruises Ltd. | 1622 | 507913 |
|  |  | 1525071 |
| **Zambia: 2.8%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 80939 | 1434895 |
| **Zimbabwe: 0.0%** |  |  |
| Delta Corp. Ltd. | 15980 | 7858 |
| Ecocash Holdings Zimbabwe Ltd. \* | 32900 | 152 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Zimbabwe (continued)** |  |  |
| Econet Wireless Zimbabwe Ltd. | 2231 | $323 |
|  |  | 8333 |
| **Total Common Stocks**<br> (Cost: $39,985,117) |  | 51755261 |
| **RIGHTS: 0.0%**<br> (Cost: $0) |  |  |
| **Morocco: 0.0%** |  |  |
| Bank of Africa, MAD 190.00, exp. 10/13/25\* | 21 | 9 |
| **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $39,985,117) | **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $39,985,117) | 51755270 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.8%** |  |
| **Money Market Fund: 0.8%**<br>(Cost: $417,955) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 417955 | 417955 |
| **Total Investments: 100.8%**<br> (Cost: $40,403,072) |  | 52173225 |
| **Liabilities in excess of other assets: (0.8)%** |  | (421491) |
| **NET ASSETS: 100.0%** |  | $51751734 |

---

------

**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:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $4,878,152. |
| ¥ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| \* | 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 $2,425,279, or 4.7% of net assets. |

---

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $2677380 | $40367 | $2717747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso | 1266508 |  |  | 1266508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3768146 |  |  | 3768146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt |  | 1322377 |  | 1322377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1448540 |  |  | 1448540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 213265 |  |  | 213265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenya | 1041697 | 1620325 |  | 2662022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco | 7674663 |  |  | 7674663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria | 1512272 | 1897105 |  | 3409377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 77700 |  | 77700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 5553895 | 11815394 |  | 17369289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania |  | 785067 |  | 785067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 1149437 |  | 1149437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 1443911 | 3478913 |  | 4922824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1525071 |  |  | 1525071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 1434895 |  |  | 1434895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimbabwe | 8333 |  |  | 8333 |
| Rights \* | 9 |  |  | 9 |
| Money Market Fund | 417955 |  |  | 417955 |
| **Total Investments** | $27309160 | $24823698 | $40367 | $52173225 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 88.7%** |  |  |
| **Automobiles & Components: 1.4%** |  |  |
| Iochpe Maxion SA | 60402 | $148418 |
| Mahle Metal Leve SA | 23300 | 129556 |
|  |  | 277974 |
| **Banks: 3.0%** |  |  |
| Inter & Co., Inc. | 80889 | 601005 |
| **Capital Goods: 1.5%** |  |  |
| Armac Locacao Logistica E Servicos SA | 44300 | 27723 |
| Kepler Weber SA | 61850 | 92665 |
| Mills Locacao Servicos e Logistica SA | 41450 | 84302 |
| Tupy SA \* | 26200 | 87862 |
|  |  | 292552 |
| **Commercial & Professional Services: 2.0%** |  |  |
| Orizon Valorizacao de Residuos SA \* | 30200 | 299437 |
| Valid Solucoes SA \* | 21300 | 100402 |
|  |  | 399839 |
| **Consumer Discretionary Distribution & Retail: 3.7%** |  |  |
| C&A Modas SA | 72750 | 263250 |
| Grupo SBF SA | 43150 | 96893 |
| Magazine Luiza SA | 152600 | 276658 |
| Pet Center Comercio e Participacoes SA | 134250 | 96615 |
|  |  | 733416 |
| **Consumer Durables & Apparel: 15.7%** |  |  |
| Azzas 2154 SA | 74125 | 586659 |
| Construtora Tenda SA | 41600 | 186825 |
| Cury Construtora e Incorporadora SA | 68900 | 374359 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 139650 | 671891 |
| Direcional Engenharia SA | 52050 | 391062 |
| Ez Tec Empreendimentos e Participacoes SA | 71702 | 183706 |
| Grendene SA | 62100 | 62865 |
| Guararapes Confeccoes SA \* | 41750 | 65701 |
| MRV Engenharia e Participacoes SA \* | 135550 | 158925 |
| Plano & Plano Desenvolvimento Imobiliario SA | 30050 | 86835 |
| Vivara Participacoes SA | 55750 | 277359 |
| Vulcabras SA | 27050 | 105002 |
|  |  | 3151189 |
| **Consumer Services: 5.9%** |  |  |
| Afya Ltd. | 7328 | 130878 |
| Arcos Dorados Holdings, Inc. † | 41105 | 324319 |
| Cogna Educacao SA | 756400 | 391210 |
| Cruzeiro do Sul Educacional SA | 30450 | 28919 |
| YDUQS Participacoes SA | 97050 | 294556 |
| Zamp SA \* | 34015 | 21349 |
|  |  | 1191231 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Consumer Staples Distribution & Retail: 0.6%** | **Consumer Staples Distribution & Retail: 0.6%** |  |  |
| Dimed SA Distribuidora da Medicamentos \* | 47300 | $| 82706 |
| Empreendimentos Pague Menos SA \* | 42872 |  | 27224 |
|  |  |  | 109930 |
| **Energy: 10.7%** |  |  |  |
| Brava Energia \* | 184809 |  | 591868 |
| Excelerate Energy, Inc. | 7078 |  | 207527 |
| Karoon Energy Ltd. | 251788 |  | 317741 |
| Modec, Inc. | 19800 |  | 848686 |
| Petroreconcavo SA | 67800 |  | 178825 |
|  |  |  | 2144647 |
| **Financial Services: 0.6%** |  |  |  |
| Vinci Partners Investments Ltd. | 12917 |  | 124907 |
| **Food, Beverage & Tobacco: 9.9%** |  |  |  |
| Adecoagro SA † | 13762 |  | 125785 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 25200 |  | 91837 |
| Camil Alimentos SA | 51650 |  | 48673 |
| Jalles Machado SA | 80617 |  | 57127 |
| M Dias Branco SA | 61700 |  | 272552 |
| Marfrig Global Foods SA | 118063 |  | 497624 |
| Minerva SA \* | 232600 |  | 209777 |
| Sao Martinho SA | 70300 |  | 227342 |
| SLC Agricola SA | 87150 |  | 286645 |
| Tres Tentos Agroindustrial SA | 61200 |  | 170203 |
|  |  |  | 1987565 |
| **Health Care Equipment & Services: 3.3%** | **Health Care Equipment & Services: 3.3%** |  |  |
| Fleury SA | 134437 |  | 322168 |
| Hospital Mater Dei SA | 31700 |  | 27481 |
| Odontoprev SA | 112640 |  | 242981 |
| Oncoclinicas do Brasil Servicos Medicos SA \* | 80050 |  | 75584 |
|  |  |  | 668214 |
| **Insurance: 1.1%** |  |  |  |
| IRB-Brasil Resseguros SA \* | 26973 |  | 224597 |
| **Materials: 4.6%** |  |  |  |
| Cia Brasileira de Aluminio \* | 99200 |  | 87823 |
| Dexco SA | 173400 |  | 180961 |
| ERO Copper Corp. \* † | 33601 |  | 566177 |
| Irani Papel e Embalagem SA | 58900 |  | 78814 |
|  |  |  | 913775 |
| **Media & Entertainment: 0.9%** |  |  |  |
| VTEX \* | 25957 |  | 171316 |
| **Mining: 0.0%** |  |  |  |
| ESG Minerals Ltd. | 26308 |  | 693 |
| **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 \* | 15850 |  | 40230 |
| **Real Estate Management & Development: 3.0%** | **Real Estate Management & Development: 3.0%** |  |  |
| Iguatemi SA | 93050 |  | 397164 |
| JHSF Participacoes SA | 160750 |  | 157699 |
| LOG Commercial Properties e Participacoes SA | 13400 |  | 51670 |
|  |  |  | 606533 |

---

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Software & Services: 0.9%** |  |  |
| LWSA SA 144A | 138350 | $100584 |
| Sonda SA | 183658 | 70130 |
|  |  | 170714 |
| **Technology Hardware & Equipment: 1.8%** | **Technology Hardware & Equipment: 1.8%** |  |
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 45050 | 132254 |
| Ituran Location and Control Ltd. | 5867 | 227229 |
|  |  | 359483 |
| **Telecommunication Services: 0.0%** | **Telecommunication Services: 0.0%** |  |
| OI SA \* | 1 | 0 |
| **Transportation: 7.2%** |  |  |
| EcoRodovias Infraestrutura e Logistica SA \* | 164340 | 226557 |
| Hidrovias do Brasil SA \* | 193915 | 128489 |
| Log-in Logistica Intermodal SA \* | 6300 | 30694 |
| Movida Participacoes SA | 64950 | 83801 |
| Santos Brasil Participacoes SA | 208100 | 529720 |
| SIMPAR SA | 150200 | 140438 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA \* | 170000 | 130791 |
| Wilson Sons SA | 54050 | 173598 |
|  |  | 1444088 |
| **Utilities: 10.7%** |  |  |
| Alupar Investimento SA | 109193 | 622027 |
| Auren Energia SA | 160100 | 299685 |
| Cia de Saneamento de Minas Gerais Copasa MG | 93438 | 481026 |
| Cia De Sanena Do Parana \* | 58050 | 406973 |
| Light SA \* | 64100 | 76215 |
| Serena Energia SA \* | 122402 | 263138 |
|  |  | 2149064 |
| **Total Common Stocks**<br> (Cost: $15,103,251) |  | 17762962 |
| **PREFERRED SECURITIES: 11.3%** |  |  |
| **Banks: 3.1%** |  |  |
| Banco ABC Brasil SA\* | 44848 | 184820 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Banks (continued)** |  |  |
| Banco do Estado do Rio Grande do Sul SA | 99600 | $212102 |
| Banco Pan SA\* | 150300 | 223800 |
|  |  | 620722 |
| **Capital Goods: 3.1%** |  |  |
| Marcopolo SA | 335590 | 491671 |
| Randon SA Implementos e Participacoes | 82600 | 135460 |
|  |  | 627131 |
| **Consumer Discretionary Distribution & Retail: 0.7%** |  |  |
| Raizen SA | 454200 | 137938 |
| **Consumer Durables & Apparel: 0.5%** |  |  |
| Alpargatas SA | 55700 | 94831 |
| **Materials: 3.9%** |  |  |
| Bradespar SA | 91550 | 264552 |
| Cia de Ferro Ligas da Bahia FERBASA\* | 67100 | 83981 |
| Unipar Carbocloro SA | 25050 | 268062 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas\* | 228850 | 173540 |
|  |  | 790135 |
| **Total Preferred Securities**<br> (Cost: $2,083,163) |  | 2270757 |
| **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $17,186,414) | **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $17,186,414) | 20033719 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6%** |  |
| **Money Market Fund: 0.6%**<br> (Cost: $121,947) |  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio | 121947 | 121947 |
| **Total Investments: 100.6%**<br> (Cost: $17,308,361) |  | 20155666 |
| **Liabilities in excess of other assets: (0.6)%** |  | (121966) |
| **NET ASSETS: 100.0%** |  | $20033700 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $914,626. |
| 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 $100,584, or 0.5% of net assets. |

---

See Notes to Financial Statements

The summary of inputs used to value the Fund's investments as of June 30, 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 | $277974 | $— | $— | $277974 |
| &nbsp;&nbsp;&nbsp;Banks | 601005 |  |  | 601005 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 292552 |  |  | 292552 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services | 399839 |  |  | 399839 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail | 733416 |  |  | 733416 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel | 3151189 |  |  | 3151189 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 1191231 |  |  | 1191231 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 109930 |  |  | 109930 |
| &nbsp;&nbsp;&nbsp;Energy | 978220 | 1166427 |  | 2144647 |
| &nbsp;&nbsp;&nbsp;Financial Services | 124907 |  |  | 124907 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 1987565 |  |  | 1987565 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 668214 |  |  | 668214 |
| &nbsp;&nbsp;&nbsp;Insurance | 224597 |  |  | 224597 |
| &nbsp;&nbsp;&nbsp;Materials | 913775 |  |  | 913775 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment | 171316 |  |  | 171316 |
| &nbsp;&nbsp;&nbsp;Mining |  | 693 |  | 693 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | 40230 |  |  | 40230 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 606533 |  |  | 606533 |
| &nbsp;&nbsp;&nbsp;Software & Services | 170714 |  |  | 170714 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment | 359483 |  |  | 359483 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 0 |  |  | 0 |
| &nbsp;&nbsp;&nbsp;Transportation | 1444088 |  |  | 1444088 |
| &nbsp;&nbsp;&nbsp;Utilities | 2149064 |  |  | 2149064 |
| Preferred Securities \* | 2270757 |  |  | 2270757 |
| Money Market Fund | 121947 |  |  | 121947 |
| **Total Investments** | $18988546 | $1167120 | $— | $20155666 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Capital Goods: 32.6%** |  |  |
| Beijing Easpring Material Technology Co. Ltd. | 23400 | $143333 |
| CNGR Advanced Material Co. Ltd. | 24300 | 111601 |
| Contemporary Amperex Technology Co. Ltd. | 148900 | 5250794 |
| Dongguan Yiheda Automation Co. Ltd. | 18900 | 60359 |
| Eve Energy Co. Ltd. | 73100 | 467834 |
| Ginlong Technologies Co. Ltd. | 12800 | 102668 |
| Hunan Yuneng New Energy Battery Material Co. Ltd. | 23100 | 100665 |
| JL Mag Rare-Earth Co. Ltd. | 34800 | 115984 |
| Qingdao TGOOD Electric Co. Ltd. \* | 41600 | 139357 |
| Shenzhen Inovance Technology Co. Ltd. | 114800 | 1035384 |
| Siasun Robot & Automation Co. Ltd. \* | 68900 | 165398 |
| Sungrow Power Supply Co. Ltd. | 84680 | 801612 |
| Sunwoda Electronic Co. Ltd. | 78900 | 221223 |
| Wuxi Lead Intelligent Equipment Co. Ltd. | 63800 | 221444 |
|  |  | 8937656 |
| **Commercial & Professional Services: 0.8%** |  |  |
| Beijing Originwater Technology Co. Ltd. | 122500 | 77033 |
| Centre Testing International Group Co. Ltd. | 81300 | 132788 |
|  |  | 209821 |
| **Consumer Durables & Apparel: 0.5%** |  |  |
| DBG Technology Co. Ltd. | 21700 | 76165 |
| Huali Industrial Group Co. Ltd. | 8800 | 64606 |
|  |  | 140771 |
| **Consumer Services: 0.4%** |  |  |
| Songcheng Performance Development Co. Ltd. | 92800 | 110831 |
| **Financial Services: 11.0%** |  |  |
| Beijing Compass Technology Development Co. Ltd. \* | 21065 | 237554 |
| East Money Information Co. Ltd. | 724700 | 2342453 |
| Hithink RoyalFlush Information Network Co. Ltd. | 11800 | 450100 |
|  |  | 3030107 |
| **Food, Beverage & Tobacco: 3.6%** |  |  |
| Gambol Pet Group Co. Ltd. | 4700 | 71786 |
| Jiangsu Lihua Foods Group Co. Ltd. | 17800 | 46707 |
| Wens Foodstuff Group Co. Ltd. | 308500 | 735957 |
| Yihai Kerry Arawana Holdings Co. Ltd. | 32600 | 134446 |
|  |  | 988896 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Health Care Equipment & Services: 8.0%** | **Health Care Equipment & Services: 8.0%** |  |  |
| Aier Eye Hospital Group Co. Ltd. | 252000 | $| 439298 |
| Huaxia Eye Hospital Group Co. Ltd. | 10100 |  | 27044 |
| Intco Medical Technology Co. Ltd. | 24700 |  | 81697 |
| Jafron Biomedical Co. Ltd. | 25000 |  | 75332 |
| Lepu Medical Technology Beijing Co. Ltd. | 71000 |  | 136630 |
| Ovctek China, Inc. | 29700 |  | 63360 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 31800 |  | 998387 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | 19300 |  | 152853 |
| Winner Medical Co. Ltd. | 10600 |  | 60846 |
| Winning Health Technology Group Co. Ltd. | 105300 |  | 155892 |
|  |  |  | 2191339 |
| **Household & Personal Products: 0.6%** |  |  |  |
| By-health Co. Ltd. | 57300 |  | 89965 |
| Yunnan Botanee Bio- Technology Group Co. Ltd. | 10700 |  | 66086 |
|  |  |  | 156051 |
| **Materials: 3.8%** |  |  |  |
| Canmax Technologies Co. Ltd. | 33400 |  | 88881 |
| Hubei Dinglong Co. Ltd. \* | 39600 |  | 158636 |
| Hubei Feilihua Quartz Glass Co. Ltd. | 24600 |  | 175463 |
| Jiangsu Nata Opto-electronic Material Co. Ltd. | 34000 |  | 150343 |
| Shandong Sinocera Functional Material Co. Ltd. | 45300 |  | 109773 |
| Shenzhen Capchem Technology Co. Ltd. | 27800 |  | 136706 |
| Sunresin New Materials Co. Ltd. | 14400 |  | 101125 |
| Weihai Guangwei Composites Co. Ltd. | 30800 |  | 136172 |
|  |  |  | 1057099 |
| **Media & Entertainment: 2.8%** |  |  |  |
| Beijing Enlight Media Co. Ltd. | 81300 |  | 230229 |
| Bluefocus Intelligent Communications Group Co. Ltd. \* | 206000 |  | 188794 |
| Kunlun Tech Co. Ltd. \* | 49500 |  | 232593 |
| Mango Excellent Media Co. Ltd. | 35900 |  | 109422 |
|  |  |  | 761038 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** |
| Betta Pharmaceuticals Co. Ltd. | 14800 |  | 119848 |
| BGI Genomics Co. Ltd. | 14100 |  | 97973 |
| Chongqing Zhifei Biological Products Co. Ltd. | 65700 |  | 179856 |
| CSPC Innovation Pharmaceutical Co. Ltd. | 21400 |  | 154534 |
| Hangzhou Tigermed Consulting Co. Ltd. | 30600 |  | 227907 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences (continued)** |  |
| Imeik Technology Development Co. Ltd. | 7980 | $194821 |
| Pharmaron Beijing Co. Ltd. \* | 54700 | 187552 |
| Shenzhen Kangtai Biological Products Co. Ltd. | 35900 | 76184 |
| Walvax Biotechnology Co. Ltd. | 93800 | 144139 |
| Yili Chuanning Biotechnology Co. Ltd. | 37200 | 62562 |
|  |  | 1445376 |
| **Semiconductors & Semiconductor Equipment: 5.3%** |  |  |
| All Winner Technology Co. Ltd. | 34500 | 191505 |
| Hangzhou Chang Chuan Technology Co. Ltd. | 24300 | 152509 |
| Ingenic Semiconductor Co. Ltd. | 17100 | 165305 |
| Konfoong Materials International Co. Ltd. | 12000 | 124262 |
| SG Micro Corp. | 23270 | 236843 |
| Shenzhen SC New Energy Technology Corp. | 15200 | 115284 |
| Sigmastar Technology Ltd. | 9700 | 81710 |
| Suzhou Maxwell Technologies Co. Ltd. | 8713 | 84667 |
| Wuhan DR Laser Technology Corp. Ltd. | 7800 | 58004 |
| Yangzhou Yangjie Electronic Technology Co. Ltd. | 16700 | 121105 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. | 35600 | 135029 |
|  |  | 1466223 |
| **Software & Services: 6.9%** |  |  |
| Beijing E-Hualu Information Technology Co. Ltd. \* | 27200 | 82690 |
| Beijing Sinnet Technology Co. Ltd. | 81000 | 161770 |
| Beijing Ultrapower Software Co. Ltd. \* | 109100 | 179822 |
| Empyrean Technology Co. Ltd. | 10400 | 179975 |
| Isoftstone Information Technology Group Co. Ltd. | 34100 | 260238 |
| Jiangsu Hoperun Software Co. Ltd. \* | 44300 | 314510 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Software & Services (continued)** |  |  |
| Range Intelligent Computing |  |  |
| Technology Group Co. Ltd. | 28100 | $194212 |
| Sangfor Technologies, Inc. | 13900 | 182868 |
| Thunder Software Technology Co. Ltd. | 20300 | 162207 |
| Wangsu Science & Technology Co. Ltd. | 119100 | 178318 |
|  |  | 1896610 |
| **Technology Hardware & Equipment: 18.3%** |  |  |
| Anker Innovations Technology Co. Ltd. | 12280 | 194942 |
| Chaozhou Three-Circle Group Co. Ltd. | 72800 | 339830 |
| Electric Connector Technology Co. Ltd. | 15600 | 99066 |
| Eoptolink Technology, Inc. Ltd. | 50840 | 906997 |
| Lens Technology Co. Ltd. | 112600 | 351034 |
| Maxscend Microelectronics Co. Ltd. | 19800 | 197505 |
| Ruijie Networks Co. Ltd. | 5700 | 49055 |
| Shanghai Huace Navigation Technology Ltd. | 28700 | 140265 |
| Sharetronic Data Technology Co. Ltd. | 12800 | 154555 |
| Shenzhen Everwin Precision Technology Co. Ltd. | 54600 | 163383 |
| Shenzhen Longsys Electronics Co. Ltd. | 5700 | 69687 |
| Shenzhen Sunway Communication Co. Ltd. \* | 46700 | 146315 |
| Suzhou TFC Optical Communication Co. Ltd. | 25036 | 280808 |
| Victory Giant Technology Huizhou Co. Ltd. | 35400 | 666298 |
| Wuhan Jingce Electronic Group Co. Ltd. \* | 11100 | 93989 |
| Yealink Network Technology Corp. Ltd. | 27300 | 132522 |
| Zhongji Innolight Co. Ltd. | 49900 | 1022394 |
|  |  | 5008645 |
| **Total Common Stocks** <br> (Cost: $25,762,693) |  | 27400463 |
| **Total Investments: 99.9%** <br> (Cost: $25,762,693) |  | 27400463 |
| **Other assets less liabilities: 0.1%** |  | 32615 |
| **NET ASSETS: 100.0%** |  | $27433078 |

---

------

**Footnotes:**

\* Non-income producing

See Notes to Financial Statements

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $— | $27400463 | $— | $27400463 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS: 96.3%** |  |  |
| &nbsp;&nbsp;&nbsp;610 Funding CLO 2 Ltd. 144A<br> 5.62% (Term SOFR USD 3 Month+1.35%), 01/20/34 | $10600 | $10619228 |
| &nbsp;&nbsp;&nbsp;6.12% (Term SOFR USD 3 Month+1.85%), 01/20/34 | 6000 | 6004590 |
| &nbsp;&nbsp;&nbsp;AGL CLO 5 Ltd. 144A<br> 5.93% (Term SOFR USD 3 Month+1.66%), 07/20/34 | 23150 | 23181669 |
| &nbsp;&nbsp;&nbsp;AGL Core CLO 8 Ltd. 144A<br> 5.77% (Term SOFR USD 3 Month+1.50%), 01/20/38 | 3000 | 3005043 |
| &nbsp;&nbsp;&nbsp;AIMCO CLO 24 Ltd. 144A<br> 6.15% (Term SOFR USD 3 Month+1.85%), 04/19/38 | 2650 | 2663398 |
| &nbsp;&nbsp;&nbsp;Allegro CLO XII Ltd. 144A<br> 5.71% (Term SOFR USD 3 Month+1.44%), 07/21/37 | 8625 | 8652169 |
| &nbsp;&nbsp;&nbsp;Anchorage Capital CLO 15 Ltd. 144A<br> 6.31% (Term SOFR USD 3 Month+2.10%), 07/20/38 | 2000 | 2005000 |
| &nbsp;&nbsp;&nbsp;Anchorage Capital CLO 17 Ltd. 144A<br> 5.71% (Term SOFR USD 3 Month+1.45%), 02/15/38 | 7875 | 7863699 |
| &nbsp;&nbsp;&nbsp;5.91% (Term SOFR USD 3 Month+1.65%), 02/15/38 | 4250 | 4262771 |
| &nbsp;&nbsp;&nbsp;Anchorage Capital CLO 30 Ltd. 144A<br> 5.92% (Term SOFR USD 3 Month+1.60%), 01/20/37 | 3075 | 3078050 |
| &nbsp;&nbsp;&nbsp;Ares LIV CLO Ltd. 144A<br> 6.06% (Term SOFR USD 3 Month+1.80%), 10/15/32 | 1750 | 1750088 |
| &nbsp;&nbsp;&nbsp;Ares LX CLO Ltd. 144A<br> 6.18% (Term SOFR USD 3 Month+1.91%), 07/18/34 | 2000 | 2006616 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2017-2 Ltd. 144A<br> 5.68% (Term SOFR USD 3 Month+1.40%), 07/25/37 | 10600 | 10639453 |
| Bain Capital Credit CLO 2020-1 Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;6.07% (Term SOFR USD 3 Month+1.80%), 04/18/33 | $2250 | $2252561 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2020-3 Ltd. 144A<br> 7.38% (Term SOFR USD 3 Month+3.10%), 10/23/34 | 10130 | 10097138 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2020-5 Ltd. 144A<br> 7.87% (Term SOFR USD 3 Month+3.60%), 04/20/34 | 2500 | 2506150 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-1 Ltd. 144A<br> 5.67% (Term SOFR USD 3 Month+1.40%), 04/18/34 | 5950 | 5953487 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-2 Ltd. 144A<br> 7.36% (Term SOFR USD 3 Month+3.10%), 07/16/34 | 12850 | 12893587 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-4 Ltd. 144A<br> 7.63% (Term SOFR USD 3 Month+3.36%), 10/20/34 | 6780 | 6759809 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-7 Ltd. 144A<br> 6.07% (Term SOFR USD 3 Month+1.80%), 01/22/35 | 4500 | 4481091 |
| &nbsp;&nbsp;&nbsp;10.77% (Term SOFR USD 3 Month+6.50%), 01/22/35 | 1100 | 1071791 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO 2018-3 Ltd. 144A<br> 5.47% (Term SOFR USD 3 Month+1.19%), 10/25/30 | 2263 | 2264355 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO XXV Ltd. 144A<br> 5.61% (Term SOFR USD 3 Month+1.35%), 01/15/38 | 13000 | 13018616 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO XXVIII Ltd. 144A<br> 7.42% (Term SOFR USD 3 Month+3.16%), 04/15/34 | 4250 | 4235665 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO XXX Ltd. 144A<br> 6.16% (Term SOFR USD 3 Month+1.90%), 04/15/35 | 3135 | 3140511 |
| BlueMountain CLO XXXV Ltd. 144A |  |  |

---

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;5.97% (Term SOFR USD 3 Month+1.70%), 10/22/37 | $11000 | $11027071 |
| &nbsp;&nbsp;&nbsp;Brant Point CLO 2024-4 Ltd. 144A<br> 6.02% (Term SOFR USD 3 Month+1.75%), 07/20/37 | 5500 | 5515945 |
| &nbsp;&nbsp;&nbsp;Canyon Capital CLO 2016-1 Ltd. 144A<br> 6.22% (Term SOFR USD 3 Month+1.96%), 07/15/31 | 10000 | 10047650 |
| &nbsp;&nbsp;&nbsp;Canyon Capital CLO 2016-2 Ltd. 144A<br> 6.27% (Term SOFR USD 3 Month+2.01%), 10/15/31 | 6000 | 6010038 |
| &nbsp;&nbsp;&nbsp;Canyon Capital CLO 2019-1 Ltd. 144A<br> 5.69% (Term SOFR USD 3 Month+1.43%), 07/15/37 | 2150 | 2155356 |
| &nbsp;&nbsp;&nbsp;Canyon Capital CLO 2019-2 Ltd. 144A<br> 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/34 | 12325 | 12345336 |
| &nbsp;&nbsp;&nbsp;Canyon CLO 2020-1 Ltd. 144A<br> 6.21% (Term SOFR USD 3 Month+1.95%), 07/15/34 | 11500 | 11513317 |
| &nbsp;&nbsp;&nbsp;Canyon CLO 2020-2 Ltd. 144A<br> 5.79% (Term SOFR USD 3 Month+1.53%), 10/15/34 | 16665 | 16607522 |
| &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2012-4 Ltd. 144A<br> 6.37% (Term SOFR USD 3 Month+2.10%), 04/22/32 | 1425 | 1426894 |
| &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2015-4 Ltd. 144A<br> 6.12% (Term SOFR USD 3 Month+1.85%), 07/20/32 | 8520 | 8531979 |
| &nbsp;&nbsp;&nbsp;CBAM 2017-2 Ltd. 144A<br> 6.39% (Term SOFR USD 3 Month+2.11%), 07/17/34 | 1500 | 1501773 |
| &nbsp;&nbsp;&nbsp;CBAM 2021-14 Ltd. 144A<br> 7.63% (Term SOFR USD 3 Month+3.36%), 04/20/34 | 5000 | 4974890 |
| Columbia Cent CLO 31 Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;5.87% (Term SOFR USD 3 Month+1.60%), 04/20/34 | $5740 | $5733537 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO 32 Ltd. 144A<br> 6.33% (Term SOFR USD 3 Month+2.05%), 07/24/34 | 4000 | 4004472 |
| &nbsp;&nbsp;&nbsp;7.45% (Term SOFR USD 3 Month+3.17%), 07/24/34 | 10000 | 10029350 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO 34 Ltd. 144A<br> 6.09% (Term SOFR USD 3 Month+1.65%), 01/25/38 | 12000 | 12029436 |
| &nbsp;&nbsp;&nbsp;6.29% (Term SOFR USD 3 Month+1.85%), 01/25/38 | 2300 | 2307795 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO 35 Ltd. 144A<br> 6.07% (Term SOFR USD 3 Month+1.75%), 07/25/36 | 7500 | 7509375 |
| &nbsp;&nbsp;&nbsp;6.32% (Term SOFR USD 3 Month+2.00%), 07/25/36 | 1500 | 1503750 |
| &nbsp;&nbsp;&nbsp;Creeksource 2024-1 Dunes Creek CLO Ltd. 144A<br> 5.98% (Term SOFR USD 3 Month+1.65%), 01/15/38 | 3500 | 3509800 |
| &nbsp;&nbsp;&nbsp;Dryden 104 CLO Ltd. 144A<br> 5.92% (Term SOFR USD 3 Month+1.60%), 08/20/34 | 1075 | 1075779 |
| &nbsp;&nbsp;&nbsp;Dryden 113 CLO Ltd. 144A<br> 7.36% (Term SOFR USD 3 Month+3.10%), 10/15/37 | 3900 | 3905815 |
| &nbsp;&nbsp;&nbsp;Dryden 61 CLO Ltd. 144A<br> 5.84% (Term SOFR USD 3 Month+1.58%), 01/17/32 | 10375 | 10394360 |
| &nbsp;&nbsp;&nbsp;Dryden 64 CLO Ltd. 144A<br> 5.50% (Term SOFR USD 3 Month+1.23%), 04/18/31 | 491 | 491996 |
| &nbsp;&nbsp;&nbsp;Dryden 80 CLO Ltd. 144A<br> 6.43% (Term SOFR USD 3 Month+2.15%), 01/17/33 | 1250 | 1251485 |
| &nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd. 144A<br> 7.37% (Term SOFR USD 3 Month+3.05%), 08/20/34 | 5275 | 5265969 |
| &nbsp;&nbsp;&nbsp;Fort Washington CLO 2019-1 144A<br> 5.97% (Term SOFR USD 3 Month+1.70%), 10/20/37 | 5500 | 5516049 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;Generate CLO 22 Ltd. 144A<br> 1.00% (Term SOFR USD 3 Month+1.75%), 07/20/38 | $12000 | $12015000 |
| &nbsp;&nbsp;&nbsp;Generate CLO 9 Ltd. 144A<br> 6.02% (Term SOFR USD 3 Month+1.75%), 01/20/38 | 10000 | 10030560 |
| &nbsp;&nbsp;&nbsp;Halseypoint CLO 7 Ltd. 144A<br> 6.49% (Term SOFR USD 3 Month+2.20%), 07/20/38 | 1200 | 1203000 |
| &nbsp;&nbsp;&nbsp;ICG US CLO 2021-3 Ltd. 144A<br> 6.37% (Term SOFR USD 3 Month+2.10%), 10/20/34 | 6000 | 6014772 |
| &nbsp;&nbsp;&nbsp;KKR CLO 24 Ltd. 144A<br> 5.61% (Term SOFR USD 3 Month+1.34%), 04/20/32 | 2553 | 2555305 |
| &nbsp;&nbsp;&nbsp;KKR CLO 27 Ltd. 144A<br> 10.51% (Term SOFR USD 3 Month+6.25%), 01/15/35 | 1000 | 990124 |
| &nbsp;&nbsp;&nbsp;KKR CLO 28 Ltd. 144A<br> 6.36% (Term SOFR USD 3 Month+2.10%), 02/09/35 | 8000 | 8019816 |
| &nbsp;&nbsp;&nbsp;6.96% (Term SOFR USD 3 Month+2.70%), 02/09/35 | 1500 | 1504031 |
| &nbsp;&nbsp;&nbsp;KKR CLO 30 Ltd. 144A<br> 6.13% (Term SOFR USD 3 Month+1.85%), 04/17/37 | 2500 | 2507305 |
| &nbsp;&nbsp;&nbsp;KKR CLO 36 Ltd. 144A<br> 6.22% (Term SOFR USD 3 Month+1.96%), 10/15/34 | 5000 | 5006020 |
| &nbsp;&nbsp;&nbsp;KKR CLO 37 Ltd. 144A<br> 5.89% (Term SOFR USD 3 Month+1.65%), 04/20/38 | 15700 | 15721007 |
| &nbsp;&nbsp;&nbsp;KKR CLO 40 Ltd. 144A<br> 5.97% (Term SOFR USD 3 Month+1.70%), 10/20/34 | 6350 | 6357017 |
| &nbsp;&nbsp;&nbsp;LCM 29 Ltd. 144A<br> 5.59% (Term SOFR USD 3 Month+1.33%), 04/15/31 | 3038 | 3039101 |
| &nbsp;&nbsp;&nbsp;LCM 39 Ltd. 144A<br> 6.26% (Term SOFR USD 3 Month+2.00%), 10/15/34 | 14250 | 14261742 |
| &nbsp;&nbsp;&nbsp;7.51% (Term SOFR USD 3 Month+3.25%), 10/15/34 | 2675 | 2677723 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;11.26% (Term SOFR USD 3 Month+7.00%), 10/15/34 | $1250 | $1251309 |
| &nbsp;&nbsp;&nbsp;LCM 40 Ltd. 144A<br> 6.41% (Term SOFR USD 3 Month+2.15%), 01/15/38 | 13200 | 13263677 |
| &nbsp;&nbsp;&nbsp;11.76% (Term SOFR USD 3 Month+7.50%), 01/15/38 | 1500 | 1448934 |
| &nbsp;&nbsp;&nbsp;LCM 41 Ltd. 144A<br> 6.01% (Term SOFR USD 3 Month+1.70%), 04/15/36 | 3300 | 3304125 |
| &nbsp;&nbsp;&nbsp;7.91% (Term SOFR USD 3 Month+3.60%), 04/15/36 | 1850 | 1856938 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding LXIII Ltd. 144A<br> 6.47% (Term SOFR USD 3 Month+2.15%), 07/21/38 | 2000 | 2019338 |
| &nbsp;&nbsp;&nbsp;MidOcean Credit CLO X 144A<br> 5.88% (Term SOFR USD 3 Month+1.60%), 10/23/34 | 1400 | 1400645 |
| &nbsp;&nbsp;&nbsp;6.23% (Term SOFR USD 3 Month+1.95%), 10/23/34 | 2650 | 2652454 |
| &nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI Ltd. 144A<br> 5.77% (Term SOFR USD 3 Month+1.50%), 01/18/36 | 4500 | 4502732 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 38 Ltd. 144A<br> 5.67% (Term SOFR USD 3 Month+1.40%), 10/20/36 | 26700 | 26703284 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 42 Ltd. 144A<br> 5.66% (Term SOFR USD 3 Month+1.40%), 07/16/36 | 22500 | 22500630 |
| &nbsp;&nbsp;&nbsp;Ocean Trails CLO XI 144A<br> 5.82% (Term SOFR USD 3 Month+1.55%), 07/20/34 | 9800 | 9742317 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2019-17 Ltd. 144A<br> 5.67% (Term SOFR USD 3 Month+1.40%), 07/20/37 | 5950 | 5969439 |
| &nbsp;&nbsp;&nbsp;Octagon 54 Ltd. 144A<br> 5.64% (Term SOFR USD 3 Month+1.38%), 07/15/34 | 5900 | 5903416 |
| &nbsp;&nbsp;&nbsp;Octagon 64 Ltd. 144A<br> 6.02% (Term SOFR USD 3 Month+1.70%), 07/21/37 | 25000 | 25024625 |

---

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 28 Ltd. 144A<br> 6.00% (Term SOFR USD 3 Month+1.72%), 04/24/37 | $2500 | $2505770 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 43 Ltd. 144A<br> 6.13% (Term SOFR USD 3 Month+1.85%), 10/25/32 | 5000 | 5006825 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 46 Ltd. 144A<br> 5.68% (Term SOFR USD 3 Month+1.42%), 07/15/36 | 10000 | 10012250 |
| &nbsp;&nbsp;&nbsp;OZLM Funding II Ltd. 144A<br> 5.48% (Term SOFR USD 3 Month+1.20%), 07/30/31 | 3182 | 3182637 |
| &nbsp;&nbsp;&nbsp;OZLM XIV Ltd. 144A<br> 6.10% (Term SOFR USD 3 Month+1.84%), 01/15/38 | 16400 | 16444165 |
| &nbsp;&nbsp;&nbsp;OZLM XIX Ltd. 144A<br> 5.61% (Term SOFR USD 3 Month+1.35%), 01/15/35 | 16625 | 16634526 |
| &nbsp;&nbsp;&nbsp;6.31% (Term SOFR USD 3 Month+2.05%), 01/15/35 | 3125 | 3128109 |
| &nbsp;&nbsp;&nbsp;7.76% (Term SOFR USD 3 Month+3.50%), 01/15/35 | 10000 | 10015370 |
| &nbsp;&nbsp;&nbsp;OZLM XV Ltd. 144A<br> 5.49% (Term SOFR USD 3 Month+1.22%), 04/20/33 | 10600 | 10609084 |
| &nbsp;&nbsp;&nbsp;OZLM XXII Ltd. 144A<br> 5.61% (Term SOFR USD 3 Month+1.33%), 01/17/31 | 149 | 148733 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO 2023-2 Ltd. 144A<br> 6.53% (Term SOFR USD 3 Month+2.20%), 07/20/38 | 2000 | 2020646 |
| &nbsp;&nbsp;&nbsp;Park Blue CLO 2024-V Ltd. 144A<br> 5.76% (Term SOFR USD 3 Month+1.48%), 07/25/37 | 5100 | 5113556 |
| &nbsp;&nbsp;&nbsp;Polus US CLO II Ltd. 144A<br> 9.03% (Term SOFR USD 3 Month+4.75%), 07/20/38 | 2000 | 2003940 |
| &nbsp;&nbsp;&nbsp;Riserva CLO Ltd. 144A<br> 5.88% (Term SOFR USD 3 Month+1.61%), 01/18/34 | 2540 | 2544958 |
| Rockford Tower CLO 2019-2 Ltd. 144A<br>|  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;6.32% (Term SOFR USD 3 Month+2.00%), 08/20/32 | $3000 | $3003819 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2020-1 Ltd. 144A<br> 6.17% (Term SOFR USD 3 Month+1.90%), 01/20/36 | 8650 | 8656799 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2021-3 Ltd. 144A<br> 5.91% (Term SOFR USD 3 Month+1.65%), 01/15/38 | 13500 | 13534047 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2022-3 Ltd. 144A<br> 5.71% (Term SOFR USD 3 Month+1.44%), 07/20/37 | 12000 | 12030024 |
| &nbsp;&nbsp;&nbsp;RR 15 Ltd. 144A<br> 5.62% (Term SOFR USD 3 Month+1.36%), 04/15/36 | 31500 | 31533043 |
| &nbsp;&nbsp;&nbsp;5.97% (Term SOFR USD 3 Month+1.71%), 04/15/36 | 5065 | 5078260 |
| &nbsp;&nbsp;&nbsp;RR 16 Ltd. 144A<br> 6.17% (Term SOFR USD 3 Month+1.91%), 07/15/36 | 5000 | 5006755 |
| &nbsp;&nbsp;&nbsp;RR 20 Ltd. 144A<br> 5.81% (Term SOFR USD 3 Month+1.55%), 07/15/37 | 22000 | 22024090 |
| &nbsp;&nbsp;&nbsp;Sagard-Halseypoint CLO 8 Ltd. 144A<br> 5.70% (Term SOFR USD 3 Month+1.39%), 01/30/38 | 14500 | 14529232 |
| &nbsp;&nbsp;&nbsp;Sculptor CLO XXVI Ltd. 144A<br> 6.12% (Term SOFR USD 3 Month+1.85%), 01/20/38 | 1725 | 1729797 |
| &nbsp;&nbsp;&nbsp;Sculptor CLO XXVIII Ltd. 144A<br> 6.22% (Term SOFR USD 3 Month+1.95%), 01/20/35 | 9000 | 8992026 |
| &nbsp;&nbsp;&nbsp;Sculptor CLO XXX Ltd. 144A<br> 6.32% (Term SOFR USD 3 Month+2.05%), 07/20/38 | 2000 | 2005000 |
| &nbsp;&nbsp;&nbsp;Signal Peak CLO 10 Ltd. 144A<br> 5.73% (Term SOFR USD 3 Month+1.45%), 01/24/38 | 4000 | 3996804 |
| &nbsp;&nbsp;&nbsp;Signal Peak CLO 4 Ltd. 144A<br> 6.29% (Term SOFR USD 3 Month+2.01%), 10/26/34 | 1450 | 1451968 |
| &nbsp;&nbsp;&nbsp;7.74% (Term SOFR USD 3 Month+3.46%), 10/26/34 | 7400 | 7175921 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;Signal Peak CLO 9 Ltd. 144A<br> 5.63% (Term SOFR USD 3 Month+1.36%), 01/21/38 | $5275 | $5301000 |
| &nbsp;&nbsp;&nbsp;6.02% (Term SOFR USD 3 Month+1.75%), 01/21/38 | 6950 | 6973713 |
| &nbsp;&nbsp;&nbsp;Silver Point CLO 9 Ltd. 144A<br> 6.09% (Term SOFR USD 3 Month+1.80%), 03/31/38 | 5000 | 5007660 |
| &nbsp;&nbsp;&nbsp;Silver Rock CLO II Ltd. 144A<br> 5.87% (Term SOFR USD 3 Month+1.60%), 01/20/35 | 21000 | 21001176 |
| &nbsp;&nbsp;&nbsp;6.37% (Term SOFR USD 3 Month+2.10%), 01/20/35 | 2000 | 2000520 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO 2025-2 Ltd. 144A<br> 8.60% (Term SOFR USD 3 Month+4.30%), 04/15/38 | 2875 | 2899768 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO 2025R-1 Ltd. 144A<br> 5.97% (Term SOFR USD 3 Month+1.65%), 02/20/38 | 10200 | 10224133 |
| &nbsp;&nbsp;&nbsp;6.42% (Term SOFR USD 3 Month+2.10%), 02/20/38 | 1000 | 1004294 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XVIII Ltd. 144A<br> 5.65% (Term SOFR USD 3 Month+1.38%), 01/21/31 | 1818 | 1820097 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XXIII Ltd. 144A<br> 5.69% (Term SOFR USD 3 Month+1.43%), 07/15/34 | 1000 | 1000746 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XXVI Ltd. 144A<br> 5.70% (Term SOFR USD 3 Month+1.43%), 07/20/34 | 1100 | 1100887 |
| &nbsp;&nbsp;&nbsp;6.18% (Term SOFR USD 3 Month+1.91%), 07/20/34 | 10510 | 10518723 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XXXI Ltd. 144A<br> 7.79% (Term SOFR USD 3 Month+3.51%), 10/25/34 | 2250 | 2164541 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XXXIII Ltd. 144A<br> 6.18% (Term SOFR USD 3 Month+1.90%), 04/25/35 | 9900 | 9908346 |
| Sycamore Tree CLO 2021-1 Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;5.66% (Term SOFR USD 3 Month+1.39%), 01/20/38 | $11000 | $11021901 |
| &nbsp;&nbsp;&nbsp;Symphony CLO 42 Ltd. 144A<br> 5.81% (Term SOFR USD 3 Month+1.53%), 04/17/37 | 10600 | 10628503 |
| &nbsp;&nbsp;&nbsp;TCI-Symphony CLO 2017-1 Ltd. 144A<br> 5.45% (Term SOFR USD 3 Month+1.19%), 07/15/30 | 1310 | 1311987 |
| &nbsp;&nbsp;&nbsp;TCW CLO 2017-1A Ltd. 144A<br> 5.73% (Term SOFR USD 3 Month+1.45%), 10/29/34 | 8000 | 8003640 |
| &nbsp;&nbsp;&nbsp;TCW CLO 2019-1 AMR Ltd. 144A<br> 5.62% (Term SOFR USD 3 Month+1.30%), 08/16/34 | 2300 | 2303512 |
| &nbsp;&nbsp;&nbsp;6.28% (Term SOFR USD 3 Month+1.95%), 08/16/34 | 9150 | 9160230 |
| &nbsp;&nbsp;&nbsp;8.26% (Term SOFR USD 3 Month+3.93%), 08/16/34 | 3200 | 3154346 |
| &nbsp;&nbsp;&nbsp;TCW CLO 2020-1 Ltd. 144A<br> 6.27% (Term SOFR USD 3 Month+2.00%), 04/20/34 | 4200 | 4210500 |
| &nbsp;&nbsp;&nbsp;TCW CLO 2021-1 Ltd. 144A<br> 6.37% (Term SOFR USD 3 Month+2.10%), 01/20/38 | 8200 | 8241197 |
| &nbsp;&nbsp;&nbsp;TCW CLO 2023-1 Ltd. 144A<br> 6.09% (Term SOFR USD 3 Month+1.75%), 03/31/38 | 2000 | 2002500 |
| &nbsp;&nbsp;&nbsp;TIAA CLO I Ltd. 144A<br> 5.52% (Term SOFR USD 3 Month+1.25%), 07/20/31 | 4071 | 4072914 |
| &nbsp;&nbsp;&nbsp;TICP CLO VII Ltd. 144A<br> 6.16% (Term SOFR USD 3 Month+1.90%), 04/15/33 | 3700 | 3704984 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XIV Ltd. 144A<br> 5.82% (Term SOFR USD 3 Month+1.54%), 01/25/34 | 6750 | 6750864 |
| &nbsp;&nbsp;&nbsp;6.68% (Term SOFR USD 3 Month+2.40%), 01/25/34 | 11500 | 11526335 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XIX Ltd. 144A<br> 5.38% (Term SOFR USD 3 Month+1.11%), 10/20/33 | 31000 | 30963853 |
| &nbsp;&nbsp;&nbsp;7.22% (Term SOFR USD 3 Month+2.95%), 10/20/33 | 7000 | 7012579 |

---

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XVII Ltd. 144A<br> 6.23% (Term SOFR USD 3 Month+1.96%), 10/20/34 | $1500 | $1501521 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XX Ltd. 144A<br> 5.77% (Term SOFR USD 3 Month+1.50%), 07/20/35 | 17000 | 16900278 |
| &nbsp;&nbsp;&nbsp;Voya CLO 2016-3 Ltd. 144A<br> 5.97% (Term SOFR USD 3 Month+1.70%), 10/18/31 | 6040 | 6045768 |
| &nbsp;&nbsp;&nbsp;Voya CLO 2018-1 Ltd. 144A<br> 5.48% (Term SOFR USD 3 Month+1.21%), 04/19/31 | 2258 | 2258435 |
| &nbsp;&nbsp;&nbsp;Whitebox CLO III Ltd. 144A<br> 6.16% (Term SOFR USD 3 Month+1.90%), 10/15/35 | 2100 | 2103436 |
| Wind River 2023-1 CLO Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par<br> (000's** | **Value** |
| &nbsp;&nbsp;&nbsp;6.36% (Term SOFR USD 3 Month+2.05%), 07/25/38 | $1000 | $1004958 |
| &nbsp;&nbsp;&nbsp;Wind River 2024-1 CLO Ltd. 144A<br> 5.87% (Term SOFR USD 3 Month+1.60%), 04/20/37 | 10000 | 10032030 |
| **Total Collateralized Loan Obligations**<br> (Cost: $1,013,222,102) |  | 1014999689 |
| **SHORT-TERM INVESTMENTS: 3.2%<br> United States Treasury Obligations: 3.2%<br> (Cost: $33,448,201)** |  |  |
| United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.22%, 07/24/25 | 10500000 | 10472093 |
| &nbsp;&nbsp;&nbsp;4.23%, 07/10/25 | 23000000 | 22975927 |
|  |  | 33448020 |
| **Total Investments: 99.5%**<br> (Cost: $1,046,670,303) |  | 1048447709 |
| **Other assets less liabilities: 0.5%** |  | 5699320 |
| **NET ASSETS: 100.0%** |  | $1054147029 |

---

------

**Definitions:**

SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| 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 $1,014,999,689, or 96.3% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $1014999689 | $— | $1014999689 |
| United States Treasury Obligations |  | 33448020 |  | 33448020 |
| **Total Investments** | $— | $1048447709 | $— | $1048447709 |

---

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares** | **Value** |
| **COMMON STOCKS: 100.7%** |  |  |
| **Capital Goods: 0.7%** |  |  |
| IndiaMart InterMesh Ltd. 144A | 2522 | $76439 |
| Zen Technologies Ltd. | 4041 | 93435 |
|  |  | 169874 |
| **Commercial & Professional Services: 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services Ltd. | 4516 | 225931 |
| Firstsource Solutions Ltd. | 24191 | 105642 |
| L&T Technology Services Ltd. 144A | 1837 | 94333 |
| WNS Holdings Ltd. \* | 3222 | 203759 |
|  |  | 629665 |
| **Consumer Durables & Apparel: 2.7%** |  |  |
| Dixon Technologies India Ltd. | 3368 | 588731 |
| **Consumer Services: 11.1%** |  |  |
| Eternal Ltd. \* | 396167 | 1220114 |
| MakeMyTrip Ltd. \* | 5322 | 521662 |
| Swiggy Ltd. \* | 152602 | 712506 |
|  |  | 2454282 |
| **Energy: 8.2%** |  |  |
| Reliance Industries Ltd. 144A (GDR) | 25663 | 1789531 |
| **Financial Services: 10.4%** |  |  |
| Angel One Ltd. | 4956 | 169124 |
| IIFL Finance Ltd. \* | 21343 | 117706 |
| Indian Energy Exchange Ltd. 144A | 39908 | 89917 |
| Jio Financial Services Ltd. \* | 272733 | 1040344 |
| Kfin Technologies Ltd. | 7702 | 121135 |
| Motilal Oswal Financial Services Ltd. | 14232 | 144554 |
| Multi Commodity Exchange of India Ltd. | 2282 | 238183 |
| One 97 Communications Ltd. \* | 34376 | 370230 |
|  |  | 2291193 |
| **Health Care Equipment & Services: 0.5%** | **Health Care Equipment & Services: 0.5%** |  |
| Inventurus Knowledge Solutions Ltd. \* | 5642 | 105979 |
| **Insurance: 3.3%** |  |  |
| PB Fintech Ltd. \* | 33978 | 722258 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Media & Entertainment: 3.5%** |  |  |
| Affle 3i Ltd. \* | 5775 | $134597 |
| Info Edge India Ltd. | 36691 | 637015 |
|  |  | 771612 |
| **Software & Services: 40.4%** |  |  |
| Birlasoft Ltd. | 13198 | 66732 |
| Coforge Ltd. | 24437 | 548463 |
| Cyient Ltd. | 7202 | 108235 |
| HCL Technologies Ltd. | 64522 | 1300891 |
| Infosys Ltd. (ADR) | 81446 | 1509194 |
| KPIT Technologies Ltd. | 15274 | 224221 |
| LTIMindtree Ltd. 144A | 6496 | 402921 |
| Mphasis Ltd. | 7992 | 265326 |
| Oracle Financial Services Software Ltd. | 2143 | 224622 |
| Persistent Systems Ltd. | 9857 | 694768 |
| Tata Consultancy Services Ltd. | 34667 | 1399869 |
| Tata Elxsi Ltd. | 3186 | 234439 |
| Tata Technologies Ltd. | 14451 | 119837 |
| Tech Mahindra Ltd. | 49184 | 967879 |
| Wipro Ltd. (ADR) | 258460 | 780549 |
| Zensar Technologies Ltd. | 9337 | 91732 |
|  |  | 8939678 |
| **Technology Hardware & Equipment: 1.9%** |  |  |
| Kaynes Technology India Ltd. \* | 2458 | 174981 |
| Redington Ltd. | 47128 | 178842 |
| Tejas Networks Ltd. 144A | 7409 | 61839 |
|  |  | 415662 |
| **Telecommunication Services: 14.2%** |  |  |
| Bharti Airtel Ltd. | 79634 | 1866944 |
| Bharti Hexacom Ltd. | 6850 | 155778 |
| HFCL Ltd. | 73792 | 74523 |
| Indus Towers Ltd. \* | 120482 | 590933 |
| Tata Communications Ltd. | 10673 | 210434 |
| Vodafone Idea Ltd. \* | 2473957 | 214226 |
|  |  | 3112838 |
| **Transportation: 1.0%** |  |  |
| Delhivery Ltd. \* | 48384 | 216074 |
| **Total Common Stocks** <br> (Cost: $17,652,801) |  | 22207377 |
| **Total Investments: 100.7%** <br> (Cost: $17,652,801) |  | 22207377 |
| **Liabilities in excess of other assets: (0.7)%** |  | (153785) |
| **NET ASSETS: 100.0%** |  | $22053592 |

---

**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 $2,514,980, or 11.4% of net assets. |

---

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $169874 | $— | $169874 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services | 203759 | 425906 |  | 629665 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 588731 |  | 588731 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 521662 | 1932620 |  | 2454282 |
| &nbsp;&nbsp;&nbsp;Energy |  | 1789531 |  | 1789531 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 2291193 |  | 2291193 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 105979 |  | 105979 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 722258 |  | 722258 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 771612 |  | 771612 |
| &nbsp;&nbsp;&nbsp;Software & Services | 2289743 | 6649935 |  | 8939678 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 415662 |  | 415662 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 3112838 |  | 3112838 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 216074 |  | 216074 |
| **Total Investments** | $3015164 | $19192213 | $— | $22207377 |

---

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Automobiles & Components: 4.4%** | **Automobiles & Components: 4.4%** |  |
| Eicher Motors Ltd. | 84654 | $5584969 |
| Gabriel India Ltd. | 32244 | 264134 |
| Pricol Ltd. \* | 39881 | 213162 |
|  |  | 6062265 |
| **Banks: 23.7%** |  |  |
| Bank of Baroda | 820165 | 2379841 |
| Bank of India | 514723 | 711713 |
| Bank of Maharashtra | 815105 | 542967 |
| ICICI Bank Ltd. | 400280 | 6764629 |
| IDBI Bank Ltd. | 3217347 | 3881266 |
| Indian Bank | 129454 | 971622 |
| Jammu & Kashmir Bank Ltd. | 247449 | 334223 |
| Karur Vysya Bank Ltd. | 265912 | 829613 |
| Kotak Mahindra Bank Ltd. | 257600 | 6499002 |
| Punjab National Bank | 1749672 | 2254937 |
| State Bank of India | 683029 | 6533667 |
| Union Bank of India Ltd. | 713841 | 1278774 |
|  |  | 32982254 |
| **Capital Goods: 24.3%** |  |  |
| ABB India Ltd. | 28954 | 2053800 |
| Action Construction Equipment Ltd. | 19286 | 274238 |
| Balu Forge Industries Ltd. | 29523 | 244980 |
| Bharat Electronics Ltd. | 1798499 | 8844912 |
| Capacit'e Infraprojects Ltd. \* | 32252 | 125573 |
| Cummins India Ltd. | 75041 | 2976168 |
| Enviro Infra Engineers Ltd. \* | 42434 | 117083 |
| Force Motors Ltd. | 1323 | 248105 |
| GE Vernova T&D India Ltd. | 39266 | 1082302 |
| Hindustan Aeronautics Ltd. | 108136 | 6142451 |
| IndiaMart InterMesh Ltd. 144A | 16867 | 511218 |
| Interarch Building Solutions Ltd. \* | 5567 | 142506 |
| Jupiter Wagons Ltd. | 59516 | 269897 |
| Kirloskar Brothers Ltd. | 13481 | 371079 |
| Mazagon Dock Shipbuilders Ltd. | 23039 | 871624 |
| Olectra Greentech Ltd. | 22791 | 311716 |
| Polycab India Ltd. | 32306 | 2468451 |
| Shakti Pumps India Ltd. | 26378 | 290862 |
| Suzlon Energy Ltd. \* | 5693159 | 4497956 |
| TD Power Systems Ltd. | 50064 | 291718 |
| Triveni Turbine Ltd. | 55243 | 394635 |
| Voltamp Transformers Ltd. | 4080 | 453196 |
| Zen Technologies Ltd. | 23812 | 550572 |
|  |  | 33535042 |
| **Commercial & Professional Services: 0.5%** |  |  |
| BLS International Services Ltd. | 56649 | 243818 |
| Doms Industries Ltd. | 8739 | 256911 |
| EMS Ltd. | 13296 | 96618 |
|  |  | 597347 |
| **Consumer Discretionary Distribution & Retail: 5.2%** | **Consumer Discretionary Distribution & Retail: 5.2%** |  |
| Trent Ltd. | 99791 | 7234485 |
| **Consumer Services: 0.0%** |  |  |
| TAJGVK Hotels & Resorts Ltd. | 7405 | 35250 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Energy: 4.7%** |  |  |
| Coal India Ltd. | 1315151 | $6013975 |
| Great Eastern Shipping Co. Ltd. | 45217 | 516496 |
|  |  | 6530471 |
| **Financial Services: 7.1%** |  |  |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 47413 | 442297 |
| Angel One Ltd. | 21366 | 729116 |
| Authum Investment & Infrastucture Ltd. | 10181 | 312572 |
| HDFC Asset Management Co. Ltd. 144A | 56580 | 3426798 |
| Kfin Technologies Ltd. | 38546 | 606244 |
| Motilal Oswal Financial Services Ltd. | 79980 | 812355 |
| Nippon Life India Asset Management Ltd. 144A | 89350 | 833909 |
| REC Ltd. | 598458 | 2811891 |
|  |  | 9975182 |
| **Food, Beverage & Tobacco: 0.5%** |  |  |
| Godfrey Phillips India Ltd. | 7135 | 746952 |
| **Health Care Equipment & Services: 0.1%** | **Health Care Equipment & Services: 0.1%** |  |
| Yatharth Hospital & Trauma Care Services Ltd. \* | 29181 | 182202 |
| **Materials: 2.5%** |  |  |
| Aeroflex Industries Ltd. \* | 20229 | 50258 |
| Ashapura Minechem Ltd. \* | 31777 | 158066 |
| Chambal Fertilisers and Chemicals Ltd. | 76670 | 505448 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 30927 | 615644 |
| Jindal Saw Ltd. | 121537 | 341542 |
| National Aluminium Co. Ltd. | 279329 | 629458 |
| NMDC Ltd. | 1449636 | 1184097 |
|  |  | 3484513 |
| **Media & Entertainment: 0.1%** |  |  |
| Tips Music Ltd. | 22375 | 175599 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 8.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 8.9%** |  |
| Caplin Point Laboratories Ltd. | 10101 | 249540 |
| Dr. Reddy's Laboratories Ltd. | 446431 | 6688137 |
| Lupin Ltd. | 142757 | 3228467 |
| Natco Pharma Ltd. | 45596 | 492584 |
| Supriya Lifescience Ltd. | 16778 | 138743 |
| Zydus Lifesciences Ltd. | 137212 | 1584861 |
|  |  | 12382332 |
| **Real Estate Management & Development: 0.9%** | **Real Estate Management & Development: 0.9%** |  |
| Arkade Developers Ltd. \* | 35879 | 81373 |
| Ganesh Housing Corp. Ltd. | 10812 | 125269 |
| Oberoi Realty Ltd. | 42874 | 953266 |
|  |  | 1159908 |
| **Semiconductors & Semiconductor Equipment: 0.8%** | **Semiconductors & Semiconductor Equipment: 0.8%** |  |
| Waaree Energies Ltd. \* | 29100 | 1065838 |

---

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Software & Services: 13.5%** |  |  |
| Genesys International Corp. Ltd. \* | 13301 | $99776 |
| HCL Technologies Ltd. | 317958 | 6410661 |
| Infosys Ltd. (ADR) | 301533 | 5587406 |
| KPIT Technologies Ltd. | 63614 | 933850 |
| Tata Consultancy Services Ltd. | 139429 | 5630207 |
|  |  | 18661900 |
| **Technology Hardware & Equipment: 0.1%** | **Technology Hardware & Equipment: 0.1%** |  |
| Netweb Technologies India Ltd. | 9309 | 200363 |
| **Telecommunication Services: 2.4%** |  |  |
| Indus Towers Ltd. \* | 691049 | 3389415 |
| **Total Common Stocks**<br> (Cost: $112,347,353) |  | 138401318 |
| **Total Investments: 99.7%**<br> (Cost: $112,347,353) |  | 138401318 |
| **Other assets less liabilities: 0.3%** |  | 470682 |
| **NET ASSETS: 100.0%** |  | $138872000 |

---

**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 $4,771,925, or 3.4% of net assets. |

---

See Notes to Financial Statements

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $6062265 | $— | $6062265 |
| &nbsp;&nbsp;&nbsp;Banks |  | 32982254 |  | 32982254 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 33535042 |  | 33535042 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services |  | 597347 |  | 597347 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail |  | 7234485 |  | 7234485 |
| &nbsp;&nbsp;&nbsp;Consumer Services |  | 35250 |  | 35250 |
| &nbsp;&nbsp;&nbsp;Energy |  | 6530471 |  | 6530471 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 9975182 |  | 9975182 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 746952 |  | 746952 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services |  | 182202 |  | 182202 |
| &nbsp;&nbsp;&nbsp;Materials |  | 3484513 |  | 3484513 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 175599 |  | 175599 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 12382332 |  | 12382332 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1159908 |  | 1159908 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 1065838 |  | 1065838 |
| &nbsp;&nbsp;&nbsp;Software & Services | 5587406 | 13074494 |  | 18661900 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 200363 |  | 200363 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 3389415 |  | 3389415 |
| **Total Investments** | $5587406 | $132813912 | $— | $138401318 |

---

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Banks: 26.4%** |  |  |
| Bank Central Asia Tbk PT | 4828200 | $2580901 |
| Bank Jago Tbk PT \* | 1054000 | 115315 |
| Bank Mandiri Persero Tbk PT | 7352604 | 2208607 |
| Bank Negara Indonesia Persero Tbk PT | 4051264 | 1028225 |
| Bank Rakyat Indonesia Persero Tbk PT | 10736033 | 2475302 |
|  |  | 8408350 |
| **Capital Goods: 5.7%** |  |  |
| Astra International Tbk PT | 5331600 | 1478530 |
| Jardine Cycle & Carriage Ltd. † | 17188 | 329138 |
|  |  | 1807668 |
| **Consumer Discretionary Distribution & Retail: 3.5%** | **Consumer Discretionary Distribution & Retail: 3.5%** |  |
| GoTo Gojek Tokopedia Tbk PT \* | 263269100 | 940540 |
| Mitra Adiperkasa Tbk PT | 2208800 | 160421 |
|  |  | 1100961 |
| **Consumer Staples Distribution & Retail: 2.4%** | **Consumer Staples Distribution & Retail: 2.4%** |  |
| Sumber Alfaria Trijaya Tbk PT | 5299800 | 780575 |
| **Energy: 12.3%** |  |  |
| Adaro Andalan Indonesia PT \* | 528600 | 219775 |
| AKR Corporindo Tbk PT | 1907900 | 136285 |
| Alamtri Resources Indonesia Tbk PT | 4009300 | 452626 |
| Banpu PCL (NVDR) | 2503029 | 309871 |
| Bukit Asam Tbk PT | 1063700 | 161247 |
| Bumi Resources Tbk PT \* | 35293300 | 258752 |
| Dian Swastatika Sentosa Tbk PT \* | 418500 | 1381037 |
| Indo Tambangraya Megah Tbk PT | 107400 | 145525 |
| Petrindo Jaya Kreasi Tbk PT | 457900 | 355034 |
| United Tractors Tbk PT | 384869 | 508443 |
|  |  | 3928595 |
| **Financial Services: 0.3%** |  |  |
| BFI Finance Indonesia Tbk PT | 1994500 | 100124 |
| **Food, Beverage & Tobacco: 7.0%** |  |  |
| Charoen Pokphand Indonesia Tbk PT | 1692100 | 489897 |
| First Pacific Co. Ltd. | 555250 | 393570 |
| Golden Agri-Resources Ltd. | 1239800 | 243356 |
| Indofood CBP Sukses Makmur Tbk PT | 601700 | 389332 |
| Indofood Sukses Makmur Tbk PT | 1192200 | 596970 |
| Japfa Comfeed Indonesia Tbk PT | 1401100 | 130777 |
|  |  | 2243902 |
| **Health Care Equipment & Services: 1.4%** | **Health Care Equipment & Services: 1.4%** |  |
| Medikaloka Hermina Tbk PT | 2879200 | 251172 |
| Mitra Keluarga Karyasehat Tbk PT | 1321797 | 206798 |
|  |  | 457970 |
| **Household & Personal Products: 0.4%** | **Household & Personal Products: 0.4%** |  |
| Unilever Indonesia Tbk PT | 1554000 | 138928 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials: 22.5%** |  |  |
| Amman Mineral Internasional PT \* | 3741600 | $1950949 |
| Aneka Tambang Tbk | 2284000 | 429796 |
| Avia Avian Tbk PT | 4205900 | 108818 |
| Barito Pacific Tbk PT \* | 7382648 | 755511 |
| Bumi Resources Minerals Tbk PT \* | 16170900 | 396364 |
| Chandra Asri Pacific Tbk PT | 2584236 | 1572836 |
| Indah Kiat Pulp & Paper Tbk PT | 638800 | 226358 |
| Indocement Tunggal Prakarsa Tbk PT | 399900 | 131216 |
| Merdeka Battery Materials Tbk PT \* | 9091300 | 257685 |
| Merdeka Copper Gold Tbk PT \* | 3721595 | 461347 |
| Nickel Industries Ltd. | 601051 | 274287 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | 338200 | 117199 |
| Pantai Indah Kapuk Dua Tbk PT | 320900 | 223908 |
| Semen Indonesia Persero Tbk PT | 898362 | 148876 |
| Vale Indonesia Tbk PT | 601000 | 127818 |
|  |  | 7182968 |
| **Media & Entertainment: 0.5%** |  |  |
| Elang Mahkota Teknologi Tbk PT | 4834700 | 144253 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 1.6%** | **Pharmaceuticals, Biotechnology & Life Sciences: 1.6%** |  |
| Kalbe Farma Tbk PT | 5339200 | 502182 |
| **Real Estate Management & Development: 1.0%** | **Real Estate Management & Development: 1.0%** |  |
| Bumi Serpong Damai Tbk PT \* | 1897200 | 91728 |
| Ciputra Development Tbk PT | 2365695 | 139473 |
| Pakuwon Jati Tbk PT \* | 4054200 | 93295 |
|  |  | 324496 |
| **Telecommunication Services: 8.4%** |  |  |
| Indosat Tbk PT | 1401300 | 180310 |
| Sarana Menara Nusantara Tbk PT | 5125700 | 155905 |
| Telkom Indonesia Persero Tbk PT (ADR) † | 121542 | 2058922 |
| XLSMART Telecom Sejahtera Tbk PT | 2026375 | 280834 |
|  |  | 2675971 |
| **Transportation: 0.7%** |  |  |
| Jasa Marga Persero Tbk PT | 591250 | 132914 |
| Transcoal Pacific Tbk PT | 271600 | 92429 |
|  |  | 225343 |
| **Utilities: 5.8%** |  |  |
| Barito Renewables Energy Tbk PT | 4359600 | 1579295 |
| Perusahaan Gas Negara Tbk PT | 2830600 | 281706 |
|  |  | 1861001 |
| **Total Common Stocks**<br> (Cost: $41,941,681) |  | 31883287 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **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: $733,845) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 733845 | $733845 |
| **Total Investments: 102.2%**<br> (Cost: $42,675,526) |  | 32617132 |
| **Liabilities in excess of other assets: (2.2)%** | **Liabilities in excess of other assets: (2.2)%** | (706552) |
| **NET ASSETS: 100.0%** |  | $31910580 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> NVDR Non-Voting Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $975,104. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $8408350 | $— | $8408350 |
| &nbsp;&nbsp;&nbsp;Capital Goods |  | 1807668 |  | 1807668 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail |  | 1100961 |  | 1100961 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 780575 |  | 780575 |
| &nbsp;&nbsp;&nbsp;Energy | 1600812 | 2327783 |  | 3928595 |
| &nbsp;&nbsp;&nbsp;Financial Services | 100124 |  |  | 100124 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 243356 | 2000546 |  | 2243902 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 206798 | 251172 |  | 457970 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products |  | 138928 |  | 138928 |
| &nbsp;&nbsp;&nbsp;Materials |  | 7182968 |  | 7182968 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment |  | 144253 |  | 144253 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences |  | 502182 |  | 502182 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 324496 |  | 324496 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services | 2339756 | 336215 |  | 2675971 |
| &nbsp;&nbsp;&nbsp;Transportation | 92429 | 132914 |  | 225343 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 1861001 |  | 1861001 |
| Money Market Fund | 733845 |  |  | 733845 |
| **Total Investments** | $5317120 | $27300012 | $— | $32617132 |

---

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Automobiles & Components: 0.5%** | **Automobiles & Components: 0.5%** |  |
| Mobileye Global, Inc. \* | 28947 | $520467 |
| **Banks: 24.0%** |  |  |
| Bank Hapoalim BM | 406840 | 7816464 |
| Bank Leumi Le-Israel BM | 510150 | 9493870 |
| FIBI Holdings Ltd. | 6042 | 450625 |
| First International Bank Of Israel Ltd. | 21170 | 1533816 |
| Israel Discount Bank Ltd. | 368712 | 3678673 |
| Mizrahi Tefahot Bank Ltd. | 56826 | 3707741 |
|  |  | 26681189 |
| **Capital Goods: 5.8%** |  |  |
| Ashtrom Group Ltd. | 13121 | 299234 |
| Elbit Systems Ltd. | 10519 | 4728290 |
| Electra Ltd. | 342 | 219665 |
| Kornit Digital Ltd. \* | 12688 | 252618 |
| Shapir Engineering and Industry Ltd. | 36261 | 323399 |
| Shikun & Binui Ltd. \* | 75552 | 379571 |
| Stratasys Ltd. \* | 19202 | 220247 |
|  |  | 6423024 |
| **Commercial & Professional Services: 0.6%** | **Commercial & Professional Services: 0.6%** |  |
| Fiverr International Ltd. \* | 11072 | 324742 |
| Hilan Ltd. | 3818 | 324516 |
|  |  | 649258 |
| **Consumer Discretionary Distribution & Retail: 1.2%** | **Consumer Discretionary Distribution & Retail: 1.2%** |  |
| Global-e Online Ltd. \* | 39181 | 1314131 |
| **Consumer Durables & Apparel: 0.2%** | **Consumer Durables & Apparel: 0.2%** |  |
| Delta Galil Ltd. | 4023 | 213609 |
| **Consumer Services: 0.3%** |  |  |
| Fattal Holdings 1998 Ltd. \* | 1804 | 313763 |
| **Consumer Staples Distribution & Retail: 0.7%** | **Consumer Staples Distribution & Retail: 0.7%** |  |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3354 | 323831 |
| Shufersal Ltd. | 36764 | 422653 |
|  |  | 746484 |
| **Energy: 1.8%** |  |  |
| Delek Group Ltd. | 3711 | 769398 |
| Energean PLC † | 50837 | 634991 |
| Oil Refineries Ltd. | 870453 | 234999 |
| Paz Retail And Energy Ltd. | 1825 | 333964 |
|  |  | 1973352 |
| **Financial Services: 2.2%** |  |  |
| Isracard Ltd. | 72261 | 372509 |
| Payoneer Global, Inc. \* | 88036 | 603047 |
| Plus500 Ltd. | 20154 | 938881 |
| Tel Aviv Stock Exchange Ltd. | 28138 | 544700 |
|  |  | 2459137 |
| **Food, Beverage & Tobacco: 0.4%** |  |  |
| Strauss Group Ltd. | 17030 | 467568 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **Health Care Equipment & Services: 0.8%** | **Health Care Equipment & Services: 0.8%** |  |
| Inmode Ltd. \* | 22053 | $318446 |
| Novocure Ltd. \* | 22614 | 402529 |
| OPKO Health, Inc. \* | 119041 | 157134 |
|  |  | 878109 |
| **Household & Personal Products: 0.6%** | **Household & Personal Products: 0.6%** |  |
| Oddity Tech Ltd. \* | 8443 | 637193 |
| **Insurance: 6.1%** |  |  |
| Clal Insurance Enterprises Holdings Ltd. | 25181 | 1114142 |
| Harel Insurance Investments & Financial Services Ltd. | 45212 | 1266934 |
| Lemonade, Inc. \* † | 21698 | 950589 |
| Menora Mivtachim Holdings Ltd. | 9363 | 738442 |
| Migdal Insurance & Financial Holdings Ltd. | 192517 | 530649 |
| Phoenix Financial Ltd. | 77548 | 2245092 |
|  |  | 6845848 |
| **Materials: 1.5%** |  |  |
| ICL Group Ltd. † | 172764 | 1188616 |
| Israel Corp. Ltd. | 1413 | 472552 |
|  |  | 1661168 |
| **Media & Entertainment: 0.5%** |  |  |
| Perion Network Ltd. \* | 11511 | 116837 |
| Playtika Holding Corp. | 38055 | 180000 |
| Taboola.com Ltd. \* | 68152 | 249436 |
|  |  | 546273 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 6.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 6.5%** |  |
| Teva Pharmaceutical Industries Ltd. (ADR) \* | 432738 | 7252689 |
| **Real Estate Management & Development: 3.8%** | **Real Estate Management & Development: 3.8%** |  |
| Airport City Ltd. \* | 16083 | 295242 |
| Alony Hetz Properties & Investments Ltd. | 38393 | 398136 |
| Amot Investments Ltd. | 55506 | 376170 |
| Azrieli Group Ltd. | 14763 | 1359830 |
| Big Shopping Centers Ltd. \* | 4206 | 807371 |
| Melisron Ltd. | 6372 | 727580 |
| Mivne Real Estate KD Ltd. | 76779 | 287942 |
|  |  | 4252271 |
| **Semiconductors & Semiconductor Equipment: 4.0%** | **Semiconductors & Semiconductor Equipment: 4.0%** |  |
| Camtek Ltd. \* † | 11470 | 969903 |
| Nova Ltd. \* † | 6771 | 1863379 |
| SolarEdge Technologies, Inc. \* † | 17486 | 356715 |
| Tower Semiconductor Ltd. \* | 29017 | 1257887 |
|  |  | 4447884 |
| **Software & Services: 33.5%** |  |  |
| Amdocs Ltd. | 32938 | 3005263 |
| Cellebrite DI Ltd. \* | 49547 | 792752 |
| Check Point Software Technologies Ltd. \* | 33852 | 7489755 |
| CyberArk Software Ltd. \* | 18660 | 7592381 |
| Formula Systems 1985 Ltd. | 1867 | 238081 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **Software & Services (continued)** |  |  |
| JFrog Ltd. \* | 39973 | $1754015 |
| Matrix IT Ltd. | 9810 | 341676 |
| Monday.com Ltd. \* | 14213 | 4469704 |
| Nice Ltd. (ADR) \* † | 22581 | 3814157 |
| One Software Technologies Ltd. | 10166 | 262307 |
| Radware Ltd. \* | 12642 | 372181 |
| Sapiens International Corp. NV | 12697 | 371387 |
| SentinelOne, Inc. \* | 108484 | 1983088 |
| Varonis Systems, Inc. \* | 35871 | 1820453 |
| Wix.com Ltd. \* | 19196 | 3041798 |
|  |  | 37348998 |
| **Technology Hardware & Equipment: 0.6%** | **Technology Hardware & Equipment: 0.6%** |  |
| Next Vision Stabilized Systems Ltd. | 19109 | 713623 |
| **Telecommunication Services: 1.0%** | **Telecommunication Services: 1.0%** |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 652199 | 1114788 |
| **Transportation: 0.7%** |  |  |
| ZIM Integrated Shipping Services Ltd. | 48868 | 786286 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **Utilities: 2.7%** |  |  |
| Energix-Renewable Energies Ltd. | 73710 | $272327 |
| Enlight Renewable Energy Ltd. \* | 26120 | 593783 |
| Kenon Holdings Ltd. | 5920 | 244693 |
| OPC Energy Ltd. \* | 28019 | 341313 |
| Ormat Technologies, Inc. † | 18704 | 1566647 |
|  |  | 3018763 |
| **Total Common Stocks**<br> (Cost: $65,608,403) |  | 111265875 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** |  |
| **Money Market Fund: 2.0%**<br> (Cost: $2,249,320) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2249320 | 2249320 |
| **Total Investments: 102.0%**<br> (Cost: $67,857,723) |  | 113515195 |
| **Liabilities in excess of other assets: (2.0)%** | **Liabilities in excess of other assets: (2.0)%** | (2194043) |
| **NET ASSETS: 100.0%** |  | $111321152 |

---

------

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,406,277. |

---

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 | $520467 | $— | $— | $520467 |
| &nbsp;&nbsp;&nbsp;Banks |  | 26681189 |  | 26681189 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 5201155 | 1221869 |  | 6423024 |
| &nbsp;&nbsp;&nbsp;Commercial & Professional Services | 324742 | 324516 |  | 649258 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Distribution & Retail | 1314131 |  |  | 1314131 |
| &nbsp;&nbsp;&nbsp;Consumer Durables & Apparel |  | 213609 |  | 213609 |
| &nbsp;&nbsp;&nbsp;Consumer Services |  | 313763 |  | 313763 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 746484 |  | 746484 |
| &nbsp;&nbsp;&nbsp;Energy | 634991 | 1338361 |  | 1973352 |
| &nbsp;&nbsp;&nbsp;Financial Services | 603047 | 1856090 |  | 2459137 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco |  | 467568 |  | 467568 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Services | 878109 |  |  | 878109 |
| &nbsp;&nbsp;&nbsp;Household & Personal Products | 637193 |  |  | 637193 |
| &nbsp;&nbsp;&nbsp;Insurance | 950589 | 5895259 |  | 6845848 |
| &nbsp;&nbsp;&nbsp;Materials | 1188616 | 472552 |  | 1661168 |
| &nbsp;&nbsp;&nbsp;Media & Entertainment | 546273 |  |  | 546273 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | 7252689 |  |  | 7252689 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 4252271 |  | 4252271 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4447884 |  |  | 4447884 |
| &nbsp;&nbsp;&nbsp;Software & Services | 36506934 | 842064 |  | 37348998 |
| &nbsp;&nbsp;&nbsp;Technology Hardware & Equipment |  | 713623 |  | 713623 |
| &nbsp;&nbsp;&nbsp;Telecommunication Services |  | 1114788 |  | 1114788 |
| &nbsp;&nbsp;&nbsp;Transportation | 786286 |  |  | 786286 |
| &nbsp;&nbsp;&nbsp;Utilities | 1566647 | 1452116 |  | 3018763 |
| Money Market Fund | 2249320 |  |  | 2249320 |
| **Total Investments** | $65609073 | $47906122 | $— | $113515195 |

---

See Notes to Financial Statements

VANECK OFFICE AND COMMERCIAL REIT ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **COMMON STOCKS: 99.2%** |  |  |
| **Real Estate Investment Trusts: 99.2%** | **Real Estate Investment Trusts: 99.2%** |  |
| American Assets Trust, Inc. | 2983 | $58914 |
| Brandywine Realty Trust | 9064 | 38885 |
| BXP, Inc. | 3306 | 223057 |
| COPT Defense Properties | 3820 | 105356 |
| Cousins Properties, Inc. | 7374 | 221441 |
| Douglas Emmett, Inc. | 7258 | 109160 |
| Easterly Government Properties, Inc. | 2475 | 54945 |
| EastGroup Properties, Inc. | 199 | 33257 |
| Empire State Realty Trust, Inc. | 8325 | 67349 |
| Highwoods Properties, Inc. | 3458 | 107509 |
| Hudson Pacific Properties, Inc. \* | 21923 | 60069 |
| JBG SMITH Properties | 3103 | 53682 |
| Kilroy Realty Corp. † | 5666 | 194400 |
| Kimco Realty Corp. | 2506 | 52676 |
| Net Lease Office Properties \* | 937 | 30499 |
| Paramount Group, Inc. \* | 12084 | 73712 |
| Piedmont Realty Trust, Inc. | 8094 | 59005 |
| Prologis, Inc. | 890 | 93557 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |  |
| Realty Income Corp. | 1671 | $96266 |
| Regency Centers Corp. | 400 | 28492 |
| Rexford Industrial Realty, Inc. | 704 | 25041 |
| Simon Property Group, Inc. | 604 | 97099 |
| SL Green Realty Corp. | 3402 | 210584 |
| Vornado Realty Trust | 5879 | 224814 |
| WP Carey, Inc. | 820 | 51152 |
| **Total Common Stocks**<br> (Cost: $2,428,946) |  | 2370921 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.3%** |  |
| **Money Market Fund: 6.3%**<br> (Cost: $151,640) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 151640 | 151640 |
| **Total Investments: 105.5%**<br> (Cost: $2,580,586) |  | 2522561 |
| **Liabilities in excess of other assets: (5.5)%** | **Liabilities in excess of other assets: (5.5)%** | (132487) |
| **NET ASSETS: 100.0%** |  | $2390074 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $146,264. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $2370921 | $— | $— | $2370921 |
| Money Market Fund | 151640 |  |  | 151640 |
| **Total Investments** | $2522561 | $— | $— | $2522561 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Banks: 11.4%** |  |  |
| Bank for Foreign Trade of Vietnam JSC \* | 11324101 | $24717910 |
| Nam A Commercial JSB \* | 7434800 | 4767812 |
| Saigon - Hanoi Commercial Joint Stock Bank | 21234425 | 10492455 |
| Vietnam Export Import Commercial JSB | 9369029 | 8191721 |
|  |  | 48169898 |
| **Capital Goods: 8.1%** |  |  |
| Development Investment Construction JSC \* | 5377649 | 3647351 |
| Gelex Group JSC | 6808142 | 9753033 |
| Ha Do Group JSC \* | 2147356 | 2086881 |
| Hoang Huy Investment Financial Services JSC \* | 5300020 | 4063601 |
| IDICO Corp. JSC | 2043310 | 3466748 |
| Tasco JSC \* | 8460300 | 4178246 |
| Vietnam Construction and Import-Export JSC | 5252919 | 4435317 |
| Viettel Construction JSC | 641400 | 2523949 |
|  |  | 34155126 |
| **Energy: 1.7%** |  |  |
| PetroVietnam Drilling & Well Services JSC \* | 4516688 | 3465717 |
| PetroVietnam Technical Services Corp. | 3143500 | 3959387 |
|  |  | 7425104 |
| **Financial Services: 17.2%** |  |  |
| FPT Securities JSC | 3449934 | 4991222 |
| Sai Gon-Ha Noi Securities JSC | 7267824 | 3589324 |
| SSI Securities Corp. | 24604639 | 23299335 |
| Vietcap Securities JSC | 9724935 | 13331408 |
| VIX Securities JSC \* | 26664406 | 13043697 |
| VNDirect Securities Corp. | 21793325 | 14376143 |
|  |  | 72631129 |
| **Food, Beverage & Tobacco: 18.0%** | **Food, Beverage & Tobacco: 18.0%** |  |
| BAF Viet Nam Agriculture JSC \* | 2764600 | 3725576 |
| HAGL JSC \* | 9410100 | 4665332 |
| KIDO Group Corp. | 1794436 | 3949754 |
| Masan Group Corp. \* | 7234476 | 21279816 |
| Saigon Beer Alcohol Beverage Corp. | 2481000 | 4465128 |
| Thanh Thanh Cong - Bien Hoa JSC \* | 6776018 | 5126901 |
| Vietnam Dairy Products JSC | 12379141 | 27487612 |
| Vinh Hoan Corp. | 2214760 | 5064268 |
|  |  | 75764387 |
| **Insurance: 0.9%** |  |  |
| Bao Viet Holdings | 1866596 | 3802269 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value** |
| **Materials: 11.7%** |  |  |
| Duc Giang Chemicals JSC | 2498032 | $9737947 |
| Hoa Phat Group JSC \* | 33834699 | 29481910 |
| Hoa Sen Group | 4805201 | 3057777 |
| PetroVietNam Ca Mau Fertilizer JSC | 2458200 | 3171948 |
| Petrovietnam Fertilizer & Chemicals JSC | 2574200 | 3795251 |
|  |  | 49244833 |
| **Real Estate Management & Development: 28.3%** | **Real Estate Management & Development: 28.3%** |  |
| CEO Group JSC \* | 4704705 | 3224066 |
| Dat Xanh Group JSC \* | 5124965 | 3322465 |
| Khang Dien House Trading and Investment JSC \* | 2738466 | 3085336 |
| Kinh Bac City Development Holding Corp. \* | 4603900 | 4725070 |
| Novaland Investment Group Corp. \* | 16222258 | 9408978 |
| Phat Dat Real Estate Development Corp. \* | 6845136 | 4738246 |
| Sai Gon VRG Investment Corp. | 1792400 | 4738407 |
| Van Phu Real Estate Development JSC \* | 2290552 | 4673970 |
| Vincom Retail JSC \* | 13627922 | 12865743 |
| Vingroup JSC \* | 9323849 | 34132700 |
| Vinhomes JSC 144A \* | 11664867 | 34285561 |
|  |  | 119200542 |
| **Transportation: 1.5%** |  |  |
| Vietjet Aviation JSC \* | 1885940 | 6363168 |
| **Utilities: 1.1%** |  |  |
| PetroVietnam Power Corp. \* | 9061510 | 4512190 |
| **Total Common Stocks**<br> (Cost: $312,456,654) |  | 421268646 |
| **RIGHTS: 0.0%**<br> (Cost: $0) |  |  |
| **Capital Goods: 0.0%** |  |  |
| Tasco JSC, VND 10,000.00, exp. 08/20/25\* | 8571500 | 190328 |
| **EXCHANGE TRADED FUND: 0.0%**<br> (Cost: $42,158) | **EXCHANGE TRADED FUND: 0.0%**<br> (Cost: $42,158) |  |
| DCVFMVN Diamond ETF | 62610 | 79076 |
| **Total Investments: 99.9%**<br> (Cost: $312,498,812) |  | 421538050 |
| **Other assets less liabilities: 0.1%** | **Other assets less liabilities: 0.1%** | 219017 |
| **NET ASSETS: 100.0%** |  | $421757067 |

---

------

**Definitions:**

VND Vietnam Dong

See Notes to Financial Statements

------

**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 $34,285,561, or 8.1% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | $— | $48169898 | $— | $48169898 |
| &nbsp;&nbsp;&nbsp;Capital Goods | 4178246 | 29976880 |  | 34155126 |
| &nbsp;&nbsp;&nbsp;Energy | 3959387 | 3465717 |  | 7425104 |
| &nbsp;&nbsp;&nbsp;Financial Services | 3589324 | 69041805 |  | 72631129 |
| &nbsp;&nbsp;&nbsp;Food, Beverage & Tobacco | 35878520 | 39885867 |  | 75764387 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 3802269 |  | 3802269 |
| &nbsp;&nbsp;&nbsp;Materials |  | 49244833 |  | 49244833 |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 17307014 | 101893528 |  | 119200542 |
| &nbsp;&nbsp;&nbsp;Transportation |  | 6363168 |  | 6363168 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 4512190 |  | 4512190 |
| Rights \* |  | 190328 |  | 190328 |
| Exchange Traded Fund | 79076 |  |  | 79076 |
| **Total Investments** | $64991567 | $356546483 | $— | $421538050 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AA-BB CLO ETF** | **Africa Index ETF** | **Brazil Small-Cap<br> ETF** | **ChiNext ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $105717888 | $51755270 | $20033719 | $27400463 |
| Short-term investments held as collateral for securities loaned (3) |  | 417955 | 121947 |  |
| Cash | 922888 | 59747 |  | 74502 |
| Cash denominated in foreign currency, at value (4) |  | 353 | 9097 | 12990 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 242869 |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  | 3089 | 3342 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1321110 | 128153 | 93756 |  |
| Prepaid expenses |  | 226 | 141 | 79 |
| Other assets |  | 5435 | 8768 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 107961886 | 52610008 | 20270517 | 27491854 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 1000000 | 313773 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 417955 | 121947 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 41639 | 18086 |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 21419 |  |
| Deferred Trustee fees |  | 17432 | 44955 | 1728 |
| Accrued expenses |  | 54764 | 48496 | 57048 |
| Accrued foreign taxes |  | 36264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1041639 | 858274 | 236817 | 58776 |
| **NET ASSETS** | $106920247 | $51751734 | $20033700 | $27433078 |
| Shares outstanding | 2100000 | 2600000 | 1300000 | 950000 |
| Net asset value, redemption and offering price per share | $50.91 | $19.90 | $15.41 | $28.88 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $106153424 | $113444918 | $187517826 | $38029343 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 766823 | (61693184) | (167484126) | (10596265) |
| **NET ASSETS** | $106920247 | $51751734 | $20033700 | $27433078 |
| (1) Includes Investment in securities on loan, at market value | $— | $4878152 | $914626 | $— |
| (2) Cost of investments - Unaffiliated issuers | $105670174 | $39985117 | $17186414 | $25762693 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $417955 | $121947 | $— |
| (4) Cost of cash denominated in foreign currency | $— | $649 | $9011 | $12969 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CLO ETF** | **Digital India ETF** | **India Growth <br> Leaders ETF (a)** | **Indonesia Index <br> ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $1048447709 | $22207377 | $138401318 | $31883287 |
| Short-term investments held as collateral for securities loaned (3) |  |  |  | 733845 |
| Cash | 505083 | 259774 | 69178 | 384 |
| Cash denominated in foreign currency, at value (4) |  | 38085 | 583018 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 10594158 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 12427756 | 21923 | 248643 | 224246 |
| Prepaid expenses |  |  | 164 | 150 |
| Other assets |  |  | 3913 | 7429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1071974706 | 22527159 | 139306234 | 32849341 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 17485382 | 88574 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  |  |  | 733845 |
| &nbsp;&nbsp;&nbsp;Line of credit |  |  |  | 105036 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 342295 | 12329 | 47672 | 5485 |
| Deferred Trustee fees |  |  | 19873 | 38315 |
| Accrued expenses |  |  | 69340 | 56080 |
| Accrued foreign taxes |  | 372664 | 297349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 17827677 | 473567 | 434234 | 938761 |
| **NET ASSETS** | $1054147029 | $22053592 | $138872000 | $31910580 |
| Shares outstanding | 19900000 | 500000 | 2874967 | 2200000 |
| Net asset value, redemption and offering price per share | $52.97 | $44.11 | $48.30 | $14.50 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $1046662087 | $17956236 | $190089110 | $172260755 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 7484942 | 4097356 | (51217110) | (140350175) |
| **NET ASSETS** | $1054147029 | $22053592 | $138872000 | $31910580 |
| (1) Includes Investment in securities on loan, at market value | $— | $— | $— | $975104 |
| (2) Cost of investments - Unaffiliated issuers | $1046670303 | $17652801 | $112347353 | $41941681 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $— | $— | $733845 |
| (4) Cost of cash denominated in foreign currency | $— | $37749 | $585011 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Israel ETF** | **Office and<br> Commercial REIT<br> ETF** | **Vietnam ETF** |
| **Assets:** |  |  |  |
| Investments, at value (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $111265875 | $2370921 | $421538050 |
| Short-term investments held as collateral for securities loaned (3) | 2249320 | 151640 |  |
| Cash | 79658 | 9576 | 2042 |
| Cash denominated in foreign currency, at value (4) | 27 |  | 957295 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 36188 | 5462002 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 64850 | 11549 | 1142345 |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes |  | 187 |  |
| Prepaid expenses | 331 |  | 797 |
| Other assets | 2258 |  | 25368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 113662319 | 2580061 | 429127899 |
| **Liabilities:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 37340 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  |  | 5470656 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 2249320 | 151640 |  |
| &nbsp;&nbsp;&nbsp;Line of credit |  |  | 1349755 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 39049 | 1007 | 170990 |
| Deferred Trustee fees | 6355 |  | 71410 |
| Accrued expenses | 46443 |  | 308021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2341167 | 189987 | 7370832 |
| **NET ASSETS** | $111321152 | $2390074 | $421757067 |
| Shares outstanding | 2150000 | 60000 | 30500000 |
| Net asset value, redemption and offering price per share | $51.78 | $39.83 | $13.83 |
| **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $81509561 | $2416200 | $719134267 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 29811591 | (26126) | (297377200) |
| **NET ASSETS** | $111321152 | $2390074 | $421757067 |
| (1) Includes Investment in securities on loan, at market value | $4406277 | $146264 | $— |
| (2) Cost of investments - Unaffiliated issuers | $65608403 | $2428946 | $312498812 |
| (3) Cost of short-term investments held as collateral for securities loaned | $2249320 | $151640 | $— |
| (4) Cost of cash denominated in foreign currency | $27 | $— | $956602 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AA-BB CLO ETF** | **Africa Index ETF** | **Brazil Small-Cap<br> ETF** | **ChiNext ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $1126035 | $381313 | $278737 |
| Interest | 3338716 | 3436 | 598 | 10286 |
| Securities lending income |  | 8651 | 15610 |  |
| Net foreign taxes withheld |  | (95610) | (13118) | (27874) |
| &nbsp;&nbsp;&nbsp;Total income | 3338716 | 1042512 | 384403 | 261149 |
| **Expenses:** |  |  |  |  |
| Management fees | 201647 | 110885 | 42549 | 72008 |
| Professional fees |  | 23931 | 24049 | 26553 |
| Custody and accounting fees |  | 36408 | 29710 | 46139 |
| Reports to shareholders |  | 10243 | 7617 | 7464 |
| Trustees' fees and expenses |  | 1002 | 1065 | 392 |
| Exchange listing fees |  | 3358 | 3358 | 3364 |
| Insurance |  | 549 | 542 | 540 |
| Interest |  | 947 | 223 |  |
| Taxes | 185 | 185 | 185 | 185 |
| Other |  | 971 | 1181 | 3805 |
| &nbsp;&nbsp;&nbsp;Total expenses | 201832 | 188479 | 110479 | 160450 |
| Expenses assumed by the Adviser |  | (14365) | (59863) | (66654) |
| &nbsp;&nbsp;&nbsp;Net expenses | 201832 | 174114 | 50616 | 93796 |
| Net investment income | 3136884 | 868398 | 333787 | 167353 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | 71358 | 807582 | (1180483) | (2279708) |
| In-kind redemptions |  | 1048364 | 41849 |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (16053) | 3348 | (3769) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 71358 | 1839893 | (1135286) | (2283477) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (378198) | 7870574 | 6487604 | 2670389 |
| Foreign currency translations and foreign denominated assets and liabilities |  | 542 | 7192 | 65 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (378198) | 7871116 | 6494796 | 2670454 |
| Net increase in net assets resulting from operations | $2830044 | $10579407 | $5693297 | $554330 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CLO ETF | Digital India ETF | **India Growth<br> Leaders ETF (a)** | **Indonesia Index<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $154323 | $1177208 | $1056625 |
| Interest | 29620701 | 9102 | 5185 | 1487 |
| Securities lending income |  |  |  | 1778 |
| Net foreign taxes withheld |  | (28460) | (242717) | (154936) |
| &nbsp;&nbsp;&nbsp;Total income | 29620701 | 134965 | 939676 | 904954 |
| **Expenses:** |  |  |  |  |
| Management fees | 1925572 | 83366 | 336106 | 71245 |
| Professional fees |  |  | 38648 | 22952 |
| Custody and accounting fees |  |  | 82451 | 20818 |
| Reports to shareholders |  |  | 11054 | 7786 |
| Trustees' fees and expenses |  |  | 13038 | 974 |
| Exchange listing fees |  |  | 3358 | 3358 |
| Insurance |  |  | 1676 | 547 |
| Interest | 760 | 130 | 6303 | 180 |
| Taxes | 185 | 185 | 185 | 185 |
| Other |  |  | 8560 | 227 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1926517 | 83681 | 501379 | 128272 |
| Expenses assumed by the Adviser |  |  | (24343) | (46687) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1926517 | 83681 | 477036 | 81585 |
| Net investment income | 27694184 | 51284 | 462640 | 823369 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments (1) | 61583 | (180889) | (6126598) | (2422599) |
| In-kind redemptions | 288491 | 217639 | 348999 | (223600) |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (40082) | 69171 | (276) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 350074 | (3332) | (5708428) | (2646475) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments (2) | (2136946) | (659579) | 805721 | 1413252 |
| Foreign currency translations and foreign denominated assets and liabilities |  | 587 | (479) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2136946) | (658992) | 805242 | 1413252 |
| Net increase (decrease) in net assets resulting from operations | $25907312 | $(611040) | $(4440546) | $(409854) |
| (1) Net of foreign taxes | $— | $(92633) | $(3604) | $— |
| (2) Net change in accrued foreign taxes | $— | $476239 | $(297349) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Israel ETF** | **Office and<br> Commercial REIT<br> ETF** | **Vietnam ETF** |
| **Income:** |  |  |  |
| Dividends | $997250 | $32965 | $2939692 |
| Interest | 1968 | 55 | 5361 |
| Securities lending income | 71435 | 62 |  |
| Net foreign taxes withheld | (218849) |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 851804 | 33082 | 2945053 |
| **Expenses:** |  |  |  |
| Management fees | 236167 | 5712 | 989234 |
| Professional fees | 23265 |  | 24324 |
| Custody and accounting fees | 28912 |  | 204820 |
| Reports to shareholders | 9516 |  | 19631 |
| Trustees' fees and expenses | 1087 |  | 6813 |
| Exchange listing fees | 3359 |  | 1976 |
| Insurance | 1345 |  | 4255 |
| Interest | 292 |  | 103816 |
| Taxes | 185 | 243 | 185 |
| Other | 352 |  | 5099 |
| &nbsp;&nbsp;&nbsp;Total expenses | 304480 | 5955 | 1360153 |
| Expenses assumed by the Adviser | (25325) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 279155 | 5955 | 1360153 |
| Net investment income | 572649 | 27127 | 1584900 |
| **Net realized gain (loss) on:** |  |  |  |
| Investments | (1298304) | (41167) | 4177719 |
| In-kind redemptions |  | 73598 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | (308) |  | (462025) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1298612) | 32431 | 3715694 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |
| Investments | 18565801 | (218551) | 62162738 |
| Foreign currency translations and foreign denominated assets and liabilities | 163 |  | (3115) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 18565964 | (218551) | 62159623 |
| Net increase (decrease) in net assets resulting from operations | $17840001 | $(158993) | $67460217 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AA-BB CLO ETF** | **AA-BB CLO ETF** | **Africa Index ETF** | **Africa Index ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Period Ended<br> December 31,<br> 2024(a)** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3136884 | $895028 | $868398 | $972114 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 71358 | (61) | 1839893 | (1216838) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (378198) | 425912 | 7871116 | 4450502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2830044 | 1320879 | 10579407 | 4205778 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (2494280) | (889820) |  |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 60912013 | 60300171 | 2847673 | 9433069 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15058760) |  | (4821439) | (12274875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 45853253 | 60300171 | (1973766) | (2841806) |
| Total increase in net assets | 46189017 | 60731230 | 8605641 | 1363972 |
| Net Assets, beginning of period | 60731230 |  | 43146093 | 41782121 |
| Net Assets, end of period | $106920247 | $60731230 | $51751734 | $43146093 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 1200000 | 1200000 | 150000 | 600000 |
| Shares redeemed | (300000) |  | (300000) | (800000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 900000 | 1200000 | (150000) | (200000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brazil Small-Cap ETF** | **Brazil Small-Cap ETF** | **ChiNext ETF** | **ChiNext ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $333787 | $778759 | $167353 | $102694 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1135286) | (1539123) | (2283477) | (4303642) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6494796 | (8832330) | 2670454 | (559901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5693297 | (9592694) | 554330 | (4760849) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (650035) |  | (48120) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  | 41168856 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1729431) | (3732846) | (6451892) | (20254902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (1729431) | (3732846) | (6451892) | 20913954 |
| Total increase (decrease) in net assets | 3963866 | (13975575) | (5897562) | 16104985 |
| Net Assets, beginning of period | 16069834 | 30045409 | 33330640 | 17225655 |
| Net Assets, end of period | $20033700 | $16069834 | $27433078 | $33330640 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold |  |  |  | 1200000 |
| Shares redeemed | (150000) | (250000) | (250000) | (700000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (150000) | (250000) | (250000) | 500000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CLO ETF** | **CLO ETF** | **Digital India ETF** | **Digital India ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $27694184 | $28689042 | $51284 | $51637 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 350074 | 2167982 | (3332) | (118) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2136946) | 1575429 | (658992) | 4284429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 25907312 | 32432453 | (611040) | 4335948 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (23030320) | (30616070) |  |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 464351495 | 570662000 |  | 14415956 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (204748242) | (15684333) | (5097443) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 259603253 | 554977667 | (5097443) | 14415956 |
| Total increase (decrease) in net assets | 262480245 | 556794050 | (5708483) | 18751904 |
| Net Assets, beginning of period | 791666784 | 234872734 | 27762075 | 9010171 |
| Net Assets, end of period | $1054147029 | $791666784 | $22053592 | $27762075 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 8800000 | 10800000 |  | 375000 |
| Shares redeemed | (3900000) | (300000) | (125000) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 4900000 | 10500000 | (125000) | 375000 |

---

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** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $462640 | $775564 | $823369 | $1190448 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (5708428) | 14211235 | (2646475) | (2098485) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 805242 | 3011121 | 1413252 | (4474539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (4440546) | 17997920 | (409854) | (5382576) |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (5499942) |  | (1274950) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4750034 | 45660398 | 3736566 | 51254389 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14794806) |  | (1508438) | (43477457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (10044772) | 45660398 | 2228128 | 7776932 |
| Total increase (decrease) in net assets | (14485318) | 58158376 | 1818274 | 1119406 |
| Net Assets, beginning of period | 153357318 | 95198942 | 30092306 | 28972900 |
| Net Assets, end of period | $138872000 | $153357318 | $31910580 | $30092306 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 100000 | 950000 | 300000 | 2850000 |
| Shares redeemed | (350000) |  | (100000) | (2550000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (250000) | 950000 | 200000 | 300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **Office and Commercial REIT ETF** | **Office and Commercial REIT ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $572649 | $885800 | $27127 | $38992 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1298612) | (2871693) | 32431 | 105793 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 18565964 | 19364376 | (218551) | 32329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 17840001 | 17378483 | (158993) | 177114 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (1050000) | (28946) | (34588) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (22379) |
| Total distributions |  | (1050000) | (28946) | (56967) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 5699258 | 12000037 | 834324 | 1659528 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  | (406632) | (786927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 5699258 | 12000037 | 427692 | 872601 |
| Total increase in net assets | 23539259 | 28328520 | 239753 | 992748 |
| Net Assets, beginning of period | 87781893 | 59453373 | 2150321 | 1157573 |
| Net Assets, end of period | $111321152 | $87781893 | $2390074 | $2150321 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 125000 | 325000 | 20000 | 40000 |
| Shares redeemed |  |  | (10000) | (20000) |
| &nbsp;&nbsp;&nbsp;Net increase | 125000 | 325000 | 10000 | 20000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Vietnam ETF** | **Vietnam ETF** |
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1584900 | $3748577 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3715694 | (15892288) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 62159623 | (40013540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 67460217 | (52157251) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3445507 | 1296496 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (66319751) | (59226300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (62874244) | (57929804) |
| Total increase (decrease) in net assets | 4585973 | (110087055) |
| Net Assets, beginning of period | 417171094 | 527258149 |
| Net Assets, end of period | $421757067 | $417171094 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |
| Shares sold | 250000 | 100000 |
| Shares redeemed | (5650000) | (4950000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (5400000) | (4850000) |

---

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** |
|  | **Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | **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) | 1.76 | 0.95 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | 0.49 |
| Total from investment operations | 1.63 | 1.44 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.33) | (0.83) |
| Net asset value, end of period | $50.91 | $50.61 |
| **Total return (c)** | 3.26% | 2.90% |
| **Ratios to average net assets** |  |  |
| Expenses | 0.45 %(d) | 0.45 %(d) |
| Net investment income | 7.00 %(d) | 6.93 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $107 | $61 |
| Portfolio turnover rate (e) | 40% | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $15.69 | $14.16 | $15.81 | $20.06 | $20.17 | $20.50 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.34 | 0.33 | 0.35 | 0.60 | 0.53 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.87 | 1.20 | (1.69) | (4.27) | 0.20 (b) | (0.05) |
| Total from investment operations | 4.21 | 1.53 | (1.34) | (3.67) | 0.73 | 0.47 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.31) | (0.58) | (0.84) | (0.80) |
| Net asset value, end of period | $19.90 | $15.69 | $14.16 | $15.81 | $20.06 | $20.17 |
| **Total return (c)** | 26.87% | 10.77% | (8.45)% | (18.34)% | 3.69% | 2.29% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.85 %(d) | 0.89% | 1.47% | 0.98% | 0.77% | 0.92% |
| Net expenses | 0.79 %(d) | 0.88% | 1.31% | 0.98% | 0.77% | 0.79% |
| Net expenses excluding interest and taxes | 0.78 %(d) | 0.78% | 0.78% | 0.75% | 0.77% | 0.78% |
| Net investment income | 3.92 %(d) | 2.16% | 2.33% | 3.29% | 2.50% | 3.00% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $52 | $43 | $42 | $46 | $59 | $52 |
| Portfolio turnover rate (e) | 23% | 44% | 34% | 33% | 37% | 37% |

---

(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) 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $11.08 | $17.67 | $13.64 | $16.35 | $21.44 | $27.50 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.25 | 0.51 | 0.46 | 0.44 | 0.48 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.08 | (6.65) | 4.45 | (2.59) | (5.08) | (6.04) |
| Total from investment operations | 4.33 | (6.14) | 4.91 | (2.15) | (4.60) | (5.71) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.45) | (0.88) | (0.56) | (0.49) | (0.35) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | — (b) |  |  |
| Total distributions |  | (0.45) | (0.88) | (0.56) | (0.49) | (0.35) |
| Net asset value, end of period | $15.41 | $11.08 | $17.67 | $13.64 | $16.35 | $21.44 |
| **Total return (c)** | 39.05% | (34.74)% | 36.14% | (13.30)% | (21.38)% | (20.75)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.30 %(d) | 0.97% | 1.07% | 0.83 %(e) | 0.84 %(e) | 0.84% |
| Net expenses | 0.59 %(d) | 0.60% | 0.68% | 0.59 %(e) | 0.59 %(e) | 0.60% |
| Net expenses excluding interest and taxes | 0.59 %(d) | 0.59% | 0.59% | 0.59 %(e) | 0.59 %(e) | 0.59% |
| Net investment income | 3.92 %(d) | 3.40% | 2.93% | 2.71 %(e) | 2.32 %(e) | 1.73% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $20 | $16 | $30 | $25 | $32 | $55 |
| Portfolio turnover rate (f) | 17% | 30% | 43% | 42% | 56% | 31% |

---

(a) Calculated based upon average shares outstanding

(b) Amount represents less than $0.005 per share.

(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) 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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **Six Months**<br>**Ended <br>June 30, <br>2025 <br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.78 | $24.61 | $31.27 | $48.47 | $48.95 | $29.81 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.12 | 0.10 | (0.08) | (0.06) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.94 | 3.09 (b) | (6.76) | (17.12) | 4.03 | 19.09 |
| &nbsp;&nbsp;&nbsp;Payment from Adviser |  |  |  |  | 0.02 (c) | 0.02 (d) |
| Total from investment operations | 1.10 | 3.21 | (6.66) | (17.20) | 3.99 | 19.14 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.04) |  |  |  | — (e) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  | (3.74) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.73) |  |
| Total distributions |  | (0.04) |  |  | (4.47) |  |
| Net asset value, end of period | $28.88 | $27.78 | $24.61 | $31.27 | $48.47 | $48.95 |
| **Total return (f)** | 3.96% | 13.04% | (21.31)% | (35.49)% | 8.21 %(c) | 64.23 %(d) |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.11 %(g) | 1.27% | 1.89% | 1.25% | 0.89% | 1.15% |
| Net expenses | 0.65 %(g) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net investment income (loss) | 1.16 %(g) | 0.48% | 0.34% | (0.22)% | (0.12)% | 0.07% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $27 | $33 | $17 | $20 | $41 | $49 |
| Portfolio turnover rate (h) | 4% | 109% | 123% | 10% | 59% | 96% |

---

(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) For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser
 (See Note 3).

(e) Amount represents less than $0.005 per share.

(f) 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.

(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 period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CLO ETF** | **CLO ETF** | **CLO ETF** | **CLO ETF** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **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) | 1.51 | 3.52 | 3.32 | 1.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.08) | 0.61 | 1.32 | 0.43 |
| Total from investment operations | 1.43 | 4.13 | 4.64 | 1.61 |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.24) | (3.42) | (2.93) | (1.13) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (0.12) |  |  |
| Total distributions | (1.24) | (3.54) | (2.93) | (1.13) |
| Net asset value, end of period | $52.97 | $52.78 | $52.19 | $50.48 |
| **Total return (c)** | 2.74% | 8.13% | 9.40% | 3.26% |
| **Ratios to average net assets** |  |  |  |  |
| Expenses | 0.40 %(d) | 0.40% | 0.40% | 0.40 %(d) |
| Net investment income | 5.75 %(d) | 6.65% | 6.38% | 4.43 %(d) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $1054 | $792 | $235 | $25 |
| Portfolio turnover rate (e) | 20% | 68% | 59% | 15% |

---

(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 period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital India ETF** | **Digital India ETF** | **Digital India ETF** | **Digital India ETF** |
|  | | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **Period<br> Ended<br> December<br> 31,**<br>**2022 (a)** |
| Net asset value, beginning of period | $44.42 | $36.04 | $27.79 | $36.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.09 | 0.09 | 0.09 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.40) | 8.29 | 8.25 | (8.33) |
| Total from investment operations | (0.31) | 8.38 | 8.34 | (8.19) |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.08) | (0.27) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) |  |
| Total distributions |  |  | (0.09) | (0.27) |
| Net asset value, end of period | $44.11 | $44.42 | $36.04 | $27.79 |
| **Total return (c)** | (0.59)% | 23.25% | 30.00% | (22.56)% |
| **Ratios to average net assets** |  |  |  |  |
| Expenses | 0.70 %(d) | 0.74% | 0.77% | 0.76 %(d) |
| Expenses excluding interest and taxes | 0.70 %(d) | 0.70% | 0.71% | 0.75 %(d) |
| Net investment income | 0.43 %(d) | 0.22% | 0.27% | 0.53 %(d) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $22 | $28 | $9 | $1 |
| Portfolio turnover rate (e) | 13% | 28% | 22% | 22% |

---

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $49.07 | $43.77 | $32.62 | $42.93 | $32.94 | $32.76 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.15 | 0.27 | 0.33 | 0.59 | 0.08 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.92) | 6.79 | 11.24 | (10.34) | 9.91 | 0.11 (c) |
| Total from investment operations | (0.77) | 7.06 | 11.57 | (9.75) | 9.99 | 0.26 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (1.76) | (0.42) | (0.56) |  | (0.08) |
| Net asset value, end of period | $48.30 | $49.07 | $43.77 | $32.62 | $42.93 | $32.94 |
| **Total return (d)** | (1.57)% | 16.11% | 35.48% | (22.67)% | 30.30% | 0.80% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.75 %(e) | 0.76% | 1.09% | 0.80% | 1.00% | 1.24% |
| Net expenses | 0.71 %(e) | 0.76% | 0.87% | 0.80% | 0.90% | 1.05% |
| Net expenses excluding interest and taxes | 0.70 %(e) | 0.70% | 0.72% | 0.73% | 0.83% | 0.85% |
| Net investment income | 0.69 %(e) | 0.54% | 0.91% | 1.64% | 0.22% | 0.55% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $139 | $153 | $95 | $51 | $78 | $68 |
| Portfolio turnover rate (f) | 41% | 47% | 79% | 102% | 67% | 133% |

---

(a) Consolidated Financial Highlights

(b) Calculated based upon average shares outstanding

(c) 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.

(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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Indonesia Index ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $15.05 | $17.04 | $17.34 | $19.93 | $20.49 | $22.68 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.40 | 0.58 | 0.63 | 0.45 | 0.27 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.95) | (1.98) | (0.31) | (2.41) | (0.61) | (2.21) |
| Total from investment operations | (0.55) | (1.40) | 0.32 | (1.96) | (0.34) | (1.85) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.59) | (0.62) | (0.63) | (0.22) | (0.34) |
| Net asset value, end of period | $14.50 | $15.05 | $17.04 | $17.34 | $19.93 | $20.49 |
| **Total return (b)** | (3.60)% | (8.21)% | 1.91% | (9.88)% | (1.65)% | (8.20)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.90 %(c) | 0.84% | 0.99% | 0.67% | 0.82% | 0.97% |
| Net expenses | 0.57 %(c) | 0.57% | 0.58% | 0.57% | 0.57% | 0.57% |
| Net expenses excluding interest and taxes | 0.57 %(c) | 0.57% | 0.57% | 0.57% | N/A | N/A |
| Net investment income | 5.78 %(c) | 3.49% | 3.56% | 2.24% | 1.38% | 2.03% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $32 | $30 | $29 | $33 | $54 | $36 |
| Portfolio turnover rate (d) | 8% | 23% | 21% | 25% | 36% | 13% |

---

(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) Annualized

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Israel ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $43.35 | $34.97 | $35.71 | $48.77 | $44.82 | $35.03 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.27 | 0.47 | 0.45 | 0.61 | 0.27 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.16 | 8.44 | (0.53) | (13.19) | 4.30 | 9.79 |
| Total from investment operations | 8.43 | 8.91 | (0.08) | (12.58) | 4.57 | 9.87 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.53) | (0.66) | (0.48) | (0.62) | (0.08) |
| Net asset value, end of period | $51.78 | $43.35 | $34.97 | $35.71 | $48.77 | $44.82 |
| **Total return (b)** | 19.44% | 25.44% | (0.22)% | (25.79)% | 10.20% | 28.14% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.64 %(c) | 0.71% | 0.78% | 0.64% | 0.71% | 0.80% |
| Net expenses | 0.59 %(c) | 0.59% | 0.59% | 0.59% | 0.59% | 0.60% |
| Net expenses excluding interest and taxes | 0.59 %(c) | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Net investment income | 1.21 %(c) | 1.25% | 1.28% | 1.48% | 0.57% | 0.24% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $111 | $88 | $59 | $59 | $80 | $75 |
| Portfolio turnover rate (d) | 4% | 10% | 13% | 12% | 32% | 22% |

---

(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) Annualized

(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 period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Office and Commercial REIT ETF** | **Office and Commercial REIT ETF** | **Office and Commercial REIT ETF** |
|  | **Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | **Year Ended<br> December<br> 31, 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) | 0.46 | 1.22 | 0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.04) | 4.83 | 3.61 |
| Total from investment operations | (2.58) | 6.05 | 4.12 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.60) | (0.85) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  | (0.15) | (0.09) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.63) |  |
| Total distributions | (0.60) | (1.63) | (0.67) |
| Net asset value, end of period | $39.83 | $43.01 | $38.59 |
| **Total return (c)** | (5.81)% | 16.24% | 11.70% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.52 %(d) | 0.52% | 0.50 %(d) |
| Expenses excluding interest and taxes | 0.50 %(d) | 0.50% | 0.50 %(d) |
| Net investment income | 2.37 %(d) | 3.07% | 5.40 %(d) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $2 | $2 | $1 |
| Portfolio turnover rate (e) | 7% | 17% | 1% |

---

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Vietnam ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $11.62 | $12.94 | $11.75 | $21.36 | $17.52 | $16.05 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.05 | 0.09 | 0.08 | 0.18 | 0.11 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.16 | (1.41) | 1.78 | (9.68) | 3.83 | 1.46 |
| Total from investment operations | 2.21 | (1.32) | 1.86 | (9.50) | 3.94 | 1.54 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.67) | (0.11) | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.01) |
| Total distributions |  |  | (0.67) | (0.11) | (0.10) | (0.07) |
| Net asset value, end of period | $13.83 | $11.62 | $12.94 | $11.75 | $21.36 | $17.52 |
| **Total return (b)** | 19.00% | (10.19)% | 15.95% | (44.47)% | 22.52% | 9.72% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.69 %(c)(d) | 0.68 %(d) | 0.70 %(d) | 0.66 %(d) | 0.59 %(d) | 0.61% |
| Expenses excluding interest and taxes | 0.63 %(c)(d) | 0.62 %(d) | 0.61 %(d) | 0.60 %(d) | 0.58 %(d) | 0.60% |
| Net investment income | 0.80 %(c)(d) | 0.75 %(d) | 0.59 %(d) | 1.13 %(d) | 0.58 %(d) | 0.55% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $422 | $417 | $527 | $413 | $591 | $457 |
| Portfolio turnover rate (e) | 14% | 21% | 55% | 57% | 57% | 33% |

---

(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) Annualized

(d) The ratios presented do not reflect the Fund's proportionate share of income and expenses from the Fund's investment in underlying
 funds.

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| AA-BB CLO ETF | Non-Diversified |
| Africa Index ETF | Diversified |
| Brazil Small-Cap ETF | Diversified |
| ChiNext ETF | Diversified |
| CLO ETF | Non-Diversified |
| Digital India ETF | Non-Diversified |
| India Growth Leaders ETF | Diversified |
| Indonesia Index ETF | Non-Diversified |
| Israel ETF | Non-Diversified |
| Office and Commercial REIT ETF | Non-Diversified |
| Vietnam ETF | Non-Diversified |

---

Each Fund, except for AA-BB CLO ETF and CLO ETF, 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 listed in the table below.

---

| | |
|:---|:---|
| Fund | Index |
| Africa Index ETF | MVIS<sup>®</sup> GDP Africa Index |
| Brazil Small-Cap ETF | MVIS<sup>®</sup> Brazil Small-Cap Index |
| ChiNext ETF | ChiNext Index |
| Digital India ETF | MVIS<sup>®</sup> Digital India 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 |
| Office and Commercial REIT ETF | MarketVector™ US Listed Office and Commercial REITs Index |
| Vietnam ETF | MarketVector™ Vietnam Local 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").

India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the "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 (the "Adviser") serves as the investment adviser for the Funds. PineBridge Investments LLC (the "Sub-Adviser") is a Sub-Adviser for the AA-BB CLO ETF and CLO ETF.

**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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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| | |
|:---|:---|
| **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 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 considered as Level 1 in the fair value hierarchy. |
|  | The Funds' Board of Trustees ("Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds' valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
|  | Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other |

---

------

---

| | |
|:---|:---|
|  | security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
|  | A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
| **B.** | **Basis for Consolidation—**The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the "Fund") in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation. |
| **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. |
| **D.** | **Distributions to Shareholders—** Dividends to shareholders from net investment income, if any, are declared and paid annually by each Fund (except AA-BB CLO ETF and CLO ETF, which declare and pay monthly, and Office and Commercial REIT ETF, which declares and pays quarterly). Distributions from net realized capital gains, if any, are generally 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. |
| **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. |
| **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. |
| **G.** | **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 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | 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 June 30, 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). |
| **H.** | **Segment Reporting—**The Adviser acts 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. |
| **I.** | **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. Interest income, including amortization of premiums and discounts, is accrued as earned. |
|  | 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 Adviser has agreed, until at least May 1, 2026, to waive fees and/or assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the period ended June 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| Fund | **Management <br> Fees** | **Expense <br> Limitations** |
| Africa Index ETF | 0.50% | 0.78% |
| Brazil Small-Cap ETF | 0.50 | 0.59 |
| ChiNext ETF | 0.50 | 0.65 |
| India Growth Leaders ETF | 0.50 | 0.70 |
| Indonesia Index ETF | 0.50 | 0.57 |
| Israel ETF | 0.50 | 0.59 |
| Vietnam ETF | 0.50 | 0.76 |

---

Refer to the Statements of Operations for the amounts assumed by the Adviser for the period ended June 30, 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 fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expense.

------

---

| | |
|:---|:---|
| Fund | **Management <br> Fee Rate** |
| AA-BB CLO ETF | 0.45% |
| CLO ETF | 0.40 |
| Digital India ETF | 0.70 |
| Office and Commercial REIT ETF | 0.50 |

---

During the year ended December 31, 2020, the Adviser reimbursed the ChiNext ETF $17,518 for a transactional 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 (the "Distributor"), an affiliate of the Adviser, acts as the Funds' distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At June 30, 2025, the Adviser owned approximately 10% of AA-BB CLO ETF.

**Note 4—Capital Share Transactions—**As of June 30, 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 a designated portfolio of securities ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

**Note 5—Investments—**For the period ended June 30, 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) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| Fund | **Purchases** | **Sales** | **Purchases** | **Sales** |
| AA-BB CLO ETF | $76920533 | $34983468 | $— | $— |
| Africa Index ETF | 10388551 | 10161870 | 2033898 | 3383910 |
| Brazil Small-Cap ETF | 2962678 | 3974879 |  | 352581 |
| ChiNext ETF | 1209429 | 7455151 |  |  |
| CLO ETF | 457385023 | 186130940 | 49324741 | 89226817 |
| Digital India ETF | 3096005 | 6227901 |  | 1168746 |
| India Growth Leaders ETF | 57002073 | 66445148 | 231210 | 685229 |
| Indonesia Index ETF | 3235607 | 2422495 | 3713569 | 1506890 |
| Israel ETF | 4636914 | 4061562 | 5700791 |  |
| Office and Commercial REIT ETF | 173252 | 334754 | 834023 | 254962 |
| Vietnam ETF | 54999953 | 116757064 |  |  |

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 6—Income Taxes—**As of June 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $105670174 | $421058 | $(373344) | $47714 |
| Africa Index ETF | 41527753 | 14398464 | (3752992) | 10645472 |
| Brazil Small-Cap ETF | 19295841 | 4754120 | (3894295) | 859825 |
| ChiNext ETF | 25107690 | 4041353 | (1748580) | 2292773 |
| CLO ETF | 1046670303 | 2326476 | (549070) | 1777406 |
| Digital India ETF | 17846454 | 5042516 | (681593) | 4360923 |
| India Growth Leaders ETF | 114369195 | 28951279 | (4919156) | 24032123 |
| Indonesia Index ETF | 42784188 | 1057781 | (11224837) | (10167056) |
| Israel ETF | 69048688 | 50618853 | (6152346) | 44466507 |
| Office and Commercial REIT ETF | 2584388 | 61075 | (122902) | (61827) |
| Vietnam ETF | 343983637 | 129691171 | (52136758) | 77554413 |

---

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds' financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties.

**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 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 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.

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 AA-BB CLO ETF and CLO ETF 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.

Office and Commercial REIT ETF 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. REITs may also be subject to heavy

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

cash flow dependency, default by borrowers or tenants and self-liquidation. REITs also must satisfy specific requirements of the Internal Revenue Code in order to qualify for tax-free pass-through income. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including significantly reducing the return to the Fund on its investment in such company. In addition, REITs, like mutual funds, have expenses, including management and administration fees, that are paid by their shareholders. As a result, shareholders will absorb their proportionate share of duplicate levels of fees when the Fund invests in REITs.

Equity REITs that invest in commercial real estate may be adversely affected by conditions in the real estate market, failure of tenants to renew leases and decline in rental values.

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 a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. 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. AA-BB CLO ETF, CLO ETF, Digital India 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, each of the Funds (except for AA-BB CLO ETF and CLO ETF) may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Africa Index ETF | $4878152 | $417955 | $5579502 | $5997457 |
| Brazil Small-Cap ETF | 914626 | 121947 | 805143 | 927090 |
| Indonesia Index ETF | 975104 | 733845 | 258686 | 992531 |
| Israel ETF | 4406277 | 2249320 | 2217413 | 4466733 |
| Office and Commercial REIT ETF | 146264 | 151640 |  | 151640 |

---

------

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 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** |
| Africa Index ETF | $417955 |
| Brazil Small-Cap ETF | 121947 |
| Indonesia Index ETF | 733845 |
| Israel ETF | 2249320 |
| Office and Commercial REIT ETF | 151640 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit—** The Funds may participate in a $200 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| Fund | **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Africa Index ETF | 12 | $323388 | 5.68% |
| Brazil Small-Cap ETF | 3 | 55079 | 5.68 |
| Digital India ETF | 2 | 413589 | 5.68 |
| India Growth Leaders ETF | 39 | 792678 | 5.68 |
| Indonesia Index ETF | 7 | 141341 | 5.68 |
| Israel ETF | 20 | 79751 | 5.68 |
| Vietnam ETF | 104 | 5039221 | 5.68 |

---

Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—New Accounting Pronouncements and Regulatory Requirements—** In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

------

**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 ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the "Renewal Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust," and the series thereof listed below, the "Funds"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation ("VEAC") (the "VEAC Investment Management Agreements") with respect to the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Bond ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, International High Yield Bond ETF, Israel ETF, J.P. Morgan EM Local Currency Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Preferred Securities ex Financials ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation ("VEARA," and together with VEAC, the "Advisers") (the "VEARA Investment Management Agreements") with respect to the VanEck BDC Income ETF and CMCI Commodity Strategy ETF and (iii) the sub-advisory agreements between VEAC and PineBridge Investments LLC (the "Sub-Adviser") (the "Existing Sub-Advisory Agreements") with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the "CLO ETFs"). In addition, at the Renewal Meeting, the Trustees also approved new sub-advisory agreements between VEAC and the Sub-Adviser (the "New Sub-Advisory Agreements," and collectively with the Existing Sub-Advisory Agreements, the "Sub-Advisory Agreements") to take effect upon the expected acquisition of the Sub-Adviser by a third party (the "Acquisition"), which could be deemed to be a "change in control" of the Sub-Adviser and thus would result in an "assignment" (as defined under the Investment Company Act of 1940, as amended) and automatic termination of the Existing Sub-Advisory Agreements. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreements are collectively referred to as the "Agreements."

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds' peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the CLO ETFs) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers' relationships with the Funds and the Sub-Adviser's relationship with the CLO ETFs. In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except the CLO ETFs, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund's performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the "Russia ETFs") is in the process of being liquidated and no longer seeks to track an index. The Trustees also considered the fact that the VanEck AA-BB CLO ETF had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund's performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds, except for the CLO ETFs. The Trustees also considered VEAC's efforts to address regulatory and operational challenges in managing the Russia ETFs during the Russia ETFs' process of liquidating their assets and winding up their business.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

The Independent Trustees' consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the Advisers at the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers and the Sub-Adviser (with respect to the CLO ETFs), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers and the Sub-Adviser (with respect to the CLO ETFs) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Digital India ETF, Green Metals ETF, International High Yield Bond ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Services ETF and Preferred Securities ex Financials ETF (the "Unitary Funds"), the Advisers' agreement to pay all of the direct expenses of each Unitary Fund (excluding the fee payment under the applicable VEAC Investment Management Agreement or VEARA Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the "Non-Unitary Funds"), the Advisers' commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC's undertaking to waive all of the Russia ETFs' management fees while the Russia ETFs are in the process of liquidation. With respect to the Sub-Advisory Agreements, the Trustees noted the Sub-Adviser's experience and investment management process with respect to investments in collateralized loan obligation ("CLO") securities and the Sub-Adviser's experience serving as the investment adviser to other registered investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be retained by VEAC under each Sub-Advisory Agreement. The Trustees further considered the Sub-Adviser's representation that the Acquisition was not expected to result in changes to how the Sub-Adviser conducts its business and its management of the CLO ETFs, as well as the fact that the New Sub-Advisory Agreements are materially identical to the Existing Sub-Advisory Agreements.

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds' portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund's performance to that of certain other registered funds, but relied principally on a comparison of the "gross" performance of each Fund except for the CLO ETFs (*i.e.*, measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund's allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

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

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds' management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver, including, with respect to the Russia ETFs, VEAC's waiver of all management fees payable by each of the Russia ETFs since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Low Carbon Energy ETF, Office and Commercial REIT

------

ETF, Oil Services ETF and Rare Earth and Strategic Metals ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Africa Index ETF had management fees (after the effect of the fee waiver) above the average and below the median of its peer group of funds, each of the VanEck AA-BB CLO ETF, Agribusiness ETF, BDC Income ETF, CLO ETF, Gold Miners ETF, Green Metals ETF, International High Yield Bond ETF and Junior Gold Miners ETF had management fees above the average and median of its respective peer group of funds, the VanEck Vietnam ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Uranium and Nuclear ETF had management fees below the average and above the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, BDC Income ETF, China Bond ETF, CLO ETF, CMCI Commodity Strategy ETF, Gold Miners ETF, International High Yield Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Russia Small-Cap ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, each of the VanEck ChiNext ETF, Indonesia Index ETF and Russia ETF had a total expense ratio (after the effect of the expense limitation) above the average and below the median of its respective peer group of funds, and each of the VanEck Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds' management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees noted that the Russia ETFs are bearing legal expenses in connection with their liquidations, which are considered extraordinary expenses for purposes of the Russia ETFs' expense limitations. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Advisers and Sub-Adviser (with respect to the CLO ETFs) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund's asset size, expense ratio and expense limitation, as applicable, and noted that the VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for each of the CLO ETFs are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Agreements.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

![](x1_c113435x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| BIZD | \| | BDC Income ETF |
| CBON | \| | China Bond ETF |
| IHY | \| | International High Yield Bond ETF |
| EMLC | \| | J.P. Morgan EM Local Currency Bond ETF |
| MORT | \| | Mortgage REIT Income ETF |
| PFXF | \| | Preferred Securities ex Financials ETF |

---

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc113435c001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BDC Income ETF](#xx1xc113435c002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Bond ETF](#xx1xc113435c003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International High Yield Bond ETF](#xx1xc113435c004xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[J.P. Morgan EM Local Currency Bond ETF](#xx1xc113435c005xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage REIT Income ETF](#xx1xc113435c006xm4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Preferred Securities ex Financials ETF](#xx1xc113435c007xm4) | 29 |
| [Statements of Assets and Liabilities](#xx1xc113435c008xm4) | 32 |
| [Statements of Operations](#xx1xc113435c009xm4) | 34 |
| [Statements of Changes in Net Assets](#xx1xc113435c010xm4) | 36 |
| [Financial Highlights](#xx1xc113435c011xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BDC Income ETF](#xx1xc113435c012xm4) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[China Bond ETF](#xx1xc113435c013xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International High Yield Bond ETF](#xx1xc113435c014xm4) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[J.P. Morgan EM Local Currency Bond ETF](#xx1xc113435c015xm4) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage REIT Income ETF](#xx1xc113435c016xm4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Preferred Securities ex Financials ETF](#xx1xc113435c017xm4) | 47 |
| [Notes to Financial Statements](#xx1xc113435c018xm4) | 48 |
| [Changes In and Disagreements with Accountants](#xx1xc113435c019xm4) | 58 |
| [Proxy Disclosures](#xx1xc113435c020xm4) | 58 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc113435c021xm4) | 58 |
| [Approval of Investment Advisory Contracts](#xx1xc113435c022xm4) | 59 |

---

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 78.6%** |  |  |
| **Financial Services: 78.6%** |  |  |
| Ares Capital Corp. † | 12885205 | $282959102 |
| Bain Capital Specialty Finance, Inc. † | 831104 | 12499804 |
| Barings BDC, Inc. † | 2058376 | 18813557 |
| BlackRock TCP Capital Corp. † | 1911430 | 14718011 |
| Blackstone Secured Lending Fund † | 4716489 | 145032037 |
| Blue Owl Capital Corp. † | 12012799 | 172263538 |
| Capital Southwest Corp. † | 1232143 | 27156432 |
| Carlyle Secured Lending, Inc. † | 1638671 | 22417019 |
| CION Investment Corp. † | 1182127 | 11312955 |
| Fidus Investment Corp. † | 786977 | 15896935 |
| FS KKR Capital Corp. † | 2748257 | 57026333 |
| Gladstone Capital Corp. † | 501917 | 13536701 |
| Gladstone Investment Corp. † | 828010 | 11815703 |
| Goldman Sachs BDC, Inc. † | 2478348 | 27881415 |
| Golub Capital BDC, Inc. † | 3882230 | 56874669 |
| Hercules Capital, Inc. † | 3268117 | 59741179 |
| Main Street Capital Corp. † | 1023337 | 60479217 |
| MidCap Financial Investment Corp. † | 2097226 | 26466992 |
| Morgan Stanley Direct Lending Fund † | 1665000 | 31168800 |
| New Mountain Finance Corp. † | 2181801 | 23018001 |
| Nuveen Churchill Direct Lending Corp. † | 870250 | 14089347 |
| Oaktree Specialty Lending Corp. † | 1801741 | 24611782 |
| PennantPark Floating Rate Capital Ltd. † | 2230163 | 23037584 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Prospect Capital Corp. † | 8220963 | $26142662 |
| Sixth Street Specialty Lending, Inc. † | 1858627 | 44253909 |
| SLR Investment Corp. † | 956473 | 15437474 |
| Trinity Capital, Inc. † | 1453184 | 20446299 |
| **Total Common Stocks**<br> (Cost: $1,261,223,034) |  | 1259097457 |
|  | **Par <br> (000's)** |  |
| **SHORT-TERM INVESTMENTS: 19.1%** | **SHORT-TERM INVESTMENTS: 19.1%** |  |
| **United States Treasury Obligations: 19.1%**<br> (Cost: $306,295,761) | **United States Treasury Obligations: 19.1%**<br> (Cost: $306,295,761) |  |
| United States Treasury Bills | United States Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;4.24%, 10/16/25 | 10951 | 10814719 |
| &nbsp;&nbsp;&nbsp;4.27%, 07/15/25 # † | 295965 | 295487632 |
|  |  | 306302351 |
| **Total Investments Before Collateral for Securities Loaned: 97.7%**<br> (Cost: $1,567,518,795) | **Total Investments Before Collateral for Securities Loaned: 97.7%**<br> (Cost: $1,567,518,795) | 1565399808 |
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.0%** |  |
| **Money Market Fund: 9.0%**<br> (Cost: $143,382,512) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 143382512 | 143382512 |
| **Total Investments: 106.7%**<br> (Cost: $1,710,901,307) |  | 1708782320 |
| **Liabilities in excess of other assets: (6.7)%** | **Liabilities in excess of other assets: (6.7)%** | (106764209) |
| **NET ASSETS: 100.0%** |  | $1602018111 |

---

------

**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)** | **% of Net<br> Assets** |
| MVIS US Business Development Companies Index | $200299807 | UBS | 5.04%(a) | Monthly | 10/15/25 | $(278262) | 0.0% |
| MVIS US Business Development Companies Index | $127925672 | UBS | 5.24%(b) | Monthly | 10/15/25 | (8759) | 0.0% |
|  |  |  |  |  |  | $(287021) |  |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $345,725,458. |
| # | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $32,946,774. |

---

See Notes to Financial Statements

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.70%.

(b) The rate shown reflects the rate in effect at June 30, 2025: Secured Overnight Financing Rate + 0.90%.

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $1259097457 | $— | $— | $1259097457 |
| United States Treasury Obligations |  | 306302351 |  | 306302351 |
| Money Market Fund | 143382512 |  |  | 143382512 |
| **Total Investments** | $1402479969 | $306302351 | $— | $1708782320 |
| Other Financial Instruments: |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $— | $287021 | $— | $287021 |

---

<br> \* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 75.5%** |  |  |  |
| **Energy: 9.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China National Petroleum Corp.<br> 4.16%, 08/16/25 | CNY | 6000 | $840158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp.<br> 3.20%, 07/27/26 | CNY | 6610 | 937715 |
|  |  |  | 1777873 |
| **Financials: 46.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Development Bank of China<br> 2.90%, 03/08/28 | CNY | 5850 | 844793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, 04/17/30 | CNY | 2320 | 343004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 07/12/29 | CNY | 2740 | 413422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/25/29 | CNY | 2620 | 392378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%, 09/08/27 | CNY | 1270 | 187949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 05/11/28 | CNY | 1360 | 205951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Reg S<br> 2.70%, 09/26/26 | CNY | 5800 | 819562 |
| China Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 09/11/33 | CNY | 4060 | 606394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 09/20/29 | CNY | 4800 | 718794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 01/08/29 | CNY | 4460 | 661941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 05/21/29 | CNY | 1950 | 292642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66%, 03/01/31 | CNY | 1170 | 180626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/20/30 | CNY | 4150 | 638510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%, 07/06/28 | CNY | 4360 | 652421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd. Reg S<br> 2.72%, 09/25/26 | CNY | 5800 | 819637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of China<br> 3.10%, 02/13/33 | CNY | 580 | 88613 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Financials (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/16/31 | CNY | 1750 | $267422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 11/16/30 | CNY | 1740 | 268105 |
|  |  |  | 8402164 |
| **Utilities: 19.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Huaneng Group Co. Ltd.<br> 3.95%, 04/21/26 | CNY | 4500 | 639535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Southern Power Grid Co. Ltd.<br> 2.42%, 10/24/25 | CNY | 5250 | 734600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Three Gorges Corp.<br> 4.15%, 05/11/26 | CNY | 3400 | 485134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangdong Hengjian Investment Holding Co. Ltd.<br> 3.28%, 01/14/27 | CNY | 4300 | 613996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Grid Corp. of China<br> 2.88%, 08/30/27 | CNY | 6600 | 942429 |
|  |  |  | 3415694 |
| **Total Corporate Bonds** <br> (Cost: $13,791,873) |  |  | 13595731 |
| **GOVERNMENT OBLIGATIONS: 21.7%** | **GOVERNMENT OBLIGATIONS: 21.7%** | **GOVERNMENT OBLIGATIONS: 21.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Government Bond<br> 1.62%, 08/15/27 | CNY | 7170 | 1005483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 05/25/34 | CNY | 3490 | 510033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/25/34 | CNY | 1760 | 258585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/28 | CNY | 3480 | 499868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/25/33 | CNY | 6950 | 1044363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | CNY | 3820 | 584125 |
| **Total Government Obligations** <br> (Cost: $3,791,457) |  |  | 3902457 |
| **Total Investments: 97.2%** <br> (Cost: $17,583,330) |  |  | 17498188 |
| **Other assets less liabilities: 2.8%** | **Other assets less liabilities: 2.8%** | **Other assets less liabilities: 2.8%** | 505473 |
| **NET ASSETS: 100.0%** |  |  | $18003661 |

---

------

**Definitions:**

CNY Chinese Yuan

**Footnotes:**

---

| | |
|:---|:---|
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities 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 June 30, 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 \* | $— | $13595731 | $— | $13595731 |
| Government Obligations \* |  | 3902457 |  | 3902457 |
| **Total Investments** | $— | $17498188 | $— | $17498188 |

---

<br> \* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 97.8%** |  |  |  |
| **Argentina: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<br> 3.12%, 01/14/31 | USD | 25 | $22497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pampa Energia SA 144A<br> 7.88%, 12/16/34 | USD | 50 | 49980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecpetrol SA 144A<br> 7.62%, 01/22/33 | USD | 25 | 25375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Argentina SA 144A<br> 9.50%, 07/18/31 | USD | 75 | 78375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur SA 144A<br> 8.50%, 07/24/31 | USD | 25 | 26278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Energy Argentina SAU 144A<br> 7.62%, 12/10/35 | USD | 25 | 24269 |
| YPF SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/27 | USD | 25 | 24818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/30/33 (s) | USD | 75 | 72165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/47 | USD | 25 | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/11/31 | USD | 81 | 83790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/30/29 (s) | USD | 25 | 25834 |
|  |  |  | 454323 |
| **Australia: 1.0%** |  |  |  |
| FMG Resources August 2006 Pty Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/31 | USD | 50 | 46756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/27 | USD | 25 | 24716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/30 | USD | 100 | 101327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 04/15/32 | USD | 50 | 50894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karoon USA Finance, Inc. 144A<br> 10.50%, 05/14/29 | USD | 25 | 25389 |
| Mineral Resources Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 05/01/27 | USD | 100 | 100019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/28 | USD | 25 | 25617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A<br> 5.00%, 01/27/30 | USD | 30 | 27705 |
|  |  |  | 402423 |
| **Austria: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ams-OSRAM AG Reg S<br> 10.50%, 03/30/29 | EUR | 100 | 123136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benteler International AG 144A<br> 10.50%, 05/15/28 | USD | 50 | 52668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LD Celulose International GmbH 144A<br> 7.95%, 01/26/32 † | USD | 50 | 52656 |
|  |  |  | 228460 |
| **Azerbaijan: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Oil Co. of the Azerbaijan Republic Reg S<br> 6.95%, 03/18/30 | USD | 200 | 210924 |
| **Bahrain: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bapco Energies BSCC 144A<br> 7.50%, 10/25/27 | USD | 200 | 205414 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Belgium: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azelis Finance NV Reg S<br> 4.75%, 09/25/29 | EUR | 100 | $120732 |
| **Bermuda: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC Ltd. / Borr Finance LLC 144A<br> 10.00%, 11/15/28 | USD | 45 | 40691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel Group Holdings Ltd. 144A<br> 0.00%, 12/31/30 ^∞ | USD | 31 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Energy Resources Ltd. 144A<br> 6.25%, 04/26/29 | USD | 50 | 49048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seadrill Finance Ltd. 144A<br> 8.38%, 08/01/30 | USD | 100 | 101923 |
|  |  |  | 191975 |
| **Brazil: 4.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro SA 144A<br> 6.00%, 09/21/27 | USD | 50 | 49703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amaggi Luxembourg International Sarl 144A<br> 5.25%, 01/28/28 | USD | 50 | 48817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao 144A<br> 4.12%, 09/20/31 | USD | 50 | 45894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA 144A<br> 6.50%, 01/22/30 † | USD | 50 | 52395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil SA 144A<br> 6.00%, 03/18/31 | USD | 100 | 101380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI 144A<br> 7.45%, 11/15/29 † | USD | 75 | 55286 |
| Braskem Netherlands Finance BV 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/10/28 † | USD | 50 | 43108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/31/30 † | USD | 50 | 38788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/50 | USD | 50 | 31488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/13/33 † | USD | 50 | 39643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRF SA 144A<br> 4.88%, 01/24/30 | USD | 50 | 47904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caixa Economica Federal 144A<br> 5.62%, 05/13/30 | USD | 100 | 99988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA 144A<br> 4.62%, 02/04/30 | USD | 50 | 47654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan Luxembourg SA 144A<br> 5.50%, 09/20/29 | USD | 50 | 48754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Inova Ventures 144A<br> 6.75%, 01/28/28 | USD | 50 | 47309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globo Comunicacao e Participacoes SA 144A<br> 5.50%, 01/14/32 | USD | 100 | 93876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA 144A<br> 6.00%, 02/27/30 † | USD | 50 | 51320 |
| Klabin Austria GmbH 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 01/12/31 | USD | 100 | 89291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/03/29 | USD | 50 | 50470 |
| MARB BondCo PLC 144A |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/29/31 | USD | 50 | $44370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV24 Capital BV 144A<br> 6.75%, 06/01/34 | USD | 18 | 17772 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/03/31 | USD | 25 | 25369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/29 † | USD | 100 | 101881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/27/28 † | USD | 75 | 76561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/27/41 | USD | 50 | 49414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 06/05/15 | USD | 75 | 66905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/20/40 | USD | 25 | 24899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 03/19/49 | USD | 25 | 23767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/17/44 | USD | 25 | 25510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/17/27 | USD | 25 | 25951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'or Finance Sarl 144A<br> 4.50%, 01/22/30 | USD | 50 | 47520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A<br> 5.25%, 01/10/28 | USD | 50 | 49414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao SA 144A<br> 9.50%, 06/30/31 | USD | 137 | 135108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultrapar International SA 144A<br> 5.25%, 10/06/26 | USD | 50 | 49917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. 144A<br> 3.25%, 07/01/26 | USD | 50 | 48741 |
|  |  |  | 1896167 |
| **Bulgaria: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgarian Energy Holding EAD Reg S<br> 2.45%, 07/22/28 | EUR | 100 | 113472 |
| **Burkina Faso: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. 144A<br> 5.75%, 10/15/28 | USD | 25 | 24808 |
| **Canada: 8.1%** |  |  |  |
| 1011778 BC ULC / New Red Finance, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/29 | USD | 125 | 119161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/28 | USD | 50 | 48749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/30 | USD | 100 | 93292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/15/29 | USD | 50 | 51325 |
| Air Canada 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/26 | USD | 50 | 49530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 08/15/29 | CAD | 100 | 72668 |
| &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 | USD | 50 | 48813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AltaGas Ltd.<br> 5.25% (Generic Canadian 5 Year+3.81%), 01/11/82  | CAD | 15 | 10741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 | CAD | 25 | 19237 |
| &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 | USD | 25 | 25068 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Automation Tooling Systems, Inc. 144A<br> 4.12%, 12/15/28 | USD | 25 | $23924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Corp.<br> 6.50%, 08/21/32 | CAD | 25 | 18446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A<br> 8.75%, 07/15/26 | USD | 25 | 23178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baytex Energy Corp. 144A<br> 8.50%, 04/30/30 | USD | 50 | 50067 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% (Generic Canadian 5 Year+2.95%), 03/27/55 | CAD | 50 | 36819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% (US Treasury Yield Curve Rate T 5 Year+2.39%), 09/15/55 | USD | 100 | 102751 |
| Bombardier, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/32 | USD | 25 | 26066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/01/31 † | USD | 50 | 52548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 12/22/26 | CAD | 25 | 19030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/01/29 † | USD | 25 | 26268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/27 | USD | 11 | 11070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/30 | USD | 75 | 81287 |
| Brookfield Property Finance ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/15/27 | CAD | 25 | 18064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/30/26 | CAD | 25 | 18177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 02/13/28 | CAD | 25 | 19208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A<br> 6.25%, 09/15/27 | USD | 50 | 49829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Power Corp. 8.12% (Generic Canadian<br> 5 Year+4.44%), 06/05/54 | CAD | 25 | 20129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Copper Corp. 144A<br> 6.75%, 03/31/33 | USD | 50 | 51229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA Inc. 144A<br> 5.38%, 01/15/28 | USD | 25 | 24802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cineplex, Inc. 144A<br> 7.62%, 03/31/29 | CAD | 25 | 19198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogeco Communications, Inc.<br> 6.12%, 02/27/29 | CAD | 25 | 18993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corus Entertainment, Inc. Reg S<br> 5.00%, 05/11/28 | CAD | 25 | 6103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dye & Durham Ltd. 144A<br> 8.62%, 04/15/29 | USD | 15 | 15710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corp. 144A<br> 6.25%, 09/01/29 † | USD | 25 | 25057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Communities Corp. 144A<br> 9.75%, 05/01/29 | USD | 25 | 25597 |
| Enerflex Ltd. 144A |  |  |  |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/15/27 | USD | 22 | $22763 |
| First Quantum Minerals Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/33 | USD | 100 | 102694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 06/01/31 | USD | 50 | 51937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 03/01/29 | USD | 50 | 53130 |
| Garda World Security Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/29 | USD | 50 | 48846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/15/32 | USD | 50 | 51404 |
| GFL Environmental, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/29 | USD | 25 | 24296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/29 | USD | 25 | 24686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/31 | USD | 100 | 104767 |
| goeasy Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/30 | USD | 25 | 25157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/30 | USD | 50 | 51132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 07/01/29 | USD | 15 | 15474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/01/28 | USD | 15 | 15880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC 144A<br> 8.75%, 11/15/29 | USD | 25 | 24488 |
| &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 | 41872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC 144A<br> 6.00%, 09/15/28 | USD | 25 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Pipeline Ltd.<br> 6.88% (Canada Bankers' Acceptances 3 Month+5.01%), 03/26/79 | CAD | 25 | 18903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. 144A<br> 8.50%, 03/15/30 | USD | 25 | 26516 |
| Keyera Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% (Generic Canadian 5 Year+4.66%), 03/10/81 | CAD | 25 | 18506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% (Canada Bankers' Acceptances 3 Month+5.17%), 06/13/79 | CAD | 25 | 19251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurentian Bank of Canada<br> 5.09% (Canada Bankers' Acceptances 3 Month+2.42%), 06/15/32 | CAD | 25 | 18231 |
| Mattamy Group Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 03/01/30 | USD | 25 | 24048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/27 | USD | 50 | 49794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEG Energy Corp. 144A<br> 5.88%, 02/01/29 | USD | 25 | 24990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercer International, Inc.<br> 5.12%, 02/01/29 | USD | 50 | 40828 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex Corp.<br> 5.25%, 12/15/29 † | USD | 100 | $98860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northriver Midstream Finance LP 144A<br> 6.75%, 07/15/32 | USD | 25 | 25909 |
| NOVA Chemicals Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/29 | USD | 25 | 24060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/27 | USD | 40 | 39817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/15/28 | USD | 50 | 52870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/30 | USD | 25 | 27030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp. 144A<br> 3.88%, 12/01/29 | USD | 75 | 70719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp.<br> 6.00%, 06/23/28 | CAD | 75 | 56149 |
| Parkland Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/26/29 | CAD | 50 | 35428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/29 | USD | 75 | 72153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp.<br> 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 25 | 17973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc.<br> 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81 | CAD | 100 | 73537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% (Generic Canadian 5 Year+2.85%), 04/15/55 | CAD | 50 | 36802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (US Treasury Yield Curve Rate T 5 Year+2.65%), 04/15/55 | USD | 50 | 51243 |
| &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 | USD | 50 | 49652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sleep Country Canada Holdings, Inc.<br> 6.62%, 11/28/32 | CAD | 25 | 18352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.50% (US Treasury Yield Curve Rate T 5 Year+3.67%), 03/01/55 | USD | 25 | 25816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62% (US Treasury Yield Curve Rate T 5 Year+3.95%), 03/01/55 | USD | 50 | 52117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strathcona Resources Ltd. 144A<br> 6.88%, 08/01/26 | USD | 25 | 25018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Plus LP / Superior General Partner, Inc. 144A<br> 4.50%, 03/15/29 | USD | 25 | 24062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Plus LP 144A<br> 4.25%, 05/18/28 | CAD | 25 | 17967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teine Energy Ltd. 144A<br> 6.88%, 04/15/29 | USD | 25 | 24977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada / Telesat LLC 144A<br> 5.62%, 12/06/26 | USD | 25 | 15125 |
| TELUS Corp. |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% (Generic Canadian 5 Year+3.48%), 07/21/55 | CAD | 75 | $56649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (US Treasury Yield Curve Rate T 5 Year+2.71%), 10/15/55 | USD | 50 | 50460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp.<br> 7.75%, 11/15/29 | USD | 25 | 26283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp. 144A<br> 5.62%, 03/24/32 | CAD | 25 | 18849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp. Reg S<br> 5.62%, 03/24/32 | CAD | 25 | 18723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. 144A<br> 7.25%, 02/15/33 | USD | 25 | 23483 |
|  |  |  | 3376810 |
| **Cayman Islands: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arabian Centres Sukuk II Ltd. 144A<br> 5.62%, 10/07/26 | USD | 100 | 96631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA 144A<br> 6.25%, 04/08/29 | USD | 50 | 51444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bapco Energies Sukuk Ltd. 144A<br> 5.25%, 04/08/29 | USD | 100 | 98006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co. Ltd. 144A<br> 8.75%, 09/01/27 | USD | 40 | 41054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Funding Ltd. 144A<br> 5.80%, 02/03/31 | USD | 50 | 50874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance Ltd. 144A<br> 7.12%, 10/15/32 | USD | 75 | 75265 |
|  |  |  | 413274 |
| **Chile: 0.4%** |  |  |  |
| Latam Airlines Group SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/30 † | USD | 100 | 102125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.38%, 10/15/29 | USD | 50 | 56054 |
|  |  |  | 158179 |
| **China: 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFAMC III Co. Ltd. Reg S<br> 4.25%, 11/07/27 | USD | 200 | 196730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Reg S<br> 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 09/24/26 (o) | USD | 400 | 392718 |
| Melco Resorts Finance Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/29 | USD | 100 | 93891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/17/27 | USD | 50 | 49944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/21/28 | USD | 50 | 48975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. 144A<br> 4.75%, 02/01/27 | USD | 100 | 99311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKPF Overseas 2020 A Ltd. Reg S<br> 5.20%, 07/12/29 | USD | 183 | 45138 |
| Studio City Finance Ltd. 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/29 | USD | 100 | $91829 |
|  |  |  | 1018536 |
| **Colombia: 2.3%** |  |  |  |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/02/31 | USD | 125 | 105668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/28/45 | USD | 50 | 34550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/29/30 | USD | 100 | 99172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/18/43 | USD | 100 | 83383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/32 | USD | 75 | 73753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/36 | USD | 50 | 48275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 01/19/29 | USD | 50 | 52905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/33 | USD | 75 | 77423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresas Publicas de Medellin ESP 144A<br> 4.25%, 07/18/29 | USD | 75 | 69295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aval Ltd. 144A<br> 4.38%, 02/04/30 | USD | 50 | 45890 |
| Grupo Nutresa SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/12/30 | USD | 50 | 52475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 05/12/35 | USD | 50 | 54074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orazul Energy Peru SA 144A<br> 5.62%, 04/28/27 | USD | 50 | 49565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Celular del Paraguay SA 144A<br> 5.88%, 04/15/27 | USD | 25 | 24906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termocandelaria Power SA 144A<br> 7.75%, 09/17/31 | USD | 100 | 102675 |
|  |  |  | 974009 |
| **Costa Rica: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instituto Costarricense de Electricidad 144A<br> 6.38%, 05/15/43 | USD | 50 | 45285 |
| **Czech Republic: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allwyn International AS Reg S<br> 3.88%, 02/15/27 | EUR | 100 | 117450 |
| **Denmark: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orsted AS Reg S<br> 1.75% (EUR Swap Annual 5 Year+1.95%), 12/09/19 | EUR | 100 | 110955 |
| **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 | 26042 |
| **Finland: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBB Treasury Oyj Reg S<br> 1.12%, 11/26/29 | EUR | 100 | 81984 |
| **France: 11.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accor SA Reg S<br> 7.25% (EUR Swap Annual 5 Year+4.11%), 12/31/99 (o) | EUR | 100 | 129805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air France-KLM Reg S<br> 8.12%, 05/31/28 | EUR | 100 | 131844 |
| Alstom SA Reg S |  |  |  |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87% (EUR Swap Annual 5 Year+2.93%), 05/29/29 (o) | EUR | 100 | $123769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA 144A<br> 5.12%, 07/15/29 | USD | 100 | 82750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atos SE Reg S<br> 9.00%, 12/18/29 (s) | EUR | 75 | 98556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banijay Entertainment SAS 144A<br> 8.12%, 05/01/29 | USD | 50 | 51915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAB Selas Reg S<br> 3.38%, 02/01/28 | EUR | 100 | 111831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerba Healthcare SACA Reg S<br> 3.50%, 05/31/28 | EUR | 100 | 85459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium SE 144A<br> 3.75%, 04/15/29 | USD | 100 | 94039 |
| &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) | USD | 50 | 56521 |
| &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) | EUR | 200 | 223403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (BPISDS15+3.32%), 01/22/29 (o) | GBP | 100 | 134447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELO SACA Reg S<br> 6.00%, 03/22/29 | EUR | 100 | 109616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emeria SASU Reg S<br> 7.75%, 03/31/28 | EUR | 100 | 109413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eramet SA Reg S<br> 6.50%, 11/30/29 | EUR | 100 | 117172 |
| &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) | EUR | 100 | 125524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eutelsat SA Reg S<br> 2.25%, 07/13/27 | EUR | 100 | 114545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fnac Darty SA Reg S<br> 6.00%, 04/01/29 | EUR | 100 | 123219 |
| Forvia SE Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 06/15/27 | EUR | 100 | 114342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/15/27 | EUR | 100 | 115766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/15/30 | EUR | 100 | 117697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding d'Infrastructures des Metiers de l'Environnement Reg S<br> 0.62%, 09/16/28 | EUR | 100 | 107459 |
| Iliad Holding SASU 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/28 | USD | 100 | 101905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/31 | USD | 100 | 107052 |
| iliad SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/14/27 | EUR | 100 | 122023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 02/15/30 | EUR | 100 | 125719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loxam SAS Reg S<br> 6.38%, 05/31/29 | EUR | 100 | 122680 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Telecom SA Reg S<br> 3.12%, 09/15/26 | EUR | 55 | $64719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexans SA Reg S<br> 4.12%, 05/29/29 | EUR | 100 | 120497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS Reg S<br> 5.50%, 03/31/32 | EUR | 100 | 120026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paprec Holding SA Reg S<br> 3.50%, 07/01/28 | EUR | 100 | 116791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Picard Groupe SAS Reg S<br> 6.38%, 07/01/29 | EUR | 100 | 122682 |
| &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  | EUR | 100 | 123560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renault SA Reg S<br> 2.50%, 04/01/28 | EUR | 100 | 116328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel SA Reg S<br> 2.12%, 06/15/28 | EUR | 100 | 113932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SNF Group SACA Reg S<br> 2.62%, 02/01/29 | EUR | 100 | 114879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tereos Finance Groupe I SA Reg S<br> 7.25%, 04/15/28 | EUR | 100 | 121441 |
| Valeo SE Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 08/03/28 | EUR | 100 | 108448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/11/30 | EUR | 100 | 116971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vallourec SACA 144A<br> 7.50%, 04/15/32 | USD | 100 | 104951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement SA Reg S<br> 2.50% (EUR Swap Annual 5 Year+2.84%), 09/20/28 (o) | EUR | 100 | 112540 |
|  |  |  | 4636236 |
| **Georgia: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC 144A<br> 4.00%, 06/17/28 | USD | 25 | 22558 |
| **Germany: 4.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG Reg S<br> 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 | EUR | 100 | 114894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (EUR Swap Annual 5 Year+3.90%), 09/25/83 | EUR | 100 | 126498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel GmbH Reg S<br> 4.38%, 01/15/28 | EUR | 100 | 116277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dresdner Funding Trust I 144A<br> 8.15%, 06/30/31 | USD | 25 | 27642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fressnapf Holding SE Reg S<br> 5.25%, 10/31/31 | EUR | 100 | 118994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gruenenthal GmbH Reg S<br> 4.12%, 05/15/28 | EUR | 100 | 117855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHO Verwaltungs GmbH 144A<br> 7.75%, 11/15/30 | USD | 100 | 102707 |
| IHO Verwaltungs GmbH Reg S |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/28 | EUR | 100 | $122996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mahle GmbH Reg S<br> 2.38%, 05/14/28 | EUR | 100 | 111761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METRO AG Reg S<br> 4.00%, 03/05/30 | EUR | 100 | 121154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH Reg S<br> 5.62%, 02/21/30 | EUR | 100 | 119895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProGroup AG Reg S<br> 5.38%, 04/15/31 | EUR | 100 | 116725 |
| Schaeffler AG Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/12/28 | EUR | 100 | 115702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/28/30 | EUR | 100 | 117650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Techem Verwaltungsgesellschaft 675 mbH Reg S<br> 5.38%, 07/15/29 | EUR | 100 | 121191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Holdco GmbH Reg S<br> 6.62%, 07/15/28 | EUR | 90 | 106084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF Europe Finance BV Reg S<br> 3.00%, 10/23/29 | EUR | 200 | 203586 |
|  |  |  | 1981611 |
| **Gibraltar: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 Acquisitions Ltd. Reg S<br> 7.56%, 07/15/27 | EUR | 100 | 118423 |
| **Greece: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings SA Reg S<br> 4.25% (EUR Swap Annual 5 Year+2.00%), 04/30/35 | EUR | 100 | 116591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metlen Energy & Metals SA Reg S<br> 4.00%, 10/17/29 | EUR | 100 | 120554 |
| &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 | EUR | 100 | 132377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA Reg S<br> 5.38% (EUR Swap Annual 5 Year+3.15%), 09/18/35 | EUR | 100 | 122247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. SA Reg S<br> 4.62%, 10/31/31 | EUR | 100 | 120313 |
|  |  |  | 612082 |
| **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 | 97319 |
| **Hungary: 0.8%** |  |  |  |
| &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 | EUR | 100 | 118435 |
| OTP Bank Nyrt Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Hungary (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% (US Treasury Yield Curve Rate T 5 Year+2.86%), 07/30/35 | USD | 200 | $204485 |
|  |  |  | 322920 |
| **India: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi International Airport Ltd. 144A<br> 6.45%, 06/04/29 | USD | 100 | 102400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Steel Ltd. 144A<br> 5.05%, 04/05/32 | USD | 100 | 92799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. 144A<br> 6.38%, 04/23/29 | USD | 100 | 99831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Pvt Ltd. 144A<br> 5.88%, 03/05/27 | USD | 50 | 49658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shriram Finance Ltd. 144A<br> 6.62%, 04/22/27 | USD | 50 | 50605 |
|  |  |  | 395293 |
| **Indonesia: 0.1%** |  |  |  |
| &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 | 24074 |
|  |  |  | 24651 |
| **Ireland: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Finance Designated Activity Co. 144A<br> 9.75%, 05/15/29 | USD | 100 | 94330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eircom Finance DAC Reg S<br> 2.62%, 02/15/27 | EUR | 100 | 115852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC Reg S<br> 4.88%, 07/15/28 | GBP | 150 | 196302 |
|  |  |  | 406484 |
| **Israel: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd. 144A Reg S<br> 8.50%, 09/30/33 | USD | 25 | 25686 |
| Leviathan Bond Ltd. 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/27 | USD | 25 | 24895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/30/30 | USD | 15 | 14831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Co. LLC<br> 6.15%, 02/01/36 | USD | 25 | 25721 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/26 | USD | 50 | 49060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/46 | USD | 50 | 36013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/28 | USD | 50 | 51958 |
|  |  |  | 228164 |
| **Italy: 5.3%** |  |  |  |
| &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) | EUR | 100 | 121829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banca IFIS SpA Reg S<br> 5.50%, 02/27/29 | EUR | 100 | 125187 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA Reg S<br> 3.62% (Euribor 3 Month ACT/360+1.45%), 11/27/30 | EUR | 100 | $118601 |
| &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 | EUR | 150 | 191674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA Reg S<br> 1.88%, 07/08/26 | EUR | 100 | 116692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo Assicurazioni SpA Reg S<br> 4.22%, 03/05/35 | EUR | 200 | 234073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group Spa Reg S<br> 5.38%, 06/01/30 | EUR | 100 | 122301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA Reg S<br> 5.25% (EUR Swap Annual 5 Year+2.75%), 04/22/34 | EUR | 200 | 247292 |
| Mundys SpA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/13/27 | EUR | 100 | 115532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/12/28 | EUR | 100 | 113533 |
| &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) | EUR | 100 | 111648 |
| Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/33 | USD | 25 | 26100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/38 | USD | 200 | 215823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia SpA Reg S<br> 1.62%, 01/18/29 | EUR | 100 | 111822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA Reg S<br> 3.88%, 03/01/28 | EUR | 100 | 120226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webuild SpA Reg S<br> 7.00%, 09/27/28 | EUR | 100 | 127743 |
|  |  |  | 2220076 |
| **Japan: 2.3%** |  |  |  |
| Nissan Motor Co. Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34%, 09/17/27 | USD | 75 | 72052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 09/17/30 | USD | 75 | 68857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. Reg S<br> 3.20%, 09/17/28 | EUR | 100 | 114877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc. 144A<br> 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/26 (o) | USD | 25 | 23202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 04/15/29 | USD | 50 | 54909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 02/15/27 | USD | 75 | 81609 |
| SoftBank Group Corp. Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/06/29 | EUR | 100 | 110980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/19/29 | EUR | 100 | 114319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/28 | EUR | 100 | 119659 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Japan (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 09/19/27 | USD | 200 | $197985 |
|  |  |  | 958449 |
| **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 | 102308 |
| **Luxembourg: 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aegea Finance Sarl 144A<br> 9.00%, 01/20/31 | USD | 50 | 53138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 SARL / Aggreko Holdings, Inc. 144A<br> 7.00%, 05/21/30 | USD | 100 | 102303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Financing SA 144A<br> 5.00%, 01/15/28 | USD | 150 | 112985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambipar Lux Sarl 144A<br> 9.88%, 02/06/31 | USD | 50 | 47292 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 08/15/26 | USD | 65 | 61081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/27 † | USD | 30 | 13402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aroundtown Finance Sarl<br> 7.12% (EUR Swap Annual 5 Year+4.51%), 01/16/30 (o) | EUR | 100 | 123629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cidron Aida Finco Sarl Reg S<br> 7.00%, 10/27/31 | EUR | 100 | 120234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirsa Finance International Sarl Reg S<br> 4.50%, 03/15/27 | EUR | 100 | 117786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco SARL / Connect US Finco LLC 144A<br> 9.00%, 09/15/29 | USD | 75 | 75478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA 144A<br> 12.00%, 02/15/31 † | USD | 50 | 49104 |
| CPI Property Group SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/27/31 | EUR | 100 | 97759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/22/28 (s) | GBP | 100 | 130760 |
| CSN Resources SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/10/31 | USD | 50 | 39402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 12/05/30 | USD | 100 | 99146 |
| Energean Israel Finance Ltd. 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/28 | USD | 25 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/31 | USD | 35 | 32349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essendi SA Reg S<br> 6.38%, 10/15/29 | EUR | 100 | 123278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Luxembourg Sarl 144A<br> 8.88%, 02/12/31 | USD | 100 | 102658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Trading Technologies Sarl 144A<br> 9.50%, 05/30/29 | USD | 100 | 103200 |
| Loarre Investments Sarl Reg S |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Luxembourg (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/29 | EUR | 100 | $121277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Brazil Downstream Trading Sarl 144A<br> 7.25%, 06/30/31 | USD | 46 | 36110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerva Luxembourg SA 144A<br> 4.38%, 03/18/31 | USD | 75 | 66956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma International Financing SA 144A<br> 7.75%, 04/25/29 | USD | 25 | 25742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rossini Sarl Reg S<br> 6.75%, 12/31/29 | EUR | 100 | 124182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saavi Energia Sarl 144A<br> 8.88%, 02/10/35 | USD | 125 | 130594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SES SA Reg S<br> 2.88% (EUR Swap Annual 5 Year+3.19%), 05/27/26 (o) | EUR | 100 | 113768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stena International SA 144A<br> 7.25%, 01/15/31 | USD | 100 | 100397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer BC Holdco B SARL Reg S<br> 5.88%, 02/15/30 | EUR | 100 | 116744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl Reg S<br> 3.50%, 03/01/28 | EUR | 100 | 117021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator US Newco, Inc. 144A<br> 5.25%, 07/15/27 | USD | 100 | 99996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vivion Investments Sarl Reg S<br> 6.50%, 08/31/28 | EUR | 101 | 116581 |
|  |  |  | 2798219 |
| **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 | 46925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/01/27 | USD | 50 | 50349 |
|  |  |  | 97274 |
| **Mauritius: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CA Magnum Holdings 144A<br> 5.38%, 10/31/26 | USD | 50 | 49758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Power II Ltd. 144A<br> 4.30%, 12/13/28 | USD | 80 | 75103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPL Corp. Ltd. Reg S<br> 4.62%, 06/16/30 | USD | 200 | 181710 |
|  |  |  | 306571 |
| **Mexico: 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea SAB de CV 144A<br> 7.75%, 12/14/26 | USD | 25 | 25240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex SAB de CV 144A<br> 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 06/08/26 (o) | USD | 50 | 49210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV 144A<br> 8.62%, 11/15/31 † | USD | 25 | 23941 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Mexico (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo KUO SAB De CV 144A<br> 5.75%, 07/07/27 | USD | 50 | $49298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nemak SAB de CV 144A<br> 3.62%, 06/28/31 | USD | 25 | 20737 |
| Petróleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/28 | USD | 75 | 72066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/31 | USD | 150 | 135746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/12/48 | USD | 50 | 34847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/45 | USD | 50 | 35450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 01/23/27 | USD | 25 | 24889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/13/27 | USD | 75 | 74526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/23/29 | USD | 25 | 24482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/02/41 | USD | 50 | 37173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/35 | USD | 50 | 42172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/32 | USD | 150 | 139496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/47 | USD | 125 | 90615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/30 | USD | 50 | 48336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/04/26 † | USD | 50 | 50043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/28/60 | USD | 50 | 35961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 01/23/50 | USD | 175 | 137762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 06/02/29 | USD | 25 | 25917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/07/33 | USD | 50 | 53563 |
| Petróleos Mexicanos Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/26/29 | EUR | 100 | 112406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/21/28 | EUR | 100 | 114849 |
|  |  |  | 1458725 |
| **Mongolia: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golomt Bank 144A<br> 11.00%, 05/20/27 | USD | 25 | 25469 |
| **Morocco: 0.7%** |  |  |  |
| OCP SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/36 | USD | 100 | 100668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/02/34 | USD | 100 | 103796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/25/44 | USD | 100 | 96827 |
|  |  |  | 301291 |
| **Netherlands: 7.1%** |  |  |  |
| &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) | EUR | 100 | 120246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados BV 144A<br> 6.38%, 01/29/32 | USD | 75 | 78067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boels Topholding BV Reg S<br> 5.75%, 05/15/30 | EUR | 100 | 121998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV 144A<br> 8.50%, 01/12/31 | USD | 125 | 109385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dufry One BV Reg S<br> 2.00%, 02/15/27 | EUR | 100 | 115366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flora Food Management BV Reg S<br> 6.88%, 07/02/29 | EUR | 100 | 119351 |
| &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) | EUR | 100 | 124941 |
| Odido Holding BV Reg S |  |  |  |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Netherlands (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/29 | EUR | 100 | $116431 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/10/51 | USD | 25 | 19368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/13/35 † | USD | 50 | 49005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/03/33 | USD | 25 | 25653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saipem Finance International BV Reg S<br> 4.88%, 05/30/30 | EUR | 100 | 124136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrise FinCo I BV 144A<br> 4.88%, 07/15/31 | USD | 100 | 94638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Europe BV Reg S<br> 2.38% (EUR Swap Annual 8 Year+2.62%), 02/12/29 (o) | EUR | 100 | 110153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (EUAMDB08+3.12%), 01/15/32 (o) | EUR | 100 | 122055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% (EUR Swap Annual 6 Year+4.32%), 08/23/28 (o) | EUR | 100 | 128837 |
| &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) | EUR | 100 | 119934 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/09/27 | EUR | 100 | 118119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/09/30 | EUR | 200 | 239764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/29 | EUR | 100 | 133427 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/09/29 † | USD | 50 | 50326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/32 | USD | 25 | 25553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV 144A<br> 8.25%, 07/15/30 | USD | 100 | 105825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Group BV Reg S<br> 3.62%, 02/15/28 | EUR | 100 | 114952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Vendor Financing II BV Reg S<br> 2.88%, 01/15/29 | EUR | 200 | 213949 |
| &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) | EUR | 100 | 110425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yinson Boronia Production BV 144A<br> 8.95%, 07/31/42 | USD | 50 | 52807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo BV 144A<br> 4.88%, 01/15/30 | USD | 100 | 93513 |
|  |  |  | 2958224 |
| **Oman: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mazoon Assets Co. SAOC 144A<br> 5.25%, 10/09/31 | USD | 50 | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OQ SAOC 144A<br> 5.12%, 05/06/28 | USD | 100 | 100122 |
|  |  |  | 150074 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Panama: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL 144A<br> 4.38%, 05/31/30 | USD | 71 | $64656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banistmo SA 144A<br> 4.25%, 07/31/27 | USD | 50 | 49030 |
|  |  |  | 113686 |
| **Peru: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA 144A<br> 6.80%, 02/04/32 | USD | 25 | 25425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minsur SA 144A<br> 4.50%, 10/28/31 | USD | 50 | 46552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl 144A<br> 5.38%, 03/22/30 | USD | 21 | 19609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos del Peru SA 144A<br> 4.75%, 06/19/32 | USD | 75 | 58231 |
| &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 | 93998 |
|  |  |  | 243815 |
| **Poland: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Millennium SA Reg S<br> 9.88% (Euribor 3 Month ACT/360+6.41%), 09/18/27 | EUR | 100 | 127035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC 144A<br> 3.88%, 11/15/29 | USD | 100 | 93745 |
|  |  |  | 220780 |
| **Portugal: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP SA Reg S<br> 4.62% (EUR Swap Annual 5 Year+2.40%), 09/16/54 | EUR | 100 | 119231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94% (EUR Swap Annual 5 Year+3.18%), 04/23/83 | EUR | 100 | 124827 |
|  |  |  | 244058 |
| **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 | EUR | 100 | 119158 |
| **Serbia: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telekom Srbija a.d. Beograd 144A<br> 7.00%, 10/28/29 | USD | 100 | 100126 |
| **Singapore: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. 144A<br> 8.96%, 04/27/29 | USD | 50 | 52201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A<br> 6.75%, 04/24/33 | USD | 68 | 69769 |
|  |  |  | 121970 |
| **South Africa: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 6.50%, 09/27/28 † | USD | 50 | 47548 |
| Transnet SOC Ltd. 144A |  |  |  |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **South Africa (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 02/06/28 | USD | 100 | $103565 |
|  |  |  | 151113 |
| **Spain: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abanca Corp. Bancaria SA Reg S<br> 8.38% (EUR Swap Annual 5 Year+5.25%), 09/23/33 | EUR | 100 | 133088 |
| 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 | 103 |
| &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 | 42467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Telecomunicaciones SA ESP 144A<br> 4.95%, 07/17/30 | USD | 50 | 43045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols SA Reg S<br> 3.88%, 10/15/28 | EUR | 100 | 112581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorca Telecom Bondco SA Reg S<br> 4.00%, 09/18/27 | EUR | 100 | 117469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Europe BV Reg S<br> 3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o) | EUR | 100 | 118126 |
|  |  |  | 568100 |
| **Sweden: 1.1%** |  |  |  |
| &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) | EUR | 100 | 115077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Holding AB Reg S<br> 3.25%, 02/15/27 | EUR | 100 | 116803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Midholding AB Reg S<br> 5.25%, 02/15/29 | EUR | 100 | 118121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volvo Car AB Reg S<br> 4.25%, 05/31/28 | EUR | 100 | 120281 |
|  |  |  | 470282 |
| **Tanzania: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings PLC<br> 6.50%, 04/15/40 | USD | 40 | 41208 |
| **Thailand: 0.1%** |  |  |  |
| &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 | USD | 50 | 46546 |
| **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 | 25563 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Turkey: 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eregli Demir ve Celik Fabrikalari TAS 144A<br> 8.38%, 07/23/29 | USD | 50 | $51446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mersin Uluslararasi Liman Isletmeciligi AS 144A<br> 8.25%, 11/15/28 | USD | 50 | 52012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Bank AS Reg S<br> 7.25%, 05/21/29 | USD | 200 | 207619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Ziraat Bankasi AS 144A<br> 7.25%, 02/04/30 | USD | 100 | 99937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS 144A<br> 7.38%, 05/20/29 | USD | 100 | 102264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS 144A<br> 7.45%, 01/24/30 | USD | 100 | 101956 |
| &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 | USD | 100 | 100734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Ihracat Kredi Bankasi AS 144A<br> 5.75%, 07/06/26 | USD | 100 | 100153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi AS 144A<br> 7.75%, 06/12/29 | USD | 100 | 102798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Vakiflar Bankasi TAO 144A<br> 8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 | USD | 100 | 103334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi AS 144A<br> 9.25%, 10/16/28 | USD | 100 | 106941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS 144A<br> 11.00%, 04/23/30 | USD | 50 | 46207 |
|  |  |  | 1175401 |
| **United Arab Emirates: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Star Holding VIII Ltd. Reg S<br> 8.38%, 04/12/27 | USD | 200 | 207506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Holdings Bvi Ltd. 144A<br> 9.38%, 10/03/28 | USD | 50 | 52597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings Ltd. 144A<br> 9.62%, 04/15/29 | USD | 50 | 40096 |
|  |  |  | 300199 |
| **United Kingdom: 10.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amber Finco PLC Reg S<br> 6.62%, 07/15/29 | EUR | 100 | 123037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco Ltd. 144A<br> 7.75%, 02/15/31 | USD | 100 | 104624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco Ltd. Reg S<br> 6.88%, 02/15/31 | EUR | 100 | 120912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Martin Capital Holdings Ltd. 144A<br> 10.00%, 03/31/29 | USD | 50 | 47400 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure Ltd. 144A<br> 4.12%, 06/15/28 | USD | 100 | $95673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 PLC 144A<br> 9.00%, 12/01/28 | USD | 75 | 71148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azule Energy Finance PLC 144A<br> 8.12%, 01/23/30 | USD | 100 | 99150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&M European Value Retail SA Reg S<br> 8.12%, 11/15/30 | GBP | 100 | 146422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP V Modular Services Finance II PLC Reg S<br> 4.75%, 11/30/28 | EUR | 100 | 115673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellis Finco PLC Reg S<br> 4.00%, 02/16/27 | GBP | 100 | 137336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron UK Finance PLC 144A<br> 5.75%, 10/15/29 | USD | 150 | 151360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biocon Biologics Global PLC 144A<br> 6.67%, 10/09/29 | USD | 100 | 95052 |
| &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 | EUR | 100 | 122192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance PLC 144A<br> 12.00%, 11/30/28 | USD | 100 | 110498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Auto Holdings Ltd./ AAG FH UK Ltd. 144A<br> 8.75%, 01/15/32 | USD | 50 | 42662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heathrow Finance PLC Reg S<br> 4.12%, 09/01/29 (s) | GBP | 100 | 126346 |
| &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 | 51816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.50%, 06/04/29 | USD | 100 | 102705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding Ltd. 144A<br> 8.25%, 11/29/31 | USD | 50 | 50615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Finance PLC Reg S<br> 6.62%, 05/15/28 | EUR | 100 | 120996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 PLC 144A<br> 9.62%, 03/15/29 | USD | 100 | 101504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ithaca Energy North Sea PLC 144A<br> 8.12%, 10/15/29 | USD | 100 | 103235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jaguar Land Rover Automotive PLC Reg S<br> 4.50%, 07/15/28 | EUR | 100 | 118831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jerrold Finco PLC Reg S<br> 7.88%, 04/15/30 | GBP | 100 | 141386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Bidco Finco PLC Reg S<br> 5.50%, 11/04/27 | GBP | 100 | 134810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobico Group PLC Reg S<br> 4.88%, 09/26/31 | EUR | 100 | 95228 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion Bondco DAC 144A<br> 6.62%, 11/15/27 † | USD | 100 | $94488 |
| &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 | EUR | 100 | 114860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Infrastructure Receivable Purchaser PLC 144A<br> 0.00%, 04/05/32 ^ | USD | 100 | 71163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Bidco PLC Reg S<br> 10.00%, 10/11/28 | GBP | 100 | 145210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sisecam UK PLC 144A<br> 8.62%, 05/02/32 † | USD | 50 | 50636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC 144A<br> 7.01%, 07/30/37 (o) | USD | 50 | 51744 |
| Vedanta Resources Finance II PLC 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47%, 07/24/30 | USD | 100 | 99222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 09/17/29 | USD | 50 | 51905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Secured Finance PLC 144A<br> 5.50%, 05/15/29 | USD | 50 | 49210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Secured Finance PLC Reg S<br> 4.25%, 01/15/30 | GBP | 100 | 125685 |
| Vmed O2 UK Financing I PLC Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/31 | EUR | 100 | 112016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/15/31 | GBP | 100 | 123118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC<br> 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 100 | 91504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 | USD | 100 | 75894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 75 | 78367 |
| &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 | GBP | 100 | 149155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE Soda Investments Holding PLC 144A<br> 9.50%, 10/06/28 | USD | 50 | 52260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zegona Finance PLC Reg S<br> 6.75%, 07/15/29 | EUR | 100 | 125027 |
|  |  |  | 4392075 |
| **United States: 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 Medical, Inc. 144A<br> 3.88%, 10/15/29 | USD | 100 | 95186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports Co. 144A<br> 6.75%, 02/16/31 | USD | 75 | 78145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A<br> 6.38%, 02/15/32 | USD | 50 | 50126 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |  |
| &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 | $89618 |
| &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 | USD | 50 | 51886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fibercop SpA 144A<br> 7.72%, 06/04/38 | USD | 200 | 198999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fibercop SpA Reg S<br> 7.88%, 07/31/28 | EUR | 100 | 129090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings, Inc. / Garrett LX I Sarl 144A<br> 7.75%, 05/31/32 | USD | 50 | 52102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. 144A<br> 8.75%, 10/01/31 † | USD | 50 | 37089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Acquisition Holdings, Inc. 144A<br> 8.25%, 06/30/31 | USD | 25 | 22731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC 144A<br> 6.75%, 10/15/27 | USD | 75 | 50587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV 144A<br> 5.12%, 05/07/29 | USD | 68 | 66250 |
| Open Text Holdings, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 02/15/30 | USD | 50 | 47302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/01/31 | USD | 25 | 23040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp. 144A<br> 4.25%, 03/15/29 | USD | 25 | 22711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q-Park Holding I BV Reg S<br> 2.00%, 03/01/27 | EUR | 100 | 115256 |
| RB Global Holdings, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/28 | USD | 100 | 102702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 03/15/31 | USD | 40 | 42100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 5.50%, 03/18/31 | USD | 50 | 41135 |
| Stillwater Mining Co. 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/16/26 | USD | 100 | $97765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada / Telesat LLC 144A<br> 6.50%, 10/15/27 | USD | 25 | 9378 |
| Wynn Macau Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/29 | USD | 75 | 72127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/26/28 | USD | 100 | 98371 |
| ZF North America Capital, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/23/30 | USD | 50 | 48078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/14/28 | USD | 50 | 50197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/23/32 | USD | 125 | 115629 |
|  |  |  | 1807600 |
| **Uzbekistan: 0.4%** |  |  |  |
| Navoi Mining & Metallurgical Combinat 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/17/28 | USD | 100 | 102362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/17/31 | USD | 25 | 25613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC 144A<br> 4.75%, 11/16/28 | USD | 50 | 45912 |
|  |  |  | 173887 |
| **Zambia: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. 144A<br> 6.88%, 10/15/27 † | USD | 50 | 50106 |
| **Total Corporate Bonds**<br> (Cost: $40,489,017) |  |  | 40759316 |
|  |  | **Number <br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%** | **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: $1,003,713) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 1003713 | 1003713 |
| **Total Investments: 100.2%** <br> (Cost: $41,492,730) |  |  | 41763029 |
| **Liabilities in excess of other assets: (0.2)%** | **Liabilities in excess of other assets: (0.2)%** | **Liabilities in excess of other assets: (0.2)%** | (86490) |
| **NET ASSETS: 100.0%** |  |  | $41676539 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at June 30, 2025. |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,140,722. |
| ^ | Zero Coupon Bond |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (o) | Perpetual Maturity — the date shown is the next call date |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
| \* | Non-income producing |
| (d) | Security in default |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities 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 $16,727,403, or 40.1% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $— | $454323 | $— | $454323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 402423 |  | 402423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 228460 |  | 228460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azerbaijan |  | 210924 |  | 210924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahrain |  | 205414 |  | 205414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 120732 |  | 120732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda |  | 191662 | 313 | 191975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 1896167 |  | 1896167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgaria |  | 113472 |  | 113472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burkina Faso |  | 24808 |  | 24808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  | 3376810 |  | 3376810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |  | 413274 |  | 413274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 158179 |  | 158179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 1018536 |  | 1018536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 974009 |  | 974009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica |  | 45285 |  | 45285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic |  | 117450 |  | 117450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 110955 |  | 110955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic |  | 26042 |  | 26042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 81984 |  | 81984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 4636236 |  | 4636236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia |  | 22558 |  | 22558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 1981611 |  | 1981611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibraltar |  | 118423 |  | 118423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 612082 |  | 612082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala |  | 97319 |  | 97319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 322920 |  | 322920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 395293 |  | 395293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 24074 | 577 | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 406484 |  | 406484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 228164 |  | 228164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 2220076 |  | 2220076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 958449 |  | 958449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jersey, Channel Islands |  | 102308 |  | 102308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 2798219 |  | 2798219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malta |  | 97274 |  | 97274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauritius |  | 306571 |  | 306571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico |  | 1458725 |  | 1458725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolia |  | 25469 |  | 25469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco |  | 301291 |  | 301291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 2958224 |  | 2958224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman |  | 150074 |  | 150074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama |  | 113686 |  | 113686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru |  | 243815 |  | 243815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 220780 |  | 220780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 244058 |  | 244058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania |  | 119158 |  | 119158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia |  | 100126 |  | 100126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 121970 |  | 121970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 151113 |  | 151113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 566776 | 1324 | 568100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 470282 |  | 470282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania |  | 41208 |  | 41208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 46546 |  | 46546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad and Tobago |  | 25563 |  | 25563 |

---

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | $— | $1175401 | $— | $1175401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 300199 |  | 300199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 4392075 |  | 4392075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  | 1807600 |  | 1807600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbekistan |  | 173887 |  | 173887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia |  | 50106 |  | 50106 |
| Money Market Fund | 1003713 |  |  | 1003713 |
| **Total Investments** | $1003713 | $40757102 | $2214 | $41763029 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 0.3%** |  |  |  |
| **Canada: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Development Canada Reg S<br> 30.00%, 12/05/25 | TRY | 34000 | $811314 |
| **Qatar: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Finance Ltd.<br> 13.50%, 10/06/25 | TRY | 30350 | 700239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Finance Ltd. Reg S<br> 3.50%, 03/09/26 | CNY | 14100 | 1988686 |
|  |  |  | 2688925 |
| **South Africa: 0.2%** |  |  |  |
| Eskom Holdings SOC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 08/18/27 ^ | ZAR | 78505 | 3260356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/15/33 | ZAR | 11000 | 516464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85%, 04/02/26 | ZAR | 24350 | 1367390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnet SOC Ltd.<br> 9.50%, 08/19/25 | ZAR | 21000 | 1182827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnet SOC Ltd. Reg S<br> 13.50%, 04/18/28 | ZAR | 500 | 29630 |
|  |  |  | 6356667 |
| **Total Corporate Bonds**<br> (Cost: $15,418,287) |  |  | 9856906 |
| **GOVERNMENT OBLIGATIONS: 97.1%** | **GOVERNMENT OBLIGATIONS: 97.1%** | **GOVERNMENT OBLIGATIONS: 97.1%** |  |
| **Brazil: 5.2%** |  |  |  |
| Brazil Letras do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/26 ^ | BRL | 219710 | 35111130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/27 ^ | BRL | 103230 | 14676590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/28 ^ | BRL | 61090 | 8205503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/28 ^ | BRL | 22570 | 2862901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/29 ^ | BRL | 179470 | 21351372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/30 ^ | BRL | 69790 | 7348746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/32 ^ | BRL | 35880 | 2904026 |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/27 | BRL | 124200 | 21594189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/29 | BRL | 126865 | 21339116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/31 | BRL | 124980 | 20105266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/33 | BRL | 54570 | 8506988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/35 | BRL | 79150 | 11970192 |
|  |  |  | 175976019 |
| **Chile: 3.2%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 05/06/27 ^ | CLP | 13595000 | 13310849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 04/01/29 ^ | CLP | 11790000 | 10516553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/35 | CLP | 11915000 | 12210609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/43 | CLP | 8725000 | 9721927 |
| 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 | 12220000 | 12675788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | CLP | 3840000 | 4111349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/01/37 | CLP | 5275000 | 5495817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/29 | CLP | 7620000 | 8320139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/34 | CLP | 4750000 | 5172699 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Chile (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/33 | CLP | 14795000 | $16257902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 10/01/40 | CLP | 5215000 | 5883576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/01/34 | CLP | 2580000 | 3029225 |
|  |  |  | 106706433 |
| **China: 8.5%** |  |  |  |
| China Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%, 11/15/27 | CNY | 14060 | 1963159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 01/25/30 | CNY | 33780 | 4704132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/25/28 | CNY | 25320 | 3538844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 04/25/30 | CNY | 25240 | 3512361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 05/25/28 | CNY | 31160 | 4355673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%, 12/25/31 | CNY | 5100 | 706617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%, 05/15/32 | CNY | 15180 | 2111159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61%, 02/15/35 | CNY | 44690 | 6197866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 08/15/27 | CNY | 34170 | 4789930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 05/15/35 | CNY | 17940 | 2493090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%, 05/25/35 | CNY | 25960 | 3627597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%, 10/15/29 | CNY | 23650 | 3336770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 03/25/32 | CNY | 17620 | 2489343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%, 05/15/27 | CNY | 26370 | 3711452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87%, 09/15/31 | CNY | 15610 | 2213534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 04/25/55 | CNY | 20580 | 2879017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 07/15/29 | CNY | 22460 | 3185561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 01/15/55 | CNY | 18770 | 2624282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%, 04/25/45 | CNY | 8640 | 1220651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 02/25/27 | CNY | 4760 | 671399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | CNY | 31610 | 4542144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/29 | CNY | 29380 | 4184906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11%, 08/25/34 | CNY | 35550 | 5135700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 06/25/31 | CNY | 26970 | 3876276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17%, 08/29/34 | CNY | 29400 | 4266825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18%, 08/15/26 | CNY | 14090 | 1984255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19%, 09/25/54 | CNY | 23990 | 3557805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/29/39 | CNY | 9170 | 1335000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 05/25/34 | CNY | 32170 | 4705995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%, 03/25/31 | CNY | 26770 | 3877949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 05/15/26 | CNY | 27630 | 3887648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33%, 08/15/44 | CNY | 19200 | 2855580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/25/34 | CNY | 22260 | 3270937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 01/20/27 | CNY | 930 | 131774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 01/15/29 | CNY | 9880 | 1421950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%, 11/15/26 | CNY | 25290 | 3578072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/28 | CNY | 25860 | 3713107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%, 10/15/27 | CNY | 26900 | 3838272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46%, 02/15/26 | CNY | 3500 | 491724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47%, 07/25/54 | CNY | 16220 | 2525331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 04/15/27 | CNY | 14880 | 2116818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/25/28 | CNY | 16860 | 2430029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 05/25/44 | CNY | 17090 | 2601298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/27 | CNY | 29960 | 4267951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52%, 08/25/33 | CNY | 6870 | 1019943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54%, 12/25/30 | CNY | 32740 | 4803386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/15/28 | CNY | 33600 | 4854902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 05/20/54 | CNY | 22180 | 3534301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 09/15/30 | CNY | 33310 | 4892713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 09/01/32 | CNY | 23120 | 3442314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 04/15/28 | CNY | 23190 | 3342724 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 09/25/29 | CNY | 28330 | $4133715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 06/25/30 | CNY | 23670 | 3478563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 01/15/28 | CNY | 7570 | 1088690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 05/25/33 | CNY | 24480 | 3669070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/25/33 | CNY | 15500 | 2329589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%, 05/21/30 | CNY | 36870 | 5427552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 08/12/26 | CNY | 33950 | 4810334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 08/15/32 | CNY | 22210 | 3322416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/15/29 | CNY | 22310 | 3264465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/17/32 | CNY | 33920 | 5069289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%, 05/15/32 | CNY | 15150 | 2275960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79%, 12/15/29 | CNY | 28190 | 4151390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/24/29 | CNY | 23340 | 3414097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/25/30 | CNY | 34990 | 5171121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | CNY | 19610 | 2961750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 06/04/27 | CNY | 32270 | 4633154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/25/33 | CNY | 20820 | 3166652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/18/31 | CNY | 30340 | 4564810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%, 10/14/28 | CNY | 23110 | 3378773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/53 | CNY | 19130 | 3320218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01%, 05/13/28 | CNY | 32740 | 4779844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02%, 05/27/31 | CNY | 30990 | 4688533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 03/11/26 | CNY | 6460 | 912978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 12/05/26 | CNY | 6090 | 872735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | CNY | 19280 | 3359519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | CNY | 21890 | 3276878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 04/15/53 | CNY | 11960 | 2115041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/06/26 | CNY | 25180 | 3581765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/22/28 | CNY | 2020 | 299832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | CNY | 32810 | 5017256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28%, 12/03/27 | CNY | 33930 | 4962964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%, 05/23/29 | CNY | 24120 | 3617707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%, 04/15/52 | CNY | 14840 | 2660869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | CNY | 12540 | 2319701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72%, 04/12/51 | CNY | 13570 | 2582847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 09/14/50 | CNY | 29170 | 5634394 |
|  |  |  | 285134537 |
| **Colombia: 4.0%** |  |  |  |
| Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/03/27 | COP | 29656200 | 6688699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/28/28 | COP | 65135100 | 14365093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/09/36 | COP | 49360700 | 7823178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/26/31 | COP | 53594100 | 10648697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/30/32 | COP | 48261300 | 9076908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/18/34 | COP | 49071900 | 8795626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/26/50 | COP | 79432100 | 11684113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 08/26/26 | COP | 47829900 | 11490378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/18/30 | COP | 47496300 | 10061293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 05/28/42 | COP | 86793000 | 16331185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 07/25/46 | COP | 65381900 | 14498401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25%, 02/09/33 | COP | 48291400 | 12396437 |
|  |  |  | 133860008 |
| **Czech Republic: 4.5%** |  |  |  |
| Czech Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05%, 11/29/29 | CZK | 119720 | 4855464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/10/27 | CZK | 207020 | 9345326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 03/13/31 | CZK | 201180 | 8286890 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Czech Republic (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/24/40 | CZK | 120070 | $3848299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/23/32 | CZK | 204830 | 8464976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 07/30/37 | CZK | 107020 | 3929106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/13/33 | CZK | 201010 | 8170099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/23/29 | CZK | 196380 | 9010068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/03/33 | CZK | 90410 | 4003822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/30/35 | CZK | 201140 | 9008471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/03/36 | CZK | 71380 | 3196064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/11/32 | CZK | 195920 | 9580153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/14/34 | CZK | 206660 | 10355747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/30/30 | CZK | 201280 | 10099054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/12/28 | CZK | 159820 | 8055788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/29/29 | CZK | 90340 | 4608651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/26/26 | CZK | 17710 | 855887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/16/31 | CZK | 81250 | 4340366 |
| Czech Republic Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/30 | CZK | 201020 | 8373996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 06/26/26 | CZK | 199570 | 9263577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/25/28 | CZK | 201030 | 9248658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 12/04/36 | CZK | 108430 | 5081585 |
|  |  |  | 151982047 |
| **Dominican Republic: 1.2%** |  |  |  |
| Dominican Republic International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 03/15/37 | DOP | 689950 | 11520066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 06/01/36 | DOP | 597950 | 10383728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 09/15/35 | DOP | 58000 | 1032302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62%, 02/03/33 | DOP | 362200 | 7119879 |
| Dominican Republic International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 03/15/37 | DOP | 112500 | 1878408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 06/01/36 | DOP | 56000 | 972471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 09/15/35 | DOP | 441900 | 7865077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62%, 02/03/33 | DOP | 45080 | 886152 |
|  |  |  | 41658083 |
| **Hungary: 3.6%** |  |  |  |
| Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/22/26 † | HUF | 2609160 | 7410042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 08/26/26 | HUF | 1648490 | 4605430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/23/29 | HUF | 4541960 | 11390001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/20/33 | HUF | 4007680 | 8617515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/22/34 | HUF | 1624350 | 3320640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 12/22/26 | HUF | 2177890 | 6100127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/27/27 | HUF | 3584200 | 9807440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/21/30 | HUF | 4380890 | 11006460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/27/38 | HUF | 1467540 | 2814223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/25/41 | HUF | 1089980 | 1948077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/22/31 | HUF | 4023890 | 9837160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/23/28 | HUF | 2727520 | 7646560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/24/32 | HUF | 3272790 | 8534305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/22/28 | HUF | 4633570 | 13759465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/24/35 | HUF | 2243760 | 6576294 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Hungary (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/21/26 | HUF | 2207890 | $6751319 |
|  |  |  | 120125058 |
| **India: 8.3%** |  |  |  |
| India Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%, 08/03/30 | INR | 792010 | 9118931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 05/11/30 | INR | 520890 | 6013506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/30 | INR | 739980 | 8550445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 07/12/31 | INR | 1076190 | 12483203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 10/07/29 | INR | 696870 | 8272081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 01/17/32 | INR | 849000 | 10060591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67%, 12/17/50 | INR | 932720 | 10448628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/23/29 | INR | 405340 | 4859727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 12/30/31 | INR | 66600 | 800323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 10/07/34 | INR | 1195650 | 14369216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 12/02/34 | INR | 134300 | 1609429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 12/15/51 | INR | 1037420 | 12092506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02%, 06/18/31 | INR | 322230 | 3903882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04%, 06/03/29 | INR | 426530 | 5149340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06%, 04/10/28 | INR | 479130 | 5770916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 04/18/29 | INR | 728930 | 8809624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 04/08/34 | INR | 1147430 | 13978684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 09/20/50 | INR | 650760 | 7736752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17%, 04/17/30 | INR | 550650 | 6698468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18%, 08/14/33 | INR | 1311510 | 16020364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18%, 07/24/37 | INR | 1050390 | 12831697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 01/14/29 | INR | 337310 | 4108294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 08/22/32 | INR | 778980 | 9581532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 02/06/33 | INR | 748580 | 9205806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 06/19/53 | INR | 1276620 | 15438616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32%, 11/13/30 | INR | 486820 | 5995804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36%, 09/12/52 | INR | 1076010 | 13041841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37%, 10/23/28 | INR | 413630 | 5029781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37%, 01/23/54 | INR | 39470 | 478209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/20/27 | INR | 473120 | 5699640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 12/19/36 | INR | 951140 | 11832510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.54%, 05/23/36 | INR | 956450 | 11989116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/15/49 | INR | 554590 | 7064899 |
|  |  |  | 279044361 |
| **Indonesia: 7.9%** |  |  |  |
| Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/15/27 | IDR | 111157000 | 6741996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/26 | IDR | 59906000 | 3678638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 05/15/28 | IDR | 103421000 | 6359293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/15/36 | IDR | 61728000 | 3665468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/28 | IDR | 107660000 | 6665835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/32 | IDR | 198009000 | 12102515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/37 | IDR | 24574000 | 1462119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/30 | IDR | 120509000 | 7484845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/31 | IDR | 187962000 | 11610807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 05/15/33 | IDR | 105871000 | 6513659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 02/15/34 | IDR | 206412000 | 12701700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/35 | IDR | 187304000 | 11642325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/29 | IDR | 169521000 | 10655256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/15/27 | IDR | 120928000 | 7575597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/30 | IDR | 228238000 | 14466508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/33 | IDR | 166963000 | 10526228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/38 | IDR | 120758000 | 7598047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 08/15/40 | IDR | 61225000 | 3830004 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Indonesia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/42 | IDR | 131473000 | $8202020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/43 | IDR | 121191000 | 7564901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 08/15/45 | IDR | 26351000 | 1644150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 08/15/32 | IDR | 56788000 | 3672769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/15/35 | IDR | 126238000 | 8223160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/38 | IDR | 91484000 | 5917524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/15/40 | IDR | 145251000 | 9399757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/29 | IDR | 116463000 | 7662742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/15/32 | IDR | 47568000 | 3198527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/36 | IDR | 130802000 | 8962294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 09/15/26 | IDR | 96873000 | 6136742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 03/15/34 | IDR | 145787000 | 9981762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/15/39 | IDR | 57451000 | 3997011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/31 | IDR | 88120000 | 6030263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 03/15/29 | IDR | 91493000 | 6147980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 07/15/31 | IDR | 30111000 | 2126261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 08/15/30 | IDR | 53160000 | 3843859 |
| Perusahaan Penerbit SBSN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/26 | IDR | 89886000 | 5466685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/28 | IDR | 50699000 | 3092714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/34 | IDR | 43510000 | 2647087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 09/15/29 | IDR | 10084000 | 628162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/15/36 | IDR | 24600000 | 1539749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 11/15/31 | IDR | 44820000 | 3108060 |
|  |  |  | 264475019 |
| **Ivory Coast: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Development Bank<br> 6.55%, 05/23/35 | INR | 619000 | 7161121 |
| **Luxembourg: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank Reg S<br> 4.50%, 02/16/28 | MXN | 57200 | 2773286 |
| **Malaysia: 8.4%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/31 | MYR | 41682 | 9516542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 05/15/30 | MYR | 5766 | 1378199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/31/27 | MYR | 38152 | 9136513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 04/20/28 | MYR | 23809 | 5711968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 07/15/32 | MYR | 27383 | 6580025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 06/15/28 | MYR | 28563 | 6891422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 05/22/40 | MYR | 29769 | 7092935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/34 | MYR | 36906 | 8977235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/29 | MYR | 36623 | 8901596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/30/26 | MYR | 27374 | 6578484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/16/27 | MYR | 29171 | 7050192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 07/15/26 | MYR | 23843 | 5714274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/18/39 | MYR | 27452 | 6779782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 06/15/50 | MYR | 35142 | 8430697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 05/16/44 | MYR | 16579 | 4152663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/31/35 | MYR | 19306 | 4859936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 03/31/53 | MYR | 30252 | 7722395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/30/29 | MYR | 11559 | 2867791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 11/07/33 | MYR | 29732 | 7644161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/15/42 | MYR | 30398 | 8052466 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Malaysia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, 04/07/37 | MYR | 30948 | $8150322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 06/08/38 | MYR | 27987 | 7440423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/06/48 | MYR | 19613 | 5321463 |
| Malaysia Government Investment Issue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 09/30/27 | MYR | 30757 | 7358576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 07/15/36 | MYR | 25600 | 5986284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46%, 10/15/30 | MYR | 33319 | 7965090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 07/31/28 | MYR | 30939 | 7440931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61%, 04/30/35 | MYR | 5813 | 1391404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/30/30 | MYR | 6416 | 1548458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 03/31/26 | MYR | 30367 | 7251273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 05/31/45 | MYR | 5020 | 1193918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 10/08/31 | MYR | 23208 | 5640660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 07/16/40 | MYR | 9191 | 2251345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 09/30/26 | MYR | 35138 | 8449216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/30/34 | MYR | 35127 | 8723357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/29 | MYR | 36066 | 8843428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19%, 10/07/32 | MYR | 30367 | 7540091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/30/30 | MYR | 26300 | 6521381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26%, 07/26/27 | MYR | 12542 | 3048998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29%, 08/14/43 | MYR | 36310 | 9178674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 10/31/28 | MYR | 29171 | 7180502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 09/30/41 | MYR | 22610 | 5788212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47%, 09/15/39 | MYR | 36649 | 9420849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, 03/31/38 | MYR | 11918 | 3111132 |
|  |  |  | 280785263 |
| **Mexico: 5.4%** |  |  |  |
| Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/04/27 | MXN | 42789 | 2173110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/05/26 | MXN | 6072 | 316116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/03/26 | MXN | 6879 | 359405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/03/27 | MXN | 85917 | 4495431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/26/33 | MXN | 367197 | 17761011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/29/31 | MXN | 464418 | 23439919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/23/34 | MXN | 495948 | 23962106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | 477572 | 20966790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/24/35 | MXN | 25607 | 1243799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/07/47 | MXN | 295575 | 12997723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/53 | MXN | 445825 | 19424082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/02/28 | MXN | 32318 | 1717497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/01/29 | MXN | 210889 | 11140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/31/29 | MXN | 306133 | 16160278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/28/30 | MXN | 140107 | 7216611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/18/38 | MXN | 247628 | 12060096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/20/36 | MXN | 117096 | 6512355 |
|  |  |  | 181946329 |
| **Peru: 3.3%** |  |  |  |
| Peru Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 08/12/40 | PEN | 27430 | 6625676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/12/34 | PEN | 46380 | 12332421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/12/29 | PEN | 33247 | 9826587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 08/12/32 | PEN | 50181 | 14608276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 08/12/28 | PEN | 18240 | 5476839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 08/12/37 | PEN | 50928 | 14592080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 08/12/31 | PEN | 47303 | 14472108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 08/12/26 | PEN | 9948 | 2926226 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Peru (continued)** |  |  |  |
| Peru Government Bond 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 08/12/35 | PEN | 20574 | $5970895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/12/33 | PEN | 42403 | 13014650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60%, 08/12/39 | PEN | 38964 | 11685899 |
|  |  |  | 111531657 |
| **Poland: 4.8%** |  |  |  |
| Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/25/28 ^ | PLN | 5375 | 1327242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 10/25/26 | PLN | 13136 | 3446494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 10/25/30 | PLN | 58870 | 13559124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 04/25/32 | PLN | 64127 | 14322539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/26 | PLN | 6019 | 1634373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/27 | PLN | 48300 | 12847016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/25/28 | PLN | 18807 | 4961644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/25/29 | PLN | 65918 | 16841192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/25/27 | PLN | 35667 | 9743678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/25/30 | PLN | 28603 | 7771585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/25/29 | PLN | 64135 | 17747159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/25/30 | PLN | 25757 | 7174160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/34 | PLN | 60282 | 16182512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/25/33 | PLN | 68534 | 19779405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/25/28 | PLN | 41526 | 12416838 |
|  |  |  | 159754961 |
| **Romania: 3.9%** |  |  |  |
| Romania Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/25/27 | RON | 20505 | 4275391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/24/26 | RON | 24195 | 5411734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/24/31 | RON | 23495 | 4449103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 01/26/28 | RON | 23650 | 5082821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/24/30 | RON | 22620 | 4510358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/28/36 | RON | 19025 | 3411162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/11/34 | RON | 24630 | 4700462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/22/26 | RON | 23455 | 5339781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/29 | RON | 26645 | 5636973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/12/29 | RON | 24725 | 5308592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 07/26/27 | RON | 24350 | 5476220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 04/26/28 | RON | 16345 | 3687490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 04/25/29 | RON | 27215 | 6081313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/25/32 | RON | 27860 | 6212609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/25/35 | RON | 8765 | 1932938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 07/29/30 | RON | 8590 | 1939396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 07/31/34 | RON | 23560 | 5334915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 10/28/26 | RON | 27070 | 6275310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 05/31/27 | RON | 27245 | 6298060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 10/30/33 | RON | 28335 | 6463225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 04/28/31 | RON | 27920 | 6448750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 02/24/38 | RON | 29505 | 7155117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/29/30 | RON | 29245 | 6936975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/29/32 | RON | 29945 | 7248076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/30/28 | RON | 28210 | 6794568 |
|  |  |  | 132411339 |
| **Serbia: 1.3%** |  |  |  |
| Serbia Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/32 | RSD | 1216920 | 11872911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/27/35 | RSD | 946230 | 9483158 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Serbia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/08/28 | RSD | 971840 | $10129318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/26/31 | RSD | 938990 | 10490194 |
|  |  |  | 41975581 |
| **South Africa: 5.1%** |  |  |  |
| Republic of South Africa Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/31/36 | ZAR | 115483 | 4853539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/28/41 | ZAR | 102855 | 3917098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/28/31 | ZAR | 243149 | 12602503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 01/31/30 | ZAR | 399493 | 22129805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 03/31/32 | ZAR | 389074 | 20932510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/31/37 | ZAR | 378696 | 18576755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/44 | ZAR | 320875 | 14689277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/28/48 | ZAR | 499266 | 22578625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/28/35 | ZAR | 406996 | 21441221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/31/40 | ZAR | 334385 | 16292872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 03/31/33 | ZAR | 17761 | 1028473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/21/26 | ZAR | 42708 | 2495084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 03/31/38 | ZAR | 41330 | 2379387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62%, 03/31/53 | ZAR | 91422 | 5398640 |
|  |  |  | 169315789 |
| **Supranational: 7.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Development Bank<br> 2.50%, 02/15/27 | CNY | 14000 | 1983609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank Reg S<br> 5.00%, 03/05/26 | MXN | 55650 | 2871961 |
| European Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%, 03/04/26 | PLN | 7140 | 1921206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/27/32 | CNY | 28000 | 4161590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 02/02/26 | CZK | 116340 | 5552199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/07/28 | IDR | 47900000 | 2835645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/06/26 | IDR | 63083400 | 3846009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/01/27 | IDR | 3000000 | 182162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/11/28 | INR | 370300 | 4301079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/13/32 | INR | 656700 | 7740413 |
| European Bank for Reconstruction & Development Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01%, 03/13/28 | PLN | 18650 | 4914852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 12/15/25 | MXN | 291260 | 15147853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank<br> 8.12%, 12/21/26 | ZAR | 201055 | 11403301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank 144A<br> 6.95%, 03/01/29 | INR | 214700 | 2538222 |
| European Investment Bank Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/25/28 | PLN | 20822 | 5221705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/25/26 | PLN | 63868 | 17285495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/15/29 | PLN | 4088 | 1037218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/27/26 | CZK | 13010 | 619683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/25/29 | PLN | 34910 | 8893923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40%, 10/23/33 | INR | 118000 | 1450348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/05/27 | ZAR | 15560 | 886289 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Supranational (continued)** |  |  |  |
| Inter-American Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/25/29 | INR | 555000 | $6566260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/17/33 | INR | 247000 | 2948191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 04/08/29 | INR | 342000 | 4050503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 10/06/30 | INR | 322000 | 3876371 |
| International Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/24/28 | CNY | 36000 | 5044851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/18/26 | CNY | 30000 | 4194586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/19/29 | CNY | 49000 | 6987935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/13/31 | CNY | 6000 | 871678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/02/33 | CNY | 37000 | 5377081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/19/27 | CNY | 76000 | 10784201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/26/34 | CNY | 20000 | 2975190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/22/26 | MXN | 161680 | 8369156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/09/26 | IDR | 88600000 | 5413686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/25/30 | MXN | 65000 | 3006061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/09/29 | IDR | 4860000 | 292723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 08/02/27 | PLN | 3600 | 1018644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/17/30 | INR | 191800 | 2232566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/08/27 | INR | 183200 | 2151247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/21/27 | MXN | 269750 | 14121324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/06/26 | MXN | 33600 | 1771327 |
| International Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 02/11/28 | MXN | 40000 | 1953208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/20/27 | MXN | 303380 | 15700541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/18/28 | MXN | 109710 | 5723770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 01/18/30 | MXN | 243230 | 12622416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/27/27 | ZAR | 3010 | 172419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 11/03/27 | COP | 7100000 | 1817696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp. Reg S<br> 8.38%, 05/31/29 | MXN | 238740 | 12663633 |
|  |  |  | 247502026 |
| **Thailand: 7.1%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 06/17/27 | THB | 371103 | 11327758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 249460 | 7677128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 12/17/29 | THB | 250228 | 7756409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 06/17/35 | THB | 133561 | 4100316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%, 03/17/30 | THB | 76290 | 2377156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | THB | 391927 | 12446620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/17/42 | THB | 183748 | 5676435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/17/28 | THB | 165445 | 5180065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 12/17/26 | THB | 271219 | 8431027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/17/27 | THB | 302632 | 9441570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 06/17/26 | THB | 235906 | 7326971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 11/17/27 | THB | 296472 | 9332443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/17/29 | THB | 285629 | 9097862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41%, 03/17/35 | THB | 128151 | 4224069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/17/29 | THB | 284451 | 9152567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 06/17/28 | THB | 322429 | 10276461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/17/40 | THB | 108963 | 3795146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 06/17/34 | THB | 284779 | 9633960 |

---

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Thailand (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 12/17/28 | THB | 236777 | $7644127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/17/46 | THB | 214401 | 7384568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, 06/17/45 | THB | 131162 | 4607412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 06/17/38 | THB | 307436 | 11209941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 06/17/33 | THB | 296602 | 10330443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/17/37 | THB | 316969 | 11572380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/17/36 | THB | 221426 | 7990026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 06/17/43 | THB | 343982 | 12788149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/20/31 | THB | 237480 | 8215770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 06/25/32 | THB | 291060 | 10298259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/22/29 | THB | 262453 | 9150149 |
|  |  |  | 238445187 |
| **Turkey: 2.6%** |  |  |  |
| Turkiye Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 08/11/27 | TRY | 184794 | 2992855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60%, 02/11/26 | TRY | 44104 | 941813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 02/24/27 | TRY | 50214 | 878385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70%, 11/13/30 | TRY | 115552 | 1522234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40%, 03/08/28 | TRY | 217146 | 3424723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90%, 09/02/26 | TRY | 104412 | 2116555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.30%, 07/19/28 | TRY | 397487 | 7069455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.80%, 07/13/33 | TRY | 218440 | 3669829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.20%, 10/05/33 | TRY | 885992 | 20591764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.70%, 09/27/34 | TRY | 181193 | 4339416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00%, 09/12/29 | TRY | 1021638 | 24023340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.08%, 11/08/28 | TRY | 689851 | 16385184 |
|  |  |  | 87955553 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Uruguay: 1.1%** |  |  |  |
| Uruguay Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/21/31 | UYU | 553822 | $13492135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/20/33 | UYU | 643613 | 16895647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond 144A<br> 8.50%, 03/15/28 | UYU | 41512 | 1028258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond Reg S<br> 8.50%, 03/15/28 | UYU | 234433 | 5806936 |
|  |  |  | 37222976 |
| **Total Government Obligations**<br>(Cost: $3,228,326,442) | **Total Government Obligations**<br>(Cost: $3,228,326,442) |  | 3257742633 |
| **Total Investments Before Collateral for Securities Loaned: 97.4%**<br>(Cost: $3,243,744,729) | **Total Investments Before Collateral for Securities Loaned: 97.4%**<br>(Cost: $3,243,744,729) | **Total Investments Before Collateral for Securities Loaned: 97.4%**<br>(Cost: $3,243,744,729) | 3267599539 |
|  |  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **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: $580,274) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 580274 | 580274 |
| **Total Investments: 97.4%**<br>(Cost: $3,244,325,003) |  |  | 3268179813 |
| **Other assets less liabilities: 2.6%** | **Other assets less liabilities: 2.6%** | **Other assets less liabilities: 2.6%** | 85683960 |
| **NET ASSETS: 100.0%** |  |  | $3353863773 |

---

------

**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:**

---

| | |
|:---|:---|
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $568,002. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities 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 $125,240,394, or 3.7% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $— | $9856906 | $— | $9856906 |
| Government Obligations \* |  | 3257742633 |  | 3257742633 |
| Money Market Fund | 580274 |  |  | 580274 |
| **Total Investments** | $580274 | $3267599539 | $— | $3268179813 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 97.8%** |  |  |
| **Financial Services: 97.8%** |  |  |
| AGNC Investment Corp. † | 4516499 | $41506626 |
| Annaly Capital Management, Inc. | 2177969 | 40989377 |
| Apollo Commercial Real Estate Finance, Inc. † | 948547 | 9181935 |
| Arbor Realty Trust, Inc. † | 1298379 | 13892655 |
| ARMOUR Residential REIT, Inc. | 678293 | 11402105 |
| Blackstone Mortgage Trust, Inc. † | 778003 | 14976558 |
| BrightSpire Capital, Inc. | 1000262 | 5051323 |
| Chicago Atlantic Real Estate Finance, Inc. † | 189386 | 2643829 |
| Chimera Investment Corp. | 629314 | 8728585 |
| Dynex Capital, Inc. | 1107473 | 13533320 |
| Ellington Financial, Inc. † | 767074 | 9964291 |
| Franklin BSP Realty Trust, Inc. † | 621709 | 6646069 |
| Invesco Mortgage Capital, Inc. † | 630250 | 4941160 |
| KKR Real Estate Finance Trust, Inc. | 434415 | 3809819 |
| Ladder Capital Corp. | 955217 | 10268583 |
| MFA Financial, Inc. | 733141 | 6935514 |
| New York Mortgage Trust, Inc. † | 720774 | 4829186 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Orchid Island Capital, Inc. † | 1169995 | $8201665 |
| PennyMac Mortgage Investment Trust † | 594007 | 7638930 |
| Ready Capital Corp. † | 1378925 | 6025902 |
| Redwood Trust, Inc. † | 880811 | 5205593 |
| Rithm Capital Corp. | 2199599 | 24833473 |
| Starwood Property Trust, Inc. † | 1337421 | 26842039 |
| TPG RE Finance Trust, Inc. | 528397 | 4079225 |
| Two Harbors Investment Corp. † | 732015 | 7883801 |
| **Total Common Stocks**<br> (Cost: $322,595,412) |  | 300011563 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.4%** |  |
| **Money Market Fund: 3.4%**<br>(Cost: $10,444,130) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 10444130 | 10444130 |
| **Total Investments: 101.2%**<br>(Cost: $333,039,542) |  | 310455693 |
| **Liabilities in excess of other assets: (1.2)%** | **Liabilities in excess of other assets: (1.2)%** | (3548894) |
| **NET ASSETS: 100.0%** |  | $306906799 |

---

------

**Footnotes:**

† Security fully or partially on loan. Total market value of securities on loan is $84,304,475.

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $300011563 | $— | $— | $300011563 |
| Money Market Fund | 10444130 |  |  | 10444130 |
| **Total Investments** | $310455693 | $— | $— | $310455693 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **PREFERRED SECURITIES: 99.6%** |  |  |
| **Aerospace & Defense: 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<br> 6.00%, 10/15/27 | 3437736 | $233766048 |
| **Automobiles & Auto Parts: 3.1%** | **Automobiles & Auto Parts: 3.1%** |  |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/59 | 956583 | 19887360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/01/59 | 896803 | 18814927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/62 † | 717442 | 16070701 |
|  |  | 54772988 |
| **Chemicals: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp.<br> 7.25%, 03/01/27 | 1375094 | 44140517 |
| **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 | 896803 | 52803761 |
| **Consumer Goods Conglomerates: 0.3%** | **Consumer Goods Conglomerates: 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Finance ULC<br> 5.00%, 05/24/81 | 298931 | 4741046 |
| **Diversified Retail: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QVC Group, Inc.<br> 8.00%, 03/15/31 † | 380189 | 2611898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QVC, Inc.<br> 6.25%, 11/26/68 | 598110 | 5921289 |
|  |  | 8533187 |
| **Electric Utilities & IPPs: 25.1%** |  |  |
| Brookfield BRP Holdings Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 04/30/26 (o) | 418512 | 6591564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/09/26 (o) | 310889 | 5027075 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/01/81 | 334805 | 5705077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/77 | 478291 | 10044111 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/15/78 † | 597861 | 14091584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (o) † | 1195734 | 29080251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Arkansas LLC<br> 4.88%, 09/01/66 | 490249 | 9903030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Louisiana LLC<br> 4.88%, 09/01/66 † | 322847 | 6466625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi LLC<br> 4.90%, 10/01/66 † | 310889 | 6236433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Power Co.<br> 5.00%, 10/01/77 † | 322847 | 6631277 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/01/79 † | 822070 | 18175968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/85 | 1046268 | 26146237 |
| NextEra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.93%, 09/01/25 | 1195734 | 47518469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.23%, 11/01/27 | 896803 | 39683533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 06/01/27 | 1195734 | 56307114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp.<br> 6.00%, 12/01/27 | 962562 | 36192331 |
| SCE Trust IV |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Electric Utilities & IPPs (continued)** | **Electric Utilities & IPPs (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25 (o) | 388616 | $8759405 |
| SCE Trust V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26 (o) | 358721 | 8178839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VI<br> 5.00% (o) | 567977 | 9087632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VII<br> 7.50%, 11/22/28 (o) † | 657652 | 14613027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCE Trust VIII<br> 6.95%, 05/13/29 (o) | 418512 | 8964527 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/60 | 896803 | 15756829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/30/80 | 1195734 | 23675533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/77 † | 538082 | 11466528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/85 | 675589 | 17349126 |
| Tennessee Valley Authority<br> 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | 306705 | 7176897 |
|  |  | 448829022 |
| **Food & Tobacco: 3.8%** |  |  |
| CHS, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% (o) | 588898 | 14015772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10% (o) † | 502207 | 12329182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% (o) † | 618794 | 15618361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88% (o) † | 641510 | 16621524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% (o) † | 366852 | 10106773 |
|  |  | 68691612 |
| **Healthcare Providers & Services: 1.1%** | **Healthcare Providers & Services: 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.<br> 6.75%, 02/01/27 | 239151 | 19741915 |
| **Investment Banking & Investment Services: 0.4%** | **Investment Banking & Investment Services: 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc.<br> 6.50%, 04/16/26 (o) † | 391957 | 7917531 |
| **Machinery; Equipment & Components: 0.8%** | **Machinery; Equipment & Components: 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<br> 6.75%, 12/15/25 | 240638 | 14534535 |
| **Multiline Utilities: 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp.<br> 8.86%, 07/01/79 | 418512 | 10529762 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/78 | 334805 | 7375754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/79 † | 753317 | 16723637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra<br> 5.75%, 07/01/79 † | 905766 | 18613491 |
|  |  | 53242644 |
| **Natural Gas Utilities: 0.4%** |  |  |
| Spire, Inc. |  |  |

---

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Value** | **Value** |
| **Natural Gas Utilities (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% (o) † | 298931 | $| 7051782 |
| **Office Equipment: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<br> 6.70%, 03/07/43 | 508187 |  | 9472606 |
| **Oil & Gas: 0.5%** |  |  |  |
| NGL Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77% (Term SOFR USD 3 Month+7.47%) (o) | 376183 |  | 8257217 |
| **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) | 358721 |  | 5836391 |
| **Real Estate Operations: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Property Preferred LP<br> 6.25%, 07/26/81 | 802457 |  | 11948585 |
| DigitalBridge Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% (o) | 347239 |  | 7142706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15% (o) † | 384670 |  | 7893428 |
|  |  |  | 26984719 |
| **Residential & Commercial REITs: 18.0%** | **Residential & Commercial REITs: 18.0%** | **Residential & Commercial REITs: 18.0%** | **Residential & Commercial REITs: 18.0%** |
| AGNC Investment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21% (Term SOFR USD 3<br> Month+4.96%) (o) † | 687547 |  | 17264305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51% (Term SOFR USD 3<br> Month+5.25%) (o) | 481286 |  | 12224664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63% (Term SOFR USD 3<br> Month+5.37%) (o) † | 388616 |  | 9898050 |
| Annaly Capital Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.72% (Term SOFR USD 3<br> Month+4.43%) (o) | 508187 |  | 12577628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54% (Term SOFR USD 3<br> Month+5.25%) (o) † | 529108 |  | 13328230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.55% (Term SOFR USD 3<br> Month+5.25%) (o) | 860929 |  | 21686801 |
| Arbor Realty Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% (Term SOFR USD 3<br> Month+5.44%), 10/12/26 (o) † | 339108 |  | 6887284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chimera Investment Corp.<br> 7.75%, 09/30/25 (o) | 310889 |  | 7016765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35% (Term SOFR USD 3<br> Month+6.05%) (o) † | 388616 |  | 9490003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc.<br> 5.20% (o) | 412533 |  | 8242409 |
| Diversified Healthcare Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/01/42 | 418512 |  | 6549713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/46 † | 298931 |  | 4944319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc.<br> 7.50% (o) | 308737 |  | 6242662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc.<br> 4.75%, 11/16/26 (o) † | 508187 |  | 7551659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp.<br> 5.25% (o) | 312803 |  | 6240420 |
| MFA Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90% (Term SOFR USD 3<br> Month+5.61%) (o) | 328826 |  | 7733988 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Residential & Commercial REITs (continued)** | **Residential & Commercial REITs (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust<br> 6.75%, 08/24/26 (o) | 298931 | $5575063 |
| Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/06/25 (o) † | 337789 | 5168172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/19/26 (o) | 1242128 | 19560333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/13/27 (o) | 298931 | 4848661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% (o) | 675589 | 12336255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% (o) | 309451 | 5700087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% (o) † | 378085 | 7228985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% (o) | 358721 | 7181594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (o) | 334805 | 6809934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% (o) † | 340784 | 7640377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp.<br> 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 (o) | 556019 | 13311095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56% (Term SOFR USD 3<br> Month+5.23%) (o) | 475426 | 11647937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19% (Term SOFR USD 3<br> Month+5.90%) (o) † | 336600 | 8482320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust<br> 1.95% (o) | 385027 | 9109739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp.<br> 7.62%, 07/27/27 (o) | 303721 | 6791202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMH Properties, Inc.<br> 6.38% (o) | 384789 | 8384552 |
| Vornado Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/22/26 (o) | 358721 | 5165582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% (o) † | 740753 | 12245114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (o) † | 358721 | 6130542 |
|  |  | 321196444 |
| **Semiconductors & Semiconductor Equipment: 3.3%** | **Semiconductors & Semiconductor Equipment: 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc.<br> 7.50%, 03/15/28 † | 887829 | 59164925 |
| **Software & IT Services: 7.2%** |  |  |
| MicroStrategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% (o) † | 357149 | 43218600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% (o) † | 642036 | 64461592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc.<br> 5.50%, 05/15/28 | 341898 | 21194257 |
|  |  | 128874449 |
| **Telecommunications Services: 11.4%** | **Telecommunications Services: 11.4%** |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% (o) | 2092537 | 39967457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% (o) † | 1434874 | 28912711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/01/66 | 1581355 | 35106081 |
| Qwest Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/56 | 1168833 | 21038994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/57 | 789180 | 14339400 |
| Telephone and Data Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/30/26 (o) † | 825054 | 14603456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 03/31/26 (o) | 502207 | 9687573 |
| United States Cellular Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/70 | 611371 | 12545333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/70 | 610571 | 12522811 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Telecommunications Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/69 | 611371 | $14446697 |
|  |  | 203170513 |
| **Total Preferred Securities**<br>(Cost: $1,797,511,317) |  | 1781723852 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0%** |  |
| **Money Market Fund: 2.0%**<br>(Cost: $34,983,084) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 34983084 | 34983084 |
| **Total Investments: 101.6%**<br>(Cost: $1,832,494,401) |  | 1816706936 |
| **Liabilities in excess of other assets: (1.6)%** | **Liabilities in excess of other assets: (1.6)%** | (27969777) |
| **NET ASSETS: 100.0%** |  | $1788737159 |

---

------

**Definitions:**

IPP Independent power producer <br> SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Security fully or partially on loan. Total market value of securities on loan is $37,847,826.

(o) Perpetual Maturity — the date shown, if applicable, is the next call date

The summary of inputs used to value the Fund's investments as of June 30, 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 \* | $1781723852 | $— | $— | $1781723852 |
| Money Market Fund | 34983084 |  |  | 34983084 |
| **Total Investments** | $1816706936 | $— | $— | $1816706936 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BDC Income ETF** | **China Bond ETF** | **International<br>High Yield Bond<br>ETF** | **J.P. Morgan EM<br>Local Currency<br>Bond ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $1565399808 | $17498188 | $40759316 | $3267599539 |
| Short-term investments held as collateral for securities loaned (3) | 143382512 |  | 1003713 | 580274 |
| Cash | 5225531 | 108760 | 216029 | 150965 |
| Cash denominated in foreign currency, at value (4) |  | 137213 (a) | 512189 | 1954681 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 9969100 |  | 786078 | 77043204 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 7325964 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 372 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 14917314 | 307366 | 711319 | 68761870 |
| Prepaid expenses |  | 149 |  | 4380 |
| Other assets |  | 466 |  | 91641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1746220229 | 18052514 | 43988644 | 3416186554 |
| **Liabilities:** |  |  |  |  |
| Total return swap contracts, at value | 287021 |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 1262487 | 59384696 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 143382512 |  | 1003713 | 580274 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 516771 |  | 12484 | 672796 |
| Deferred Trustee fees | 9396 | 1683 | 33385 | 328308 |
| Accrued expenses | 6418 | 47170 | 36 | 494901 |
| Accrued foreign taxes |  |  |  | 861806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 144202118 | 48853 | 2312105 | 62322781 |
| **NET ASSETS** | $1602018111 | $18003661 | $41676539 | $3353863773 |
| Shares outstanding | 98400000 | 800000 | 1900000 | 132822682 |
| Net asset value, redemption and offering price per share | $16.28 | $22.50 | $21.94 | $25.25 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $1704705702 | $18415819 | $60356962 | $3912318713 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (102687591) | (412158) | (18680423) | (558454940) |
| **NET ASSETS** | $1602018111 | $18003661 | $41676539 | $3353863773 |
| (1) Includes Investment in securities on loan, at market value | $212722885 | $— | $1140722 | $568002 |
| (2) Cost of investments - Unaffiliated issuers | $1567518795 | $17583330 | $40489017 | $3243744729 |
| (3) Cost of short-term investments held as collateral for securities loaned | $143382512 | $— | $1003713 | $580274 |
| (4) Cost of cash denominated in foreign currency | $— | $139612 | $506682 | $1936030 |

---

(a) Includes $29,449 of foreign investor minimum settlement reserve funds (see Note 2I).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mortgage REIT<br>Income ETF** | **Preferred<br>Securities ex<br>Financials ETF** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $300011563 | $1781723852 |
| Short-term investments held as collateral for securities loaned (3) | 10444130 | 34983084 |
| Cash | 999256 | 25655705 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 916885 | 47436138 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 528235 | 17898883 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 6034141 | 1763670 |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes |  | 25478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 318934210 | 1909486810 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 1468982 | 76619895 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  | 8525880 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 10444130 | 34983084 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 97940 | 582725 |
| Deferred Trustee fees | 16359 | 36282 |
| Accrued expenses |  | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 12027411 | 120749651 |
| **NET ASSETS** | $306906799 | $1788737159 |
| Shares outstanding | 29050000 | 104900000 |
| Net asset value, redemption and offering price per share | $10.56 | $17.05 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $492781968 | $2027637654 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (185875169) | (238900495) |
| **NET ASSETS** | $306906799 | $1788737159 |
| (1) Includes Investment in securities on loan, at market value | $84304475 | $37847826 |
| (2) Cost of investments - Unaffiliated issuers | $322595412 | $1797511317 |
| (3) Cost of short-term investments held as collateral for securities loaned | $10444130 | $34983084 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BDC Income ETF** | **China Bond ETF** | **International<br>High Yield Bond<br>ETF** | **J.P. Morgan EM<br>Local Currency<br>Bond ETF** |
| **Income:** |  |  |  |  |
| Dividends | $67138217 | $— | $— | $— |
| Interest | 4558152 | 215957 | 753819 | 94485773 |
| Securities lending income | 2772440 |  | 4388 | 11477 |
| Net foreign taxes withheld |  |  | (885) | (2664649) |
| &nbsp;&nbsp;&nbsp;Total income | 74468809 | 215957 | 757322 | 91832601 |
| **Expenses:** |  |  |  |  |
| Management fees | 2955926 | 38735 | 52707 | 3728667 |
| Professional fees |  | 27061 |  | 31170 |
| Custody and accounting fees |  | 12440 |  | 387750 |
| Reports to shareholders |  | 6609 |  | 127702 |
| Trustees' fees and expenses |  | 325 |  | 35521 |
| Exchange listing fees |  | 1649 |  | 1600 |
| Insurance |  | 544 |  | 17979 |
| Interest | 126899 |  |  | 37216 |
| Taxes |  | 185 | 185 | 185 |
| Other |  | 488 |  | 21112 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3082825 | 88036 | 52892 | 4388902 |
| Expenses assumed by the Adviser |  | (39432) |  | (208537) |
| &nbsp;&nbsp;&nbsp;Net expenses | 3082825 | 48604 | 52892 | 4180365 |
| Net investment income | 71385984 | 167353 | 704430 | 87652236 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments (1) | (2967064) | (325715) | (79580) | (51386840) |
| In-kind redemptions | 6266466 |  | (183353) | 331638 |
| Capital gain distributions from investment companies | 342902 |  |  |  |
| Swap contracts | (4928134) |  |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (3389) | 2318 | (1179511) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1285830) | (329104) | (260615) | (52234713) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments (2) | (57731702) | 682832 | 1944146 | 267927986 |
| Swap contracts | (371878) |  |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  | 13143 | 25284 | 4356079 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (58103580) | 695975 | 1969430 | 272284065 |
| Net increase in net assets resulting from operations | $11996574 | $534224 | $2413245 | $307701588 |
| (1) Net of foreign taxes | $— | $— | $— | $(680504) |
| (2) Net change in accrued foreign taxes | $— | $— | $— | $(423504) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mortgage REIT<br>Income ETF** | **Preferred<br>Securities ex<br>Financials ETF** |
| **Income:** |  |  |
| Dividends | $14490156 | $60299519 |
| Interest | 7052 | 85499 |
| Securities lending income | 173269 | 446436 |
| Net foreign taxes withheld |  | (6156) |
| &nbsp;&nbsp;&nbsp;Total income | 14670477 | 60825298 |
| **Expenses:** |  |  |
| Management fees | 586663 | 3641050 |
| Interest | 45817 | 15035 |
| Taxes | 185 | 185 |
| &nbsp;&nbsp;&nbsp;Total expenses | 632665 | 3656270 |
| Net investment income | 14037812 | 57169028 |
| **Net realized gain (loss) on:** |  |  |
| Investments | (13795378) | (24555093) |
| In-kind redemptions | 1348510 | 7905508 |
| Capital gain distributions from investment companies | 315944 | 164614 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (12130924) | (16484971) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments | 6738070 | (22384867) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6738070 | (22384867) |
| Net increase in net assets resulting from operations | $8644958 | $18299190 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Period Ended<br>December 31,<br>2024(a)** | **Year Ended<br>April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $71385984 | $100277252 | $89851157 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1285830) | (6033853) | 3724610 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (58103580) | 2207977 | 93198589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 11996574 | 96451376 | 186774356 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (38848275) | (100652127) | (89851157) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (534358) | (187793) |
| Total distributions | (38848275) | (101186485) | (90038950) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 306822072 | 382193690 | 510600418 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (47199549) | (92553027) | (100247033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 259622523 | 289640663 | 410353385 |
| Total increase in net assets | 232770822 | 284905554 | 507088791 |
| Net Assets, beginning of period | 1369247289 | 1084341735 | 577252944 |
| Net Assets, end of period | $1602018111 | $1369247289 | $1084341735 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| Shares sold | 18775000 | 22925000 | 31825000 |
| Shares redeemed | (2925000) | (5550000) | (6350000) |
| &nbsp;&nbsp;&nbsp;Net increase | 15850000 | 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** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Period Ended<br>December 31,<br>2024(a)** | **Year Ended<br>April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $167353 | $311579 | $765062 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (329104) | (383568) | (3361989) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 695975 | 554868 | 1766414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 534224 | 482879 | (830513) |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (141350) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (312780) | (1040340) |
| Total distributions | (141350) | (312780) | (1040340) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  | 2165020 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4383303) | (2252117) | (19651805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (4383303) | (2252117) | (17486785) |
| Total decrease in net assets | (3990429) | (2082018) | (19357638) |
| Net Assets, beginning of period | 21994090 | 24076108 | 43433746 |
| Net Assets, end of period | $18003661 | $21994090 | $24076108 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| 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

---

| | | | |
|:---|:---|:---|:---|
|  | **International High Yield Bond ETF** | **International High Yield Bond ETF** | **International High Yield Bond ETF** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Period Ended<br>December 31,<br>2024(a)** | **Year Ended<br>April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $704430 | $929861 | $2207379 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (260615) | (730316) | (5090301) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1969430 | 1240408 | 5490598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2413245 | 1439953 | 2607676 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (553260) | (762590) | (1811747) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (190340) | (464333) |
| Total distributions | (553260) | (952930) | (2276080) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 19263674 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2064859) | (8297285) | (35962025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 17198815 | (8297285) | (35962025) |
| Total increase (decrease) in net assets | 19058800 | (7810262) | (35630429) |
| Net Assets, beginning of period | 22617739 | 30428001 | 66058430 |
| Net Assets, end of period | $41676539 | $22617739 | $30428001 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| Shares sold | 900000 |  |  |
| Shares redeemed | (100000) | (400000) | (1800000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 800000 | (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** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Period Ended<br>December 31,<br>2024(a)** | **Year Ended<br>April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $87652236 | $116610026 | $190687135 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (52234713) | (80348331) | (239448468) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 272284066 | 2685881 | 72095992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 307701589 | 38947576 | 23334659 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (70170488) |  | (74799534) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (116685317) | (116037962) |
| Total distributions | (70170488) | (116685317) | (190837496) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 711707569 | 115993004 | 362831748 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (185928157) | (226378184) | (640998130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 525779412 | (110385180) | (278166382) |
| Total increase (decrease) in net assets | 763310513 | (188122921) | (445669219) |
| Net Assets, beginning of period | 2590553260 | 2778676181 | 3224345400 |
| Net Assets, end of period | $3353863773 | $2590553260 | $2778676181 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| Shares sold | 29100000 | 4600000 | 14400000 |
| Shares redeemed | (7900000) | (9400000) | (26300000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 21200000 | (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** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Period Ended<br>December 31,<br>2024(a)** | **Year Ended<br>April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $14037812 | $20146343 | $23290638 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (12130924) | (25273187) | (17394242) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6738070 | 24541341 | 9541624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 8644958 | 19414497 | 15438020 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (10544540) | (18288440) | (23290638) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (5850010) | (2175757) |
| Total distributions | (10544540) | (24138450) | (25466395) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 40633609 | 50849592 | 98094333 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19806332) | (14189073) | (21455897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 20827277 | 36660519 | 76638436 |
| Total increase in net assets | 18927695 | 31936566 | 66610061 |
| Net Assets, beginning of period | 287979104 | 256042538 | 189432477 |
| Net Assets, end of period | $306906799 | $287979104 | $256042538 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| Shares sold | 3750000 | 4450000 | 8650000 |
| Shares redeemed | (1850000) | (1250000) | (1900000) |
| &nbsp;&nbsp;&nbsp;Net increase | 1900000 | 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

---

| | | | |
|:---|:---|:---|:---|
|  | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** | **Preferred Securities ex Financials ETF** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Period Ended<br>December 31,<br>2024(a)** | **Year Ended<br>April 30, 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $57169028 | $87260197 | $99354821 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (16484971) | (81947165) | (31324978) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (22384867) | 118561865 | (4235878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 18299190 | 123874897 | 63793965 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (46432110) | (108632645) | (103210465) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 66850868 | 380527666 | 610528274 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (151032615) | (82936239) | (42538023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (84181747) | 297591427 | 567990251 |
| Total increase (decrease) in net assets | (112314667) | 312833679 | 528573751 |
| Net Assets, beginning of period | 1901051826 | 1588218147 | 1059644396 |
| Net Assets, end of period | $1788737159 | $1901051826 | $1588218147 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |
| Shares sold | 3900000 | 21450000 | 35350000 |
| Shares redeemed | (9150000) | (4650000) | (2500000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (5250000) | 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** | **BDC Income ETF** |
|  | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **Period**<br>**Ended<br> December<br> 31,<br> 2024 (a)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $16.59 | $16.64 | $14.54 | $16.76 | $16.76 | $10.75 | $16.55 |
| &nbsp;&nbsp;&nbsp;Net investment income(b) | 0.78 | 1.39 | 1.84 | 1.63 | 1.44 | 1.43 | 1.54 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.66) | (0.08) | 2.04 | (2.18) | (0.06) | 6.02 | (5.86) |
| Total from investment operations | 0.12 | 1.31 | 3.88 | (0.55) | 1.38 | 7.45 | (4.32) |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (1.35) | (1.78) | (1.63) | (1.38) | (1.44) | (1.48) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.01) | — (c) | (0.04) |  | — (c) |  |
| Total distributions | (0.43) | (1.36) | (1.78) | (1.67) | (1.38) | (1.44) | (1.48) |
| Net asset value, end of period | $16.28 | $16.59 | $16.64 | $14.54 | $16.76 | $16.76 | $10.75 |
| **Total return (d)** | 0.99% | 8.11% | 28.03% | (2.60)% | 8.23% | 73.81% | 27.77% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses(e)(f) | 0.42 % (g) | 0.42 % (g) | 0.42% | 0.42% | 0.41% | 0.46% | 0.48% |
| Net expenses (e)(f) | 0.42 % (g) | 0.42 % (g) | 0.42% | 0.42% | 0.41% | 0.41% | 0.41% |
| Net expenses excluding interest(e)(f) | 0.40 % (g) | 0.40 % (g) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income(e) | 9.66 % (g) | 12.55 % (g) | 11.60% | 10.75% | 8.34% | 10.57% | 9.95% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $1602 | $1369 | $1084 | $577 | $625 | $412 | $170 |
| Portfolio turnover rate (h) | 16% | 17% | 12% | 28% | 29% | 26% | 22% |

---

(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 period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** | **China Bond ETF** |
|  | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **Period**<br>**Ended<br> December<br> 31,<br> 2024 (a)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $21.99 | $21.89 | $22.86 | $23.56 | $24.07 | $22.39 | $22.89 |
| &nbsp;&nbsp;&nbsp;Net investment income(b) | 0.19 | 0.29 | 0.51 | 0.57 | 0.66 | 0.73 | 0.87 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.48 | 0.11 | (0.79) | (0.76) | (0.40) | 1.60 | (0.49) |
| Total from investment operations | 0.67 | 0.40 | (0.28) | (0.19) | 0.26 | 2.33 | 0.38 |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) |  |  | — (c) | (0.76) | (0.65) | (0.79) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.30) | (0.69) | (0.51) | (0.01) |  | (0.09) |
| Total distributions | (0.16) | (0.30) | (0.69) | (0.51) | (0.77) | (0.65) | (0.88) |
| Net asset value, end of period | $22.50 | $21.99 | $21.89 | $22.86 | $23.56 | $24.07 | $22.39 |
| **Total return (d)** | 3.06% | 1.83% | (1.21)% | (0.80)% | 1.02% | 10.56% | 1.76% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses | 0.91 % (e) | 1.16 % (e) | 0.79% | 0.51% | 0.52% | 0.68% | 3.53% |
| Net expenses | 0.50 % (e) | 0.50 % (e) | 0.51% | 0.51% | 0.51% | 0.50% | 0.50% |
| Net expenses excluding interest and taxes | 0.50 % (e) | 0.50 %(e) | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Net investment income | 1.73 % (e) | 1.97 % (e) | 2.31% | 2.51% | 2.69% | 3.07% | 3.93% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $18 | $22 | $24 | $43 | $130 | $104 | $4 |
| Portfolio turnover rate (f) | 18% | 72% | 65% | 10% | 60% | 17% | 21% |

---

(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 period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **International High Yield Bond ETF** |
|  | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **Period**<br>**Ended<br> December<br> 31,<br> 2024 (a)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $20.56 | $20.29 | $20.02 | $20.90 | $25.71 | $22.21 | $24.54 |
| &nbsp;&nbsp;&nbsp;Net investment income(b) | 0.56 | 0.75 | 1.06 | 0.96 | 1.02 | 1.13 | 1.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.28 | 0.31 | 0.33 | (0.85) | (4.78) | 3.54 | (2.33) |
| Total from investment operations | 1.84 | 1.06 | 1.39 | 0.11 | (3.76) | 4.67 | (1.07) |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.63) | (0.88) | (0.89) | (1.05) | (1.10) | (1.17) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.16) | (0.24) | (0.10) |  | (0.07) | (0.09) |
| Total distributions | (0.46) | (0.79) | (1.12) | (0.99) | (1.05) | (1.17) | (1.26) |
| Net asset value, end of period | $21.94 | $20.56 | $20.29 | $20.02 | $20.90 | $25.71 | $22.21 |
| **Total return (c)** | 9.05% | 5.23% | 7.13% | 0.78% | (15.07)% | 21.30% | (4.67)% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses(d) | 0.40 % (e) | 0.41 % (e) | 0.40% | 0.40% | 0.40% | 0.56% | 0.62% |
| Net expenses (d) | 0.40 % (e) | 0.41 % (e) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Net expenses excluding interest and taxes(d) | 0.40 % (e) | 0.40 % (e) | 0.40% | 0.40% | N/A% | N/A% | N/A% |
| Net investment income | 5.35 % (e) | 5.33 % (e) | 5.27% | 4.89% | 4.21% | 4.54% | 5.17% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $42 | $23 | $30 | $66 | $79 | $100 | $89 |
| Portfolio turnover rate (f) | 22% | 19% | 31% | 22% | 25% | 33% | 37% |

---

(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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **J.P. Morgan EM Local Currency Bond ETF** |
|  | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **Period**<br>**Ended<br> December<br> 31,<br> 2024 (a)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $23.21 | $23.87 | $25.13 | $25.33 | $31.14 | $29.36 | $33.11 |
| &nbsp;&nbsp;&nbsp;Net investment income(b) | 0.76 | 1.02 | 1.52 | 1.43 | 1.47 | 1.55 | 2.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.89 | (0.66) | (1.25) | (0.21) | (5.84) | 1.78 | (3.75) |
| Total from investment operations | 2.65 | 0.36 | 0.27 | 1.22 | (4.37) | 3.33 | (1.75) |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.61) |  | (0.60) | (0.18) | (0.77) | (0.01) | (0.48) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (1.02) | (0.93) | (1.24) | (0.67) | (1.54) | (1.52) |
| Total distributions | (0.61) | (1.02) | (1.53) | (1.42) | (1.44) | (1.55) | (2.00) |
| Net asset value, end of period | $25.25 | $23.21 | $23.87 | $25.13 | $25.33 | $31.14 | $29.36 |
| **Total return (c)** | 11.58% | 1.43% | 1.03% | 5.16% | (14.56)% | 11.40% | (5.79)% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses | 0.32 % (d) | 0.31 % (d) | 0.31% | 0.31% | 0.32% | 0.31% | 0.36% |
| Net expenses | 0.30 % (d) | 0.30 % (d) | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| Net investment income | 6.35 % (d) | 6.26 % (d) | 6.10% | 5.87% | 5.00% | 4.92% | 6.05% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $3354 | $2591 | $2779 | $3224 | $3073 | $3380 | $3339 |
| Portfolio turnover rate (e) | 17% | 25% | 37% | 29% | 33% | 40% | 39% |

---

(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 period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mortgage REIT Income ETF** | **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 April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **Period**<br>**Ended<br> December<br> 31,<br> 2024 (a)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.61 | $10.69 | $11.01 | $15.23 | $19.45 | $11.42 | $23.63 |
| &nbsp;&nbsp;&nbsp;Net investment income(b) | 0.51 | 0.80 | 1.17 | 1.21 | 0.76 | 0.86 | 1.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.18) | 0.05 | (0.22) | (3.82) | (3.44) | 8.49 | (11.90) |
| Total from investment operations | 0.33 | 0.85 | 0.95 | (2.61) | (2.68) | 9.35 | (10.45) |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.70) | (1.16) | (1.21) | (0.79) | (0.83) | (1.45) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.23) | (0.11) | (0.40) | (0.75) | (0.49) | (0.31) |
| Total distributions | (0.38) | (0.93) | (1.27) | (1.61) | (1.54) | (1.32) | (1.76) |
| Net asset value, end of period | $10.56 | $10.61 | $10.69 | $11.01 | $15.23 | $19.45 | $11.42 |
| **Total return (c)** | 3.40% | 7.88% | 8.59% | (16.95)% | (14.74)% | 85.71% | (46.63)% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses(d) | 0.43 % (e) | 0.42 % (e) | 0.43% | 0.43% | 0.41% | 0.49% | 0.50% |
| Net expenses (d) | 0.43 % (e) | 0.42 % (e) | 0.43% | 0.43% | 0.41% | 0.41% | 0.41% |
| Net expenses excluding interest and taxes(d) | 0.40 % (e) | 0.40 % (e) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income | 9.57 % (e) | 10.44 % (e) | 10.40% | 9.30% | 4.15% | 5.55% | 6.70% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $307 | $288 | $256 | $189 | $211 | $310 | $119 |
| Portfolio turnover rate (f) | 13% | 26% | 16% | 19% | 12% | 31% | 16% |

---

(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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Preferred Securities ex Financials ETF** |
|  | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **Period**<br>**Ended<br> December<br> 31,<br> 2024 (a)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $17.26 | $17.01 | $17.51 | $19.15 | $20.97 | $18.23 | $19.37 |
| &nbsp;&nbsp;&nbsp;Net investment income(b) | 0.53 | 0.85 | 1.29 | 1.12 | 1.01 | 0.98 | 1.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.31) | 0.43 | (0.45) | (1.62) | (1.68) | 2.72 | (1.12) |
| Total from investment operations | 0.22 | 1.28 | 0.84 | (0.50) | (0.67) | 3.70 | (0.06) |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (1.03) | (1.34) | (1.14) | (1.13) | (0.96) | (1.08) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.02) |  |  |
| Total distributions | (0.43) | (1.03) | (1.34) | (1.14) | (1.15) | (0.96) | (1.08) |
| Net asset value, end of period | $17.05 | $17.26 | $17.01 | $17.51 | $19.15 | $20.97 | $18.23 |
| **Total return (c)** | 1.39% | 7.57% | 5.04% | (2.50)% | (3.61)% | 20.78% | (0.54)% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Gross expenses(d) | 0.40 % (e) | 0.40 % (e) | 0.40% | 0.41% | 0.40% | 0.43% | 0.44% |
| Net expenses (d) | 0.40 % (e) | 0.40 % (e) | 0.40% | 0.41% | 0.40% | 0.40% | 0.41% |
| Net expenses excluding interest and taxes(d) | 0.40 % (e) | 0.40 % (e) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income | 6.28 % (e) | 7.14 % (e) | 7.55% | 6.28% | 4.79% | 4.79% | 5.41% |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $1789 | $1901 | $1588 | $1060 | $1002 | $948 | $689 |
| Portfolio turnover rate (f) | 14% | 30% | 27% | 27% | 37% | 36% | 45% |

---

(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

June 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Fund** | **Diversification Classification** |
| BDC Income ETF ("BDC Income") | Diversified |
| China Bond ETF ("China Bond") | Non-Diversified |
| 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 |
| Preferred Securities ex Financials ETF ("Preferred Securities") | Non-Diversified |

---

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** |
| BDC Income | MVIS<sup>®</sup> US Business Development Companies Index |
| China Bond | FTSE Chinese Broad Bond 0 – 10 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 |
| Preferred Securities | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index |

---

Van Eck Associates Corporation ("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".

The Funds (except BDC Income, Mortgage REIT and Preferred Securities) 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 and Preferred Securities each seek to achieve their investment objective by investing in 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.

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

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

The following summarizes the Funds' significant accounting policies.

------

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

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

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

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

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. 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 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 ("Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

**B. Federal Income Taxes—**It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

**C. Distributions to Shareholders—**Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends, 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 taxable earnings and profit 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.

**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. In connection with the Russian Presidential Decrees No. 198 and No. 244, the J.P. Morgan EM Local Currency Bond ETF's Ruble balances were converted to U.S. Dollars and Euros, but continue to be subject to sanctions and are held in a restricted account by the Fund. Due to these restrictions the balances were valued at $0 as of June 30, 2025.

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

**F. 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 invests in total return swaps in order take a "long" position with respect to an underlying referenced asset or assets. 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 total return swap transactions may contain provisions for early termination of a total return 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 total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap contracts held by the BDC Income ETF at June 30, 2025 are reflected in the Fund's Schedule of Investments.

During the six months ended June 30, 2025, the BDC Income ETF held total return swap contracts for six months with an average monthly notional amount of $234,536,984 At June 30, 2025, the BDC Income ETF held derivatives (not designated as hedging instruments under GAAP):

---

| | |
|:---|:---|
|  | **Asset Derivatives** |
|  | **Equity Risk** |
| **BDC Income ETF** |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $(287021) |

---

<sup>1</sup> Statement of Assets and Liabilities location: Total return swap contracts, at value

The impact of transactions in derivative instruments during the six months ended June 30, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Equity Risk** |
| **BDC Income ETF** |  |
| Realized loss: |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;(4928134) |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Swap contracts<sup>2</sup> | (371878) |

---

<br> 1 Statement of Operations location: Net realized gain (loss) on swap contracts <br> 2 Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

**G. 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 June 30, 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 June 30, 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

(unaudited) (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 ETF** |  |  |  |  |  |
| Total return swap contracts | $287021 | $— | $287021 | $— | $287021 |

---

**H. Segment Reporting—** The Adviser acts 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.

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

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

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

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

China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at June 30, 2025.

**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 Adviser has agreed, until at least May 1, 2026, to waive fees and/or assume expenses to prevent total annual operating expenses (excluding acquired fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

The expense limitations and management fee rates for the six months ended June 30, 2025 are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Management <br> Fees** | **Expense <br> Limitations** |
| China Bond | 0.40% | 0.50% |
| J.P. Morgan EM | 0.27 | 0.30 |

---

Refer to the Statements of Operations for the amounts assumed by the Adviser for the period ended June 30, 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

------

fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the period ended June 30, 2025 are as follows:

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| | |
|:---|:---|
| **Fund** | **Management <br> Fee Rate** |
| BDC Income | &nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| International High Yield | 0.40 |
| Mortgage REIT | 0.40 |
| Preferred Securities | 0.40 |

---

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

**Note 4—Capital Share Transactions—**As of June 30, 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 six months ended June 30, 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) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| BDC Income | $225027516 | $208846034 | $— | $47243290 |
| China Bond | 3249053 | 4723642 |  |  |
| International High Yield | 5774977 | 5844725 | 19041507 | 2076413 |
| J.P. Morgan EM | 709967448 | 459906104 | 328400049 | 99489401 |
| Mortgage REIT | 37649001 | 37667543 | 40617105 | 19774209 |
| Preferred Securities | 262149875 | 251712569 | 63785149 | 151913958 |

---

**Note 6—Income Taxes—**As of June 30, 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:

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| BDC Income | $1719068771 | $62936348 | $(73222799) | $(10286451) |
| China Bond | 17583330 | 262322 | (347464) | (85142) |
| International High Yield | 41583044 | 1315698 | (1135713) | 179985 |
| J.P. Morgan EM | 3316114468 | 111908280 | (159842935) | (47934655) |
| Mortgage REIT | 340016413 | 2006910 | (31567630) | (29560720) |
| Preferred Securities | 1861534709 | 112374979 | (157202752) | (44827773) |

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Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds' fiscal year and may result in a tax return of capital. For the six months ended June 30, 2025, the net realized gains (losses) from foreign currency translations were as follows:

---

| | |
|:---|:---|
| China Bond | $(107142) |
| International High Yield | (43431) |
| J.P. Morgan EM | (39914411) |

---

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 six months ended June 30, 2025, the Funds did not incur any interest or penalties.

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

On November 7, 2018, the 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 with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 ("Circular 34") to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.

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

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital

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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.

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

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

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

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.

Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade, 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. 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. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

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.

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 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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Mortgage REIT invests directly in mortgage real estate investment trusts ("mortgage REITs") and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have 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.

**Note 9—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should

------

the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 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 June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| BDC Income | $345725458 | $143382512 | $211590980 | $354973492 |
| International High Yield | 1140722 | 1003713 | 184205 | 1187918 |
| J.P. Morgan EM | 568002 | 580274 |  | 580274 |
| Mortgage REIT | 84304475 | 10444130 | 77242469 | 87686599 |
| Preferred Securities | 37847826 | 34983084 | 1901411 | 36884495 |

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The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\*<br> in the Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\*<br> in the Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for Securities Lending Transactions\*<br> in the Statements of Assets and Liabilities** |
| **<u>Fund</u>** | **Corporate Bonds** | **Equity Securities** | **Government <br> Obligations** |
| BDC Income | $– | $143382512 | $– |
| International High Yield | 1003713 |  |  |
| J.P. Morgan EM |  |  | 580274 |
| Mortgage REIT |  | 10444130 |  |
| Preferred Securities |  | 34983084 |  |

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<br> \* 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 six months ended June 30, 2025, the following Funds borrowed under this Facility:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days <br> Outstanding** | **Average**<br> **Daily <br> Loan Balance** | **Average <br> Interest Rate** |
| BDC Income | 82 | $9272003 | 5.68% |
| J.P. Morgan EM | 51 | 4514680 | 5.68 |
| Mortgage REIT | 73 | 3884871 | 5.68 |
| Preferred Securities | 78 | 1200563 | 5.68 |

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Outstanding loan balances as of June 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—New Accounting Pronouncements and Regulatory Requirements—**In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09

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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 ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the "Renewal Meeting"), the Board of Trustees (the "Board") of VanEck® ETF Trust (the "Trust," and the series thereof listed below, the "Funds"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation ("VEAC") (the "VEAC Investment Management Agreements") with respect to the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Bond ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, International High Yield Bond ETF, Israel ETF, J.P. Morgan EM Local Currency Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Preferred Securities ex Financials ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation ("VEARA," and together with VEAC, the "Advisers") (the "VEARA Investment Management Agreements") with respect to the VanEck BDC Income ETF and CMCI Commodity Strategy ETF and (iii) the sub-advisory agreements between VEAC and PineBridge Investments LLC (the "Sub-Adviser") (the "Existing Sub-Advisory Agreements") with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the "CLO ETFs"). In addition, at the Renewal Meeting, the Trustees also approved new sub-advisory agreements between VEAC and the Sub-Adviser (the "New Sub-Advisory Agreements," and collectively with the Existing Sub-Advisory Agreements, the "Sub-Advisory Agreements") to take effect upon the expected acquisition of the Sub-Adviser by a third party (the "Acquisition"), which could be deemed to be a "change in control" of the Sub-Adviser and thus would result in an "assignment" (as defined under the Investment Company Act of 1940, as amended) and automatic termination of the Existing Sub-Advisory Agreements. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreements are collectively referred to as the "Agreements."

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds' peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the CLO ETFs) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers' relationships with the Funds and the Sub-Adviser's relationship with the CLO ETFs. In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except the CLO ETFs, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund's performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the "Russia ETFs") is in the process of being liquidated and no longer seeks to track an index. The Trustees also considered the fact that the VanEck AA-BB CLO ETF had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund's performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds, except for the CLO ETFs. The Trustees also considered VEAC's efforts to address regulatory and operational challenges in managing the Russia ETFs during the Russia ETFs' process of liquidating their assets and winding up their business.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

The Independent Trustees' consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the Advisers at the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers and the Sub-Adviser (with respect to the CLO ETFs), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers and the Sub-Adviser (with respect to the CLO ETFs) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Digital India ETF, Green Metals ETF, International High Yield Bond ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Services ETF and Preferred Securities ex Financials ETF (the "Unitary Funds"), the Advisers' agreement to pay all of the direct expenses of each Unitary Fund (excluding the fee payment under the applicable VEAC Investment Management Agreement or VEARA Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the "Non-Unitary Funds"), the Advisers' commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC's undertaking to waive all of the Russia ETFs' management fees while the Russia ETFs are in the process of liquidation. With respect to the Sub-Advisory Agreements, the Trustees noted the Sub-Adviser's experience and investment management process with respect to investments in collateralized loan obligation ("CLO") securities and the Sub-Adviser's experience serving as the investment adviser to other registered investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be retained by VEAC under each Sub-Advisory Agreement. The Trustees further considered the Sub-Adviser's representation that the Acquisition was not expected to result in changes to how the Sub-Adviser conducts its business and its management of the CLO ETFs, as well as the fact that the New Sub-Advisory Agreements are materially identical to the Existing Sub-Advisory Agreements.

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds' portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund's performance to that of certain other registered funds, but relied principally on a comparison of the "gross" performance of each Fund except for the CLO ETFs (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from the VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund's allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

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

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds' management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver, including, with respect to the Russia ETFs, VEAC's waiver of all management fees payable by each of the Russia ETFs since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Low Carbon Energy ETF, Office and Commercial REIT

------

ETF, Oil Services ETF and Rare Earth and Strategic Metals ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Africa Index ETF had management fees (after the effect of the fee waiver) above the average and below the median of its peer group of funds, each of the VanEck AA-BB CLO ETF, Agribusiness ETF, BDC Income ETF, CLO ETF, Gold Miners ETF, Green Metals ETF, International High Yield Bond ETF and Junior Gold Miners ETF had management fees above the average and median of its respective peer group of funds, the VanEck Vietnam ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Uranium and Nuclear ETF had management fees below the average and above the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, BDC Income ETF, China Bond ETF, CLO ETF, CMCI Commodity Strategy ETF, Gold Miners ETF, International High Yield Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Russia Small-Cap ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, each of the VanEck ChiNext ETF, Indonesia Index ETF and Russia ETF had a total expense ratio (after the effect of the expense limitation) above the average and below the median of its respective peer group of funds, and each of the VanEck Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds' management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees noted that the Russia ETFs are bearing legal expenses in connection with their liquidations, which are considered extraordinary expenses for purposes of the Russia ETFs' expense limitations. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Advisers and Sub-Adviser (with respect to the CLO ETFs) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund's asset size, expense ratio and expense limitation, as applicable, and noted that the VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for each of the CLO ETFs are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Agreements.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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

![](x1_c113435x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

RSX &nbsp;&nbsp;&nbsp;&nbsp; \|&nbsp;&nbsp;&nbsp;&nbsp; Russia ETF <br> RSXJ &nbsp;&nbsp;&nbsp;&nbsp; \|&nbsp;&nbsp;&nbsp;&nbsp; Russia Small-Cap ETF

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc113435d001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#xx1xc113435d002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#xx1xc113435d003xm4) | 5 |
| [Statements of Assets and Liabilities](#xx1xc113435d004xm4) | 7 |
| [Statements of Operations](#xx1xc113435d005xm4) | 8 |
| [Statements of Changes in Net Assets](#xx1xc113435d006xm4) | 9 |
| [Statements of Cash Flows](#xx1xc113435d007xm4) | 10 |
| [Financial Highlights](#xx1xc113435d008xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia ETF](#xx1xc113435d009xm4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Russia Small-Cap ETF](#xx1xc113435d010xm4) | 12 |
| [Notes to Financial Statements](#xx1xc113435d011xm4) | 13 |
| [Changes In and Disagreements with Accountants](#xx1xc113435d012xm4) | 19 |
| [Proxy Disclosures](#xx1xc113435d013xm4) | 19 |
| [Remuneration Paid to Directors, Officers, and Others](#xx1xc113435d014xm4) | 19 |
| [Approval of Investment Advisory Contracts](#xx1xc113435d015xm4) | 20 |

---

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **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%** |  |  |
| 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 OJSC \*∞ | 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** | **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: 100.4%**<br> (Cost: $32,942,863) |  |  |
| State Street Institutional Treasury Plus - Premier Class | 32942863 | 32942863 |
| **Total Investments Before Collateral for Securities Loaned: 100.4%**<br> (Cost: $1,482,219,599) |  | 32942863 |
| **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: $150,712) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 150712 | 150712 |
| **Total Investments: 100.9%**<br> (Cost: $1,482,370,311) |  | 33093575 |
| **Liabilities in excess of other assets: (0.9)%** | **Liabilities in excess of other assets: (0.9)%** | (299274) |
| **NET ASSETS: 100.0%** |  | $32794301 |

---

**Definitions:**

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is 0. |

---

See Notes to Financial Statements

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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 | 33093575 |  |  | 33093575 |
| **Total Investments** | $33093575 | $— | $0 | $33093575 |

---

<br> \* 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 period ended June 30, 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 June 30, 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 June 30, 2025 | $0 |

---

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **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%** |  |
| M.Video PJSC \*∞ | 110194 | 0 |
| **Consumer Staples Distribution & Retail: 0.0%** | **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 OJSC \*∞ | 703205 | 0 |
| Segezha Group PJSC 144A \*∞ | 8945900 | 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 PJSC \*∞ | 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: 113.9%**<br> (Cost: $393,991) |  |  |
| State Street Institutional Treasury Plus - Premier Class | 393991 | 393991 |
| **Total Investments: 113.9%**<br> (Cost: $21,503,569) |  | 393991 |
| **Liabilities in excess of other assets: (13.9)%** | **Liabilities in excess of other assets: (13.9)%** | (48123) |
| **NET ASSETS: 100.0%** |  | $345868 |

---

**Definitions:**

GDR Global Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| \* | 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 $0, or 0.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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 | 393991 |  |  | 393991 |
| **Total Investments** | $393991 | $— | $0 | $393991 |

---

<br> \* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (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 period ended June 30, 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 | 0 |
| Transfers in/out of level 3 |  |
| Balance as of June 30, 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 June 30, 2025 | $0 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $32942863 | $393991 |
| Short-term investments held as collateral for securities loaned (3) | 150712 |  |
| Cash denominated in foreign currency, at value (4) | 696 | 641 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 1997 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 114677 | 1368 |
| Prepaid expenses | 285 |  |
| Other assets | 8359 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 33217592 | 399100 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 150712 |  |
| Deferred Trustee fees | 240443 | 4589 |
| Accrued expenses | 32136 | 48643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 423291 | 53232 |
| **NET ASSETS** | $32794301 | $345868 |
| Shares outstanding | 95900000 | 883318 |
| Net asset value, redemption and offering price 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 | (3427529121) | (41258005) |
| **NET ASSETS** | $32794301 | $345868 |
| (1) Includes Investment in securities on loan, at market value | $— | $— |
| (2) Cost of investments - Unaffiliated issuers | $1482219599 | $21503569 |
| (3) Cost of short-term investments held as collateral for securities loaned | $150712 | $— |
| (4) Cost of cash denominated in foreign currency | $612 | $613 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Income:** |  |  |
| Interest | $693607 | $8330 |
| Securities lending income | 373 |  |
| &nbsp;&nbsp;&nbsp;Total income | 693980 | 8330 |
| **Expenses:** |  |  |
| Professional fees | 19702 | 17169 |
| Custody and accounting fees | 12217 |  |
| Reports to shareholders | 35000 | 4500 |
| Trustees' fees and expenses | 8979 | 168 |
| Insurance | 1345 | 531 |
| Taxes | 185 | 185 |
| Other | 498 | 498 |
| &nbsp;&nbsp;&nbsp;Total expenses | 77926 | 23051 |
| Expenses assumed by the Adviser |  | (21729) |
| &nbsp;&nbsp;&nbsp;Net expenses | 77926 | 1322 |
| Net investment income | 616054 | 7008 |
| **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 | 61 | 55 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 61 | 1603166 |
| Net increase in net assets resulting from operations | $616595 | $7063 |

---

(a) Amount represents loss resulting from an issuer bankruptcy of one position which was held by RSXJ. 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** |
|  | **Six Months<br> Ended <br> June 30, 2025 (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months<br> Ended <br> June 30, 2025 (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $616054 | $2558164 | $7008 | $32699 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 480 | (80967925) | (1603111) | (157606) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 61 | 167972420 | 1603166 | 2064582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 616595 | 89562659 | 7063 | 1939675 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (2757442) |  | (33046) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (87014548) |  | (1907869) |
| Total distributions |  | (89771990) |  | (1940915) |
| Total increase (decrease) in net assets | 616595 | (209331) | 7063 | (1240) |
| Net Assets, beginning of period | 32177706 | 32387037 | 338805 | 340045 |
| Net Assets, end of period | $32794301 | $32177706 | $345868 | $338805 |

---

There were no share transactions for the period ended June 30, 2025 and year ended December 31, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Period Ended June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Russia ETF** | **Russia Small-Cap<br> ETF** |
| **Cash Flows from Operating Activities** |  |  |
| Net increase in net assets resulting from operations | $616595 | $7063 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: | 616595 | 7063 |
| &nbsp;&nbsp;&nbsp;Net (purchases) sales of short term investments | (603553) | 7980 |
| &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 | (14713) | (142) |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  | 3054 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 1345 | 531 |
| &nbsp;&nbsp;&nbsp;Other assets | 4316 | 94 |
| Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (41184) | (18996) |
| &nbsp;&nbsp;&nbsp;Deferred trustee fees | 4263 | 65 |
| &nbsp;&nbsp;&nbsp;Net cash used for operating activities | (32931) | (351) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash distributions paid to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Net change in cash | (32931) | (351) |
| &nbsp;&nbsp;&nbsp;Cash at beginning of period | 33627 | 992 |
| &nbsp;&nbsp;&nbsp;Cash at end of period | $696 | $641 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense paid during the period | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Russia ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $0.34 | $0.34 | $0.37 | $26.75 | $23.82 | $24.96 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.01 | 0.03 | 0.02 | 0.05 | 1.39 | 0.97 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.01) | 0.91 | 0.66 | (26.43) | 3.06 | (1.31) |
| Total from investment operations |  | 0.94 | 0.68 | (26.38) | 4.45 | (0.34) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) | (0.02) |  | (1.52) | (0.79) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.91) | (0.69) |  |  | (0.01) |
| Total distributions |  | (0.94) | (0.71) |  | (1.52) | (0.80) |
| Net asset value, end of period | $0.34 | $0.34 | $0.34 | $0.37 | $26.75 | $23.82 |
| **Total return (b)** | 2.05% | 421.94 %(c) | 296.65 %(c) | (98.62)% | 18.74% | (1.38)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses (d) | 0.48 %(e) | 0.32% | 0.47% | 0.60 %(f) | 0.56% | 0.61% |
| Expenses excluding interest, a portion of depositary receipt fees and taxes (d) (g) | 0.48 %(e) | 0.31% | 0.41% | 0.59 %(f) | 0.56% | 0.60% |
| Net investment income | 3.82 %(e) | 4.72% | 4.55% | 1.67% | 4.99% | 4.45% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $33 | $32 | $32 | $35 | $1376 | $1621 |
| Portfolio turnover rate (h) | — % | — % | — % | 4% | 20% | 25% |

---

(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) Annualized

(f) During the period the Fund incurred significant expenses outside of its expense cap.

(g) Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets.

(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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Russia Small-Cap ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $0.38 | $0.38 | $0.44 | $32.97 | $36.22 | $35.94 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.01 | 0.04 | 0.02 | (0.09) | 1.12 | 1.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | 2.16 |  | (32.44) | (2.29) | 0.74 |
| Total from investment operations | 0.01 | 2.20 | 0.02 | (32.53) | (1.17) | 1.86 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.04) | (0.02) |  | (2.00) | (1.58) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (2.16) | (0.06) |  | (0.08) |  |
| Total distributions |  | (2.20) | (0.08) |  | (2.08) | (1.58) |
| Net asset value, end of period | $0.39 | $0.38 | $0.38 | $0.44 | $32.97 | $36.22 |
| **Total return (b)** | 2.21% | 580.57 %(c) | 5.73% | (98.66)% | (3.29)% | 5.23% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 13.58 %(e) | 12.02% | 24.81% | 5.34 %(f) | 1.08% | 1.31% |
| Net expenses (d) | 0.78 %(e) | 0.72% | 0.74% | 4.50 %(f) | 0.75% | 0.75% |
| Net expenses excluding interest, a portion of depositary receipt fees and taxes (d) (g) | 0.67 %(e) | 0.67% | 0.67% | 4.49 %(f) | 0.75% | 0.75% |
| Net investment income (loss) | 4.13 %(e) | 4.80% | 5.30% | (1.77)% | 3.01% | 3.45% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $— (h) | $— (h) | $— (h) | $— (h) | $24 | $32 |
| Portfolio turnover rate (i) | — % | — % | — % | 68% | 47% | 47% |

---

(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) Annualized

(f) During the period the Fund incurred significant expenses outside of its expense cap.

(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

June 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| 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 Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

**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 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 June 30, 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.

Refer to the Liquidation FAQ posted on the Funds' webpages for additional information.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**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;**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 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 American Depositary Receipts ("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 Trustees have designated Van Eck Associates Corp. (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.

The holdings of the Funds at June 30, 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 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 Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Federal Income Taxes—** It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders.
Therefore, no federal income tax provision is required.

&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.

&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 June 30, 2025.

&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;**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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 10 (Securities Lending).

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Segment Reporting—** The Adviser acts 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.

&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 period ended June 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management <br> Fees\*** | **Expense <br> Limitations** |
| Russia ETF | 0.50% | 0.62% |
| Russia Small-Cap ETF | 0.50 | 0.67 |

---

<br> \* 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 period ended June 30, 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 June 30, 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.

------

**Note 6—Investments—**For the period ended June 30, 2025, there were no purchases and sales of investments (excluding short-term investments). One position held by RSXJ was closed out due to bankruptcy by the issuer. The Fund received no proceeds.

**Note 7—Income Taxes—**As of June 30, 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 | $1484007950 | $– $| (1450914375) | $(1450914375) |
| Russia Small-Cap ETF | 22054934 | – | (21660943) | (21660943) |

---

The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.

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.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties.

**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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

or termination from the Board. 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 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 June 30, 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 June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Russia ETF | $– $| 150712 | $– $| 150712 |

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The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

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| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets<br> and Liabilities** |
| **<u>Fund</u>** | **Equity Securities** |
| Russia ETF | $150712 |

---

<br> \* Remaining contractual maturity: overnight and continuous

**Note 10— New Accounting Pronouncements and Regulatory Requirements —** In December 2023, the Federal Accounting Standard Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

------

**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 ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the "Renewal Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust," and the series thereof listed below, the "Funds"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation ("VEAC") (the "VEAC Investment Management Agreements") with respect to the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Bond ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, International High Yield Bond ETF, Israel ETF, J.P. Morgan EM Local Currency Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Preferred Securities ex Financials ETF, Rare Earth and Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation ("VEARA," and together with VEAC, the "Advisers") (the "VEARA Investment Management Agreements") with respect to the VanEck BDC Income ETF and CMCI Commodity Strategy ETF and (iii) the sub-advisory agreements between VEAC and PineBridge Investments LLC (the "Sub-Adviser") (the "Existing Sub-Advisory Agreements") with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the "CLO ETFs"). In addition, at the Renewal Meeting, the Trustees also approved new sub-advisory agreements between VEAC and the Sub-Adviser (the "New Sub-Advisory Agreements," and collectively with the Existing Sub-Advisory Agreements, the "Sub-Advisory Agreements") to take effect upon the expected acquisition of the Sub-Adviser by a third party (the "Acquisition"), which could be deemed to be a "change in control" of the Sub-Adviser and thus would result in an "assignment" (as defined under the Investment Company Act of 1940, as amended) and automatic termination of the Existing Sub-Advisory Agreements. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreements are collectively referred to as the "Agreements."

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds' peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the CLO ETFs) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers' relationships with the Funds and the Sub-Adviser's relationship with the CLO ETFs. In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except the CLO ETFs, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund's performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the "Russia ETFs") is in the process of being liquidated and no longer seeks to track an index. The Trustees also considered the fact that the VanEck AA-BB CLO ETF had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund's performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds, except for the CLO ETFs. The Trustees also considered VEAC's efforts to address regulatory and operational challenges in managing the Russia ETFs during the Russia ETFs' process of liquidating their assets and winding up their business.

------

The Independent Trustees' consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the Advisers at the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers and the Sub-Adviser (with respect to the CLO ETFs), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers and the Sub-Adviser (with respect to the CLO ETFs) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Digital India ETF, Green Metals ETF, International High Yield Bond ETF, Mortgage REIT Income ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Services ETF and Preferred Securities ex Financials ETF (the "Unitary Funds"), the Advisers' agreement to pay all of the direct expenses of each Unitary Fund (excluding the fee payment under the applicable VEAC Investment Management Agreement or VEARA Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the "Non-Unitary Funds"), the Advisers' commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC's undertaking to waive all of the Russia ETFs' management fees while the Russia ETFs are in the process of liquidation. With respect to the Sub-Advisory Agreements, the Trustees noted the Sub-Adviser's experience and investment management process with respect to investments in collateralized loan obligation ("CLO") securities and the Sub-Adviser's experience serving as the investment adviser to other registered investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be retained by VEAC under each Sub-Advisory Agreement. The Trustees further considered the Sub-Adviser's representation that the Acquisition was not expected to result in changes to how the Sub-Adviser conducts its business and its management of the CLO ETFs, as well as the fact that the New Sub-Advisory Agreements are materially identical to the Existing Sub-Advisory Agreements.

The Trustees concluded that the Advisers, the Sub-Adviser (with respect to the CLO ETFs) and their personnel have the requisite expertise and skill to manage the Funds' portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund's performance to that of certain other registered funds, but relied principally on a comparison of the "gross" performance of each Fund except for the CLO ETFs (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from the VEAC and the Sub-Adviser regarding the performance of the CLO ETFs, each an actively managed exchange-traded fund, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on June 21, 2022 through December 31, 2024 due to differences in the Fund's allocations to CLO tranches based on credit ratings and security selection relative to its benchmark, according to VEAC. The Trustees also noted that the VanEck AA-BB CLO ETF had outperformed its benchmark for the period since its inception on September 24, 2024 through December 31, 2024.

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

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds' management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver, including, with respect to the Russia ETFs, VEAC's waiver of all management fees payable by each of the Russia ETFs since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Low Carbon Energy ETF, Office and Commercial REIT

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

ETF, Oil Services ETF and Rare Earth and Strategic Metals ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Africa Index ETF had management fees (after the effect of the fee waiver) above the average and below the median of its peer group of funds, each of the VanEck AA-BB CLO ETF, Agribusiness ETF, BDC Income ETF, CLO ETF, Gold Miners ETF, Green Metals ETF, International High Yield Bond ETF and Junior Gold Miners ETF had management fees above the average and median of its respective peer group of funds, the VanEck Vietnam ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Uranium and Nuclear ETF had management fees below the average and above the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck AA-BB CLO ETF, Africa Index ETF, Agribusiness ETF, BDC Income ETF, China Bond ETF, CLO ETF, CMCI Commodity Strategy ETF, Gold Miners ETF, International High Yield Bond ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Russia Small-Cap ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, each of the VanEck ChiNext ETF, Indonesia Index ETF and Russia ETF had a total expense ratio (after the effect of the expense limitation) above the average and below the median of its respective peer group of funds, and each of the VanEck Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds' management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees noted that the Russia ETFs are bearing legal expenses in connection with their liquidations, which are considered extraordinary expenses for purposes of the Russia ETFs' expense limitations. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

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

The Trustees also considered information provided by the Advisers and Sub-Adviser (with respect to the CLO ETFs) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund's asset size, expense ratio and expense limitation, as applicable, and noted that the VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for each of the CLO ETFs are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Agreements.

------

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

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

Item 16. CONTROLS AND PROCEDURES.

&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)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting.

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

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| | |
|:---|:---|
| (a)(3) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT. |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT. |

---

SIGNATURES

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

(Registrant) VANECK ETF TRUST

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

---

Date <u>September 5, 2025</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, Chief Executive Officer |

---

Date <u>September 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

---

Date <u>September 5, 2025</u>

## 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 control 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>September 5, 2025</u>

---

| |
|:---|
| /s/ Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;Jan F. van Eck |
| &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 control 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>September 5, 2025</u>

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| |
|:---|
| /s/ John J. Crimmins |
| &nbsp;&nbsp;&nbsp;John J. Crimmins |
| &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, Brazil Small-Cap ETF, ChiNext ETF, Digital India ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Russia ETF, Russia Small-Cap ETF, Vietnam ETF, Agribusiness ETF, CMCI Commodity Strategy ETF, Gold Miners ETF, Green Metals ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth and Strategic Metals ETF, Steel ETF, Uranium and Nuclear 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 semi-annual report on Form N-CSR of VanEck ETF Trust for the period ending June 30, 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.

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| | |
|:---|:---|
| Dated: September 5, 2025 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |
| Dated: September 5, 2025 | /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.