VanEck AA-BB CLO ETF

Ticker: CLOB | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck AA-BB CLO ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
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%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$176,759,863
Number of Portfolio Holdings69
Portfolio Turnover Rate18%
Management Fees Paid$373,479

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(3.2)%
United States Treasuries		4.8%
Collateralized Loan Obligations		98.4%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Octagon 64 Ltd., 5.37%, 7/21/2037		5.7%
Rockford Tower CLO 2022-1 Ltd., 5.38%, 7/20/2035		4.0%
Dryden 95 CLO Ltd., 6.69%, 8/20/2034		4.0%
Rockford Tower CLO 2021-2 Ltd., 5.38%, 7/20/2034		3.7%
CQS US CLO 6 Ltd., 5.68%, 3/31/2039		3.4%
Neuberger Berman Loan Advisers CLO 54 Ltd., 9.87%, 4/23/2038		3.1%
Signal Peak CLO 4 Ltd., 5.32%, 10/26/2034		2.8%
KKR CLO 36 Ltd., 5.42%, 10/15/2034		2.8%
Sound Point CLO XXIX Ltd., 5.27%, 4/25/2034		2.8%
Neuberger Berman Loan Advisers CLO 42 Ltd., 5.08%, 7/16/2036		2.8%

Need Additional Information?

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

VanEck Africa Index ETF

Ticker: AFK | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Africa Index ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Africa Index ETF	$31	0.64%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$99,708,438
Number of Portfolio Holdings73
Portfolio Turnover Rate32%
Management Fees Paid$311,609

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Other Investments		0.8%
Consumer Staples		3.1%
Industrials		3.2%
Consumer Discretionary		6.6%
Energy		6.8%
Communication Services		11.0%
Financials		32.6%
Materials		35.9%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Attijariwafa Bank SA		5.8%
Endeavour Mining PLC		4.4%
Anglogold Ashanti PLC		4.3%
Naspers Ltd.		4.0%
FirstRand Ltd.		3.6%
Ivanhoe Mines Ltd.		3.1%
Banque Centrale Populaire		3.1%
Safaricom PLC		3.0%
Gold Fields Ltd.		2.9%
Standard Bank Group Ltd.		2.8%

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VanEck Agribusiness ETF

Ticker: MOO | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Agribusiness ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Agribusiness ETF	$27	0.52%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$943,894,248
Number of Portfolio Holdings50
Portfolio Turnover Rate9%
Management Fees Paid$2,393,166

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Health Care		16.9%
Industrials		22.4%
Materials		27.1%
Consumer Staples		33.6%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Bayer AG		9.2%
Corteva, Inc.		8.9%
Deere & Co.		8.9%
Nutrien Ltd.		6.1%
Zoetis, Inc.		5.2%
Archer-Daniels-Midland Co.		5.1%
Kubota Corp.		4.7%
CF Industries Holdings, Inc.		4.4%
Tyson Foods, Inc.		4.3%
Bunge Global SA		3.4%

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VanEck BDC Income ETF

Ticker: BIZD | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck BDC Income ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment^{Footnote Reference(a)}
VanEck BDC Income ETF	$20	0.41%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(b)	Annualized

Key Fund Statistics

Total Net Assets$1,629,977,800
Number of Portfolio Holdings36
Portfolio Turnover Rate21%
Management Fees Paid$3,049,905

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		2.3%
United States Treasuries		33.6%
Financials		64.1%

Footnote	Description
Footnote^*	Includes net unrealized appreciation (depreciation) on total return swap contracts of 0.2%

Top Ten Holdings ^{Footnote
Reference*} (% of Total Net Assets)

Table Summary
Ares Capital Corp.		14.3%
Blue Owl Capital Corp.		5.9%
Blackstone Secured Lending Fund		5.4%
Main Street Capital Corp.		5.3%
Hercules Capital, Inc.		3.1%
Golub Capital BDC, Inc.		2.9%
FS KKR Capital Corp.		2.9%
Blue Owl Technology Finance Corp.		2.8%
Sixth Street Specialty Lending, Inc.		2.0%
Trinity Capital, Inc.		2.0%

Footnote	Description
Footnote^*	Excludes short-term investments

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VanEck Brazil Small-Cap ETF

Ticker: BRF | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Brazil Small-Cap ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Brazil Small-Cap ETF	$30	0.60%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$22,341,451
Number of Portfolio Holdings91
Portfolio Turnover Rate15%
Management Fees Paid$3,966

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.1%
Information Technology		4.2%
Energy		5.1%
Real Estate		5.2%
Financials		5.3%
Health Care		6.5%
Consumer Staples		8.3%
Utilities		9.3%
Industrials		11.9%
Materials		14.4%
Consumer Discretionary		29.7%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Alupar Investimento SA		3.9%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		3.3%
Cury Construtora e Incorporadora SA		3.2%
Brava Energia SA		3.1%
Cia De Saneamento do Parana Sanepar		3.0%
Fleury SA		2.6%
Direcional Engenharia SA		2.4%
Usinas Siderurgicas de Minas Gerais SA Usiminas		2.4%
Marcopolo SA		2.4%
Orizon Valorizacao de Residuos SA		2.3%

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VanEck China Bond ETF

Ticker: CBON | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck China Bond ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck China Bond ETF	$25	0.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$23,741,700
Number of Portfolio Holdings34
Portfolio Turnover Rate33%
Management Fees Paid$2,527

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		1.7%
Energy		7.2%
Utilities		12.5%
Government		25.6%
Financials		53.0%

Top Ten Holdings (% of Total Net Assets)

Table Summary
China Southern Power Grid Co. Ltd., 2.47%, 3/21/2029		6.4%
China Construction Bank Corp., 1.85%, 9/26/2028		6.2%
China Government Bond, 1.42%, 8/15/2028		5.8%
China Government Bond, 2.67%, 11/25/2033		4.7%
Export-Import Bank of China, 3.74%, 11/16/2030		4.1%
Agricultural Development Bank of China, 1.66%, 1/9/2035		4.1%
China Petrochemical Corp., 2.00%, 8/9/2029		3.9%
China Government Bond, 1.46%, 5/25/2028		3.7%
China Everbright Bank Co. Ltd., 2.72%, 9/25/2026		3.6%
Bank of Communications Co. Ltd., 2.70%, 9/26/2026		3.6%

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VanEck China Semiconductor ETF

Ticker: SMHC | The Nasdaq Stock Market LLC

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck China Semiconductor ETF (the "Fund") for the period June 23, 2026 (inception of Fund) to June 30, 2026. 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 [email protected].

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck China Semiconductor ETF	$1^{Footnote Reference(a)}	0.65%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full period would be higher than the amount shown.
Footnote^(b)	Annualized

Key Fund Statistics

Total Net Assets$221,692,486
Number of Portfolio Holdings25
Portfolio Turnover Rate-%
Management Fees Paid$449

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		6.0%
Information Technology		94.0%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Cambricon Technologies Corp. Ltd.		8.7%
Hygon Information Technology Co. Ltd.		7.4%
Eoptolink Technology, Inc. Ltd.		6.6%
GigaDevice Semiconductor, Inc.		6.3%
Advanced Micro-Fabrication Equipment, Inc.		6.0%
NAURA Technology Group Co. Ltd.		5.7%
Suzhou Dongshan Precision Manufacturing Co. Ltd.		4.6%
Montage Technology Co. Ltd.		4.5%
Biwin Storage Technology Co. Ltd.		4.3%
Yuanjie Semiconductor Technology Co. Ltd.		4.3%

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VanEck ChiNext Innovators ETF

Ticker: CNXT | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck ChiNext Innovators ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck ChiNext Innovators ETF	$39	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$143,807,309
Number of Portfolio Holdings97
Portfolio Turnover Rate47%
Management Fees Paid$199,727

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		0.7%
Consumer Staples		1.3%
Communication Services		1.5%
Health Care		3.8%
Financials		4.8%
Materials		6.5%
Industrials		25.1%
Information Technology		56.1%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Zhongji Innolight Co. Ltd.		14.8%
Contemporary Amperex Technology Co. Ltd.		13.6%
Eoptolink Technology, Inc. Ltd.		10.1%
East Money Information Co. Ltd.		3.5%
Sungrow Power Supply Co. Ltd.		3.1%
Victory Giant Technology Huizhou Co. Ltd.		2.8%
Chaozhou Three-Circle Group Co. Ltd.		2.8%
Suzhou TFC Optical Communication Co. Ltd.		2.5%
Shenzhen Longsys Electronics Co. Ltd.		2.2%
Hangzhou Chang Chuan Technology Co. Ltd.		2.0%

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VanEck CLO ETF

Ticker: CLOI | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck CLO ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CLO ETF	$18	0.36%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$1,434,643,227
Number of Portfolio Holdings176
Portfolio Turnover Rate17%
Management Fees Paid$2,387,469

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(6.9)%
United States Treasuries		7.9%
Collateralized Loan Obligations		99.0%

Top Ten Holdings ^{Footnote
Reference*} (% of Total Net Assets)

Table Summary
Anchorage Capital CLO 2026-22 Ltd., 4.95%, 1/20/2039		4.4%
Signal Peak CLO 4 Ltd., 5.46%, 10/26/2034		2.6%
Regatta VI Funding Ltd., 4.97%, 10/20/2038		2.5%
Ocean Trails CLO XV Ltd., 4.93%, 1/15/2039		2.4%
CQS US CLO 6 Ltd., 4.93%, 3/31/2039		2.4%
Neuberger Berman Loan Advisers CLO 38 Ltd., 5.08%, 10/20/2036		1.9%
Octagon 64 Ltd., 5.37%, 7/21/2037		1.7%
Neuberger Berman Loan Advisers CLO 42 Ltd., 5.08%, 7/16/2036		1.6%
Sagard-Halseypoint CLO 10 Ltd., 5.43%, 10/20/2038		1.5%
KKR CLO 36 Ltd., 5.92%, 10/15/2034		1.5%

Footnote	Description
Footnote^*	Excludes short-term investments

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VanEck CMCI Commodity Strategy ETF

Ticker: CMCI | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck CMCI Commodity Strategy ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CMCI Commodity Strategy ETF	$40	0.75%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,745,346
Number of Portfolio Holdings18
Portfolio Turnover Rate-%
Management Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities^{Footnote Reference*}		0.7%
Money Market Fund		1.7%
United States Treasuries		97.6%

Footnote	Description
Footnote^*	Includes net unrealized appreciation on total return swap contracts.

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VanEck Digital India ETF

Ticker: DGIN | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Digital India ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Digital India ETF	$33	0.71%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$15,012,226
Number of Portfolio Holdings30
Portfolio Turnover Rate52%
Management Fees Paid$54,833

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(0.5)%
Industrials		4.1%
Information Technology		5.3%
Energy		8.0%
Consumer Discretionary		25.8%
Financials		27.7%
Communication Services		29.6%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Reliance Industries Ltd.		8.0%
Bharti Airtel Ltd.		7.9%
Eternal Ltd.		7.3%
Jio Financial Services Ltd.		6.4%
PB Fintech Ltd.		6.2%
FSN E-Commerce Ventures Ltd.		5.0%
Indus Towers Ltd.		5.0%
Swiggy Ltd.		4.7%
One 97 Communications Ltd.		4.6%
Vodafone Idea Ltd.		4.5%

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VanEck Gold Miners ETF

Ticker: GDX | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Gold Miners ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Gold Miners ETF	$24	0.51%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$22,764,439,505
Number of Portfolio Holdings62
Portfolio Turnover Rate11%
Management Fees Paid$71,189,406

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.1%
Other Investments		0.5%
Diversified Metals & Mining		1.3%
Precious Metals & Minerals		1.5%
Silver		6.0%
Gold		90.6%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Agnico Eagle Mines Ltd.		10.7%
Newmont Corp.		10.4%
Barrick Mining Corp.		7.9%
Wheaton Precious Metals Corp.		5.6%
Anglogold Ashanti PLC		5.0%
Franco-Nevada Corp.		4.9%
Kinross Gold Corp.		4.4%
Gold Fields Ltd.		4.1%
Pan American Silver Corp.		3.0%
Northern Star Resources Ltd.		2.6%

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VanEck Copper and Electrification Metals ETF

Ticker: EMET | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Copper and Electrification Metals ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Copper and Electrification Metals ETF	$31	0.59%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$34,239,719
Number of Portfolio Holdings60
Portfolio Turnover Rate19%
Management Fees Paid$104,067

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Electrical Components & Equipment		1.7%
Precious Metals & Minerals		7.0%
Specialty Chemicals		7.4%
Copper		34.4%
Diversified Metals & Mining		49.5%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Freeport-McMoRan, Inc.		8.1%
Anglo American PLC		7.9%
Grupo Mexico SAB de CV		7.0%
Teck Resources Ltd.		6.5%
Antofagasta PLC		5.1%
Southern Copper Corp.		3.8%
Boliden AB		3.7%
Lundin Mining Corp.		3.3%
Albemarle Corp.		3.0%
First Quantum Minerals Ltd.		3.0%

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VanEck India Growth Leaders ETF

Ticker: GLIN | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck India Growth Leaders ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck India Growth Leaders ETF	$35	0.70%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$98,570,219
Number of Portfolio Holdings81
Portfolio Turnover Rate104%
Management Fees Paid$249,631

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(0.6)%
Other Investments		0.7%
Information Technology		3.4%
Communication Services		4.8%
Materials		6.7%
Health Care		9.3%
Consumer Discretionary		14.5%
Industrials		25.9%
Financials		35.3%

Top Ten Holdings (% of Total Net Assets)

Table Summary
BSE Ltd.		6.3%
Trent Ltd.		5.4%
Bharti Airtel Ltd.		4.7%
Hindustan Aeronautics Ltd.		4.4%
Eicher Motors Ltd.		4.4%
State Bank of India		4.3%
Polycab India Ltd.		4.2%
Bharat Electronics Ltd.		4.1%
Suzlon Energy Ltd.		3.6%
Hero MotoCorp Ltd.		3.3%

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VanEck Indonesia Index ETF

Ticker: IDX | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Indonesia Index ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Indonesia Index ETF	$23	0.57%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$27,477,345
Number of Portfolio Holdings69
Portfolio Turnover Rate12%
Management Fees Paid$30,321

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(0.2)%
Other Investments		0.7%
Real Estate		1.5%
Health Care		1.8%
Utilities		4.1%
Communication Services		8.7%
Consumer Staples		10.2%
Energy		12.3%
Industrials		12.5%
Materials		21.9%
Financials		26.5%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Bank Central Asia Tbk PT		8.5%
Bank Rakyat Indonesia Persero Tbk PT		8.1%
Bank Mandiri Persero Tbk PT		6.8%
Telkom Indonesia Persero Tbk PT		6.1%
Astra International Tbk PT		5.3%
Jardine Matheson Holdings Ltd.		4.8%
Barito Renewables Energy Tbk PT		2.9%
Amman Mineral Internasional PT		2.8%
Bank Negara Indonesia Persero Tbk PT		2.7%
Barito Pacific Tbk PT		2.0%

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VanEck International High Yield Bond ETF

Ticker: IHY | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck International High Yield Bond ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck International High Yield Bond ETF	$20	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$43,437,394
Number of Portfolio Holdings531
Portfolio Turnover Rate13%
Management Fees Paid$96,860

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		2.4%
Other Investments		0.7%
Real Estate		2.0%
Healthcare		3.6%
Consumer Non-Cyclicals		3.9%
Utilities		7.1%
Basic Materials		8.0%
Consumer Cyclicals		10.0%
Energy		10.4%
Industrials		14.1%
Technology		14.3%
Financials		23.5%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Electricite de France SA, 5.88% (Perpetual maturity)		0.6%
Petroleos Mexicanos, 7.69%, 1/23/2050		0.6%
Mediobanca Banca di Credito Finanziario SpA, 3.88%, 7/4/2030		0.5%
Telecom Italia Capital SA, 7.72%, 6/4/2038		0.5%
Stellantis NV, 6.25% (Perpetual maturity)		0.5%
Mundys SpA, 1.88%, 2/12/2028		0.5%
VZ Vendor Financing II BV, 2.88%, 1/15/2029		0.5%
Vmed O2 UK Financing I PLC, 4.50%, 7/15/2031		0.5%
Intrum Investments And Financing AB, 8.50%, 9/11/2030		0.5%
Yapi ve Kredi Bankasi AS, 9.25%, 10/16/2028		0.5%

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VanEck Israel ETF

Ticker: ISRA | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Israel ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Israel ETF	$31	0.60%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$153,244,834
Number of Portfolio Holdings80
Portfolio Turnover Rate27%
Management Fees Paid$350,682

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Materials		1.1%
Consumer Staples		1.7%
Communication Services		1.7%
Energy		2.3%
Consumer Discretionary		2.7%
Real Estate		4.8%
Utilities		5.4%
Industrials		8.2%
Health Care		8.3%
Financials		27.3%
Information Technology		36.6%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Palo Alto Networks, Inc.		12.8%
Teva Pharmaceutical Industries Ltd.		6.9%
Bank Leumi Le-Israel BM		5.3%
Bank Hapoalim BM		4.9%
Tower Semiconductor Ltd.		4.4%
Elbit Systems Ltd.		4.2%
Nova Ltd.		2.3%
JFrog Ltd.		2.3%
Phoenix Financial Ltd.		2.2%
Mizrahi Tefahot Bank Ltd.		2.0%

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VanEck J.P. Morgan EM Local Currency Bond ETF

Ticker: EMLC | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

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, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
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	$15	0.30%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$4,872,703,996
Number of Portfolio Holdings502
Portfolio Turnover Rate13%
Management Fees Paid$6,355,906

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		2.8%
Financials		6.4%
Government		90.8%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2031		0.9%
Republic of South Africa Government Bond, 8.75%, 2/28/2048		0.8%
Mexican Bonos, 7.75%, 5/29/2031		0.8%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2029		0.7%
Mexican Bonos, 7.75%, 11/13/2042		0.7%
Republic of South Africa Government Bond, 8.88%, 2/28/2035		0.7%
Mexican Bonos, 7.75%, 11/23/2034		0.7%
Republic of South Africa Government Bond, 8.25%, 3/31/2032		0.6%
Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2029		0.6%
Republic of South Africa Government Bond, 8.50%, 1/31/2037		0.6%

Need Additional Information?

VanEck Junior Gold Miners ETF

Ticker: GDXJ | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Junior Gold Miners ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Junior Gold Miners ETF	$24	0.51%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$7,078,297,300
Number of Portfolio Holdings117
Portfolio Turnover Rate19%
Management Fees Paid$23,526,780

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.2%
Precious Metals & Minerals		3.5%
Diversified Metals & Mining		4.7%
Silver		9.8%
Gold		81.8%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Evolution Mining Ltd.		6.4%
Equinox Gold Corp.		6.3%
Alamos Gold, Inc.		6.2%
Endeavour Mining PLC		5.3%
Coeur Mining, Inc.		5.1%
Industrias Penoles SAB de CV		2.9%
First Majestic Silver Corp.		2.7%
Hecla Mining Co.		2.6%
IAMGOLD Corp.		2.6%
Eldorado Gold Corp.		2.5%

Need Additional Information?

VanEck Low Carbon Energy ETF

Ticker: SMOG | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Low Carbon Energy ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Low Carbon Energy ETF	$32	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$143,716,726
Number of Portfolio Holdings58
Portfolio Turnover Rate12%
Management Fees Paid$347,967

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(0.1)%
Other Investments		0.6%
Materials		1.1%
Information Technology		10.5%
Consumer Discretionary		21.9%
Industrials		28.2%
Utilities		37.8%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Tesla, Inc.		8.6%
Iberdrola SA		8.4%
Bloom Energy Corp.		7.6%
NextEra Energy, Inc.		7.0%
Enel SpA		6.5%
Vestas Wind Systems A/S		4.7%
BYD Co. Ltd.		4.5%
Samsung SDI Co. Ltd.		3.9%
First Solar, Inc.		3.3%
Contemporary Amperex Technology Co. Ltd.		2.9%

Need Additional Information?

VanEck Mortgage REIT Income ETF

Ticker: MORT | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Mortgage REIT Income ETF	$21	0.42%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$399,807,127
Number of Portfolio Holdings26
Portfolio Turnover Rate7%
Management Fees Paid$778,516

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		3.3%
Financial Services		96.7%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Annaly Capital Management, Inc.		17.2%
AGNC Investment Corp.		14.1%
Starwood Property Trust, Inc.		6.5%
Rithm Capital Corp.		6.3%
Dynex Capital, Inc.		4.9%
ARMOUR Residential REIT, Inc.		4.4%
Ellington Financial, Inc.		4.3%
Orchid Island Capital, Inc.		4.1%
Blackstone Mortgage Trust, Inc.		4.0%
Two Harbors Investment Corp.		3.0%

Need Additional Information?

VanEck MSCI EAFE Analyst Sentiment ETF

Ticker: VEFA | The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck MSCI EAFE Analyst Sentiment ETF (the "Fund") for the period April 1, 2026 (inception of Fund) to June 30, 2026. 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 [email protected].

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck MSCI EAFE Analyst Sentiment ETF	$8^{Footnote Reference(a)}	0.30%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Expenses for a full period would be higher than the amount shown.
Footnote^(b)	Annualized

Key Fund Statistics

Total Net Assets$4,013,043
Number of Portfolio Holdings101
Portfolio Turnover Rate21%
Management Fees Paid$2,854

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		1.0%
Consumer Staples		4.8%
Communication Services		5.0%
Energy		5.9%
Materials		6.7%
Consumer Discretionary		8.4%
Health Care		9.3%
Information Technology		14.2%
Industrials		14.6%
Financials		29.9%

Top Ten Holdings (% of Total Net Assets)

Table Summary
ASML Holding NV		5.2%
ABB Ltd.		2.7%
Oversea-Chinese Banking Corp. Ltd.		2.3%
Rio Tinto PLC		2.2%
HSBC Holdings PLC		2.2%
BHP Group Ltd.		2.2%
ING Groep NV		2.1%
Barclays PLC		2.0%
Novartis AG		2.0%
Murata Manufacturing Co. Ltd.		2.0%

Need Additional Information?

VanEck Natural Resources ETF

Ticker: HAP | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Natural Resources ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Natural Resources ETF	$21	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$298,827,605
Number of Portfolio Holdings138
Portfolio Turnover Rate8%
Management Fees Paid$579,336

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.1%
Other Investments		1.0%
Health Care		4.0%
Consumer Staples		6.2%
Utilities		9.7%
Industrials		12.4%
Energy		28.3%
Materials		38.3%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Deere & Co.		5.7%
Exxon Mobil Corp.		4.6%
Chevron Corp.		4.4%
Iberdrola SA		4.3%
NextEra Energy, Inc.		4.0%
Bayer AG		4.0%
Corteva, Inc.		3.3%
BHP Group Ltd.		3.2%
Nutrien Ltd.		2.2%
Bloom Energy Corp.		1.9%

Need Additional Information?

VanEck Office and Commercial REIT ETF

Ticker: DESK | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Office and Commercial REIT ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Office and Commercial REIT ETF	$27	0.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$3,326,293
Number of Portfolio Holdings26
Portfolio Turnover Rate11%
Management Fees Paid$6,389

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.9%
Equity Real Estate Investment Trusts (REITs)		99.1%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Vornado Realty Trust		10.1%
Cousins Properties, Inc.		10.1%
BXP, Inc.		10.0%
SL Green Realty Corp.		7.8%
Kilroy Realty Corp.		7.7%
COPT Defense Properties		4.7%
Highwoods Properties, Inc.		4.4%
Douglas Emmett, Inc.		4.2%
Simon Property Group, Inc.		4.1%
Realty Income Corp.		3.9%

Need Additional Information?

VanEck Oil Refiners ETF

Ticker: CRAK | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Oil Refiners ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Oil Refiners ETF	$33	0.60%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$145,892,685
Number of Portfolio Holdings25
Portfolio Turnover Rate15%
Management Fees Paid$295,949

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.1%
Energy		99.9%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Reliance Industries Ltd.		8.8%
Marathon Petroleum Corp.		8.0%
Valero Energy Corp.		7.3%
Phillips 66		6.2%
Neste Oyj		5.6%
ORLEN SA		5.4%
ENEOS Holdings, Inc.		5.1%
HF Sinclair Corp.		4.6%
Galp Energia SGPS SA		4.4%
OMV AG		4.4%

Need Additional Information?

VanEck Oil Services ETF

Ticker: OIH | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Oil Services ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Oil Services ETF	$20	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$1,991,714,168
Number of Portfolio Holdings26
Portfolio Turnover Rate5%
Management Fees Paid$3,864,688

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.0%^{Footnote Reference*}
Oil & Gas Drilling		17.9%
Oil & Gas Equipment & Services		82.1%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Table Summary
SLB Ltd.		19.0%
Baker Hughes Co.		11.9%
TechnipFMC PLC		7.0%
Halliburton Co.		6.4%
Solaris Energy Infrastructure, Inc.		5.2%
Tenaris SA		5.1%
Weatherford International PLC		4.2%
Transocean Ltd.		4.2%
Noble Corp. PLC		4.0%
Liberty Energy, Inc.		3.7%

Need Additional Information?

VanEck Preferred Securities ex Financials ETF

Ticker: PFXF | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
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%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,436,207,051
Number of Portfolio Holdings120
Portfolio Turnover Rate32%
Management Fees Paid$4,480,680

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.2%
Other Investments		4.3%
Healthcare Equipment & Supplies		1.3%
Automobiles & Auto Parts		1.8%
Healthcare Providers & Services		1.9%
Semiconductors & Semiconductor Equipment		2.3%
Food & Tobacco		2.4%
Chemicals		2.6%
Multiline Utilities		3.0%
Computers Phones & Household Electronics		3.5%
Aerospace & Defense		8.5%
Residential & Commercial REITs		12.0%
Software & IT Services		15.7%
Electric Utilities & IPPs		20.0%
Telecommunications Services		20.5%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Strategy, Inc., 12.00% (Perpetual maturity)		8.4%
Boeing Co., 6.00%, 10/15/2027		8.0%
Alphabet, Inc. Class A, 6.25%, 5/15/2029		5.1%
Alphabet, Inc. Class C, 6.25%, 5/15/2029		5.1%
Oracle Corp., 6.50%, 1/15/2029		4.6%
Super Micro Computer, Inc., 7.00%, 6/1/2029		4.0%
Hewlett Packard Enterprise Co., 7.62%, 9/1/2027		3.6%
Albemarle Corp., 7.25%, 3/1/2027		2.6%
Microchip Technology, Inc., 7.50%, 3/15/2028		2.3%
NextEra Energy, Inc., 7.38%, 2/15/2029		2.3%

Need Additional Information?

VanEck Rare Earth and Strategic Metals ETF

Ticker: REMX | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Rare Earth and Strategic Metals ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Rare Earth and Strategic Metals ETF	$28	0.51%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,690,281,339
Number of Portfolio Holdings31
Portfolio Turnover Rate26%
Management Fees Paid$6,718,227

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		3.3%
Materials		96.7%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Xiamen Tungsten Co. Ltd.		7.0%
Albemarle Corp.		7.0%
China Northern Rare Earth Group High-Tech Co. Ltd.		6.8%
PLS Group Ltd.		6.6%
Lynas Rare Earths Ltd.		6.6%
MP Materials Corp.		6.0%
Jinduicheng Molybdenum Co. Ltd.		5.7%
Sociedad Quimica y Minera de Chile SA		4.7%
Almonty Industries, Inc.		4.6%
Shenghe Resources Holding Co. Ltd.		4.2%

Need Additional Information?

VanEck Russia ETF

Ticker: RSX | unlisted

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Russia ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Russia ETF	$18	0.35%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$32,700,155
Number of Portfolio Holdings29
Portfolio Turnover Rate-%
Management Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(0.8)%
Money Market Fund		100.8%

Footnote	Description
Footnote^*	Includes securities fair valued at zero.

Need Additional Information?

VanEck Russia Small-Cap ETF

Ticker: RSXJ | unlisted

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Russia Small-Cap ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Russia Small-Cap ETF	$34	0.67%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$346,037
Number of Portfolio Holdings22
Portfolio Turnover Rate-%
Management Fees Paid$-

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets^{Footnote Reference*}		(10.0)%
Money Market Fund		110.0%

Footnote	Description
Footnote^*	Includes securities fair valued at zero.

Need Additional Information?

VanEck Steel ETF

Ticker: SLX | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Steel ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Steel ETF	$30	0.56%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$169,951,664
Number of Portfolio Holdings40
Portfolio Turnover Rate12%
Management Fees Paid$423,578

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		0.0%^{Footnote Reference*}
Industrials		1.9%
Energy		3.9%
Materials		94.2%

Footnote	Description
Footnote^*	Amount is less than 0.05%

Top Ten Holdings (% of Total Net Assets)

Table Summary
BHP Group Ltd.		7.7%
Vale SA		7.5%
Rio Tinto PLC		7.4%
Nucor Corp.		6.1%
Steel Dynamics, Inc.		5.5%
Rio Tinto Ltd.		5.1%
ArcelorMittal SA		5.0%
Nippon Steel Corp.		4.7%
Fortescue Ltd.		4.6%
Reliance, Inc.		4.5%

Need Additional Information?

VanEck Uranium and Nuclear ETF

Ticker: NLR | NYSE Arca, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Uranium and Nuclear ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Uranium and Nuclear ETF	$25	0.52%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$4,205,418,616
Number of Portfolio Holdings26
Portfolio Turnover Rate22%
Management Fees Paid$11,654,617

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Liabilities in excess of other assets		(0.2)%
Industrials		20.1%
Utilities		30.0%
Energy		50.1%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Cameco Corp.		8.4%
Constellation Energy Corp.		8.0%
Public Service Enterprise Group, Inc.		7.1%
BWX Technologies, Inc.		6.8%
Fortum Oyj		5.8%
Oklo, Inc.		5.2%
Centrus Energy Corp.		5.0%
Uranium Energy Corp.		5.0%
NexGen Energy Ltd.		5.0%
Denison Mines Corp.		4.8%

Need Additional Information?

VanEck Vietnam ETF

Ticker: VNM | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the VanEck Vietnam ETF (the "Fund") for the period January 1, 2026 to June 30, 2026. 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Vietnam ETF	$32	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$564,503,860
Number of Portfolio Holdings57
Portfolio Turnover Rate30%
Management Fees Paid$1,457,713

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Table Summary
Value	Value	Value
Other assets less liabilities		0.7%
Other Investments		0.9%
Energy		1.3%
Consumer Discretionary		2.1%
Information Technology		2.4%
Materials		6.8%
Industrials		8.8%
Consumer Staples		19.3%
Real Estate		24.7%
Financials		33.0%

Top Ten Holdings (% of Total Net Assets)

Table Summary
Vingroup JSC		8.8%
Vinhomes JSC		8.1%
Masan Group Corp.		5.7%
Masan Consumer Corp.		5.1%
Bank for Foreign Trade of Vietnam JSC		4.9%
Hoa Phat Group JSC		4.7%
Vietnam Dairy Products JSC		4.6%
SSI Securities Corp.		4.3%
VPS Securities JSC		4.1%
VIX Securities JSC		3.6%

Need Additional Information?

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.

June 30, 2026

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

AFK	\|	Africa Index ETF
MOO	\|	Agribusiness ETF
BRF	\|	Brazil Small-Cap ETF
SMHC	\|	China Semiconductor ETF
CNXT	\|	ChiNext Innovators ETF
CMCI	\|	CMCI Commodity Strategy ETF
EMET	\|	Copper and Electrification Metals ETF
DGIN	\|	Digital India ETF
GDX^®	\|	Gold Miners ETF
GLIN	\|	India Growth Leaders ETF
IDX	\|	Indonesia Index ETF
ISRA	\|	Israel ETF
GDXJ^®	\|	Junior Gold Miners ETF
SMOG	\|	Low Carbon Energy ETF
VEFA	\|	MSCI EAFE Analyst Sentiment 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
VNM	\|	Vietnam ETF


	800.826.2333	vaneck.com

	Schedule of Investments
	Africa Index ETF	3
	Agribusiness ETF	6
	Brazil Small-Cap ETF	8
	China Semiconductor ETF	11
	ChiNext Innovators ETF	12
	CMCI Commodity Strategy ETF	15
	Copper and Electrification Metals ETF	16
	Digital India ETF	18
	Gold Miners ETF	20
	India Growth Leaders ETF	22
	Indonesia Index ETF	25
	Israel ETF	28
	Junior Gold Miners ETF	31
	Low Carbon Energy ETF	34
	MSCI EAFE Analyst Sentiment ETF	37
	Natural Resources ETF	40
	Oil Refiners ETF	43
	Oil Services ETF	45
	Rare Earth and Strategic Metals ETF	46
	Steel ETF	48
	Uranium and Nuclear ETF	50
	Vietnam ETF	52
	Statements of Assets and Liabilities	54
	Statements of Operations	60
	Statements of Changes in Net Assets	66
	Financial Highlights
	Africa Index ETF	77
	Agribusiness ETF	78
	Brazil Small-Cap ETF	79
	China Semiconductor ETF	80
	ChiNext Innovators ETF	81
	CMCI Commodity Strategy ETF	82
	Copper and Electrification Metals ETF	83
	Digital India ETF	84
	Gold Miners ETF	85
	India Growth Leaders ETF	86
	Indonesia Index ETF	87
	Israel ETF	88
	Junior Gold Miners ETF	89
	Low Carbon Energy ETF	90
	MSCI EAFE Analyst Sentiment ETF	91
	Natural Resources ETF	92
	Oil Refiners ETF	93
	Oil Services ETF	94
	Rare Earth and Strategic Metals ETF	95
	Steel ETF	96
	Uranium and Nuclear ETF	97
	Vietnam ETF	98
	Notes to Financial Statements	99
	Changes in and Disagreements with Accountants	113
	Proxy Disclosures	113
	Remuneration Paid to Directors, Officers, and Others	113
	Approval of Investment Advisory Contracts	114

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 8.0%
Anglogold Ashanti PLC (USD)	52,851	$	4,275,117
AVZ Minerals Ltd. * †∞	1,399,901		171,664
Paladin Energy Ltd. * †	221,444		1,445,291
Perseus Mining Ltd.	607,740		2,054,784
			7,946,856
Bermuda: 2.4%
Golar LNG Ltd. (USD)	48,485		2,416,492

Burkina Faso: 2.6%
IAMGOLD Corp. (USD) *	166,072		2,630,580

Canada: 9.8%
Aya Gold & Silver, Inc. *	130,093		2,462,941
B2Gold Corp. (USD)	52,398		195,969
Barrick Mining Corp. (USD)	71,192		2,614,882
Fortuna Mining Corp. (USD) *	162,407		1,372,339
Ivanhoe Mines Ltd. *	399,287		3,126,752
			9,772,883
Egypt: 0.8%
Commercial International Bank - Egypt (USD) (GDR)	317,805		810,403

India: 1.1%
MakeMyTrip Ltd. (USD) * †	20,993		1,118,717

Indonesia: 0.6%
Golden Agri-Resources Ltd. (SGD)	2,963,000		618,509

Ivory Coast: 2.0%
Montage Gold Corp. (CAD) *	175,326		1,993,310

Kenya: 5.3%
Equity Group Holdings PLC	3,718,016		2,297,731
Safaricom PLC	11,343,257		2,983,684
			5,281,415
Morocco: 12.9%
Attijariwafa Bank SA *	78,098		5,729,568
Bank of Africa	62,194		1,286,718
Banque Centrale Populaire	108,656		3,118,158
Societe d’Exploitation des Ports	29,604		2,691,123
			12,825,567
Nigeria: 6.5%
Aradel Holdings PLC	2,531,723		2,602,226
Guaranty Trust Holding Co. PLC	22,418,601		2,032,003
Zenith Bank PLC	22,923,593		1,828,442
			6,462,671
Norway: 0.2%
Scatec ASA 144A *	15,577		153,065

South Africa: 34.4%
Absa Group Ltd.	88,282		1,229,239
African Rainbow Minerals Ltd.	11,114		120,993
Aspen Pharmacare Holdings Ltd.	27,240		260,733
AVI Ltd.	35,498		217,731

	Number of Shares		Value
South Africa (continued)
Bid Corp. Ltd.		31,505	$	858,458
Bidvest Group Ltd.		32,704		477,830
Capitec Bank Holdings Ltd.		9,198		2,668,686
Clicks Group Ltd. †		23,083		320,359
Discovery Ltd.		64,708		1,044,236
Exxaro Resources Ltd.		24,868		307,975
FirstRand Ltd.		611,981		3,635,330
Gold Fields Ltd. (ADR)		84,858		2,850,380
Growthpoint Properties Ltd.		267,350		281,378
Harmony Gold Mining Co. Ltd. (ADR)		49,624		754,781
Impala Platinum Holdings Ltd.		95,141		998,919
Investec PLC (GBP)		62,380		496,729
Kumba Iron Ore Ltd.		7,111		126,156
Momentum Group Ltd.		131,567		325,750
Mr Price Group Ltd. †		15,333		168,186
MTN Group Ltd.		159,564		2,220,928
Naspers Ltd.		78,857		3,957,292
Nedbank Group Ltd.		48,350		796,344
Northam Platinum Holdings Ltd.		38,973		562,657
Old Mutual Ltd.		408,937		335,718
OUTsurance Group Ltd.		94,471		452,927
Pepkor Holdings Ltd. 144A		389,604		526,418
Remgro Ltd.		53,612		644,391
Sanlam Ltd.		195,230		1,050,954
Sasol Ltd. (ADR) * †		53,552		525,881
Shoprite Holdings Ltd.		49,921		899,155
Sibanye Stillwater Ltd. (ADR)		61,578		522,797
Standard Bank Group Ltd.		141,133		2,784,289
Tiger Brands Ltd.		9,943		179,778
Valterra Platinum Ltd.		22,052		1,481,144
Woolworths Holdings Ltd.		80,104		246,331
				34,330,853
Tanzania: 1.6%
Helios Towers PLC (GBP) *		592,407		1,574,958

United Arab Emirates: 1.7%
Itissalat Al-Maghrib (MAD)		177,288		1,736,131

United Kingdom: 7.1%
Airtel Africa PLC 144A		469,814		2,043,645
Endeavour Mining PLC		90,619		4,441,286
Pan African Resources PLC		147,450		186,969
Vodacom Group Ltd. (ZAR)		45,877		424,817
				7,096,717
United States: 0.6%
Royal Caribbean Cruises Ltd.		1,768		561,393

Zambia: 2.4%
First Quantum Minerals Ltd. (CAD) *		86,410		2,359,488

Zimbabwe: 0.0%
Delta Corp. Ltd.		15,980		19,102
Econet Infraco (USD) *		2,209		506

See Notes to Financial Statements

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Zimbabwe (continued)
TN CyberTech Investments Holdings Ltd. *		32,900	$	209
				19,817
Total Common Stocks (Cost: $87,478,869)				99,709,825

RIGHTS: 0.0% (Cost: $0)
Morocco: 0.0%
Bank of Africa, MAD 243.00, exp. 12/31/26*		15		0

Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $87,478,869)				99,709,825

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $2,170,975)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		2,170,975		2,170,975
Total Investments: 102.2% (Cost: $89,649,844)				101,880,800
Liabilities in excess of other assets: (2.2)%				(2,172,362)
NET ASSETS: 100.0%			$	99,708,438

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
MAD	Moroccan Dirham
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,326,174.
∞	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 $2,723,128, or 2.7% 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, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	4,275,117	$	3,500,075	$	171,664	$	7,946,856
Bermuda		2,416,492		—		—		2,416,492
Burkina Faso		2,630,580		—		—		2,630,580
Canada		9,772,883		—		—		9,772,883
Egypt		810,403		—		—		810,403
India		1,118,717		—		—		1,118,717
Indonesia		618,509		—		—		618,509
Ivory Coast		1,993,310		—		—		1,993,310
Kenya		5,281,415		—		—		5,281,415
Morocco		—		12,825,567		—		12,825,567
Nigeria		6,462,671		—		—		6,462,671
Norway		—		153,065		—		153,065
South Africa		10,159,171		24,171,682		—		34,330,853
Tanzania		—		1,574,958		—		1,574,958
United Arab Emirates		—		1,736,131		—		1,736,131
United Kingdom		424,817		6,671,900		—		7,096,717
United States		561,393		—		—		561,393
Zambia		2,359,488		—		—		2,359,488
Zimbabwe		19,817		—		—		19,817
Rights *		—		0		—		0
Money Market Fund		2,170,975		—		—		2,170,975
Total Investments	$	51,075,758	$	50,633,378	$	171,664	$	101,880,800


*	See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 1.8%
Dyno Nobel Ltd.		3,721,334	$	10,103,489
Treasury Wine Estates Ltd. †		1,964,044		6,502,007
				16,605,496
Brazil: 3.4%
Rumo SA		3,875,500		10,055,732
Yara International ASA (NOK)		504,532		22,194,932
				32,250,664
Canada: 6.2%
Nutrien Ltd. (USD)		922,489		58,070,682

China: 4.3%
China Mengniu Dairy Co. Ltd. (HKD)		8,630,000		17,730,145
Wilmar International Ltd. (SGD)		8,243,400		23,011,689
				40,741,834
Denmark: 1.0%
Bakkafrost P/F (NOK)		132,081		5,368,580
Schouw & Co. A/S		41,696		3,718,604
				9,087,184
Germany: 10.1%
Bayer AG		1,580,108		87,446,440
K+S AG †		535,223		8,078,845
				95,525,285
Indonesia: 0.5%
Golden Agri-Resources Ltd. (SGD)		22,474,100		4,691,335

Israel: 0.9%
ICL Group Ltd. (USD) †		1,705,326		8,492,523

Japan: 6.6%
Kubota Corp. †		2,650,900		44,375,247
NH Foods Ltd.		229,400		8,378,733
Nissui Corp.		763,700		6,046,720
Umios Corp.		443,100		3,569,439
				62,370,139
Malaysia: 2.6%
IOI Corp. Bhd		5,023,400		5,209,599
Kuala Lumpur Kepong Bhd		1,238,300		6,431,878
PPB Group Bhd		1,482,600		3,377,892
SD Guthrie Bhd		6,729,000		9,868,650
				24,888,019
Norway: 4.4%
Leroy Seafood Group ASA		973,021		3,766,025
Mowi ASA		1,392,538		25,732,338
Salmar ASA		263,863		12,352,934
				41,851,297
Russia: 0.0%
PhosAgro PJSC *∞		97,916		0
PhosAgro PJSC (USD) (GDR) *∞		1		0
PhosAgro PJSC (USD) (GDR) *∞		1,892		0
				0

	Number of Shares		Value
Singapore: 0.4%
Charoen Pokphand Indonesia Tbk PT (IDR)		21,653,200	$	4,117,499

Switzerland: 0.9%
Bucher Industries AG		20,300		8,002,335

Taiwan: 0.4%
Taiwan Fertilizer Co. Ltd.		2,590,000		3,857,784

Thailand: 1.0%
Charoen Pokphand Foods PCL (NVDR)		16,651,800		9,840,057

United Kingdom: 3.1%
CNH Industrial NV (USD)		2,155,673		24,208,208
Genus PLC		166,475		4,743,938
				28,952,146
United States: 52.4%
AGCO Corp. †		148,545		17,780,837
Archer-Daniels-Midland Co.		624,522		47,713,481
Bunge Global SA		296,828		31,680,452
Cal-Maine Foods, Inc. †		123,551		9,953,269
CF Industries Holdings, Inc.		380,117		41,151,466
Corteva, Inc.		991,586		83,977,418
Darling Ingredients, Inc. *		419,975		22,939,035
Deere & Co.		131,833		83,625,627
Elanco Animal Health, Inc. * †		573,082		14,103,548
FMC Corp. †		321,744		3,700,056
Mosaic Co.		740,467		15,690,496
Neogen Corp. * †		522,231		4,694,857
Pilgrim’s Pride Corp.		148,907		4,185,776
Toro Co.		235,925		22,983,814
Tyson Foods, Inc.		716,090		40,996,152
Zoetis, Inc.		681,204		48,951,319
				494,127,603
Total Common Stocks (Cost: $1,084,059,220)				943,471,882

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3%
Money Market Fund: 1.3% (Cost: $12,466,707)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		12,466,707		12,466,707
Total Investments: 101.3% (Cost: $1,096,525,927)				955,938,589
Liabilities in excess of other assets: (1.3)%				(12,044,341)
NET ASSETS: 100.0%			$	943,894,248

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:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $67,319,056.
∞	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, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	16,605,496	$	—	$	16,605,496
Brazil		10,055,732		22,194,932		—		32,250,664
Canada		58,070,682		—		—		58,070,682
China		—		40,741,834		—		40,741,834
Denmark		—		9,087,184		—		9,087,184
Germany		—		95,525,285		—		95,525,285
Indonesia		4,691,335		—		—		4,691,335
Israel		8,492,523		—		—		8,492,523
Japan		—		62,370,139		—		62,370,139
Malaysia		13,246,542		11,641,477		—		24,888,019
Norway		3,766,025		38,085,272		—		41,851,297
Russia		—		—		0		0
Singapore		4,117,499		—		—		4,117,499
Switzerland		—		8,002,335		—		8,002,335
Taiwan		3,857,784		—		—		3,857,784
Thailand		—		9,840,057		—		9,840,057
United Kingdom		24,208,208		4,743,938		—		28,952,146
United States		494,127,603		—		—		494,127,603
Money Market Fund		12,466,707		—		—		12,466,707
Total Investments	$	637,100,640	$	318,837,949	$	0	$	955,938,589

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 85.9%
Automobiles & Components: 1.9%
Fras-Le SA*		16,100	$	64,402
Iochpe Maxion SA *		69,552		121,527
Mahle Metal Leve SA		37,200		236,648
				422,577
Capital Goods: 1.7%
Armac Locacao Logistica E Servicos SA		42,000		23,919
Kepler Weber SA		84,750		110,323
Mills Locacao Servicos e Logistica SA		49,250		148,829
Tupy SA*		31,200		89,388
				372,459
Commercial & Professional Services: 2.7%
Orizon Valorizacao de Residuos SA*		34,350		526,399
Valid Solucoes SA		25,600		85,593
				611,992
Consumer Discretionary Distribution & Retail: 3.1%
C&A Modas SA*		145,450		302,886
Grupo Casas Bahia SA *		74,700		16,062
Grupo SBF SA		47,100		94,158
Magazine Luiza SA		197,930		179,438
Uniao Pet Participacoes SA		170,150		106,791
				699,335
Consumer Durables & Apparel: 17.3%
Azzas 2154 SA		63,175		218,811
Construtora Tenda SA		50,000		354,009
Cury Construtora e Incorporadora SA		106,050		720,243
Cyrela Brazil Realty SA Empreendimentos e Participacoes		166,450		742,243
Direcional Engenharia SA		202,400		545,766
Ez Tec Empreendimentos e Participacoes SA		127,200		321,062
Grendene SA		155,300		113,716
Guararapes Confeccoes SA		83,250		147,396
MRV Engenharia e Participacoes SA *		197,400		201,901
Plano & Plano Desenvolvimento Imobiliario SA		29,900		48,942
Vivara Participacoes SA		70,800		313,795
Vulcabras SA		54,536		149,379
				3,877,263
Consumer Services: 5.8%
Afya Ltd.†		11,252		166,980
Arcos Dorados Holdings, Inc.		51,653		416,323
Cogna Educacao SA		1,092,410		476,129
Cruzeiro do Sul Educacional SA		39,550		28,807
YDUQS Participacoes SA		115,300		198,335
Zamp SA*		41,615		0
				1,286,574

	Number of Shares		Value
Consumer Staples Distribution & Retail: 1.1%
Dimed SA Distribuidora da Medicamentos*		52,750	$	112,299
Empreendimentos Pague Menos SA*		184,589		129,083
				241,382
Energy: 5.1%
Brava Energia SA		183,659		686,635
Karoon Energy Ltd.		308,202		307,980
Petroreconcavo SA		71,100		137,454
				1,132,069
Financial Services: 0.8%
Vinci Compass Investments Ltd.		19,494		189,677
Food, Beverage & Tobacco: 7.2%
Adecoagro SA†		12,882		123,023
BrasilAgro - Co. Brasileira de Propriedades Agricolas		29,450		103,942
Camil Alimentos SA		66,950		65,105
M Dias Branco SA		80,000		271,507
Minerva SA		299,800		215,458
Sao Martinho SA *		91,100		277,061
SLC Agricola SA		127,162		317,763
Tres Tentos Agroindustrial SA		79,450		232,395
				1,606,254
Health Care Equipment & Services: 6.3%
Bradsaude SA		149,190		415,581
Fleury SA		191,937		572,580
Hapvida Participacoes e Investimentos S/A 144A *		176,300		348,686
Oncoclinicas do Brasil Servicos Medicos SA*		332,950		79,330
				1,416,177
Insurance: 1.7%
IRB-Brasil Resseguros SA		34,923		372,752

Materials: 7.5%
Braskem SA (ADR)*		33,002		80,525
Cia Brasileira de Aluminio		127,850		266,731
Dexco SA *		269,508		259,469
ESG Minerals Ltd. *∞		26,308		728
Irani Papel e Embalagem SA		66,100		100,386
Sigma Lithium Corp. *		36,226		458,259
Sylvamo Corp.†		13,428		507,578
				1,673,676
Pharmaceuticals, Biotechnology & Life Sciences: 0.2%
Blau Farmaceutica SA		26,765		52,988

Real Estate Management & Development: 5.2%
Iguatemi SA		72,850		355,197
JHSF Participacoes SA		209,250		459,253
LOG Commercial Properties e Participacoes SA		19,600		105,360
Moura Dubeux Engenharia S/A		43,200		245,026
				1,164,836

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Software & Services: 1.1%
LWSA SA 144A		166,800	$	128,275
VTEX*		27,009		108,036
				236,311
Technology Hardware & Equipment: 3.1%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		58,500		159,557
Ituran Location and Control Ltd.		8,588		523,954
				683,511
Telecommunication Services: 0.0%
OI SA*		1		0

Transportation: 4.8%
EcoRodovias Infraestrutura e Logistica SA		208,690		301,172
Hidrovias do Brasil SA *		208,215		150,041
Movida Participacoes SA *		105,153		191,269
Simpar SA		130,264		196,823
Tegma Gestao Logistica SA		9,700		55,994
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA*		334,950		182,324
				1,077,623
Utilities: 9.3%
Alupar Investimento SA		138,693		865,908
Auren Energia SA *		207,600		466,490
Cia De Sanena Do Parana Sanepar *		93,900		674,105
Light SA*		106,900		68,336
				2,074,839
Total Common Stocks (Cost: $17,481,034)				19,192,295

PREFERRED SECURITIES: 14.1%
Banks: 2.8%
Banco ABC Brasil SA*		57,768		265,995
Banco do Estado do Rio Grande do Sul SA		129,150		347,249
				613,244
Capital Goods: 2.8%
Marcopolo SA		458,494		532,007

	Number of Shares		Value
Capital Goods (continued)
Randoncorp SA*		99,900	$	86,115
				618,122
Consumer Discretionary Distribution & Retail: 0.6%
Raizen SA*		779,850		57,405
Track & Field Co. SA		26,700		77,530
				134,935
Consumer Durables & Apparel: 1.0%
Alpargatas SA		94,150		219,221

Materials: 6.9%
Bradespar SA		120,400		514,970
Cia de Ferro Ligas da Bahia FERBASA*		102,100		116,888
Unipar Carbocloro SA		32,500		374,654
Usinas Siderurgicas de Minas Gerais SA Usiminas*		331,800		543,113
				1,549,625
Total Preferred Securities (Cost: $2,704,178)				3,135,147

RIGHTS: 0.0% (Cost: $0)
Financial Services: 0.0%
Banco ABC Brasil SA, BRL 19.52, exp. 07/31/26*		1,942		1,599
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $20,185,212)				22,329,041

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $32,288)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65% (a)		32,288		32,288
Total Investments: 100.1% (Cost: $20,217,500)				22,361,329
Liabilities in excess of other assets: (0.1)%				(19,878)
NET ASSETS: 100.0%			$	22,341,451

Definitions:

ADR	American Depositary Receipt
BRL	Brazilian Real

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $551,377.
∞	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 $476,961, or 2.1% of net assets.

See Notes to Financial Statements

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	422,577	$	—	$	—	$	422,577
Capital Goods		372,459		—		—		372,459
Commercial & Professional Services		611,992		—		—		611,992
Consumer Discretionary Distribution & Retail		699,335		—		—		699,335
Consumer Durables & Apparel		3,877,263		—		—		3,877,263
Consumer Services		1,286,574		0		—		1,286,574
Consumer Staples Distribution & Retail		241,382		—		—		241,382
Energy		824,089		307,980		—		1,132,069
Financial Services		189,677		—		—		189,677
Food, Beverage & Tobacco		1,606,254		—		—		1,606,254
Health Care Equipment & Services		1,416,177		—		—		1,416,177
Insurance		372,752		—		—		372,752
Materials		1,672,948		—		728		1,673,676
Pharmaceuticals, Biotechnology & Life Sciences		52,988		—		—		52,988
Real Estate Management & Development		1,164,836		—		—		1,164,836
Software & Services		236,311		—		—		236,311
Technology Hardware & Equipment		683,511		—		—		683,511
Telecommunication Services		0		—		—		0
Transportation		1,077,623		—		—		1,077,623
Utilities		2,074,839		—		—		2,074,839
Preferred Securities *		3,135,147		—		—		3,135,147
Rights *		1,599		—		—		1,599
Money Market Fund		32,288		—		—		32,288
Total Investments	$	22,052,621	$	307,980	$	728	$	22,361,329

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINA SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

June 30 , 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 94.0%
Food, Beverage & Tobacco: 3.9%
WUS Printed Circuit Kunshan Co. Ltd.		384,000	$	8,724,028

Semiconductors & Semiconductor Equipment: 68.5%
Advanced Micro-Fabrication Equipment, Inc.		192,383		13,383,589
Bestechnic Shanghai Co. Ltd.		45,888		1,136,749
Biwin Storage Technology Co. Ltd.		128,256		9,503,942
Cambricon Technologies Corp. Ltd.		81,408		19,268,441
GigaDevice Semiconductor, Inc.		115,200		14,018,704
Hangzhou Chang Chuan Technology Co. Ltd.		134,400		6,817,259
Hangzhou Silan Microelectronics Co. Ltd. *		454,400		3,685,834
Hygon Information Technology Co. Ltd.		301,023		16,534,596
Ingenic Semiconductor Co. Ltd.		115,200		4,264,728
JCET Group Co. Ltd.		486,400		7,497,859
Montage Technology Co. Ltd.		216,703		10,005,976
NAURA Technology Group Co. Ltd.		96,000		12,585,730

	Number of Shares		Value
Semiconductors & Semiconductor Equipment (continued)
OmniVision Integrated Circuits Group, Inc.		326,400	$	4,583,749
Piotech, Inc.		1,201		147,206
Rockchip Electronics Co. Ltd.		115,200		3,215,279
TongFu Microelectronics Co. Ltd.		409,600		4,619,613
Unigroup Guoxin Microelectronics Co. Ltd.		230,400		3,030,862
Verisilicon Microelectronics Shanghai Co. Ltd. *		143,040		7,927,181
Yuanjie Semiconductor Technology Co. Ltd.		33,408		9,455,755
				151,683,052
Technology Hardware & Equipment: 21.6%
Avary Holding Shenzhen Co. Ltd.		447,921		7,013,949
Eoptolink Technology, Inc. Ltd.		159,939		14,503,979
Hgtech Co. Ltd.		275,200		7,562,314
Suzhou Dongshan Precision Manufacturing Co. Ltd. *		262,302		10,263,329
Victory Giant Technology Huizhou Co. Ltd.		166,400		8,581,765
				47,925,336
Total Common Stocks (Cost: $204,095,181)				208,332,416

Total Investments: 94.0% (Cost: $204,095,181)				208,332,416
Other assets less liabilities: 6.0%				13,360,070
NET ASSETS: 100.0%			$	221,692,486

Footnotes:

*	Non-income producing

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Common Stocks *		$	—			$	208,332,416			$	—			$	208,332,416

^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINEXT INNOVATORS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Automobiles & Components: 0.5%
Fulin Precision Co. Ltd.		134,800	$	400,785
Zhejiang Sling Intelligent Drive Group Co. Ltd.		19,100		259,158
				659,943
Capital Goods: 25.1%
Beijing Easpring Material Technology Co. Ltd.		51,600		366,703
CNGR Advanced Material Co. Ltd.		53,900		349,078
Contemporary Amperex Technology Co. Ltd.		336,000		19,524,050
Eve Energy Co. Ltd.		183,600		1,767,719
Ginlong Technologies Co. Ltd.		28,300		377,563
Guangdong Dtech Technology Co. Ltd.		8,400		687,156
Hunan Yuneng New Energy Battery Material Co. Ltd.		57,100		640,336
JL Mag Rare-Earth Co. Ltd.		87,000		398,023
Ningbo Zhenyu Technology Co. Ltd.		17,300		341,950
Qingdao TGOOD Electric Co. Ltd.		92,700		519,023
RoboTechnik Intelligent Technology Co. Ltd.		13,400		1,235,403
Shenzhen Han’s CNC Technology Co. Ltd.		8,800		470,996
Shenzhen Inovance Technology Co. Ltd.		258,100		2,529,976
Siasun Robot & Automation Co. Ltd. *		155,400		444,089
Sungrow Power Supply Co. Ltd.		190,080		4,458,078
Sunwoda Electronic Co. Ltd.		174,100		489,585
Suzhou Kematek, Inc.		19,124		511,726
Wuxi Lead Intelligent Equipment Co. Ltd.		140,600		848,202
Zhejiang Changsheng Sliding Bearings Co. Ltd.		17,100		153,954
				36,113,610

Consumer Durables & Apparel: 0.1%
Huali Industrial Group Co. Ltd.		24,000		105,361

Consumer Services: 0.1%
Songcheng Performance Development Co. Ltd.		205,400		176,076

Financial Services: 4.8%
Beijing Compass Technology Development Co. Ltd.		48,365		655,885
East Money Information Co. Ltd.		1,650,200		4,972,871
Hithink RoyalFlush Information Network Co. Ltd.		36,660		1,308,151
				6,936,907
Food, Beverage & Tobacco: 1.3%
Fujian Wanchen Food Group Co. Ltd.		12,000		307,006
Gambol Pet Group Co. Ltd.		11,800		70,690

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Wens Foodstuff Group Co. Ltd.		713,400	$	1,297,042
Yihai Kerry Arawana Holdings Co. Ltd.		72,000		246,941
				1,921,679
Health Care Equipment & Services: 2.4%
Aier Eye Hospital Group Co. Ltd.		572,500		698,104
Intco Medical Technology Co. Ltd.		54,100		312,183
Lepu Medical Technology Beijing Co. Ltd.		151,800		265,947
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		78,000		1,564,049
Shenzhen New Industries Biomedical Engineering Co. Ltd.		45,799		283,775
Winner Medical Co. Ltd.		22,940		94,804
Winning Health Technology Group Co. Ltd.*		226,400		226,211
				3,445,073
Materials: 6.5%
Anhui Tongguan Copper Foil Group Co. Ltd.		30,400		746,196
Canmax Technologies Co. Ltd. *		73,200		1,012,716
Chongqing Polycomp International Corp. *		142,500		987,477
Hubei Dinglong Co. Ltd.		88,800		1,394,153
Hubei Feilihua Quartz Glass Co. Ltd. *		54,800		1,088,346
Jiangsu Nata Opto-electronic Material Co. Ltd.		75,100		1,029,989
Shandong Sinocera Functional Material Co. Ltd.		108,100		1,653,965
Shenzhen Capchem Technology Co. Ltd.		62,100		853,199
Sunresin New Materials Co. Ltd.		33,400		290,756
Weihai Guangwei Composites Co. Ltd.		69,100		293,032
				9,349,829
Media & Entertainment: 1.5%
Beijing Enlight Media Co. Ltd.		179,500		293,871
Bluefocus Intelligent Communications Group Co. Ltd.		461,800		944,922
Kunlun Tech Co. Ltd. *		113,200		678,573
Mango Excellent Media Co. Ltd.		79,200		171,326
				2,088,692
Pharmaceuticals, Biotechnology & Life Sciences: 1.4%
Chongqing Zhifei Biological Products Co. Ltd.*		144,400		249,339
CSPC Innovation Pharmaceutical Co. Ltd. *		47,200		190,032
Hangzhou Tigermed Consulting Co. Ltd. *		67,500		478,998
Hebei Changshan Biochemical Pharmaceutical Co. Ltd. *		84,500		292,667

See Notes to Financial Statements

VANECK CHINEXT INNOVATORS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Imeik Technology Development Co. Ltd.		17,220	$	221,585
Pharmaron Beijing Co. Ltd.		125,800		538,008
Yili Chuanning Biotechnology Co. Ltd.		82,000		96,155
				2,066,784
Semiconductors & Semiconductor Equipment: 8.2%
All Winner Technology Co. Ltd.		91,820		537,332
Goke Microelectronics Co. Ltd. *		19,900		872,386
Hangzhou Chang Chuan Technology Co. Ltd.		58,300		2,957,189
Ingenic Semiconductor Co. Ltd.		45,700		1,691,824
Konfoong Materials International Co. Ltd.		26,400		1,441,435
SG Micro Corp.		53,070		1,129,971
Shenzhen SC New Energy Technology Corp.		34,700		363,264
Sigmastar Technology Ltd.		22,700		432,717
Suzhou Maxwell Technologies Co. Ltd.		19,913		834,875
Yangzhou Yangjie Electronic Technology Co. Ltd.		37,000		865,815
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		78,400		702,004
				11,828,812
Software & Services: 3.2%
Beijing Sinnet Technology Co. Ltd.		183,700		339,355
Beijing Ultrapower Software Co. Ltd.		241,400		278,948
Empyrean Technology Co. Ltd.		26,200		462,451
Isoftstone Information Technology Group Co. Ltd.		80,500		506,655
Jiangsu Hoperun Software Co. Ltd.		97,700		556,782
Range Intelligent Computing Technology Group Co. Ltd.		88,300		1,093,855
Sangfor Technologies, Inc.		31,900		456,146

	Number of Shares		Value
Software & Services (continued)
Thunder Software Technology Co. Ltd.		44,900	$	411,527
Wangsu Science & Technology Co. Ltd.		280,500		541,606
				4,647,325
Technology Hardware & Equipment: 44.7%
Advanced Fiber Resources Zhuhai Ltd.		16,700		947,937
Anker Innovations Technology Co. Ltd.		28,380		438,509
Chaozhou Three-Circle Group Co. Ltd.		160,800		4,017,562
Eoptolink Technology, Inc. Ltd.		160,396		14,545,422
EverProX Technologies Co. Ltd.		29,400		1,220,715
Lens Technology Co. Ltd.		249,200		1,987,149
Maxscend Microelectronics Co. Ltd. *		44,300		718,924
Ruijie Networks Co. Ltd.		17,340		207,849
Shanghai Huace Navigation Technology Ltd.		64,800		272,232
Shannon Semiconductor Technology Co. Ltd.		43,100		1,940,993
Sharetronic Data Technology Co. Ltd.		40,767		2,062,403
Shenzhen Everwin Precision Technology Co. Ltd. *		121,200		500,966
Shenzhen Longsys Electronics Co. Ltd.		29,996		3,157,279
Shenzhen Sunway Communication Co. Ltd.		102,900		1,821,686
Suzhou TFC Optical Communication Co. Ltd.		80,170		3,648,562
Victory Giant Technology Huizhou Co. Ltd.		78,400		4,043,332
Wuhan Jingce Electronic Group Co. Ltd.		24,800		1,168,768
Yealink Network Technology Corp. Ltd.		60,800		303,906
Zhongji Innolight Co. Ltd.		111,478		21,218,580
				64,222,774
Total Common Stocks (Cost: $92,116,337)				143,562,865

Total Investments: 99.8% (Cost: $92,116,337)				143,562,865
Other assets less liabilities: 0.2%				244,444
NET ASSETS: 100.0%			$	143,807,309

Footnotes:

*	Non-income producing

See Notes to Financial Statements

VANECK CHINEXT INNOVATORS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Advanced Materials	$	—	$	19,524,050	$	—	$	19,524,050
Automobiles & Components		—		659,943		—		659,943
Capital Goods		—		16,589,560		—		16,589,560
Consumer Durables & Apparel		—		105,361		—		105,361
Consumer Services		—		176,076		—		176,076
Financial Services		—		6,936,907		—		6,936,907
Food, Beverage & Tobacco		—		1,921,679		—		1,921,679
Health Care Equipment & Services		312,183		3,132,890		—		3,445,073
Materials		—		9,349,829		—		9,349,829
Media & Entertainment		—		2,088,692		—		2,088,692
Pharmaceuticals, Biotechnology & Life Sciences		—		2,066,784		—		2,066,784
Semiconductors & Semiconductor Equipment		—		11,828,812		—		11,828,812
Software & Services		—		4,647,325		—		4,647,325
Technology Hardware & Equipment		—		64,222,774		—		64,222,774
Total Investments	$	312,183	$	143,250,682	$	—	$	143,562,865

See Notes to Financial Statements

VANECK CMCI COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Par (000’s		)	Value
Short-Term Investments: 99.4%
United States Treasury Obligations: 97.7%
United States Treasury Bills (y)
3.53%, 07/09/26	$	20		$	19,984
3.55%, 08/13/26		125			124,456
3.55%, 08/20/26		125			124,363
3.57%, 07/23/26		175			174,617
3.57%, 08/27/26 #		325			323,113
3.62%, 09/17/26		125			124,014
3.63%, 10/01/26 #		300			297,140
3.63%, 10/29/26 #		250			246,870
3.63%, 11/05/26		125			123,346
3.65%, 10/15/26		100			98,913

	Par (000’s		)	Value
United States Treasury Obligations (continued)
3.65%, 11/19/26 #	$	225		$	221,684
3.68%, 08/06/26 #		300			298,918
3.69%, 11/27/26		40			39,377
3.70%, 09/03/26 #		175			173,865
3.70%, 12/03/26 #		170			167,232
3.73%, 12/10/26		125			122,863
					2,680,755

	Number of Shares				Value
Money Market Fund: 1.7%
Invesco Treasury Portfolio - Institutional Class 3.56%(a)		46,829			46,829

Total Short-Term Investments: 99.4% (Cost: $2,728,470)					2,727,584
Other assets less liabilities: 0.6%					17,762
NET ASSETS: 100.0%				$	2,745,346

Total Return Swap Contracts
Long Exposure

Reference
Obligation

Notional
Amount

Counterparty

Rate paid by
the Fund

Payment
Frequency

Termination
Date

Unrealized
Appreciation/
(Depreciation)

UBS Constant Maturity Commodity Index Total Return

$2,714,000

UBS

4.08%(b)

Monthly

07/23/26

$29,995

Footnotes:

#	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $565,284.
(a)	The rate shown is the 7-day yield as of June 30, 2026.
(b)	The rate shown reflects the rate in effect at June 30, 2026: Secured Overnight Financing Rate + 0.40%.
(y)	The rate shown is the calculated yield to maturity.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
United States Treasury Obligations	$	—	$	2,680,755	$	—	$	2,680,755
Money Market Fund		46,829		—		—		46,829
Total Investments	$	46,829	$	2,680,755	$	—	$	2,727,584
Other Financial Instruments:
Assets
Total Return Swap Contracts	$	—	$	29,995	$	—	$	29,995

See Notes to Financial Statements

VANECK COPPER AND ELECTRIFICATION METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 6.6%
IGO Ltd. *		44,919	$	231,331
Iluka Resources Ltd.		32,831		161,746
Liontown Ltd. *		177,318		209,158
Lynas Rare Earths Ltd. *		50,791		637,732
PLS Group Ltd. *		188,266		660,158
Sandfire Resources Ltd. *		26,045		350,174
				2,250,299
Brazil: 0.5%
ERO Copper Corp. (USD) *		6,477		173,260

Canada: 12.8%
Capstone Copper Corp. *		59,507		546,521
Hudbay Minerals, Inc. (USD)		29,962		707,403
Ivanhoe Mines Ltd. *		46,721		365,865
Lithium Americas Corp. (USD) *		27,101		104,339
NGEx Minerals Ltd. * †		11,519		206,063
Teck Resources Ltd. (USD)		37,331		2,219,701
Trekor Metals Ltd. (USD) *		29,199		200,889
				4,350,781
Chile: 4.4%
Lundin Mining Corp. (CAD)		46,952		1,143,726
Sociedad Quimica y Minera de Chile SA (ADR)		5,069		375,309
				1,519,035
China: 16.1%
Baiyin Nonferrous Group Co. Ltd.		197,100		148,661
Beijing Easpring Material Technology Co. Ltd.		13,500		95,940
Chengxin Lithium Group Co. Ltd. *		24,400		161,906
China Nonferrous Mining Corp. Ltd. (HKD)		114,000		165,627
China Northern Rare Earth Group High-Tech Co. Ltd.		96,168		684,593
China Rare Earth Resources And Technology Co. Ltd. *		28,200		231,418
Ganfeng Lithium Group Co. Ltd.		32,220		312,029
GEM Co. Ltd.		135,200		132,303
Inner Mongolia Xingye Silver&Tin Mining Co. Ltd.		47,200		233,487
Jiangsu Boqian New Materials Stock Co. Ltd.		7,000		281,983
Jiangxi Copper Co. Ltd.		55,203		356,149
Jinduicheng Molybdenum Co. Ltd.		80,200		334,199
MMG Ltd. (HKD) *		358,400		321,493
Shenghe Resources Holding Co. Ltd.		46,600		205,910
Tianqi Lithium Corp. *		39,300		356,590
Tongling Nonferrous Metals Group Co. Ltd.		296,700		280,736
Western Mining Co. Ltd.		63,500		255,786
Yunnan Chihong Zinc&Germanium Co. Ltd.		134,200		240,848
Yunnan Copper Co. Ltd.		53,400		126,204

	Number of Shares		Value
China (continued)
Yunnan Tin Co. Ltd.		43,785	$	277,880
Zhejiang Huayou Cobalt Co. Ltd.		50,130		358,678
				5,562,420
Germany: 1.4%
Aurubis AG		2,308		478,679

Indonesia: 1.2%
Amman Mineral Internasional PT *		1,348,300		236,504
Merdeka Copper Gold Tbk PT *		1,213,300		165,992
				402,496
Japan: 3.1%
Mitsubishi Materials Corp.		8,400		225,653
Sumitomo Metal Mining Co. Ltd.		17,900		830,570
				1,056,223
Liechtenstein: 5.0%
Antofagasta PLC (GBP)		34,040		1,728,678

Mexico: 10.8%
Grupo Mexico SAB de CV		210,500		2,388,125
Southern Copper Corp. (USD)		7,404		1,290,221
				3,678,346
Poland: 2.6%
KGHM Polska Miedz SA		9,916		877,020

Russia: 0.0%
GMK Norilskiy Nickel PAO *∞		440,500		0
GMK Norilskiy Nickel PAO (ADR) *∞		2		0
				0
South Africa: 14.9%
Anglo American PLC (GBP)		55,211		2,709,865
Impala Platinum Holdings Ltd.		64,853		680,915
Northam Platinum Holdings Ltd.		26,566		383,536
Sibanye Stillwater Ltd. (ADR)		42,068		357,157
Valterra Platinum Ltd.		15,032		1,009,639
				5,141,112
Sweden: 3.7%
Boliden AB		22,446		1,270,663

United Kingdom: 0.9%
Johnson Matthey PLC		12,051		302,809

United States: 13.0%
Albemarle Corp.		7,640		1,031,629
Freeport-McMoRan, Inc.		44,340		2,788,542
MP Materials Corp. * †		10,899		610,453
				4,430,624
Zambia: 3.0%
First Quantum Minerals Ltd. (CAD) *		37,665		1,028,470

Total Common Stocks (Cost: $30,187,563)				34,250,915

See Notes to Financial Statements

VANECK COPPER AND ELECTRIFICATION METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $31,097)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		31,097	$	31,097
Total Investments: 100.1% (Cost: $30,218,660)				34,282,012
Liabilities in excess of other assets: (0.1)%				(42,293)
NET ASSETS: 100.0%			$	34,239,719

Definitions:

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

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $638,507.
∞	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, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	2,250,299	$	—	$	2,250,299
Brazil		173,260		—		—		173,260
Canada		4,350,781		—		—		4,350,781
Chile		1,519,035		—		—		1,519,035
China		—		5,562,420		—		5,562,420
Germany		—		478,679		—		478,679
Indonesia		—		402,496		—		402,496
Japan		—		1,056,223		—		1,056,223
Liechtenstein		—		1,728,678		—		1,728,678
Mexico		3,678,346		—		—		3,678,346
Poland		—		877,020		—		877,020
Russia		—		—		0		0
South Africa		357,157		4,783,955		—		5,141,112
Sweden		—		1,270,663		—		1,270,663
United Kingdom		—		302,809		—		302,809
United States		4,430,624		—		—		4,430,624
Zambia		1,028,470		—		—		1,028,470
Money Market Fund		31,097		—		—		31,097
Total Investments	$	15,568,770	$	18,713,242	$	0	$	34,282,012

See Notes to Financial Statements

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.5%
Capital Goods: 1.6%
IndiaMart InterMesh Ltd. 144A		4,762	$	96,037
Zen Technologies Ltd.		7,785		146,119
				242,156
Commercial & Professional Services: 2.5%
Computer Age Management Services Ltd.		43,636		368,082

Consumer Discretionary Distribution & Retail: 6.6%
Cartrade Tech Ltd.*		7,759		221,279
FSN E-Commerce Ventures Ltd.*		231,686		761,157
				982,436
Consumer Durables & Apparel: 4.4%
Dixon Technologies India Ltd.		5,292		667,574

Consumer Services: 14.9%
Eternal Ltd.*		394,366		1,105,310
MakeMyTrip Ltd. *		8,078		430,477
Swiggy Ltd.*		278,783		705,969
				2,241,756
Energy: 8.0%
Reliance Industries Ltd. 144A (GDR)		21,530		1,194,712

Financial Services: 21.5%
Angel One Ltd.		112,336		393,357
Billionbrains Garage Ventures Ltd. 144A *		309,101		661,182
Indian Energy Exchange Ltd. 144A		76,884		101,758

	Number of Shares		Value
Financial Services (continued)
Jio Financial Services Ltd.		381,518	$	954,969
Kfin Technologies Ltd.		17,921		166,813
One 97 Communications Ltd. *		57,014		689,032
SBI Cards & Payment Services Ltd.		41,862		262,683
				3,229,794
Insurance: 6.2%
PB Fintech Ltd.*		53,696		925,138

Media & Entertainment: 5.4%
Affle 3i Ltd.*		11,149		167,601
Info Edge India Ltd.		62,594		648,211
				815,812
Software & Services: 1.6%
Tata Technologies Ltd.		32,153		232,696

Technology Hardware & Equipment: 3.6%
Kaynes Technology India Ltd.*		5,544		183,613
Redington Ltd.		92,168		270,156
Tejas Networks Ltd. 144A*		14,703		95,425
				549,194
Telecommunication Services: 24.2%
Bharti Airtel Ltd.		60,883		1,192,651
Bharti Hexacom Ltd.		13,197		207,015
HFCL Ltd.		175,066		396,079
Indus Towers Ltd. *		179,848		744,413
Tata Communications Ltd.		20,561		428,422
Vodafone Idea Ltd.*		4,379,993		670,008
				3,638,588
Total Common Stocks (Cost: $12,981,600)				15,087,938

Total Investments: 100.5% (Cost: $12,981,600)				15,087,938
Liabilities in excess of other assets: (0.5)%				(75,712)
NET ASSETS: 100.0%			$	15,012,226

Definitions:

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 $2,149,114, or 14.3% 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, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Capital Goods	$	—	$	242,156	$	—	$	242,156
Commercial & Professional Services		—		368,082		—		368,082
Consumer Discretionary Distribution & Retail		—		982,436		—		982,436
Consumer Durables & Apparel		—		667,574		—		667,574
Consumer Services		430,477		1,811,279		—		2,241,756
Energy		—		1,194,712		—		1,194,712
Financial Services		—		3,229,794		—		3,229,794
Insurance		—		925,138		—		925,138
Media & Entertainment		—		815,812		—		815,812
Software & Services		—		232,696		—		232,696
Technology Hardware & Equipment		—		549,194		—		549,194
Telecommunication Services		—		3,638,588		—		3,638,588
Total Investments	$	430,477	$	14,657,461	$	—	$	15,087,938

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 13.5%
Anglogold Ashanti PLC (USD)		14,189,409	$	1,147,781,294
Capricorn Metals Ltd.		13,303,618		117,763,349
Evolution Mining Ltd. †		45,437,144		375,952,485
Genesis Minerals Ltd. * †		30,858,660		113,448,351
Greatland Resources Ltd. *		18,795,653		150,733,241
Northern Star Resources Ltd.		45,267,106		599,711,269
Perseus Mining Ltd.		41,839,587		141,460,680
Ramelius Resources Ltd.		63,256,328		130,265,172
Regis Resources Ltd.		23,577,266		99,986,649
Vault Minerals Ltd.		33,517,383		98,319,186
Westgold Resources Ltd.		26,327,479		87,399,009
				3,062,820,685
Brazil: 5.6%
Wheaton Precious Metals Corp. (USD) †		11,358,221		1,275,755,383

Burkina Faso: 1.4%
IAMGOLD Corp. (USD) *		19,753,815		312,900,430

Canada: 47.4%
Agnico Eagle Mines Ltd. (USD)		15,653,989		2,428,403,314
Alamos Gold, Inc. (USD)		14,180,621		430,240,041
Artemis Gold, Inc. * †		5,802,593		127,646,821
Aya Gold & Silver, Inc. * †		5,428,256		102,768,603
B2Gold Corp. (USD) †		48,914,952		182,941,920
Barrick Mining Corp. (USD)		49,260,842		1,809,350,727
Centerra Gold, Inc. (USD)		6,538,089		103,694,091
Discovery Silver Corp. * †		28,398,317		169,739,368
DPM Metals, Inc.		6,449,141		209,372,641
Endeavour Silver Corp. (USD) * †		10,743,506		88,956,230
Equinox Gold Corp. (USD) †		29,635,778		288,059,762
First Majestic Silver Corp. (USD) †		19,139,060		324,598,458
Fortuna Mining Corp. (USD) * †		11,179,008		94,462,618
Franco-Nevada Corp. (USD) †		5,342,287		1,113,546,302
G Mining Ventures Corp. * †		6,822,408		199,707,210
K92 Mining, Inc. *		8,069,662		126,611,930
Kinross Gold Corp. (USD) †		42,352,093		1,000,356,437
Lundin Gold, Inc. †		4,287,158		231,196,799
LunR Royalties Corp. * †		959,757		12,785,485
OceanaGold Corp. (USD)		8,593,692		215,529,795
OR Royalties, Inc. (USD) †		5,220,500		165,124,415
Pan American Silver Corp. (USD)		15,114,921		676,997,312
Seabridge Gold, Inc. (USD) * †		3,496,393		89,997,156
Silvercorp Metals, Inc. (USD) †		8,559,532		86,451,273
Skeena Resources Ltd. (USD) * †		3,994,129		106,483,479
SSR Mining, Inc. (USD) *		6,742,471		190,677,080
Torex Gold Resources, Inc.		2,916,279		116,034,502
Wesdome Gold Mines Ltd. * †		5,633,698		96,691,134
				10,788,424,903

	Number of Shares		Value
China: 1.4%
Zhaojin Mining Industry Co. Ltd. (HKD)		69,318,000	$	146,611,682
Zijin Gold International Co. Ltd. (HKD)		15,763,300		180,159,985
				326,771,667
Colombia: 0.5%
Aris Mining Corp. (USD) * †		8,101,118		120,787,669

Indonesia: 0.9%
Amman Mineral Internasional PT *		642,697,800		112,735,107
Bumi Resources Minerals Tbk PT *		3,051,942,100		81,783,253
				194,518,360
Ivory Coast: 0.6%
Montage Gold Corp. (CAD) * †		12,035,134		136,829,400

Mexico: 3.2%
Fresnillo PLC (GBP)		7,775,922		283,348,377
Industrias Penoles SAB de CV †		7,885,338		344,894,835
Orla Mining Ltd. (USD)		9,492,970		92,936,177
				721,179,389
Peru: 1.1%
Cia de Minas Buenaventura SAA (ADR)		6,106,851		178,869,666
Hochschild Mining PLC (GBP)		12,338,030		75,837,492
				254,707,158
South Africa: 5.1%
Gold Fields Ltd. (ADR)		27,566,407		925,955,611
Harmony Gold Mining Co. Ltd. (ADR) †		16,125,863		245,274,376
				1,171,229,987
Turkiye: 1.3%
Eldorado Gold Corp. (USD) †		9,578,453		297,794,104

United Kingdom: 1.4%
Endeavour Mining PLC		6,446,045		315,924,102

United States: 16.6%
Aura Minerals, Inc. †		1,621,350		102,063,982
Coeur Mining, Inc.		33,181,007		541,514,034
Hecla Mining Co.		20,370,372		314,314,840
Newmont Corp.		25,378,960		2,370,394,864
Royal Gold, Inc.		2,220,621		443,258,158
				3,771,545,878
Total Common Stocks (Cost: $16,191,263,833)				22,751,189,115

See Notes to Financial Statements

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Money Market Fund: 0.4% (Cost: $96,444,322)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		96,444,322	$	96,444,322
Total Investments: 100.4% (Cost: $16,287,708,155)				22,847,633,437
Liabilities in excess of other assets: (0.4)%				(83,193,932)
NET ASSETS: 100.0%			$	22,764,439,505

Definitions:

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

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $543,442,250.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,147,781,294	$	1,915,039,391	$	—	$	3,062,820,685
Brazil		1,275,755,383		—		—		1,275,755,383
Burkina Faso		312,900,430		—		—		312,900,430
Canada		10,788,424,903		—		—		10,788,424,903
China		—		326,771,667		—		326,771,667
Colombia		120,787,669		—		—		120,787,669
Indonesia		—		194,518,360		—		194,518,360
Ivory Coast		136,829,400		—		—		136,829,400
Mexico		437,831,012		283,348,377		—		721,179,389
Peru		178,869,666		75,837,492		—		254,707,158
South Africa		1,171,229,987		—		—		1,171,229,987
Turkiye		297,794,104		—		—		297,794,104
United Kingdom		—		315,924,102		—		315,924,102
United States		3,771,545,878		—		—		3,771,545,878
Money Market Fund		96,444,322		—		—		96,444,322
Total Investments	$	19,736,194,048	$	3,111,439,389	$	—	$	22,847,633,437

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.6%
Automobiles & Components: 8.8%
Banco Products India Ltd.		23,616	$	167,579
Eicher Motors Ltd.		57,573		4,311,266
Hero MotoCorp Ltd.		64,404		3,268,927
Pricol Ltd.		38,860		247,744
SJS Enterprises Ltd.		12,484		293,306
SPR Auto Technologies Ltd.		7,223		320,371
				8,609,193
Banks: 18.6%
Bank of Baroda		1,010,867		2,912,986
Bank of India		678,546		1,008,128
Bank of Maharashtra		1,078,709		1,044,046
Canara Bank		1,769,143		2,349,825
IDBI Bank Ltd.		3,317,228		2,933,926
Indian Bank		187,687		1,621,123
Jammu & Kashmir Bank Ltd.		210,240		343,980
State Bank of India		390,102		4,238,131
Union Bank of India Ltd.		1,039,424		1,896,913
				18,349,058
Capital Goods: 24.7%
Balu Forge Industries Ltd.		22,413		110,842
Bharat Electronics Ltd.		936,372		4,081,030
Data Patterns India Ltd.		11,627		554,169
Engineers India Ltd.		147,720		376,272
Force Motors Ltd.		2,579		508,153
Garden Reach Shipbuilders & Engineers Ltd.		13,998		404,264
GE Vernova T&D India Ltd.		61,411		3,221,320
HBL Engineering Ltd.		55,754		479,592
Hindustan Aeronautics Ltd.		94,162		4,364,688
IndiaMart InterMesh Ltd. 144A		14,689		296,239
Interarch Building Solutions Ltd.		3,491		71,215
KRN Heat Exchanger And Refrigeration Ltd. *		8,405		111,617
Polycab India Ltd.		39,510		4,166,531
Quality Power Electrical Equipments Ltd.		9,698		125,480
Shaily Engineering Plastics Ltd.		11,205		343,447
Shakti Pumps India Ltd.		28,989		179,488
Suzlon Energy Ltd. *		5,721,410		3,568,905
TD Power Systems Ltd.		62,316		819,481
Transformers & Rectifiers India Ltd. *		54,467		203,215
Transrail Lighting Ltd.		16,157		87,576
Voltamp Transformers Ltd.		3,227		354,782
				24,428,306
Commercial & Professional Services: 1.0%
BLS International Services Ltd.		56,861		150,871
eClerx Services Ltd.		21,155		296,794
International Gemological Institute Ltd.		50,596		190,051
Sagility Ltd.		771,667		321,542
				959,258

	Number of Shares		Value
Consumer Discretionary Distribution & Retail: 5.5%
Trent Ltd.		153,790	$	5,341,887
V2 Retail Ltd.*		74,074		178,077
				5,519,964
Consumer Durables & Apparel: 0.2%
SKY Gold and Diamonds Ltd.*		38,576		217,493

Financial Services: 16.7%
Aditya Birla Sun Life Asset Management Co. Ltd.		33,152		404,860
Authum Investment & Infrastucture Ltd. *		45,376		252,012
BSE Ltd. *		151,671		6,209,869
HDFC Asset Management Co. Ltd. 144A		107,205		3,009,728
Kfin Technologies Ltd.		47,681		443,826
Multi Commodity Exchange of India Ltd.		106,706		3,207,726
Muthoot Finance Ltd.		57,411		1,823,144
Nippon Life India Asset Management Ltd. 144A		91,705		1,128,229
				16,479,394
Food, Beverage & Tobacco: 0.1%
Piccadily Agro Industries Ltd.*		12,589		75,365

Health Care Equipment & Services: 1.6%
Inventurus Knowledge Solutions Ltd.*		76,439		1,357,632
Yatharth Hospital & Trauma Care Services Ltd.*		20,981		190,579
				1,548,211
Household & Personal Products: 0.6%
Bajaj Consumer Care Ltd.*		37,147		235,371
Cupid Ltd.*		181,022		363,910
				599,281
Materials: 6.6%
Chambal Fertilisers and Chemicals Ltd.		79,261		392,288
Hindustan Copper Ltd.		174,306		927,687
Lloyds Metals & Energy Ltd.		51,235		981,704
National Aluminium Co. Ltd.		418,255		1,506,961
NMDC Ltd.		1,784,161		1,607,801
Pondy Oxides & Chemicals Ltd.		8,529		124,146
Sharda Cropchem Ltd.		12,684		118,081
Welspun Corp. Ltd.		59,400		956,180
				6,614,848
Media & Entertainment: 0.2%
Tips Music Ltd.		23,289		154,674

Pharmaceuticals, Biotechnology & Life Sciences: 7.8%
Acutaas Chemicals Ltd.		25,507		952,335
Ajanta Pharma Ltd.		21,071		762,673
Lupin Ltd.		121,491		3,105,222
Natco Pharma Ltd.		40,647		400,321
SAI Life Sciences Ltd. 144A *		62,796		818,532
Senores Pharmaceuticals Ltd. *		10,213		143,651
Zydus Lifesciences Ltd.		124,610		1,465,413
				7,648,147

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Real Estate Management & Development: 0.0%
Genus Prime Infra Ltd.		7,611	$	2,519

Semiconductors & Semiconductor Equipment: 2.2%
Premier Energies Ltd. 144A		59,416		661,249
WAAREE Energies Ltd.		43,949		1,373,496
Websol Energy System Ltd.*		110,306		118,553
				2,153,298
Software & Services: 0.1%
Zaggle Prepaid Ocean Services Ltd.*		29,744		65,158

Technology Hardware & Equipment: 1.1%
Netweb Technologies India Ltd.		10,610		510,465
Syrma SGS Technology Ltd.		39,485		584,761
				1,095,226
Telecommunication Services: 4.7%
Bharti Airtel Ltd.		234,470		4,593,088

Transportation: 0.1%
Knowledge Marine & Engineering Works Ltd.*		3,940		95,612

Total Common Stocks (Cost: $78,322,693)				99,208,093

Total Investments: 100.6% (Cost: $78,322,693)				99,208,093
Liabilities in excess of other assets: (0.6)%				(637,874)
NET ASSETS: 100.0%			$	98,570,219

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 $5,913,977, or 6.0% of net assets.

See Notes to Financial Statements

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	8,609,193	$	—	$	8,609,193
Banks		—		18,349,058		—		18,349,058
Capital Goods		—		24,428,306		—		24,428,306
Commercial & Professional Services		—		959,258		—		959,258
Consumer Discretionary Distribution & Retail		—		5,519,964		—		5,519,964
Consumer Durables & Apparel		—		217,493		—		217,493
Financial Services		—		16,479,394		—		16,479,394
Food, Beverage & Tobacco		—		75,365		—		75,365
Health Care Equipment & Services		—		1,548,211		—		1,548,211
Household & Personal Products		—		599,281		—		599,281
Materials		—		6,614,848		—		6,614,848
Media & Entertainment		—		154,674		—		154,674
Pharmaceuticals, Biotechnology & Life Sciences		—		7,648,147		—		7,648,147
Real Estate Management & Development		2,519		—		—		2,519
Semiconductors & Semiconductor Equipment		—		2,153,298		—		2,153,298
Software & Services		—		65,158		—		65,158
Technology Hardware & Equipment		—		1,095,226		—		1,095,226
Telecommunication Services		—		4,593,088		—		4,593,088
Transportation		—		95,612		—		95,612
Total Investments	$	2,519	$	99,205,574	$	—	$	99,208,093

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
Banks: 26.3%
Bank Central Asia Tbk PT		7,455,500	$	2,323,175
Bank Jago Tbk PT *		1,059,000		57,139
Bank Mandiri Persero Tbk PT		8,652,104		1,866,146
Bank Negara Indonesia Persero Tbk PT		4,116,164		730,587
Bank Rakyat Indonesia Persero Tbk PT		14,626,133		2,239,462
				7,216,509
Capital Goods: 12.1%
Astra International Tbk PT		5,727,900		1,447,993
Jardine Cycle & Carriage Ltd.		16,788		349,804
Jardine Matheson Holdings Ltd.		21,600		1,332,021
Vktr Teknologi Mobilitas Tbk PT*		7,551,900		199,959
				3,329,777
Consumer Discretionary Distribution & Retail: 0.7%
Mitra Adiperkasa Tbk PT		2,301,700		196,948

Consumer Staples Distribution & Retail: 1.5%
Sumber Alfaria Trijaya Tbk PT		5,522,700		425,065

Energy: 12.3%
Adaro Andalan Indonesia PT		418,700		182,069
AKR Corporindo Tbk PT		2,044,900		138,385
Alamtri Resources Indonesia Tbk PT		3,742,400		474,344
Banpu PCL (NVDR)		2,608,329		423,246
Bukit Asam Persero Tbk PT		1,108,400		141,745
Bumi Resources Tbk PT *		56,742,200		423,156
Dian Swastatika Sentosa Tbk PT *		10,902,300		490,685
Energi Mega Persada Tbk PT *		4,696,800		267,938
Indo Tambangraya Megah Tbk PT		111,900		137,841
Petrindo Jaya Kreasi Tbk PT *		5,089,900		152,939
United Tractors Tbk PT		432,769		556,694
				3,389,042
Financial Services: 0.2%
Indokripto Koin Semesta Tbk PT*		1,789,400		59,547

Food, Beverage & Tobacco: 8.1%
Charoen Pokphand Indonesia Tbk PT		1,763,300		335,303
First Pacific Co. Ltd.		567,250		348,019
First Resources Ltd.		122,700		295,023
Golden Agri-Resources Ltd.		1,830,200		382,043
Indofood CBP Sukses Makmur Tbk PT		627,000		238,632
Indofood Sukses Makmur Tbk PT		1,242,300		464,745
Japfa Comfeed Indonesia Tbk PT		1,493,200		162,694
				2,226,459

	Number of Shares		Value
Health Care Equipment & Services: 0.9%
Medikaloka Hermina Tbk PT		2,739,300	$	124,862
Mitra Keluarga Karyasehat Tbk PT		1,377,397		130,190
				255,052
Household & Personal Products: 0.6%
Unilever Indonesia Tbk PT		1,619,300		163,671

Materials: 21.9%
Alamtri Minerals Indonesia Tbk PT		1,735,300		131,225
Amman Mineral Internasional PT *		4,309,400		755,908
Aneka Tambang Tbk		2,380,000		348,286
Avia Avian Tbk PT		4,382,800		76,478
Barito Pacific Tbk PT *		7,693,148		558,928
Bumi Resources Minerals Tbk PT *		20,461,800		548,317
Chandra Asri Pacific Tbk PT		3,672,036		339,752
Darma Henwa Tbk PT *		7,483,800		119,955
Impack Pratama Industri Tbk PT *		4,039,700		314,901
Indah Kiat Pulp & Paper Tbk PT *		650,200		259,184
Indocement Tunggal Prakarsa Tbk PT		397,900		92,952
Lygend Resources & Technology Co. Ltd.-H †		71,600		134,747
Merdeka Battery Materials Tbk PT *		11,307,200		294,732
Merdeka Copper Gold Tbk PT *		3,878,095		530,564
Merdeka Gold Resources Tbk PT *		1,542,400		485,471
Nanshan Aluminium International Holdings Ltd. †		38,600		123,376
Nickel Industries Ltd. *		602,041		399,199
Pabrik Kertas Tjiwi Kimia Tbk PT *		352,400		107,677
Petrosea Tbk PT *		856,200		179,648
Semen Indonesia Persero Tbk PT		936,162		74,315
Vale Indonesia Tbk PT		626,300		145,969
				6,021,584
Media & Entertainment: 0.7%
Elang Mahkota Teknologi Tbk PT		3,476,400		94,964
MD Entertainment Tbk PT*		1,016,700		89,381
				184,345
Pharmaceuticals, Biotechnology & Life Sciences: 0.9%
Kalbe Farma Tbk PT		5,563,700		239,395

Real Estate Management & Development: 1.5%
Bumi Serpong Damai Tbk PT*		2,036,900		62,209
Ciputra Development Tbk PT *		2,465,195		76,625
Pantai Indah Kapuk Dua Tbk PT		820,237		266,664
				405,498

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Telecommunication Services: 8.0%
Indosat Tbk PT		1,460,200	$	141,711
Sarana Menara Nusantara Tbk PT		5,853,100		119,481
Telkom Indonesia Persero Tbk PT (ADR)		124,359		1,670,141
XLSMART Telecom Sejahtera Tbk PT		2,060,075		274,501
				2,205,834
Transportation: 0.4%
Jasa Marga Persero Tbk PT		636,650		96,701

Utilities: 4.1%
Barito Renewables Energy Tbk PT*		4,543,000		789,264
Chandra Daya Investasi Tbk PT		3,532,300		111,507
Perusahaan Gas Negara Persero Tbk PT		2,949,700		225,784
				1,126,555
Total Common Stocks (Cost: $47,983,213)				27,541,982

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $315)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		315		315
Total Investments: 100.2% (Cost: $47,983,528)				27,542,297
Liabilities in excess of other assets: (0.2)%				(64,952)
NET ASSETS: 100.0%			$	27,477,345

Definitions:

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $212,046.

See Notes to Financial Statements

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	7,216,509	$	—	$	7,216,509
Capital Goods		1,447,993		1,881,784		—		3,329,777
Consumer Discretionary Distribution & Retail		—		196,948		—		196,948
Consumer Staples Distribution & Retail		—		425,065		—		425,065
Energy		1,282,927		2,106,115		—		3,389,042
Financial Services		59,547		—		—		59,547
Food, Beverage & Tobacco		1,012,369		1,214,090		—		2,226,459
Health Care Equipment & Services		124,862		130,190		—		255,052
Household & Personal Products		—		163,671		—		163,671
Materials		76,478		5,945,106		—		6,021,584
Media & Entertainment		—		184,345		—		184,345
Pharmaceuticals, Biotechnology & Life Sciences		—		239,395		—		239,395
Real Estate Management & Development		—		405,498		—		405,498
Telecommunication Services		1,670,141		535,693		—		2,205,834
Transportation		—		96,701		—		96,701
Utilities		—		1,126,555		—		1,126,555
Money Market Fund		315		—		—		315
Total Investments	$	5,674,632	$	21,867,665	$	—	$	27,542,297

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Automobiles & Components: 0.7%
Mobileye Global, Inc.* †		104,240	$	1,009,043

Banks: 15.8%
Bank Hapoalim BM		321,925		7,416,373
Bank Leumi Le-Israel BM		364,801		8,153,868
FIBI Holdings Ltd.		10,015		897,624
First International Bank Of Israel Ltd.		21,402		1,514,020
Israel Discount Bank Ltd.		312,539		3,090,815
Mizrahi Tefahot Bank Ltd.		46,769		3,093,850
				24,166,550
Capital Goods: 6.9%
Ashtrom Group Ltd.		29,162		611,718
Elbit Systems Ltd. †		8,389		6,364,902
Electra Ltd.		17,836		673,463
Kornit Digital Ltd. *		39,432		640,770
Shapir Engineering and Industry Ltd.		54,044		815,842
Shikun & Binui Ltd. *		126,364		805,696
Stratasys Ltd.*		74,627		638,807
				10,551,198
Commercial & Professional Services: 0.4%
Hilan Ltd.		9,905		638,347

Consumer Discretionary Distribution & Retail: 1.1%
Global-e Online Ltd.*		48,081		1,669,853

Consumer Durables & Apparel: 0.4%
Delta Galil Ltd.		11,434		626,336

Consumer Services: 0.5%
Fattal Holdings 1998 Ltd.*		3,519		828,609

Consumer Staples Distribution & Retail: 1.1%
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		6,258		766,464
Shufersal Ltd.		63,708		908,439
				1,674,903
Energy: 2.3%
Delek Group Ltd.		4,382		1,112,129
Energean PLC †		81,670		740,889
Oil Refineries Ltd.		1,534,233		811,028
Paz Retail And Energy Ltd.		3,317		880,927
				3,544,973
Financial Services: 3.8%
Etoro Group Ltd.*		30,872		1,218,518
Isracard Ltd.		180,556		682,193
Payoneer Global, Inc. *		135,047		961,535
Plus500 Ltd.		21,397		1,359,183
Tel Aviv Stock Exchange Ltd.		37,108		1,535,880
				5,757,309
Food, Beverage & Tobacco: 0.6%
Strauss Group Ltd.		23,723		913,478

	Number of Shares		Value
Health Care Equipment & Services: 1.4%
Inmode Ltd.*		53,678	$	784,772
Novocure Ltd. *		48,409		733,396
OPKO Health, Inc.* †		438,645		657,968
				2,176,136
Insurance: 7.7%
Clal Insurance Enterprises Holdings Ltd.		24,075		1,844,362
Harel Insurance Investments & Financial Services Ltd.		41,432		2,179,963
Lemonade, Inc. *		25,045		1,629,177
Menora Mivtachim Holdings Ltd.		9,683		1,451,676
Migdal Insurance & Financial Holdings Ltd. *		231,045		1,283,289
Phoenix Financial Ltd.		60,843		3,359,872
				11,748,339
Materials: 1.1%
ICL Group Ltd.†		231,806		1,154,394
Israel Corp. Ltd.		2,423		618,513
				1,772,907
Media & Entertainment: 0.5%
Taboola.com Ltd.*		148,166		740,830

Pharmaceuticals, Biotechnology & Life Sciences: 6.9%
Teva Pharmaceutical Industries Ltd. (ADR)*		311,926		10,568,053

Real Estate Management & Development: 4.8%
Airport City Ltd.*		40,126		719,417
Alony Hetz Properties & Investments Ltd.		72,089		801,871
Amot Investments Ltd.		109,959		683,441
Azrieli Group Ltd.		15,242		2,063,985
Big Shopping Centers Ltd.		5,293		1,195,900
Melisron Ltd.		8,683		1,214,215
Mivne Real Estate KD Ltd.		167,658		729,076
				7,407,905
Semiconductors & Semiconductor Equipment: 8.6%
Camtek Ltd.* †		9,738		1,588,463
Nova Ltd. * †		6,431		3,491,647
SolarEdge Technologies, Inc. * †		22,085		1,290,647
Tower Semiconductor Ltd.*		26,044		6,788,108
				13,158,865
Software & Services: 25.8%
Amdocs Ltd.		30,496		1,541,268
Cellebrite DI Ltd. *		75,550		1,103,030
Check Point Software Technologies Ltd. *		22,723		2,986,484
Formula Systems 1985 Ltd.		5,787		602,045
JFrog Ltd. *		38,043		3,457,348
Matrix IT Ltd.		29,053		737,606
Monday.com Ltd. *		17,454		1,263,495
Nice Ltd. (ADR) * †		21,494		1,952,730
One Software Technologies Ltd.		31,813		607,285

See Notes to Financial Statements

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Software & Services (continued)
Pagaya Technologies Ltd. * †		46,448	$	847,676
Palo Alto Networks, Inc. *		57,353		19,558,520
Radware Ltd. *		23,797		734,375
SentinelOne, Inc. *		113,181		1,920,681
Varonis Systems, Inc. *		40,854		1,714,234
Wix.com Ltd.*		12,840		582,551
				39,609,328
Technology Hardware & Equipment: 2.2%
Next Vision Stabilized Systems Ltd.		21,323		1,721,900
Ondas, Inc.* †		200,098		1,648,807
				3,370,707
Telecommunication Services: 1.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		777,767		1,832,669

Transportation: 0.9%
ZIM Integrated Shipping Services Ltd.		50,729		1,318,954

Utilities: 5.4%
Doral Group Renewable Energy Resources Ltd.*		43,397		1,119,454
Energix-Renewable Energies Ltd.		116,600		1,022,760

	Number of Shares		Value
Utilities (continued)
Enlight Renewable Energy Ltd. *		27,680	$	2,441,397
Kenon Holdings Ltd.		10,132		683,229
OPC Energy Ltd. *		43,862		1,356,893
Ormat Technologies, Inc.†		15,030		1,636,767
				8,260,500
Total Common Stocks (Cost: $93,607,093)				153,345,792

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%
Money Market Fund: 3.0% (Cost: $4,613,480)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		4,613,480		4,613,480
Total Investments: 103.1% (Cost: $98,220,573)				157,959,272
Liabilities in excess of other assets: (3.1)%				(4,714,438)
NET ASSETS: 100.0%			$	153,244,834

Definitions:

ADR	American Depositary Receipt

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $11,609,486.

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, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	1,009,043	$	—	$	—	$	1,009,043
Banks		—		24,166,550		—		24,166,550
Capital Goods		8,317,942		2,233,256		—		10,551,198
Commercial & Professional Services		—		638,347		—		638,347
Consumer Discretionary Distribution & Retail		1,669,853		—		—		1,669,853
Consumer Durables & Apparel		—		626,336		—		626,336
Consumer Services		—		828,609		—		828,609
Consumer Staples Distribution & Retail		—		1,674,903		—		1,674,903
Energy		1,551,917		1,993,056		—		3,544,973
Financial Services		3,539,236		2,218,073		—		5,757,309
Food, Beverage & Tobacco		—		913,478		—		913,478
Health Care Equipment & Services		2,176,136		—		—		2,176,136
Insurance		1,629,177		10,119,162		—		11,748,339
Materials		1,154,394		618,513		—		1,772,907
Media & Entertainment		740,830		—		—		740,830
Pharmaceuticals, Biotechnology & Life Sciences		10,568,053		—		—		10,568,053
Real Estate Management & Development		—		7,407,905		—		7,407,905
Renewable Energy		2,927,414		—		—		2,927,414
Semiconductors & Semiconductor Equipment		11,868,218		—		—		11,868,218
Software & Services		37,662,392		1,946,936		—		39,609,328
Technology Hardware & Equipment		3,370,707		—		—		3,370,707
Telecommunication Services		—		1,832,669		—		1,832,669
Transportation		1,318,954		—		—		1,318,954
Utilities		—		6,623,733		—		6,623,733
Money Market Fund		4,613,480		—		—		4,613,480
Total Investments	$	94,117,746	$	63,841,526	$	—	$	157,959,272

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 18.6%
Alkane Resources Ltd. *		23,184,544	$	22,347,379
Andean Silver Ltd. *		3,983,927		5,343,306
Antipa Minerals Ltd. * †		12,264,783		4,901,323
Aurelia Metals Ltd. *		30,041,121		5,813,407
Australian Strategic Materials Ltd. *		1		1
Bellevue Gold Ltd. *		24,944,373		21,233,093
Black Cat Syndicate Ltd. * †		15,840,443		9,819,405
Capricorn Metals Ltd.		7,873,374		69,694,942
Catalyst Metals Ltd. * †		5,866,601		20,699,056
Dateline Resources Ltd. * †		71,575,424		6,742,555
Emerald Resources NL * †		11,394,858		43,758,038
Evolution Mining Ltd.		54,535,246		451,231,293
Firefinch Ltd. * †∞		54,133,739		2,280,234
Genesis Minerals Ltd. * †		18,262,861		67,141,330
Greatland Resources Ltd. *		11,124,397		89,212,991
Kingsgate Consolidated Ltd.		6,250,767		21,796,963
Meeka Metals Ltd. * †		65,531,043		4,370,467
Ora Banda Mining Ltd. *		34,184,566		25,456,337
Pantoro Gold Ltd. * †		5,753,966		9,359,968
Perseus Mining Ltd.		24,750,618		83,682,452
Predictive Discovery Ltd. *		72,109,868		34,235,774
Ramelius Resources Ltd.		37,454,033		77,129,929
Regis Resources Ltd.		13,990,290		59,330,128
Resolute Mining Ltd. *		37,353,214		24,892,085
St Barbara Ltd. * †		24,176,866		7,811,288
Vault Minerals Ltd.		19,900,911		58,376,914
Vox Royalty Corp. (USD) †		1,154,391		5,460,269
West African Resources Ltd. *		16,594,497		31,201,381
Westgold Resources Ltd.		15,587,236		51,744,756
				1,315,067,064
Burkina Faso: 2.6%
IAMGOLD Corp. (USD) *		11,700,884		185,342,003

Canada: 44.6%
AbraSilver Resource Corp. * †		3,300,306		33,288,020
Alamos Gold, Inc. (USD)		14,523,079		440,630,217
Allied Gold Corp. (USD) * †		1,857,480		44,170,874
Americas Gold & Silver Corp. (USD) * †		6,509,784		30,726,181
Andean Precious Metals Corp. *		1,496,452		6,138,749
Artemis Gold, Inc. *		3,433,735		75,536,119
Aya Gold & Silver, Inc. * †		3,220,384		60,968,821
B2Gold Corp. (USD) †		28,981,626		108,391,281
Centerra Gold, Inc. (USD)		3,877,023		61,489,585
Collective Mining Ltd. * †		1,042,255		12,819,277
Dakota Gold Corp. (USD) *		3,147,184		13,407,004
Discovery Silver Corp. *		16,800,100		100,415,752
DPM Metals, Inc.		3,816,812		123,913,558
Endeavour Silver Corp. (USD) * †		6,369,378		52,738,450
Equinox Gold Corp. (USD) ‡		45,718,515		444,383,966
First Majestic Silver Corp. (USD)		11,340,782		192,339,663

	Number of Shares		Value
Canada (continued)
Fortuna Mining Corp. (USD) * †		6,621,788	$	55,954,109
Founders Metals, Inc. * †		1,479,493		4,004,408
Future Mineral Resources, Inc. *		168,999		42,883
G Mining Ventures Corp. * †		4,036,836		118,167,259
G2 Goldfields, Inc. * †		3,681,275		24,416,421
Galiano Gold, Inc. (USD) * †		3,787,587		7,082,788
Gold Royalty Corp. (USD) * †		4,500,134		12,420,370
GoldMining, Inc. (USD) * †		5,351,541		4,853,848
Integra Resources Corp. (USD) * †		4,296,489		9,753,030
K92 Mining, Inc. *		4,775,389		74,925,222
Lundin Gold, Inc.		2,537,238		136,827,545
LunR Royalties Corp. *		539,423		7,185,970
McEwen, Inc. (USD) * †		1,284,576		23,289,363
Metalla Royalty & Streaming Ltd. (USD) * †		1,729,733		13,163,268
New Found Gold Corp. (USD) * †		6,909,018		10,639,888
NorthX Nickel Corp. * †		179,304		19,589
Novagold Resources, Inc. (USD) * †		6,470,290		38,627,631
OceanaGold Corp.		5,087,363		127,475,422
OR Royalties, Inc. (USD) †		3,091,893		97,796,576
Orezone Gold Corp. *		12,650,510		20,151,649
Osisko Development Corp. (USD) * †		4,953,187		12,184,840
Seabridge Gold, Inc. (USD) * †		2,071,168		53,311,864
Silvercorp Metals, Inc. (USD) †		5,092,024		51,429,442
Skeena Resources Ltd. (USD) * †		2,373,558		63,279,056
Snowline Gold Corp. *		3,074,349		27,780,197
Southern Cross Gold Consolidated Ltd. * †		5,973,629		36,968,079
SSR Mining, Inc. (USD) * †		3,995,521		112,993,334
Torex Gold Resources, Inc.		1,726,505		68,695,124
Triple Flag Precious Metals Corp. (USD) †		1,808,326		54,195,530
Valor Gold Corp. * †		989,001		2,579,245
Victoria Gold Corp. * †∞		1,722,275		0
Vizsla Silver Corp. (USD) * †		8,250,354		27,226,168
Wesdome Gold Mines Ltd. * †		3,334,390		57,228,121
West Red Lake Gold Mines Ltd. * †		8,352,172		3,826,546
				3,159,852,302
China: 2.2%
Chifeng Jilong Gold Mining Group Ltd. (HKD) †		5,023,400		14,903,340
GT Gold Holdings Ltd. (HKD) * †		110,880,000		3,920,082
Tongguan Gold Group Ltd. (HKD)		59,772,000		14,066,796
Wanguo Gold Group Ltd. (HKD) †		35,274,500		35,479,443

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
China (continued)
Zhaojin Mining Industry Co. Ltd. (HKD)		41,077,200	$	86,880,715
				155,250,376
Colombia: 1.0%
Aris Mining Corp. (USD) * †		4,800,474		71,575,067

Indonesia: 1.4%
Archi Indonesia Tbk PT		63,350,800		3,159,287
Bumi Resources Minerals Tbk PT *		1,806,029,300		48,396,380
J Resources Asia Pasific Tbk PT		66,098,100		1,441,017
Merdeka Gold Resources Tbk PT *		136,268,500		42,890,519
				95,887,203
Ivory Coast: 1.1%
Montage Gold Corp. (CAD) * †		7,139,734		81,172,800

Jersey, Channel Islands: 0.1%
Caledonia Mining Corp. PLC (USD) †		371,676		7,099,012

Mexico: 4.1%
Avino Silver & Gold Mines Ltd. (USD) * †		4,215,184		26,724,266
Industrias Penoles SAB de CV		4,666,613		204,111,824
Luca Mining Corp. (CAD) * †		5,976,394		4,086,063
Orla Mining Ltd. (USD)		5,627,416		55,092,403
				290,014,556
Peru: 2.1%
Cia de Minas Buenaventura SAA (ADR)		3,622,441		106,101,297
Hochschild Mining PLC (GBP)		7,325,264		45,025,798
				151,127,095
Singapore: 0.1%
CNMC Goldmine Holdings Ltd. †		6,682,000		5,830,044

South Africa: 2.4%
DRDGOLD Ltd. (ADR)		974,126		20,748,884
Harmony Gold Mining Co. Ltd. (ADR)		9,557,483		145,369,316
				166,118,200

	Number of Shares		Value
Turkiye: 3.0%
Eldorado Gold Corp. (USD)		5,672,132	$	176,346,584
TR Anadolu Metal Madencilik Isletmeleri AS *		4,653,297		11,115,375
Turk Altin Isletmeleri AS *		23,999,845		24,061,874
				211,523,833
United Kingdom: 5.8%
Endeavour Mining PLC		7,697,311		377,249,315
Pan African Resources PLC		28,418,870		36,035,566
				413,284,881
United States: 10.8%
Aura Minerals, Inc. †		963,847		60,674,169
Coeur Mining, Inc.		22,300,207		363,939,378
Contango Silver & Gold, Inc. * †		715,960		11,305,008
GoGold Resources, Inc. (CAD) * †		10,827,724		24,269,366
Hecla Mining Co.		12,062,479		186,124,051
Hycroft Mining Holding Corp. * †		1,347,935		31,541,679
i-80 Gold Corp. * †		18,073,458		26,025,780
Idaho Strategic Resources, Inc. * †		328,088		10,744,882
Perpetua Resources Corp. * †		2,124,455		44,103,686
US Gold Corp. * †		321,861		4,934,129
				763,662,128
Total Common Stocks (Cost: $4,918,481,828)				7,072,806,564

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%
Money Market Fund: 1.1% (Cost: $74,556,414)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		74,556,414		74,556,414
Total Investments: 101.0% (Cost: $4,993,038,242)				7,147,362,978
Liabilities in excess of other assets: (1.0)%				(69,065,678)
NET ASSETS: 100.0%			$	7,078,297,300

Definitions:

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

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $310,513,854.
‡	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.

See Notes to Financial Statements

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Transactions in and earnings from securities of affiliates for the period ended June 30, 2026 were as follows:

		Value 12/31/2025				Purchases				Sales Proceeds				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/2026				Dividend Income
Equinox Gold Corp.		$	–	(a)		$	204,537,495			$	(115,249,601	)		$	73,054,888			$	(234,032,136	)		$	444,383,966			$	1,117,760


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

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	5,460,269	$	1,307,326,561	$	2,280,234	$	1,315,067,064
Burkina Faso		185,342,003		—		—		185,342,003
Canada		3,159,852,302		—		0		3,159,852,302
China		—		155,250,376		—		155,250,376
Colombia		71,575,067		—		—		71,575,067
Indonesia		—		95,887,203		—		95,887,203
Ivory Coast		81,172,800		—		—		81,172,800
Jersey, Channel Islands		7,099,012		—		—		7,099,012
Mexico		290,014,556		—		—		290,014,556
Peru		106,101,297		45,025,798		—		151,127,095
Singapore		—		5,830,044		—		5,830,044
South Africa		166,118,200		—		—		166,118,200
Turkiye		176,346,584		35,177,249		—		211,523,833
United Kingdom		—		413,284,881		—		413,284,881
United States		763,662,128		—		—		763,662,128
Money Market Fund		74,556,414		—		—		74,556,414
Total Investments	$	5,087,300,632	$	2,057,782,112	$	2,280,234	$	7,147,362,978

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.1%
Austria: 0.4%
Verbund AG		8,669	$	549,720

Brazil: 3.7%
Axia Energia SA (ADR)		299,033		3,157,788
Cia Energetica de Minas Gerais (ADR)		393,186		825,691
Cia Paranaense de Energia - Copel (ADR) †		117,921		1,373,780
				5,357,259
Canada: 1.9%
Boralex, Inc. †		21,009		547,900
Brookfield Renewable Corp. (USD) †		31,661		1,175,256
Northland Power, Inc. †		61,678		971,198
				2,694,354
Chile: 0.3%
Enel Americas SA		5,175,622		463,625

China: 13.4%
BYD Co. Ltd. (HKD)		697,198		6,460,837
China Everbright Environment Group Ltd. (HKD)		840,000		489,240
China Longyuan Power Group Corp. Ltd. (HKD)		471,000		300,794
Contemporary Amperex Technology Co. Ltd. (HKD)		46,200		4,162,082
GCL Technology Holdings Ltd. (HKD) * †		6,232,000		551,161
Li Auto, Inc. (ADR) *		156,002		1,831,463
NIO, Inc. (ADR) *		492,784		2,493,487
Xinyi Solar Holdings Ltd. (HKD) †		1,520,000		400,709
XPeng, Inc. (ADR) * †		161,567		2,139,147
Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A * †		97,000		428,146
				19,257,066
Denmark: 7.1%
Orsted AS 144A *		123,939		2,787,657
Rockwool A/S		20,859		669,402
Vestas Wind Systems A/S		237,481		6,727,643
				10,184,702
Germany: 1.2%
Nordex SE *		33,648		1,776,372

Ireland: 2.3%
Kingspan Group PLC		35,198		3,220,845

Israel: 1.3%
Enlight Renewable Energy Ltd. *		20,911		1,844,372

Italy: 6.8%
Enel SpA		820,334		9,415,315
ERG SpA †		14,907		407,734
				9,823,049
Japan: 1.1%
Horiba Ltd.		8,984		1,543,254

	Number of Shares		Value
New Zealand: 2.2%
Contact Energy Ltd.		235,301	$	1,248,052
Mercury NZ Ltd.		187,152		735,528
Meridian Energy Ltd.		354,942		1,175,997
				3,159,577
Portugal: 0.9%
EDP Renewables SA *		82,367		1,331,405

South Korea: 6.4%
Ecopro BM Co. Ltd.		13,110		1,221,737
Hanwha Solutions Corp. *		29,718		656,236
LG Energy Solution Ltd. *		7,526		1,780,539
Samsung SDI Co. Ltd. *		17,279		5,507,345
				9,165,857
Spain: 9.9%
Acciona SA †		6,616		2,097,407
Iberdrola SA		483,531		12,042,256
				14,139,663
Sweden: 1.2%
Nibe Industrier AB †		453,974		1,690,721

Switzerland: 0.2%
Landis+Gyr Group AG †		6,199		332,633

Taiwan: 0.4%
Simplo Technology Co. Ltd.		46,000		607,003

United Kingdom: 1.1%
Drax Group PLC		63,086		635,517
Johnson Matthey PLC		36,485		916,769
				1,552,286
United States: 38.3%
Bloom Energy Corp. *		35,880		10,860,876
EnerSys		7,243		1,693,558
Enphase Energy, Inc. *		25,787		1,269,752
First Solar, Inc. *		20,160		4,756,954
HA Sustainable Infrastructure Capital, Inc. †		20,310		793,106
Installed Building Products, Inc. †		3,538		813,174
NextEra Energy, Inc.		115,188		10,110,051
Nextpower, Inc. *		25,374		3,023,058
Ormat Technologies, Inc. †		10,706		1,165,883
Owens Corning		16,835		2,676,092
QuantumScape Corp. * †		125,556		949,203
Rivian Automotive, Inc. * †		232,374		4,031,689
Sunrun, Inc. *		42,838		573,172
Tesla, Inc. *		29,365		12,350,919
				55,067,487
Total Common Stocks (Cost: $133,282,654)				143,761,250

RIGHTS: 0.0% (Cost: $0)
South Korea: 0.0%
Hanwha Solutions Corp., KRW 27,900.00, exp. 07/23/26*		7,036		27,475

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
South Korea (continued)

Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $133,282,654)			$	143,788,725

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%
Money Market Fund: 2.2% (Cost: $3,162,916)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		3,162,916		3,162,916
Total Investments: 102.3% (Cost: $136,445,570)				146,951,641
Liabilities in excess of other assets: (2.3)%				(3,234,915)
NET ASSETS: 100.0%			$	143,716,726

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $11,757,196.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $3,215,803, or 2.2% of net assets.

See Notes to Financial Statements

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	549,720	$	—	$	549,720
Brazil		5,357,259		—		—		5,357,259
Canada		2,694,354		—		—		2,694,354
Chile		463,625		—		—		463,625
China		6,464,097		12,792,969		—		19,257,066
Denmark		—		10,184,702		—		10,184,702
Germany		—		1,776,372		—		1,776,372
Ireland		—		3,220,845		—		3,220,845
Israel		—		1,844,372		—		1,844,372
Italy		—		9,823,049		—		9,823,049
Japan		—		1,543,254		—		1,543,254
New Zealand		—		3,159,577		—		3,159,577
Portugal		—		1,331,405		—		1,331,405
South Korea		—		9,165,857		—		9,165,857
Spain		—		14,139,663		—		14,139,663
Sweden		—		1,690,721		—		1,690,721
Switzerland		—		332,633		—		332,633
Taiwan		—		607,003		—		607,003
United Kingdom		635,517		916,769		—		1,552,286
United States		55,067,487		—		—		55,067,487
Rights *		—		27,475		—		27,475
Money Market Fund		3,162,916		—		—		3,162,916
Total Investments	$	73,845,255	$	73,106,386	$	—	$	146,951,641

^*	See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK MSCI EAFE ANALYST SENTIMENT ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.8%
Australia: 9.1%
BHP Group Ltd.		2,055	$	85,694
Commonwealth Bank of Australia		349		39,799
Evolution Mining Ltd.		1,805		14,935
Macquarie Group Ltd.		398		69,235
Rio Tinto Ltd.		378		45,510
Rio Tinto PLC (GBP)		938		88,793
Santos Ltd.		2,985		14,818
				358,784
Austria: 0.9%
Erste Group Bank AG		267		35,757

Belgium: 1.1%
UCB SA		151		45,233

China: 3.1%
Hong Kong Exchanges & Clearing Ltd. (HKD)		1,500		69,798
Prosus NV (EUR)		1,319		57,350
				127,148
Denmark: 0.6%
Novonesis Novozymes B		402		25,388

France: 5.0%
AXA SA		1,398		70,096
Capgemini SE		274		27,524
EssilorLuxottica SA		102		19,164
Publicis Groupe SA		205		20,271
Safran SA		165		65,063
				202,118
Germany: 7.1%
adidas AG		132		27,107
Bayer AG		538		29,774
Commerzbank AG		482		20,543
Deutsche Boerse AG		180		49,125
Deutsche Telekom AG *		1,548		42,231
MTU Aero Engines AG		48		20,014
SAP SE		266		41,029
Siemens Energy AG		296		56,464
				286,287
Ireland: 1.6%
AerCap Holdings NV		154		22,450
Bank of Ireland Group PLC		881		17,563
Ryanair Holdings PLC		774		24,209
				64,222
Italy: 3.3%
BPER Banca SPA		1,320		20,751
Eni SpA		2,596		60,944
FinecoBank Banca Fineco SpA		567		14,265
Leonardo SpA		375		20,146
Terna - Rete Elettrica Nazionale		1,261		14,734
				130,840
Japan: 22.5%
Advantest Corp.		300		61,745
Aeon Co. Ltd.		2,400		19,857
Asics Corp.		600		16,326

	Number of Shares		Value
Japan (continued)
Daiichi Sankyo Co. Ltd.		1,200	$	19,305
Daiwa House Industry Co. Ltd.		500		13,554
Daiwa Securities Group, Inc.		1,200		11,906
East Japan Railway Co.		1,200		25,088
Fast Retailing Co. Ltd.		100		51,257
Japan Post Bank Co. Ltd.		1,600		30,465
Japan Tobacco, Inc.		2,000		73,831
Kao Corp.		800		15,862
Kioxia Holdings Corp. *		100		58,148
Kubota Corp.		900		15,066
Mitsubishi Corp.		1,400		37,469
Mitsubishi Electric Corp.		900		33,021
Murata Manufacturing Co. Ltd.		1,100		78,997
NEC Corp.		600		14,492
Nintendo Co. Ltd.		500		21,029
Nomura Holdings, Inc.		2,700		23,716
NTT, Inc.		31,700		28,210
Otsuka Holdings Co. Ltd.		400		26,635
Recruit Holdings Co. Ltd.		600		41,765
Secom Co. Ltd.		400		15,897
SoftBank Corp.		51,100		65,279
Sony Group Corp.		1,900		38,252
Sumitomo Metal Mining Co. Ltd.		200		9,280
Sumitomo Realty & Development Co. Ltd.		500		11,614
Terumo Corp.		1,200		16,396
Toyota Motor Corp.		1,900		31,843
				906,305
Luxembourg: 0.5%
Spotify Technology SA *		47		21,579

Netherlands: 10.1%
ABN AMRO Bank NV		525		22,343
ASM International NV		23		26,466
ASML Holding NV		105		208,047
ING Groep NV		2,633		83,131
Koninklijke Philips NV *		745		20,272
Nebius Group NV *		94		25,960
Wolters Kluwer NV		210		13,587
				399,806
Norway: 1.0%
Equinor ASA		1,303		41,100

Singapore: 2.8%
Oversea-Chinese Banking Corp. Ltd.		4,800		92,138
Sea Ltd. (ADR) *		174		16,674
				108,812
Spain: 2.8%
Banco Bilbao Vizcaya Argentaria SA		1,777		44,767
CaixaBank SA		4,858		68,871
				113,638
Sweden: 2.7%
Saab AB		287		14,991
Sandvik AB		1,104		45,676

See Notes to Financial Statements

VANECK MSCI EAFE ANALYST SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Sweden (continued)
Swedbank AB		1,296	$	48,504
				109,171
Switzerland: 9.0%
ABB Ltd.		972		105,911
Chocoladefabriken Lindt & Spruengli AG		2		23,272
Galderma Group AG		120		27,339
Logitech International SA		134		12,591
Nestle SA		559		57,430
Novartis AG		508		79,529
SGS SA		148		17,191
UBS Group AG		753		37,382
				360,645
United Kingdom: 15.3%
Barclays PLC		12,023		80,615
BP PLC		12,509		77,149
Compass Group PLC		1,752		56,606
GSK PLC		1,446		37,985

	Number of Shares		Value
United Kingdom (continued)
Halma PLC		340	$	17,782
HSBC Holdings PLC		4,663		88,227
InterContinental Hotels Group PLC		132		22,689
Lloyds Banking Group PLC		46,630		68,285
London Stock Exchange Group PLC		351		37,971
Next PLC		105		20,271
Rentokil Initial PLC		2,264		12,883
Shell PLC		1,116		43,388
Standard Chartered PLC		1,908		51,628
				615,479
United States: 1.3%
Argenx SE (EUR) *		55		51,009
Argenx SE (EUR) *		1		928
				51,937
Total Common Stocks (Cost: $3,746,574)				4,004,249

Total Investments: 99.8% (Cost: $3,746,574)				4,004,249
Other assets less liabilities: 0.2%				8,794
NET ASSETS: 100.0%			$	4,013,043

Definitions:

ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar

Footnotes:

*	Non-income producing

See Notes to Financial Statements

VANECK MSCI EAFE ANALYST SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	358,784	$	—	$	358,784
Austria		—		35,757		—		35,757
Belgium		—		45,233		—		45,233
China		—		127,148		—		127,148
Denmark		25,388		—		—		25,388
France		—		202,118		—		202,118
Germany		—		286,287		—		286,287
Ireland		22,450		41,772		—		64,222
Italy		—		130,840		—		130,840
Japan		—		906,305		—		906,305
Luxembourg		21,579		—		—		21,579
Netherlands		25,960		373,846		—		399,806
Norway		—		41,100		—		41,100
Singapore		16,674		92,138		—		108,812
Spain		—		113,638		—		113,638
Sweden		—		109,171		—		109,171
Switzerland		—		360,645		—		360,645
United Kingdom		—		615,479		—		615,479
United States		928		51,009		—		51,937
Total Investments	$	112,979	$	3,891,270	$	—	$	4,004,249

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 8.9%
Anglogold Ashanti PLC (USD)		26,148	$	2,115,112
BHP Group Ltd. (ADR) †		113,254		9,435,191
Evolution Mining Ltd.		90,082		745,349
Fortescue Ltd. †		102,719		1,368,107
Glencore PLC (GBP)		525,447		3,584,878
Northern Star Resources Ltd.		78,257		1,036,770
Rio Tinto Ltd. †		14,614		1,759,497
Rio Tinto PLC (ADR)		58,263		5,530,906
Woodside Energy Group Ltd. (ADR) †		45,456		878,210
				26,454,020
Brazil: 3.5%
Axia Energia SA (ADR)		122,647		1,295,152
Petroleo Brasileiro SA - Petrobras (ADR)		63,945		936,155
Suzano SA (ADR) †		92,965		721,408
Vale SA (ADR)		197,517		2,970,656
Wheaton Precious Metals Corp. (USD)		23,044		2,588,302
Yara International ASA (NOK)		44,075		1,938,909
				10,450,582
Burkina Faso: 0.2%
IAMGOLD Corp. (USD) *		41,171		652,149

Canada: 12.7%
Agnico Eagle Mines Ltd. (USD)		30,451		4,723,864
Alamos Gold, Inc. (USD)		25,803		782,863
Barrick Mining Corp. (USD)		97,116		3,567,071
Cameco Corp. (USD)		27,496		2,800,743
Canadian Natural Resources Ltd. (USD)		52,569		2,076,475
Cenovus Energy, Inc. (USD)		36,456		904,473
Enbridge, Inc. (USD)		61,954		3,358,526
Equinox Gold Corp. (USD)		62,111		603,719
First Majestic Silver Corp. (USD)		39,547		670,717
Franco-Nevada Corp. (USD)		9,959		2,075,854
Kinross Gold Corp. (USD)		67,679		1,598,578
Lundin Gold, Inc.		9,854		531,404
LunR Royalties Corp. *		1,797		23,943
Nutrien Ltd. (USD)		104,015		6,547,744
Pan American Silver Corp. (USD)		25,510		1,142,593
Pembina Pipeline Corp. (USD) †		17,967		830,974
Suncor Energy, Inc. (USD)		33,706		1,809,338
TC Energy Corp. (USD)		26,198		1,736,665
Teck Resources Ltd. (USD)		29,799		1,771,849
West Fraser Timber Co. Ltd. (USD) †		7,355		497,860
				38,055,253
Chile: 0.3%
Lundin Mining Corp. (CAD)		38,892		947,389

China: 1.1%
China Hongqiao Group Ltd. (HKD)		249,000		642,173

	Number of Shares		Value
China (continued)
PetroChina Co. Ltd. (HKD)		640,000	$	690,797
Wilmar International Ltd. (SGD)		743,764		2,076,239
				3,409,209
Denmark: 1.2%
Orsted AS 144A *		50,550		1,136,979
Vestas Wind Systems A/S		85,807		2,430,842
				3,567,821
Finland: 0.7%
Stora Enso Oyj †		65,766		702,006
UPM-Kymmene Oyj		54,292		1,440,021
				2,142,027
France: 1.6%
TotalEnergies SE (USD) †		62,950		4,894,992

Germany: 3.9%
Bayer AG		212,944		11,784,761

India: 1.0%
Reliance Industries Ltd. (USD) 144A (GDR) †		51,142		2,837,899

Indonesia: 0.2%
Barito Renewables Energy Tbk PT *		2,521,500		438,065

Israel: 0.0%
Enlight Renewable Energy Ltd. *		1		71

Italy: 0.5%
Eni SpA (ADR)		32,489		1,522,435

Japan: 2.0%
Kubota Corp. †		202,500		3,389,787
Nippon Steel Corp. †		336,100		1,114,023
Oji Holdings Corp.		118,376		581,781
Sumitomo Metal Mining Co. Ltd.		15,800		733,129
				5,818,720
Liechtenstein: 0.5%
Antofagasta PLC (GBP)		26,406		1,340,995

Luxembourg: 0.5%
ArcelorMittal SA (USD)		25,772		1,551,990

Mexico: 1.5%
Fresnillo PLC (GBP)		16,193		590,060
Grupo Mexico SAB de CV †		199,164		2,259,519
Industrias Penoles SAB de CV †		15,455		675,982
Southern Copper Corp. (USD) †		6,084		1,060,198
				4,585,759
Norway: 1.0%
Equinor ASA (ADR)		27,844		874,302
Mowi ASA		118,119		2,182,689
				3,056,991
Portugal: 0.4%
EDP SA		249,166		1,302,420

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Russia: 0.0%
Evraz PLC (GBP) *∞		10,824	$	0
Gazprom PJSC *∞		125,520		0
GMK Norilskiy Nickel PAO *∞		128,400		0
GMK Norilskiy Nickel PAO (ADR) *∞		17		0
LUKOIL PJSC *∞		3,739		0
Novatek PJSC *∞		19,580		0
Novolipetsk Steel PJSC *∞		26,910		0
PhosAgro PJSC *∞		4,623		0
PhosAgro PJSC (USD) (GDR) *∞		1		0
PhosAgro PJSC (USD) (GDR) *∞		89		0
Polyus PJSC (USD) (GDR) *∞		1,669		0
Rosneft Oil Co. PJSC *∞		13,000		0
Severstal PAO (USD) (GDR) *∞		4,118		0
Surgutneftegas PAO *∞		371,430		0
Tatneft PJSC (ADR) *∞		2,680		0
				0
South Africa: 2.2%
Anglo American PLC (GBP)		63,064		3,095,307
Gold Fields Ltd. (ADR)		44,154		1,483,133
Harmony Gold Mining Co. Ltd. (ADR)		36,572		556,260
Impala Platinum Holdings Ltd.		61,652		647,306
Valterra Platinum Ltd.		12,916		867,516
				6,649,522
South Korea: 0.4%
POSCO Holdings, Inc. (ADR) †		20,474		1,051,954

Spain: 4.6%
Iberdrola SA		516,546		12,864,489
Repsol SA †		34,590		864,747
				13,729,236
Sweden: 0.7%
Boliden AB		18,614		1,053,734
Holmen AB		14,221		447,760
Svenska Cellulosa AB SCA †		63,850		654,225
				2,155,719
United Kingdom: 3.7%
BP PLC (ADR)		68,541		2,532,590
CNH Industrial NV (USD)		195,599		2,196,577
Endeavour Mining PLC		13,107		642,381
Shell PLC (ADR) †		72,119		5,592,107
				10,963,655
United States: 46.3%
AGCO Corp.		14,957		1,790,353
Archer-Daniels-Midland Co.		65,561		5,008,860
Baker Hughes Co.		17,531		972,971
Bloom Energy Corp. *		19,026		5,759,170
Bunge Global SA		23,448		2,502,605
CF Industries Holdings, Inc.		30,477		3,299,440
Cheniere Energy, Inc.		5,495		1,313,360
Chevron Corp.		79,098		13,111,284
Coeur Mining, Inc.		59,143		965,214
ConocoPhillips		28,421		2,954,647

	Number of Shares		Value
United States (continued)
Corteva, Inc.		117,015	$	9,910,000
Darling Ingredients, Inc. *		36,843		2,012,365
Deere & Co.		26,808		17,005,119
Devon Energy Corp.		27,086		1,119,194
Diamondback Energy, Inc.		5,213		916,341
EOG Resources, Inc.		9,836		1,276,024
EQT Corp.		15,691		834,290
Exxon Mobil Corp.		99,677		13,627,839
First Solar, Inc. *		7,476		1,764,037
Freeport-McMoRan, Inc.		72,691		4,571,537
Ingredion, Inc.		16,711		1,582,699
Kinder Morgan, Inc.		46,415		1,483,888
Louisiana-Pacific Corp.		7,591		597,108
Marathon Petroleum Corp.		6,635		1,696,370
Mosaic Co.		77,355		1,639,152
Newmont Corp.		49,393		4,613,306
NextEra Energy, Inc.		135,937		11,931,190
Nextpower, Inc. *		10,469		1,247,277
Nucor Corp.		9,169		2,042,395
Occidental Petroleum Corp.		16,939		822,727
ONEOK, Inc.		14,521		1,262,456
Phillips 66		9,150		1,546,808
Reliance, Inc.		2,660		993,776
Royal Gold, Inc.		4,111		820,597
SLB Ltd.		33,777		1,570,293
Steel Dynamics, Inc.		7,060		1,619,988
Targa Resources Corp.		4,382		1,174,989
The Williams Companies, Inc.		28,208		2,096,983
Toro Co.		21,532		2,097,647
Tyson Foods, Inc.		55,959		3,203,653
UFP Industries, Inc.		6,626		601,243
Valero Energy Corp.		6,747		1,757,189
Weyerhaeuser Co.		50,437		1,207,461
				138,323,845
Zambia: 0.3%
First Quantum Minerals Ltd. (CAD) *		31,997		873,701

Total Common Stocks (Cost: $248,628,288)				298,561,180

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $1,533,304)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		1,533,304		1,533,304
Total Investments: 100.4% (Cost: $250,161,592)				300,094,484
Liabilities in excess of other assets: (0.4)%				(1,266,879)
NET ASSETS: 100.0%			$	298,827,605

See Notes to Financial Statements

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
NOK	Norwegian Krone
SGD	Singapore Dollar
USD	United States Dollar

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,982,804.
∞	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 $3,974,878, or 1.3% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	17,959,419	$	8,494,601	$	—	$	26,454,020
Brazil		8,511,673		1,938,909		—		10,450,582
Burkina Faso		652,149		—		—		652,149
Canada		38,055,253		—		—		38,055,253
Chile		947,389		—		—		947,389
China		—		3,409,209		—		3,409,209
Denmark		—		3,567,821		—		3,567,821
Finland		—		2,142,027		—		2,142,027
France		4,894,992		—		—		4,894,992
Germany		—		11,784,761		—		11,784,761
India		2,837,899		—		—		2,837,899
Indonesia		—		438,065		—		438,065
Israel		—		71		—		71
Italy		1,522,435		—		—		1,522,435
Japan		—		5,818,720		—		5,818,720
Liechtenstein		—		1,340,995		—		1,340,995
Luxembourg		1,551,990		—		—		1,551,990
Mexico		3,995,699		590,060		—		4,585,759
Norway		874,302		2,182,689		—		3,056,991
Portugal		—		1,302,420		—		1,302,420
Russia		—		—		0		0
South Africa		2,039,393		4,610,129		—		6,649,522
South Korea		1,051,954		—		—		1,051,954
Spain		—		13,729,236		—		13,729,236
Sweden		—		2,155,719		—		2,155,719
United Kingdom		10,321,274		642,381		—		10,963,655
United States		138,323,845		—		—		138,323,845
Zambia		873,701		—		—		873,701
Money Market Fund		1,533,304		—		—		1,533,304
Total Investments	$	235,946,671	$	64,147,813	$	0	$	300,094,484

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.9%
Australia: 3.1%
Ampol Ltd. †		198,736	$	4,501,384

Austria: 4.4%
OMV AG		102,395		6,438,602

Finland: 5.6%
Neste Oyj		252,453		8,247,643

Greece: 2.2%
Motor Oil Hellas Corinth Refineries SA		72,096		3,163,562

Hungary: 4.2%
MOL Hungarian Oil & Gas PLC *		517,153		6,146,423

India: 8.8%
Reliance Industries Ltd. (USD) 144A (GDR) †		230,249		12,776,650

Japan: 11.4%
Cosmo Energy Holdings Co. Ltd.		135,400		3,164,449
ENEOS Holdings, Inc.		1,006,700		7,455,168
Idemitsu Kosan Co. Ltd.		822,540		6,078,982
				16,698,599
Poland: 5.4%
ORLEN SA		232,194		7,813,305

Portugal: 4.4%
Galp Energia SGPS SA		305,323		6,474,954

	Number of Shares		Value
Saudi Arabia: 2.2%
S-Oil Corp. (KRW)		46,732	$	3,207,700

South Korea: 7.7%
HD Hyundai Co. Ltd.		42,721		5,563,660
SK Innovation Co. Ltd. *		91,045		5,615,202
				11,178,862
Taiwan: 2.3%
Formosa Petrochemical Corp.		1,927,000		3,321,914

Thailand: 1.4%
Thai Oil PCL (NVDR)		1,384,000		2,025,569

Turkiye: 3.4%
Turkiye Petrol Rafinerileri AS		1,020,591		4,959,104

United States: 33.4%
Calumet, Inc. *		50,802		1,829,888
Delek US Holdings, Inc.		55,647		2,827,424
HF Sinclair Corp.		95,943		6,682,430
Marathon Petroleum Corp.		45,839		11,719,657
Par Pacific Holdings, Inc. *		38,227		2,143,770
PBF Energy, Inc.		82,223		3,742,791
Phillips 66		53,962		9,122,276
Valero Energy Corp.		40,930		10,659,810
				48,728,046
Total Common Stocks (Cost: $139,919,067)				145,682,317

Total Investments: 99.9% (Cost: $139,919,067)				145,682,317
Other assets less liabilities: 0.1%				210,368
NET ASSETS: 100.0%			$	145,892,685

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 $100,693.
*	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 $12,776,650, or 8.8% of net assets.

See Notes to Financial Statements

VANECK OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	4,501,384	$	—	$	4,501,384
Austria		—		6,438,602		—		6,438,602
Finland		—		8,247,643		—		8,247,643
Greece		3,163,562		—		—		3,163,562
Hungary		6,146,423		—		—		6,146,423
India		12,776,650		—		—		12,776,650
Japan		—		16,698,599		—		16,698,599
Poland		—		7,813,305		—		7,813,305
Portugal		—		6,474,954		—		6,474,954
Saudi Arabia		—		3,207,700		—		3,207,700
South Korea		—		11,178,862		—		11,178,862
Taiwan		—		3,321,914		—		3,321,914
Thailand		—		2,025,569		—		2,025,569
Turkiye		—		4,959,104		—		4,959,104
United States		48,728,046		—		—		48,728,046
Total Investments	$	70,814,681	$	74,867,636	$	—	$	145,682,317

See Notes to Financial Statements

VANECK OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Bermuda: 3.1%
Valaris Ltd. (USD) *		849,343	$	61,662,302

Netherlands: 5.3%
Core Laboratories, Inc. (USD) †		346,137		4,032,496
Tenaris SA (ADR) †		1,837,574		101,966,981
				105,999,477
Switzerland: 4.1%
Transocean Ltd. (USD) *		16,915,165		82,715,157

United Kingdom: 7.0%
TechnipFMC PLC (USD)		2,090,669		138,611,354

United States: 80.5%
Baker Hughes Co.		4,256,259		236,222,375
Cactus, Inc. †		1,094,639		56,078,356
Expro Group Holdings NV * †		1,220,447		18,026,002
Halliburton Co.		3,783,212		128,440,047
Helix Energy Solutions Group, Inc. *		2,396,404		20,944,571
Helmerich & Payne, Inc. †		1,525,759		49,953,350
Innovex International, Inc. * †		740,045		18,353,116
Liberty Energy, Inc. †		2,777,551		72,744,061
Nabors Industries Ltd. *		288,863		24,267,381
Noble Corp. PLC †		2,116,495		78,945,263
NOV, Inc.		3,862,635		71,651,879

	Number of Shares		Value
United States (continued)
Oceaneering International, Inc. * †		1,597,821	$	64,743,707
Patterson-UTI Energy, Inc.		6,271,132		57,568,992
ProPetro Holding Corp. *		2,148,348		30,807,310
RPC, Inc. †		2,940,194		17,141,331
Select Water Solutions, Inc.		2,272,154		45,397,637
SLB Ltd.		8,139,487		378,404,751
Solaris Energy Infrastructure, Inc. †		1,286,378		103,501,974
Tidewater, Inc. * †		672,162		44,786,154
Weatherford International PLC †		1,037,241		84,535,141
				1,602,513,398
Total Common Stocks (Cost: $2,257,103,892)				1,991,501,688

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $200,516)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		200,516		200,516
Total Investments: 100.0% (Cost: $2,257,304,408)				1,991,702,204
Other assets less liabilities: 0.0%				11,964
NET ASSETS: 100.0%			$	1,991,714,168

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $234,399,178.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	1,991,501,688	$	—	$	—	$	1,991,501,688
Money Market Fund		200,516		—		—		200,516
Total Investments	$	1,991,702,204	$	—	$	—	$	1,991,702,204

*	See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 96.7%
Australia: 22.5%
AVZ Minerals Ltd. *∞		52,906,510	$	6,487,693
Elevra Lithium Ltd. (ADR) * †		806,826		54,985,192
Iluka Resources Ltd.		17,931,457		88,341,773
Liontown Ltd. * †		86,166,516		101,638,866
Lynas Rare Earths Ltd. *		14,054,626		176,470,026
PLS Group Ltd. * †		50,662,719		177,649,834
				605,573,384
Brazil: 1.3%
Sigma Lithium Corp. (USD) * †		2,747,328		34,753,699

Canada: 9.6%
Almonty Industries, Inc. (USD) *		7,532,533		124,738,747
Lithium Americas Corp. (USD) * †		14,768,862		56,860,119
Lithium Argentina AG (USD) * †		5,941,671		49,137,619
Standard Lithium Ltd. (USD) * †		10,368,203		28,512,558
				259,249,043
Chile: 4.8%
Sociedad Quimica y Minera de Chile SA (ADR)		1,724,851		127,707,968

China: 34.7%
Baoji Titanium Industry Co. Ltd.		6,930,873		28,051,492
China Northern Rare Earth Group High-Tech Co. Ltd.		25,795,828		183,633,256
Ganfeng Lithium Group Co. Ltd. (HKD) 144A *		16,118,440		104,040,866
Hubei Zhenhua Chemical Co. Ltd. *		10,959,944		75,299,007
Jinduicheng Molybdenum Co. Ltd.		37,042,270		154,357,627
Sanxiang Advanced Materials Co. Ltd.		6,153,788		87,523,087
Shenghe Resources Holding Co. Ltd.		25,427,381		112,355,307

	Number of Shares		Value
China (continued)
Xiamen Tungsten Co. Ltd.		14,977,709	$	189,217,286
				934,477,928
France: 1.0%
Eramet SA * †		500,562		25,729,373

Germany: 1.4%
Vulcan Energy Resources Ltd. (AUD) * †		17,127,853		36,396,530

Kazakhstan: 0.6%
Jiaxin International Resources Investment Ltd. (HKD) * †		2,204,000		16,175,699

Netherlands: 2.2%
AMG Critical Materials NV		1,573,318		59,054,422

Taiwan: 1.8%
Lianyou Metals Co. Ltd.		686,000		49,026,816

United States: 16.8%
Albemarle Corp.		1,391,692		187,920,171
IperionX Ltd. (ADR) * †		1,050,303		31,225,508
MP Materials Corp. * †		2,874,905		161,023,429
Tronox Holdings PLC		5,245,401		33,046,026
United States Antimony Corp. * †		5,445,817		39,536,632
				452,751,766
Total Common Stocks (Cost: $2,183,593,317)				2,600,896,628

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%
Money Market Fund: 3.0% (Cost: $81,066,938)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		81,066,938		81,066,938
Total Investments: 99.7% (Cost: $2,264,660,255)				2,681,963,566
Other assets less liabilities: 0.3%				8,317,773
NET ASSETS: 100.0%			$	2,690,281,339

Definitions:

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

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $334,048,549.

See Notes to Financial Statements

VANECK RARE EARTH AND STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

∞	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 $104,040,866, or 3.9% of net assets.

Transactions in and earnings from securities of affiliates for the period ended June 30, 2026 were as follows:

		Value 12/31/2025				Purchases				Sales Proceeds				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/2026				Dividend Income
AMG Critical Materials NV		$	54,111,536			$	44,652,193			$	(43,195,274)			$	2,870,754			$	615,213			$	–(a)			$	450,680


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

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	54,985,192	$	544,100,499	$	6,487,693	$	605,573,384
Brazil		34,753,699		—		—		34,753,699
Canada		259,249,043		—		—		259,249,043
Chile		127,707,968		—		—		127,707,968
China		—		934,477,928		—		934,477,928
France		—		25,729,373		—		25,729,373
Germany		—		36,396,530		—		36,396,530
Kazakhstan		—		16,175,699		—		16,175,699
Netherlands		—		59,054,422		—		59,054,422
Taiwan		—		49,026,816		—		49,026,816
United States		452,751,766		—		—		452,751,766
Money Market Fund		81,066,938		—		—		81,066,938
Total Investments	$	1,010,514,606	$	1,664,961,267	$	6,487,693	$	2,681,963,566

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 29.4%
BHP Group Ltd. (ADR) †		157,797	$	13,146,068
BlueScope Steel Ltd.		199,607		4,417,750
Fortescue Ltd. †		589,253		7,848,218
Mineral Resources Ltd. *		77,583		3,361,874
Rio Tinto Ltd. †		71,426		8,599,549
Rio Tinto PLC (ADR)		132,137		12,543,766
				49,917,225
Austria: 2.1%
voestalpine AG		77,595		3,626,703

Brazil: 9.6%
Cia Siderurgica Nacional SA (ADR) * †		446,203		408,276
Gerdau SA (ADR)		799,999		3,231,996
Vale SA (ADR)		847,467		12,745,903
				16,386,175
Canada: 1.4%
Labrador Iron Ore Royalty Corp. †		41,725		820,530
Russel Metals, Inc. †		36,176		1,533,735
				2,354,265
Finland: 0.9%
Outokumpu Oyj		265,267		1,528,614

Japan: 9.4%
Hanwa Co. Ltd.		92,700		973,468
JFE Holdings, Inc. †		389,900		3,765,907
Maruichi Steel Tube Ltd.		135,800		1,577,004
Nippon Steel Corp. †		2,406,800		7,977,477
Yamato Kogyo Co. Ltd.		22,000		1,654,266
				15,948,122
Luxembourg: 5.9%
APERAM SA		30,776		1,497,761
ArcelorMittal SA (USD) †		141,631		8,529,019
				10,026,780
Netherlands: 4.9%
Tenaris SA (ADR) †		120,233		6,671,729
Ternium SA (ADR)		37,947		1,620,337
				8,292,066
South Africa: 0.4%
Kumba Iron Ore Ltd.		38,382		680,932

South Korea: 4.8%
Hyundai Steel Co.		59,863		1,099,323

	Number of Shares		Value
South Korea (continued)
POSCO Holdings, Inc. (ADR) †		138,497	$	7,115,976
				8,215,299
Spain: 1.3%
Acerinox SA		131,083		2,299,454

Sweden: 2.3%
SSAB AB †		427,312		3,958,875

Taiwan: 4.8%
China Steel Corp.		8,822,000		5,229,742
Feng Hsin Steel Co. Ltd.		380,000		727,071
TA Chen Stainless Pipe		1,700,000		2,163,561
				8,120,374
Turkiye: 1.3%
Eregli Demir ve Celik Fabrikalari TAS		2,453,425		2,134,873

United Kingdom: 0.4%
Vesuvius PLC		114,819		682,723

United States: 21.1%
Cleveland-Cliffs, Inc. *		299,900		2,816,061
Commercial Metals Co.		51,306		3,219,452
Nucor Corp.		46,900		10,446,975
Reliance, Inc.		20,625		7,705,500
Sims Ltd. (AUD)		88,041		1,688,381
Steel Dynamics, Inc.		40,420		9,274,773
Worthington Steel, Inc.		19,941		669,619
				35,820,761
Total Common Stocks (Cost: $162,713,310)				169,993,241

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.1%
Money Market Fund: 3.1% (Cost: $5,305,168)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		5,305,168		5,305,168
Total Investments: 103.1% (Cost: $168,018,478)				175,298,409
Liabilities in excess of other assets: (3.1)%				(5,346,745)
NET ASSETS: 100.0%			$	169,951,664

Definitions:

ADR	American Depositary Receipt
AUD	Australia Dollar
USD	United States Dollar

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $29,913,144.

See Notes to Financial Statements

VANECK STEEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	25,689,834	$	24,227,391	$	—	$	49,917,225
Austria		—		3,626,703		—		3,626,703
Brazil		16,386,175		—		—		16,386,175
Canada		2,354,265		—		—		2,354,265
Finland		—		1,528,614		—		1,528,614
Japan		—		15,948,122		—		15,948,122
Luxembourg		8,529,019		1,497,761		—		10,026,780
Netherlands		8,292,066		—		—		8,292,066
South Africa		—		680,932		—		680,932
South Korea		7,115,976		1,099,323		—		8,215,299
Spain		—		2,299,454		—		2,299,454
Sweden		—		3,958,875		—		3,958,875
Taiwan		—		8,120,374		—		8,120,374
Turkiye		—		2,134,873		—		2,134,873
United Kingdom		682,723		—		—		682,723
United States		34,132,380		1,688,381		—		35,820,761
Money Market Fund		5,305,168		—		—		5,305,168
Total Investments	$	108,487,606	$	66,810,803	$	—	$	175,298,409

See Notes to Financial Statements

VANECK URANIUM AND NUCLEAR ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 100.2%
Australia: 7.4%
Deep Yellow Ltd. * † ‡		57,320,739	$	56,275,842
Paladin Energy Ltd. * † ‡		28,056,850		183,117,627
Silex Systems Ltd. * † ‡		19,263,231		72,147,961
				311,541,430
Canada: 19.0%
Cameco Corp. (USD)		3,471,487		353,605,666
Denison Mines Corp. (USD) * † ‡		65,571,084		200,647,517
IsoEnergy Ltd. * † ‡		3,504,991		34,932,562
NexGen Energy Ltd. (USD) * †		22,242,140		208,853,695
				798,039,440
China: 6.2%
CGN Mining Co. Ltd. (HKD) † 311,050,000				97,599,546
CGN Power Co. Ltd. (HKD) 144A		479,964,000		164,129,749
				261,729,295
Finland: 5.7%
Fortum Oyj		10,447,384		241,842,915

Kazakhstan: 4.4%
NAC Kazatomprom JSC (USD) (GDR)		2,677,886		184,197,604

South Korea: 2.5%
KEPCO Engineering & Construction Co., Inc.		1,488,161		104,985,007

United Kingdom: 2.8%
Yellow Cake PLC 144A * † ‡		16,761,409		117,284,880

	Number of Shares		Value
United States: 52.2%
BWX Technologies, Inc. †		1,464,697	$	285,103,271
Centrus Energy Corp. * † ‡		1,265,711		212,474,906
Constellation Energy Corp.		1,361,512		338,158,735
Encore Energy Corp. * † ‡		15,159,056		19,858,363
Energy Fuels, Inc. * † ‡		13,554,873		196,545,658
NANO Nuclear Energy, Inc. * † ‡		3,819,847		80,751,566
NuScale Power Corp. * † ‡		19,974,830		200,347,545
Oklo, Inc. * †		4,198,503		219,707,662
Public Service Enterprise Group, Inc.		3,672,967		298,098,002
Uranium Energy Corp. * †		19,699,167		209,993,120
Ur-Energy, Inc. * † ‡		23,446,633		31,887,421
X-Energy, Inc. * †		5,471,937		100,464,763
				2,193,391,012
Total Common Stocks (Cost: $4,177,453,077)				4,213,011,583

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1%
Money Market Fund: 2.1% (Cost: $89,918,533)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		89,918,533		89,918,533
Total Investments: 102.3% (Cost: $4,267,371,610)				4,302,930,116
Liabilities in excess of other assets: (2.3)%				(97,511,500)
NET ASSETS: 100.0%			$	4,205,418,616

Definitions:

GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $680,440,672.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $281,414,629, or 6.7% of net assets.

See Notes to Financial Statements

VANECK URANIUM AND NUCLEAR ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Transactions in and earnings from securities of affiliates for the period ended June 30, 2026 were as follows:

	Value 12/31/2025		Purchases		Sales Proceeds		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/2026		Dividend Income
Centrus Energy Corp.	$	–(a)	$	132,603,174	$	(3,510,154)	$	2,582,556	$	(74,749,383)	$	212,474,906	$	–
Deep Yellow Ltd.		69,646,375		30,464,016		(25,871,532)		(4,106,665)		(13,856,352)		56,275,842		–
Denison Mines Corp.		166,503,575		89,393,261		(71,706,301)		(375,576)		16,832,558		200,647,517		–
Encore Energy Corp.		24,101,699		12,918,830		(1,574,312)		(1,182,293)		(14,405,561)		19,858,363		–
Energy Fuels, Inc.		–(a)		102,344,689		(3,462,746)		2,281,217		(25,257,030)		196,545,659		–
IsoEnergy Ltd.		–		37,992,293		(517,932)		17,111		(2,558,910)		34,932,562		–
NANO Nuclear Energy, Inc.		77,824,813		42,800,998		(19,781,499)		(19,962,026)		(130,720)		80,751,566		–
NuScale Power Corp.		–(a)		145,429,267		(3,365,812)		118,064		(61,445,750)		200,347,545		–
Paladin Energy Ltd.		152,547,115		72,546,289		(36,143,295)		(3,716,798)		(2,115,684)		183,117,627		–
Silex Systems Ltd.		100,706,835		28,515,392		(17,645,011)		(4,830,377)		(34,598,878)		72,147,961		–
Ur-Energy, Inc.		28,360,647		42,727,287		(35,022,687)		(1,353,841)		(2,823,985)		31,887,421		–
Yellow Cake PLC		125,741,772		36,381,947		(25,965,017)		(3,029,677)		(15,844,145)		117,284,880		–
Total	$	745,432,831	$	774,117,443	$	(244,566,298)	$	(33,558,305)	$	(230,953,840)	$	1,406,271,849	$	–


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

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	311,541,430	$	—	$	311,541,430
Canada		798,039,440		—		—		798,039,440
China		—		261,729,295		—		261,729,295
Finland		—		241,842,915		—		241,842,915
Kazakhstan		184,197,604		—		—		184,197,604
South Korea		—		104,985,007		—		104,985,007
United Kingdom		—		117,284,880		—		117,284,880
United States		2,193,391,012		—		—		2,193,391,012
Money Market Fund		89,918,533		—		—		89,918,533
Total Investments	$	3,265,546,589	$	1,037,383,527	$	—	$	4,302,930,116

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.3%
Banks: 11.8%
Bank for Foreign Trade of Vietnam JSC		11,772,401	$	27,919,979
Nam A Commercial JSB *		8,412,000		4,225,355
Saigon - Hanoi Commercial Joint Stock Bank *		17,762,631		9,175,278
Saigon Treasure Commercial JSB *		4,781,000		13,444,607
Vietnam Export Import Commercial JSB *		7,085,929		5,682,266
Vietnam Maritime Commercial JSB*		10,110,300		6,244,362
				66,691,847
Capital Goods: 5.8%
Development Investment Construction JSC*		5,273,894		2,504,505
Gelex Electric Equipment JSC		2,165,800		7,597,565
Gelex Group JSC		7,742,800		9,282,074
Ha Do Group JSC		164,511		130,250
Hoang Huy Investment Financial Services JSC *		5,011,855		2,782,928
IDICO Corp. JSC		1,764,416		2,788,312
Tasco JSC *		7,074,100		4,113,552
Vietnam Construction and Import-Export JSC*		4,280,819		3,395,038
				32,594,224
Consumer Services: 2.1%
Vinpearl JSC*		3,537,200		12,133,878

Energy: 1.3%
PetroVietnam Drilling & Well Services JSC		3,132,788		3,895,260
PetroVietnam Technical Services Corp.*		2,449,807		3,544,454
				7,439,714
Financial Services: 20.6%
FPT Securities JSC		2,899,827		2,935,924
Sai Gon-Ha Noi Securities JSC *		5,069,024		3,572,684
SSI Securities Corp.		23,866,226		24,373,477
Techcom Securities JSC		7,816,400		13,233,335
Vietcap Securities JSC		13,096,987		12,171,294
VIX Securities JSC *		31,760,609		20,493,706
VNDirect Securities Corp.		15,871,425		10,720,444
VP Bank Securities Ltd. Co. *		5,283,400		5,763,173
VPS Securities JSC*		18,182,100		22,929,121
				116,193,158
Food, Beverage & Tobacco: 19.3%
BAF Viet Nam Agriculture JSC*		2,412,560		2,725,996
HAGL JSC *		8,392,600		4,900,438
KIDO Group Corp.		1,429,136		2,715,801
Masan Consumer Corp.		5,653,700		29,009,111
Masan Group Corp. *		11,815,576		32,516,072
Saigon Beer Alcohol Beverage Corp.		1,807,000		3,336,150

	Number of Shares		Value
Food, Beverage & Tobacco (continued)
Thanh Thanh Cong - Bien Hoa JSC *		5,746,771	$	4,641,274
Vietnam Dairy Products JSC		12,367,141		25,786,046
Vinh Hoan Corp.		1,505,060		3,413,219
				109,044,107
Insurance: 0.6%
Bao Viet Holdings		1,359,596		3,346,376

Materials: 6.8%
Duc Giang Chemicals JSC		2,354,332		4,290,519
Hoa Phat Group JSC		29,738,598		26,404,556
Hoa Sen Group *		5,118,111		2,285,130
PetroVietNam Ca Mau Fertilizer JSC *		1,790,100		2,396,322
Petrovietnam Fertilizer & Chemicals JSC		3,257,086		2,847,157
				38,223,684
Real Estate Management & Development: 24.7%
Bluemarq Group JSC*		4,645,314		2,241,478
CEO Group JSC *		3,861,259		2,165,461
Khang Dien House Trading and Investment JSC *		3,952,772		3,255,958
Kinh Bac City Development Holding Corp. *		5,440,100		6,331,644
Novaland Investment Group Corp. *		14,874,527		7,046,921
Phat Dat Real Estate Development Corp. *		6,045,062		3,397,112
Sai Gon VRG Investment Corp.		1,603,220		3,072,532
Van Phu Real estate development JSC *		1,758,552		4,143,824
Vincom Retail JSC		11,845,522		12,854,195
Vingroup JSC *		5,905,098		49,555,033
Vinhomes JSC 144A		7,884,167		45,681,034
				139,745,192
Software & Services: 2.4%
FPT Corp.		5,040,200		13,482,796

Transportation: 3.0%
Vietjet Aviation JSC*		2,600,562		13,824,847
Vietnam Airlines JSC*		3,507,100		3,156,821
				16,981,668
Utilities: 0.9%
PetroVietnam Power Corp.*		8,644,647		4,837,511

Total Common Stocks (Cost: $392,148,600)				560,714,155

EXCHANGE TRADED FUND: 0.0% (Cost: $42,158)
DCVFMVN Diamond ETF		62,610		86,414

Total Investments: 99.3% (Cost: $392,190,758)				560,800,569
Other assets less liabilities: 0.7%				3,703,291
NET ASSETS: 100.0%			$	564,503,860

See Notes to Financial Statements

VANECK VIETNAM ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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 $45,681,034, or 8.1% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	66,691,846	$	—	$	66,691,847
Capital Goods		11,711,118		20,883,107		—		32,594,224
Consumer Services		—		12,133,878		—		12,133,878
Energy		—		7,439,714		—		7,439,714
Financial Services		—		116,193,158		—		116,193,158
Food, Beverage & Tobacco		7,357,075		101,687,032		—		109,044,107
Insurance		—		3,346,376		—		3,346,376
Materials		2,847,157		35,376,527		—		38,223,684
Real Estate Management & Development		4,143,824		135,601,368		—		139,745,192
Software & Services		—		13,482,796		—		13,482,796
Transportation		—		16,981,668		—		16,981,668
Utilities		—		4,837,511		—		4,837,511
Exchange Traded Fund		—		86,414		—		86,414
Total Investments	$	26,059,174	$	534,741,395	$	—	$	560,800,569

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Africa Index ETF			Agribusiness ETF			Brazil Small-Cap ETF			China Semiconductor ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	99,709,825		$	943,471,882		$	22,329,041		$	208,332,416
Short-term investments held as collateral for securities loaned (3)		2,170,975			12,466,707			32,288			—
Cash		56,395			—			—			322,864
Foreign currency, at value (4)		—			801			12,525			296
Receivables:
Capital shares sold		—			—			—			211,148,037
Due from Adviser		—			—			275			—
Dividends and interest		215,045			2,475,191			148,828			68,323
Prepaid expenses		—			839			—			—
Other assets		3,471			120,507			5,914			—
Total assets		102,155,711			958,535,927			22,528,871			419,871,936
Liabilities:
Payables:
Investment securities purchased		—			—			—			198,179,001
Collateral for securities loaned		2,170,975			12,466,707			32,288			—
Line of credit		126,164			897,458			—			—
Due to Adviser		43,560			379,155			—			449
Due to custodian		48,314			1,220			68,699			—
Deferred Trustee fees		19,360			770,234			49,813			—
Accrued expenses		35,959			124,026			36,620			—
Accrued interest		2,941			2,879			—			—
Total liabilities		2,447,273			14,641,679			187,420			198,179,450
NET ASSETS	$	99,708,438		$	943,894,248		$	22,341,451		$	221,692,486
Shares outstanding		3,850,000			11,900,000			1,350,000			3,200,000
Net asset value, per share	$	25.90		$	79.32		$	16.55		$	69.28
Net Assets consist of:
Aggregate paid-in capital	$	144,879,542		$	1,982,715,899		$	188,330,059		$	217,349,692
Total distributable earnings (loss)		(45,171,104	)		(1,038,821,651	)		(165,988,608	)		4,342,794
NET ASSETS	$	99,708,438		$	943,894,248		$	22,341,451		$	221,692,486
(1) Includes Investment in securities on loan, at market value	$	3,326,174		$	67,319,056		$	551,377		$	—
(2) Cost of investments - Unaffiliated issuers	$	87,478,869		$	1,084,059,220		$	20,185,212		$	204,095,181
(3) Cost of short-term investments held as collateral for securities loaned	$	2,170,975		$	12,466,707		$	32,288		$	—
(4) Cost of cash denominated in foreign currency	$	—		$	798		$	12,525		$	296

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	ChiNext Innovators ETF		CMCI Commodity Strategy ETF (a)		Copper and Electrification Metals ETF			Digital India ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	143,562,865	$	2,727,584	$	34,250,915		$	15,087,938
Short-term investments held as collateral for securities loaned (3)		—		—		31,097			—
Total return swap contracts, at value		—		29,995		—			—
Cash		219,508		4,446		—			—
Foreign currency, at value (4)		—		—		524			81,115
Receivables:
Investment securities sold		—		19,984		—			—
Capital shares sold		3,126,218		—		—			—
Due from Adviser		—		5,109		—			—
Dividends and interest		1,209		219		23,905			171,335
Other assets		136		3		—			—
Total assets		146,909,936		2,787,340		34,306,441			15,340,388
Liabilities:
Payables:
Collateral for securities loaned		—		—		31,097			—
Due to Adviser		60,882		—		19,395			8,771
Due to custodian		2,987,443		—		15,261			9,101
Deferred Trustee fees		1,961		13		—			—
Accrued expenses		40,489		41,961		—			—
Accrued foreign taxes		—		—		—			310,069
Accrued interest		11,852		20		969			221
Total liabilities		3,102,627		41,994		66,722			328,162
NET ASSETS	$	143,807,309	$	2,745,346	$	34,239,719		$	15,012,226
Shares outstanding		2,300,000		100,000		850,000			425,000
Net asset value, per share	$	62.52	$	27.45	$	40.28		$	35.32
Net Assets consist of:
Aggregate paid-in capital	$	108,960,468	$	2,381,906	$	34,482,586		$	15,134,835
Total distributable earnings (loss)		34,846,841		363,440		(242,867	)		(122,609	)
NET ASSETS	$	143,807,309	$	2,745,346	$	34,239,719		$	15,012,226
(1) Includes Investment in securities on loan, at market value	$	—	$	—	$	638,507		$	—
(2) Cost of investments - Unaffiliated issuers	$	92,116,337	$	2,728,470	$	30,187,563		$	12,981,600
(3) Cost of short-term investments held as collateral for securities loaned	$	—	$	—	$	31,097		$	—
(4) Cost of cash denominated in foreign currency	$	—	$	—	$	521		$	81,092

(a)

Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Gold Miners ETF			India Growth Leaders ETF (a)			Indonesia Index ETF			Israel ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	22,751,189,115		$	99,208,093		$	27,541,982		$	153,345,792
Short-term investments held as collateral for securities loaned (3)		96,444,322			—			315			4,613,480
Cash		24,610,110			242,806			—			9,173
Foreign currency, at value (4)		—			219,283			9,313			—
Receivables:
Investment securities sold		—			—			—			518,999
Capital shares sold		11,304,871			—			—			—
Dividends and interest		1,632,074			193,366			186,638			91,147
Prepaid expenses		19,913			201			—			455
Other assets		747,194			3,533			4,895			1,427
Total assets		22,885,947,599			99,867,282			27,743,143			158,580,473
Liabilities:
Payables:
Investment securities purchased		11,920,481			—			—			—
Collateral for securities loaned		96,444,322			—			315			4,613,480
Line of credit		—			—			179,799			574,142
Due to Adviser		10,086,670			29,477			2,960			61,328
Due to custodian		1,057,145			—			—			37,088
Deferred Trustee fees		1,919,601			21,979			42,397			7,145
Accrued expenses		20,188			62,900			40,165			40,337
Accrued foreign taxes		—			1,182,644			—			—
Accrued interest		59,687			63			162			2,119
Total liabilities		121,508,094			1,297,063			265,798			5,335,639
NET ASSETS	$	22,764,439,505		$	98,570,219		$	27,477,345		$	153,244,834
Shares outstanding		302,052,500			2,124,967			2,800,000			2,375,000
Net asset value, per share	$	75.37		$	46.39		$	9.81		$	64.52
Net Assets consist of:
Aggregate paid-in capital	$	24,409,176,043		$	164,665,563		$	180,416,215		$	105,248,559
Total distributable earnings (loss)		(1,644,736,538	)		(66,095,344	)		(152,938,870	)		47,996,275
NET ASSETS	$	22,764,439,505		$	98,570,219		$	27,477,345		$	153,244,834
(1) Includes Investment in securities on loan, at market value	$	543,442,250		$	—		$	212,046		$	11,609,486
(2) Cost of investments - Unaffiliated issuers	$	16,191,263,833		$	78,322,693		$	47,983,213		$	93,607,093
(3) Cost of short-term investments held as collateral for securities loaned	$	96,444,322		$	—		$	315		$	4,613,480
(4) Cost of cash denominated in foreign currency	$	—		$	218,743		$	9,334		$	—

(a)

Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			MSCI EAFE Analyst Sentiment ETF		Natural Resources ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	6,628,422,598		$	143,788,725		$	4,004,249	$	298,561,180
Affiliated issuers (3)		444,383,966			—			—		—
Short-term investments held as collateral for securities loaned (4)		74,556,414			3,162,916			—		1,533,304
Cash		7,841,045			7,626			—		63,451
Foreign currency, at value (5)		—			10,212			27,562		—
Receivables:
Investment securities sold		—			1,366,083			—		—
Dividends and interest		1,439,504			290,022			5,490		327,770
Prepaid expenses		7,197			1,655			—		—
Other assets		165,794			4,842			—		—
Total assets		7,156,816,518			148,632,081			4,037,301		300,485,705
Liabilities:
Payables:
Investment securities purchased		—			1,632,481			—		—
Collateral for securities loaned		74,556,414			3,162,916			—		1,533,304
Due to Adviser		3,148,566			59,186			982		105,823
Due to custodian		292,285			—			23,276		3,839
Deferred Trustee fees		507,917			25,367			—		14,855
Accrued expenses		8,295			34,892			—		—
Accrued interest		5,741			513			—		279
Total liabilities		78,519,218			4,915,355			24,258		1,658,100
NET ASSETS	$	7,078,297,300		$	143,716,726		$	4,013,043	$	298,827,605
Shares outstanding		72,037,446			983,298			50,000		4,350,000
Net asset value, per share	$	98.26		$	146.16		$	80.26	$	68.70
Net Assets consist of:
Aggregate paid-in capital	$	7,740,737,395		$	233,450,261		$	3,632,505	$	294,177,679
Total distributable earnings (loss)		(662,440,095	)		(89,733,535	)		380,538		4,649,926
NET ASSETS	$	7,078,297,300		$	143,716,726		$	4,013,043	$	298,827,605
(1) Includes Investment in securities on loan, at market value	$	310,513,854		$	11,757,196		$	—	$	17,982,804
(2) Cost of investments - Unaffiliated issuers	$	4,456,359,051		$	133,282,654		$	3,746,574	$	248,628,288
(3) Cost of investments - Affiliated issuers	$	462,122,777		$	—		$	—	$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	74,556,414		$	3,162,916		$	—	$	1,533,304
(5) Cost of cash denominated in foreign currency	$	—		$	10,212		$	28,039	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Oil Refiners ETF			Oil Services ETF			Rare Earth and Strategic Metals ETF			Steel ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	145,682,317		$	1,991,501,688		$	2,600,896,628		$	169,993,241
Short-term investments held as collateral for securities loaned (3)		—			200,516			81,066,938			5,305,168
Cash		—			—			40,024,354			—
Foreign currency, at value (4)		895			—			56,457,920			52
Receivables:
Investment securities sold		—			—			4,143,320			—
Dividends and interest		499,135			2,673,634			1,807,081			94,025
Prepaid expenses		—			—			356			—
Other assets		91			—			72,291			7,702
Total assets		146,182,438			1,994,375,838			2,784,468,888			175,400,188
Liabilities:
Payables:
Investment securities purchased		—			—			3,123,677			—
Capital shares redeemed		—			—			8,762,339			—
Collateral for securities loaned		—			200,516			81,066,938			5,305,168
Line of credit		189,590			1,607,881			—			—
Due to Adviser		69,881			640,281			1,179,595			81,556
Due to custodian		4,795			571			—			32,968
Deferred Trustee fees		1,405			206,441			36,528			27,009
Accrued expenses		22,844			—			1,935			1,324
Accrued interest		1,238			5,980			16,537			499
Total liabilities		289,753			2,661,670			94,187,549			5,448,524
NET ASSETS	$	145,892,685		$	1,991,714,168		$	2,690,281,339		$	169,951,664
Shares outstanding		3,150,000			5,350,543			30,374,987			1,720,000
Net asset value, per share	$	46.32		$	372.25		$	88.57		$	98.81
Net Assets consist of:
Aggregate paid-in capital	$	146,842,975		$	4,146,193,321		$	2,714,684,898		$	321,816,234
Total distributable loss		(950,290	)		(2,154,479,153	)		(24,403,559	)		(151,864,570	)
NET ASSETS	$	145,892,685		$	1,991,714,168		$	2,690,281,339		$	169,951,664
(1) Includes Investment in securities on loan, at market value	$	100,693		$	234,399,178		$	334,048,549		$	29,913,144
(2) Cost of investments - Unaffiliated issuers	$	139,919,067		$	2,257,103,892		$	2,183,593,317		$	162,713,310
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	200,516		$	81,066,938		$	5,305,168
(4) Cost of cash denominated in foreign currency	$	894		$	—		$	56,462,249		$	52

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Uranium and Nuclear ETF			Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,806,739,734		$	560,800,569
Affiliated issuers (3)		1,406,271,849			—
Short-term investments held as collateral for securities loaned (4)		89,918,533			—
Cash		5,922			—
Foreign currency, at value (5)		—			15,611,615
Receivables:
Investment securities sold		8,475,716			—
Dividends and interest		13,076,929			3,117,979
Prepaid expenses		1,257			602
Other assets		92,446			16,508
Total assets		4,324,582,386			579,547,273
Liabilities:
Payables:
Capital shares redeemed		8,690,918			—
Collateral for securities loaned		89,918,533			—
Line of credit		18,615,646			1,999,999
Due to Adviser		1,867,465			229,092
Due to custodian		—			12,610,275
Deferred Trustee fees		23,018			79,352
Accrued expenses		7,901			100,537
Accrued interest		40,289			24,158
Total liabilities		119,163,770			15,043,413
NET ASSETS	$	4,205,418,616		$	564,503,860
Shares outstanding		36,291,632			30,400,000
Net asset value, per share	$	115.88		$	18.57
Net Assets consist of:
Aggregate paid-in capital	$	4,345,153,040		$	720,928,846
Total distributable loss		(139,734,424	)		(156,424,986	)
NET ASSETS	$	4,205,418,616		$	564,503,860
(1) Includes Investment in securities on loan, at market value	$	680,440,672		$	—
(2) Cost of investments - Unaffiliated issuers	$	2,657,198,023		$	392,190,758
(3) Cost of investments - Affiliated issuers	$	1,520,255,054		$	—
(4) Cost of short-term investments held as collateral for securities loaned	$	89,918,533		$	—
(5) Cost of cash denominated in foreign currency	$	—		$	15,606,144

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Africa Index ETF			Agribusiness ETF			Brazil Small-Cap ETF			China Semiconductor ETF (a)
Income:
Dividends	$	2,380,556		$	12,748,964		$	328,422		$	329
Interest		5,681			11,490			77			36,889
Securities lending income - net		35,359			121,902			1,660			—
Net foreign taxes withheld		(255,153	)		(800,577	)		(25,464	)		(33	)
Total income		2,166,443			12,081,779			304,695			37,185

Expenses:
Management fees		311,609			2,393,166			60,217			449
Professional fees		25,086			23,178			25,814			—
Custody and accounting fees		38,117			33,308			31,618			—
Reports to shareholders		8,130			18,927			5,234			—
Trustees’ fees and expenses		713			4,919			173			—
Exchange listing fees		3,363			3,363			3,363			—
Insurance		720			4,070			628			—
Interest		8,336			26,065			1,305			—
Other		244			1,004			404			—
Total expenses		396,318			2,508,000			128,756			449
Expenses assumed by the Adviser		—			—			(56,251	)		—
Net expenses		396,318			2,508,000			72,505			449
Net investment income		1,770,125			9,573,779			232,190			36,736

Net realized gain (loss) on:
Investments .		1,670,608			(24,656,534	)		1,162,489			—
In-kind redemptions		14,923,915			50,786,477			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(87,104	)		(79,211	)		11,389			500
Net realized gain		16,507,419			26,050,732			1,173,878			500

Net change in unrealized appreciation (depreciation) on:
Investments		(21,415,365	)		6,763,188			(867,121	)		4,237,235
Foreign currency translations and foreign denominated assets and liabilities		266			(24,604	)		3,712			68,323
Net change in unrealized appreciation (depreciation)		(21,415,099	)		6,738,584			(863,409	)		4,305,558
Net increase (decrease) in net assets resulting from operations	$	(3,137,555	)	$	42,363,095		$	542,659		$	4,342,794

(a)	For the period June 24, 2026 (commencement of operations) through June 30, 2026.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	ChiNext Innovators ETF			CMCI Commodity Strategy ETF (a)			Copper and Electrification Metals ETF			Digital India ETF
Income:
Dividends	$	571,117		$	1,863		$	282,711		$	231,972
Interest		64,708			48,830			638			2,516
Securities lending income - net		—			9			2,865			—
Net foreign taxes withheld		(57,112	)		—			(23,751	)		(14,992	)
Total income		578,713			50,702			262,463			219,496

Expenses:
Management fees		213,947			8,759			104,067			54,833
Professional fees		26,064			19,758			—			—
Custody and accounting fees		37,034			11,644			—			—
Reports to shareholders		5,708			3,734			—			—
Trustees’ fees and expenses		386			18			—			—
Exchange listing fees		3,363			3,445			—			—
Insurance		570			481			—			—
Interest		2,299			1,316			255			1,009
Other		3,059			362			—			—
Total expenses		292,430			49,517			104,322			55,842
Expenses assumed by the Adviser		(14,220	)		(39,441	)		—			—
Net expenses		278,210			10,076			104,322			55,842
Net investment income		300,503			40,626			158,141			163,654

Net realized gain (loss) on:
Investments (1)		(3,710,900	)		(4	)		917,612			(2,022,695	)
In-kind redemptions		—			—			3,869,922			2,354
Swap contracts		—			297,332			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(45,246	)		—			128			(28,649	)
Net realized gain (loss)		(3,756,146	)		297,328			4,787,662			(2,048,990	)

Net change in unrealized appreciation (depreciation) on:
Investments (2)		34,736,350			(2,244	)		(3,458,561	)		(650,671	)
Swap contracts		—			18,426			—			—
Foreign currency translations and foreign denominated assets and liabilities		1,022			—			(191	)		409
Net change in unrealized appreciation (depreciation)		34,737,372			16,182			(3,458,752	)		(650,262	)
Net increase (decrease) in net assets resulting from operations	$	31,281,729		$	354,136		$	1,487,051		$	(2,535,598	)
(1) Net of foreign taxes	$	—		$	—		$	—		$	(21,917	)
(2) Net change in accrued foreign taxes	$	—		$	—		$	—		$	(63,600	)

(a)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Gold Miners ETF			India Growth Leaders ETF (a)			Indonesia Index ETF			Israel ETF
Income:
Dividends	$	248,871,676		$	912,501		$	1,161,251		$	1,556,853
Non-cash dividends		14,919,593			—			—			—
Interest		264,452			59,233			1,914			2,668
Securities lending income - net		892,958			—			5,745			25,181
Net foreign taxes withheld		(23,243,743	)		(194,615	)		(197,996	)		(364,617	)
Total income		241,704,936			777,119			970,914			1,220,085

Expenses:
Management fees		71,189,406			289,186			86,628			360,159
Professional fees		48,689			55,619			24,557			25,908
Custody and accounting fees		316,792			50,739			33,324			35,630
Reports to shareholders		359,559			12,516			5,922			6,498
Trustees’ fees and expenses		175,734			15,632			341			847
Exchange listing fees		362			3,363			3,363			3,363
Insurance		52,354			1,610			640			1,457
Interest		237,853			670			352			7,840
Other		69,013			15,750			439			603
Total expenses		72,449,762			445,085			155,566			442,305
Expenses assumed by the Adviser		—			(39,555	)		(56,307	)		(9,477	)
Net expenses		72,449,762			405,530			99,259			432,828
Net investment income		169,255,174			371,589			871,655			787,257

Net realized gain (loss) on:
Investments .		(385,260,033	)		(10,786,778	)		(4,353,539	)		3,919,917
In-kind redemptions		2,005,179,162			(36,816	)		4,242,006			—
Foreign currency transactions and foreign denominated assets and liabilities		537,582			(175,840	)		(10,949	)		5,149
Net realized gain (loss)		1,620,456,711			(10,999,434	)		(122,482	)		3,925,066

Net change in unrealized appreciation (depreciation) on:
Investments (1)		(5,211,714,412	)		2,689,549			(17,615,106	)		7,265,370
Foreign currency translations and foreign denominated assets and liabilities		8,319			917			(892	)		(266	)
Net change in unrealized appreciation (depreciation)		(5,211,706,093	)		2,690,466			(17,615,998	)		7,265,104
Net increase (decrease) in net assets resulting from operations	$	(3,421,994,208	)	$	(7,937,379	)	$	(16,866,825	)	$	11,977,427
(2) Net change in accrued foreign taxes	$	—		$	(544,646	)	$	—		$	—

(a)	Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Junior Gold Miners ETF			Low Carbon Energy ETF			MSCI EAFE Analyst Sentiment ETF (a)			Natural Resources ETF
Income:
Dividends - unaffiliated issuers	$	47,766,260		$	1,034,089		$	39,709		$	3,882,129
Dividends - affiliated issuers		1,117,760			—			—			—
Non-cash dividends		8,385,428			—			—			—
Interest		250,305			2,431			35			4,602
Securities lending income - net		1,306,822			75,438			—			74,184
Net foreign taxes withheld		(4,644,369	)		(87,153	)		(5,715	)		(216,905	)
Total income		54,182,206			1,024,805			34,029			3,744,010

Expenses:
Management fees		23,526,780			347,967			2,854			579,336
Professional fees		26,224			24,165			—			—
Custody and accounting fees		222,275			35,882			—			—
Reports to shareholders		78,049			8,330			—			—
Trustees’ fees and expenses		63,862			927			—			—
Exchange listing fees		362			3,363			—			—
Insurance		24,811			1,557			—			—
Interest		93,295			2,198			—			260
Other		23,533			2,932			—			—
Total expenses		24,059,191			427,321			2,854			579,596
Net investment income		30,123,015			597,484			31,175			3,164,414

Net realized gain (loss) on:
Investments - unaffiliated issuers		366,019,683			(3,128,625	)		92,463			(1,701,125	)
Investments - affiliated issuers		(780,899	)		—			—			—
In-kind redemptions - unaffiliated issuers		1,205,327,269			1,075,080			—			9,772,903
In-kind redemptions - affiliated issuers		73,835,787			—			—			—
Foreign currency transactions and foreign denominated assets and liabilities		(2,483,078	)		(13,372	)		(179	)		(17,297	)
Net realized gain (loss)		1,641,918,762			(2,066,917	)		92,284			8,054,481

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(2,535,051,018	)		17,605,714			257,675			16,549,573
Investments - affiliated issuers		(234,032,136	)		—			—			—
Foreign currency translations and foreign denominated assets and liabilities		1,981			(3,412	)		(596	)		(715	)
Net change in unrealized appreciation (depreciation)		(2,769,081,173	)		17,602,302			257,079			16,548,858
Net increase (decrease) in net assets resulting from operations	$	(1,097,039,396	)	$	16,132,869		$	380,538		$	27,767,753

(a)	For the period April 2, 2026 (commencement of operations) through June 30, 2026.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Oil Refiners ETF			Oil Services ETF			Rare Earth and Strategic Metals ETF			Steel ETF
Income:
Dividends - unaffiliated issuers	$	2,595,213		$	20,173,573		$	6,240,035		$	2,820,674
Dividends - affiliated issuers		—			—			450,680			—
Interest		4,536			22,825			243,034			1,062
Securities lending income - net		1,189			233,928			2,755,319			60,552
Net foreign taxes withheld		(203,684	)		—			(944,710	)		(159,746	)
Total income		2,397,254			20,430,326			8,744,358			2,722,542

Expenses:
Management fees		297,282			3,864,688			6,718,227			452,214
Professional fees		24,156			—			23,393			39,343
Custody and accounting fees		20,073			—			65,393			16,007
Reports to shareholders		6,141			—			34,447			12,902
Trustees’ fees and expenses		327			—			10,383			925
Exchange listing fees		3,363			—			3,363			3,363
Insurance		686			—			2,642			1,211
Interest		4,008			15,610			32,560			7,415
Other		294			—			5,689			107
Total expenses		356,330			3,880,298			6,896,097			533,487
Expenses assumed by the Adviser		(1,333	)		—			—			(28,636	)
Net expenses		354,997			3,880,298			6,896,097			504,851
Net investment income		2,042,257			16,550,028			1,848,261			2,217,691

Net realized gain (loss) on:
Investments - unaffiliated issuers		(1,632,792	)		(29,085,004	)		(61,094,516	)		(1,565,070	)
Investments - affiliated issuers		—			—			(3,816,540	)		—
In-kind redemptions - unaffiliated issuers		8,014,678			432,367,330			183,491,625			19,660,325
In-kind redemptions - affiliated issuers		—			—			6,687,294			—
Foreign currency transactions and foreign denominated assets and liabilities		(61,026	)		—			(327,895	)		(24,509	)
Net realized gain		6,320,860			403,282,326			124,939,968			18,070,746

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		3,084,141			45,120,530			120,929,201			(1,289,873	)
Investments - affiliated issuers		—			—			615,213			—
Foreign currency translations and foreign denominated assets and liabilities		(6,247	)		—			(5,623	)		(268	)
Net change in unrealized appreciation (depreciation)		3,077,894			45,120,530			121,538,791			(1,290,141	)
Net increase in net assets resulting from operations	$	11,441,011		$	464,952,884		$	248,327,020		$	18,998,296

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Uranium and Nuclear ETF			Vietnam ETF
Income:
Dividends	$	29,705,759		$	5,266,853
Interest		168,309			25,006
Securities lending income - net		4,076,695			—
Net foreign taxes withheld		(3,103,355	)		—
Total income		30,847,408			5,291,859

Expenses:
Management fees		11,654,617			1,457,713
Professional fees		23,266			26,544
Custody and accounting fees		133,303			241,860
Reports to shareholders		124,104			18,772
Trustees’ fees and expenses		25,011			4,120
Exchange listing fees		3,363			1,978
Insurance		6,082			3,592
Interest		52,566			151,494
Other		6,468			3,468
Total expenses		12,028,780			1,909,541
Net investment income		18,818,628			3,382,318

Net realized gain (loss) on:
Investments - unaffiliated issuers		(6,408,248	)		21,229,287
Investments - affiliated issuers		(43,310,102	)		—
In-kind redemptions - unaffiliated issuers		25,324,143			—
In-kind redemptions - affiliated issuers		9,751,797			—
Foreign currency transactions and foreign denominated assets and liabilities		(299,817	)		(546,830	)
Net realized gain (loss)		(14,942,227	)		20,682,457

Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers		(218,778,928	)		(40,376,146	)
Investments - affiliated issuers		(230,953,840	)		—
Foreign currency translations and foreign denominated assets and liabilities		(129,157	)		1,163
Net change in unrealized appreciation (depreciation)		(449,861,925	)		(40,374,983	)
Net decrease in net assets resulting from operations	$	(445,985,524	)	$	(16,310,208	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF						Agribusiness ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	1,770,125		$	1,366,710		$	9,573,779		$	14,246,499
Net realized gain (loss)		16,507,419			1,133,973			26,050,732			(39,115,782	)
Net change in unrealized appreciation (depreciation)		(21,415,099	)		29,746,771			6,738,584			106,732,833
Net increase (decrease) in net assets resulting from operations		(3,137,555	)		32,247,454			42,363,095			81,863,550
Distributions to shareholders from:
Distributable earnings		—			(1,099,980	)		—			(14,200,251	)

Share transactions*:
Proceeds from sale of shares		36,887,379			37,813,912			631,505,260			40,633,036
Cost of shares redeemed		(41,327,426	)		(4,821,439	)		(304,514,803	)		(103,842,561	)
Net increase (decrease) in net assets resulting from share transactions		(4,440,047	)		32,992,473			326,990,457			(63,209,525	)
Total increase (decrease) in net assets		(7,577,602	)		64,139,947			369,353,552			4,453,774
Net Assets, beginning of period		107,286,040			43,146,093			574,540,696			570,086,922
Net Assets, end of period	$	99,708,438		$	107,286,040		$	943,894,248		$	574,540,696
*Transactions in capital shares:
Shares sold		1,300,000			1,650,000			7,700,000			550,000
Shares redeemed		(1,550,000	)		(300,000	)		(3,700,000	)		(1,450,000	)
Net increase (decrease)		(250,000	)		1,350,000			4,000,000			(900,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Brazil Small-Cap ETF						China Semiconductor ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Period Ended June 30, 2026(a) (unaudited)
Operations:
Net investment income	$	232,190		$	1,257,939		$	36,736
Increase from payment from Adviser (See Note 3)		—			26,580			—
Net realized gain (loss)		1,173,878			(68,826	)		500
Net change in unrealized appreciation (depreciation)		(863,409	)		6,656,844			4,305,558
Net increase in net assets resulting from operations		542,659			7,872,537			4,342,794
Distributions to shareholders from:
Distributable earnings		—			(1,200,015	)		—

Share transactions*:
Proceeds from sale of shares		—			785,867			217,349,692
Cost of shares redeemed		—			(1,729,431	)		—
Net increase (decrease) in net assets resulting from share transactions		—			(943,564	)		217,349,692
Total increase in net assets		542,659			5,728,958			221,692,486
Net Assets, beginning of period		21,798,792			16,069,834			—
Net Assets, end of period	$	22,341,451		$	21,798,792		$	221,692,486
*Transactions in capital shares:
Shares sold		—			50,000			3,200,000
Shares redeemed		—			(150,000	)		—
Net increase (decrease)		—			(100,000	)		3,200,000


(a)	For the period June 24, 2026 (commencement of operations) through June 30, 2026.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	ChiNext Innovators ETF						CMCI Commodity Strategy ETF (a)
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025
Operations:
Net investment income	$	300,503		$	135,184		$	40,626	$	91,677
Net realized gain (loss)		(3,756,146	)		(3,075,639	)		297,328		120,924
Net change in unrealized appreciation (depreciation)		34,737,372			17,742,842			16,182		(8,437	)
Net increase in net assets resulting from operations		31,281,729			14,802,387			354,136		204,164
Distributions to shareholders from:
Distributable earnings		—			(86,680	)		—		(217,127	)
Return of capital		—			—			—		(19,873	)
Total distributions		—			(86,680	)		—		(237,000	)

Share transactions*:
Proceeds from sale of shares		94,086,002			19,394,272			—		—
Cost of shares redeemed		(34,442,722	)		(14,558,319	)		—		—
Net increase in net assets resulting from share transactions		59,643,280			4,835,953			—		—
Total increase (decrease) in net assets		90,925,009			19,551,660			354,136		(32,836	)
Net Assets, beginning of period		52,882,300			33,330,640			2,391,210		2,424,046
Net Assets, end of period	$	143,807,309		$	52,882,300		$	2,745,346	$	2,391,210
*Transactions in capital shares:
Shares sold		1,750,000			450,000			—		—
Shares redeemed		(650,000	)		(450,000	)		—		—
Net increase		1,100,000			—			—		—


(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Copper and Electrification Metals ETF						Digital India ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	158,141		$	349,699		$	163,654		$	99,533
Net realized gain (loss)		4,787,662			(120,781	)		(2,048,990	)		427,874
Net change in unrealized appreciation (depreciation)		(3,458,752	)		12,986,125			(650,262	)		(2,372,497	)
Net increase (decrease) in net assets resulting from operations		1,487,051			13,215,043			(2,535,598	)		(1,845,090	)
Distributions to shareholders from:
Distributable earnings		—			(512,025	)		—			(350,190	)

Share transactions*:
Proceeds from sale of shares		11,255,091			3,698,239			—			—
Cost of shares redeemed		(9,995,600	)		(2,759,399	)		(884,076	)		(7,134,895	)
Net increase (decrease) in net assets resulting from share transactions		1,259,491			938,840			(884,076	)		(7,134,895	)
Total increase (decrease) in net assets		2,746,542			13,641,858			(3,419,674	)		(9,330,175	)
Net Assets, beginning of period		31,493,177			17,851,319			18,431,900			27,762,075
Net Assets, end of period	$	34,239,719		$	31,493,177		$	15,012,226		$	18,431,900
*Transactions in capital shares:
Shares sold		250,000			100,000			—			—
Shares redeemed		(250,000	)		(100,000	)		(25,000	)		(175,000	)
Net decrease		—			—			(25,000	)		(175,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Gold Miners ETF						India Growth Leaders ETF (a)
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	169,255,174		$	148,165,406		$	371,589		$	845,530
Net realized gain (loss)		1,620,456,711			5,256,421,880			(10,999,434	)		(2,665,283	)
Net change in unrealized appreciation (depreciation)		(5,211,706,093	)		10,941,960,159			2,690,466			(7,935,194	)
Net increase (decrease) in net assets resulting from operations		(3,421,994,208	)		16,346,547,445			(7,937,379	)		(9,754,947	)
Distributions to shareholders from:
Distributable earnings		—			(189,994,893	)		—			(1,000,117	)

Share transactions*:
Proceeds from sale of shares		3,699,216,249			3,150,393,633			83,762,654			4,750,035
Cost of shares redeemed		(3,314,010,309	)		(6,166,212,458	)		(96,231,739	)		(28,375,606	)
Net increase (decrease) in net assets resulting from share transactions		385,205,940			(3,015,818,825	)		(12,469,085	)		(23,625,571	)
Total increase (decrease) in net assets		(3,036,788,268	)		13,140,733,727			(20,406,464	)		(34,380,635	)
Net Assets, beginning of period		25,801,227,773			12,660,494,046			118,976,683			153,357,318
Net Assets, end of period	$	22,764,439,505		$	25,801,227,773		$	98,570,219		$	118,976,683
*Transactions in capital shares:
Shares sold		38,600,000			46,800,000			1,800,000			100,000
Shares redeemed		(36,500,000	)		(120,400,000	)		(2,250,000	)		(650,000	)
Net increase (decrease)		2,100,000			(73,600,000	)		(450,000	)		(550,000	)


(a)	Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Indonesia Index ETF						Israel ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025
Operations:
Net investment income	$	871,655		$	1,029,706		$	787,257	$	1,253,731
Net realized gain (loss)		(122,482	)		(4,355,403	)		3,925,066		7,224,615
Net change in unrealized appreciation (depreciation)		(17,615,998	)		8,645,709			7,265,104		25,381,700
Net increase (decrease) in net assets resulting from operations		(16,866,825	)		5,320,012			11,977,427		33,860,046
Distributions to shareholders from:
Distributable earnings		—			(1,100,160	)		—		(1,759,928	)

Share transactions*:
Proceeds from sale of shares		17,384,364			28,881,605			21,050,748		13,642,269
Cost of shares redeemed		(32,266,659	)		(3,967,298	)		—		(13,307,621	)
Net increase (decrease) in net assets resulting from share transactions		(14,882,295	)		24,914,307			21,050,748		334,648
Total increase (decrease) in net assets		(31,749,120	)		29,134,159			33,028,175		32,434,766
Net Assets, beginning of period		59,226,465			30,092,306			120,216,659		87,781,893
Net Assets, end of period	$	27,477,345		$	59,226,465		$	153,244,834	$	120,216,659
*Transactions in capital shares:
Shares sold		1,250,000			1,800,000			325,000		275,000
Shares redeemed		(2,000,000	)		(250,000	)		—		(250,000	)
Net increase (decrease)		(750,000	)		1,550,000			325,000		25,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Junior Gold Miners ETF						Low Carbon Energy ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	30,123,015		$	30,175,261		$	597,484		$	1,891,978
Net realized gain (loss)		1,641,918,762			1,621,541,121			(2,066,917	)		(6,795,320	)
Net change in unrealized appreciation (depreciation)		(2,769,081,173	)		4,763,502,729			17,602,302			39,364,388
Net increase (decrease) in net assets resulting from operations		(1,097,039,396	)		6,415,219,111			16,132,869			34,461,046
Distributions to shareholders from:
Distributable earnings		—			(219,999,409	)		—			(2,000,028	)

Share transactions*:
Proceeds from sale of shares		731,414,664			564,758,086			3,470,568			—
Cost of shares redeemed		(1,961,821,558	)		(1,788,427,430	)		(3,385,490	)		(27,166,176	)
Net increase (decrease) in net assets resulting from share transactions		(1,230,406,894	)		(1,223,669,344	)		85,078			(27,166,176	)
Total increase (decrease) in net assets		(2,327,446,290	)		4,971,550,358			16,217,947			5,294,842
Net Assets, beginning of period		9,405,743,590			4,434,193,232			127,498,779			122,203,937
Net Assets, end of period	$	7,078,297,300		$	9,405,743,590		$	143,716,726		$	127,498,779
*Transactions in capital shares:
Shares sold		5,900,000			6,400,000			25,000			—
Shares redeemed		(16,200,000	)		(27,850,000	)		(25,000	)		(250,000	)
Net decrease		(10,300,000	)		(21,450,000	)		—			(250,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	MSCI EAFE Analyst Sentiment ETF		Natural Resources ETF
	Period Ended June 30, 2026(a) (unaudited)		Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	31,175	$	3,164,414		$	4,508,199
Net realized gain		92,284		8,054,481			1,385,478
Net change in unrealized appreciation (depreciation)		257,079		16,548,858			42,875,322
Net increase in net assets resulting from operations		380,538		27,767,753			48,768,999
Distributions to shareholders from:
Distributable earnings		—		—			(4,499,880	)

Share transactions*:
Proceeds from sale of shares		3,632,505		90,917,592			34,581,322
Cost of shares redeemed		—		(24,075,187	)		—
Net increase in net assets resulting from share transactions		3,632,505		66,842,405			34,581,322
Total increase in net assets		4,013,043		94,610,158			78,850,441
Net Assets, beginning of period		—		204,217,447			125,367,006
Net Assets, end of period	$	4,013,043	$	298,827,605		$	204,217,447
*Transactions in capital shares:
Shares sold		50,000		1,300,000			650,000
Shares redeemed		—		(350,000	)		—
Net increase		50,000		950,000			650,000


(a)	For the period April 2, 2026 (commencement of operations) through June 30, 2026.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Oil Refiners ETF						Oil Services ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	2,042,257		$	776,005		$	16,550,028		$	22,305,159
Net realized gain (loss)		6,320,860			(1,253,926	)		403,282,326			(110,939,899	)
Net change in unrealized appreciation (depreciation)		3,077,894			8,355,851			45,120,530			124,740,265
Net increase in net assets resulting from operations		11,441,011			7,877,930			464,952,884			36,105,525
Distributions to shareholders from:
Distributable earnings		—			(775,003	)		—			(22,400,044	)

Share transactions*:
Proceeds from sale of shares		127,072,063			12,581,958			2,593,182,096			2,944,136,561
Cost of shares redeemed		(31,119,762	)		(6,039,756	)		(2,360,878,685	)		(3,169,213,188	)
Net increase (decrease) in net assets resulting from share transactions		95,952,301			6,542,202			232,303,411			(225,076,627	)
Total increase (decrease) in net assets		107,393,312			13,645,129			697,256,295			(211,371,146	)
Net Assets, beginning of period		38,499,373			24,854,244			1,294,457,873			1,505,829,019
Net Assets, end of period	$	145,892,685		$	38,499,373		$	1,991,714,168		$	1,294,457,873
*Transactions in capital shares:
Shares sold		2,800,000			325,000			6,850,000			11,450,000
Shares redeemed		(675,000	)		(200,000	)		(6,050,000	)		(12,450,000	)
Net increase (decrease)		2,125,000			125,000			800,000			(1,000,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Rare Earth and Strategic Metals ETF						Steel ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	1,848,261		$	6,091,922		$	2,217,691		$	2,559,791
Net realized gain (loss)		124,939,968			(37,235,181	)		18,070,746			4,950,449
Net change in unrealized appreciation (depreciation)		121,538,791			442,304,170			(1,290,141	)		29,335,859
Net increase in net assets resulting from operations		248,327,020			411,160,911			18,998,296			36,846,099
Distributions to shareholders from:
Distributable earnings		—			(27,999,703	)		—			(2,500,020	)

Share transactions*:
Proceeds from sale of shares		1,359,443,209			1,191,070,507			91,606,511			96,249,433
Cost of shares redeemed		(544,694,048	)		(166,617,856	)		(101,750,299	)		(44,081,828	)
Net increase (decrease) in net assets resulting from share transactions		814,749,161			1,024,452,651			(10,143,788	)		52,167,605
Total increase in net assets		1,063,076,181			1,407,613,859			8,854,508			86,513,684
Net Assets, beginning of period		1,627,205,158			219,591,299			161,097,156			74,583,472
Net Assets, end of period	$	2,690,281,339		$	1,627,205,158		$	169,951,664		$	161,097,156
*Transactions in capital shares:
Shares sold		14,350,000			19,150,000			870,000			1,275,000
Shares redeemed		(6,050,000	)		(2,700,000	)		(1,050,000	)		(650,000	)
Net increase (decrease)		8,300,000			16,450,000			(180,000	)		625,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Uranium and Nuclear ETF						Vietnam ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	18,818,628		$	23,198,639		$	3,382,318		$	3,478,803
Net realized gain (loss)		(14,942,227	)		26,520,394			20,682,457			60,329,330
Net change in unrealized appreciation (depreciation)		(449,861,925	)		495,902,682			(40,374,983	)		162,113,406
Net increase (decrease) in net assets resulting from operations		(445,985,524	)		545,621,715			(16,310,208	)		225,921,539
Distributions to shareholders from:
Distributable earnings		—			(90,998,881	)		—			(1,198,900	)

Share transactions*:
Proceeds from sale of shares		1,129,754,238			2,494,544,472			57,991,833			65,210,817
Cost of shares redeemed		(81,203,419	)		(95,332,066	)		(83,659,801	)		(100,622,514	)
Net increase (decrease) in net assets resulting from share transactions		1,048,550,819			2,399,212,406			(25,667,968	)		(35,411,697	)
Total increase (decrease) in net assets		602,565,295			2,853,835,240			(41,978,176	)		189,310,942
Net Assets, beginning of period		3,602,853,321			749,018,081			606,482,036			417,171,094
Net Assets, end of period	$	4,205,418,616		$	3,602,853,321		$	564,503,860		$	606,482,036
*Transactions in capital shares:
Shares sold		7,825,000			21,075,000			3,000,000			3,950,000
Shares redeemed		(675,000	)		(1,150,000	)		(4,800,000	)		(7,650,000	)
Net increase (decrease)		7,150,000			19,925,000			(1,800,000	)		(3,700,000	)

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Africa Index ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$26.17			$15.69			$14.16			$15.81			$20.06			$20.17
Net investment income (a)		0.39			0.46			0.33			0.35			0.60			0.53
Net realized and unrealized gain (loss) on investments		(0.66	)		10.29			1.20			(1.69	)		(4.27	)		0.20	(b)
Total from investment operations		(0.27	)		10.75			1.53			(1.34	)		(3.67	)		0.73
Distributions from:
Net investment income		—			(0.27	)		—			(0.31	)		(0.58	)		(0.84	)
Net asset value, end of period		$25.90			$26.17			$15.69			$14.16			$15.81			$20.06
Total return (c)		(1.03	)%		68.50	%		10.77	%		(8.45	)%		(18.34	)%		3.69	%

Ratios to average net assets
Gross expenses		0.64	%(d)		0.76	%		0.89	%		1.47	%		0.98	%		0.77	%
Net expenses		0.64	%(d)		0.76	%		0.88	%		1.31	%		0.98	%		0.77	%
Net expenses excluding interest and taxes		0.62	%(d)		0.75	%		0.78	%		0.78	%		0.75	%		0.77	%
Net investment income		2.84	%(d)		2.22	%		2.16	%		2.33	%		3.29	%		2.50	%
Supplemental data
Net assets, end of period (in millions)		$100			$107			$43			$42			$46			$59
Portfolio turnover rate (e)		32	%		36	%		44	%		34	%		33	%		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:

	Agribusiness ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$72.73			$64.78			$76.32			$85.96			$95.38			$77.82
Net investment income (a)		0.81			1.70			1.81			1.94			1.71			1.14
Net realized and unrealized gain (loss) on investments		5.78			8.05			(11.15	)		(9.34	)		(9.28	)		17.54
Total from investment operations		6.59			9.75			(9.34	)		(7.40	)		(7.57	)		18.68
Distributions from:
Net investment income		—			(1.80	)		(2.20	)		(2.24	)		(1.85	)		(1.12	)
Net asset value, end of period		$79.32			$72.73			$64.78			$76.32			$85.96			$95.38
Total return (b)		9.06	%		15.03	%		(12.24	)%		(8.58	)%		(7.95	)%		23.99	%

Ratios to average net assets
Expenses		0.52	%(c)		0.56	%		0.55	%		0.53	%		0.53	%		0.52	%
Expenses excluding interest and taxes		0.52	%(c)		0.56	%		0.54	%		0.53	%		0.53	%		0.52	%
Net investment income		2.00	%(c)		2.39	%		2.51	%		2.34	%		1.84	%		1.25	%
Supplemental data
Net assets, end of period (in millions)		$944			$575			$570			$912			$1,341			$1,183
Portfolio turnover rate (d)		9	%		17	%		12	%		12	%		24	%		17	%

(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:

	Brazil Small-Cap ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$16.15			$11.08			$17.67			$13.64			$16.35			$21.44
Net investment income (a)		0.17			0.95			0.51			0.46			0.44			0.48
Net realized and unrealized gain (loss) on investments		0.23			4.99			(6.65	)		4.45			(2.59	)		(5.08	)
Payment from Adviser		—			0.02	(b)		—			—			—			—
Total from investment operations		0.40			5.96			(6.14	)		4.91			(2.15	)		(4.60	)
Distributions from:
Net investment income		—			(0.89	)		(0.45	)		(0.88	)		(0.56	)		(0.49	)
Return of capital		—			—			—			—			—	(c)		—
Total distributions		—			(0.89	)		(0.45	)		(0.88	)		(0.56	)		(0.49	)
Net asset value, end of period		$16.55			$16.15			$11.08			$17.67			$13.64			$16.35
Total return (d)		2.49	%		53.82	%(b)		(34.74	)%		36.14	%		(13.30	)%		(21.38	)%

Ratios to average net assets
Gross expenses		1.07	%(e)		1.17	%		0.97	%		1.07	%		0.83	%(f)		0.84	%(f)
Net expenses		0.60	%(e)		0.60	%		0.60	%		0.68	%		0.59	%(f)		0.59	%(f)
Net expenses excluding interest and taxes		0.59	%(e)		0.59	%		0.59	%		0.59	%		0.59	%(f)		0.59	%(f)
Net investment income		1.93	%(e)		6.56	%		3.40	%		2.93	%		2.71	%(f)		2.32	%(f)
Supplemental data
Net assets, end of period (in millions)		$22			$22			$16			$30			$25			$32
Portfolio turnover rate (g)		15	%		43	%		30	%		43	%		42	%		56	%

(a)	Calculated based upon average shares outstanding
(b)	For the year ended December 31, 2025, 0.18% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(c)	Amount represents less than $0.005 per share.
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	Annualized
(f)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(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:

	China Semiconductor ETF

	Period Ended June 30, 2026 (unaudited)(a)

Net asset value, beginning of period	$	58.91
Net investment income (b)		0.65
Net realized and unrealized gain on investments		9.72
Total from investment operations		10.37
Net asset value, end of period	$	69.28
Total return (c)		17.59	%

Ratios to average net assets
Expenses		0.65	%(d)
Net investment income		53.23	%(d)
Supplemental data
Net assets, end of period (in millions)		$222
Portfolio turnover rate (e)		—	%

(a)	For the period June 24, 2026 (commencement of operations) through June 30, 2026.
(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:

	ChiNext Innovators ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$44.07			$27.78			$24.61			$31.27			$48.47			$48.95
Net investment income (loss) (a)		0.18			0.13			0.12			0.10			(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments		18.27			16.24			3.09	(b)		(6.76	)		(17.12	)		4.03
Payment from Adviser		—			—			—			—			—			0.02	(c)
Total from investment operations		18.45			16.37			3.21			(6.66	)		(17.20	)		3.99
Distributions from:
Net investment income		—			(0.08	)		(0.04	)		—			—			—
Net realized capital gains		—			—			—			—			—			(3.74	)
Return of capital		—			—			—			—			—			(0.73	)
Total distributions		—			(0.08	)		(0.04	)		—			—			(4.47	)
Net asset value, end of period		$62.52			$44.07			$27.78			$24.61			$31.27			$48.47
Total return (d)		41.88	%		58.93	%		13.04	%		(21.31	)%		(35.49	)%		8.21	%(c)

Ratios to average net assets
Gross expenses		0.68	%(e)		1.00	%		1.27	%		1.89	%		1.25	%		0.89	%
Net expenses		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss)		0.70	%(e)		0.39	%		0.48	%		0.34	%		(0.22	)%		(0.12	)%
Supplemental data
Net assets, end of period (in millions)		$144			$53			$33			$17			$20			$41
Portfolio turnover rate (f)		47	%		48	%		109	%		123	%		10	%		59	%

(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3).
(d)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(e)	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:

	CMCI Commodity Strategy ETF(a)

	Six Months Ended June 30, 2026			Year Ended December 31,						Period Ended December 31,
	(unaudited)			2025			2024			2023 (b)

Net asset value, beginning of period		$23.91			$24.24			$24.03			$25.00
Net investment income (c)		0.41			0.92			1.16			0.44
Net realized and unrealized gain (loss) on investments		3.13			1.12			0.01			(1.01	)
Total from investment operations		3.54			2.04			1.17			(0.57	)
Distributions from:
Net investment income		—			(2.17	)		(0.96	)		(0.40	)
Return of capital		—			(0.20	)		—			—
Total distributions		—			(2.37	)		(0.96	)		(0.40	)
Net asset value, end of period		$27.45			$23.91			$24.24			$24.03
Total return (d)		14.81	%		8.42	%		4.91	%		(2.32	)%

Ratios to average net assets
Gross expenses		3.67	%(e)		4.95	%		4.40	%		6.32	%(e)
Net expenses		0.75	%(e)		0.67	%		0.65	%		0.65	%(e)
Net expenses excluding interest and taxes		0.65	%(e)		0.65	%		0.65	%		0.65	%(e)
Net investment income		3.01	%(e)		3.64	%		4.63	%		4.82	%(e)
Supplemental data
Net assets, end of period (in millions)		$3			$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:

	Copper and Electrification Metals ETF

	Six Months Ended June 30, 2026			Year Ended December 31,												Period Ended December 31,
	(unaudited)			2025			2024			2023			2022			2021 (a)

Net asset value, beginning of period		$37.05			$21.00			$24.32			$28.24			$34.88			$34.67
Net investment income (loss) (b)		0.19			0.44			0.27			0.63			0.73			(0.01	)
Net realized and unrealized gain (loss) on investments		3.04			16.29			(3.20	)		(4.06	)		(6.64	)		0.22
Total from investment operations		3.23			16.73			(2.93	)		(3.43	)		(5.91	)		0.21
Distributions from:
Net investment income		—			(0.68	)		(0.39	)		(0.49	)		(0.73	)		—
Net asset value, end of period		$40.28			$37.05			$21.00			$24.32			$28.24			$34.88
Total return (c)		8.72	%		79.63	%		(12.05	)%		(12.13	)%		(16.99	)%		0.61	%

Ratios to average net assets
Expenses		0.59	%(d)		0.62	%		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	%		0.59	%(d)
Net investment income (loss)		0.90	%(d)		1.71	%		1.14	%		2.37	%		2.33	%		(0.30	)%(d)
Supplemental data
Net assets, end of period (in millions)		$34			$31			$18			$27			$23			$16
Portfolio turnover rate (e)		19	%		21	%		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:

	Digital India ETF

	Six Months Ended June 30,												Period Ended December
	2026			Year Ended December 31,									31,
	(unaudited)			2025			2024			2023			2022 (a)

Net asset value, beginning of period		$40.96			$44.42			$36.04			$27.79			$36.25
Net investment income (b)		0.37			0.19			0.09			0.09			0.14
Net realized and unrealized gain (loss) on investments		(6.01	)		(2.88	)		8.29			8.25			(8.33	)
Total from investment operations		(5.64	)		(2.69	)		8.38			8.34			(8.19	)
Distributions from:
Net investment income		—			(0.13	)		—			(0.08	)		(0.27	)
Net realized capital gains		—			(0.64	)		—			—			—
Return of capital		—			—			—			(0.01	)		—
Total distributions		—			(0.77	)		—			(0.09	)		(0.27	)
Net asset value, end of period		$35.32			$40.96			$44.42			$36.04			$27.79
Total return (c)		(13.76	)%		(6.06	)%		23.25	%		30.00	%		(22.56	)%

Ratios to average net assets
Expenses		0.71	%(d)		0.70	%		0.74	%		0.77	%		0.76	%(d)
Expenses excluding interest and taxes		0.70	%(d)		0.70	%		0.70	%		0.71	%		0.75	%(d)
Net investment income		2.09	%(d)		0.46	%		0.22	%		0.27	%		0.53	%(d)
Supplemental data
Net assets, end of period (in millions)		$15			$18			$28			$9			$1
Portfolio turnover rate (e)		52	%		22	%		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:

	Gold Miners ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026
	(unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$86.02			$33.89			$31.12			$28.69			$32.00			$35.98
Net investment income (a)		0.55			0.47			0.37			0.52			0.48			0.52
Net realized and unrealized gain (loss) on investments		(11.20	)		52.29			2.80			2.41			(3.31	)		(3.97	)
Total from investment operations		(10.65	)		52.76			3.17			2.93			(2.83	)		(3.45	)
Distributions from:
Net investment income		—			(0.63	)		(0.40	)		(0.50	)		(0.48	)		(0.53	)
Net asset value, end of period		$75.37			$86.02			$33.89			$31.12			$28.69			$32.00
Total return (b)		(12.38	)%		155.57	%		10.17	%		10.22	%		(8.87	)%		(9.56	)%

Ratios to average net assets
Expenses		0.51	%(c)		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Net investment income		1.19	%(c)		0.84	%		1.06	%		1.70	%		1.61	%		1.53	%
Supplemental data
Net assets, end of period (in millions)		$22,764			$25,801			$12,660			$12,970			$11,934			$13,273
Portfolio turnover rate (d)		11	%		50	%		15	%		13	%		17	%		15	%

(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:

	India Growth Leaders ETF(a)
	Six Months			Year Ended December 31,
	Ended June 30, 2026
	(unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$46.21			$49.07			$43.77			$32.62			$42.93			$32.94
Net investment income (b)		0.14			0.29			0.27			0.33			0.59			0.08
Net realized and unrealized gain (loss) on investments		0.04	(c)		(2.76	)		6.79			11.24			(10.34	)		9.91
Total from investment operations		0.18			(2.47	)		7.06			11.57			(9.75	)		9.99
Distributions from:
Net investment income		—			(0.39	)		(1.76	)		(0.42	)		(0.56	)		—
Net asset value, end of period		$46.39			$46.21			$49.07			$43.77			$32.62			$42.93
Total return (d)		0.39	%		(5.05	)%		16.11	%		35.48	%		(22.67	)%		30.30	%

Ratios to average net assets
Gross expenses		0.77	%(e)		0.80	%		0.76	%		1.09	%		0.80	%		1.00	%
Net expenses		0.70	%(e)		0.72	%		0.76	%		0.87	%		0.80	%		0.90	%
Net expenses excluding interest and taxes		0.70	%(e)		0.70	%		0.70	%		0.72	%		0.73	%		0.83	%
Net investment income		0.64	%(e)		0.65	%		0.54	%		0.91	%		1.64	%		0.22	%
Supplemental data
Net assets, end of period (in millions)		$99			$119			$153			$95			$51			$78
Portfolio turnover rate (f)		104	%		66	%		47	%		79	%		102	%		67	%

(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
	Six Months			Year Ended December 31,
	Ended June 30, 2026
	(unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$16.68			$15.05			$17.04			$17.34			$19.93			$20.49
Net investment income (a)		0.35			0.46			0.58			0.63			0.45			0.27
Net realized and unrealized gain (loss) on investments		(7.22	)		1.51			(1.98	)		(0.31	)		(2.41	)		(0.61	)
Total from investment operations		(6.87	)		1.97			(1.40	)		0.32			(1.96	)		(0.34	)
Distributions from:
Net investment income		—			(0.34	)		(0.59	)		(0.62	)		(0.63	)		(0.22	)
Net asset value, end of period		$9.81			$16.68			$15.05			$17.04			$17.34			$19.93
Total return (b)		(41.18	)%		13.19	%		(8.21	)%		1.91	%		(9.88	)%		(1.65	)%

Ratios to average net assets
Gross expenses		0.90	%(c)		0.86	%		0.84	%		0.99	%		0.67	%		0.82	%
Net expenses		0.57	%(c)		0.57	%		0.57	%		0.58	%		0.57	%		0.57	%
Net expenses excluding interest and taxes		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		N/A
Net investment income		5.03	%(c)		3.04	%		3.49	%		3.56	%		2.24	%		1.38	%
Supplemental data
Net assets, end of period (in millions)		$27			$59			$30			$29			$33			$54
Portfolio turnover rate (d)		12	%		23	%		23	%		21	%		25	%		36	%

(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
	Six Months			Year Ended December 31,
	Ended June 30, 2026
	(unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$58.64			$43.35			$34.97			$35.71			$48.77			$44.82
Net investment income (a)		0.35			0.59			0.47			0.45			0.61			0.27
Net realized and unrealized gain (loss) on investments		5.53			15.57			8.44			(0.53	)		(13.19	)		4.30
Total from investment operations		5.88			16.16			8.91			(0.08	)		(12.58	)		4.57
Distributions from:
Net investment income		—			(0.87	)		(0.53	)		(0.66	)		(0.48	)		(0.62	)
Net asset value, end of period		$64.52			$58.64			$43.35			$34.97			$35.71			$48.77
Total return (b)		10.03	%		37.28	%		25.44	%		(0.22	)%		(25.79	)%		10.20	%

Ratios to average net assets
Gross expenses		0.61	%(c)		0.64	%		0.71	%		0.78	%		0.64	%		0.71	%
Net expenses		0.60	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net expenses excluding interest and taxes		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		N/A
Net investment income		1.09	%(c)		1.20	%		1.25	%		1.28	%		1.48	%		0.57	%
Supplemental data
Net assets, end of period (in millions)		$153			$120			$88			$59			$59			$80
Portfolio turnover rate (d)		27	%		8	%		10	%		13	%		12	%		32	%

(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:

	Junior Gold Miners ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026
	(unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$114.23			$42.72			$38.13			$35.63			$41.88			$54.26
Net investment income (a)		0.38			0.34			0.22			0.23			0.24			0.39
Net realized and unrealized gain (loss) on investments		(16.35	)		73.82			5.48			2.54			(6.31	)		(12.02	)
Total from investment operations		(15.97	)		74.16			5.70			2.77			(6.07	)		(11.63	)
Distributions from:
Net investment income		—			(2.65	)		(1.11	)		(0.27	)		(0.18	)		(0.75	)
Net asset value, end of period		$98.26			$114.23			$42.72			$38.13			$35.63			$41.88
Total return (b)		(13.98	)%		173.25	%		14.93	%		7.78	%		(14.48	)%		(21.44	)%

Ratios to average net assets
Expenses		0.51	%(c)		0.52	%		0.51	%		0.52	%		0.52	%		0.52	%
Net investment income		0.62	%(c)		0.48	%		0.51	%		0.63	%		0.64	%		0.84	%
Supplemental data
Net assets, end of period (in millions)		$7,078			$9,406			$4,434			$4,411			$3,737			$4,495
Portfolio turnover rate (d)		19	%		36	%		28	%		20	%		27	%		24	%

(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
	Six Months			Year Ended December 31,
	Ended June 30, 2026
	(unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$129.66			$99.09			$110.82			$111.11			$159.69			$165.41
Net investment income (a)		0.61			1.73			1.44			1.64			1.45			0.78
Net realized and unrealized gain (loss) on investments		15.89			30.87			(11.55	)		(0.18	)		(48.57	)		(5.79	)
Total from investment operations		16.50			32.60			(10.11	)		1.46			(47.12	)		(5.01	)
Distributions from:
Net investment income		—			(2.03	)		(1.62	)		(1.75	)		(1.46	)		(0.71	)
Net asset value, end of period		$146.16			$129.66			$99.09			$110.82			$111.11			$159.69
Total return (b)		12.72	%		32.88	%		(9.17	)%		1.34	%		(29.52	)%		(3.02	)%

Ratios to average net assets
Expenses		0.61	%(c)		0.64	%		0.61	%		0.61	%		0.61	%		0.55	%
Expenses excluding interest and taxes		0.61	%(c)		0.62	%		0.60	%		0.57	%		0.61	%		0.55	%
Net investment income		0.86	%(c)		1.53	%		1.42	%		1.43	%		1.13	%		0.49	%
Supplemental data
Net assets, end of period (in millions)		$144			$127			$122			$164			$198			$301
Portfolio turnover rate (d)		12	%		21	%		23	%		16	%		16	%		77	%

(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:

	MSCI EAFE Analyst Sentiment ETF

	Period Ended June 30, 2026 (unaudited)(a)

Net asset value, beginning of period		$72.65
Net investment income (b)		0.62
Net realized and unrealized gain on investments		6.99
Total from investment operations		7.61
Net asset value, end of period		$80.26
Total return (c)		10.48	%

Ratios to average net assets
Expenses		0.30	%(d)
Net investment income		3.28	%(d)
Supplemental data
Net assets, end of period (in millions)		$4
Portfolio turnover rate (e)		21	%

(a)	For the period April 2, 2026 (commencement of operations) through June 30, 2026.
(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:

	Natural Resources ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$60.06			$45.59			$48.74			$49.20			$47.44			$38.65
Net investment income (a)		0.76			1.46			1.30			1.52			1.66			1.21
Net realized and unrealized gain (loss) on investments		7.88			14.37			(3.24	)		(0.38	)		1.71			8.60
Total from investment operations		8.64			15.83			(1.94	)		1.14			3.37			9.81
Distributions from:
Net investment income		—			(1.36	)		(1.21	)		(1.60	)		(1.61	)		(1.02	)
Net asset value, end of period		$68.70			$60.06			$45.59			$48.74			$49.20			$47.44
Total return (b)		14.37	%		34.72	%		(4.00	)%		2.32	%		7.10	%		25.38	%

Ratios to average net assets
Gross expenses (c)		0.40	%(d)		0.41	%		0.44	%		0.52	%		0.50	%		0.78	%
Net expenses (c)		0.40	%(d)		0.41	%		0.44	%		0.52	%		0.50	%		0.49	%
Net expenses excluding interest and taxes (c)		0.40	%(d)		0.40	%		0.42	%		0.49	%		0.49	%		0.49	%
Net investment income		2.18	%(d)		2.77	%		2.59	%		3.11	%		3.36	%		2.63	%
Supplemental data
Net assets, end of period (in millions)		$299			$204			$125			$124			$143			$97
Portfolio turnover rate (e)		8	%		21	%		54	%		26	%		37	%		26	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Periods after December 31, 2021 reflect a unitary management fee structure.
(d)	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:

	Oil Refiners ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$37.56			$27.62			$34.31			$31.19			$27.14			$25.01
Net investment income (a)		0.80			0.94			1.28			1.19			1.07			0.66
Net realized and unrealized gain (loss) on investments		7.96			9.76			(6.43	)		3.18			3.94			2.12
Total from investment operations		8.76			10.70			(5.15	)		4.37			5.01			2.78
Distributions from:
Net investment income		—			(0.76	)		(1.54	)		(1.25	)		(0.96	)		(0.65	)
Net asset value, end of period		$46.32			$37.56			$27.62			$34.31			$31.19			$27.14
Total return (b)		23.31	%		38.75	%		(14.97	)%		14.00	%		18.50	%		11.10	%

Ratios to average net assets
Gross expenses		0.60	%(c)		0.94	%		0.85	%		0.85	%		0.78	%		1.02	%
Net expenses		0.60	%(c)		0.61	%		0.62	%		0.62	%		0.61	%		0.59	%
Net expenses excluding interest and taxes		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		3.43	%(c)		2.84	%		3.64	%		3.68	%		3.54	%		2.32	%
Supplemental data
Net assets, end of period (in millions)		$146			$38			$25			$34			$39			$20
Portfolio turnover rate (d)		15	%		26	%		23	%		19	%		40	%		18	%

(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
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$284.46			$271.29			$309.61			$304.03			$184.74			$153.90
Net investment income (a)		2.90			5.21			4.47			3.65			2.14			2.41
Net realized and unrealized gain (loss) on investments		84.89			12.83			(37.35	)		6.15			120.04			30.24	(b)
Total from investment operations		87.79			18.04			(32.88	)		9.80			122.18			32.65
Distributions from:
Net investment income		—			(4.87	)		(5.44	)		(4.22	)		(2.89	)		(1.81	)
Net asset value, end of period		$372.25			$284.46			$271.29			$309.61			$304.03			$184.74
Total return (c)		30.86	%		6.67	%		(10.57	)%		3.21	%		66.14	%		21.18	%

Ratios to average net assets
Gross expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net expenses (d)		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.50	%(e)		2.02	%		1.48	%		1.18	%		0.83	%		1.21	%
Supplemental data
Net assets, end of period (in millions)		$1,992			$1,294			$1,506			$2,167			$2,584			$2,143
Portfolio turnover rate (f)		5	%		21	%		17	%		17	%		17	%		28	%

(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:

	Rare Earth and Strategic Metals ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$73.71			$39.04			$61.80			$76.28			$111.72			$65.41
Net investment income (a)		0.05			0.56			0.63			1.02			0.68			0.08
Net realized and unrealized gain (loss) on investments		14.81			35.41			(22.39	)		(15.50	)		(34.93	)		52.12
Total from investment operations		14.86			35.97			(21.76	)		(14.48	)		(34.25	)		52.20
Distributions from:
Net investment income		—			(1.30	)		(1.00	)		—			(1.19	)		(5.89	)
Net asset value, end of period		$88.57			$73.71			$39.04			$61.80			$76.28			$111.72
Total return (b)		20.16	%		92.05	%		(35.27	)%		(18.98	)%		(30.68	)%		80.09	%

Ratios to average net assets
Expenses		0.51	%(c)		0.53	%		0.58	%		0.56	%		0.54	%		0.53	%
Expenses excluding interest and taxes		0.51	%(c)		0.53	%		0.56	%		0.55	%		0.54	%		0.53	%
Net investment income		0.10	%(c)		0.96	%		1.34	%		1.34	%		0.70	%		0.08	%
Supplemental data
Net assets, end of period (in millions)		$2,690			$1,627			$220			$409			$631			$1,014
Portfolio turnover rate (d)		26	%		74	%		34	%		41	%		40	%		74	%

(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:

	Steel ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$84.79			$58.50			$73.79			$57.80			$53.25			$44.57
Net investment income (a)		1.20			1.97			1.76			2.09			2.71			3.19
Net realized and unrealized gain (loss) on investments		12.82			25.64			(14.97	)		15.97			4.72			9.25
Total from investment operations		14.02			27.61			(13.21	)		18.06			7.43			12.44
Distributions from:
Net investment income		—			(1.32	)		(2.08	)		(2.07	)		(2.87	)		(3.76	)
Return of capital		—			—			—			—			(0.01	)		—
Total distributions		—			(1.32	)		(2.08	)		(2.07	)		(2.88	)		(3.76	)
Net asset value, end of period		$98.81			$84.79			$58.50			$73.79			$57.80			$53.25
Total return (b)		16.54	%		47.16	%		(17.94	)%		31.23	%		13.88	%		27.91	%

Ratios to average net assets
Gross expenses		0.59	%(c)		0.64	%		0.60	%		0.57	%		0.58	%		0.56	%
Net expenses		0.56	%(c)		0.55	%		0.56	%		0.56	%		0.56	%		0.55	%
Net expenses excluding interest and taxes		0.55	%(c)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		2.45	%(c)		2.84	%		2.57	%		3.22	%		4.72	%		5.48	%
Supplemental data
Net assets, end of period (in millions)		$170			$161			$75			$140			$100			$112
Portfolio turnover rate (d)		12	%		107	%		14	%		22	%		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)	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
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$123.63			$81.27			$71.49			$54.94			$54.90			$49.35
Net investment income (a)		0.55			1.30			0.87			1.19			0.86			1.44
Net realized and unrealized gain (loss) on investments		(8.30	)		44.23			9.52			18.62			0.29			5.20
Total from investment operations		(7.75	)		45.53			10.39			19.81			1.15			6.64
Distributions from:
Net investment income		—			(3.17	)		(0.61	)		(3.26	)		(1.11	)		(1.09	)
Net asset value, end of period		$115.88			$123.63			$81.27			$71.49			$54.94			$54.90
Total return (b)		(6.27	)%		55.93	%		14.52	%		36.02	%		2.10	%		13.48	%

Ratios to average net assets
Gross expenses		0.52	%(c)		0.52	%		0.56	%		0.64	%		0.67	%		0.89	%
Net expenses		0.52	%(c)		0.52	%		0.56	%		0.61	%		0.61	%		0.60	%
Net expenses excluding interest and taxes		0.51	%(c)		0.52	%		0.55	%		0.60	%		0.60	%		0.60	%
Net investment income		0.81	%(c)		1.13	%		1.04	%		1.88	%		1.56	%		2.70	%
Supplemental data
Net assets, end of period (in millions)		$4,205			$3,603			$749			$132			$54			$35
Portfolio turnover rate (d)		22	%		42	%		36	%		41	%		53	%		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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Vietnam ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$18.83			$11.62			$12.94			$11.75			$21.36			$17.52
Net investment income (a)		0.11			0.11			0.09			0.08			0.18			0.11
Net realized and unrealized gain (loss) on investments		(0.37	)		7.14			(1.41	)		1.78			(9.68	)		3.83
Total from investment operations		(0.26	)		7.25			(1.32	)		1.86			(9.50	)		3.94
Distributions from:
Net investment income		—			(0.04	)		—			(0.67	)		(0.11	)		(0.10	)
Net asset value, end of period		$18.57			$18.83			$11.62			$12.94			$11.75			$21.36
Total return (b)		(1.41	)%		62.42	%		(10.19	)%		15.95	%		(44.47	)%		22.52	%

Ratios to average net assets
Expenses (c)		0.65	%(d)		0.66	%		0.68	%		0.70	%		0.66	%		0.59	%
Expenses excluding interest and taxes (c)		0.60	%(d)		0.59	%		0.62	%		0.61	%		0.60	%		0.58	%
Net investment income (c)		1.16	%(d)		0.73	%		0.75	%		0.59	%		1.13	%		0.58	%
Supplemental data
Net assets, end of period (in millions)		$565			$606			$417			$527			$413			$591
Portfolio turnover rate (e)		30	%		48	%		21	%		55	%		57	%		57	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(d)	Annualized
(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, 2026 (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

Africa Index ETF	Diversified
Agribusiness ETF	Non-Diversified
Brazil Small-Cap ETF	Diversified
China Semiconductor ETF	Non-Diversified
ChiNext Innovators ETF*	Diversified
CMCI Commodity Strategy ETF	Non-Diversified
Copper and Electrification Metals ETF**	Non-Diversified
Digital India ETF	Non-Diversified
Gold Miners ETF	Non-Diversified
India Growth Leaders ETF	Diversified
Indonesia Index ETF	Non-Diversified
Israel ETF	Non-Diversified
Junior Gold Miners ETF	Non-Diversified
Low Carbon Energy ETF	Non-Diversified
MSCI EAFE Analyst Sentiment ETF	Non-Diversified
Natural Resources ETF	Diversified
Oil Refiners ETF	Non-Diversified
Oil Services ETF	Non-Diversified
Rare Earth and Strategic Metals ETF	Non-Diversified
Steel ETF	Non-Diversified
Uranium and Nuclear ETF	Non-Diversified
Vietnam ETF	Non-Diversified

* Formerly known as ChiNext ETF

** Formerly known as Copper and Green Metals ETF

Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.

Fund	Index

Africa Index ETF	MVIS^®GDP Africa Index
Agribusiness ETF	MVIS^®Global Agribusiness Index
Brazil Small-Cap ETF	MVIS^®Brazil Small-Cap Index
China Semiconductor ETF	MarketVector™ China Semiconductor 25 Index
ChiNext Innovators ETF	ChiNext Index
CMCI Commodity Strategy ETF	UBS Constant Maturity Commodity Total Return Index
Copper and Electrification Metals ETF	MarketVector™ Global Electrification Metals Index*
Digital India ETF	MVIS^®Digital India Index
Gold Miners ETF	MarketVector™ Global Gold Miners Index
India Growth Leaders ETF	MarketGrader India All-Cap Growth Leaders Index
Indonesia Index ETF	MVIS^®Indonesia Index
Israel ETF	Bluestar^®Israel Global Index
Junior Gold Miners ETF	MVIS^®Global Junior Gold Miners Index
Low Carbon Energy ETF	MVIS^®Global Low Carbon Energy Index
MSCI EAFE Analyst Sentiment ETF	MSCI EAFE Analyst Sentiment Select Index
Natural Resources ETF	MarketVector™ Global Natural Resources Index
Oil Refiners ETF	MVIS^®Global Oil Refiners Index
Oil Services ETF	MVIS^®US Listed Oil Services 25 Index
Rare Earth and Strategic Metals ETF	MVIS^®Global Rare Earth/Strategic Metals Index
Steel ETF	MarketVector™ Global Steel Index

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 1—Fund Organization (continued)

Uranium and Nuclear ETF	MVIS^®Global Uranium & Nuclear Energy Index
Vietnam ETF	MarketVector™ Vietnam Local Index

* Prior to June 1, 2026, the index was MVIS® Global Clean-Tech Metals 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.

India Growth Leaders ETF makes its investments through MV SCIF Mauritius (the “Mauritius Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. China Semiconductor ETF and ChiNext Innovators ETF seeks to achieve its investment objective by primarily investing directly in A-shares through the Shanghai-Hong Kong Connect and Shenzhen-Hong Kong Stock Connect Programs (the “Programs”).

Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for CMCI Commodity Strategy ETF. Van Eck Absolute Return Advisers Corporation (“VEARA”), a wholly owned subsidiary of VEAC, serves as the investment adviser to CMCI Commodity Strategy ETF and its subsidiary. VEAC and VEARA are collectively referred to as the “Adviser”.

Note 2—Significant Accounting Policies

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

The following summarizes the Funds’ significant accounting policies.

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).

100

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Security Valuation (continued)

pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADRs and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Funds are open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.

The Funds’ Board of Trustees (the “Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

Any Russian securities held in the Funds at June 30, 2026 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments at $0, as represented in the Schedule of Investments and deeming all these holdings as a Level 3 in the fair value hierarchy.

A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

101

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Basis for Consolidation

The CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the “CMCI Subsidiary”), a Cayman Islands exempted company. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned subsidiary.

The Mauritius Subsidiary of India Growth Leaders ETF, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Mauritius Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Mauritius Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly-owned Mauritius Subsidiary. All interfund account balances and transactions between the Funds and their subsidiaries have been eliminated in consolidation.

Federal Income Taxes

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

The wholly-owned CMCI Subsidiary is classified as controlled foreign corporation (“CFC”) under the Code. For U.S. tax purposes, a CFC is not subject to U.S. income tax. However, as a wholly-owned CFC, its net income and capital gains, to the extent of its earnings and profits, will be included each year in the each Fund’s investment company taxable income. Net losses of the CFC cannot be deducted by the Fund in the current year, nor carried forward to offset taxable income in future years.

Distributions to Shareholders

Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are generally declared and paid annually by each Fund. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end.

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, 2026.

102

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Restricted Securities

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

Use of Derivative Instruments

Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Funds’ derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

Total Return Swaps

The CMCI Commodity Strategy ETF enters into total return swaps in order take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s swap transactions may contain provisions for early termination of a swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap positions held by the Fund at June 30, 2026, are reflected in the Fund’s Consolidated Schedule of Investments.

During the six months ended June 30, 2026, the CMCI Commodity Strategy ETF held total return swap contracts with an average monthly notional amount of $2,743,333.

At June 30, 2026, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

	Asset Derivatives
	Commodities Futures Risk
CMCI Commodity Strategy ETF
Swap contracts¹		$	29,995

¹	Consolidated Statement of Assets and Liabilities location: Total return swap contracts, at value

103

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Use of Derivative Instruments (continued)

The impact of transactions in derivative instruments during the six months ended June 30, 2026, was as follows:

	Commodities Futures Risk
CMCI Commodity Strategy ETF
Realized gain:
Swap contracts¹	$	297,332
Net change in unrealized appreciation (depreciation):
Swap contracts²		18,426

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

Offsetting Assets and Liabilities

In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. The Fund may pledge cash and or securities as collateral for derivative instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at June 30, 2026 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

The table below presents both gross and net information about the derivative instruments eligible for offset in the Statement of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of June 30, 2026. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statement of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.

	Gross Amounts of Recognized Assets/ (Liabilities)	Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Assets/(Liabilities) Presented in the Statements of Assets and Liabilities	Financial Instruments and Cash Collateral Received	Net Amount
CMCI Commodity Strategy ETF
Total return swap contracts	$29,995	$—	$29,995	$—	$29,995

Segment Reporting

104

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Segment Reporting (continued)

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.

Other

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Non-cash dividends included in dividend income or disclosed separately, if any, are recorded at fair value of the security received.

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

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

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

Note 3—Investment Management and Other Agreements

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets.

For the Funds listed below, the management fee rates and expense limitations for the six months ended June 30, 2026 are as follows:

Fund	Management Fees			Expense Limitations
Africa Index ETF		0.50	%		0.78	%
Agribusiness ETF		0.50			0.56
Brazil Small-Cap ETF		0.50			0.59
ChiNext Innovators ETF		0.50			0.65
CMCI Commodity Strategy ETF		0.65			0.65
Gold Miners ETF		0.50			0.53
India Growth Leaders ETF		0.50			0.70
Indonesia Index ETF		0.50			0.57
Israel ETF		0.50			0.59
Junior Gold Miners ETF		0.50			0.56
Low Carbon Energy ETF		0.50			0.62
Oil Refiners ETF		0.50			0.59
Rare Earth and Strategic Metals ETF		0.50			0.57
Steel ETF		0.50			0.55
Uranium and Nuclear ETF		0.50			0.60
Vietnam ETF		0.50			0.76

105

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3—Investment Management and Other Agreements (continued)

The Adviser has agreed, until at least May 1, 2027, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding their expense limitations.

Refer to the Statements of Operations for amounts assumed by the Adviser for the six months ended June 30, 2026.

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 six months ended June 30, 2026 are as follows:

Fund	Management Fees
China Semiconductor ETF		0.65	%
Copper and Electrification Metals ETF		0.59
Digital India ETF		0.70
MSCI EAFE Analyst Sentiment ETF		0.30
Natural Resources ETF		0.40
Oil Services ETF		0.35

During the year ended December 31, 2025, the Adviser reimbursed the Brazil Small-Cap ETF $26,580 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

During the year ended December 31, 2021, the Adviser reimbursed the ChiNext Innovators ETF $19,569 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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

At June 20, 2026, the Adviser owned approximately 60% and 50% of CMCI Commodity Strategy ETF and MSCI EAFE Analyst Sentiment ETF, respectively.

Note 4—Capital Share Transactions

As of June 30, 2026, 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.

106

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 5—Investments

For the six months ended June 30, 2026, purchases and sales of investments (excluding short-term investments, U.S. government obligations and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments and U.S. government obligations) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Africa Index ETF	$	39,551,209	$	39,807,404	$	27,272,362	$	29,571,022
Agribusiness ETF		108,605,245		83,547,908		602,992,310		291,325,740
Brazil Small-Cap ETF		4,033,198		3,660,031		—		—
China Semiconductor ETF		204,095,181		—		—		—
ChiNext Innovators ETF		101,584,255		41,866,812		—		—
Copper and Electrification Metals ETF		6,998,939		6,788,449		9,879,892		8,639,830
Digital India ETF		8,256,779		8,872,133		—		93,463
Gold Miners ETF		3,421,597,956		3,222,897,379		3,669,001,526		3,313,931,177
India Growth Leaders ETF		122,889,166		135,757,407		3,538,992		2,909,936
Indonesia Index ETF		5,544,565		4,398,540		17,292,266		32,249,486
Israel ETF		39,756,429		38,738,541		21,046,382		—
Junior Gold Miners ETF		1,777,020,024		1,732,388,971		720,755,789		1,954,955,338
Low Carbon Energy ETF		16,913,834		16,325,275		3,195,117		3,136,085
MSCI EAFE Analyst Sentiment ETF		893,127		816,361		3,577,285		—
Natural Resources ETF		26,281,987		22,463,081		90,581,169		24,084,460
Oil Refiners ETF		33,772,671		17,498,448		107,983,188		26,500,160
Oil Services ETF		125,250,736		109,021,444		2,592,983,952		2,360,230,474
Rare Earth and Strategic Metals ETF		864,777,874		692,267,869		952,992,733		397,851,373
Steel ETF		22,455,492		20,851,642		87,126,088		96,072,105
Uranium and Nuclear ETF		1,061,743,173		987,504,399		1,094,100,168		79,104,448
Vietnam ETF		177,142,214		210,508,656		—		—

Note 6—Income Taxes

As of June 30, 2026, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF	$	91,017,260	$	17,288,087	$	(6,424,547	)	$	10,863,540
Agribusiness ETF		1,101,287,415		55,836,477		(201,185,303	)		(145,348,826	)
Brazil Small-Cap ETF		22,090,949		4,834,971		(4,564,591	)		270,380
China Semiconductor ETF		204,095,181		4,237,235		–			4,237,235
ChiNext Innovators ETF		90,193,492		54,148,034		(778,661	)		53,369,373
CMCI Commodity Strategy ETF		2,641,706		85,878		–			85,878
Copper and Electrification Metals ETF		30,760,907		7,086,514		(3,565,409	)		3,521,105
Digital India ETF		13,201,799		3,056,835		(1,170,696	)		1,886,139
Gold Miners ETF		16,364,833,182		7,041,746,169		(558,945,914	)		6,482,800,255
India Growth Leaders ETF		79,492,776		22,287,025		(2,571,708	)		19,715,317
Indonesia Index ETF		48,230,795		32,235		(20,720,733	)		(20,688,498	)
Israel ETF		99,569,851		67,279,968		(8,890,547	)		58,389,421
Junior Gold Miners ETF		5,316,050,693		2,387,426,944		(556,114,659	)		1,831,312,285
Low Carbon Energy ETF		139,016,136		40,554,450		(32,618,945	)		7,935,505
MSCI EAFE Analyst Sentiment ETF		3,746,574		423,564		(165,889	)		257,675
Natural Resources ETF		250,256,758		57,927,920		(8,090,194	)		49,837,726
Oil Refiners ETF		140,819,004		11,096,786		(6,233,473	)		4,863,313
Oil Services ETF		2,257,390,667		38,885,514		(304,573,977	)		(265,688,463	)
Rare Earth and Strategic Metals ETF		2,351,419,893		573,389,650		(242,845,977	)		330,543,673
Steel ETF		168,448,684		14,928,574		(8,078,849	)		6,849,725

107

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 6—Income Taxes (continued)

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Uranium and Nuclear ETF	$	4,343,956,493	$	428,203,862	$	(469,230,239	)	$	(41,026,377	)
Vietnam ETF		420,851,709		191,026,611		(51,077,751	)		139,948,860

The tax characteristic of current year distributions 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 Statement of Operations. During the six months ended in June 30, 2026, the Funds did not incur any such 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 China Semiconductor ETF and ChiNext Innovators ETF (the “China Funds”). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends derived from non-People’s Republic of China (“PRC”) resident enterprises (including a Qualified Foreign Institutional Investor (“QFII”) and a Renminbi Qualified Foreign Institutional Investor (“RQFII”)) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes these China Funds, 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 China Funds could be subject to additional tax liabilities. Prior to January 12, 2024, all or a portion of the ChiNext Innovators ETF 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

108

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 7—Principal Risks (continued)

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.

The taxation of income and capital gains of foreign securities is subject to the fiscal laws and practices of different jurisdictions. Any of those jurisdictions may change their fiscal laws and practices or interpretation and enforcement policies, possibly with retroactive effect. The India Growth Leaders ETF’s investment in the Mauritius Subsidiary involves certain tax risks. Changes to the Double Taxation Avoidance Treaty (the “Treaty”) between Mauritius and India, or its interpretation may adversely affect the ability of the Mauritius Subsidiary to realize efficiently income or capital gains. Indian capital gains tax can be imposed on income arising from the transfer of shares in a company registered outside India which derives, directly or indirectly, its value substantially from the assets located in India.

Should the Chinese government impose restrictions on the ability of China Semiconductor ETF and ChiNext Innovators ETF to repatriate funds associated with direct investment in A-Shares, the Funds may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended, and the Funds may therefore be subject to Fund-level U.S. federal taxes.

The CMCI Commodity Strategy ETF may invest in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject the Fund to greater volatility than investments in traditional securities. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

As a result of the current conditions related to Russian securities and Russian markets, the Agribusiness ETF, Copper and Electrification Metals ETF and Natural Resources ETF are unable to dispose of the Russian securities in its portfolios, with limited exceptions, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia took actions that impact the custody of equity securities of Russian issuers and may be detrimental to the Funds ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Funds. Additionally, while certain Russian securities held by the Agribusiness ETF, Copper and Electrification Metals ETF and Natural Resources ETF have declared dividends, there is no assurance these dividends can be realized by the Funds. As a result, all such dividend receivables related to these Russian securities are valued at $0, as of June 30, 2026.

109

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 7—Principal Risks (continued)

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.

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. In prior years, the Natural Resources ETF and Oil Services ETF adopted a unitary management fee in which the Adviser is responsible for paying all expenses of the Funds. For these Funds, the liability for the Plan which is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through the date of conversion to a unitary management fee structure. China Semiconductor ETF, Copper and Electrification Metals ETF, Digital India ETF and MSCI EAFE Analyst Sentiment ETF commenced operations with a unitary management fee, and therefore bear no cost or liabilities relative to the Plan.

Note 9—Securities Lending

To generate additional income, the Funds may lend securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and/or earning interest on the investment of the cash collateral, net of rebates paid to the borrower. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed net of rebates and broker fees in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund’s Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2026, 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, 2026:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Africa Index ETF	$	3,326,174	$	2,170,975	$	1,757,367	$	3,928,342
Agribusiness ETF		67,319,056		12,466,707		56,834,780		69,301,487
Brazil Small-Cap ETF		551,377		32,288		528,905		561,193
Copper and Electrification Metals ETF		638,507		31,097		609,506		640,603
Gold Miners ETF		543,442,250		96,444,322		466,503,961		562,948,283
Indonesia Index ETF		212,046		315		231,078		231,393
Israel ETF		11,609,486		4,613,480		7,018,352		11,631,832
Junior Gold Miners ETF		310,513,854		74,556,414		251,750,902		326,307,316

110

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 9—Securities Lending (continued)

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Low Carbon Energy ETF	$	11,757,196	$	3,162,916	$	9,027,630	$	12,190,546
Natural Resources ETF		17,982,804		1,533,304		17,157,808		18,691,112
Oil Refiners ETF		100,693		–		105,934		105,934
Oil Services ETF		234,399,178		200,516		239,211,869		239,412,385
Rare Earth and Strategic Metals ETF		334,048,549		81,066,938		257,458,869		338,525,807
Steel ETF		29,913,144		5,305,168		25,546,304		30,851,472
Uranium and Nuclear ETF		680,440,672		89,918,533		621,517,199		711,435,732

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2026:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Africa Index ETF	$	2,170,975
Agribusiness ETF		12,466,707
Brazil Small-Cap ETF		32,288
Copper and Electrification Metals ETF		31,097
Gold Miners ETF		96,444,322
Indonesia Index ETF		315
Israel ETF		4,613,480
Junior Gold Miners ETF		74,556,414
Low Carbon Energy ETF		3,162,916
Natural Resources ETF		1,533,304
Oil Services ETF		200,516
Rare Earth and Strategic Metals ETF		81,066,938
Steel ETF		5,305,168
Uranium and Nuclear ETF		89,918,533

*	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, 2026, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Africa Index ETF		61		$729,771		4.98	%
Agribusiness ETF		133		1,267,852		4.99
Brazil Small-Cap ETF		46		89,203		4.98
CMCI Commodity Strategy ETF		21		206,522		4.99
Copper and Electrification Metals ETF		4		460,219		4.99
Digital India ETF		5		915,680		4.99
Gold Miners ETF		29		20,763,873		4.99
India Growth Leaders ETF		2		2,129,169		4.99
Indonesia Index ETF		22		123,872		4.99
Israel ETF		166		320,030		4.99

111

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 10—Bank Line of Credit (continued)

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Junior Gold Miners ETF		31		$21,283,057		4.99	%
Low Carbon Energy ETF		76		162,695		4.99
Natural Resources ETF		14		134,495		4.97
Oil Refiners ETF		71		259,394		4.98
Oil Services ETF		47		2,311,791		4.99
Rare Earth and Strategic Metals ETF		33		4,539,894		4.98
Steel ETF		133		389,357		4.98
Uranium and Nuclear ETF		29		13,644,662		4.99
Vietnam ETF		145		6,856,853		4.98

Outstanding loan balances as of June 30, 2026, if any, are reflected in the Statements of Assets and Liabilities.

112

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

The officers receive no remuneration directly from the Funds. The Trustees receive no remuneration directly from the Funds with a unified fee arrangement. All other Funds pay remuneration directly to Trustees only. The information is included in the Statements of Operations, as applicable.

113

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 2-3, 2026 (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 Innovators ETF, CLO ETF, Copper and Electrification Metals ETF (formerly, VanEck Copper and Green Metals ETF), Digital India ETF, Gold Miners 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, MSCI EAFE Analyst Sentiment ETF, MSCI EM Analyst Sentiment 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 “Sub-Advisory Agreements”) with respect to the VanEck AA-BB CLO ETF and CLO ETF (together, the “CLO ETFs”). 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 5, 2026. 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 (except for the VanEck MSCI EAFE Analyst Sentiment ETF, which had only recently commenced operations, and the VanEck MSCI EM Analyst Sentiment ETF, which had not commenced operations) 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. The Trustees also received a summary of the process by which Broadridge constructed each Fund’s respective peer group, including any changes Broadridge made in response to management’s suggestions. In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except the VanEck Russia ETF and Russia Small-Cap ETF (together, the “Russia ETFs”) (which are in the process of being liquidated and no longer seeks to track an index) and the CLO ETFs (which are actively managed), is a passively managed fund that seeks to track a specific index and, as a result, has an investment objective that would generally differ from the funds in its designated peer group (to the extent those funds track a different index). Accordingly, each Fund’s (except the Russia ETFs and CLO ETFs) performance is expected to differ from its peers. The Trustees also considered the fact that the VanEck MSCI EAFE Analyst Sentiment 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.

114

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 5, 2026 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, Copper and Electrification Metals ETF, Digital India ETF, International High Yield Bond ETF, Mortgage REIT Income ETF, MSCI EAFE Analyst Sentiment ETF, MSCI EM Analyst Sentiment 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 sub-adviser (or sub-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 also considered that, effective December 30, 2025, the Sub-Adviser was acquired by MetLife Investment Management, the institutional asset management business of MetLife, Inc., and considered management’s assessment that the transaction did not impact the composition of the investment management team or the services provided by the Sub-Adviser to the CLO ETFs.

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 (i.e., measured without regard to the impact of fees and expenses) of each Fund except for the CLO ETFs to the performance of the benchmark index that the Fund seeks to track, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees also 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 certain other funds that invest in CLOs. The Trustees noted that the VanEck CLO ETF had outperformed its benchmark for the one-year period ended December 31, 2025 and the period since its inception on June 21, 2022 through December 31, 2025. The Trustees also noted that the VanEck AA-BB CLO ETF had slightly underperformed its benchmark for the one-year period ended December 31, 2025 and the period since its inception on September 24, 2024 through December 31, 2025.

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 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

115

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

payable by each of the Russia ETFs since March 22, 2022) below the average and median of its respective peer group of funds, except that each of the VanEck Low Carbon Energy ETF and MSCI EAFE Analyst Sentiment ETF had management fees below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Digital India ETF and Vietnam ETF had management fees (after the effect of any applicable fee waiver) above the average and below the median of its respective peer group of funds, each of the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Gold Miners 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, each of the VanEck Copper and Electrification Metals ETF and Oil Services ETF had management fees above the average and equal to the median of its respective peer group of funds and each of the VanEck Agribusiness ETF and Uranium and Nuclear ETF had management fees below the average and above the median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund had a total expense ratio (after the effect of any applicable fee waiver and/ or expense limitation) below the average and median of its respective peer group of funds, except that each of the VanEck AA-BB CLO ETF, Africa Index 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, Oil Refiners ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable fee waiver and/or expense limitation) above the average and median of its respective peer group of funds, each of the VanEck Digital India ETF, India Growth Leaders ETF, Indonesia Index ETF and Oil Services ETF had a total expense ratio (after the effect of any applicable fee waiver and/or expense limitation) above the average and below the median of its respective peer group of funds and the VanEck Copper and Electrification Metals ETF had a total expense ratio 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 fee waiver and/or expense limitation, as applicable, and noted that the VEAC Investment Management Agreements, VEARA Investment Management Agreements and Sub-Advisory 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 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.

116

The Trustees did not consider historical information about the cost of the services provided by VEAC or the profitability of the VanEck MSCI EAFE Analyst Sentiment ETF to VEAC, which had only recently commenced operations, or the VanEck MSCI EM Analyst Sentiment ETF to VEAC, which had not commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to each of the VanEck MSCI EAFE Analyst Sentiment ETF and VanEck MSCI EM Analyst Sentiment ETF by VEAC, although they concluded that the nature, quality and extent of the services to be provided by VEAC were appropriate based on the Trustees’ knowledge of VEAC and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2026 meeting as part of their consideration of the Agreements.

In voting to approve the continuation of each of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements 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.

VanEck China Semiconductor ETF

At a meeting held on June 2-3, 2026 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck China Semiconductor ETF (the “Fund”).

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

In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund, excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the

117

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreement.

In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.

118

June 30, 2026

SEMI-ANNUAL FINANCIAL STATEMENTS AND

OTHER INFORMATION

CLOB	\|	AA-BB CLO ETF
BIZD	\|	BDC Income ETF
CBON	\|	China Bond ETF
CLOI	\|	CLO ETF
IHY	\|	International High Yield Bond ETF
EMLC	\|	J.P. Morgan EM Local Currency Bond ETF
MORT	\|	Mortgage REIT Income ETF
DESK	\|	Office and Commercial REIT ETF
PFXF	\|	Preferred Securities ex Financials ETF


	800.826.2333	vaneck.com

	Schedule of Investments
	AA-BB CLO ETF	3
	BDC Income ETF	7
	China Bond ETF	9
	CLO ETF	10
	International High Yield Bond ETF	17
	J.P. Morgan EM Local Currency Bond ETF	32
	Mortgage REIT Income ETF	39
	Office and Commercial REIT ETF	40
	Preferred Securities ex Financials ETF	41
	Statements of Assets and Liabilities	44
	Statements of Operations	47
	Statements of Changes in Net Assets	50
	Financial Highlights
	AA-BB CLO ETF	59
	BDC Income ETF	60
	China Bond ETF	61
	CLO ETF	62
	International High Yield Bond ETF	63
	J.P. Morgan EM Local Currency Bond ETF	64
	Mortgage REIT Income ETF	65
	Office and Commercial REIT ETF	66
	Preferred Securities ex Financials ETF	67
	Notes to Financial Statements	68
	Changes In and Disagreements with Accountants	81
	Proxy Disclosures	81
	Remuneration Paid to Directors, Officers and Others	81
	Approval of Investment Advisory Contracts	82

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 98.4%
Bain Capital Credit CLO 2021-1 Ltd. 144A 9.98% (Term SOFR USD 3 Month+6.30%), 04/18/34 (a)	$	3,000		$	2,656,479
Bain Capital Credit CLO 2021-3 Ltd. 144A 7.03% (Term SOFR USD 3 Month+3.36%), 07/24/34 (a)		2,990			2,884,653
Bain Capital Credit CLO 2021-7 Ltd. 144A 10.16% (Term SOFR USD 3 Month+6.50%), 01/22/35 (a)		3,500			2,999,119
Bain Capital Credit CLO 2022-2 Ltd. 144A 8.66% (Term SOFR USD 3 Month+5.00%), 04/22/35 (a)		1,000			968,373
Bain Capital Credit CLO 2022-3 Ltd. 144A 7.38% (Term SOFR USD 3 Month+3.70%), 07/17/35 (a)		2,980			2,921,005
Benefit Street Partners CLO XXIII Ltd. 144A 7.89% (Term SOFR USD 3 Month+4.25%), 04/25/39 (a)		1,000			1,001,941
Benefit Street Partners CLO XXXV Ltd. 144A 7.72% (Term SOFR USD 3 Month+4.10%), 07/25/39 (a)		1,000			990,561
BlueMountain CLO XXXI Ltd. 144A
5.28% (Term SOFR USD 3 Month+1.60%), 04/19/34 (a)		1,300			1,300,888
BlueMountain CLO XXXIII Ltd. 144A 7.43% (Term SOFR USD 3 Month+3.75%), 10/20/38 (a)		1,325			1,337,851
8.18% (Term SOFR USD 3 Month+4.50%), 10/20/38 (a)		2,000			1,952,902
10.61% (Term SOFR USD 3 Month+6.93%), 10/20/38 (a)		3,000			2,798,283
BlueMountain CLO XXXV Ltd. 144A 11.74% (Term SOFR USD 3 Month+8.07%), 10/22/37 (a)		2,500			2,415,055
Bridge Street CLO I Ltd. 144A

	Par (000’s		)	Value
5.74% (Term SOFR USD 3 Month+2.00%), 07/15/39 (a)	$	1,500		$	1,501,125
Canyon Capital CLO 2019-2 Ltd. 144A 5.57% (Term SOFR USD 3 Month+1.90%), 10/15/34 (a)		1,775			1,776,385
Canyon Capital CLO 2020-1 Ltd. 144A 5.62% (Term SOFR USD 3 Month+1.95%), 07/15/34 (a)		1,500			1,501,172
Canyon CLO 2023-2 Ltd. 144A 8.18% (Term SOFR USD 3 Month+4.50%), 07/15/39 (a)		1,250			1,252,270
CIFC Funding 2020-I Ltd. 144A 8.14% (Term SOFR USD 3 Month+4.50%), 07/15/39 (a)		1,000			1,001,161
CIFC Funding 2021-VI Ltd. 144A 7.92% (Term SOFR USD 3 Month+4.25%), 07/15/39 (a)		1,250			1,252,248
CIFC Funding 2022-I Ltd. 144A 7.74% (Term SOFR USD 3 Month+4.00%), 07/17/41 (a)		1,500			1,501,500
CQS US CLO 2025-4 Ltd. 144A 1.00% (Term SOFR USD 3 Month+1.90%), 07/20/39 (a)		2,000			2,001,500
CQS US CLO 6 Ltd. 144A 5.68% (Term SOFR USD 3 Month+2.00%), 03/31/39 (a)		6,000			6,016,895
CQS US CLO 7 Ltd. 144A 5.70% (Term SOFR USD 3 Month+1.95%), 07/17/39 (a)		4,250			4,255,168
Dryden 113 CLO Ltd. 144A
6.67% (Term SOFR USD 3 Month+3.00%), 10/15/37 (a)		2,000			2,000,846
7.67% (Term SOFR USD 3 Month+4.00%), 10/15/37 (a)		1,400			1,391,968
Dryden 72 CLO Ltd. 144A 5.65% (Term SOFR USD 3 Month+2.00%), 05/15/32 (a)		1,000			1,001,074
Dryden 95 CLO Ltd. 144A

See Notes to Financial Statements

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
6.69% (Term SOFR USD 3 Month+3.05%), 08/20/34 (a)	$	7,000		$	6,984,277
Goldentree Loan Management US CLO 8 Ltd. 144A 5.53% (Term SOFR USD 3 Month+1.85%), 10/20/34 (a)		1,000			1,002,008
Halseypoint CLO 7 Ltd. 144A 5.88% (Term SOFR USD 3 Month+2.20%), 07/20/38 (a)		1,000			1,002,865
KKR CLO 27 Ltd. 144A 9.92% (Term SOFR USD 3 Month+6.25%), 01/15/35 (a)		2,500			2,412,623
KKR CLO 36 Ltd. 144A 5.42% (Term SOFR USD 3 Month+1.75%), 10/15/34 (a)		5,000			5,008,775
LCM 39 Ltd. 144A 10.67% (Term SOFR USD 3 Month+7.00%), 10/15/34 (a)		2,500			2,399,548
Madison Park Funding LVII Ltd. 144A 6.62% (Term SOFR USD 3 Month+2.95%), 07/27/34 (a)		1,500			1,454,525
Madison Park Funding XXXV Ltd. 144A
5.38% (Term SOFR USD 3 Month+1.80%), 02/13/39 (a)		3,500			3,511,837
7.58% (Term SOFR USD 3 Month+4.00%), 02/13/39 (a)		1,000			963,477
Market Street CLO Ltd. III 144A 7.75% (Term SOFR USD 3 Month+4.00%), 07/20/39 (a)		1,000			1,001,000
Neuberger Berman Loan Advisers CLO 38 Ltd. 144A 5.08% (Term SOFR USD 3 Month+1.40%), 10/20/36 (a)		5,000			5,003,005
Neuberger Berman Loan Advisers CLO 42 Ltd. 144A 5.08% (Term SOFR USD 3 Month+1.40%), 07/16/36 (a)		5,000			5,003,135
Neuberger Berman Loan Advisers CLO 54 Ltd. 144A 9.87% (Term SOFR USD 3 Month+6.25%), 04/23/38 (a)		5,500			5,523,386
Neuberger Berman Loan Advisers CLO 55 Ltd. 144A

	Par (000’s		)	Value
9.25% (Term SOFR USD 3 Month+4.50%), 04/22/40 (a)	$	1,500		$	1,502,945
Ocean Trails CLO XIV Ltd. 144A 5.68% (Term SOFR USD 3 Month+2.00%), 01/20/38 (a)		1,700			1,702,293
OCP CLO 2024-33 Ltd. 144A 7.70% (Term SOFR USD 3 Month+4.00%), 07/20/39 (a)		1,300			1,302,516
Octagon 64 Ltd. 144A 5.37% (Term SOFR USD 3 Month+1.70%), 07/21/37 (a)		10,000			10,007,769
Octagon 71 Ltd. 144A 8.97% (Term SOFR USD 3 Month+5.30%), 04/18/37 (a)		1,250			1,265,933
OHA Credit Funding 18 Ltd. 144A 7.56% (Term SOFR USD 3 Month+4.00%), 07/20/39 (a)		1,250			1,251,250
OHA Credit Partners XV Ltd. 144A 8.16% (Term SOFR USD 3 Month+4.50%), 04/20/39 (a)		1,500			1,502,564
OZLM XXIII Ltd. 144A 5.87% (Term SOFR USD 3 Month+2.20%), 10/15/37 (a)		1,000			1,001,639
Regatta XVI Funding Ltd. 144A 5.05% (Term SOFR USD 3 Month+1.38%), 04/15/39 (a)		2,500			2,489,875
Rockford Tower CLO 2019-2 Ltd. 144A 5.64% (Term SOFR USD 3 Month+2.00%), 08/20/32 (a)		1,000			1,000,816
Rockford Tower CLO 2021-2 Ltd. 144A
5.38% (Term SOFR USD 3 Month+1.70%), 07/20/34 (a)		6,500			6,508,443
5.63% (Term SOFR USD 3 Month+1.95%), 07/20/34 (a)		2,500			2,503,095
Rockford Tower CLO 2022-1 Ltd. 144A 5.38% (Term SOFR USD 3 Month+1.70%), 07/20/35 (a)		7,000			7,009,302
Rockford Tower CLO 2024-1 Ltd. 144A

See Notes to Financial Statements

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
5.72% (Term SOFR USD 3 Month+1.95%), 07/20/39 (a)	$	1,500		$	1,501,125
Sculptor CLO XXIX Ltd. 144A 5.41% (Term SOFR USD 3 Month+1.75%), 07/22/38 (a)		3,000			3,015,945
Sculptor CLO XXVIII Ltd. 144A 5.63% (Term SOFR USD 3 Month+1.95%), 01/20/35 (a)		3,000			3,002,976
Sculptor CLO XXX Ltd. 144A 7.28% (Term SOFR USD 3 Month+3.60%), 07/20/38 (a)		2,000			2,003,886
Signal Peak CLO 4 Ltd. 144A
5.32% (Term SOFR USD 3 Month+1.65%), 10/26/34 (a)		5,000			5,010,000
5.67% (Term SOFR USD 3 Month+2.00%), 10/26/34 (a)		2,500			2,504,035
7.13% (Term SOFR USD 3 Month+3.46%), 10/26/34 (a)		2,300			2,231,708
Signal Peak CLO 5 Ltd. 144A 5.58% (Term SOFR USD 3 Month+1.95%), 04/25/37 (a)		2,000			2,005,914
Sound Point CLO XXIX Ltd. 144A
5.27% (Term SOFR USD 3 Month+1.60%), 04/25/34 (a)		5,000			5,004,095
7.43% (Term SOFR USD 3 Month+3.76%), 04/25/34 (a)		3,500			3,415,321
Sound Point CLO XXVI Ltd. 144A 7.29% (Term SOFR USD 3 Month+3.61%), 07/20/34 (a)		1,000			970,645

	Par (000’s		)	Value
Sound Point CLO XXXI Ltd. 144A 7.18% (Term SOFR USD 3 Month+3.51%), 10/25/34 (a)	$	2,500		$	2,387,375
Trinitas CLO XIX Ltd. 144A 6.63% (Term SOFR USD 3 Month+2.95%), 10/20/33 (a)		2,500			2,488,798
Trinitas CLO XVII Ltd. 144A 6.93% (Term SOFR USD 3 Month+3.25%), 10/20/34 (a)		1,750			1,727,740
Whitebox CLO III Ltd. 144A 5.57% (Term SOFR USD 3 Month+1.90%), 10/15/35 (a)		2,250			2,252,815
Wind River 2021-2 CLO Ltd. 144A 5.68% (Term SOFR USD 3 Month+2.00%), 07/20/34 (a)		2,500			2,502,325
Wind River 2023-1 CLO Ltd. 144A 5.72% (Term SOFR USD 3 Month+2.05%), 07/25/38 (a)		1,000			1,003,080
Total Collateralized Loan Obligations (Cost: $175,539,017)					174,027,106

SHORT-TERM INVESTMENT: 4.8%
United States Treasury Obligations: 4.8% (Cost: $8,477,005)
United States Treasury Bill (y) 3.67%, 07/28/26		8,500			8,476,994

Total Investments: 103.2% (Cost: $184,016,022)					182,504,100
Liabilities in excess of other assets: (3.2)%					(5,744,237)
NET ASSETS: 100.0%				$	176,759,863

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

(a)	Variable rate security — the rate shown is as of June 30, 2026
(y)	The rate shown is the calculated yield to maturity.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $174,027,106, or 98.5% of net assets.

See Notes to Financial Statements

VANECK AA-BB CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Collateralized Loan Obligations	$	—	$	174,027,106	$	—	$	174,027,106
United States Treasury Obligations		—		8,476,994		—		8,476,994
Total Investments	$	—	$	182,504,100	$	—	$	182,504,100

See Notes to Financial Statements

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 64.1%
Financial Services: 64.1%
Ares Capital Corp. †		12,569,449	$	232,911,890
Bain Capital Specialty Finance, Inc. †		1,074,130		13,448,108
Barings BDC, Inc. †		1,839,476		15,672,336
BlackRock TCP Capital Corp. †		1,694,288		5,692,808
Blackstone Secured Lending Fund †		3,678,717		87,222,380
Blue Owl Capital Corp. †		8,817,572		95,847,008
Blue Owl Technology Finance Corp.		4,423,851		45,786,858
Capital Southwest Corp. †		1,254,844		29,827,642
Carlyle Secured Lending, Inc. †		1,403,342		14,777,191
CION Investment Corp. †		1,005,415		6,263,735
Fidus Investment Corp. †		766,402		14,615,286
FS KKR Capital Corp. †		4,448,011		46,704,115
Gladstone Capital Corp. †		456,227		8,859,928
Gladstone Investment Corp. †		804,098		12,431,355
Goldman Sachs BDC, Inc. †		2,136,780		20,256,674
Golub Capital BDC, Inc. †		3,703,865		47,705,781
Hercules Capital, Inc. †		3,156,663		49,780,575
Kayne Anderson BDC, Inc. †		669,889		9,063,598
Main Street Capital Corp. †		1,652,085		85,710,170
MidCap Financial Investment Corp.		1,663,330		16,766,366
Morgan Stanley Direct Lending Fund †		1,626,051		24,585,891
MSC Income Fund, Inc.		915,670		10,594,302
New Mountain Finance Corp. †		1,659,313		11,897,274
Nuveen Churchill Direct Lending Corp. †		767,952		9,537,964
Oaktree Specialty Lending Corp. †		1,778,712		21,237,821

	Number of Shares		Value
Financial Services (continued)
PennantPark Floating Rate Capital Ltd. †		2,003,566	$	14,986,674
Prospect Capital Corp. †		7,486,538		17,293,903
Sixth Street Specialty Lending, Inc. †		1,918,728		32,944,560
SLR Investment Corp. †		848,292		10,493,372
Trinity Capital, Inc. †		1,815,112		32,472,354

Total Common Stocks (Cost: $1,224,147,033)				1,045,387,919

	Par (000’s		)
SHORT-TERM INVESTMENTS: 33.6%
United States Treasury Obligations: 33.6% (Cost: $548,457,995)
United States Treasury Bills (y)
3.62%, 07/16/26 #		274,277		273,866,270
3.65%, 10/15/26 #		277,519		274,503,551
				548,369,821
Total Investments Before Collateral for Securities Loaned: 97.7% (Cost: $1,772,605,028)				1,593,757,740

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 18.7%
Money Market Fund: 18.7% (Cost: $304,172,154)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65% (a)		304,172,154		304,172,154
Total Investments: 116.4% (Cost: $2,076,777,182)				1,897,929,894
Liabilities in excess of other assets: (16.4)%				(267,952,094)
NET ASSETS: 100.0%			$	1,629,977,800

Total Return Swap Contracts

Long Exposure

Reference
Obligation

Notional
Amount

Counterparty

Rate paid by
the Fund

Payment
Frequency

Termination
Date

Unrealized
Appreciation/
(Depreciation)

MVIS US Business Development Companies Index

$554,714,659

UBS

4.47%(b)

Monthly

11/17/26

4,293,678

MVIS US Business Development Companies Index

$10,751,977

Bank of America

4.15%(c)

Monthly

08/31/26

(1,408,831)

MVIS US Business Development Companies Index

$5,866,085

Bank of America

4.37%(d)

Monthly

08/31/26

122,236

Total

3,007,083

See Notes to Financial Statements

VANECK BDC INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Footnotes:

#	All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $77,387,613.
(a)	The rate shown is the 7-day yield as of June 30, 2026.
(b)	The rate shown reflects the rate in effect at June 30, 2026: Secured Overnight Financing Rate + 0.85%.
(c)	The rate shown reflects the rate in effect at June 30, 2026: Overnight Bank Funding Rate + 0.53%.
(d)	The rate shown reflects the rate in effect at June 30, 2026: Overnight Bank Funding Rate + 0.75%.
(y)	The rate shown is the calculated yield to maturity.
†	Security fully or partially on loan. Total market value of securities on loan is $429,857,050.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	1,045,387,919	$	—	$	—	$	1,045,387,919
United States Treasury Obligations		—		548,369,821		—		548,369,821
Money Market Fund		304,172,154		—		—		304,172,154
Total Investments	$	1,349,560,073	$	548,369,821	$	—	$	1,897,929,894
Other Financial Instruments:
Assets
Total Return Swap Contracts	$	—	$	4,415,914	$	—	$	4,415,914
Liabilities
Total Return Swap Contract	$	—	$	1,408,831	$	—	$	1,408,831


*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CHINA BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

		Par (000’s		)	Value
CORPORATE BONDS: 72.7%
Energy: 7.2%
China Petrochemical Corp. 2.00%, 08/09/29	CNY		6,250		$	931,383
China Petroleum & Chemical Corp. 3.20%, 07/27/26	CNY		5,240			772,993
						1,704,376
Financials: 53.0%
Agricultural Development Bank of China
1.40%, 01/07/30	CNY		5,400			792,213
1.61%, 08/07/28	CNY		3,370			498,111
1.66%, 01/09/35	CNY		6,650			969,376
2.96%, 04/17/30	CNY		2,420			375,413
3.06%, 06/06/32	CNY		4,640			737,765
Bank of Communications Co. Ltd. Reg S 2.70%, 09/26/26	CNY		5,800			856,894
China Construction Bank Corp. Reg S 1.85%, 09/26/28	CNY		10,000			1,482,430
China Development Bank
2.69%, 09/11/33	CNY		4,060			639,351
2.82%, 05/22/33	CNY		3,080			487,190
3.45%, 09/20/29	CNY		4,800			751,242
3.48%, 01/08/29	CNY		4,460			690,248
3.65%, 05/21/29	CNY		1,950			305,244
3.66%, 03/01/31	CNY		1,170			188,689
3.70%, 10/20/30	CNY		4,150			666,330
4.04%, 07/06/28	CNY		4,360			675,632
China Everbright Bank Co. Ltd. Reg S 2.72%, 09/25/26	CNY		5,800			856,906
Export-Import Bank of China

		Par (000’s		)	Value
Financials (continued)
3.10%, 02/13/33	CNY		580		$	93,151
3.38%, 07/16/31	CNY		3,400			544,402
3.74%, 11/16/30	CNY		6,070			976,842
						12,587,429
Utilities: 12.5%
China Southern Power Grid Co. Ltd. 2.47%, 03/21/29	CNY		10,000			1,509,466
Guangdong Hengjian Investment Holding Co. Ltd. 3.28%, 01/14/27	CNY		4,300			639,448
State Grid Corp. of China 2.88%, 08/30/27	CNY		5,500			823,086
						2,972,000
Total Corporate Bonds (Cost: $16,853,831)						17,263,805

GOVERNMENT OBLIGATIONS: 25.6%
China Government Bond
1.42%, 08/15/28	CNY		9,330			1,379,404
1.44%, 09/15/27	CNY		1,760			260,094
1.46%, 05/25/28	CNY		5,850			865,852
1.62%, 08/15/27	CNY		4,480			663,494
1.91%, 07/15/29	CNY		790			118,547
2.27%, 05/25/34	CNY		3,490			539,712
2.35%, 02/25/34	CNY		1,760			273,564
2.40%, 07/15/28	CNY		3,480			525,084
2.55%, 10/15/28	CNY		2,290			347,618
2.67%, 11/25/33	CNY		6,950			1,103,948
Total Government Obligations (Cost: $5,736,377)						6,077,317
Total Investments: 98.3% (Cost: $22,590,208)						23,341,122
Other assets less liabilities: 1.7%						400,578
NET ASSETS: 100.0%					$	23,741,700

Definitions:

CNY	Chinese Yuan

Footnotes:

Reg S

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	17,263,805	$	—	$	17,263,805
Government Obligations *		—		6,077,317		—		6,077,317
Total Investments	$	—	$	23,341,122	$	—	$	23,341,122


^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Par (000’s		)	Value
COLLATERALIZED LOAN OBLIGATIONS: 99.0%
AGL Core CLO 8 Ltd. 144A 5.18% (Term SOFR USD 3 Month+1.50%), 01/20/38 (a)	$	3,000		$	3,001,413
AIMCO CLO 24 Ltd. 144A 5.53% (Term SOFR USD 3 Month+1.85%), 04/19/38 (a)		2,650			2,658,862
AIMCO CLO Series 2018-B 144A 8.08% (Term SOFR USD 3 Month+4.40%), 04/16/37 (a)		1,500			1,505,484
Allegro CLO XII Ltd. 144A 5.11% (Term SOFR USD 3 Month+1.44%), 07/21/37 (a)		8,625			8,643,251
Allegro CLO XV Ltd. 144A 4.86% (Term SOFR USD 3 Month+1.18%), 04/20/38 (a)		1,000			999,548
Anchorage Capital CLO 15 Ltd. 144A 5.78% (Term SOFR USD 3 Month+2.10%), 07/20/38 (a)		2,000			2,005,476
Anchorage Capital CLO 17 Ltd. 144A
4.90% (Term SOFR USD 3 Month+1.23%), 02/15/38 (a)		1,000			1,001,559
5.12% (Term SOFR USD 3 Month+1.45%), 02/15/38 (a)		7,875			7,884,828
Anchorage Capital CLO 2026-22 Ltd. 144A 4.95% (Term SOFR USD 3 Month+1.23%), 01/20/39 (a)		63,600			63,645,982
Anchorage Capital CLO 30 Ltd. 144A 5.28% (Term SOFR USD 3 Month+1.60%), 01/20/37 (a)		3,075			3,076,525
Anchorage Capital CLO 32 Ltd. 144A 5.01% (Term SOFR USD 3 Month+1.27%), 07/15/39 (a)		15,000			15,007,425
Ares Loan Funding VI Ltd. 144A 5.00% (Term SOFR USD 3 Month+1.25%), 07/15/39 (a)		16,500			16,508,168
Arini US CLO III Ltd. 144A 5.03% (Term SOFR USD 3 Month+1.27%), 01/15/39 (a)		11,000			11,019,536

	Par (000’s		)	Value
Bain Capital Credit CLO 2017-2 Ltd. 144A 5.07% (Term SOFR USD 3 Month+1.40%), 07/25/37 (a)	$	10,600		$	10,612,169
Bain Capital Credit CLO 2020-3 Ltd. 144A 6.77% (Term SOFR USD 3 Month+3.10%), 10/23/34 (a)		10,130			9,911,253
Bain Capital Credit CLO 2021-1 Ltd. 144A 5.08% (Term SOFR USD 3 Month+1.40%), 04/18/34 (a)		5,950			5,949,131
Bain Capital Credit CLO 2021-2 Ltd. 144A 6.78% (Term SOFR USD 3 Month+3.10%), 07/16/34 (a)		12,850			12,620,615
Bain Capital Credit CLO 2021-4 Ltd. 144A 7.04% (Term SOFR USD 3 Month+3.36%), 10/20/34 (a)		6,780			6,499,335
Bain Capital Credit CLO 2021-7 Ltd. 144A
5.46% (Term SOFR USD 3 Month+1.80%), 01/22/35 (a)		4,500			4,505,049
10.16% (Term SOFR USD 3 Month+6.50%), 01/22/35 (a)		1,100			942,580
Barings CLO Ltd. 2024-I 144A 5.08% (Term SOFR USD 3 Month+1.40%), 01/20/39 (a)		2,000			1,999,686
Bbam US CLO IV Ltd. 144A
4.88% (Term SOFR USD 3 Month+1.25%), 07/15/39 (a)		5,000			5,002,475
7.63% (Term SOFR USD 3 Month+4.00%), 07/15/39 (a)		1,000			1,001,000
BlueMountain CLO 2018-3 Ltd. 144A 4.86% (Term SOFR USD 3 Month+1.19%), 10/25/30 (a)		582			582,887
BlueMountain CLO XXV Ltd. 144A 5.02% (Term SOFR USD 3 Month+1.35%), 01/15/38 (a)		13,000			13,017,199
BlueMountain CLO XXX Ltd. 144A 5.27% (Term SOFR USD 3 Month+1.60%), 04/15/35 (a)		14,475			14,484,003

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
BlueMountain CLO XXXI Ltd. 144A 5.28% (Term SOFR USD 3 Month+1.60%), 04/19/34 (a)	$	14,100		$	14,109,630
BlueMountain CLO XXXII Ltd. 144A 6.77% (Term SOFR USD 3 Month+3.10%), 10/15/34 (a)		5,000			4,997,815
BlueMountain CLO XXXIII Ltd. 144A 7.43% (Term SOFR USD 3 Month+3.75%), 10/20/38 (a)		2,000			2,019,398
BlueMountain CLO XXXIV Ltd. 144A 5.28% (Term SOFR USD 3 Month+1.60%), 04/20/35 (a)		8,779			8,784,469
BlueMountain CLO XXXV Ltd. 144A 5.36% (Term SOFR USD 3 Month+1.70%), 10/22/37 (a)		11,000			11,004,796
Brant Point CLO 2024-4 Ltd. 144A 5.43% (Term SOFR USD 3 Month+1.75%), 07/20/37 (a)		5,500			5,504,582
Bridge Street CLO I Ltd. 144A
5.02% (Term SOFR USD 3 Month+1.28%), 07/15/39 (a)		18,270			18,279,044
5.74% (Term SOFR USD 3 Month+2.00%), 07/15/39 (a)		2,500			2,501,875
Bridge Street CLO II Ltd. 144A 5.43% (Term SOFR USD 3 Month+1.75%), 01/20/39 (a)		8,550			8,558,439
Canyon Capital CLO 2016-1 Ltd. 144A 5.63% (Term SOFR USD 3 Month+1.96%), 07/15/31 (a)		10,000			10,000,500
Canyon Capital CLO 2016-2 Ltd. 144A 5.68% (Term SOFR USD 3 Month+2.01%), 10/15/31 (a)		6,000			6,000,300
Canyon Capital CLO 2019-1 Ltd. 144A 5.10% (Term SOFR USD 3 Month+1.43%), 07/15/37 (a)		2,150			2,151,679
Canyon Capital CLO 2019-2 Ltd. 144A

	Par (000’s		)	Value
4.68% (Term SOFR USD 3 Month+1.01%), 10/15/34 (a)	$	5,300		$	5,300,032
5.57% (Term SOFR USD 3 Month+1.90%), 10/15/34 (a)		12,325			12,334,614
Canyon Capital CLO 2020-1 Ltd. 144A 5.62% (Term SOFR USD 3 Month+1.95%), 07/15/34 (a)		11,500			11,508,982
Canyon Capital CLO 2020-2 Ltd. 144A 5.20% (Term SOFR USD 3 Month+1.53%), 10/15/34 (a)		16,665			16,693,014
Capital Four US CLO Ltd. 144A 4.98% (Term SOFR USD 3 Month+1.30%), 10/18/38 (a)		16,750			16,804,019
Carlyle US CLO 2021-7 LTD 144A 4.87% (Term SOFR USD 3 Month+1.20%), 04/15/38 (a)		1,150			1,151,839
CBAMR 2017-3 Ltd. 144A 8.30% (Term SOFR USD 3 Month+4.85%), 07/17/39 (a)		2,000			2,002,070
Columbia Cent CLO 31 Ltd. 144A 5.28% (Term SOFR USD 3 Month+1.60%), 04/20/34 (a)		5,740			5,744,638
Columbia Cent CLO 32 Ltd. 144A 6.25% (Term SOFR USD 3 Month+2.10%), 07/24/34 (a)		10,000			9,977,600
Columbia Cent CLO 34 Ltd. 144A
5.32% (Term SOFR USD 3 Month+1.65%), 01/25/38 (a)		12,000			12,010,284
5.52% (Term SOFR USD 3 Month+1.85%), 01/25/38 (a)		2,300			2,302,353
Columbia Cent CLO 35 Ltd. 144A
5.42% (Term SOFR USD 3 Month+1.75%), 07/25/36 (a)		7,500			7,500,375
5.67% (Term SOFR USD 3 Month+2.00%), 07/25/36 (a)		1,500			1,500,075
CQS US CLO 2025-4 Ltd. 144A 1.00% (Term SOFR USD 3 Month+2.72%), 07/20/39 (a)		14,000			14,006,930

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
1.00% (Term SOFR USD 3 Month+1.90%), 07/20/39 (a)	$	5,000		$	5,003,750
CQS US CLO 6 Ltd. 144A 4.93% (Term SOFR USD 3 Month+1.25%), 03/31/39 (a)		34,750			34,771,926
CQS US CLO 7 Ltd. 144A
5.02% (Term SOFR USD 3 Month+1.27%), 07/17/39 (a)		8,000			8,003,912
5.70% (Term SOFR USD 3 Month+1.95%), 07/17/39 (a)		3,000			3,003,648
Creeksource 2024-1 Dunes Creek CLO Ltd. 144A 5.32% (Term SOFR USD 3 Month+1.65%), 01/15/38 (a)		3,500			3,504,305
Diameter Capital CLO 7 Ltd. 144A 3.74% (Term SOFR USD 3 Month+1.23%), 07/20/39 (a)		21,500			21,510,642
Dryden 104 CLO Ltd. 144A 5.24% (Term SOFR USD 3 Month+1.60%), 08/20/34 (a)		1,075			1,075,685
Dryden 61 CLO Ltd. 144A 5.26% (Term SOFR USD 3 Month+1.58%), 01/17/32 (a)		10,375			10,383,072
Dryden 64 CLO Ltd. 144A 4.91% (Term SOFR USD 3 Month+1.23%), 04/18/31 (a)		187			186,953
Dryden 95 CLO Ltd. 144A 6.69% (Term SOFR USD 3 Month+3.05%), 08/20/34 (a)		5,275			5,263,152
Fort Washington CLO 2019-1 144A 5.38% (Term SOFR USD 3 Month+1.70%), 10/20/37 (a)		5,500			5,510,065
Halseypoint CLO 7 Ltd. 144A 5.88% (Term SOFR USD 3 Month+2.20%), 07/20/38 (a)		1,200			1,203,438
Harvest US CLO 2023-1 Ltd. 144A 5.22% (Term SOFR USD 3 Month+1.55%), 01/15/37 (a)		2,500			2,506,543
HPS Loan Management 2023-18 Ltd. 144A 6.73% (Term SOFR USD 3 Month+3.05%), 07/20/39 (a)		1,500			1,502,369
ICG US CLO 2021-3 Ltd. 144A

	Par (000’s		)	Value
5.78% (Term SOFR USD 3 Month+2.10%), 10/20/34 (a)	$	6,000		$	6,007,416
ICG US CLO 2025-2 Ltd. 144A 4.93% (Term SOFR USD 3 Month+1.25%), 01/18/39 (a)		18,750			18,770,419
Invesco US CLO 2024-2 Ltd. 144A 1.00% (Term SOFR USD 3 Month+1.45%), 07/15/37 (a)		5,500			5,502,723
Kennedy Lewis CLO 22 Ltd. 144A 5.43% (Term SOFR USD 3 Month+1.75%), 07/20/38 (a)		12,000			12,052,932
Kennedy Lewis CLO 9 Ltd. 144A 5.43% (Term SOFR USD 3 Month+1.75%), 01/20/38 (a)		10,000			10,033,300
KKR CLO 24 Ltd. 144A 5.02% (Term SOFR USD 3 Month+1.34%), 04/20/32 (a)		1,220			1,220,272
KKR CLO 27 Ltd. 144A 9.92% (Term SOFR USD 3 Month+6.25%), 01/15/35 (a)		1,000			965,049
KKR CLO 32 Ltd. 144A 8.34% (Term SOFR USD 3 Month+4.70%), 07/15/39 (a)		1,000			1,001,035
KKR CLO 36 Ltd. 144A 5.92% (Term SOFR USD 3 Month+1.75%), 10/15/34 (a)		22,000			22,038,609
KKR CLO 37 Ltd. 144A 5.33% (Term SOFR USD 3 Month+1.65%), 04/20/38 (a)		15,700			15,727,616
LCM 29 Ltd. 144A 5.00% (Term SOFR USD 3 Month+1.33%), 04/15/31 (a)		323			323,084
LCM 39 Ltd. 144A
5.67% (Term SOFR USD 3 Month+2.00%), 10/15/34 (a)		14,250			14,277,460
6.92% (Term SOFR USD 3 Month+3.25%), 10/15/34 (a)		3,575			3,517,039
10.67% (Term SOFR USD 3 Month+7.00%), 10/15/34 (a)		1,250			1,199,774
LCM 40 Ltd. 144A 5.82% (Term SOFR USD 3 Month+2.15%), 01/15/38 (a)		13,200			13,158,090
LCM 41 Ltd. 144A

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
5.37% (Term SOFR USD 3 Month+1.70%), 04/15/36 (a)	$	3,300		$	3,305,775
7.27% (Term SOFR USD 3 Month+3.60%), 04/15/36 (a)		1,850			1,783,748
Madison Park Funding LXIII Ltd. 144A 5.82% (Term SOFR USD 3 Month+2.15%), 07/21/38 (a)		2,000			2,012,530
Marble Point CLO XXII Ltd. 144A 5.37% (Term SOFR USD 3 Month+1.70%), 07/25/34 (a)		5,200			5,203,234
Market Street CLO Ltd. III 144A 5.01% (Term SOFR USD 3 Month+1.26%), 07/20/39 (a)		18,325			18,333,961
Menlo CLO IV Ltd. 144A 4.89% (Term SOFR USD 3 Month+1.21%), 03/20/39 (a)		4,500			4,507,160
MidOcean Credit CLO XI Ltd. 144A 5.18% (Term SOFR USD 3 Month+1.50%), 01/18/36 (a)		4,500			4,501,539
MidOcean Credit CLO XIV Ltd. 144A
5.71% (Term SOFR USD 3 Month+2.00%), 04/15/37 (a)		1,000			1,001,374
9.85% (Term SOFR USD 3 Month+6.14%), 04/15/37 (a)		3,650			3,612,394
MidOcean Credit CLO XIX 144A 4.95% (Term SOFR USD 3 Month+1.24%), 07/20/39 (a)		5,600			5,602,738
MidOcean Credit CLO XX 144A 4.91% (Term SOFR USD 3 Month+1.23%), 01/20/39 (a)		2,680			2,682,383
Neuberger Berman Loan Advisers CLO 38 Ltd. 144A 5.08% (Term SOFR USD 3 Month+1.40%), 10/20/36 (a)		26,700			26,716,046
Neuberger Berman Loan Advisers CLO 42 Ltd. 144A 5.08% (Term SOFR USD 3 Month+1.40%), 07/16/36 (a)		22,500			22,514,107
Neuberger Berman Loan Advisers CLO 54 Ltd. 144A

	Par (000’s		)	Value
9.87% (Term SOFR USD 3 Month+6.25%), 04/23/38 (a)	$	1,000		$	1,004,252
Ocean Trails CLO XI 144A 5.23% (Term SOFR USD 3 Month+1.55%), 07/20/34 (a)		9,800			9,805,508
Ocean Trails CLO XV Ltd. 144A 4.93% (Term SOFR USD 3 Month+1.26%), 01/15/39 (a)		35,000			35,020,124
OCP CLO 2019-17 Ltd. 144A 5.08% (Term SOFR USD 3 Month+1.40%), 07/20/37 (a)		5,950			5,955,896
Octagon 54 Ltd. 144A 5.05% (Term SOFR USD 3 Month+1.38%), 07/15/34 (a)		5,900			5,903,446
Octagon 64 Ltd. 144A 5.37% (Term SOFR USD 3 Month+1.70%), 07/21/37 (a)		25,000			25,019,424
Octagon 66 Ltd. 144A 5.55% (Term SOFR USD 3 Month+1.90%), 02/16/37 (a)		3,600			3,608,114
Octagon 71 Ltd. 144A 8.97% (Term SOFR USD 3 Month+5.30%), 04/18/37 (a)		1,250			1,265,933
OZLM XIV Ltd. 144A 5.51% (Term SOFR USD 3 Month+1.84%), 01/15/38 (a)		16,400			16,458,515
Palmer Square CLO 2023-2 Ltd. 144A 5.88% (Term SOFR USD 3 Month+2.20%), 07/20/38 (a)		2,000			2,010,554
Park Blue CLO 2024-V Ltd. 144A 5.15% (Term SOFR USD 3 Month+1.48%), 07/25/37 (a)		5,100			5,106,013
Polus US CLO II Ltd. 144A 8.43% (Term SOFR USD 3 Month+4.75%), 07/20/38 (a)		2,000			1,995,120
Polus US CLO III Ltd. 144A 5.70% (Term SOFR USD 3 Month+2.05%), 01/20/39 (a)		3,000			3,008,796
RAD CLO 23 Ltd. 144A 4.89% (Term SOFR USD 3 Month+1.25%), 07/20/41 (a)		12,500			12,506,188
Regatta VI Funding Ltd. 144A

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
4.97% (Term SOFR USD 3 Month+1.25%), 10/20/38 (a)	$	36,400		$	36,439,784
Regatta XII Funding Ltd. 144A 4.77% (Term SOFR USD 3 Month+1.10%), 10/15/37 (a)		600			600,151
Regatta XVI Funding Ltd. 144A 5.05% (Term SOFR USD 3 Month+1.38%), 04/15/39 (a)		3,000			2,987,850
Rockford Tower CLO 2019-2 Ltd. 144A 5.64% (Term SOFR USD 3 Month+2.00%), 08/20/32 (a)		3,000			3,002,448
Rockford Tower CLO 2020-1 Ltd. 144A 5.58% (Term SOFR USD 3 Month+1.90%), 01/20/36 (a)		8,650			8,656,721
Rockford Tower CLO 2021-2 Ltd. 144A
5.86% (Term SOFR USD 3 Month+1.70%), 07/20/34 (a)		12,500			12,516,238
6.11% (Term SOFR USD 3 Month+1.95%), 07/20/34 (a)		8,500			8,510,523
Rockford Tower CLO 2021-3 Ltd. 144A 5.32% (Term SOFR USD 3 Month+1.65%), 01/15/38 (a)		13,500			13,516,254
Rockford Tower CLO 2022-1 Ltd. 144A 5.97% (Term SOFR USD 3 Month+1.70%), 07/20/35 (a)		10,500			10,513,955
Rockford Tower CLO 2022-3 Ltd. 144A 5.12% (Term SOFR USD 3 Month+1.44%), 07/20/37 (a)		12,000			12,008,928
Rockford Tower CLO 2024-1 Ltd. 144A 5.72% (Term SOFR USD 3 Month+1.95%), 07/20/39 (a)		2,500			2,501,875
RR 27 Ltd. 144A 7.42% (Term SOFR USD 3 Month+3.75%), 10/15/40 (a)		1,500			1,479,158
Sagard-Halseypoint CLO 10 Ltd. 144A 5.43% (Term SOFR USD 3 Month+1.75%), 10/20/38 (a)		22,000			22,129,667

	Par (000’s		)	Value
5.73% (Term SOFR USD 3 Month+2.05%), 10/20/38 (a)	$	13,000		$	13,054,184
Sagard-Halseypoint CLO 8 Ltd. 144A 5.05% (Term SOFR USD 3 Month+1.39%), 01/30/38 (a)		14,500			14,527,550
Sculptor CLO XXIX Ltd. 144A
5.03% (Term SOFR USD 3 Month+1.37%), 07/22/38 (a)		6,200			6,212,549
6.24% (Term SOFR USD 3 Month+1.75%), 07/22/38 (a)		20,000			20,106,300
Sculptor CLO XXVI Ltd. 144A 5.53% (Term SOFR USD 3 Month+1.85%), 01/20/38 (a)		1,725			1,730,780
Sculptor CLO XXVIII Ltd. 144A 5.63% (Term SOFR USD 3 Month+1.95%), 01/20/35 (a)		9,000			9,008,928
Sculptor CLO XXX Ltd. 144A 5.73% (Term SOFR USD 3 Month+2.05%), 07/20/38 (a)		2,000			2,007,028
Signal Peak CLO 10 Ltd. 144A 5.12% (Term SOFR USD 3 Month+1.45%), 01/24/38 (a)		1,500			1,499,048
Signal Peak CLO 3 Ltd. 144A 4.96% (Term SOFR USD 3 Month+1.30%), 04/23/39 (a)		10,000			10,021,910
Signal Peak CLO 4 Ltd. 144A
5.46% (Term SOFR USD 3 Month+1.65%), 10/26/34 (a)		37,000			37,073,999
6.16% (Term SOFR USD 3 Month+2.00%), 10/26/34 (a)		13,850			13,872,354
7.13% (Term SOFR USD 3 Month+3.46%), 10/26/34 (a)		7,400			7,180,279
Signal Peak CLO 5 Ltd. 144A
4.86% (Term SOFR USD 3 Month+1.23%), 04/25/37 (a)		5,000			5,005,610
5.58% (Term SOFR USD 3 Month+1.95%), 04/25/37 (a)		3,000			3,008,871
Signal Peak CLO 9 Ltd. 144A 5.03% (Term SOFR USD 3 Month+1.36%), 01/21/38 (a)		5,275			5,293,041
Silver Point CLO 9 Ltd. 144A 5.47% (Term SOFR USD 3 Month+1.80%), 03/31/38 (a)		5,000			5,014,430
Silver Rock CLO II Ltd. 144A

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
5.28% (Term SOFR USD 3 Month+1.60%), 01/20/35 (a)	$	21,000		$	21,013,083
5.78% (Term SOFR USD 3 Month+2.10%), 01/20/35 (a)		2,000			2,001,856
Silver Rock CLO V Ltd. 144A 5.74% (Term SOFR USD 3 Month+2.10%), 01/20/39 (a)		4,000			4,012,460
Sona US CLO 2 Ltd. 144A
5.02% (Term SOFR USD 3 Month+1.25%), 07/22/39 (a)		6,000			6,002,934
5.22% (Term SOFR USD 3 Month+1.45%), 07/22/39 (a)		3,000			3,001,467
Sound Point CLO 2025R-1 Ltd. 144A 5.29% (Term SOFR USD 3 Month+1.65%), 02/20/38 (a)		10,200			10,212,791
Sound Point CLO XXIII Ltd. 144A 5.10% (Term SOFR USD 3 Month+1.43%), 07/15/34 (a)		1,000			1,000,702
Sound Point CLO XXIX Ltd. 144A 5.27% (Term SOFR USD 3 Month+1.60%), 04/25/34 (a)		2,900			2,902,375
Sound Point CLO XXVI Ltd. 144A
5.11% (Term SOFR USD 3 Month+1.43%), 07/20/34 (a)		1,100			1,101,197
5.59% (Term SOFR USD 3 Month+1.91%), 07/20/34 (a)		10,510			10,524,315
Sound Point CLO XXXI Ltd. 144A 7.18% (Term SOFR USD 3 Month+3.51%), 10/25/34 (a)		2,250			2,148,638
Sycamore Tree CLO 2021-1 Ltd. 144A 5.07% (Term SOFR USD 3 Month+1.39%), 01/20/38 (a)		11,000			11,014,949
Sycamore Tree CLO 2023-3 Ltd. 144A
4.89% (Term SOFR USD 3 Month+1.26%), 04/20/37 (a)		3,000			3,002,886
5.13% (Term SOFR USD 3 Month+1.50%), 04/20/37 (a)		1,750			1,749,024
Symphony CLO 42 Ltd. 144A

	Par (000’s		)	Value
4.87% (Term SOFR USD 3 Month+1.24%), 04/17/37 (a)	$	10,600		$	10,648,654
TCW CLO 2019-1 AMR Ltd. 144A
4.95% (Term SOFR USD 3 Month+1.30%), 08/16/34 (a)		2,300			2,303,372
5.60% (Term SOFR USD 3 Month+1.95%), 08/16/34 (a)		9,150			9,177,843
7.58% (Term SOFR USD 3 Month+3.93%), 08/16/34 (a)		3,200			3,099,344
TCW CLO 2020-1 Ltd. 144A 5.68% (Term SOFR USD 3 Month+2.00%), 04/20/34 (a)		4,200			4,206,098
TCW CLO 2023-1 Ltd. 144A 5.42% (Term SOFR USD 3 Month+1.75%), 03/31/38 (a)		2,000			2,007,606
THL Credit Wind River 2017- 3 CLO Ltd. 144A 5.87% (Term SOFR USD 3 Month+2.20%), 04/15/35 (a)		2,000			2,003,348
Trinitas CLO XIV Ltd. 144A 5.77% (Term SOFR USD 3 Month+2.10%), 01/25/34 (a)		11,500			11,508,855
Trinitas CLO XIX Ltd. 144A
4.79% (Term SOFR USD 3 Month+1.11%), 10/20/33 (a)		20,213			20,208,005
6.63% (Term SOFR USD 3 Month+2.95%), 10/20/33 (a)		7,000			6,968,633
Trinitas CLO XVII Ltd. 144A 7.41% (Term SOFR USD 3 Month+3.25%), 10/20/34 (a)		3,250			3,208,660
Trinitas CLO XVIII Ltd. 144A 5.43% (Term SOFR USD 3 Month+1.75%), 01/20/35 (a)		12,775			12,787,238
Trinitas CLO XX Ltd. 144A 5.18% (Term SOFR USD 3 Month+1.50%), 07/20/35 (a)		17,000			16,994,305
Wellfleet CLO 2021-2 Ltd. 144A
5.42% (Term SOFR USD 3 Month+1.75%), 07/15/34 (a)		7,750			7,759,362
7.42% (Term SOFR USD 3 Month+3.75%), 07/15/34 (a)		5,500			5,357,429
Whitebox CLO III Ltd. 144A

See Notes to Financial Statements

VANECK CLO ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
5.57% (Term SOFR USD 3 Month+1.90%), 10/15/35 (a)	$	2,100		$	2,102,627
Whitebox CLO IV Ltd. 144A
5.01% (Term SOFR USD 3 Month+1.25%), 07/20/39 (a)		12,200			12,206,039
7.76% (Term SOFR USD 3 Month+4.00%), 07/20/39 (a)		1,500			1,501,500
Wind River 2021-2 CLO Ltd. 144A
5.61% (Term SOFR USD 3 Month+1.60%), 07/20/34 (a)		6,000			6,003,738
6.01% (Term SOFR USD 3 Month+2.00%), 07/20/34 (a)		1,755			1,756,632
Wind River 2023-1 CLO Ltd. 144A 5.72% (Term SOFR USD 3 Month+2.05%), 07/25/38 (a)		1,000			1,003,080

	Par (000’s		)	Value
Wind River 2024-1 CLO Ltd. 144A 4.98% (Term SOFR USD 3 Month+1.33%), 04/20/37 (a)	$	10,000		$	10,018,860
WISE CLO 2023-1 Ltd. 144A 5.85% (Term SOFR USD 3 Month+1.70%), 10/20/38 (a)		2,250			2,258,861

Total Collateralized Loan Obligations (Cost: $1,420,348,225)					1,420,763,120

SHORT-TERM INVESTMENT: 7.9%
United States Treasury Obligations: 7.9% (Cost: $112,793,737)
United States Treasury Bill (y) 3.67%, 07/28/26		113,100			112,793,888
Total Investments: 106.9% (Cost: $1,533,141,962)					1,533,557,008
Liabilities in excess of other assets: (6.9)%					(98,913,781)
NET ASSETS: 100.0%				$	1,434,643,227

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

(a)	Variable rate security — the rate shown is as of June 30, 2026
(y)	The rate shown is the calculated yield to maturity.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $1,420,763,120, or 99.0% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Collateralized Loan Obligations	$	—	$	1,420,763,120	$	—	$	1,420,763,120
United States Treasury Obligations		—		112,793,888		—		112,793,888
Total Investments	$	—	$	1,533,557,008	$	—	$	1,533,557,008

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

		Par (000’s	)	Value
CORPORATE BONDS: 97.6%
Argentina: 2.5%
Arcor SAIC 144A 7.60%, 07/31/33	USD	50		$	52,125
Banco Macro SA 144A 8.00%, 06/23/29	USD	50			51,600
Pampa Energia SA 144A 7.88%, 12/16/34	USD	75			77,663
Pan American Energy LLC 144A
7.75%, 01/15/37	USD	25			25,844
8.50%, 04/30/32	USD	25			26,830
Pluspetrol SA 144A 8.50%, 05/30/32	USD	100			103,950
Tecpetrol SA 144A
7.62%, 11/03/30	USD	75			77,177
7.62%, 01/22/33	USD	25			25,773
Telecom Argentina SA 144A
9.25%, 05/28/33	USD	50			53,412
9.50%, 07/18/31	USD	75			81,630
Transportadora de Gas del Sur SA 144A 8.50%, 07/24/31	USD	25			26,601
Vista Energy Argentina SAU 144A
7.62%, 12/10/35	USD	25			25,909
8.50%, 06/10/33	USD	75			80,059
YPF Energia Electrica SA 144A 7.88%, 10/16/32	USD	25			25,785
YPF SA 144A
6.95%, 07/21/27	USD	25			25,236
7.00%, 09/30/33 (s)	USD	75			76,563
7.00%, 12/15/47	USD	25			23,446
8.25%, 01/17/34	USD	50			52,377
8.50%, 06/27/29	USD	75			78,634
8.75%, 09/11/31	USD	81			86,241
9.00%, 06/30/29 (s)	USD	21			22,292
					1,099,147
Australia: 0.9%
Fortescue Treasury Pty Ltd. 144A
4.38%, 04/01/31	USD	50			47,617
4.50%, 09/15/27	USD	25			24,826
6.12%, 04/15/32	USD	50			51,438
Karoon USA Finance, Inc. 144A 10.50%, 05/14/29	USD	25			25,767
Mineral Resources Ltd. 144A
7.00%, 04/01/31	USD	100			103,583
8.50%, 05/01/30	USD	100			103,318
9.25%, 10/01/28	USD	17			17,559
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30	USD	30			28,664
					402,772
Austria: 0.3%
ams-OSRAM AG Reg S

		Par (000’s	)	Value
Austria (continued)
10.50%, 03/30/29	EUR	71		$	86,255
LD Celulose International GmbH 144A 7.95%, 01/26/32	USD	50			52,341
					138,596
Bahrain: 0.4%
Bapco Energies BSCC 144A 7.50%, 10/25/27	USD	100			100,601
Bapco Energies Sukuk Ltd. 144A 5.25%, 04/08/29	USD	100			96,848
					197,449
Belgium: 0.3%
Azelis Finance NV Reg S 4.75%, 09/25/29	EUR	100			116,653

Bermuda: 0.1%
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29	USD	50			49,280

Brazil: 3.9%
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28	USD	50			49,028
Axia Energia SA 144A 4.62%, 02/04/30	USD	50			48,175
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31	USD	50			46,531
Banco Bradesco SA 144A 6.50%, 01/22/30	USD	150			154,508
Banco BTG Pactual SA 144A 5.50%, 01/27/31	USD	50			49,410
Banco do Brasil SA 144A 6.00%, 03/18/31	USD	100			101,474
Banco Votorantim SA 144A 5.88%, 04/08/28	USD	50			50,585
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28	USD	50			30,925
4.50%, 01/31/30	USD	50			28,783
5.88%, 01/31/50	USD	50			21,517
7.25%, 02/13/33	USD	50			29,687
BRF SA 144A 4.88%, 01/24/30	USD	50			47,677
Caixa Economica Federal 144A 5.62%, 05/13/30	USD	100			100,508
CSN Inova Ventures 144A 6.75%, 01/28/28	USD	50			41,580
Itau Unibanco Holding SA 144A 6.00%, 02/27/30	USD	50			51,319
Klabin Austria GmbH 144A
3.20%, 01/12/31	USD	100			90,356
5.75%, 04/03/29	USD	50			50,792
MARB BondCo PLC 144A 3.95%, 01/29/31	USD	50			43,878

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Brazil (continued)
MV24 Capital BV 144A 6.75%, 06/01/34	USD	17		$	16,733
NBM US Holdings, Inc. 144A 6.62%, 08/06/29	USD	100			99,957
Petrobras Global Finance BV
5.60%, 01/03/31	USD	25			25,216
6.75%, 01/27/41	USD	50			49,989
6.85%, 06/05/15	USD	75			70,502
6.88%, 01/20/40	USD	50			51,384
6.90%, 03/19/49	USD	25			24,643
7.25%, 03/17/44	USD	25			25,890
Rede D’or Finance Sarl 144A 4.50%, 01/22/30	USD	50			47,493
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28	USD	50			49,166
Samarco Mineracao SA 144A 9.50%, 06/30/31	USD	201			201,984
					1,699,690
Bulgaria: 0.3%
Bulgarian Energy Holding EAD Reg S 2.45%, 07/22/28	EUR	100			111,004

Burkina Faso: 0.1%
IAMGOLD Corp. 144A 5.75%, 10/15/28	USD	25			24,938

Canada: 7.9%
1011778 BC ULC / New Red Finance, Inc. 144A
3.50%, 02/15/29	USD	25			24,039
3.88%, 01/15/28	USD	75			73,629
4.00%, 10/15/30	USD	100			94,462
5.62%, 09/15/29	USD	100			100,647
6.12%, 06/15/29	USD	50			50,776
Air Canada 144A 4.62%, 08/15/29	CAD	100			71,339
Algonquin Power & Utilities Corp. 5.25% (Generic Canadian 5 Year+3.72%), 01/18/82 (a)	CAD	25			17,673
AltaGas Ltd.
5.25% (Generic Canadian 5 Year+3.81%), 01/11/82 (a)	CAD	15			10,675
7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 (a)	CAD	25			18,276
8.90% (Generic Canadian 5 Year+5.09%), 11/10/83 (a)	CAD	25			19,349
AltaGas Ltd. 144A 7.20% (US Treasury Yield Curve Rate T 5 Year+3.57%), 10/15/54 (a)	USD	25			26,220
ATS Automation Tooling Systems, Inc. 144A

		Par (000’s	)	Value
Canada (continued)
4.12%, 12/15/28	USD	75		$	73,191
ATS Corp. 6.50%, 08/21/32	CAD	25			18,186
Bell Telephone Co. of Canada or Bell Canada
5.62% (Generic Canadian 5 Year+2.95%), 03/27/55 (a)	CAD	75			53,463
5.88% (Generic Canadian 5 Year+2.44%), 05/12/56 (a)	CAD	50			35,239
6.88% (US Treasury Yield Curve Rate T 5 Year+2.39%), 09/15/55 (a)	USD	100			102,271
Bombardier, Inc. 144A
6.75%, 06/15/33	USD	50			51,819
7.00%, 06/01/32	USD	25			25,929
7.25%, 07/01/31	USD	50			52,379
7.45%, 05/01/34	USD	50			55,403
Brookfield Property Finance ULC 7.12%, 02/13/28	CAD	25			18,269
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A
5.00%, 06/15/29	USD	25			23,826
6.25%, 09/15/27	USD	50			50,063
Capital Power Corp. 8.12% (Generic Canadian 5 Year+4.44%), 06/05/54 (a)	CAD	25			20,222
Capstone Copper Corp. 144A 6.75%, 03/31/33	USD	50			50,711
Cascades, Inc. / Cascades USA Inc. 144A
5.38%, 01/15/28	USD	25			25,024
6.75%, 07/15/30	USD	25			25,541
Champion Iron Canada, Inc. 144A 7.88%, 07/15/32	USD	25			25,908
Cineplex, Inc. 144A 7.62%, 03/31/29	CAD	25			18,319
Corus Entertainment, Inc.Reg S 5.00%, 05/11/28	CAD	25			5,419
Doman Building Materials Group Ltd. 7.50%, 09/17/29	CAD	25			18,245
Dye & Durham Ltd. 144A 8.62%, 04/15/29	USD	15			10,526
Eldorado Gold Corp. 144A 6.25%, 09/01/29	USD	25			24,966
Empire Communities Corp. 144A 9.75%, 05/01/29	USD	25			25,876
First Quantum Minerals Ltd. 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Canada (continued)
6.38%, 02/15/36	USD	50		$	49,107
7.25%, 02/15/34	USD	100			102,593
8.00%, 03/01/33	USD	50			52,338
8.62%, 06/01/31	USD	50			52,120
Garda World Security Corp. 144A
6.00%, 06/01/29	USD	50			49,294
8.38%, 11/15/32	USD	75			76,802
GFL Environmental, Inc. 144A
4.00%, 08/01/28	USD	100			97,715
4.38%, 08/15/29	USD	25			24,321
4.75%, 06/15/29	USD	25			24,621
6.75%, 01/15/31	USD	100			103,003
goeasy Ltd. 144A
6.88%, 05/15/30	USD	25			22,271
7.38%, 10/01/30	USD	75			67,610
7.62%, 07/01/29	USD	15			14,180
9.25%, 12/01/28	USD	15			14,739
Great Canadian Gaming Corp. / Raptor LLC 144A 8.75%, 11/15/29	USD	25			25,032
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 (a)	CAD	25			18,595
International Petroleum Corp. Reg S 7.50%, 10/10/30	USD	25			25,366
Ivanhoe Mines Ltd. 144A 7.88%, 01/23/30	USD	100			101,234
Jones Deslauriers Insurance Management, Inc. 144A
7.25%, 10/01/33	CAD	25			17,423
8.50%, 03/15/30	USD	25			25,517
Keyera Corp. 6.00% (Generic Canadian 5 Year+2.80%), 10/15/55 (a)	CAD	25			17,986
Mattamy Group Corp. 144A 4.62%, 03/01/30	USD	50			48,026
Mercer International, Inc. 5.12%, 02/01/29 †	USD	50			27,050
Methanex Corp. 5.25%, 12/15/29	USD	100			99,458
North American Construction Group Ltd. 144A 7.75%, 05/01/30	CAD	25			18,164
Northriver Midstream Finance LP 144A 6.75%, 07/15/32	USD	25			25,332
NOVA Chemicals Corp. 144A
4.25%, 05/15/29	USD	50			48,656
9.00%, 02/15/30	USD	25			26,202
Open Text Corp. 144A 3.88%, 12/01/29	USD	75			69,017
Pembina Pipeline Corp.

		Par (000’s	)	Value
Canada (continued)
4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 (a)	CAD	25		$	17,617
Precision Drilling Corp. 144A 6.88%, 01/15/29	USD	25			25,146
Rogers Communications, Inc.
5.62% (Generic Canadian 5 Year+2.85%), 04/15/55 (a)	CAD	50			35,552
6.25% (Generic Canadian 5 Year+2.99%), 07/31/56 (a)	CAD	50			36,421
7.00% (US Treasury Yield Curve Rate T 5 Year+2.65%), 04/15/55 (a)	USD	50			51,188
7.12% (US Treasury Yield Curve Rate T 5 Year+2.62%), 04/15/55 (a)	USD	75			77,090
Saturn Oil & Gas, Inc. 144A 9.62%, 06/15/29	USD	22			22,951
Secure Waste Infrastructure Corp. 144A 5.75%, 11/20/32	CAD	25			18,260
Sleep Country Canada, Inc. 6.62%, 11/28/32	CAD	25			18,021
South Bow Canadian Infrastructure Holdings Ltd.
7.50% (US Treasury Yield Curve Rate T 5 Year+3.67%), 03/01/55 (a)	USD	25			26,730
7.62% (US Treasury Yield Curve Rate T 5 Year+3.95%), 03/01/55 (a)	USD	50			52,393
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29	USD	25			24,254
Superior Plus LP 144A 4.25%, 05/18/28	CAD	25			17,522
Teine Energy Ltd. 144A 6.88%, 04/15/29	USD	25			25,046
TELUS Corp.
6.25% (Generic Canadian 5 Year+3.48%), 07/21/55 (a)	CAD	75			54,941
6.62% (US Treasury Yield Curve Rate T 5 Year+2.77%), 10/15/55 (a)	USD	100			101,454
6.75% (Generic Canadian 5 Year+3.61%), 07/21/55 (a)	CAD	40			30,431
7.00% (US Treasury Yield Curve Rate T 5 Year+2.71%), 10/15/55 (a)	USD	50			51,832

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Canada (continued)
TransAlta Corp. 6.90%, 11/15/30 (s)	CAD	25		$	19,074
TransAlta Corp. 144A 5.62%, 03/24/32	CAD	25			18,216
TransAlta Corp. Reg S 5.62%, 03/24/32	CAD	25			18,150
Trekor Metals Ltd. 144A 8.25%, 05/01/30	USD	25			26,122
Vermilion Energy, Inc. 144A 7.25%, 02/15/33	USD	25			24,591
					3,454,654
Chile: 0.2%
Latam Airlines Group SA 144A 7.88%, 04/15/30	USD	100			104,175

China: 1.4%
CFAMC III Co. Ltd. Reg S 4.25%, 11/07/27	USD	200			198,702
Melco Resorts Finance Ltd. 144A
5.38%, 12/04/29	USD	100			97,485
5.62%, 07/17/27	USD	50			49,932
5.75%, 07/21/28	USD	50			49,734
MGM China Holdings Ltd. 144A 6.25%, 05/15/33	USD	100			97,782
Studio City Finance Ltd. 144A 5.00%, 01/15/29	USD	100			95,869
					589,504
Colombia: 2.3%
Ecopetrol SA
4.62%, 11/02/31	USD	25			22,951
5.88%, 05/28/45	USD	100			82,674
6.88%, 04/29/30	USD	100			101,887
7.38%, 09/18/43	USD	100			98,829
7.75%, 02/01/32	USD	75			78,580
8.38%, 01/19/36	USD	100			108,376
8.62%, 01/19/29	USD	50			53,075
8.88%, 01/13/33	USD	75			82,183
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29	USD	75			70,826
Grupo Aval Ltd. 144A 4.38%, 02/04/30	USD	50			47,495
Grupo Nutresa SA 144A
8.00%, 05/12/30	USD	50			53,035
9.00%, 05/12/35	USD	150			166,987
Termocandelaria Power SA 144A 7.75%, 09/17/31	USD	50			51,310
					1,018,208
Costa Rica: 0.1%
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43	USD	50			50,058

Czech Republic: 0.3%
Energo - Pro as Reg S

		Par (000’s	)	Value
Czech Republic (continued)
8.00%, 05/27/30	EUR	100		$	120,818

Denmark: 0.6%
Genmab Finance LLC 144A 6.25%, 12/15/32	USD	150			152,950
Orsted AS Reg S 1.75% (EUR Swap Annual 5 Year+1.95%), 12/09/19 (a)	EUR	100			111,337
					264,287
Dominican Republic: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 7.00%, 06/30/34	USD	25			25,987

Finland: 0.3%
Stora Enso Oyj Reg S 5.62% (EUR Swap Annual 5 Year+2.84%), 03/17/29 (o)(a)	EUR	100			116,687

France: 11.5%
Accor SA Reg S 7.25% (EUR Swap Annual 5 Year+4.11%), 01/11/29 (o)(a)	EUR	100			123,247
Air France-KLM Reg S 8.50%, 05/31/28	EUR	100			123,757
Altice France SA 144A 6.50%, 04/15/32	USD	76			73,725
Altice France SA Reg S
4.75%, 10/15/30	EUR	99			110,412
5.62%, 07/15/32	EUR	99			111,720
7.25%, 11/01/29	EUR	124			142,802
Atos Group Reg S 9.36%, 12/18/29 (s)	EUR	75			98,526
Banijay Entertainment SAS 144A 8.12%, 05/01/29	USD	50			51,288
Cerba Healthcare SACA Reg S 3.50%, 05/31/28	EUR	100			82,810
CMA CGM SA Reg S 5.50%, 07/15/29	EUR	100			117,879
Constellium SE 144A 3.75%, 04/15/29	USD	100			96,228
Electricite de France SA 144A 9.12% (US Treasury Yield Curve Rate T 5 Year+5.41%), 03/15/33 (o)(a)	USD	50			58,077
Electricite de France SA Reg S
4.38% (EUR Swap Annual 5 Year+2.07%), 01/06/31 (o)(a)	EUR	100			113,794
5.88% (ICE Swap Rate GBP SONIA 15 Year+3.32%), 01/22/29 (o)(a)	GBP	200			265,720

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s)	Value
France (continued)
7.38% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.77%), 06/17/35 (o)(a)	GBP	100	$	139,454
Emeria SASU Reg S 7.75%, 03/31/28	EUR	100		97,208
Eramet SA Reg S 6.50%, 11/30/29	EUR	100		113,232
Eurofins Scientific SE Reg S 6.75% (Euribor 3 Month ACT/360+4.24%), 04/24/28 (o)(a)	EUR	100		119,970
Eutelsat Communications SACA Reg S 5.75%, 03/15/31	EUR	100		117,220
Fnac Darty SA Reg S 6.00%, 04/01/29	EUR	100		118,137
Forvia SE Reg S
5.50%, 06/15/31	EUR	100		117,362
5.62%, 06/15/30	EUR	100		118,129
Holding d’Infrastructures des Metiers de l’Environnement SAS Reg S 0.62%, 09/16/28	EUR	100		109,307
Iliad Holding SAS 144A 8.50%, 04/15/31	USD	100		106,002
Iliad Holding SAS Reg S 5.38%, 04/15/30	EUR	100		117,483
iliad SA Reg S 5.62%, 02/15/30	EUR	100		121,244
Loxam SAS Reg S 6.38%, 05/31/29	EUR	90		106,108
New Immo Holding SA Reg S
5.88%, 04/17/28	EUR	100		117,080
6.00%, 03/22/29	EUR	100		117,740
Nexans SA Reg S 4.12%, 05/29/29	EUR	100		116,474
Opal Bidco SAS Reg S 5.50%, 03/31/32	EUR	100		118,272
Paprec Holding SA Reg S 3.50%, 07/01/28	EUR	100		114,366
RCI Banque SA Reg S 5.50% (EUR Swap Annual 5 Year+2.75%), 10/09/34 (a)	EUR	100		118,664
Renault SA Reg S 2.50%, 04/01/28	EUR	100		112,908
Rexel SA Reg S 2.12%, 06/15/28	EUR	100		112,175
Seche Environnement SACA Reg S 4.50%, 03/25/30	EUR	100		115,618
Tereos Finance Groupe I SA Reg S 7.25%, 04/15/28	EUR	100		116,019
Unibail-Rodamco-Westfield SE Reg S

		Par (000’s	)	Value
France (continued)
4.88% (EUR Swap Annual 5 Year+2.50%), 07/04/30 (o)(a)	EUR	100		$	115,912
Valeo SE Reg S
1.00%, 08/03/28	EUR	100			108,638
4.50%, 04/11/30	EUR	100			116,035
Veolia Environnement SA Reg S
2.50% (EUR Swap Annual 5 Year+2.84%), 01/20/29 (o)(a)	EUR	100			110,623
4.37% (EUR Swap Annual 5 Year+2.05%), 05/20/30 (o)(a)	EUR	100			115,623
Verallia SA Reg S 3.88%, 11/04/32	EUR	100			110,874
Worldline SA Reg S 5.25%, 11/27/29	EUR	100			103,649
					5,011,511
Georgia: 0.1%
Georgian Railway JSC 144A 4.00%, 06/17/28	USD	25			24,003

Germany: 4.5%
alstria Sarl Reg S 5.50%, 03/20/31	EUR	100			114,526
Bayer AG Reg S
3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 (a)	EUR	100			113,414
7.00% (EUR Swap Annual 5 Year+3.90%), 09/25/83 (a)	EUR	100			126,513
Cerdia Finanz GmbH 144A 9.38%, 10/03/31	USD	100			89,833
Cheplapharm Arzneimittel GmbH Reg S 7.12%, 06/15/31	EUR	100			117,386
Dresdner Funding Trust I 144A 8.15%, 06/30/31	USD	25			26,869
Fressnapf Holding SE Reg S 5.25%, 10/31/31	EUR	100			116,777
Gruenenthal GmbH Reg S 4.12%, 05/15/28	EUR	100			114,880
IHO Verwaltungs GmbH 144A 7.75%, 11/15/30	USD	100			103,582
IHO Verwaltungs GmbH Reg S 6.75%, 11/15/29	EUR	100			119,798
LANXESS AG Reg S 1.75%, 03/22/28	EUR	100			111,069
Nidda Healthcare Holding GmbH Reg S 5.62%, 02/21/30	EUR	100			116,116
Schaeffler AG Reg S
3.38%, 10/12/28	EUR	100			113,902
4.50%, 03/28/30	EUR	100			116,149

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Germany (continued)
Techem Verwaltungsgesellschaft 675 mbH Reg S 5.38%, 07/15/29	EUR	100		$	117,508
WEPA Hygieneprodukte GmbH Reg S 4.50%, 11/30/32	EUR	100			112,057
ZF Europe Finance BV Reg S 3.00%, 10/23/29	EUR	100			109,435
ZF North America Capital, Inc. 144A 7.50%, 03/24/31	USD	100			100,744
					1,940,558
Greece: 1.1%
Eurobank SA Reg S 4.25% (EUR Swap Annual 5 Year+2.00%), 04/30/35 (a)	EUR	100			114,840
Metlen Energy & Metals SA Reg S 4.00%, 10/17/29	EUR	100			110,604
Piraeus Bank SA Reg S 5.38% (EUR Swap Annual 5 Year+3.15%), 09/18/35 (a)	EUR	100			119,557
Public Power Corp. SA Reg S 4.62%, 10/31/31	EUR	100			116,396
					461,397
Guatemala: 0.5%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29	USD	100			98,353
Energuate Trust 2 0 144A 6.35%, 09/15/35	USD	100			99,644
					197,997
Hungary: 0.3%
MBH Bank Nyrt Reg S 5.25% (Euribor 3 Month ACT/360+3.00%), 01/29/30 (a)	EUR	100			115,687

India: 0.7%
Continuum Green Energy India Pvt / Co.-Issuers 144A 7.50%, 06/26/33	USD	93			95,263
Delhi International Airport Ltd. 144A 6.45%, 06/04/29	USD	100			102,356
Muthoot Finance Ltd. 144A 6.38%, 04/23/29	USD	100			100,211
					297,830
Indonesia: 0.1%
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *∞	USD	150			1,313
Indika Energy Tbk PT 144A

		Par (000’s	)	Value
Indonesia (continued)
8.75%, 05/07/29	USD	25		$	25,286
					26,599
Ireland: 0.5%
ASG Finance DAC 144A 9.75%, 05/15/29	USD	100			83,243
eircom Finance DAC Reg S 5.00%, 04/30/31	EUR	100			115,938
					199,181
Israel: 0.6%
Energean Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33	USD	50			52,777
Leviathan Bond Ltd. 144A Reg S
6.50%, 06/30/27	USD	25			25,107
6.75%, 06/30/30	USD	40			41,157
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36	USD	25			26,385
Teva Pharmaceutical Finance Netherlands III BV
4.10%, 10/01/46	USD	100			77,245
6.75%, 03/01/28	USD	50			51,194
					273,865
Italy: 4.5%
A2A SpA Reg S 5.00% (EUR Swap Annual 5 Year+2.26%), 06/11/29 (o)(a)	EUR	100			117,380
Almaviva-The Italian Innovation Co. SpA Reg S 5.00%, 10/30/30	EUR	100			111,745
Banca IFIS SpA Reg S 5.50%, 02/27/29	EUR	100			116,333
Infrastrutture Wireless Italiane SpA Reg S
3.62%, 10/13/32	EUR	100			109,794
3.75%, 04/01/30	EUR	100			113,226
Lottomatica Group Spa Reg S 5.38%, 06/01/30	EUR	100			117,607
Mediobanca Banca di Credito Finanziario SpA Reg S 3.88% (Euribor 3 Month ACT/360+1.30%), 07/04/30 (a)	EUR	200			231,685
Mundys SpA Reg S 1.88%, 02/12/28	EUR	200			224,085
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 03/24/29 (o)(a)	EUR	100			110,248
Prysmian SpA Reg S 5.25% (EUR Swap Annual 5 Year+3.01%), 05/21/30 (o)(a)	EUR	100			118,676
TeamSystem SpA Reg S 5.00%, 07/01/31	EUR	100			110,410

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Italy (continued)
Telecom Italia Capital SA
6.38%, 11/15/33	USD	25		$	26,174
7.72%, 06/04/38	USD	200			229,844
Telecom Italia SpA Reg S 1.62%, 01/18/29	EUR	100			109,742
Webuild SpA Reg S 7.00%, 09/27/28	EUR	100			121,188
					1,968,137
Jamaica: 0.2%
Digicel Group Holdings Ltd. 144A 0.00%, 12/31/30 ^∞	USD	31			0
Digicel International Finance Ltd. / Difl US LLC 144A 8.62%, 08/01/32	USD	100			103,040
					103,040
Japan: 3.4%
Nissan Motor Co. Ltd. 144A
4.34%, 09/17/27	USD	150			147,653
4.81%, 09/17/30	USD	75			69,887
7.50%, 07/17/30	USD	50			51,576
8.12%, 07/17/35	USD	75			79,460
Nissan Motor Co. Ltd. Reg S 3.20%, 09/17/28	EUR	100			113,106
Rakuten Group, Inc. 144A
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/31 (o)(a)	USD	25			23,677
8.12% (US Treasury Yield Curve Rate T 5 Year+4.25%), 12/15/29 (o)(a)	USD	50			51,341
9.75%, 04/15/29	USD	100			108,747
SoftBank Group Corp. Reg S
3.38%, 07/06/29	EUR	100			109,867
4.00%, 09/19/29	EUR	100			112,202
5.00%, 04/15/28	EUR	100			115,916
5.12%, 09/19/27	USD	200			198,977
5.38%, 01/08/29	EUR	100			116,306
6.88% (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year+4.85%), 07/19/27 (o)(a)	USD	200			199,865
					1,498,580
Luxembourg: 7.8%
Adecoagro SA 144A 7.50%, 07/29/32	USD	30			28,457
Aegea Finance Sarl 144A 9.00%, 01/20/31	USD	50			48,125
Aegis Lux 1a Sarl Reg S 5.62%, 10/29/31	EUR	100			116,335
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 7.00%, 05/21/30	USD	100			103,611
Altice Financing SA 144A 5.00%, 01/15/28 †	USD	150			105,888

		Par (000’s	)	Value
Luxembourg (continued)
5.75%, 08/15/29	USD	50		$	35,008
Ardagh Group SA 144A 9.50%, 12/01/30	USD	50			53,483
Aroundtown Finance Sarl 7.88% (US Treasury Yield Curve Rate T 5 Year+3.16%), 08/07/29 (o)(a)	USD	150			151,385
Cidron Aida Finco Sarl Reg S 7.00%, 10/27/31	EUR	100			110,891
Connect Finco SARL / Connect US Finco LLC 144A 9.00%, 09/15/29	USD	75			79,012
Consolidated Energy Finance SA 144A 12.00%, 02/15/31	USD	50			51,804
CPI Property Group SA Reg S
1.50%, 01/27/31	EUR	100			94,417
1.75%, 01/14/30	EUR	100			100,322
4.00%, 01/22/28 (s)	GBP	100			129,230
CSN Resources SA 144A 4.62%, 06/10/31	USD	50			30,895
Energean Israel Finance Ltd. 144A Reg S
5.38%, 03/30/28 †	USD	25			24,747
5.88%, 03/30/31	USD	35			33,616
Essendi SA Reg S 6.38%, 10/15/29	EUR	100			118,921
Froneri Lux FinCo Sarl 144A 6.00%, 08/01/32	USD	100			98,129
FS Luxembourg Sarl 144A 8.62%, 06/25/33	USD	100			95,788
Grand City Properties Finance Sarl Reg S 4.75% (EUR Swap Annual 5 Year+2.72%), 03/09/31 (o)(a)	EUR	100			110,768
ION Platform Finance US, Inc. 144A 7.88%, 09/30/32	USD	100			72,580
LHMC Finco 2 Sarl Reg S 8.62%, 05/15/30	EUR	105			123,603
Luna 1.5 Sarl Reg S 10.50%, 07/01/32	EUR	100			121,886
Maxam Prill Sarl 144A 7.75%, 07/15/30	USD	100			103,090
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31	USD	44			41,232
MHP Lux SA 144A 10.50%, 07/28/29	USD	50			52,140
Minerva Luxembourg SA 144A 4.38%, 03/18/31	USD	75			65,988
NJJ Continental SA Reg S 4.50%, 01/30/30	EUR	100			116,402
Nova Securitisation Sarl 144A

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Luxembourg (continued)
5.75%, 02/03/31	USD	100		$	96,513
PRIO Luxembourg Holding Sarl 144A 6.75%, 10/15/30	USD	50			49,062
Puma International Financing SA 144A 7.75%, 04/25/29	USD	25			25,682
Rede D’or Finance Sarl 144A 6.45%, 09/09/35 †	USD	100			97,170
Rossini Sarl Reg S 6.75%, 12/31/29	EUR	100			118,644
Saavi Energia Sarl 144A 8.88%, 02/10/35	USD	25			27,381
SES SA Reg S
4.88%, 06/24/33	EUR	100			114,762
5.50% (EUR Swap Annual 5 Year+3.23%), 09/12/54 (a)	EUR	100			114,442
Stena International SA 144A 7.25%, 01/15/31	USD	100			102,329
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28	EUR	100			114,040
Vivion Investments Sarl Reg S 6.50%, 02/28/29	EUR	101			116,526
					3,394,304
Malta: 0.1%
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A 6.38%, 02/01/30 †	USD	50			47,626

Mauritius: 0.2%
Greenko Power II Ltd. 144A 4.30%, 12/13/28	USD	72			68,678

Mexico: 4.4%
Alpek SAB de CV 144A 3.25%, 02/25/31	USD	125			109,456
Cemex SAB de CV 144A 7.20% (US Treasury Yield Curve Rate T 5 Year+3.52%), 06/10/30 (o)(a)	USD	50			52,083
COX Asset Mexico SA de CV 144A 7.12%, 01/08/32	USD	100			101,559
Grupo Aeromexico SAB de CV 144A 8.62%, 11/15/31	USD	50			51,375
Grupo Televisa SAB 6.12%, 01/31/46	USD	150			116,292
Nemak SAB de CV 144A 3.62%, 06/28/31 †	USD	50			43,309
Orbia Advance Corp. SAB de CV 144A
5.88%, 09/17/44	USD	100			79,252
6.80%, 05/13/30	USD	50			49,810
Petroleos Mexicanos

		Par (000’s	)	Value
Mexico (continued)
5.35%, 02/12/28	USD	30		$	30,051
5.95%, 01/28/31	USD	150			148,350
6.35%, 02/12/48	USD	50			41,248
6.38%, 01/23/45	USD	50			42,658
6.50%, 01/23/29	USD	25			25,519
6.50%, 06/02/41	USD	50			44,935
6.62%, 06/15/35	USD	50			48,579
6.70%, 02/16/32	USD	150			151,421
6.75%, 09/21/47	USD	150			128,510
6.84%, 01/23/30	USD	50			51,384
6.95%, 01/28/60	USD	150			126,275
7.69%, 01/23/50	USD	275			256,679
8.75%, 06/02/29	USD	50			53,496
10.00%, 02/07/33	USD	50			58,896
Petroleos Mexicanos Reg S 4.75%, 02/26/29	EUR	100			116,124
					1,927,261
Morocco: 0.2%
OCP SA 144A 6.74% (US Treasury Yield Curve Rate T 5 Year+2.75%), 04/22/31 (o)(a)	USD	100			99,434

Netherlands: 8.5%
Abertis Infraestructuras Finance BV Reg S 4.87% (EUR Swap Annual 5 Year+2.62%), 11/28/29 (o)(a)	EUR	100			116,591
Boels Topholding BV Reg S 5.75%, 05/15/30	EUR	100			117,710
Braskem Netherlands Finance BV 144A 8.50%, 01/12/31	USD	125			78,361
Citycon Treasury BV Reg S 5.38%, 07/08/31	EUR	100			110,217
Dufry One BV Reg S 3.38%, 04/15/28	EUR	100			114,313
Flora Food Management BV Reg S 6.88%, 07/02/29	EUR	100			111,844
Koninklijke KPN NV Reg S 6.00% (EUR Swap Annual 5 Year+3.77%), 09/21/27 (o)(a)	EUR	100			117,836
Odido Holding BV Reg S 3.75%, 01/15/29	EUR	100			114,624
Petrobras Global Finance BV
5.12%, 09/10/30	USD	75			73,779
5.50%, 06/10/51	USD	25			20,448
6.00%, 01/13/35	USD	50			50,321
6.25%, 01/10/36 †	USD	75			74,790
6.50%, 07/03/33	USD	50			51,166
Q-Park Holding I BV Reg S 5.12%, 02/15/30	EUR	100			117,044
Saipem Finance International BV Reg S 4.88%, 05/30/30	EUR	100			119,510

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Netherlands (continued)
Stellantis NV Reg S 6.25% (EUR Swap Annual 5 Year+3.77%), 03/16/31 (o)(a)	EUR	200		$	224,378
Sunrise FinCo I BV 144A 4.88%, 07/15/31	USD	100			94,618
Sunrise FinCo I BV Reg S 4.62%, 05/15/32	EUR	100			114,660
Telefonica Europe BV Reg S
2.38% (EUR Swap Annual 8 Year+2.62%), 02/12/29 (o)(a)	EUR	100			109,711
5.75% (EUR Swap Annual 8 Year+3.12%), 01/15/32 (o)(a)	EUR	100			121,162
6.13% (EUR Swap Annual 7 Year+3.35%), 12/31/99 (o)(a)	EUR	100			121,788
6.75% (EUR Swap Annual 8 Year +3.62%), 06/07/31 (o)(a)	EUR	100			125,880
TenneT Holding BV Reg S 4.88% (EUR Swap Annual 5 Year+2.21%), 12/21/31 (o)(a)	EUR	100			117,451
Teva Pharmaceutical Finance Netherlands II BV
4.12%, 06/01/31	EUR	100			115,239
4.38%, 05/09/30	EUR	100			116,592
Teva Pharmaceutical Finance Netherlands III BV
5.12%, 05/09/29 †	USD	50			50,010
6.00%, 12/01/32	USD	25			25,955
Teva Pharmaceutical Finance Netherlands IV BV 5.75%, 12/01/30	USD	25			25,629
Trivium Packaging Finance BV Reg S 6.62%, 07/15/30	EUR	100			120,030
United Group BV Reg S 6.50%, 10/31/31	EUR	100			118,209
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29	EUR	200			221,136
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o)(a)	EUR	100			111,263
Yinson Bergenia Production BV 144A 8.50%, 01/31/45	USD	99			105,478
Yinson Boronia Production BV 144A 8.95%, 07/31/42	USD	49			53,458
ZF Europe Finance BV Reg S 4.75%, 01/31/29	EUR	100			114,988
Ziggo Bond Co. BV Reg S

		Par (000’s	)	Value
Netherlands (continued)
3.38%, 02/28/30	EUR	100		$	102,511
					3,698,700
Norway: 0.3%
Var Energi ASA Reg S 7.86% (EUR Swap Annual 5 Year+4.76%), 11/15/83 (a)	EUR	100			123,794

Oman: 0.5%
Mazoon Assets Co. SAOC 144A 5.25%, 10/09/31	USD	50			50,298
Oryx Funding Ltd. 144A 5.80%, 02/03/31	USD	50			51,350
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28	USD	100			102,705
					204,353
Panama: 0.5%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30	USD	69			65,778
Banistmo SA 144A 4.25%, 07/31/27	USD	50			49,147
C&W Senior Finance Ltd. 144A 9.00%, 01/15/33	USD	50			50,560
Sable International Finance Ltd. 144A 7.12%, 10/15/32	USD	75			74,528
					240,013
Peru: 0.7%
Banco Internacional del Peru SAA Interbank 144A 6.40% (US Treasury Yield Curve Rate T 5 Year+2.07%), 04/30/35 (a)	USD	50			51,518
Cia de Minas Buenaventura SAA 144A 6.80%, 02/04/32	USD	25			25,812
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29	USD	25			25,149
Minsur SA 144A 4.50%, 10/28/31	USD	50			47,963
Peru LNG Srl 144A 5.38%, 03/22/30	USD	17			16,224
Petroleos del Peru SA 144A 4.75%, 06/19/32	USD	75			63,864
San Miguel Industrias PET SA 144A 3.75%, 08/02/28	USD	100			96,615
					327,145
Poland: 0.5%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29	USD	100			94,951
InPost SA Reg S 4.00%, 04/01/31	EUR	100			113,391
					208,342

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Portugal: 0.5%
EDP SA Reg S
4.38% (EUR Swap Annual 5 Year+1.92%), 12/02/55 (a)	EUR	100		$	113,236
4.62% (EUR Swap Annual 5 Year+2.40%), 09/16/54 (a)	EUR	100			116,566
					229,802

Serbia: 0.4%
Telecommunications co Telekom Srbija AD Belgrade 144A 7.25%, 05/18/31	USD	175			174,686

Singapore: 0.3%
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29	USD	50			51,601
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33	USD	60			60,973
					112,574
South Africa: 0.2%
Transnet 144A 8.25%, 02/06/28	USD	100			103,887

Spain: 0.5%
Abengoa Abenewco 2 SA Reg S
1.50%, 10/26/24 (d) *∞	USD	63			104
1.50%, 10/26/24 (d) *∞	USD	63			632
Abengoa SA 0.00%, 03/31/27 (s) ^∞	EUR	100			573
AI Candelaria Spain SA 144A 5.75%, 06/15/33	USD	50			46,335
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30	USD	50			47,644
Grifols SA Reg S 3.88%, 10/15/28	EUR	100			113,681
					208,969
Sweden: 1.2%
Intrum Investments And Financing AB 144A Reg S 8.50%, 09/11/30	EUR	200			217,766
Samhallsbyggnadsbolaget I Norden Holding AB Reg S 1.12%, 09/26/29	EUR	100			95,726
Verisure Midholding AB Reg S 5.25%, 02/15/29	EUR	85			97,591
Volvo Car AB Reg S 4.25%, 05/31/28	EUR	100			115,394
					526,477
Thailand: 0.6%
Bangkok Bank PCL 144A

		Par (000’s	)	Value
Thailand (continued)
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 (a)	USD	50		$	47,566
GC Treasury Center Co. Ltd. 144A 6.50% (US Treasury Yield Curve Rate T 5 Year+2.81%), 09/10/30 (o)(a)	USD	100			98,959
Muangthai Capital PCL 144A 7.55%, 07/21/30	USD	100			102,053
					248,578
Trinidad and Tobago: 0.1%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29	USD	25			25,590

Turkiye: 3.2%
Akbank TAS 144A 7.50%, 01/20/30	USD	100			102,993
Eregli Demir ve Celik Fabrikalari TAS 144A 8.38%, 07/23/29	USD	50			51,953
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28	USD	50			51,371
TC Ziraat Bankasi AS 144A 7.25%, 02/04/30	USD	100			101,278
Turk Telekomunikasyon AS 144A 7.38%, 05/20/29	USD	100			102,134
Turkcell Iletisim Hizmetleri AS 144A 7.45%, 01/24/30	USD	100			102,705
Turkiye Garanti Bankasi AS 144A 8.12% (US Treasury Yield Curve Rate T 5 Year+3.84%), 01/03/35 (a)	USD	100			101,568
Turkiye Ihracat Kredi Bankasi AS 144A 6.38%, 10/03/30	USD	100			98,161
Turkiye Is Bankasi AS 144A 7.75%, 06/12/29	USD	100			104,083
Turkiye Sinai Kalkinma Bankasi AS 144A 7.12%, 10/17/29	USD	100			101,156
Turkiye Vakiflar Bankasi TAO 144A 7.25%, 07/31/30	USD	100			100,639
8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 (a)	USD	100			103,369
Yapi ve Kredi Bankasi AS 144A 9.25%, 10/16/28	USD	200			213,468

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
Turkiye (continued)
Zorlu Enerji Elektrik Uretim AS 144A 11.00%, 04/23/30	USD	50		$	38,006
					1,372,884
United Arab Emirates: 0.9%
Binghatti Sukuk 2 Spv Ltd. Reg S 7.75%, 07/02/29	USD	200			187,722
Omniyat Sukuk 1 Ltd. Reg S 7.25%, 03/04/31	USD	200			187,145
					374,867
United Kingdom: 11.3%
Allwyn Entertainment Financing UK PLC Reg S 7.25%, 04/30/30	EUR	90			107,030
Ardonagh Finco Ltd. 144A 7.75%, 02/15/31	USD	100			101,196
Ardonagh Finco Ltd. Reg S 6.88%, 02/15/31	EUR	100			115,505
Aston Martin Capital Holdings Ltd. 144A 10.00%, 03/31/29	USD	50			38,946
Atlantica Sustainable Infrastructure Ltd. 144A 4.12%, 06/15/28	USD	100			98,505
Avianca Midco 2 PLC 144A
9.00%, 12/01/28	USD	37			37,684
9.62%, 02/14/30	USD	100			99,184
Azule Energy Finance PLC 144A
8.12%, 01/23/30	USD	100			100,621
8.25%, 01/22/31	USD	100			100,139
BCP V Modular Services Finance II PLC Reg S 4.75%, 11/30/28	EUR	100			108,538
Bellis Acquisition Co. PLC Reg S 8.12%, 05/14/30	GBP	100			124,847
Belron UK Finance PLC 144A 5.75%, 10/15/29	USD	150			150,791
Biffa Group Holdings Ltd. Reg S 5.25%, 06/15/31	EUR	100			114,968
Biocon Biologics Global PLC 144A 6.67%, 10/09/29	USD	100			100,531
Brightstar Lottery PLC Reg S 2.38%, 04/15/28	EUR	100			112,939
British Telecommunications Ltd. Reg S 5.12% (EUR Swap Annual 5 Year+2.54%), 10/03/54 (a)	EUR	100			117,912
EG Global Finance PLC 144A 12.00%, 11/30/28	USD	100			106,255
Global Auto Holdings Ltd./ AAG FH UK Ltd. 144A 8.75%, 01/15/32	USD	50			47,450
Heathrow Finance PLC Reg S

		Par (000’s	)	Value
United Kingdom (continued)
4.12%, 09/01/29 (s)	GBP	100		$	124,975
Howden UK Refinance PLC Howden UK Refinance 2 PLC / Howden US Refinance LLC 144A 7.25%, 02/15/31	USD	50			48,471
HTA Group Ltd. 144A 7.50%, 06/04/29	USD	100			102,435
IHS Holding Ltd. 144A 8.25%, 11/29/31 †	USD	50			52,311
INEOS Finance PLC Reg S
6.38%, 04/15/29	EUR	100			112,819
6.62%, 05/15/28	EUR	100			115,594
INEOS Quattro Finance 2 PLC 144A 9.62%, 03/15/29	USD	100			93,993
Ithaca Energy North Sea PLC 144A 8.12%, 10/15/29	USD	100			103,725
Jaguar Land Rover Automotive PLC Reg S 4.50%, 07/15/28	EUR	100			114,548
Jerrold Finco PLC Reg S 7.88%, 04/15/30	GBP	100			135,262
Market Bidco Finco PLC Reg S 6.75%, 01/31/31	EUR	100			113,343
Mobico Group PLC Reg S 4.88%, 09/26/31	EUR	100			91,606
Motion Bondco DAC 144A 6.62%, 11/15/27 †	USD	100			96,820
Panama Infrastructure Receivable Purchaser PLC 144A 0.00%, 04/05/32 ^	USD	100			81,456
Paysafe Finance PLC / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 †	USD	100			86,714
Pinnacle Bidco PLC Reg S 8.25%, 10/11/28	EUR	100			118,479
Sisecam UK PLC 144A
8.25%, 05/02/29	USD	50			51,149
8.62%, 05/02/32	USD	50			50,859
Vedanta Resources Finance II PLC 144A 9.47%, 07/24/30	USD	100			101,394
10.88%, 09/17/29	USD	50			53,165
Virgin Media Secured Finance PLC 144A 5.50%, 05/15/29	USD	50			47,495
Virgin Media Secured Finance PLC Reg S 4.25%, 01/15/30	GBP	100			117,174
Vmed O2 UK Financing I PLC 144A
4.75%, 07/15/31	USD	100			82,259
7.75%, 04/15/32	USD	75			67,829

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)	Value
United Kingdom (continued)
Vmed O2 UK Financing I PLC Reg S
3.25%, 01/31/31	EUR	100		$	101,074
4.50%, 07/15/31	GBP	200			219,074
5.62%, 04/15/32	EUR	100			100,771
Vodafone Group PLC
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 (a)	USD	100			93,090
5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 (a)	USD	100			78,218
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 (a)	USD	75			77,811
Vodafone Group PLC Reg S 8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86 (a)	GBP	100			143,775
WE Soda Investments Holding PLC 144A 9.50%, 10/06/28	USD	50			50,234
Zegona Finance PLC Reg S 6.75%, 07/15/29	EUR	90			106,703
					4,917,666
United States: 4.3%
Ardagh Packaging Finance PLC Escrow Shares 0.00%, 0 ^∞	USD	30			7,353
Boots Group Finco LP Reg S 7.38%, 08/31/32	GBP	100			137,408
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A 6.38%, 02/15/32	USD	50			50,150
Enerflex, Inc. 144A 6.88%, 01/15/31	USD	25			25,601
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30	USD	98			92,540
EUSHI Finance, Inc. 7.62% (US Treasury Yield Curve Rate T 5 Year+3.14%), 12/15/54 (a)	USD	50			51,961
Fibercop SpA 144A
6.38%, 11/15/33	USD	50			50,154
7.20%, 07/18/36	USD	50			51,397
7.72%, 06/04/38	USD	200			209,568
Fibercop SpA Reg S 7.88%, 07/31/28	EUR	100			123,300
Garrett Motion Holdings, Inc. / Garrett LX I Sarl 144A 7.75%, 05/31/32	USD	50			52,533

		Par (000’s	)	Value
United States (continued)
ION Platform Finance US, Inc. / ION Platform Finance Sarl 144A
8.75%, 05/01/29	USD	100		$	89,326
9.50%, 05/30/29	USD	100			91,348
Kosmos Energy Ltd. 144A 8.75%, 10/01/31	USD	50			40,926
Kronos Acquisition Holdings, Inc. 144A 8.25%, 06/30/31 †	USD	25			17,367
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27	USD	75			43,491
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29	USD	48			47,043
New Flyer Holdings, Inc. 144A 9.25%, 07/01/30	USD	25			26,895
Open Text Holdings, Inc. 144A
4.12%, 02/15/30	USD	50			45,840
4.12%, 12/01/31	USD	25			21,964
Playtika Holding Corp. 144A 4.25%, 03/15/29	USD	25			22,397
RB Global Holdings, Inc. 144A 7.75%, 03/15/31	USD	40			41,521
Sasol Financing USA LLC 5.50%, 03/18/31	USD	50			46,600
Sasol Financing USA LLC 144A 8.75%, 05/03/29	USD	100			104,784
Wynn Macau Ltd. 144A
5.12%, 12/15/29	USD	75			73,462
5.62%, 08/26/28	USD	100			99,381
ZF North America Capital, Inc. 144A
6.75%, 04/23/30	USD	50			49,623
6.88%, 04/14/28	USD	50			51,174
6.88%, 04/23/32	USD	125			123,054
					1,888,161
Uzbekistan: 0.4%
Navoi Mining & Metallurgical Co. 144A
6.70%, 10/17/28	USD	100			102,608
6.95%, 10/17/31	USD	25			26,359
Uzbekneftegaz JSC 144A 4.75%, 11/16/28	USD	50			48,392
					177,359
Total Corporate Bonds (Cost: $42,733,166)					42,403,442

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%
Money Market Fund: 1.5% (Cost: $649,930)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(b)		649,930	$	649,930
Total Investments: 99.1% (Cost: $43,383,096)				43,053,372
Other assets less liabilities: 0.9%				384,022
NET ASSETS: 100.0%			$	43,437,394

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

(a)	Variable rate security — the rate shown is as of June 30, 2026
(b)	The rate shown is the 7-day yield as of June 30, 2026.
(d)	Security in default
(o)	Perpetual Maturity — the date shown, if applicable, is the next call date
(s)	Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at June 30, 2026.
*	Non-income producing
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $624,933.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $18,441,908, or 42.5% of net assets.

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	1,099,147	$	—	$	1,099,147
Australia		—		402,772		—		402,772
Austria		—		138,596		—		138,596
Bahrain		—		197,449		—		197,449
Belgium		—		116,653		—		116,653
Bermuda		—		49,280		—		49,280
Brazil		—		1,699,690		—		1,699,690
Bulgaria		—		111,004		—		111,004
Burkina Faso		—		24,938		—		24,938
Canada		—		3,454,654		—		3,454,654
Chile		—		104,175		—		104,175
China		—		589,504		—		589,504
Colombia		—		1,018,208		—		1,018,208
Costa Rica		—		50,058		—		50,058
Czech Republic		—		120,818		—		120,818
Denmark		—		264,287		—		264,287
Dominican Republic		—		25,987		—		25,987
Finland		—		116,687		—		116,687
France		—		5,011,511		—		5,011,511
Georgia		—		24,003		—		24,003
Germany		—		1,940,558		—		1,940,558
Greece		—		461,397		—		461,397
Guatemala		—		197,997		—		197,997
Hungary		—		115,687		—		115,687
India		—		297,830		—		297,830
Indonesia		—		25,286		1,313		26,599
Ireland		—		199,181		—		199,181
Israel		—		273,865		—		273,865
Italy		—		1,968,137		—		1,968,137
Jamaica		—		103,040		0		103,040
Japan		—		1,498,580		—		1,498,580
Luxembourg		—		3,394,304		—		3,394,304
Malta		—		47,626		—		47,626
Mauritius		—		68,678		—		68,678
Mexico		—		1,927,261		—		1,927,261
Morocco		—		99,434		—		99,434
Netherlands		—		3,698,700		—		3,698,700
Norway		—		123,794		—		123,794
Oman		—		204,353		—		204,353
Panama		—		240,013		—		240,013
Peru		—		327,145		—		327,145
Poland		—		208,342		—		208,342
Portugal		—		229,802		—		229,802
Serbia		—		174,686		—		174,686
Singapore		—		112,574		—		112,574
South Africa		—		103,887		—		103,887
Spain		—		207,660		1,309		208,969
Sweden		—		526,477		—		526,477
Thailand		—		248,578		—		248,578
Trinidad and Tobago		—		25,590		—		25,590
Turkiye		—		1,372,884		—		1,372,884
United Arab Emirates		—		374,867		—		374,867
United Kingdom		—		4,917,666		—		4,917,666
United States		—		1,880,808		7,353		1,888,161
Uzbekistan		—		177,359		—		177,359

See Notes to Financial Statements

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Money Market Fund		649,930		—		—		649,930
Total Investments	$	649,930	$	42,393,467	$	9,975	$	43,053,372

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

		Par (000’s		)	Value
CORPORATE BONDS: 0.0%
South Africa: 0.0%
Eskom Holdings 7.50%, 09/15/33	ZAR		11,000		$	631,480
Transnet Reg S 13.50%, 04/18/28	ZAR		500			33,135

Total Corporate Bonds (Cost: $749,037)						664,615

GOVERNMENT OBLIGATIONS: 97.2%
Brazil: 5.2%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/27 ^	BRL		149,100			25,348,997
0.00%, 01/01/28 ^	BRL		81,585			12,960,863
0.00%, 07/01/28 ^	BRL		31,970			4,757,939
0.00%, 01/01/29 ^	BRL		213,910			29,776,179
0.00%, 07/01/29 ^	BRL		215,030			27,998,533
0.00%, 01/01/30 ^	BRL		142,980			17,416,187
0.00%, 01/01/32 ^	BRL		126,500			11,775,328
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/29	BRL		195,570			34,860,147
10.00%, 01/01/31	BRL		262,050			44,047,616
10.00%, 01/01/33	BRL		100,940			16,203,101
10.00%, 01/01/35	BRL		147,070			22,835,595
10.00%, 01/01/37	BRL		37,540			5,669,738
						253,650,223
Chile: 3.1%
Bonos de la Tesoreria de la Republica en pesos
0.00%, 05/06/27 ^	CLP		18,795,000			19,687,813
0.00%, 04/01/29 ^	CLP		14,775,000			14,253,522
5.00%, 03/01/35	CLP		16,765,000			17,737,141
5.30%, 07/15/32	CLP		1,975,000			2,187,225
6.00%, 01/01/43	CLP		11,045,000			12,569,506
Bonos de la Tesoreria de la Republica en pesos 144A Reg S
4.70%, 09/01/30	CLP		15,490,000			16,580,999
5.00%, 10/01/28	CLP		6,700,000			7,325,530
5.30%, 11/01/37	CLP		6,530,000			6,970,400
5.80%, 10/01/29	CLP		10,545,000			11,782,306
5.80%, 10/01/34	CLP		5,905,000			6,588,262
6.00%, 04/01/33	CLP		22,545,000			25,363,546
6.20%, 10/01/40	CLP		6,885,000			7,971,385
7.00%, 05/01/34	CLP		3,365,000			4,022,444
						153,040,079
China: 8.8%
China Government Bond
1.32%, 02/25/29	CNY		6,810			1,005,860
1.40%, 11/25/28	CNY		14,450			2,136,601
1.42%, 11/15/27	CNY		22,610			3,344,239
1.42%, 08/15/28	CNY		57,780			8,545,818
1.43%, 01/25/30	CNY		53,000			7,837,219
1.45%, 02/25/28	CNY		20,310			3,006,386
1.45%, 04/25/30	CNY		34,160			5,050,571
1.46%, 05/25/28	CNY		74,720			11,063,466

		Par (000’s		)	Value
China (continued)
1.49%, 12/25/31	CNY		21,690		$	3,200,415
1.54%, 01/25/31	CNY		14,940			2,214,099
1.55%, 07/25/30	CNY		50,680			7,531,315
1.57%, 05/15/32	CNY		30,440			4,502,367
1.61%, 02/15/35	CNY		55,640			8,172,297
1.62%, 08/15/27	CNY		53,050			7,860,971
1.63%, 10/25/30	CNY		53,800			8,010,595
1.65%, 05/15/35	CNY		24,590			3,618,758
1.66%, 12/25/32	CNY		40,660			6,040,161
1.67%, 05/25/35	CNY		60,760			8,962,318
1.72%, 05/15/36	CNY		27,120			3,998,922
1.74%, 10/15/29	CNY		28,610			4,272,842
1.75%, 02/25/36	CNY		29,530			4,365,572
1.78%, 09/15/32	CNY		53,240			7,974,592
1.78%, 11/15/35	CNY		64,230			9,517,339
1.79%, 03/25/32	CNY		58,820			8,816,542
1.83%, 08/25/35	CNY		59,230			8,816,981
1.85%, 05/15/27	CNY		41,700			6,186,127
1.87%, 09/15/31	CNY		32,470			4,887,981
1.88%, 04/25/55	CNY		67,650			9,306,874
1.90%, 07/15/55	CNY		34,650			4,734,168
1.91%, 07/15/29	CNY		49,850			7,483,305
1.92%, 07/15/45	CNY		17,960			2,553,267
1.92%, 01/15/55	CNY		19,610			2,691,488
1.98%, 04/25/45	CNY		17,010			2,440,925
2.04%, 02/25/27	CNY		5,630			835,095
2.04%, 11/25/34	CNY		30,600			4,655,462
2.05%, 04/15/29	CNY		58,550			8,816,534
2.11%, 08/25/34	CNY		29,600			4,532,788
2.12%, 06/25/31	CNY		45,620			6,946,349
2.15%, 08/25/55	CNY		22,280			3,220,230
2.17%, 08/29/34	CNY		35,920			5,495,271
2.19%, 09/25/54	CNY		34,270			4,987,462
2.20%, 04/25/56	CNY		6,110			897,718
2.25%, 08/29/39	CNY		10,740			1,649,416
2.27%, 05/25/34	CNY		33,680			5,215,095
2.28%, 03/25/31	CNY		40,330			6,179,909
2.33%, 08/15/44	CNY		19,200			2,916,834
2.35%, 02/25/34	CNY		39,930			6,216,494
2.37%, 01/20/27	CNY		930			138,125
2.37%, 01/15/29	CNY		9,880			1,497,500
2.40%, 07/15/28	CNY		33,710			5,089,509
2.44%, 10/15/27	CNY		18,200			2,724,384
2.47%, 07/25/54	CNY		25,010			3,851,747
2.48%, 04/15/27	CNY		8,550			1,274,656
2.48%, 09/25/28	CNY		20,280			3,074,625
2.49%, 05/25/44	CNY		20,940			3,256,849
2.50%, 07/25/27	CNY		29,960			4,474,969
2.52%, 08/25/33	CNY		11,360			1,785,690
2.54%, 12/25/30	CNY		34,720			5,372,542
2.55%, 10/15/28	CNY		39,030			5,926,958
2.57%, 05/20/54	CNY		24,130			3,798,652
2.60%, 09/15/30	CNY		40,990			6,344,521
2.60%, 09/01/32	CNY		23,120			3,629,022
2.62%, 04/15/28	CNY		6,780			1,025,819
2.62%, 09/25/29	CNY		15,270			2,346,106
2.62%, 06/25/30	CNY		37,700			5,828,565

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
China (continued)
2.64%, 01/15/28	CNY		7,570		$	1,141,872
2.67%, 05/25/33	CNY		27,490			4,356,050
2.67%, 11/25/33	CNY		34,840			5,536,757
2.68%, 05/21/30	CNY		38,400			5,940,475
2.69%, 08/15/32	CNY		25,560			4,022,331
2.75%, 06/15/29	CNY		22,990			3,537,601
2.75%, 02/17/32	CNY		26,010			4,100,351
2.76%, 05/15/32	CNY		15,150			2,394,069
2.79%, 12/15/29	CNY		28,190			4,366,991
2.80%, 03/24/29	CNY		19,990			3,073,727
2.80%, 03/25/30	CNY		33,250			5,170,543
2.80%, 11/15/32	CNY		23,750			3,780,106
2.85%, 06/04/27	CNY		26,390			3,956,657
2.88%, 02/25/33	CNY		25,600			4,106,712
2.89%, 11/18/31	CNY		21,300			3,378,711
2.91%, 10/14/28	CNY		24,820			3,807,043
3.00%, 10/15/53	CNY		25,630			4,384,956
3.01%, 05/13/28	CNY		17,100			2,613,237
3.02%, 05/27/31	CNY		30,990			4,931,674
3.12%, 10/25/52	CNY		13,920			2,406,437
3.13%, 11/21/29	CNY		30,300			4,754,694
3.19%, 04/15/53	CNY		18,430			3,230,633
3.25%, 11/22/28	CNY		2,020			313,474
3.27%, 11/19/30	CNY		32,170			5,153,106
3.28%, 12/03/27	CNY		17,240			2,627,110
3.29%, 05/23/29	CNY		36,430			5,714,124
3.32%, 04/15/52	CNY		15,640			2,790,784
3.53%, 10/18/51	CNY		18,230			3,354,437
3.72%, 04/12/51	CNY		17,810			3,357,906
3.81%, 09/14/50	CNY		34,710			6,585,598
						429,043,443
Colombia: 4.5%
Colombian TES
5.75%, 11/03/27	COP		31,203,500			8,328,251
6.00%, 04/28/28	COP		68,206,500			17,774,654
6.25%, 07/09/36	COP		27,546,000			5,471,891
7.00%, 03/26/31	COP		54,944,500			13,115,864
7.00%, 06/30/32	COP		44,666,400			10,269,838
7.25%, 10/18/34	COP		27,971,700			6,164,457
7.25%, 10/26/50	COP		35,576,900			6,612,208
7.75%, 09/18/30	COP		47,252,000			11,782,089
9.25%, 05/28/42	COP		83,464,700			19,746,490
11.00%, 08/22/29	COP		86,461,700			24,278,909
11.50%, 07/25/46	COP		69,027,900			19,414,441
11.75%, 01/24/35	COP		77,173,000			22,095,161
12.50%, 02/27/30	COP		39,753,000			11,601,713
12.75%, 11/28/40	COP		42,881,200			13,133,851
13.25%, 02/09/33	COP		88,794,500			27,172,800
						216,962,617
Czech Republic: 4.6%
Czech Republic Government Bond
0.05%, 11/29/29	CZK		156,610			6,468,174
0.25%, 02/10/27	CZK		280,590			12,963,166
1.20%, 03/13/31	CZK		259,930			10,787,918
1.50%, 04/24/40	CZK		165,310			5,219,498
1.75%, 06/23/32	CZK		267,960			11,039,889
1.95%, 07/30/37	CZK		171,990			6,236,126

		Par (000’s		)	Value
Czech Republic (continued)
2.00%, 10/13/33	CZK		259,050		$	10,412,234
2.75%, 07/23/29	CZK		274,450			12,486,338
3.00%, 03/03/33	CZK		200,580			8,749,756
3.50%, 05/30/35	CZK		311,410			13,623,000
3.60%, 06/03/36	CZK		206,800			9,015,534
4.00%, 04/04/44	CZK		46,810			1,941,197
4.25%, 10/24/34	CZK		185,960			8,640,896
4.50%, 11/11/32	CZK		299,550			14,295,831
4.90%, 04/14/34	CZK		288,400			14,038,032
4.95%, 02/27/37	CZK		85,250			4,122,398
5.00%, 09/30/30	CZK		297,190			14,532,034
5.30%, 09/19/35	CZK		128,940			6,421,656
5.50%, 12/12/28	CZK		231,510			11,315,803
5.75%, 03/29/29	CZK		146,580			7,220,240
6.20%, 06/16/31	CZK		126,550			6,519,821
Czech Republic Government Bond Reg S
0.95%, 05/15/30	CZK		260,390			10,955,401
2.50%, 08/25/28	CZK		259,150			11,879,213
4.20%, 12/04/36	CZK		148,460			6,771,538
						225,655,693
Dominican Republic: 1.2%
Dominican Republic International Bond 144A
10.50%, 03/15/37	DOP		917,600			16,393,961
10.75%, 06/01/36	DOP		661,550			11,791,038
11.25%, 09/15/35	DOP		172,150			3,204,167
13.62%, 02/03/33	DOP		377,150			7,617,531
Dominican Republic International Bond Reg S
10.50%, 03/15/37	DOP		146,150			2,624,259
10.75%, 06/01/36	DOP		306,000			5,453,946
11.25%, 09/15/35	DOP		454,900			8,466,894
13.62%, 02/03/33	DOP		187,480			3,786,649
						59,338,445
Germany: 0.1%
Kreditanstalt fuer Wiederaufbau 3.50%, 02/17/28	PLN		27,000			7,095,056

Hungary: 3.8%
Hungary Government Bond
2.00%, 05/23/29	HUF		5,637,840			16,686,488
2.25%, 04/20/33	HUF		4,079,770			11,063,970
2.25%, 06/22/34	HUF		2,604,390			6,854,024
3.00%, 10/27/27	HUF		4,038,890			12,650,130
3.00%, 08/21/30	HUF		5,622,280			16,742,024
3.00%, 10/27/38	HUF		2,010,100			5,243,679
3.00%, 04/25/41	HUF		2,231,550			5,607,474
3.25%, 10/22/31	HUF		5,358,940			15,835,803
4.50%, 03/23/28	HUF		3,672,730			11,703,729
4.50%, 05/27/32	HUF		1,429,810			4,471,548
4.75%, 11/24/32	HUF		4,236,990			13,408,481
6.00%, 11/28/29	HUF		1,427,000			4,720,177
6.25%, 09/23/37	HUF		2,316,300			8,177,372

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Hungary (continued)
6.75%, 10/22/28	HUF		5,457,650		$	18,185,461
6.75%, 07/23/31	HUF		2,930,290			10,114,400
7.00%, 10/24/35	HUF		6,401,730			23,448,668
						184,913,428
India: 8.1%
India Government Bond
5.77%, 08/03/30	INR		1,306,220			13,493,519
5.79%, 05/11/30	INR		1,122,720			11,630,172
5.85%, 12/01/30	INR		1,009,560			10,449,896
6.01%, 07/21/30	INR		579,840			6,067,977
6.10%, 07/12/31	INR		894,870			9,122,644
6.28%, 07/14/32	INR		57,770			602,399
6.33%, 05/05/35	INR		1,669,400			17,030,170
6.36%, 02/16/31	INR		258,200			2,715,468
6.45%, 10/07/29	INR		1,032,660			10,962,759
6.48%, 10/06/35	INR		882,340			9,079,393
6.54%, 01/17/32	INR		1,502,400			15,859,084
6.67%, 12/17/50	INR		1,360,040			13,196,111
6.68%, 01/27/33	INR		54,130			561,859
6.68%, 07/07/40	INR		1,600,000			16,501,785
6.75%, 12/23/29	INR		748,190			8,024,512
6.79%, 12/30/31	INR		52,800			565,545
6.79%, 10/07/34	INR		1,561,820			16,551,224
6.79%, 12/02/34	INR		134,300			1,419,431
6.99%, 12/15/51	INR		1,602,250			16,365,763
7.02%, 06/18/31	INR		550,530			5,946,095
7.04%, 06/03/29	INR		696,420			7,527,015
7.06%, 04/10/28	INR		401,490			4,301,197
7.10%, 04/18/29	INR		654,350			7,081,843
7.10%, 04/08/34	INR		1,655,120			17,864,312
7.16%, 09/20/50	INR		899,350			9,383,072
7.17%, 04/17/30	INR		295,020			3,201,449
7.18%, 08/14/33	INR		1,540,370			16,735,437
7.18%, 07/24/37	INR		953,320			10,350,892
7.24%, 08/18/55	INR		46,500			490,537
7.26%, 01/14/29	INR		376,880			4,087,595
7.26%, 08/22/32	INR		1,448,940			15,816,219
7.26%, 02/06/33	INR		1,207,150			13,153,862
7.30%, 06/19/53	INR		1,939,040			20,533,538
7.32%, 11/13/30	INR		506,070			5,461,228
7.36%, 09/12/52	INR		1,722,450			18,343,593
7.37%, 10/23/28	INR		279,280			3,036,507
7.37%, 01/23/54	INR		39,470			424,486
7.38%, 06/20/27	INR		726,120			7,793,658
7.41%, 12/19/36	INR		1,750,080			19,308,906
7.54%, 05/23/36	INR		1,437,280			15,961,480
7.72%, 06/15/49	INR		753,740			8,336,740
						395,339,372
Indonesia: 7.1%
Indonesia Treasury Bond
5.12%, 04/15/27	IDR		151,629,000			8,325,178
5.88%, 03/15/31	IDR		159,477,000			8,502,274
6.12%, 05/15/28	IDR		176,395,000			9,665,035
6.25%, 06/15/36	IDR		99,685,000			5,204,144
6.38%, 08/15/28	IDR		103,783,000			5,727,159
6.38%, 04/15/32	IDR		286,927,000			15,343,601
6.38%, 07/15/37	IDR		26,900,000			1,394,805
6.50%, 07/15/30	IDR		257,820,000			14,116,654

		Par (000’s		)	Value
Indonesia (continued)
6.50%, 02/15/31	IDR		284,387,000		$	15,455,959
6.50%, 04/15/36	IDR		172,625,000			9,235,920
6.62%, 05/15/33	IDR		162,192,000			8,717,624
6.62%, 02/15/34	IDR		261,856,000			14,059,648
6.75%, 07/15/35	IDR		301,774,000			16,362,969
6.88%, 04/15/29	IDR		251,455,000			13,947,341
7.00%, 05/15/27	IDR		99,507,000			5,537,458
7.00%, 09/15/30	IDR		259,002,000			14,374,113
7.00%, 02/15/33	IDR		241,404,000			13,297,217
7.12%, 06/15/38	IDR		180,571,000			9,934,456
7.12%, 08/15/40	IDR		216,540,000			12,008,524
7.12%, 06/15/42	IDR		170,927,000			9,384,912
7.12%, 06/15/43	IDR		159,141,000			8,746,055
7.12%, 08/15/45	IDR		180,803,000			10,048,875
7.50%, 08/15/32	IDR		79,678,000			4,533,510
7.50%, 06/15/35	IDR		198,538,000			11,243,202
7.50%, 05/15/38	IDR		112,912,000			6,433,348
7.50%, 04/15/40	IDR		256,320,000			14,538,740
8.25%, 05/15/29	IDR		166,857,000			9,567,419
8.25%, 06/15/32	IDR		66,786,000			3,926,001
8.25%, 05/15/36	IDR		148,782,000			8,919,394
8.38%, 03/15/34	IDR		210,256,000			12,579,594
8.38%, 04/15/39	IDR		95,013,000			5,809,697
8.75%, 05/15/31	IDR		122,383,000			7,297,620
9.00%, 03/15/29	IDR		104,306,000			6,107,449
9.50%, 07/15/31	IDR		45,438,000			2,781,287
10.50%, 08/15/30	IDR		49,442,000			3,093,809
Perusahaan Penerbit SBSN
5.88%, 07/15/28	IDR		153,463,000			8,370,850
6.38%, 03/15/34	IDR		58,856,000			3,161,697
6.62%, 09/15/29	IDR		10,084,000			552,297
6.88%, 03/15/36	IDR		24,600,000			1,346,976
8.88%, 11/15/31	IDR		69,630,000			4,240,561
						343,893,372
Malaysia: 7.8%
Malaysia Government Bond
2.63%, 04/15/31	MYR		52,004			12,339,402
3.24%, 03/15/29	MYR		11,660			2,858,359
3.34%, 05/15/30	MYR		18,080			4,434,230
3.48%, 07/02/35	MYR		18,972			4,607,052
3.50%, 05/31/27	MYR		47,484			11,687,905
3.52%, 04/20/28	MYR		39,371			9,713,380
3.58%, 07/15/32	MYR		41,623			10,247,106
3.73%, 06/15/28	MYR		36,625			9,071,514
3.76%, 05/22/40	MYR		38,058			9,247,556
3.77%, 01/15/41	MYR		6,260			1,523,933
3.83%, 07/05/34	MYR		48,801			12,157,217
3.88%, 08/15/29	MYR		48,620			12,139,130
3.90%, 11/16/27	MYR		36,526			9,050,484
3.92%, 07/15/55	MYR		20,515			4,881,993
4.05%, 04/18/39	MYR		40,713			10,211,248
4.07%, 06/15/50	MYR		45,867			11,313,861
4.18%, 05/16/44	MYR		37,507			9,481,048
4.25%, 05/31/35	MYR		25,231			6,488,573
4.46%, 03/31/53	MYR		40,090			10,472,224
4.50%, 04/30/29	MYR		15,740			3,988,429

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Malaysia (continued)
4.64%, 11/07/33	MYR		39,854		$	10,437,610
4.70%, 10/15/42	MYR		39,606			10,603,647
4.76%, 04/07/37	MYR		39,824			10,647,213
4.89%, 06/08/38	MYR		35,925			9,693,947
4.92%, 07/06/48	MYR		24,540			6,825,504
Malaysia Government Investment Issue
3.23%, 10/15/29	MYR		3,159			772,976
3.42%, 09/30/27	MYR		37,334			9,189,332
3.45%, 07/15/36	MYR		31,892			7,701,885
3.46%, 10/15/30	MYR		42,926			10,566,019
3.60%, 07/31/28	MYR		46,037			11,377,975
3.61%, 04/30/35	MYR		24,112			5,914,100
3.62%, 03/31/33	MYR		7,240			1,785,469
3.63%, 08/30/30	MYR		24,131			5,980,603
3.77%, 05/31/45	MYR		31,061			7,421,189
3.80%, 10/08/31	MYR		37,521			9,370,613
3.97%, 07/16/40	MYR		27,750			6,874,294
4.12%, 11/30/34	MYR		46,102			11,728,800
4.13%, 07/09/29	MYR		44,068			11,069,575
4.19%, 10/07/32	MYR		38,630			9,829,198
4.25%, 09/30/30	MYR		33,370			8,464,672
4.26%, 07/26/27	MYR		16,021			3,977,898
4.29%, 08/14/43	MYR		43,669			11,160,609
4.37%, 10/31/28	MYR		35,452			8,915,128
4.42%, 09/30/41	MYR		28,347			7,345,414
4.47%, 09/15/39	MYR		47,903			12,479,041
4.66%, 03/31/38	MYR		14,702			3,890,623
						379,937,978
Mexico: 6.2%
Mexican Bonos
5.50%, 03/04/27	MXN		3,227			183,036
7.50%, 06/03/27	MXN		1,889			108,492
7.50%, 05/26/33	MXN		522,110			27,939,214
7.75%, 05/29/31	MXN		666,300			37,070,853
7.75%, 11/23/34	MXN		610,849			32,543,972
7.75%, 11/13/42	MXN		674,069			32,988,563
8.00%, 04/15/32	MXN		311,239			17,254,383
8.00%, 05/24/35	MXN		60,017			3,208,542
8.00%, 02/21/36	MXN		349,376			18,669,310
8.00%, 11/07/47	MXN		372,900			18,339,640
8.00%, 07/31/53	MXN		576,749			28,042,765
8.00%, 04/29/55	MXN		122,951			5,960,485
8.50%, 03/02/28	MXN		18,582			1,081,662
8.50%, 03/01/29	MXN		471,783			27,393,826
8.50%, 05/31/29	MXN		302,857			17,568,366
8.50%, 02/28/30	MXN		88,881			5,122,158
8.50%, 11/18/38	MXN		402,986			21,688,349
10.00%, 11/20/36	MXN		144,391			8,807,131
						303,970,747
Paraguay: 1.1%
Paraguay Government International Bond 144A
8.50%, 03/04/35	PYG		15,000,000			2,383,907
8.50%, 04/04/38	PYG		35,000,000			5,535,672

		Par (000’s		)	Value
Paraguay (continued)
Paraguay Government International Bond Reg S
7.90%, 02/09/31	PYG		88,200,000		$	13,985,660
8.50%, 03/04/35	PYG		132,200,000			21,071,017
8.50%, 04/04/38	PYG		53,313,000			8,432,094
						51,408,350
Peru: 3.4%
Peru Government Bond
5.35%, 08/12/40	PEN		40,634			10,393,846
5.40%, 08/12/34	PEN		76,458			21,898,465
5.94%, 02/12/29	PEN		25,033			7,723,960
6.15%, 08/12/32	PEN		68,843			21,890,863
6.90%, 08/12/37	PEN		74,523			22,365,323
6.95%, 08/12/31	PEN		45,431			15,144,211
Peru Government Bond 144A Reg S
6.85%, 08/12/35 †	PEN		76,934			23,707,391
7.30%, 08/12/33	PEN		75,544			24,842,121
7.60%, 08/12/39 †	PEN		59,401			18,679,158
						166,645,338
Poland: 5.5%
Republic of Poland Government Bond
0.00%, 01/25/28 ^	PLN		14,855			3,725,477
1.25%, 10/25/30	PLN		82,865			19,295,214
1.75%, 04/25/32	PLN		95,548			21,595,965
2.50%, 07/25/27	PLN		46,563			12,236,004
2.75%, 04/25/28	PLN		13,804			3,601,080
2.75%, 10/25/29	PLN		51,393			13,052,669
3.75%, 05/25/27	PLN		2,332			620,565
4.00%, 07/25/31	PLN		38,840			10,007,215
4.50%, 07/25/30	PLN		105,243			28,044,208
4.50%, 01/25/31	PLN		54,398			14,443,138
4.75%, 07/25/29	PLN		85,667			23,127,654
5.00%, 01/25/30	PLN		55,417			15,058,988
5.00%, 10/25/34	PLN		86,896			22,989,465
5.00%, 10/25/35	PLN		96,613			25,332,345
5.25%, 04/25/36	PLN		23,390			6,217,526
6.00%, 10/25/33	PLN		98,033			27,711,855
7.50%, 07/25/28	PLN		67,246			19,094,520
						266,153,888
Romania: 4.0%
Romania Government Bond
2.50%, 10/25/27	RON		27,745			5,782,972
3.65%, 09/24/31	RON		30,095			5,772,388
4.15%, 01/26/28	RON		31,435			6,662,739
4.15%, 10/24/30	RON		29,395			5,860,618
4.25%, 04/28/36	RON		24,530			4,435,971
4.75%, 10/11/34	RON		30,160			5,811,822
4.85%, 07/25/29	RON		32,745			6,841,843
5.00%, 02/12/29	RON		34,325			7,262,973
5.80%, 07/26/27	RON		32,700			7,115,239
6.30%, 04/26/28	RON		38,405			8,391,606
6.30%, 04/25/29	RON		42,050			9,174,890
6.70%, 02/25/32	RON		49,390			10,836,996
6.75%, 10/29/29	RON		11,140			2,452,514

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Romania (continued)
6.75%, 04/25/35 †	RON		32,580		$	7,121,692
6.85%, 07/29/30	RON		33,615			7,426,040
7.10%, 07/31/34	RON		46,450			10,412,396
7.20%, 05/31/27	RON		39,530			8,710,238
7.20%, 10/30/33	RON		46,565			10,468,480
7.35%, 04/28/31	RON		48,050			10,831,302
7.50%, 07/27/33	RON		20,645			4,714,271
7.65%, 07/27/31	RON		25,580			5,827,518
7.90%, 02/24/38	RON		46,325			10,926,903
8.00%, 04/29/30	RON		41,510			9,515,185
8.25%, 09/29/32	RON		45,015			10,624,864
8.75%, 10/30/28	RON		42,395			9,741,721
						192,723,181
Serbia: 1.3%
Serbia Treasury Bonds
4.50%, 07/30/30	RSD		450,020			4,308,609
4.50%, 08/20/32	RSD		1,545,960			14,474,288
5.25%, 07/27/35	RSD		1,437,570			13,954,554
5.88%, 02/08/28	RSD		1,423,000			14,092,719
7.00%, 10/26/31	RSD		1,389,020			14,665,140
						61,495,310
South Africa: 5.9%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		149,523			7,821,761
6.50%, 02/28/41	ZAR		135,056			6,642,137
7.00%, 02/28/31	ZAR		376,623			22,213,649
8.00%, 01/31/30	ZAR		379,448			23,368,947
8.25%, 03/31/32	ZAR		485,533			29,959,273
8.50%, 01/31/37	ZAR		478,481			29,062,634
8.75%, 01/31/44	ZAR		471,208			28,215,510
8.75%, 02/28/48	ZAR		682,673			40,959,635
8.88%, 02/28/35	ZAR		521,063			32,964,525
9.00%, 01/31/40	ZAR		469,473			28,972,151
9.88%, 03/31/39	ZAR		45,960			3,037,851
10.00%, 03/31/33	ZAR		105,973			7,080,437
10.12%, 03/31/42	ZAR		39,740			2,664,344
10.88%, 03/31/38	ZAR		142,355			10,061,164
11.62%, 03/31/53	ZAR		154,895			12,104,344
						285,128,362
Supranational: 6.3%
African Development Bank
6.55%, 05/23/35	INR		696,500			6,957,109
Asian Development Bank
2.40%, 03/14/27	CNY		14,000			2,076,596
2.50%, 02/15/27	CNY		14,000			2,077,108
European Bank for Reconstruction & Development
0.00%, 01/28/27 ^	MXN		12,500			687,639
2.75%, 04/27/32	CNY		43,310			6,768,522
4.25%, 02/07/28	IDR		94,030,000			5,035,601
5.12%, 05/01/27	IDR		15,160,000			832,715
6.25%, 04/11/28	INR		450,800			4,672,338
6.38%, 01/08/36	INR		460,000			4,531,696
6.75%, 01/13/32	INR		1,189,700			12,262,192

		Par (000’s		)	Value
Supranational (continued)
European Bank for Reconstruction & Development Reg S 3.01%, 03/13/28	PLN		41,430		$	10,768,611
European Investment Bank 144A 6.95%, 03/01/29	INR		340,500			3,529,981
European Investment Bank Reg S
1.00%, 02/25/28	PLN		52,971			13,391,039
2.75%, 08/25/26	PLN		34,868			9,265,990
2.88%, 11/15/29	PLN		4,088			1,038,816
3.00%, 11/25/29	PLN		53,200			13,611,945
4.50%, 02/16/28	MXN		96,500			5,279,079
5.25%, 01/24/31	PLN		31,050			8,450,990
6.50%, 07/07/27	MXN		72,000			4,104,932
7.40%, 10/23/33	INR		196,300			2,082,326
Inter-American Development Bank
7.00%, 01/25/29	INR		555,000			5,815,128
7.00%, 04/17/33	INR		672,000			6,932,159
7.05%, 04/08/29	INR		392,000			4,104,252
7.35%, 10/06/30	INR		725,000			7,655,377
International Bank for Reconstruction & Development
1.75%, 01/24/28	CNY		89,000			13,177,602
2.25%, 01/19/29	CNY		78,000			11,695,230
2.50%, 01/13/31	CNY		27,000			4,121,972
2.50%, 08/02/33	CNY		40,000			6,151,538
2.75%, 01/19/27	CNY		21,000			3,117,343
2.75%, 07/26/34	CNY		20,000			3,127,072
5.30%, 06/25/30	MXN		141,000			7,240,212
5.35%, 02/09/29	IDR		90,560,000			4,878,135
5.73%, 08/02/27	PLN		5,600			1,515,883
6.25%, 01/19/29	IDR		37,800,000			2,066,189
6.50%, 04/17/30	INR		691,900			7,116,309
6.50%, 10/01/37	INR		928,000			9,017,488
6.75%, 09/08/27	INR		266,200			2,789,487
7.05%, 07/22/29	INR		514,000			5,377,580
7.07%, 06/26/29	MXN		32,700			1,844,337
7.25%, 01/21/27	MXN		269,750			15,496,722
International Bank for Reconstruction & Development Reg S 6.75%, 06/17/27	MXN		65,300			3,723,768
International Finance Corp.
5.02%, 02/11/28	MXN		40,000			2,147,507
5.13%, 08/05/30	MXN		33,000			1,673,386
7.00%, 07/20/27	MXN		334,280			19,088,897
7.02%, 04/06/28	MXN		70,500			3,977,090
7.50%, 01/18/28	MXN		109,710			6,286,409
7.75%, 01/18/30	MXN		247,780			14,047,401
12.00%, 11/03/27	COP		7,100,000			2,027,965
International Finance Corp. Reg S

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s		)	Value
Supranational (continued)
8.38%, 05/31/29	MXN		238,740		$	13,717,431
						307,355,094
Thailand: 6.3%
Thailand Government Bond
1.00%, 06/17/27	THB		436,648			13,146,247
1.19%, 04/17/29	THB		258,893			7,775,952
1.34%, 03/17/31	THB		108,217			3,226,374
1.58%, 12/17/35	THB		317,758			9,200,189
1.60%, 12/17/29	THB		308,014			9,337,053
1.60%, 06/17/35	THB		160,172			4,671,243
1.66%, 03/17/30	THB		358,637			10,880,362
1.84%, 05/17/36	THB		131,238			3,883,302
2.00%, 12/17/31	THB		494,042			15,153,592
2.00%, 06/17/42	THB		217,653			5,936,251
2.05%, 04/17/28	THB		349,713			10,698,092
2.25%, 03/17/27	THB		346,695			10,528,605
2.40%, 11/17/27	THB		339,497			10,410,941
2.40%, 03/17/29	THB		369,331			11,446,040
2.41%, 03/17/35	THB		342,669			10,675,478
2.50%, 11/17/29	THB		345,505			10,778,882
2.65%, 06/17/28	THB		398,771			12,348,226
2.70%, 06/17/40	THB		329,732			10,193,303
2.80%, 06/17/34	THB		354,666			11,372,212
2.88%, 12/17/28	THB		302,817			9,479,524
2.88%, 06/17/46	THB		269,623			7,995,698
2.98%, 06/17/45	THB		370,665			11,197,444
3.30%, 06/17/38	THB		404,644			13,436,083
3.35%, 06/17/33	THB		368,351			12,199,471
3.39%, 06/17/37	THB		396,457			13,327,955
3.40%, 06/17/36	THB		271,806			9,163,378
3.45%, 06/17/43	THB		442,894			14,345,181
3.65%, 06/20/31	THB		327,604			10,821,584
3.77%, 06/25/32	THB		360,648			12,131,778
4.88%, 06/22/29	THB		354,018			11,763,715
						307,524,155
Turkiye: 1.8%
Turkiye Government Bond
10.50%, 08/11/27	TRY		242,011			4,016,442
11.00%, 02/24/27	TRY		61,614			1,131,422
11.70%, 11/13/30	TRY		139,432			1,562,873
12.40%, 03/08/28	TRY		283,690			4,344,536
17.30%, 07/19/28	TRY		454,491			7,288,138
17.80%, 07/13/33	TRY		249,523			3,295,655
26.20%, 10/05/33	TRY		1,033,308			19,013,425
27.70%, 09/27/34	TRY		321,921			6,199,750
30.00%, 09/12/29	TRY		1,322,829			25,549,948
31.08%, 11/08/28	TRY		788,479			15,674,040
						88,076,229
Uruguay: 1.1%
Uruguay Government International Bond
8.00%, 10/29/35	UYU		581,790			14,853,550
8.25%, 05/21/31	UYU		598,341			15,555,506
9.75%, 07/20/33	UYU		690,364			19,160,843

		Par (000’s		)	Value
Uruguay (continued)
Uruguay Government International Bond 144A 8.50%, 03/15/28	UYU		129,962		$	3,346,305
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU		115,873			2,983,537
						55,899,741
Total Government Obligations (Cost: $4,662,439,681)						4,735,250,101
Total Investments Before Collateral for Securities Loaned: 97.2% (Cost: $4,663,188,718)						4,735,914,716

			Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%
Money Market Fund: 0.4% (Cost: $17,671,997)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)			17,671,997			17,671,997
Total Investments: 97.6% (Cost: $4,680,860,715)						4,753,586,713
Other assets less liabilities: 2.4%						119,117,283
NET ASSETS: 100.0%					$	4,872,703,996

See Notes to Financial Statements

VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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
PYG	Paraguay Guarani
RON	Romanian Leu
RSD	Serbian Dinar
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $16,963,503.

Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registering with the Securities and Exchange Commission. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $207,636,104, or 4.3% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	664,615	$	—	$	664,615
Government Obligations *		—		4,735,250,101		—		4,735,250,101
Money Market Fund		17,671,997		—		—		17,671,997
Total Investments	$	17,671,997	$	4,735,914,716	$	—	$	4,753,586,713

^*	See Schedule of Investments for geographic regions.

See Notes to Financial Statements

VANECK MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 96.7%
Financial Services: 96.7%
Adamas Trust, Inc. †		880,853	$	8,262,401
AGNC Investment Corp. †		5,190,499		56,576,439
Annaly Capital Management, Inc.		3,082,172		68,917,366
Apollo Commercial Real Estate Finance, Inc. †		1,086,119		11,599,751
Arbor Realty Trust, Inc. †		1,837,250		9,957,895
Ares Commercial Real Estate Corp. †		599,627		2,698,321
ARMOUR Residential REIT, Inc. †		1,013,368		17,683,272
Blackstone Mortgage Trust, Inc. †		935,545		15,857,488
BrightSpire Capital, Inc. †		1,195,175		6,513,704
Chimera Investment Corp. †		798,907		10,657,419
Claros Mortgage Trust, Inc. *		1,110,156		2,608,867
Dynex Capital, Inc. †		1,485,109		19,469,779
Ellington Financial, Inc. †		1,253,122		17,054,990
Franklin BSP Realty Trust, Inc. †		706,061		5,747,337
Invesco Mortgage Capital, Inc. †		1,073,203		8,478,304
KKR Real Estate Finance Trust, Inc.		517,167		3,537,422

	Number of Shares		Value
Financial Services (continued)
Ladder Capital Corp.		1,123,098	$	11,174,825
MFA Financial, Inc. †		1,034,189		10,021,291
Orchid Island Capital, Inc. †		2,370,898		16,525,159
PennyMac Mortgage Investment Trust †		734,244		8,282,272
Redwood Trust, Inc. †		975,636		4,624,515
Rithm Capital Corp. †		2,671,220		25,082,756
Starwood Property Trust, Inc. †		1,598,413		26,182,005
TPG RE Finance Trust, Inc.		816,098		6,830,740
Two Harbors Investment Corp.		976,899		12,123,317

Total Common Stocks (Cost: $400,665,011)				386,467,635

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.0%
Money Market Fund: 5.0% (Cost: $20,189,671)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65% (a)		20,189,671		20,189,671
Total Investments: 101.7% (Cost: $420,854,682)				406,657,306
Liabilities in excess of other assets: (1.7)%				(6,850,179)
NET ASSETS: 100.0%			$	399,807,127

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $111,512,218.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	386,467,635	$	—	$	—	$	386,467,635
Money Market Fund		20,189,671		—		—		20,189,671
Total Investments	$	406,657,306	$	—	$	—	$	406,657,306

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK OFFICE AND COMMERCIAL REIT ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 99.1%
Equity Real Estate Investment Trusts (REITs): 99.1%
Agree Realty Corp.		421	$	31,887
Alexander’s, Inc.		366		100,855
American Assets Trust, Inc.		4,663		115,129
Brandywine Realty Trust		19,792		62,741
Brixmor Property Group, Inc.		1,287		40,579
BXP, Inc.		5,006		331,948
COPT Defense Properties		4,314		156,986
Cousins Properties, Inc.		11,186		335,355
Douglas Emmett, Inc. †		11,876		140,137
Easterly Government Properties, Inc.		4,410		109,941
Empire State Realty Trust, Inc.		10,519		56,908
Highwoods Properties, Inc.		4,884		147,301
Hudson Pacific Properties, Inc. * †		5,071		77,028
JBG SMITH Properties †		3,574		52,431
Kilroy Realty Corp.		6,815		255,358
Kimco Realty Corp.		2,402		60,891
Piedmont Realty Trust, Inc. *		12,418		113,625
Prologis, Inc.		899		121,788

	Number of Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Realty Income Corp.		2,111	$	130,798
Regency Centers Corp.		536		42,741
Rexford Industrial Realty, Inc.		480		16,080
Simon Property Group, Inc.		616		137,768
SL Green Realty Corp. †		5,002		258,954
Vornado Realty Trust		8,563		336,525
WP Carey, Inc.		909		64,994

Total Common Stocks (Cost: $3,100,213)				3,298,748

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.4%
Money Market Fund: 8.4% (Cost: $278,060)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65% (a)		278,060		278,060
Total Investments: 107.5% (Cost: $3,378,273)				3,576,808
Liabilities in excess of other assets: (7.5)%				(250,515)
NET ASSETS: 100.0%			$	3,326,293

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $465,482.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	3,298,748	$	—	$	—	$	3,298,748
Money Market Fund		278,060		—		—		278,060
Total Investments	$	3,576,808	$	—	$	—	$	3,576,808

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares			Value
PREFERRED SECURITIES: 99.8%
Aerospace & Defense: 8.5%
Boeing Co. 6.00%, 10/15/27		2,876,929	$	193,617,322
VSE Corp. 5.75%, 02/01/29		230,152		13,272,866
				206,890,188
Automobiles & Auto Parts: 1.8%
Ford Motor Co.
6.00%, 12/01/59 †		800,537		15,634,488
6.20%, 06/01/59 †		750,505		15,212,736
6.50%, 08/15/62 †		600,401		12,746,513
				43,593,737
Chemicals: 2.6%
Albemarle Corp. 7.25%, 03/01/27		1,150,770		63,695,119

Computers Phones & Household Electronics: 3.5%
Hewlett Packard Enterprise Co. 7.62%, 09/01/27		750,505		86,803,408

Consumer Goods Conglomerates: 0.2%
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81		250,168		3,857,591

Electric Utilities & IPPs: 20.0%
Brookfield BRP Holdings Canada, Inc.
4.62%, 04/30/26 (o)		350,237		5,060,925
4.88%, 12/09/26 (o)		260,176		3,931,259
DTE Energy Co.
4.38%, 12/01/81 †		280,188		4,768,800
5.25%, 12/01/77 †		400,269		8,181,498
6.25%, 10/01/85 †		600,401		14,265,528
Duke Energy Corp.
5.62%, 09/15/78 †		500,337		11,597,812
5.75% (o) †		1,000,670		24,576,455
Entergy Arkansas LLC 4.88%, 09/01/66 †		410,277		8,193,232
Entergy Louisiana LLC 4.88%, 09/01/66 †		270,180		5,398,196
Entergy Mississippi LLC 4.90%, 10/01/66 †		260,176		5,195,715
Georgia Power Co. 5.00%, 10/01/77 †		270,180		5,719,711
NextEra Energy Capital Holdings, Inc.
5.65%, 03/01/79 †		687,963		15,135,186
6.50%, 06/01/85		875,585		21,302,983
6.50%, 04/15/86 †		600,401		15,022,033
NextEra Energy, Inc.
7.23%, 11/01/27		750,505		37,300,098
7.30%, 06/01/27		1,000,670		53,175,604
7.38%, 02/15/29		1,150,770		55,167,914
PG&E Corp. 6.00%, 12/01/27		805,541		33,325,231
SCE Trust VI 5.00% (o) †		475,321		7,866,562

	Number of Shares			Value
Electric Utilities & IPPs (continued)
SCE Trust VII 7.50%, 11/22/28 (o) †		550,369	$	13,181,338
SCE Trust VIII 6.95%, 05/13/29 (o) †		350,237		7,946,877
Southern Co.
4.20%, 10/15/60 †		750,505		12,698,545
4.95%, 01/30/80 †		1,000,670		19,252,891
5.25%, 12/01/77 †		450,301		9,195,146
6.50%, 03/15/85 †		565,381		14,145,833
7.12%, 12/15/28 †		1,000,670		49,773,326
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 †(a)		256,639		6,123,406
Xcel Energy, Inc. 6.25%, 10/15/85 †		900,606		21,164,241
				488,666,345
Electronic Equipment & Parts: 0.9%
Novanta, Inc. 6.50%, 11/01/28		316,462		21,329,539

Food & Tobacco: 2.4%
CHS, Inc.
6.75% (o) †		492,831		11,896,940
7.10% (o) †		420,281		10,385,144
7.50% (o) †		517,847		13,075,637
7.88% (o) †		536,836		13,796,685
8.00% (o) †		307,007		8,197,087
				57,351,493
Healthcare Equipment & Supplies: 1.3%
Bruker Corp. 6.38%, 09/01/28		69,045		30,925,946

Healthcare Providers & Services: 1.9%
BrightSpring Health Services, Inc. 6.75%, 02/01/27 †		200,132		45,820,221

Homebuilding / Household Goods: 0.6%
QXO, Inc. 5.50%, 05/15/28		287,694		14,022,205

Household Goods: 0.4%
Whirlpool Corp. 8.50%, 02/15/29 †		287,694		10,103,813

Investment Banking & Investment Services: 0.6%
DigitalBridge Group, Inc.
7.12% (o) †		290,546		4,404,677
7.15% (o)		321,890		4,805,818
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 (o)		327,968		5,811,593
				15,022,088
Multiline Utilities: 3.0%
Algonquin Power & Utilities Corp. 8.86%, 07/01/79		350,237		8,927,541
CMS Energy Corp.

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares			Value
Multiline Utilities (continued)
5.88%, 10/15/78 †		280,188	$	6,063,268
5.88%, 03/01/79 †		630,421		13,806,220
PPL Corp. 7.00%, 02/15/29		575,385		28,234,142
Sempra 5.75%, 07/01/79 †		758,007		15,812,026
				72,843,197
Office Equipment: 0.3%
Pitney Bowes, Inc. 6.70%, 03/07/43		349,512		6,878,396

Oil & Gas: 0.3%
NGL Energy Partners LP 11.20% (Term SOFR USD 3 Month+7.47%) (o)(a)		314,854		7,855,607

Oil & Gas Related Equipment and Services: 0.4%
TransCanada PipeLines Ltd. 6.25%, 11/01/85 †		370,249		8,530,537

Professional & Commercial Services: 0.2%
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 (o) †		300,201		4,788,206

Real Estate Operations: 0.4%
Brookfield Property Preferred LP 6.25%, 07/26/81		671,566		10,409,273

Residential & Commercial REITs: 12.0%
AGNC Investment Corp.
8.63% (Term SOFR USD 3 Month+4.96%) (o) †(a)		575,385		14,355,856
8.75% (o) †		345,233		8,751,657
8.98% (Term SOFR USD 3 Month+5.25%) (o) †(a)		402,771		10,230,383
9.10% (Term SOFR USD 3 Month+5.37%) (o)(a)		325,217		8,332,059
Annaly Capital Management, Inc.
8.16% (Term SOFR USD 3 Month+4.43%) (o) †(a)		425,285		10,466,264
8.88%, 09/30/30 (o) †		275,184		6,981,418
8.98% (Term SOFR USD 3 Month+10.50%) (o) †(a)		1,163,284		29,604,452
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 (o) †(a)		283,740		6,330,239
Chimera Investment Corp.
8.74% (Term SOFR USD 3 Month+5.00%) (o) †(a)		260,176		5,890,385
9.78% (Term SOFR USD 3 Month+6.05%) (o)(a)		325,217		7,532,026
Digital Realty Trust, Inc. 5.20% (o) †		345,233		6,790,733
Diversified Healthcare Trust
5.62%, 08/01/42 †		350,237		6,241,223
6.25%, 02/01/46 †		250,168		4,595,586
Franklin BSP Realty Trust, Inc.

	Number of Shares		Value
Residential & Commercial REITs (continued)
7.50% (o) †	258,395	$	4,940,512
Hudson Pacific Properties, Inc. 4.75%, 11/16/26 (o) †	425,285		5,911,462
Kimco Realty Corp. 5.25% (o) †	261,800		5,170,550
MFA Financial, Inc. 9.33% (Term SOFR USD 3 Month+5.61%) (o)(a)	275,184		6,197,144
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 (o)	250,168		4,397,953
Public Storage
3.88% (o) †	282,690		4,234,696
4.00%, 11/19/26 (o) †	1,039,449		15,951,190
4.10%, 01/13/27 (o)	250,168		3,912,628
4.62% (o) †	565,381		10,058,128
4.70% (o) †	258,923		4,650,257
4.88% (o) †	316,462		5,933,662
5.05% (o) †	300,201		5,859,924
5.15% (o) †	280,188		5,567,336
5.60% (o) †	285,192		6,165,851
Rithm Capital Corp.
7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 (o) †(a)	465,313		11,600,253
8.75% (US Treasury Yield Curve Rate T 5 Year+5.01%), 02/15/31 (o) (a)	250,168		6,166,641
8.96% (Term SOFR USD 3 Month+5.23%) (o)(a)	397,850		9,560,335
9.63% (Term SOFR USD 3 Month+5.90%) (o)(a)	281,705		7,025,723
RLJ Lodging Trust 1.95% (o) †	322,202		7,900,393
Two Harbors Investment Corp. 7.62%, 07/27/27 (o) †	254,149		6,109,742
UMH Properties, Inc. 6.38% (o) †	324,769		6,836,387
Vornado Realty Trust
4.45%, 09/22/26 (o) †	300,201		4,352,915
5.25%, 11/24/25 (o) †	619,914		11,052,406
5.40% (o) †	300,201		5,361,590
			291,019,959
Semiconductors & Semiconductor Equipment: 2.3%
Microchip Technology, Inc. 7.50%, 03/15/28	742,999		56,995,453

Software & IT Services: 15.7%
Oracle Corp. 6.50%, 01/15/29	2,501,676		112,450,336
Strategy, Inc.
8.00% (o)	323,540		19,030,623
10.00% (o) †	619,907		45,679,139
12.00% (o)	2,420,527		205,405,921
			382,566,019

See Notes to Financial Statements

VANECK PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares			Value
Telecommunications Services: 20.5%
Alphabet, Inc. Class A 6.25%, 05/15/29		2,461,904	$	125,286,295
Alphabet, Inc. Class C 6.25%, 05/15/29		2,461,904		123,833,771
AT&T, Inc.
4.75% (o) †		1,751,175		31,240,962
5.00% (o) †		1,200,806		22,707,241
5.35%, 11/01/66 †		1,323,388		27,102,986
Liberty Latin America Ltd. 9.00% (o)		500,337		10,852,309
Qwest Corp.
6.50%, 09/01/51 †		515,643		8,652,490
6.75%, 06/15/52		381,783		6,536,125
Super Micro Computer, Inc. 7.00%, 06/01/29		1,876,259		97,490,418
Telephone and Data Systems, Inc.
6.00%, 09/30/26 (o) †		690,461		12,808,052
6.62%, 03/31/26 (o)		420,281		8,523,299

	Number of Shares			Value
Telecommunications Services (continued)
T-Mobile USA, Inc.
5.50%, 03/01/70		401,065	$	8,177,715
5.50%, 06/01/70		395,018		8,113,670
6.25%, 09/01/69		393,747		9,146,743
				500,472,076
Total Preferred Securities (Cost: $2,410,167,441)				2,430,440,416

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%
Money Market Fund: 2.8% (Cost: $67,893,839)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65% (b)		67,893,839		67,893,839
Total Investments: 102.6% (Cost: $2,478,061,280)				2,498,334,255
Liabilities in excess of other assets: (2.6)%				(62,127,204)
NET ASSETS: 100.0%			$	2,436,207,051

Definitions:

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

Footnotes:

(a)	Variable rate security — the rate shown is as of June 30, 2026
(b)	The rate shown is the 7-day yield as of June 30, 2026.
(o)	Perpetual Maturity — the date shown, if applicable, is the next call date
†	Security fully or partially on loan. Total market value of securities on loan is $121,937,143.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities *	$	2,430,440,416	$	—	$	—	$	2,430,440,416
Money Market Fund		67,893,839		—		—		67,893,839
Total Investments	$	2,498,334,255	$	—	$	—	$	2,498,334,255

*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	AA-BB CLO ETF			BDC Income ETF			China Bond ETF		CLO ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	182,504,100		$	1,593,757,740		$	23,341,122	$	1,533,557,008
Short-term investments held as collateral for securities loaned (3)		—			304,172,154			—		—
Total return swap contracts, at value		—			4,415,914			—		—
Cash		9,493,792			20,421,812			37,637		54,520,874
Foreign currency, at value (4)		—			—			69,472		—
Receivables:
Investment securities sold		—			1,570,095			—		—
Capital shares sold		—			—			—		10,587,492
Dividends and interest		2,054,256			13,330,030			342,512		14,274,927
Other assets		—			—			83		—
Total assets		194,052,148			1,937,667,745			23,790,826		1,612,940,301
Liabilities:
Total return swap contracts, at value.		—			1,408,831			—		—
Payables:
Investment securities purchased		17,227,006			—			—		177,894,365
Capital shares redeemed		—			1,584,592			—		—
Collateral for securities loaned		—			304,172,154			—		—
Due to Adviser		65,279			514,972			2,192		402,709
Deferred Trustee fees		—			9,396			1,862		—
Accrued expenses		—			—			45,072		—
Total liabilities		17,292,285			307,689,945			49,126		178,297,074
NET ASSETS	$	176,759,863		$	1,629,977,800		$	23,741,700	$	1,434,643,227
Shares outstanding		3,500,000			128,575,000			1,000,000		27,100,000
Net asset value, per share	$	50.50		$	12.68		$	23.74	$	52.94
Net Assets consist of:
Aggregate paid-in capital	$	177,310,794		$	2,077,338,266		$	22,968,366	$	1,428,235,318
Total distributable earnings (loss)		(550,931	)		(447,360,466	)		773,334		6,407,909
NET ASSETS	$	176,759,863		$	1,629,977,800		$	23,741,700	$	1,434,643,227
(1) Includes Investment in securities on loan, at market value	$	—		$	429,857,050		$	—	$	—
(2) Cost of investments - Unaffiliated issuers	$	184,016,022		$	1,772,605,028		$	22,590,208	$	1,533,141,962
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	304,172,154		$	—	$	—
(4) Cost of cash denominated in foreign currency	$	—		$	—		$	69,580	$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF			Mortgage REIT Income ETF			Office and Commercial REIT ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	42,403,442		$	4,735,914,716		$	386,467,635		$	3,298,748
Short-term investments held as collateral for securities loaned (3)		649,930			17,671,997			20,189,671			278,060
Cash		174,073			660,380			1,397,732			12,668
Foreign currency, at value (4)		268,103			2,710,491			—			—
Receivables:
Investment securities sold		452,983			91,919,964			5,157,202			—
Dividends and interest		755,947			100,403,992			6,929,257			16,022
Federal and State income taxes		—			—			—			187
Foreign tax refund		—			1,502,221			—			—
Prepaid expenses		—			3,987			—			—
Other assets		—			41,322			—			—
Total assets		44,704,478			4,950,829,070			420,141,497			3,605,685
Liabilities:
Payables:
Investment securities purchased		569,438			58,582,381			—			—
Collateral for securities loaned		649,930			17,671,997			20,189,671			278,060
Due to Adviser		14,295			1,032,218			128,340			1,332
Deferred Trustee fees		33,385			364,254			16,359			—
Accrued expenses		—			119,700			—			—
Accrued foreign taxes		—			352,760			—			—
Accrued interest		36			1,764			—			—
Total liabilities		1,267,084			78,125,074			20,334,370			279,392
NET ASSETS	$	43,437,394		$	4,872,703,996		$	399,807,127		$	3,326,293
Shares outstanding		2,000,000			190,522,682			38,600,000			80,000
Net asset value, per share	$	21.72		$	25.58		$	10.36		$	41.58
Net Assets consist of:
Aggregate paid-in capital	$	62,460,187		$	5,338,320,179		$	587,809,471		$	3,244,693
Total distributable earnings (loss).		(19,022,793	)		(465,616,183	)		(188,002,344	)		81,600
NET ASSETS	$	43,437,394		$	4,872,703,996		$	399,807,127		$	3,326,293
(1) Includes Investment in securities on loan, at market value	$	624,933		$	16,963,503		$	111,512,218		$	465,482
(2) Cost of investments - Unaffiliated issuers	$	42,733,166		$	4,663,188,718		$	400,665,011		$	3,100,213
(3) Cost of short-term investments held as collateral for securities loaned	$	649,930		$	17,671,997		$	20,189,671		$	278,060
(4) Cost of cash denominated in foreign currency	$	269,799		$	2,711,123		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Preferred Securities ex Financials ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	2,430,440,416
Short-term investments held as collateral for securities loaned (3)		67,893,839
Cash		16,402,708
Receivables:
Investment securities sold		579,163,838
Capital shares sold		197,518,752
Dividends and interest		2,073,156
Federal and State income taxes		13,354
Total assets		3,293,506,063
Liabilities:
Payables:
Investment securities purchased		592,979,833
Capital shares redeemed		195,566,360
Collateral for securities loaned		67,893,839
Due to Adviser		822,698
Deferred Trustee fees		36,282
Total liabilities		857,299,012
NET ASSETS	$	2,436,207,051
Shares outstanding		137,050,000
Net asset value, per share	$	17.78
Net Assets consist of:
Aggregate paid-in capital	$	2,656,305,494
Total distributable loss		(220,098,443	)
NET ASSETS	$	2,436,207,051
(1) Includes Investment in securities on loan, at market value	$	121,937,143
(2) Cost of investments - Unaffiliated issuers	$	2,410,167,441
(3) Cost of short-term investments held as collateral for securities loaned	$	67,893,839

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	AA-BB CLO ETF			BDC Income ETF			China Bond ETF			CLO ETF
Income:
Dividends	$	—		$	55,443,645		$	—		$	—
Interest		5,286,376			10,086,457			204,347			35,655,354
Securities lending income - net		—			3,497,275			—			—
Total income		5,286,376			69,027,377			204,347			35,655,354

Expenses:
Management fees		373,479			3,049,905			40,460			2,387,469
Professional fees		—			—			26,226			—
Custody and accounting fees		—			—			13,547			—
Reports to shareholders		—			—			4,188			—
Trustees’ fees and expenses		—			—			130			—
Exchange listing fees		—			—			3,363			—
Insurance		—			—			637			—
Interest		—			96,929			—			8,370
Other		—			—			106			—
Total expenses		373,479			3,146,834			88,657			2,395,839
Expenses assumed by the Adviser		—			—			(37,933	)		—
Net expenses		373,479			3,146,834			50,724			2,395,839
Net investment income		4,912,897			65,880,543			153,623			33,259,515

Net realized gain (loss) on:
Investments		81,700			(70,441,504	)		218,742			225,658
In-kind redemptions		—			(6,266,908	)		—			—
Swap contracts		—			(57,899,129	)		—			—
Foreign currency transactions and foreign denominated assets and liabilities		—			—			12,123			—
Net realized gain (loss)		81,700			(134,607,541	)		230,865			225,658

Net change in unrealized appreciation (depreciation) on:
Investments		(1,522,401	)		(53,208,370	)		406,709			(1,742,547	)
Swap contracts		—			9,859,866			—			—
Foreign currency translations and foreign denominated assets and liabilities		—			—			2,106			—
Net change in unrealized appreciation (depreciation)		(1,522,401	)		(43,348,504	)		408,815			(1,742,547	)
Net increase (decrease) in net assets resulting from operations	$	3,472,196		$	(112,075,502	)	$	793,303		$	31,742,626

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	International High Yield Bond ETF			J.P. Morgan EM Local Currency Bond ETF			Mortgage REIT Income ETF			Office and Commercial REIT ETF
Income:
Dividends	$	—		$	—		$	19,822,539		$	48,585
Interest		1,436,724			162,682,803			11,720			37
Securities lending income - net		3,669			21,226			108,547			196
Net foreign taxes reclaimed/(withheld)		522			(1,861,227	)		—			—
Total income		1,440,915			160,842,802			19,942,806			48,818

Expenses:
Management fees		96,860			6,462,304			778,516			6,389
Professional fees		—			41,798			—			—
Custody and accounting fees		—			509,868			—			—
Reports to shareholders		—			204,000			—			—
Trustees’ fees and expenses		—			30,323			—			—
Exchange listing fees		—			2,082			—			—
Insurance		—			16,242			—			—
Interest		20			29,967			45,044			—
Other		—			20,119			—			—
Total expenses		96,880			7,316,703			823,560			6,389
Expenses assumed by the Adviser		—			(106,398	)		—			—
Net expenses		96,880			7,210,305			823,560			6,389
Net investment income		1,344,035			153,632,497			19,119,246			42,429

Net realized gain (loss) on:
Investments (1)		138,430			(27,301,529	)		(12,886,499	)		(93,926	)
In-kind redemptions		(2,671	)		12,661,519			5,470,850			124,503
Foreign currency transactions and foreign denominated assets and liabilities		7,862			980,230			—			—
Net realized gain (loss)		143,621			(13,659,780	)		(7,415,649	)		30,577

Net change in unrealized appreciation (depreciation) on:
Investments (2)		(860,451	)		(78,821,127	)		(4,781,793	)		369,781
Foreign currency translations and foreign denominated assets and liabilities		(12,964	)		(1,522,132	)		—			—
Net change in unrealized appreciation (depreciation)		(873,415	)		(80,343,259	)		(4,781,793	)		369,781
Net increase in net assets resulting from operations	$	614,241		$	59,629,458		$	6,921,804		$	442,787
(1) Net of foreign taxes	$	—		$	(82,900	)	$	—		$	—
(2) Net change in accrued foreign taxes	$	—		$	867,122		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Preferred Securities ex Financials ETF
Income:
Dividends	$	44,486,077
Interest		119,546
Securities lending income - net		967,813
Net foreign taxes reclaimed		1,492
Total income		45,574,928

Expenses:
Management fees		4,480,680
Interest		3,089
Total expenses		4,483,769
Net investment income		41,091,159

Net realized gain (loss) on:
Investments		(72,997,980	)
In-kind redemptions		98,558,297
Net realized gain		25,560,317

Net change in unrealized appreciation (depreciation) on:
Investments		(17,844,856	)
Net change in unrealized appreciation (depreciation)		(17,844,856	)
Net increase in net assets resulting from operations	$	48,806,620

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	AA-BB CLO ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	4,912,897		$	7,544,239
Net realized gain		81,700			187,649
Net change in unrealized appreciation (depreciation)		(1,522,401	)		(415,434	)
Net increase in net assets resulting from operations		3,472,196			7,316,454
Distributions to shareholders from:
Distributable earnings		(4,029,780	)		(7,740,860	)

Share transactions*:
Proceeds from sale of shares		35,451,592			106,733,286
Cost of shares redeemed		(10,115,495	)		(15,058,760	)
Net increase in net assets resulting from share transactions		25,336,097			91,674,526
Total increase in net assets		24,778,513			91,250,120
Net Assets, beginning of period		151,981,350			60,731,230
Net Assets, end of period	$	176,759,863		$	151,981,350
*Transactions in capital shares:
Shares sold		700,000			2,100,000
Shares redeemed		(200,000	)		(300,000	)
Net increase		500,000			1,800,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	65,880,543		$	140,999,994
Net realized loss		(134,607,541	)		(38,831,822	)
Net change in unrealized appreciation (depreciation)		(43,348,504	)		(188,189,271	)
Net decrease in net assets resulting from operations		(112,075,502	)		(86,021,099	)
Distributions to shareholders from:
Distributable earnings		(55,250,415	)		(98,652,381	)
Return of capital		—			(71,762,469	)
Total distributions		(55,250,415	)		(170,414,850	)

Share transactions*:
Proceeds from sale of shares		345,035,902			726,385,774
Cost of shares redeemed		(153,779,209	)		(233,150,090	)
Net increase in net assets resulting from share transactions		191,256,693			493,235,684
Total increase in net assets		23,930,776			236,799,735
Net Assets, beginning of period		1,606,047,024			1,369,247,289
Net Assets, end of period	$	1,629,977,800		$	1,606,047,024
*Transactions in capital shares:
Shares sold		27,050,000			46,750,000
Shares redeemed		(11,925,000	)		(15,850,000	)
Net increase		15,125,000			30,900,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	China Bond ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	153,623		$	315,834
Net realized gain (loss)		230,865			(395,190	)
Net change in unrealized appreciation (depreciation)		408,815			1,129,044
Net increase in net assets resulting from operations		793,303			1,049,688
Distributions to shareholders from:
Distributable earnings		(125,020	)		(139,605	)
Return of capital		—			(176,385	)
Total distributions		(125,020	)		(315,990	)

Share transactions*:
Proceeds from sale of shares		4,728,931			—
Cost of shares redeemed		—			(4,383,302	)
Net increase (decrease) in net assets resulting from share transactions		4,728,931			(4,383,302	)
Total increase (decrease) in net assets		5,397,214			(3,649,604	)
Net Assets, beginning of period		18,344,486			21,994,090
Net Assets, end of period	$	23,741,700		$	18,344,486
*Transactions in capital shares:
Shares sold		200,000			—
Shares redeemed		—			(200,000	)
Net increase (decrease)		200,000			(200,000	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CLO ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	33,259,515		$	60,853,151
Net realized gain		225,658			863,902
Net change in unrealized appreciation (depreciation)		(1,742,547	)		(1,756,759	)
Net increase in net assets resulting from operations		31,742,626			59,960,294
Distributions to shareholders from:
Distributable earnings		(27,745,900	)		(61,868,570	)

Share transactions*:
Proceeds from sale of shares		158,666,709			739,475,963
Cost of shares redeemed		(52,506,437	)		(204,748,242	)
Net increase in net assets resulting from share transactions		106,160,272			534,727,721
Total increase in net assets		110,156,998			532,819,445
Net Assets, beginning of period		1,324,486,229			791,666,784
Net Assets, end of period	$	1,434,643,227		$	1,324,486,229
*Transactions in capital shares:
Shares sold		3,000,000			14,000,000
Shares redeemed		(1,000,000	)		(3,900,000	)
Net increase		2,000,000			10,100,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	International High Yield Bond ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	1,344,035		$	1,941,616
Net realized gain (loss)		143,621			(198,206	)
Net change in unrealized appreciation (depreciation)		(873,415	)		2,218,372
Net increase in net assets resulting from operations		614,241			3,961,782
Distributions to shareholders from:
Distributable earnings		(1,190,450	)		2,039,590

Share transactions*:
Proceeds from sale of shares		6,605,230			28,017,187
Cost of shares redeemed		(10,907,878	)		(4,240,867	)
Net increase (decrease) in net assets resulting from share transactions		(4,302,648	)		23,776,320
Total increase (decrease) in net assets		(4,878,857	)		25,698,512
Net Assets, beginning of period		48,316,251			22,617,739
Net Assets, end of period	$	43,437,394		$	48,316,251
*Transactions in capital shares:
Shares sold		300,000			1,300,000
Shares redeemed		(500,000	)		(200,000	)
Net increase (decrease)		(200,000	)		1,100,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	153,632,497		$	209,894,660
Net realized loss		(13,659,780	)		(74,509,894	)
Net change in unrealized appreciation (depreciation)		(80,343,259	)		399,701,100
Net increase in net assets resulting from operations		59,629,458			535,085,866
Distributions to shareholders from:
Distributable earnings		(125,966,322	)		(144,597,007	)
Return of capital		—			(63,717,700	)
Total distributions		(125,966,322	)		(208,314,707	)

Share transactions*:
Proceeds from sale of shares		949,551,595			1,475,817,740
Cost of shares redeemed		(217,724,736	)		(185,928,158	)
Net increase in net assets resulting from share transactions		731,826,859			1,289,889,582
Total increase in net assets		665,489,995			1,616,660,741
Net Assets, beginning of period		4,207,214,001			2,590,553,260
Net Assets, end of period	$	4,872,703,996		$	4,207,214,001
*Transactions in capital shares:
Shares sold		36,100,000			59,300,000
Shares redeemed		(8,600,000	)		(7,900,000	)
Net increase		27,500,000			51,400,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Mortgage REIT Income ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	19,119,246		$	32,436,835
Net realized loss		(7,415,649	)		(15,808,775	)
Net change in unrealized appreciation (depreciation)		(4,781,793	)		19,906,335
Net increase in net assets resulting from operations		6,921,804			36,534,395
Distributions to shareholders from:
Distributable earnings		(13,748,475	)		(31,969,592	)
Return of capital		—			(9,106,273	)
Total distributions		(13,748,475	)		(41,075,865	)

Share transactions*:
Proceeds from sale of shares		83,991,769			122,637,333
Cost of shares redeemed		(54,495,353	)		(28,937,585	)
Net increase in net assets resulting from share transactions		29,496,416			93,699,748
Total increase in net assets		22,669,745			89,158,278
Net Assets, beginning of period		377,137,382			287,979,104
Net Assets, end of period	$	399,807,127		$	377,137,382
*Transactions in capital shares:
Shares sold		7,950,000			11,400,000
Shares redeemed		(5,200,000	)		(2,700,000	)
Net increase		2,750,000			8,700,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Office and Commercial REIT ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	42,429		$	47,812
Net realized gain		30,577			68,653
Net change in unrealized appreciation (depreciation)		369,781			(331,772	)
Net increase (decrease) in net assets resulting from operations		442,787			(215,307	)
Distributions to shareholders from:
Distributable earnings		(38,460	)		(53,922	)
Return of capital		—			(49,934	)
Total distributions		(38,460	)		(103,856	)

Share transactions*:
Proceeds from sale of shares		2,144,251			2,050,001
Cost of shares redeemed		(1,056,357	)		(2,047,087	)
Net increase in net assets resulting from share transactions		1,087,894			2,914
Total increase (decrease) in net assets		1,492,221			(316,249	)
Net Assets, beginning of period		1,834,072			2,150,321
Net Assets, end of period	$	3,326,293		$	1,834,072
*Transactions in capital shares:
Shares sold		60,000			50,000
Shares redeemed		(30,000	)		(50,000	)
Net increase		30,000			—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Preferred Securities ex Financials ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	41,091,159		$	124,620,779
Net realized gain		25,560,317			5,413,393
Net change in unrealized appreciation (depreciation)		(17,844,856	)		31,520,429
Net increase in net assets resulting from operations		48,806,620			161,554,601
Distributions to shareholders from:
Distributable earnings		(46,959,925	)		(130,217,130	)

Share transactions*:
Proceeds from sale of shares		788,473,779			493,740,702
Cost of shares redeemed		(382,625,504	)		(397,617,918	)
Net increase in net assets resulting from share transactions		405,848,275			96,122,784
Total increase in net assets		407,694,972			127,460,255
Net Assets, beginning of period		2,028,512,079			1,901,051,826
Net Assets, end of period	$	2,436,207,051		$	2,028,512,081
*Transactions in capital shares:
Shares sold		43,350,000			28,050,000
Shares redeemed		(21,350,000	)		(23,150,000	)
Net increase		22,000,000			4,900,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	AA-BB CLO ETF

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Period Ended December 31, 2024 (a)

Net asset value, beginning of period		$50.66			$50.61			$50.00
Net investment income (b)		1.48			3.41			0.95
Net realized and unrealized gain (loss) on investments		(0.43	)		(0.02	)		0.49
Total from investment operations		1.05			3.39			1.44
Distributions from:
Net investment income		(1.21	)		(3.28	)		(0.83	)
Net realized capital gains		—			(0.06	)		—
Total distributions		(1.21	)		(3.34	)		(0.83	)
Net asset value, end of period		$50.50			$50.66			$50.61
Total return (c)		2.12	%		6.92	%		2.90	%

Ratios to average net assets
Expenses		0.45	%(d)		0.45	%		0.45	%(d)
Net investment income		5.92	%(d)		6.71	%		6.93	%(d)
Supplemental data
Net assets, end of period (in millions)		$177			$152			$61
Portfolio turnover rate (e)		18	%		47	%		—	%

(a)	For the period September 25, 2024 (commencement of operations) through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF

	Six Months						Period			Year Ended April 30,
	Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Ended December 31, 2024 (a)			2024			2023			2022			2021

Net asset value, beginning of period		$14.16			$16.59			$16.64			$14.54			$16.76			$16.76			$10.75
Net investment income (b)		0.56			1.43			1.39			1.84			1.63			1.44			1.43
Net realized and unrealized gain (loss) on investments		(1.56	)		(2.19	)		(0.08	)		2.04			(2.18	)		(0.06	)		6.02
Total from investment operations		(1.00	)		(0.76	)		1.31			3.88			(0.55	)		1.38			7.45
Distributions from:
Net investment income		(0.48	)		(0.97	)		(1.35	)		(1.78	)		(1.63	)		(1.38	)		(1.44	)
Return of capital		—			(0.70	)		(0.01	)		—	(c)		(0.04	)		—			—	(c)
Total distributions		(0.48	)		(1.67	)		(1.36	)		(1.78	)		(1.67	)		(1.38	)		(1.44	)
Net asset value, end of period		$12.68			$14.16			$16.59			$16.64			$14.54			$16.76			$16.76
Total return (d)		(6.97	)%		(4.62	)%		8.11	%		28.03	%		(2.60	)%		8.23	%		73.81	%

Ratios to average net assets
Gross expenses (e)(f)		0.41	%(g)		0.42	%		0.42	%(g)		0.42	%		0.42	%		0.41	%		0.46	%
Net expenses (e)(f)		0.41	%(g)		0.42	%		0.42	%(g)		0.42	%		0.42	%		0.41	%		0.41	%
Net expenses excluding interest (e)(f)		0.40	%(g)		0.40	%		0.40	%(g)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (e)		8.64	%(g)		9.11	%		12.55	%(g)		11.60	%		10.75	%		8.34	%		10.57	%
Supplemental data
Net assets, end of period (in millions)		$1,630			$1,606			$1,369			$1,084			$577			$625			$412
Portfolio turnover rate (h)		21	%		28	%		17	%		12	%		28	%		29	%		26	%

(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

	Six Months						Period			Year Ended April 30,
	Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Ended December 31, 2024 (a)			2024			2023			2022			2021

Net asset value, beginning of period		$22.93			$21.99			$21.89			$22.86			$23.56			$24.07			$22.39
Net investment income(b)		0.18			0.38			0.29			0.51			0.57			0.66			0.73
Net realized and unrealized gain (loss) on investments		0.78			0.94			0.11			(0.79	)		(0.76	)		(0.40	)		1.60
Total from investment operations		0.96			1.32			0.40			(0.28	)		(0.19	)		0.26			2.33
Distributions from:
Net investment income		(0.15	)		(0.17	)		—			—			—	(c)		(0.76	)		(0.65	)
Return of capital		—			(0.21	)		(0.30	)		(0.69	)		(0.51	)		(0.01	)		—
Total distributions		(0.15	)		(0.38	)		(0.30	)		(0.69	)		(0.51	)		(0.77	)		(0.65	)
Net asset value, end of period		$23.74			$22.93			$21.99			$21.89			$22.86			$23.56			$24.07
Total return (d)		4.19	%		6.04	%		1.83	%		(1.21	)%		(0.80	)%		1.02	%		10.56	%

Ratios to average net assets
Gross expenses		0.88	%(e)		0.91	%		1.16	%(e)		0.79	%		0.51	%		0.52	%		0.68	%
Net expenses		0.50	%(e)		0.50	%		0.50	%(e)		0.51	%		0.51	%		0.51	%		0.50	%
Net expenses excluding interest		0.50	%(e)		0.50	%		0.50	%(e)		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		1.52	%(e)		1.68	%		1.97	%(e)		2.31	%		2.51	%		2.69	%		3.07	%
Supplemental data
Net assets, end of period (in millions)		$24			$18			$22			$24			$43			$130			$104
Portfolio turnover rate (f)		33	%		48	%		72	%		65	%		10	%		60	%		17	%

(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:

	CLO ETF

	Six Months Ended June 30,												Period Ended December
	2026			Year Ended December 31,									31,
	(unaudited)			2025			2024			2023			2022 (a)

Net asset value, beginning of period		$52.77			$52.78			$52.19			$50.48			$50.00
Net investment income (b)		1.31			2.97			3.52			3.32			1.18
Net realized and unrealized gain (loss) on investments		(0.04	)		(0.02	)		0.61			1.32			0.43
Total from investment operations		1.27			2.95			4.13			4.64			1.61
Distributions from:
Net investment income		(1.10	)		(2.93	)		(3.42	)		(2.93	)		(1.13	)
Net realized capital gains		—			(0.03	)		(0.12	)		—			—
Total distributions		(1.10	)		(2.96	)		(3.54	)		(2.93	)		(1.13	)
Net asset value, end of period		$52.94			$52.77			$52.78			$52.19			$50.48
Total return (c)		2.43	%		5.74	%		8.13	%		9.40	%		3.26	%

Ratios to average net assets
Expenses		0.36	%(d)		0.39	%		0.40	%		0.40	%		0.40	%(d)
Net investment income		5.02	%(d)		5.61	%		6.65	%		6.38	%		4.43	%(d)
Supplemental data
Net assets, end of period (in millions)		$1,435			$1,324			$792			$235			$25
Portfolio turnover rate (e)		17	%		39	%		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:

	International High Yield Bond ETF

	Six Months						Period			Year Ended April 30,
	Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Ended December 31, 2024 (a)			2024			2023			2022			2021

Net asset value, beginning of period		$21.96			$20.56			$20.29			$20.02			$20.90			$25.71			$22.21
Net investment income (b)		0.60			1.16			0.75			1.06			0.96			1.02			1.13
Net realized and unrealized gain (loss) on investments		(0.32	)		1.41			0.31			0.33			(0.85	)		(4.78	)		3.54
Total from investment operations		0.28			2.57			1.06			1.39			0.11			(3.76	)		4.67
Distributions from:
Net investment income		(0.52	)		(1.17	)		(0.63	)		(0.88	)		(0.89	)		(1.05	)		(1.10	)
Return of capital		—			—			(0.16	)		(0.24	)		(0.10	)		—			(0.07	)
Total distributions		(0.52	)		(1.17	)		(0.79	)		(1.12	)		(0.99	)		(1.05	)		(1.17	)
Net asset value, end of period		$21.72			$21.96			$20.56			$20.29			$20.02			$20.90			$25.71
Total return (c)		1.31	%		12.72	%		5.23	%		7.13	%		0.78	%		(15.07	)%		21.30	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.41	%(e)		0.40	%		0.40	%		0.40	%		0.56	%
Net expenses (d)		0.40	%(e)		0.40	%		0.41	%(e)		0.40	%		0.40	%		0.40	%		0.40	%
Net expenses excluding interest (d)		0.40	%(e)		0.40	%		0.40	%(e)		0.40	%		0.40	%		N/A	%		N/A	%
Net investment income		5.55	%(e)		5.33	%		5.33	%(e)		5.27	%		4.89	%		4.21	%		4.54	%
Supplemental data
Net assets, end of period (in millions)		$43			$48			$23			$30			$66			$79			$100
Portfolio turnover rate (f)		13	%		36	%		19	%		31	%		22	%		25	%		33	%

(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

	Six Months						Period			Year Ended April 30,
	Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Ended December 31, 2024 (a)			2024			2023			2022			2021

Net asset value, beginning of period		$25.81			$23.21			$23.87			$25.13			$25.33			$31.14			$29.36
Net investment income (b)		0.82			1.57			1.02			1.52			1.43			1.47			1.55
Net realized and unrealized gain (loss) on investments		(0.39	)		2.56			(0.66	)		(1.25	)		(0.21	)		(5.84	)		1.78
Total from investment operations		0.43			4.13			0.36			0.27			1.22			(4.37	)		3.33
Distributions from:
Net investment income		(0.66	)		(1.06	)		—			(0.60	)		(0.18	)		(0.77	)		(0.01	)
Return of capital		—			(0.47	)		(1.02	)		(0.93	)		(1.24	)		(0.67	)		(1.54	)
Total distributions		(0.66	)		(1.53	)		(1.02	)		(1.53	)		(1.42	)		(1.44	)		(1.55	)
Net asset value, end of period		$25.58			$25.81			$23.21			$23.87			$25.13			$25.33			$31.14
Total return (c)		1.68	%		18.21	%		1.43	%		1.03	%		5.16	%		(14.56	)%		11.40	%

Ratios to average net assets
Gross expenses		0.31	%(d)		0.31	%		0.31	%(d)		0.31	%		0.31	%		0.32	%		0.31	%
Net expenses		0.30	%(d)		0.30	%		0.30	%(d)		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		6.42	%(d)		6.30	%		6.26	%(d)		6.10	%		5.87	%		5.00	%		4.92	%
Supplemental data
Net assets, end of period (in millions)		$4,873			$4,207			$2,591			$2,779			$3,224			$3,073			$3,380
Portfolio turnover rate (e)		13	%		26	%		25	%		37	%		29	%		33	%		40	%

(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

	Six Months						Period			Year Ended April 30,
	Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Ended December 31, 2024 (a)			2024			2023			2022			2021

Net asset value, beginning of period		$10.52			$10.61			$10.69			$11.01			$15.23			$19.45			$11.42
Net investment income (b)		0.51			1.10			0.80			1.17			1.21			0.76			0.86
Net realized and unrealized gain (loss) on investments		(0.31	)		0.15			0.05			(0.22	)		(3.82	)		(3.44	)		8.49
Total from investment operations		0.20			1.25			0.85			0.95			(2.61	)		(2.68	)		9.35
Distributions from:
Net investment income		(0.36	)		(1.04	)		(0.70	)		(1.16	)		(1.21	)		(0.79	)		(0.83	)
Return of capital		—			(0.30	)		(0.23	)		(0.11	)		(0.40	)		(0.75	)		(0.49	)
Total distributions		(0.36	)		(1.34	)		(0.93	)		(1.27	)		(1.61	)		(1.54	)		(1.32	)
Net asset value, end of period		$10.36			$10.52			$10.61			$10.69			$11.01			$15.23			$19.45
Total return (c)		2.02	%		12.73	%		7.88	%		8.59	%		(16.95	)%		(14.74	)%		85.71	%

Ratios to average net assets
Gross expenses (d)		0.42	%(e)		0.43	%		0.42	%(e)		0.43	%		0.43	%		0.41	%		0.49	%
Net expenses (d)		0.42	%(e)		0.43	%		0.42	%(e)		0.43	%		0.43	%		0.41	%		0.41	%
Net expenses excluding interest (d)		0.40	%(e)		0.40	%		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		9.82	%(e)		10.35	%		10.44	%(e)		10.40	%		9.30	%		4.15	%		5.55	%
Supplemental data
Net assets, end of period (in millions)		$400			$377			$288			$256			$189			$211			$310
Portfolio turnover rate (f)		7	%		20	%		26	%		16	%		19	%		12	%		31	%

(a)	The Fund changed its fiscal year-end from April 30 to December 31. The period includes activity from May 1, 2024 through December 31, 2024.
(b)	Calculated based upon average shares outstanding
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Periods after April 30, 2021 reflect a unitary management fee structure.
(e)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Office and Commercial REIT ETF

	Six Months Ended June 30,									Period Ended December
	2026			Year Ended December 31,						31,
	(unaudited)			2025			2024			2023 (a)

Net asset value, beginning of period		$36.68			$43.01			$38.59			$35.14
Net investment income (b)		0.60			0.85			1.22			0.51
Net realized and unrealized gain (loss) on investments		4.94			(5.29	)		4.83			3.61
Total from investment operations		5.54			(4.44	)		6.05			4.12
Distributions from:
Net investment income		(0.64	)		(0.98	)		(0.85	)		(0.58	)
Net realized capital gains		—			—			(0.15	)		(0.09	)
Return of capital		—			(0.91	)		(0.63	)		—
Total distributions		(0.64	)		(1.89	)		(1.63	)		(0.67	)
Net asset value, end of period		$41.58			$36.68			$43.01			$38.59
Total return (c)		15.57	%		(10.37	)%		16.24	%		11.70	%

Ratios to average net assets
Expenses		0.50	%(d)		0.51	%		0.52	%		0.50	%(d)
Expenses excluding interest and taxes		0.50	%(d)		0.50	%		0.50	%		0.50	%(d)
Net investment income		3.32	%(d)		2.15	%		3.07	%		5.40	%(d)
Supplemental data
Net assets, end of period (in millions)		$3			$2			$2			$1
Portfolio turnover rate (e)		11	%		13	%		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:

	Preferred Securities ex Financials ETF

	Six Months						Period			Year Ended April 30,
	Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Ended December 31, 2024 (a)			2024			2023			2022			2021

Net asset value, beginning of period		$17.63			$17.26			$17.01			$17.51			$19.15			$20.97			$18.23
Net investment income (b)		0.33			1.14			0.85			1.29			1.12			1.01			0.98
Net realized and unrealized gain (loss) on investments		0.20			0.42			0.43			(0.45	)		(1.62	)		(1.68	)		2.72
Total from investment operations		0.53			1.56			1.28			0.84			(0.50	)		(0.67	)		3.70
Distributions from:
Net investment income		(0.38	)		(1.19	)		(1.03	)		(1.34	)		(1.14	)		(1.13	)		(0.96	)
Return of capital		—			—			—			—			—			(0.02	)		—
Total distributions		(0.38	)		(1.19	)		(1.03	)		(1.34	)		(1.14	)		(1.15	)		(0.96	)
Net asset value, end of period		$17.78			$17.63			$17.26			$17.01			$17.51			$19.15			$20.97
Total return (c)		2.96	%		9.44	%		7.57	%		5.04	%		(2.50	)%		(3.61	)%		20.78	%

Ratios to average net assets
Gross expenses (d)		0.40	%(e)		0.40	%		0.40	%(e)		0.40	%		0.41	%		0.40	%		0.43	%
Net expenses (d)		0.40	%(e)		0.40	%		0.40	%(e)		0.40	%		0.41	%		0.40	%		0.40	%
Net expenses excluding
interest (d)		0.40	%(e)		0.40	%		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		3.67	%(e)		6.60	%		7.14	%(e)		7.55	%		6.28	%		4.79	%		4.79	%
Supplemental data
Net assets, end of period (in millions)		$2,436			$2,029			$1,901			$1,588			$1,060			$1,002			$948
Portfolio turnover rate (f)		32	%		31	%		30	%		27	%		27	%		37	%		36	%

(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, 2026 (unaudited)

Note 1—Fund Organization

Fund	Diversification Classification

AA-BB CLO ETF (“AA-BB CLO”)	Non-Diversified
BDC Income ETF (“BDC Income”)	Diversified
China Bond ETF (“China Bond”)	Non-Diversified
CLO ETF	Non-Diversified
International High Yield Bond ETF (“International High Yield”)	Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)	Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)	Non-Diversified
Office and Commercial REIT ETF (“Office and Commercial REIT”)	Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)	Non-Diversified

Each Fund’s investment objective, except for AA-BB CLO ETF and CLO ETF, is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.

Fund	Index

BDC Income	MVIS^®US Business Development Companies Index
China Bond	FTSE Chinese Broad Bond 0-10 Years Diversified Select Index
International High Yield	ICE BofA Global ex-US Issuers High Yield Constrained Index
J.P. Morgan EM	J.P. Morgan GBI-EM Global Core Index
Mortgage REIT	MVIS^®US Mortgage REITs Index
Office and Commercial REIT	MarketVector™ US Listed Office and Commercial REITs Index
Preferred Securities	ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index

AA-BB CLO and CLO ETF are actively managed exchange-traded funds that seek capital preservation and current income by primarily investing in investment-grade debt tranches of collateralized loan obligations (“CLOs”). The China Bond, International High Yield, and J.P. Morgan EM funds expect to use a sampling approach in seeking to achieve their objectives. Sampling means that the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Bond seeks to achieve its investment objective by primarily investing in RMB bonds through Bond Connect. BDC Income, Mortgage REIT, Office and Commercial REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index. BDC Income may invest in swaps and other types of derivative instruments that have investment exposure to BDCs, including swaps on the benchmark index and/or swaps on the components that comprise the benchmark index. BDC Income may also invest in exchange-traded notes.

Van Eck Associates Corp. (“VEAC”) serves as the investment adviser for the Funds, except for BDC Income. Van Eck Absolute Return Advisers Corporation (“VEARA”) serves as the investment adviser to BDC Income. VEAC and VEARA are collectively referred to as the “Adviser”. PineBridge Investments LLC (“PineBridge” or the “Sub-Adviser”) is a Sub-Adviser for AA-BB CLO and CLO ETF. On December 30, 2025, PineBridge was acquired by MetLife, Inc. (“MetLife”) and is now part of MetLife Investment Management, the institutional

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 1—Fund Organization (continued)

asset management business of MetLife. There have been no changes to the investment staff of PineBridge that provide services to the Funds, as well as to each Fund’s portfolio managers, investment philosophy or principal investment strategies and risks, in connection with the transaction.

Note 2—Significant Accounting Policies

The 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.

Security Valuation

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Security Valuation (continued)

Federal Income Taxes

Distributions to Shareholders

Dividends to shareholders from net investment income, if any, are declared and paid monthly by each fund (except BDC Income, Mortgage REIT, and Office and Commercial REIT which are declared and paid quarterly). Distributions of net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end.

Currency Translation

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Currency Translation (continued)

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.

Restricted Securities

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

BDC Income enters into total return swaps in order to take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s swap transactions may contain provisions for early termination of a swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the swap and require the Fund to pay or receive a settlement amount in connection with the terminated swap transaction. The total return swap position held by the Fund at June 30, 2026 is reflected in the Fund’s Schedule of Investments.

During the six months ended June 30, 2026, BDC Income held total return swap contracts for with average monthly notional amount of $562,690,340.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Use of Derivative Instruments (continued)

At June 30, 2026, the BDC Income ETF held the following derivatives:

	Equity Risk
BDC Income ETF
Asset Derivatives
Swap contracts¹	$	4,415,914

Liability Derivatives
Swap contracts¹	$	1,408,831

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, 2026 was as follows:

	Equity Risk
BDC Income ETF
Realized loss:
Swap contracts¹	$	(57,899,129	)
Net change in unrealized appreciation (depreciation):
Swap contracts²		9,859,866

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

Offsetting Assets and Liabilities

In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. The Fund may pledge cash and or securities as collateral for derivative instruments. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 held in the form of money market fund investments, if any, at June 30, 2026 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, 2026. 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)

Note 2—Significant Accounting Policies (continued)

Offsetting Assets and Liabilities (continued)

	Gross Amounts of Recognized Assets/(Liabilities)		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets/(Liabilities) Presented in the Statements of Assets and Liabilities		Financial Instruments and Cash Collateral Received		Net Amount
BDC Income
Total return swap contracts UBS		$4,293,678		$—		$4,293,678		$—		$4,293,678
Bank of America		(1,408,831)		—		(1,408,831)		—		(1,408,831)
Bank of America		122,236		—		122,236		—		122,236

Segment Reporting

The Funds’ Chief Financial Officer and the Funds’ Treasurer act as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.

Other

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3—Investment Management and Other Agreements (continued)

Fund	Management Fees
AA-BB CLO ETF		0.45	%
BDC Income		0.40
CLO ETF		0.36
International High Yield		0.40
Mortgage REIT		0.40
Office and Commercial REIT ETF		0.50
Preferred Securities		0.40

For the Funds listed below, the management fee rates and expense limitations for the six months ended June 30, 2026 are as follows:

Fund	Management Fees			Expense Limitations
China Bond		0.40	%		0.50	%
J.P. Morgan EM		0.27			0.30

Refer to the Statements of Operations for amounts assumed by the Adviser for the six months ended June 30, 2026.

Note 4—Capital Share Transactions

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 5—Investments

For the six months ended June 30, 2026, purchases and sales of investments (excluding short-term investments, in-kind capital share transactions and U.S. government obligations) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments and U.S. government obligations) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
AA-BB CLO ETF	$	61,237,407	$	28,591,366	$	—	$	—
BDC Income		455,397,749		215,688,912		—		153,619,658
China Bond		11,325,698		6,531,123		—		—
CLO ETF		413,237,743		217,869,935		8,003,186		—
International High Yield		6,554,485		6,033,097		6,264,833		10,682,486
J.P. Morgan EM		1,037,980,700		615,354,163		407,736,325		122,800,287
Mortgage REIT		27,693,107		31,789,484		83,966,952		54,471,977
Office and Commercial REIT ETF		279,622		315,996		2,150,085		1,034,019
Preferred Securities		766,686,100		707,216,921		738,493,411		399,433,405

Note 6—Income Taxes

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
AA-BB CLO ETF	$	184,016,021	$	226,268	$	(1,738,189	)	$	(1,511,921	)
BDC Income		2,092,608,240		7,380,068		(202,058,414	)		(194,678,346	)
China Bond		22,590,207		819,359		(68,444	)		750,915
CLO ETF		1,533,141,962		2,058,403		(1,643,357	)		415,046
International High Yield		43,453,616		952,455		(1,352,699	)		(400,244	)
J.P. Morgan EM		4,759,137,562		203,892,558		(209,443,407	)		(5,550,849	)
Mortgage REIT		431,428,573		17,169,541		(41,940,808	)		(24,771,267	)
Office and Commercial REIT ETF		3,386,946		217,332		(27,468	)		189,864
Preferred Securities		2,499,413,761		102,349,507		(103,429,013	)		(1,079,506	)

The tax characteristic of current year distributions will be determined at the end of the current fiscal year.

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, 2026, the net realized gains (losses) from foreign exchange rates on securities transactions were $212,669 for China Bond, $149,854 for International High Yield, and $(7,053,580) for J.P Morgan EM.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 6—Income Taxes (continued)

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the six months ended June 30, 2026 the Funds did not incur any interest or penalties.

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

On November 7, 2018, the People’s Republic of China (“PRC”) issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax (“VAT”) with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration (“STA”) jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to June 30, 2026. On January 15, 2026, STA [2026] No.5, extended the Corporate Income Tax (“CIT”) and VAT exemption treatment for the foreign institutions’ bond interest income derived from their investment into the domestic bond market of Mainland China from January 1, 2026 to December 31, 2027.

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

PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the former sub-adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the former sub-adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.

The Government of India has issued an ordinance introducing a complete exemption from Indian income tax for foreign portfolio investors (and the Bank for International Settlements) on income from government securities, effective April 1, 2026. Covered income includes: Interest income on government securities Capital gains (both short-term and long-term) on the transfer, sale, or redemption of government securities. Prior to this change, such income was generally taxable (e.g., interest at 20% and capital gains up to 30%, subject to treaty relief). The ordinance eliminates these taxes in full.

Note 7—Principal Risks

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 7—Principal Risks (continued)

Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters.

The Funds (except BDC Income, China Bond, Mortgage REIT, Office and Commercial REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

The AA-BB CLO and CLO 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.

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.

China Bond, International High Yield, and J.P. Morgan EM invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities. Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 7—Principal Risks (continued)

satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.

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

Office and Commercial REIT invests in office and commercial real estate companies and is exposed to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Investment Trusts (“REITs”) are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates. Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Note 8—Trustee Deferred Compensation Plan

A unitary management fee was adopted on May 1, 2021, for BDC Income, International High Yield, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021.

For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. AA-BB CLO ETF, CLO ETF and Office and Commercial REIT ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 9—Securities Lending

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	429,857,050	$	304,172,154	$	141,960,995	$	446,133,149
International High Yield		624,933		649,930		–		649,930
J.P. Morgan EM		16,963,503		17,671,997		–		17,671,997
Mortgage REIT		111,512,218		20,189,671		94,226,323		114,415,994
Office and Commercial REIT ETF		465,482		278,060		205,037		483,097
Preferred Securities		121,937,143		67,893,839		56,785,034		124,678,873

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2026:

Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the
Statements of Assets and Liabilities

Fund

Corporate Bonds

Equity Securities

Government Obligations

BDC Income

–

304,172,154

–

International High Yield

649,930

–

J.P. Morgan EM

–

17,671,997

Mortgage REIT

–

20,189,671

–

Office and Commercial REIT ETF

–

278,060

–

Preferred Securities

–

67,893,839

–

*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 10—Bank Line of Credit (continued)

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, 2026, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		41		$15,544,638		4.99	%
CLO ETF		4		15,094,887		4.99
International High Yield		1		139,913		4.99
J.P. Morgan EM		34		5,165,252		4.99
Mortgage REIT		52		5,726,557		4.99
Preferred Securities		22		823,722		4.99

Outstanding loan balances as of June 30, 2026, if any, are reflected in the Statements of Assets and Liabilities.

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

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.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

that the information provided showed that each Fund 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, except that each of the VanEck Low Carbon Energy ETF and MSCI EAFE Analyst Sentiment ETF had management fees below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Digital India ETF and Vietnam ETF had management fees (after the effect of any applicable fee waiver) above the average and below the median of its respective peer group of funds, each of the VanEck AA-BB CLO ETF, BDC Income ETF, CLO ETF, Gold Miners 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, each of the VanEck Copper and Electrification Metals ETF and Oil Services ETF had management fees above the average and equal to the median of its respective peer group of funds and each of the VanEck Agribusiness ETF and Uranium and Nuclear ETF had management fees below the average and above the median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund had a total expense ratio (after the effect of any applicable fee waiver and/ or expense limitation) below the average and median of its respective peer group of funds, except that each of the VanEck AA-BB CLO ETF, Africa Index 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, Oil Refiners ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable fee waiver and/or expense limitation) above the average and median of its respective peer group of funds, each of the VanEck Digital India ETF, India Growth Leaders ETF, Indonesia Index ETF and Oil Services ETF had a total expense ratio (after the effect of any applicable fee waiver and/or expense limitation) above the average and below the median of its respective peer group of funds and the VanEck Copper and Electrification Metals ETF had a total expense ratio 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.

Advisers were reasonable in light of the nature and quality of the services received by such Funds.

June 30, 2026

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

RSX	\|	Russia ETF
RSXJ	\|	Russia Small-Cap ETF


	800.826.2333	vaneck.com

	Schedule of Investments
	Russia ETF	3
	Russia Small-Cap ETF	5
	Statements of Assets and Liabilities	7
	Statements of Operations	8
	Statements of Changes in Net Assets	9
	Statements of Cash Flows	10
	Financial Highlights
	Russia ETF	11
	Russia Small-Cap ETF	12
	Notes to Financial Statements	13
	Changes In and Disagreements with Accountants	21
	Proxy Disclosures	21
	Remuneration Paid to Directors, Officers, and Others	21
	Approval of Investment Advisory Contracts	22

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Sberbank of Russia PJSC*∞		46,050,016	$	0
VTB Bank PJSC*∞		13,375,470		0
				0
Consumer Discretionary Distribution & Retail: 0.0%
Ozon Holdings PLC (ADR)* †∞		8,707		0

Energy: 0.0%
Gazprom PJSC*∞		45,772,138		0
LUKOIL PJSC *∞		2,063,982		0
Novatek PJSC *∞		7,452,940		0
Rosneft Oil Co. PJSC *∞		16,922,345		0
Surgutneftegas PAO *∞		125,211,510		0
Surgutneftegas PAO (ADR) *∞		1,364,815		0
Tatneft PJSC (ADR)*∞		3,393,156		0
				0
Financial Services: 0.0%
Moscow Exchange MICEX-RTS PJSC*∞		17,946,312		0

Materials: 0.0%
Alrosa PJSC*∞		33,188,190		0
Evraz PLC *∞		266,000		0
GMK Norilskiy Nickel PAO *∞		52,917,800		0
GMK Norilskiy Nickel PAO (ADR) *∞		4		0
Novolipetsk Steel PJSC *∞		22,272,460		0
PhosAgro PJSC *∞		705,974		0
PhosAgro PJSC (GDR) *∞		13,644		0
Polyus PJSC (GDR) *∞		1,155,875		0
Raspadskaya PAO *∞		730,890		0
Severstal PAO (GDR)*∞		3,405,164		0
				0
Media & Entertainment: 0.0%
VK IPJSC (GDR)*∞		2,338,938		0

Telecommunication Services: 0.0%
Rostelecom PJSC*∞		13,944,591		0

	Number of Shares		Value
Utilities: 0.0%
Inter RAO UES PJSC*∞		482,502,010	$	0
Irkutsk Electronetwork Co. JSC*∞		7,410,870		0
				0
Total Common Stocks (Cost: $1,403,242,108)				0

PREFERRED SECURITIES: 0.0% (Cost: $46,034,628)
Energy: 0.0%
Transneft PJSC ∞*		2,097,200		0

MONEY MARKET FUND: 100.8% (Cost: $32,967,885)
State Street Institutional Treasury Plus - Premier Class 3.74%(a)		32,967,885		32,967,885

Total Investments Before Collateral for Securities Loaned: 100.8% (Cost: $1,482,244,621)				32,967,885

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $150,632)
State Street Navigator Securities Lending Government Money Market Portfolio 3.65%(a)		150,632		150,632
Total Investments: 101.3% (Cost: $1,482,395,253)				33,118,517
Liabilities in excess of other assets: (1.3)%				(418,362)
NET ASSETS: 100.0%			$	32,700,155

Definitions:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is 0.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

See Notes to Financial Statements

VANECK RUSSIA ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	—	$	—	$	0	$	0
Preferred Securities *		—		—		0		0
Money Market Funds		33,118,517		—		—		33,118,517
Total Investments	$	33,118,517	$	—	$	0	$	33,118,517


^*	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, 2026. Transfers in/out of levels are assessed at the beginning of the year (See Note 3):

	Common Stocks
Balance as of December 31, 2025	$	0
Net Realized Gain (Loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2026	$	0

	Preferred Securities
Balance as of December 31, 2025	$	0
Net Realized Gain (Loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2026	$	0

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Credit Bank of Moscow PJSC*∞		21,005,200	$	0

Consumer Discretionary Distribution & Retail: 0.0%
M.Video PJSC*∞		110,194		0

Consumer Staples Distribution & Retail: 0.0%
Lenta International Co. PJSC (GDR)*∞		263,199		0

Energy: 0.0%
Sovcomflot PJSC*∞		989,960		0

Financial Services: 0.0%
SFI PJSC*∞		2,663		0

Food, Beverage & Tobacco: 0.0%
NovaBev Group PJSC*∞		89,880		0

Materials: 0.0%
Mechel PJSC*∞		438,883		0
Raspadskaya PAO *∞		703,205		0
Segezha Group PJSC 144A*∞		8,945,900		0
				0
Real Estate Management & Development: 0.0%
Etalon Group PLC (GDR)*∞		394,873		0
Gruppa Kompanii Samolyot PAO *∞		16,988		0
LSR Group PJSC*∞		103,574		0
				0
Telecommunication Services: 0.0%
Sistema AFK PAO*∞		6,612,640		0

	Number of Shares		Value
Transportation: 0.0%
Aeroflot PJSC*∞		1,885,382	$	0
Globaltrans Investment PLC (GDR) *∞		182,773		0
Novorossiysk Commercial Sea Port PJSC*∞		8,972,400		0
				0
Utilities: 0.0%
Mosenergo PJSC*∞		19,492,800		0
OGK-2 PJSC *∞		51,450,600		0
TGC-1 PJSC *∞		1,701,100,000		0
Unipro PAO*∞		24,734,000		0
				0
Total Common Stocks (Cost: $20,767,966)				0

PREFERRED SECURITIES: 0.0% (Cost: $341,612)
Utilities: 0.0%
Rosseti Lenenergo PJSC *∞		171,506		0

MONEY MARKET FUND: 110.0% (Cost: $380,714)
State Street Institutional Treasury Plus - Premier Class 3.74%(a)		380,714		380,714

Total Investments: 110.0% (Cost: $21,490,292)				380,714
Liabilities in excess of other assets: (10.0)%				(34,677)
NET ASSETS: 100.0%			$	346,037

Definitions:

GDR	Global Depositary Receipt

Footnotes:

(a)	The rate shown is the 7-day yield as of June 30, 2026.
*	Non-income producing
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $0, or 0.0% of net assets.

The summary of inputs used to value the Fund’s investments as of June 30, 2026 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	—	$	—	$	0	$	0
Preferred Securities *		—		—		0		0
Money Market Fund		380,714		—		—		380,714
Total Investments	$	380,714	$	—	$	0	$	380,714


^*	See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Common Stocks
Balance as of December 31, 2025	$	0
Net Realized Gain (Loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2026	$	0

	Preferred Securities
Balance as of December 31, 2025	$	0
Net Realized Gain (Loss)		—
Net change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in/out of level 3		—
Balance as of June 30, 2026	$	0

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	32,967,885		$	380,714
Short-term investments held as collateral for securities loaned (3)		150,632			—
Foreign currency, at value (4)		674			621
Receivables:
Due from Adviser		—			8,905
Dividends and interest		96,940			1,130
Prepaid expenses		—			—
Other assets		17,864			378
Total assets		33,233,995			391,748

Liabilities:
Payables:
Collateral for securities loaned		150,632			—
Due to Adviser		100,000	*		—
Deferred Trustee fees		265,308			5,046
Accrued expenses		17,900			40,665
Total liabilities		533,840			45,711
NET ASSETS	$	32,700,155		$	346,037
Shares outstanding		95,900,000			883,318
Net asset value, per share	$	0.34		$	0.39

Net Assets consist of:
Aggregate paid-in capital	$	3,460,323,422		$	41,603,873
Total distributable loss		(3,427,623,267	)		(41,257,836	)
NET ASSETS	$	32,700,155		$	346,037
(1) Includes Investment in securities on loan, at market value	$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	1,482,244,621		$	21,490,292
(3) Cost of short-term investments held as collateral for securities loaned	$	150,632		$	—
(4) Cost of cash denominated in foreign currency	$	612		$	612

*Refer to Note 4

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2026 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Income:
Dividends	$	584,155		$	6,802
Securities lending income - net		421			—
Total income		584,576			6,802

Expenses:
Professional fees		23,980			25,666
Custody and accounting fees		5,018			3,651
Reports to shareholders		26,031			5,811
Trustees’ fees and expenses		591			57
Insurance		775			476
Other		184			80
Total expenses		56,579			35,741
Expenses assumed by the Adviser		—			(34,601	)
Net expenses		56,579			1,140
Net investment income		527,997			5,662

Net realized gain (loss) on:
Investments		30			—
Net realized gain		30			—

Net change in unrealized appreciation (depreciation) on:
Investments		—			—
Foreign currency translations and foreign denominated assets and liabilities		(10	)		(8	)
Net change in unrealized appreciation (depreciation)		(10	)		(8	)
Net increase in net assets resulting from operations	$	528,017		$	5,654

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Russia ETF						Russia Small-Cap ETF
	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025			Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	527,997		$	1,135,114		$	5,662		$	726,562
Net realized gain (loss)		30			480			—			(1,603,111	)
Net change in unrealized appreciation (depreciation)		(10	)		48			(8	)		1,603,154
Net increase in net assets resulting from operations		528,017			1,135,642			5,654			726,605

Distributions to shareholders from:
Distributable earnings		—			(1,141,210	)*		—			(725,027	)

Total increase (decrease) in net assets		528,017			(5,568	)		5,654			1,578
Net Assets, beginning of period		32,172,138			32,177,706			340,383			338,805
Net Assets, end of period	$	32,700,155		$	32,172,138		$	346,037		$	340,383

*	Refer to Note 1 for distribution information.

There were no share transactions for the six months ended June 30, 2026 and year ended December 31, 2025, respectively (See Note 5).

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2026 (unaudited)

	Russia ETF			Russia Small-Cap ETF
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	528,017		$	5,654
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:
Net purchases of short term investments		(555,221	)		(4,331	)
(Increase) decrease in assets:
Dividends and interest receivable		(13,726	)		1,459
Due from Adviser		—			(1,363	)
Prepaid expenses		775			478
Other assets		(1,724	)		39
Increase (decrease) in liabilities:
Due to Adviser		100,000			—
Accrued expenses		(60,212	)		(1,781	)
Deferred trustee fees		2,082			16
Interest		—			(178	)
Net cash used for operating activities		(9	)		(8	)

Cash Flows from Financing Activities
Net cash provided by financing activities		—			—

Cash Balance
Net change in cash		(9	)		(8	)
Cash at beginning of period		683			629
Cash at end of period	$	674		$	621

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Russia ETF
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$0.34			$0.34			$0.34			$0.37			$26.75			$23.82
Net investment income (a)		0.01			0.01			0.03			0.02			0.05			1.39
Net realized and unrealized gain (loss) on investments		(0.01	)		—			0.91			0.66			(26.43	)		3.06
Total from investment operations		—			0.01			0.94			0.68			(26.38	)		4.45
Distributions from:
Net investment income		—			(0.01	)		(0.03	)		(0.02	)		—			(1.52	)
Return of capital		—			—			(0.91	)		(0.69	)		—			—
Total distributions		—			(0.01	)		(0.94	)		(0.71	)		—			(1.52	)
Net asset value, end of period		$0.34			$0.34			$0.34			$0.34			$0.37			$26.75
Total return (b)		1.64	%		3.64	%		421.94	%(c)		296.65	%(c)		(98.62	)%		18.74	%

Ratios to average net assets
Expenses (d)		0.35	%(e)		0.72	%(f)		0.32	%		0.47	%		0.60	%(f)		0.56	%
Expenses excluding interest, a portion of depositary receipt fees and taxes (d) (g)		0.35	%(e)		0.72	%(f)		0.31	%		0.41	%		0.59	%(f)		0.56	%
Net investment income		3.28	%(e)		3.47	%		4.72	%		4.55	%		1.67	%		4.99	%
Supplemental data
Net assets, end of period (in millions)		$33			$32			$32			$32			$35			$1,376
Portfolio turnover rate (h)		—	%		—	%		—	%		—	%		4	%		20	%

(a)	Calculated based upon average shares outstanding
(b)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(c)	Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at zero. See Note 2 - Plan of Liquidation for more information.
(d)	Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(e)	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
	Six Months			Year Ended December 31,
	Ended June 30, 2026 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$0.39			$0.38			$0.38			$0.44			$32.97			$36.22
Net investment income (loss) (a)		0.01			0.82	(b)		0.04			0.02			(0.09	)		1.12
Net realized and unrealized gain (loss) on investments		(0.01	)		0.01			2.16			—			(32.44	)		(2.29	)
Total from investment operations		—			0.83			2.20			0.02			(32.53	)		(1.17	)
Distributions from:
Net investment income		—			(0.82	)		(0.04	)		(0.02	)		—			(2.00	)
Return of capital		—			—			(2.16	)		(0.06	)		—			(0.08	)
Total distributions		—			(0.82	)		(2.20	)		(0.08	)		—			(2.08	)
Net asset value, end of period		$0.39			$0.39			$0.38			$0.38			$0.44			$32.97
Total return (c)		1.66	%		215.15	%		580.57	%(d)		5.73	%		(98.66	)%		(3.29	)%

Ratios to average net assets
Gross expenses (e)		21.00	%(f)		8.88	%(g)		12.02	%		24.81	%		5.34	%(g)		1.08	%
Net expenses (e)		0.67	%(f)		0.72	%(g)		0.72	%		0.74	%		4.50	%(g)		0.75	%
Net expenses excluding interest, a portion of depositary receipt fees and taxes (e) (h)		0.67	%(f)		0.67	%(g)		0.67	%		0.67	%		4.49	%(g)		0.75	%
Net investment income (loss)		3.33	%(f)		152.67	%(b)		4.80	%		5.30	%		(1.77	)%		3.01	%
Supplemental data
Net assets, end of period (in millions)		$—	(i)		$—	(i)		$—	(i)		$—	(i)		$—	(i)		$24
Portfolio turnover rate (j)		—	%		—	%		—	%		—	%		68	%		47	%

(a)	Calculated based upon average shares outstanding
(b)	During the year the Fund received a special dividend.
(c)	Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.
(d)	Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at zero. See Note 2 - Plan of Liquidation for more information.
(e)	Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(f)	Annualized
(g)	During the period the Fund incurred significant expenses outside of its expense cap.
(h)	Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets.
(i)	Amount is less than $500,000.
(j)	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, 2026 (unaudited)

Note 1— Fund Organization

Fund	Diversification Classification

Russia ETF	Non-Diversified
Russia Small-Cap ETF	Non-Diversified

Prior to the Funds’ plan of liquidation (See Note 2), the Funds sought to replicate as closely as possible, before fees and expenses, the price and yield performance of their index. Effective July 31, 2023, the MVIS Russia Index and the MVIS Russia Small-Cap Index were decommissioned.

The Russia ETF declared a distribution of $0.0119 per share on December 22, 2025, to shareholders of record as of December 22, 2025. The distribution was paid to Depository Trust & Clearing Corporation (DTCC) to be distributed to shareholders on December 26, 2025. However, this distribution is currently being held by DTCC pending the issuance of a license from the Office of Foreign Assets Control under applicable sanctions regulations relating to Russia authorizing DTCC to release the distribution held and to forward the distribution held to the shareholders of the Russia ETF. Shareholders should consult their tax advisers with regard to the U.S. federal income tax consequences of the unpaid distribution.

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

In January 2026, State Street Bank and Trust Company, which serves as custodian and provides transfer agency and fund accounting services to the Russia ETF, indicated that, due to certain restrictions imposed by the Office of Foreign Assets Control, State Street Bank and Trust Company and its affiliates will no longer process any financial transactions, including distributions for the Russia ETF. The Russia ETF will therefore have no operational mechanism to conduct transactions, pay expenses, or effect distributions to shareholders. As outlined above, regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Without the ability to have its financial transactions processed, if the Russia ETF earned investment company taxable income for a particular taxable year, the Russia ETF would be unable to meet this annual distribution requirement and would no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification would likely result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2— Plan of Liquidation (continued)

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, 2026.

The Funds may be terminated at any time on a date determined by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders will receive any additional liquidating distributions relating to the Russian securities and depositary receipts. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale.

In connection with the Plan of Liquidation, the Funds shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary expenses for purposes of any expense limitation in effect with respect to the Fund.

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

Note 3— Significant Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

The following summarizes the Funds’ significant accounting policies.

Security Valuation

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3— Significant Accounting Policies (continued)

Security Valuation (continued)

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. 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 holdings of the Funds at June 30, 2026 are generally restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments at $0 as represented in the Schedule of Investments and deeming all these holdings as Level 3 in the fair value hierarchy.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3— Significant Accounting Policies (continued)

Security Valuation (continued)

Federal Income Taxes

It is each Fund’s policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. However, as outlined in the Fund Organization (Note 1), due to the restrictions on the Russia ETF’s ability to pay distributions, the Russia ETF will be unable, unless the restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any, in accordance with the Russia ETF’s policy.

Distributions to Shareholders

In accordance with the Plan of Liquidation and Termination, the Funds may make a series of liquidating distributions at various times. Additionally, until termination, each of the Funds may declare taxable distributions of income (if any) and/or net capital gains, (if any after reduction for capital loss carryforwards) to continue to satisfy the Federal income and excise tax distribution requirements for regulated investment companies. See Note 1 for distribution information.

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, 2026.

Restricted Securities

Offsetting Assets and Liabilities

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3— Significant Accounting Policies (continued)

Offsetting Assets and Liabilities (continued)

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, 2026 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral, if any, is disclosed in Note 10 (Securities Lending).

Segment Reporting

The Chief Financial Officer and the Treasurer act as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. In accordance with the Plan of Liquidation, the Funds will not engage in any business or investment activities except for the purposes of winding up their affairs. Therefore, the CODM has determined that segment reporting is not applicable.

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.

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 six months ended June 30, 2026, are as follows:

Fund	Management Fees*			Expense Limitations
Russia ETF		0.50	%		0.62	%
Russia Small-Cap ETF		0.50			0.67

*	Fee rates reflected are those in effect before voluntary waivers.

Refer to the Statements of Operations for the amounts assumed by the Adviser for the six months ended June 30, 2026.

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.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 4— Investment Management and Other Agreements (continued)

Due to the restrictions on Russia ETF (described in Note 1), the Adviser is advancing all expenses for Russia ETF. The Adviser will be reimbursed for such payments when restrictions are lifted. Refer to the Statement of Assets and Liabilities for amounts paid as of June 30, 2026 included in Due to Adviser.

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, 2026, 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 six months ended June 30, 2026, there were no purchases and sales of investments (excluding short-term investments). One position held by RSXJ was written off due to bankruptcy by the issuer and cancellation of shares. The Fund received no proceeds.

Note 7— Income Taxes

As of June 30, 2026, 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 Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russia ETF	$	1,484,032,892	$	–	$	(1,450,914,375	)	$	(1,450,914,375	)
Russia Small-Cap ETF		22,041,657		–		(21,660,943	)		(21,660,943	)

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

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, 2026, the Funds did not incur any interest or penalties.

As outlined in the Fund Organization (Note 1), due to the restrictions on the Russia ETF’s ability to pay distributions, the Russia ETF will be unable, unless the restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Unless these restrictions are lifted, the Russia ETF will be unable to meet this requirement and will no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification is likely to

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 7— Income Taxes (continued)

result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

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. Furthermore, State Street Bank and Trust Company, which serves as custodian and provides transfer agency and fund accounting services to the Russia ETF, indicated that, due to certain restrictions imposed by the Office of Foreign Assets Control, State Street Bank and Trust Company and its affiliates will no longer process any financial transactions, including distributions for the Russia ETF. The Russia ETF will therefore have no operational mechanism to conduct transactions, pay expenses, or effect distributions to shareholders.

In addition, as outlined in the Fund Organization (Note 1), due to the restrictions on the Russia ETF’s ability to pay distributions, the Russia ETF will be unable, unless the restrictions are lifted, to pay the required distributions of its investment company taxable income and realized capital gains, if any. Regulated investment companies are required to annually distribute at least 90% of their investment company taxable income. Unless these restrictions are lifted, the Russia ETF will be unable to meet this requirement and will no longer be qualified as a regulated investment company after certain deadlines have passed. The loss of qualification is likely to result in income tax liability for the Russia ETF and result in economic loss for the shareholders of the Russia ETF.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Note 9— Trustee Deferred Compensation Plan

The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 net of rebates and broker fees 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, 2026, 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, 2026:

Fund			Market Value of Securities on Loan				Cash Collateral				Non-Cash Collateral				Total Collateral
Russia ETF		$	–			$	150,632			$	–			$	150,632

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2026:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Russia ETF	$	150,632

*	Remaining contractual maturity: overnight and continuous

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

The officers receive no remuneration directly from the Funds. The Funds pay remuneration directly to Trustees only. The information is included in the Statements of Operations, as applicable.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

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.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)