# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-25-003577
**Filing Date:** 2025-12
**Character Count:** 548909
**Document Hash:** 13c18df556a90ce35b28ed416b4587e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003577.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0000930413-25-003577

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 251555013

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

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

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

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

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

## Series and Classes Contracts Data

### VanEck Environmental Services ETF (Series ID: S000013722)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000037683 | VanEck Environmental Services ETF | EVX             |

### VanEck Gaming ETF (Series ID: S000020425)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000057274 | VanEck Gaming ETF | BJK             |

### VanEck Biotech ETF (Series ID: S000034406)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000105864 | VanEck Biotech ETF | BBH             |

### VanEck Pharmaceutical ETF (Series ID: S000034409)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000105867 | VanEck Pharmaceutical ETF | PPH             |

### VanEck Retail ETF (Series ID: S000034410)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000105868 | VanEck Retail ETF | RTH             |

### VanEck Semiconductor ETF (Series ID: S000034411)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000105869 | VanEck Semiconductor ETF | SMH             |

### VanEck Morningstar Wide Moat ETF (Series ID: S000036713)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000112255 | VanEck Morningstar Wide Moat ETF | MOAT            |

### VanEck Morningstar International Moat ETF (Series ID: S000049283)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000155517 | VanEck Morningstar International Moat ETF | MOTI            |

### VanEck Energy Income ETF (Series ID: S000051241)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000161562 | VanEck Energy Income ETF | EINC            |

### VanEck Long/Flat Trend ETF (Series ID: S000054127)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000170115 | VanEck Long/Flat Trend ETF | LFEQ            |

### VanEck Real Assets ETF (Series ID: S000059742)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000195523 | VanEck Real Assets ETF | RAAX            |

### VanEck Durable High Dividend ETF (Series ID: S000062396)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000202548 | VanEck Durable High Dividend ETF | DURA            |

### VanEck Video Gaming and eSports ETF (Series ID: S000062930)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000203937 | VanEck Video Gaming and eSports ETF | ESPO            |

### VanEck Morningstar Global Wide Moat ETF (Series ID: S000063090)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000204594 | VanEck Morningstar Global Wide Moat ETF | MOTG            |

### VanEck Social Sentiment ETF (Series ID: S000071092)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000225680 | VanEck Social Sentiment ETF | BUZZ            |

### VanEck Digital Transformation ETF (Series ID: S000071425)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000226517 | VanEck Digital Transformation ETF | DAPP            |

### VanEck Commodity Strategy ETF (Series ID: S000075715)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000234997 | VanEck Commodity Strategy ETF | PIT             |

### VanEck Morningstar SMID Moat ETF (Series ID: S000077508)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237985 | VanEck Morningstar SMID Moat ETF | SMOT            |

### VanEck Robotics ETF (Series ID: S000079664)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000240884 | VanEck Robotics ETF | IBOT            |

### VanEck Morningstar Wide Moat Value ETF (Series ID: S000082154)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000245438 | VanEck Morningstar Wide Moat Value ETF | MVAL            |

### VanEck Fabless Semiconductor ETF (Series ID: S000086573)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000252161 | VanEck Fabless Semiconductor ETF | SMHX            |

### VanEck Technology TruSector ETF (Series ID: S000091806)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000259588 | VanEck Technology TruSector ETF | TRUT            |

### VanEck Consumer Discretionary TruSector ETF (Series ID: S000091808)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000259590 | VanEck Consumer Discretionary TruSector ETF | TRUD            |

### VanEck Alternative Asset Manager ETF (Series ID: S000093062)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000261123 | VanEck Alternative Asset Manager ETF | GPZ             |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 293-2000

Date of fiscal year end: SEPTEMBER 30

Date of reporting period: SEPTEMBER 30, 2025

Item 1. REPORTS TO STOCKHOLDERS.

# VanEck Alternative Asset Manager ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Alternative Asset Manager ETF (the "Fund") for the period June 4, 2025 (inception of Fund) to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Alternative Asset Manager ETF | $14<sup>Footnote Reference(a)</sup> | 0.40%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Expenses for a full year would be higher than the amount shown. |
| Footnote<sup>(b)</sup> | Annualized |

---

### How did the Fund perform **during the period?** 
* The Fund posted positive performance during the period, following its June 4th, 2025 inception, as the public equities of alternative asset managers benefited from strong investor demand and growing assets under management in private markets.

* The leading individual contributors during the period were Blackstone, Brookfield Corporation, and Carlyle Group.

* The leading individual detractors during the period were Ares Management Corporation, Blue Owl Capital, and Hamilton Lane

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (6/4/2025).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i0c0497bc67808978ec1ca428.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MarketVector™ Alternative Asset Managers Index** |
| **Jun-25** | $10000 | $10000 | $10000 |
| **Jun-25** | $10538 | $10336 | $10532 |
| **Jul-25** | $11268 | $10476 | $11282 |
| **Aug-25** | $11328 | $10735 | $11326 |
| **Sep-25** | $11038 | $11124 | $11032 |

---

### Average Annual Total Returns

---

| | |
|:---|:---|
| . | **Life\*** |
| VanEck Alternative Asset Manager ETF | 10.38% |
| MarketVector™ Alternative Asset Managers Index | 10.32% |
| MSCI ACWI Index | 11.24% |

---

\* Inception of Fund: 06/04/2025. Returns are not annualized.

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

### Key Fund Statistics
* Total Net Assets$100,072,491

* Number of Portfolio Holdings20

* Portfolio Turnover Rate5%

* Advisory Fees Paid$57,852

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i86ce041ed74348a2a2d9efa6.jpg)

---

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

---

---

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

---

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

---

| | |
|:---|:---|
| Brookfield Corp. | 12.6% |
| Blackstone, Inc. | 11.8% |
| KKR & Co., Inc. | 9.6% |
| Apollo Global Management, Inc. | 8.2% |
| Ares Management Corp. | 6.4% |
| Brookfield Asset Management Ltd. | 4.7% |
| ICG PLC | 4.6% |
| EQT AB | 4.6% |
| Partners Group Holding AG | 4.5% |
| TPG, Inc. | 4.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Biotech ETF

## Ticker: BBH \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Biotech ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Biotech ETF | $34 | 0.35% |

---

### How did the Fund perform **last year?** 
* Biotechnology stocks experienced mixed performance over the fiscal year amid clinical trial updates, shifting investor sentiment toward defensive sectors, and selective risk-taking within healthcare.

* Notable detractors from Fund performance were Regeneron Pharmaceuticals, Moderna, and Sarepta Therapeutics, which faced share price pressure following clinical or regulatory developments that weighed on sentiment across portions of the biotech industry.

* Poor performance was partially offset by strong returns from Gilead Sciences, Alnylam Pharmaceuticals and Insmed. Gilead Sciences was the top contributor, supported by strong performance in its HIV and oncology franchises, while Alnylam Pharmaceuticals and Insmed also added on positive clinical data and product momentum.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ic2d4d2476741429e4e10439b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> US Listed Biotech 25 Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10813 | $10785 | $10815 |
| **Nov 15** | $10869 | $10696 | $10872 |
| **Dec 15** | $11110 | $10503 | $11116 |
| **Jan 16** | $8913 | $9869 | $8922 |
| **Feb 16** | $8796 | $9802 | $8805 |
| **Mar 16** | $9089 | $10528 | $9098 |
| **Apr 16** | $9315 | $10683 | $9327 |
| **May 16** | $9665 | $10697 | $9677 |
| **Jun 16** | $8972 | $10632 | $8982 |
| **Jul 16** | $10099 | $11090 | $10112 |
| **Aug 16** | $9962 | $11128 | $9976 |
| **Sep 16** | $10097 | $11196 | $10114 |
| **Oct 16** | $9008 | $11006 | $9021 |
| **Nov 16** | $9534 | $11089 | $9549 |
| **Dec 16** | $9440 | $11329 | $9455 |
| **Jan 17** | $10012 | $11639 | $10031 |
| **Feb 17** | $10658 | $11965 | $10676 |
| **Mar 17** | $10471 | $12112 | $10491 |
| **Apr 17** | $10714 | $12300 | $10737 |
| **May 17** | $10306 | $12572 | $10327 |
| **Jun 17** | $11036 | $12629 | $11061 |
| **Jul 17** | $11411 | $12982 | $11441 |
| **Aug 17** | $11884 | $13032 | $11916 |
| **Sep 17** | $11789 | $13283 | $11824 |
| **Oct 17** | $11116 | $13559 | $11151 |
| **Nov 17** | $11055 | $13822 | $11090 |
| **Dec 17** | $11010 | $14045 | $11048 |
| **Jan 18** | $11461 | $14837 | $11503 |
| **Feb 18** | $10681 | $14214 | $10720 |
| **Mar 18** | $10628 | $13910 | $10668 |
| **Apr 18** | $10199 | $14042 | $10242 |
| **May 18** | $10429 | $14060 | $10472 |
| **Jun 18** | $10598 | $13984 | $10645 |
| **Jul 18** | $11365 | $14406 | $11419 |
| **Aug 18** | $11940 | $14519 | $11998 |
| **Sep 18** | $12025 | $14582 | $12086 |
| **Oct 18** | $10563 | $13489 | $10621 |
| **Nov 18** | $10980 | $13686 | $11040 |
| **Dec 18** | $9885 | $12722 | $9943 |
| **Jan 19** | $11337 | $13727 | $11405 |
| **Feb 19** | $11554 | $14094 | $11623 |
| **Mar 19** | $11407 | $14271 | $11479 |
| **Apr 19** | $10948 | $14753 | $11020 |
| **May 19** | $10341 | $13878 | $10409 |
| **Jun 19** | $11485 | $14787 | $11563 |
| **Jul 19** | $11202 | $14830 | $11282 |
| **Aug 19** | $10941 | $14478 | $11018 |
| **Sep 19** | $10481 | $14783 | $10557 |
| **Oct 19** | $11221 | $15188 | $11306 |
| **Nov 19** | $12521 | $15558 | $12617 |
| **Dec 19** | $12432 | $16106 | $12528 |
| **Jan 20** | $11796 | $15928 | $11890 |
| **Feb 20** | $11927 | $14642 | $12021 |
| **Mar 20** | $11395 | $12665 | $11482 |
| **Apr 20** | $13214 | $14022 | $13314 |
| **May 20** | $14359 | $14632 | $14467 |
| **Jun 20** | $14537 | $15099 | $14649 |
| **Jul 20** | $14695 | $15898 | $14813 |
| **Aug 20** | $14308 | $16871 | $14424 |
| **Sep 20** | $14434 | $16327 | $14552 |
| **Oct 20** | $13606 | $15930 | $13721 |
| **Nov 20** | $15067 | $17894 | $15194 |
| **Dec 20** | $15173 | $18724 | $15300 |
| **Jan 21** | $16700 | $18639 | $16847 |
| **Feb 21** | $15985 | $19071 | $16124 |
| **Mar 21** | $15665 | $19580 | $15804 |
| **Apr 21** | $16839 | $20436 | $16992 |
| **May 21** | $16452 | $20754 | $16603 |
| **Jun 21** | $18042 | $21028 | $18210 |
| **Jul 21** | $18499 | $21173 | $18679 |
| **Aug 21** | $19320 | $21703 | $19512 |
| **Sep 21** | $18061 | $20806 | $18242 |
| **Oct 21** | $17833 | $21868 | $18016 |
| **Nov 21** | $17489 | $21342 | $17670 |
| **Dec 21** | $16959 | $22195 | $17136 |
| **Jan 22** | $14788 | $21105 | $14941 |
| **Feb 22** | $14090 | $20560 | $14234 |
| **Mar 22** | $14542 | $21005 | $14694 |
| **Apr 22** | $13127 | $19324 | $13266 |
| **May 22** | $13269 | $19347 | $13409 |
| **Jun 22** | $13080 | $17716 | $13218 |
| **Jul 22** | $13843 | $18953 | $13994 |
| **Aug 22** | $13071 | $18255 | $13214 |
| **Sep 22** | $12599 | $16508 | $12737 |
| **Oct 22** | $14071 | $17504 | $14232 |
| **Nov 22** | $15046 | $18862 | $15218 |
| **Dec 22** | $14396 | $18119 | $14561 |
| **Jan 23** | $15106 | $19418 | $15279 |
| **Feb 23** | $14088 | $18862 | $14249 |
| **Mar 23** | $14580 | $19443 | $14748 |
| **Apr 23** | $14396 | $19723 | $14566 |
| **May 23** | $13937 | $19511 | $14101 |
| **Jun 23** | $14053 | $20644 | $14219 |
| **Jul 23** | $14486 | $21400 | $14662 |
| **Aug 23** | $14713 | $20802 | $14891 |
| **Sep 23** | $14015 | $19942 | $14185 |
| **Oct 23** | $12998 | $19342 | $13159 |
| **Nov 23** | $13660 | $21127 | $13829 |
| **Dec 23** | $14953 | $22142 | $15136 |
| **Jan 24** | $14978 | $22272 | $15166 |
| **Feb 24** | $14731 | $23228 | $14914 |
| **Mar 24** | $15033 | $23957 | $15218 |
| **Apr 24** | $14109 | $23167 | $14288 |
| **May 24** | $14887 | $24108 | $15073 |
| **Jun 24** | $15243 | $24644 | $15436 |
| **Jul 24** | $16289 | $25042 | $16499 |
| **Aug 24** | $16394 | $25678 | $16606 |
| **Sep 24** | $16047 | $26274 | $16255 |
| **Oct 24** | $15355 | $25685 | $15558 |
| **Nov 24** | $15111 | $26645 | $15309 |
| **Dec 24** | $14299 | $26015 | $14487 |
| **Jan 25** | $15071 | $26888 | $15271 |
| **Feb 25** | $14996 | $26726 | $15192 |
| **Mar 25** | $14332 | $25670 | $14521 |
| **Apr 25** | $13939 | $25909 | $14126 |
| **May 25** | $13533 | $27399 | $13713 |
| **Jun 25** | $13970 | $28629 | $14156 |
| **Jul 25** | $14777 | $29017 | $14976 |
| **Aug 25** | $15054 | $29734 | $15254 |
| **Sep 25** | $15096 | $30811 | $15299 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Biotech ETF | (5.93)% | 0.90% | 4.20% |
| MVIS<sup>®</sup> US Listed Biotech 25 Index | (5.88)% | 1.01% | 4.34% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

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

### Key Fund Statistics
* Total Net Assets$347,331,784

* Number of Portfolio Holdings26

* Portfolio Turnover Rate19%

* Advisory Fees Paid$1,309,035

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ic71daded144d3d5bf987a68c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Life Sciences Tools & Services | 18.4% |
| Biotechnology | 81.6% |

---

---

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

---

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

---

| | |
|:---|:---|
| Amgen, Inc. | 12.9% |
| Gilead Sciences, Inc. | 12.3% |
| Vertex Pharmaceuticals, Inc. | 9.5% |
| Regeneron Pharmaceuticals, Inc. | 5.0% |
| Alnylam Pharmaceuticals, Inc. | 4.9% |
| Argenx SE | 4.8% |
| BeOne Medicines Ltd. | 4.7% |
| IQVIA Holdings, Inc. | 4.6% |
| Insmed, Inc. | 4.4% |
| Natera, Inc. | 4.2% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Commodity Strategy ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Commodity Strategy ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Commodity Strategy ETF | $60 | 0.55% |

---

### How did the Fund perform **last year?** 
* The Fund posted a positive return for the period, supported by broad commodity strength as tight supply, increased infrastructure spending, strong demand from global industrial recovery, and the energy transition boosted performance. 

* Gold was the largest contributor, as persistent inflation, central bank buying, and geopolitical uncertainty sustained investor demand for precious metals.

* Industrial metals and energy exposures also added to performance. Key industrial metals rose amid supply constraints and renewed optimism tied to infrastructure spending and the global energy transition. Energy holdings benefited from steady demand and disciplined production among major oil producers.

* Agricultural commodities delivered mixed performance. Strong gains in coffee and cocoa, supported by weather-related supply challenges, were offset by weaker results in grain markets.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (12/20/2022).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i44fa8e87fe9cb97d04dcf8c1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **Dec 22** | $10000 | $10000 | $10000 |
| **Dec 22** | $10123 | $10051 | $10092 |
| **Jan 23** | $10111 | $10683 | $10043 |
| **Feb 23** | $9703 | $10422 | $9571 |
| **Mar 23** | $9693 | $10805 | $9551 |
| **Apr 23** | $9667 | $10973 | $9480 |
| **May 23** | $9086 | $11021 | $8945 |
| **Jun 23** | $9458 | $11749 | $9307 |
| **Jul 23** | $10377 | $12127 | $9889 |
| **Aug 23** | $10422 | $11934 | $9813 |
| **Sep 23** | $10580 | $11365 | $9745 |
| **Oct 23** | $10362 | $11126 | $9771 |
| **Nov 23** | $10207 | $12142 | $9551 |
| **Dec 23** | $9767 | $12694 | $9294 |
| **Jan 24** | $10097 | $12907 | $9331 |
| **Feb 24** | $9989 | $13596 | $9194 |
| **Mar 24** | $10469 | $14033 | $9498 |
| **Apr 24** | $10512 | $13460 | $9753 |
| **May 24** | $10378 | $14128 | $9924 |
| **Jun 24** | $10534 | $14635 | $9772 |
| **Jul 24** | $10276 | $14813 | $9377 |
| **Aug 24** | $10093 | $15172 | $9382 |
| **Sep 24** | $10221 | $15496 | $9838 |
| **Oct 24** | $10318 | $15356 | $9656 |
| **Nov 24** | $10260 | $16257 | $9695 |
| **Dec 24** | $10407 | $15869 | $9794 |
| **Jan 25** | $10791 | $16311 | $10181 |
| **Feb 25** | $10702 | $16098 | $10260 |
| **Mar 25** | $11224 | $15191 | $10664 |
| **Apr 25** | $10572 | $15088 | $10151 |
| **May 25** | $10697 | $16038 | $10092 |
| **Jun 25** | $11233 | $16854 | $10335 |
| **Jul 25** | $11448 | $17232 | $10288 |
| **Aug 25** | $11672 | $17581 | $10487 |
| **Sep 25** | $12076 | $18223 | $10712 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Commodity Strategy ETF | 18.15% | 7.02% |
| Bloomberg Commodity Index Total Return | 8.88% | 2.51% |
| S&P 500 Index | 17.60% | 24.11% |

---

\* Inception of Fund: 12/20/2022

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

### Key Fund Statistics
* Total Net Assets$43,826,764

* Number of Portfolio Holdings29

* Portfolio Turnover Rate-%

* Advisory Fees Paid$171,226

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6f94e3aa6036408a17c1f595.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 6.7% |
| United States Treasuries | 93.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Includes net unrealized appreciation (depreciation) on futures contracts of 2.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Consumer Discretionary TruSector ETF

## Ticker: TRUD \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Consumer Discretionary TruSector ETF (the "Fund") for the period August 20, 2025 (inception of Fund) to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Consumer Discretionary TruSector ETF | $1<sup>Footnote Reference(b)</sup> | 0.10%<sup>Footnote Reference(c)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Footnote<sup>(b)</sup> | Expenses for a full year would be higher than the amount shown. |
| Footnote<sup>(c)</sup> | Annualized |

---

### How did the Fund perform **during the period?** 
* Consumer discretionary stocks advanced over the period from the Fund's inception, supported by resilient household demand, moderating inflation, and continued strength in large-cap retail and consumer services names. The underlying sector benchmark, the Consumer Discretionary Select Sector SPDR Fund (XLY), also posted a positive return, reflecting broad strength across the category.

* Amazon.com was the top contributor, benefiting from continued growth in e-commerce, cloud services and advertising revenue. Tesla also added to returns, driven by higher production volumes, improved pricing discipline, and margin recovery.

* Performance was moderated by weaker trends among select apparel and household goods companies, as higher financing costs and cautious discretionary spending weighed on portions of the sector.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/20/2025).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i11d9dfa531ff80c9c7410dca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **MarketVector™ Top US Profitable Consumer Discretionary Companies Index** |
| **Aug-25** | $10000 | $10000 | $10000 |
| **Aug-25** | $10196 | $10105 | $10198 |
| **Sep-25** | $10524 | $10473 | $10508 |

---

### Average Annual Total Returns

---

| | |
|:---|:---|
| . | **Life\*** |
| VanEck Consumer Discretionary TruSector ETF | 5.24% |
| MarketVector™ Top US Profitable Consumer Discretionary Companies Index | 5.08% |
| S&P 500 Index | 4.73% |

---

\* Inception of Fund: 08/20/2025. Returns are not annualized.

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

### Key Fund Statistics
* Total Net Assets$4,161,440

* Number of Portfolio Holdings5

* Portfolio Turnover Rate0%<sup>Footnote Reference(a)</sup>

* Advisory Fees Paid$181

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Amount represents less than 0.5% |

---

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib052c4962d53341da44c9ede.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Consumer Discretionary | 29.0% |
| Exchange Traded Fund | 70.9% |

---

### Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Consumer Discretionary Select Sector SPDR Fund | 70.9% |
| Amazon.com, Inc. | 20.3% |
| Tesla, Inc. | 6.1% |
| The Home Depot, Inc. | 2.0% |
| McDonald's Corp. | 0.6% |

---

### Material Fund Changes
The following material fund change occurred during the period ended September 30, 2025:

Effective September 8, 2025, the Fund's management fee rate was reduced from 0.12% to 0.10%. Additionally, the Fund changed its distribution frequency from annually to quarterly.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Digital Transformation ETF

## Ticker: DAPP \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Digital Transformation ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Digital Transformation ETF | $75 | 0.52% |

---

### How did the Fund perform **last year?** 
* The digital asset ecosystem sharply rebounded during the fiscal year, supported by rising cryptocurrency prices, renewed institutional engagement, and improving blockchain infrastructure.

* The Information Technology sector contributed most to performance. IREN was the top contributor, benefiting from expanding mining capacity and efficiency improvements, while Strategy, Inc. also added meaningfully on higher Bitcoin prices and continued balance sheet exposure to digital assets.

* Offsetting some of the gains were declines in select digital asset exchanges and fintech securities, as volatility in cryptocurrency markets and legislative uncertainty tempered sentiment late in the period.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (4/12/2021).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i9ff2d316884b8b7bbbad71d6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Digital Assets Equity Index** |
| **Apr 21** | $10000 | $10000 | $10000 |
| **Apr 21** | $8682 | $10128 | $8684 |
| **May 21** | $7041 | $10285 | $7081 |
| **Jun 21** | $7380 | $10421 | $7385 |
| **Jul 21** | $6780 | $10493 | $6787 |
| **Aug 21** | $7950 | $10755 | $7958 |
| **Sep 21** | $6470 | $10311 | $6487 |
| **Oct 21** | $8412 | $10837 | $8404 |
| **Nov 21** | $8210 | $10576 | $8154 |
| **Dec 21** | $5726 | $10999 | $5651 |
| **Jan 22** | $4204 | $10459 | $4124 |
| **Feb 22** | $4494 | $10189 | $4405 |
| **Mar 22** | $4657 | $10410 | $4564 |
| **Apr 22** | $3114 | $9576 | $3050 |
| **May 22** | $2294 | $9588 | $2242 |
| **Jun 22** | $1351 | $8779 | $1317 |
| **Jul 22** | $1936 | $9393 | $1886 |
| **Aug 22** | $1851 | $9047 | $1801 |
| **Sep 22** | $1531 | $8181 | $1484 |
| **Oct 22** | $1453 | $8674 | $1403 |
| **Nov 22** | $1065 | $9347 | $1022 |
| **Dec 22** | $838 | $8979 | $798 |
| **Jan 23** | $1376 | $9623 | $1304 |
| **Feb 23** | $1317 | $9347 | $1245 |
| **Mar 23** | $1438 | $9635 | $1356 |
| **Apr 23** | $1644 | $9774 | $1546 |
| **May 23** | $1804 | $9669 | $1693 |
| **Jun 23** | $2097 | $10231 | $1949 |
| **Jul 23** | $2610 | $10605 | $2419 |
| **Aug 23** | $1990 | $10309 | $1842 |
| **Sep 23** | $1689 | $9883 | $1562 |
| **Oct 23** | $1729 | $9585 | $1594 |
| **Nov 23** | $2112 | $10470 | $1946 |
| **Dec 23** | $3191 | $10973 | $2936 |
| **Jan 24** | $2388 | $11037 | $2194 |
| **Feb 24** | $3081 | $11511 | $2824 |
| **Mar 24** | $3588 | $11872 | $3288 |
| **Apr 24** | $2749 | $11481 | $2521 |
| **May 24** | $3150 | $11947 | $2879 |
| **Jun 24** | $3701 | $12213 | $3384 |
| **Jul 24** | $3790 | $12410 | $3462 |
| **Aug 24** | $3289 | $12725 | $3003 |
| **Sep 24** | $3659 | $13021 | $3340 |
| **Oct 24** | $4122 | $12729 | $3763 |
| **Nov 24** | $5795 | $13205 | $5288 |
| **Dec 24** | $4622 | $12892 | $4217 |
| **Jan 25** | $4853 | $13325 | $4433 |
| **Feb 25** | $3797 | $13244 | $3463 |
| **Mar 25** | $2906 | $12721 | $2636 |
| **Apr 25** | $3321 | $12840 | $3021 |
| **May 25** | $4141 | $13578 | $3772 |
| **Jun 25** | $5290 | $14188 | $4805 |
| **Jul 25** | $5583 | $14380 | $5078 |
| **Aug 25** | $5718 | $14735 | $5198 |
| **Sep 25** | $6961 | $15269 | $6328 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Digital Transformation ETF | 90.26% | (7.79)% |
| MVIS<sup>®</sup> Global Digital Assets Equity Index | 89.47% | (9.73)% |
| MSCI ACWI Index | 17.27% | 9.93% |

---

\* Inception of Fund: 04/12/2021

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

### Key Fund Statistics
* Total Net Assets$321,291,072

* Number of Portfolio Holdings23

* Portfolio Turnover Rate74%

* Advisory Fees Paid$1,024,859

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i31ce02862375a1a5013ab3c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Consumer Discretionary | 3.0% |
| Financials | 27.6% |
| Information Technology | 69.3% |

---

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

---

| | |
|:---|:---|
| BitMine Immersion Technologies, Inc. | 8.4% |
| Coinbase Global, Inc. | 7.0% |
| IREN Ltd. | 6.8% |
| Strategy, Inc. | 6.4% |
| Circle Internet Group, Inc. | 6.2% |
| Block, Inc. | 5.6% |
| Cleanspark, Inc. | 5.3% |
| Applied Digital Corp. | 5.0% |
| Galaxy Digital, Inc. | 4.8% |
| Riot Platforms, Inc. | 4.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Durable High Dividend ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Durable High Dividend ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Durable High Dividend ETF | $30 | 0.30% |

---

### How did the Fund perform **last year?** 
* U.S. dividend stocks, as a group, provided positive total return during the period but trailed the broad U.S. equity market due to higher exposure to value-oriented, cyclical companies.

* The Fund's exposure to the financials, utilities, and energy sectors contributed the most to performance during the period.

* The largest individual contributors were Altria Group, Johnson and Johnson, and BlackRock.

* The Fund's exposure to the materials, consumer staples, and health care sectors detracted the most during the period.

* The leading individual detractors were United Parcel Service, Merck & Co., and Dow.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (10/30/2018).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i7f2755ee15953f4a603fe4c5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Morningstar<sup>®</sup> US Dividend Valuation Index** |
| **Oct 18** | $10000 | $10000 | $10000 |
| **Oct 18** | $10004 | $10109 | $10005 |
| **Nov 18** | $10489 | $10315 | $10495 |
| **Dec 18** | $9610 | $9384 | $9675 |
| **Jan 19** | $10138 | $10135 | $10142 |
| **Feb 19** | $10539 | $10461 | $10546 |
| **Mar 19** | $10789 | $10664 | $10799 |
| **Apr 19** | $11094 | $11096 | $11109 |
| **May 19** | $10432 | $10391 | $10449 |
| **Jun 19** | $11178 | $11123 | $11197 |
| **Jul 19** | $11221 | $11283 | $11245 |
| **Aug 19** | $11155 | $11104 | $11183 |
| **Sep 19** | $11341 | $11312 | $11373 |
| **Oct 19** | $11536 | $11557 | $11570 |
| **Nov 19** | $11833 | $11977 | $11871 |
| **Dec 19** | $12042 | $12338 | $12240 |
| **Jan 20** | $11939 | $12333 | $11983 |
| **Feb 20** | $10828 | $11318 | $10866 |
| **Mar 20** | $9646 | $9920 | $9677 |
| **Apr 20** | $10612 | $11192 | $10651 |
| **May 20** | $10807 | $11725 | $10848 |
| **Jun 20** | $10651 | $11958 | $10694 |
| **Jul 20** | $10976 | $12632 | $11022 |
| **Aug 20** | $11400 | $13540 | $11451 |
| **Sep 20** | $11198 | $13026 | $11253 |
| **Oct 20** | $10982 | $12679 | $11038 |
| **Nov 20** | $11954 | $14067 | $12018 |
| **Dec 20** | $12093 | $14608 | $12268 |
| **Jan 21** | $11878 | $14461 | $11947 |
| **Feb 21** | $11896 | $14859 | $11967 |
| **Mar 21** | $12846 | $15510 | $12928 |
| **Apr 21** | $13146 | $16338 | $13234 |
| **May 21** | $13346 | $16452 | $13439 |
| **Jun 21** | $13259 | $16836 | $13356 |
| **Jul 21** | $13642 | $17236 | $13744 |
| **Aug 21** | $13897 | $17760 | $14005 |
| **Sep 21** | $13202 | $16934 | $13304 |
| **Oct 21** | $13562 | $18121 | $13671 |
| **Nov 21** | $13066 | $17995 | $13175 |
| **Dec 21** | $14082 | $18801 | $14205 |
| **Jan 22** | $14051 | $17829 | $14176 |
| **Feb 22** | $13823 | $17295 | $13950 |
| **Mar 22** | $14259 | $17937 | $14396 |
| **Apr 22** | $13838 | $16373 | $13974 |
| **May 22** | $14234 | $16403 | $14377 |
| **Jun 22** | $13328 | $15049 | $13466 |
| **Jul 22** | $13752 | $16436 | $13898 |
| **Aug 22** | $13306 | $15766 | $13452 |
| **Sep 22** | $12334 | $14314 | $12471 |
| **Oct 22** | $13694 | $15473 | $13848 |
| **Nov 22** | $14698 | $16338 | $14866 |
| **Dec 22** | $14431 | $15396 | $14600 |
| **Jan 23** | $14479 | $16364 | $14653 |
| **Feb 23** | $14004 | $15964 | $14175 |
| **Mar 23** | $14172 | $16551 | $14353 |
| **Apr 23** | $14356 | $16809 | $14544 |
| **May 23** | $13902 | $16882 | $14087 |
| **Jun 23** | $14535 | $17997 | $14734 |
| **Jul 23** | $14900 | $18576 | $15106 |
| **Aug 23** | $14549 | $18280 | $14755 |
| **Sep 23** | $13926 | $17408 | $14127 |
| **Oct 23** | $13478 | $17042 | $13676 |
| **Nov 23** | $14095 | $18599 | $14306 |
| **Dec 23** | $14550 | $19444 | $14773 |
| **Jan 24** | $14429 | $19770 | $14654 |
| **Feb 24** | $14490 | $20826 | $14720 |
| **Mar 24** | $15152 | $21496 | $15402 |
| **Apr 24** | $14849 | $20618 | $15096 |
| **May 24** | $15075 | $21640 | $15329 |
| **Jun 24** | $14999 | $22417 | $15255 |
| **Jul 24** | $15773 | $22690 | $16046 |
| **Aug 24** | $16433 | $23240 | $16723 |
| **Sep 24** | $16543 | $23737 | $16841 |
| **Oct 24** | $16471 | $23521 | $16773 |
| **Nov 24** | $16826 | $24902 | $17140 |
| **Dec 24** | $15799 | $24308 | $16091 |
| **Jan 25** | $16059 | $24985 | $16360 |
| **Feb 25** | $16495 | $24659 | $16809 |
| **Mar 25** | $16544 | $23270 | $16866 |
| **Apr 25** | $15465 | $23112 | $15758 |
| **May 25** | $15686 | $24567 | $15986 |
| **Jun 25** | $15974 | $25816 | $16285 |
| **Jul 25** | $16225 | $26396 | $16547 |
| **Aug 25** | $16950 | $26931 | $17292 |
| **Sep 25** | $16754 | $27914 | $17098 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| VanEck Durable High Dividend ETF | 1.28% | 8.39% | 7.75% |
| Morningstar<sup>®</sup> US Dividend Valuation Index | 1.52% | 8.73% | 8.06% |
| S&P 500 Index | 17.60% | 16.47% | 16.00% |

---

\* Inception of Fund: 10/30/2018

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

### Key Fund Statistics
* Total Net Assets$44,115,761

* Number of Portfolio Holdings72

* Portfolio Turnover Rate66%

* Advisory Fees Paid$133,870

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i23053752b274189916bfb5c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.5% |
| Materials | 1.0% |
| Communication Services | 5.0% |
| Financials | 5.1% |
| Information Technology | 5.6% |
| Consumer Discretionary | 6.6% |
| Industrials | 7.4% |
| Utilities | 10.5% |
| Energy | 15.5% |
| Health Care | 19.4% |
| Consumer Staples | 23.4% |

---

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

---

| | |
|:---|:---|
| Johnson & Johnson | 5.1% |
| Exxon Mobil Corp. | 5.1% |
| Verizon Communications, Inc. | 5.0% |
| Chevron Corp. | 4.9% |
| Philip Morris International, Inc. | 4.9% |
| Merck & Co., Inc. | 4.5% |
| The Coca-Cola Co. | 4.4% |
| PepsiCo, Inc. | 4.3% |
| Altria Group, Inc. | 4.0% |
| Amgen, Inc. | 2.9% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Energy Income ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Energy Income ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Energy Income ETF | $51 | 0.46% |

---

### How did the Fund perform **last year?** 
* The energy infrastructure and midstream master limited partnerships segment posted strong performance over the period, supported by global energy needs and strength in natural gas pipelines, despite some weakness in crude oil prices.

* The leading individual contributors during the period were Williams Companies, Enbridge, and DT Midstream.

* The leading individual detractors during the period were ONEOK, Summit Midstream, and Mattr.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](iab2858e2ba18cf85500af8aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> North America Energy Infrastructure Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10886 | $10785 | $10903 |
| **Nov 15** | $9427 | $10696 | $9326 |
| **Dec 15** | $7073 | $10503 | $6982 |
| **Jan 16** | $6438 | $9869 | $6341 |
| **Feb 16** | $5693 | $9802 | $5538 |
| **Mar 16** | $6416 | $10528 | $6249 |
| **Apr 16** | $7171 | $10683 | $6997 |
| **May 16** | $7482 | $10697 | $7312 |
| **Jun 16** | $7739 | $10632 | $7571 |
| **Jul 16** | $8100 | $11090 | $7928 |
| **Aug 16** | $8387 | $11128 | $8222 |
| **Sep 16** | $8583 | $11196 | $8419 |
| **Oct 16** | $8527 | $11006 | $8370 |
| **Nov 16** | $8636 | $11089 | $8484 |
| **Dec 16** | $8887 | $11329 | $8738 |
| **Jan 17** | $9376 | $11639 | $9225 |
| **Feb 17** | $9133 | $11965 | $8950 |
| **Mar 17** | $8960 | $12112 | $8775 |
| **Apr 17** | $8863 | $12300 | $8679 |
| **May 17** | $8363 | $12572 | $8158 |
| **Jun 17** | $8360 | $12629 | $8157 |
| **Jul 17** | $8724 | $12982 | $8514 |
| **Aug 17** | $8478 | $13032 | $8241 |
| **Sep 17** | $8662 | $13283 | $8424 |
| **Oct 17** | $8633 | $13559 | $8398 |
| **Nov 17** | $8405 | $13822 | $8145 |
| **Dec 17** | $8626 | $14045 | $8364 |
| **Jan 18** | $9064 | $14837 | $8800 |
| **Feb 18** | $8478 | $14214 | $8190 |
| **Mar 18** | $7931 | $13910 | $7659 |
| **Apr 18** | $8520 | $14042 | $8234 |
| **May 18** | $8565 | $14060 | $8247 |
| **Jun 18** | $8430 | $13984 | $8120 |
| **Jul 18** | $8809 | $14406 | $8491 |
| **Aug 18** | $8601 | $14519 | $8251 |
| **Sep 18** | $8649 | $14582 | $8304 |
| **Oct 18** | $8065 | $13489 | $7741 |
| **Nov 18** | $7803 | $13686 | $7447 |
| **Dec 18** | $6880 | $12722 | $6559 |
| **Jan 19** | $7824 | $13727 | $7473 |
| **Feb 19** | $8023 | $14094 | $7635 |
| **Mar 19** | $8212 | $14271 | $7823 |
| **Apr 19** | $8376 | $14753 | $7979 |
| **May 19** | $8114 | $13878 | $7692 |
| **Jun 19** | $8307 | $14787 | $7892 |
| **Jul 19** | $8435 | $14830 | $8011 |
| **Aug 19** | $7998 | $14478 | $7552 |
| **Sep 19** | $7985 | $14783 | $7604 |
| **Oct 19** | $7913 | $15188 | $7529 |
| **Nov 19** | $7518 | $15558 | $7115 |
| **Dec 19** | $8110 | $16106 | $7632 |
| **Jan 20** | $7788 | $15928 | $7330 |
| **Feb 20** | $7024 | $14642 | $6607 |
| **Mar 20** | $4102 | $12665 | $3823 |
| **Apr 20** | $5491 | $14022 | $5148 |
| **May 20** | $5891 | $14632 | $5527 |
| **Jun 20** | $5740 | $15099 | $5387 |
| **Jul 20** | $5748 | $15898 | $5396 |
| **Aug 20** | $5941 | $16871 | $5593 |
| **Sep 20** | $5282 | $16327 | $4968 |
| **Oct 20** | $5290 | $15930 | $4979 |
| **Nov 20** | $6329 | $17894 | $5983 |
| **Dec 20** | $6448 | $18724 | $6099 |
| **Jan 21** | $6714 | $18639 | $6356 |
| **Feb 21** | $7201 | $19071 | $6833 |
| **Mar 21** | $7725 | $19580 | $7331 |
| **Apr 21** | $8143 | $20436 | $7731 |
| **May 21** | $8640 | $20754 | $8211 |
| **Jun 21** | $8985 | $21028 | $8548 |
| **Jul 21** | $8638 | $21173 | $8220 |
| **Aug 21** | $8518 | $21703 | $8113 |
| **Sep 21** | $8920 | $20806 | $8502 |
| **Oct 21** | $9446 | $21868 | $9007 |
| **Nov 21** | $8770 | $21342 | $8362 |
| **Dec 21** | $8898 | $22195 | $8491 |
| **Jan 22** | $9661 | $21105 | $9224 |
| **Feb 22** | $10093 | $20560 | $9644 |
| **Mar 22** | $10825 | $21005 | $10352 |
| **Apr 22** | $10577 | $19324 | $10122 |
| **May 22** | $11271 | $19347 | $10792 |
| **Jun 22** | $9803 | $17716 | $9391 |
| **Jul 22** | $10818 | $18953 | $10370 |
| **Aug 22** | $10814 | $18255 | $10373 |
| **Sep 22** | $9704 | $16508 | $9318 |
| **Oct 22** | $10823 | $17504 | $10397 |
| **Nov 22** | $11284 | $18862 | $10841 |
| **Dec 22** | $10604 | $18119 | $10201 |
| **Jan 23** | $11066 | $19418 | $10649 |
| **Feb 23** | $10634 | $18862 | $10243 |
| **Mar 23** | $10599 | $19443 | $10214 |
| **Apr 23** | $10834 | $19723 | $10445 |
| **May 23** | $10426 | $19511 | $10057 |
| **Jun 23** | $11190 | $20644 | $10806 |
| **Jul 23** | $11690 | $21400 | $11295 |
| **Aug 23** | $11650 | $20802 | $11260 |
| **Sep 23** | $11519 | $19942 | $11145 |
| **Oct 23** | $11525 | $19342 | $11151 |
| **Nov 23** | $12367 | $21127 | $11975 |
| **Dec 23** | $12273 | $22142 | $11899 |
| **Jan 24** | $12337 | $22272 | $11966 |
| **Feb 24** | $12835 | $23228 | $12450 |
| **Mar 24** | $13711 | $23957 | $13311 |
| **Apr 24** | $13597 | $23167 | $13206 |
| **May 24** | $14141 | $24108 | $13742 |
| **Jun 24** | $14539 | $24644 | $14140 |
| **Jul 24** | $14964 | $25042 | $14559 |
| **Aug 24** | $15577 | $25678 | $15163 |
| **Sep 24** | $15676 | $26274 | $15275 |
| **Oct 24** | $16362 | $25685 | $15947 |
| **Nov 24** | $18608 | $26645 | $18154 |
| **Dec 24** | $17475 | $26015 | $17061 |
| **Jan 25** | $18045 | $26888 | $17629 |
| **Feb 25** | $18401 | $26726 | $17986 |
| **Mar 25** | $18662 | $25670 | $18254 |
| **Apr 25** | $17688 | $25909 | $17301 |
| **May 25** | $18144 | $27399 | $17755 |
| **Jun 25** | $18656 | $28629 | $18269 |
| **Jul 25** | $18472 | $29017 | $18102 |
| **Aug 25** | $18635 | $29734 | $18268 |
| **Sep 25** | $18967 | $30811 | $18607 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Energy Income ETF | 21.00% | 29.13% | 6.61% |
| MVIS<sup>®</sup> North America Energy Infrastructure Index | 21.81% | 30.23% | 6.41% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index. All Index history reflects a blend of the performance of the Indexes.

VanEck Energy Income ETF is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.

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

### Key Fund Statistics
* Total Net Assets$73,397,526

* Number of Portfolio Holdings31

* Portfolio Turnover Rate13%

* Advisory Fees Paid$340,409

### What did the Fund invest in?

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

---

| | |
|:---|:---|
| The Williams Companies, Inc. | 8.4% |
| Enbridge, Inc. | 8.1% |
| Cheniere Energy, Inc. | 6.8% |
| TC Energy Corp. | 6.7% |
| Kinder Morgan, Inc. | 6.1% |
| ONEOK, Inc. | 5.3% |
| Targa Resources Corp. | 5.0% |
| DT Midstream, Inc. | 4.6% |
| Pembina Pipeline Corp. | 4.6% |
| AltaGas Ltd. | 4.5% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ie3f2aca97982c7837203f0a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Utilities | 4.5% |
| Energy | 95.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Environmental Services ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Environmental Services ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Environmental Services ETF | $58 | 0.55% |

---

### How did the Fund perform **last year?** 
* Environmental equities gained momentum over the period, supported by ongoing infrastructure investment, government incentives, and continued strength in waste management and pollution control industries.

* The Industrials and Materials sectors drove Fund performance, led by companies such as CECO Environmental, which benefited from strong demand for air pollution control equipment, as well as other waste and recycling firms that saw resilient earnings growth.

* Consumer Staples modestly detracted from performance due to weakness among environmental packaging securities.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i1c2c354b783788b9e51dc4c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **NYSE Arca Environmental Services Index (TR)** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10444 | $10785 | $10448 |
| **Nov 15** | $10449 | $10696 | $10457 |
| **Dec 15** | $10124 | $10503 | $10143 |
| **Jan 16** | $9987 | $9869 | $10010 |
| **Feb 16** | $10094 | $9802 | $10123 |
| **Mar 16** | $11183 | $10528 | $11222 |
| **Apr 16** | $11157 | $10683 | $11199 |
| **May 16** | $11292 | $10697 | $11339 |
| **Jun 16** | $11765 | $10632 | $11817 |
| **Jul 16** | $11983 | $11090 | $12042 |
| **Aug 16** | $12054 | $11128 | $12120 |
| **Sep 16** | $12075 | $11196 | $12147 |
| **Oct 16** | $12032 | $11006 | $12108 |
| **Nov 16** | $12900 | $11089 | $12988 |
| **Dec 16** | $13161 | $11329 | $13256 |
| **Jan 17** | $13126 | $11639 | $13229 |
| **Feb 17** | $13466 | $11965 | $13575 |
| **Mar 17** | $13569 | $12112 | $13687 |
| **Apr 17** | $13716 | $12300 | $13843 |
| **May 17** | $13681 | $12572 | $13812 |
| **Jun 17** | $13800 | $12629 | $13941 |
| **Jul 17** | $14217 | $12982 | $14367 |
| **Aug 17** | $14016 | $13032 | $14173 |
| **Sep 17** | $15011 | $13283 | $15186 |
| **Oct 17** | $15140 | $13559 | $15323 |
| **Nov 17** | $14993 | $13822 | $15182 |
| **Dec 17** | $15230 | $14045 | $15432 |
| **Jan 18** | $15565 | $14837 | $15778 |
| **Feb 18** | $15065 | $14214 | $15279 |
| **Mar 18** | $14943 | $13910 | $15166 |
| **Apr 18** | $14802 | $14042 | $15030 |
| **May 18** | $15676 | $14060 | $15908 |
| **Jun 18** | $15917 | $13984 | $16159 |
| **Jul 18** | $16792 | $14406 | $17054 |
| **Aug 18** | $17040 | $14519 | $17315 |
| **Sep 18** | $17016 | $14582 | $17295 |
| **Oct 18** | $15926 | $13489 | $16197 |
| **Nov 18** | $16459 | $13686 | $16747 |
| **Dec 18** | $14754 | $12722 | $15024 |
| **Jan 19** | $16214 | $13727 | $16517 |
| **Feb 19** | $16908 | $14094 | $17232 |
| **Mar 19** | $17108 | $14271 | $17445 |
| **Apr 19** | $17812 | $14753 | $18170 |
| **May 19** | $16951 | $13878 | $17301 |
| **Jun 19** | $18170 | $14787 | $18556 |
| **Jul 19** | $18418 | $14830 | $18817 |
| **Aug 19** | $18106 | $14478 | $18507 |
| **Sep 19** | $18427 | $14783 | $18860 |
| **Oct 19** | $18229 | $15188 | $18664 |
| **Nov 19** | $18564 | $15558 | $19017 |
| **Dec 19** | $18917 | $16106 | $19384 |
| **Jan 20** | $18813 | $15928 | $19284 |
| **Feb 20** | $17672 | $14642 | $18120 |
| **Mar 20** | $13712 | $12665 | $14087 |
| **Apr 20** | $15102 | $14022 | $15466 |
| **May 20** | $16323 | $14632 | $16682 |
| **Jun 20** | $16519 | $15099 | $16847 |
| **Jul 20** | $17271 | $15898 | $17622 |
| **Aug 20** | $17742 | $16871 | $18113 |
| **Sep 20** | $17648 | $16327 | $18026 |
| **Oct 20** | $17614 | $15930 | $18000 |
| **Nov 20** | $20437 | $17894 | $20896 |
| **Dec 20** | $21406 | $18724 | $21902 |
| **Jan 21** | $21053 | $18639 | $21550 |
| **Feb 21** | $21764 | $19071 | $22287 |
| **Mar 21** | $23538 | $19580 | $24126 |
| **Apr 21** | $24913 | $20436 | $25546 |
| **May 21** | $25137 | $20754 | $25786 |
| **Jun 21** | $25153 | $21028 | $25810 |
| **Jul 21** | $25801 | $21173 | $26484 |
| **Aug 21** | $26357 | $21703 | $27066 |
| **Sep 21** | $25502 | $20806 | $26197 |
| **Oct 21** | $27860 | $21868 | $28630 |
| **Nov 21** | $26996 | $21342 | $27756 |
| **Dec 21** | $27340 | $22195 | $28121 |
| **Jan 22** | $23986 | $21105 | $24685 |
| **Feb 22** | $24843 | $20560 | $25573 |
| **Mar 22** | $27050 | $21005 | $27850 |
| **Apr 22** | $25623 | $19324 | $26389 |
| **May 22** | $25274 | $19347 | $26032 |
| **Jun 22** | $23223 | $17716 | $23920 |
| **Jul 22** | $25578 | $18953 | $26356 |
| **Aug 22** | $25646 | $18255 | $26437 |
| **Sep 22** | $23319 | $16508 | $24055 |
| **Oct 22** | $25179 | $17504 | $25973 |
| **Nov 22** | $26167 | $18862 | $27001 |
| **Dec 22** | $24394 | $18119 | $25180 |
| **Jan 23** | $26204 | $19418 | $27055 |
| **Feb 23** | $25899 | $18862 | $26749 |
| **Mar 23** | $26086 | $19443 | $26924 |
| **Apr 23** | $25796 | $19723 | $26636 |
| **May 23** | $25560 | $19511 | $26406 |
| **Jun 23** | $28949 | $20644 | $29919 |
| **Jul 23** | $29012 | $21400 | $29985 |
| **Aug 23** | $27782 | $20802 | $28666 |
| **Sep 23** | $25708 | $19942 | $26442 |
| **Oct 23** | $24218 | $19342 | $24916 |
| **Nov 23** | $25978 | $21127 | $26734 |
| **Dec 23** | $27597 | $22142 | $28409 |
| **Jan 24** | $26710 | $22272 | $27501 |
| **Feb 24** | $29295 | $23228 | $30165 |
| **Mar 24** | $30294 | $23957 | $31210 |
| **Apr 24** | $29142 | $23167 | $30036 |
| **May 24** | $30038 | $24108 | $30974 |
| **Jun 24** | $30839 | $24644 | $31822 |
| **Jul 24** | $31910 | $25042 | $32937 |
| **Aug 24** | $32633 | $25678 | $33692 |
| **Sep 24** | $32671 | $26274 | $33733 |
| **Oct 24** | $32775 | $25685 | $33841 |
| **Nov 24** | $34712 | $26645 | $35854 |
| **Dec 24** | $31186 | $26015 | $32226 |
| **Jan 25** | $32255 | $26888 | $33344 |
| **Feb 25** | $32828 | $26726 | $33952 |
| **Mar 25** | $32188 | $25670 | $33306 |
| **Apr 25** | $32339 | $25909 | $33476 |
| **May 25** | $34074 | $27399 | $35288 |
| **Jun 25** | $34772 | $28629 | $36028 |
| **Jul 25** | $35170 | $29017 | $36457 |
| **Aug 25** | $36227 | $29734 | $37571 |
| **Sep 25** | $35393 | $30811 | $36724 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Environmental Services ETF | 8.33% | 14.93% | 13.47% |
| NYSE Arca Environmental Services Index (TR) | 8.87% | 15.29% | 13.89% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

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

### Key Fund Statistics
* Total Net Assets$91,490,513

* Number of Portfolio Holdings21

* Portfolio Turnover Rate23%

* Advisory Fees Paid$359,919

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id4e3860d4a1c9047e0b39179.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Energy | 2.0% |
| Consumer Staples | 4.2% |
| Health Care | 4.5% |
| Materials | 14.6% |
| Industrials | 74.7% |

---

---

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

---

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

---

| | |
|:---|:---|
| Ecolab, Inc. | 10.2% |
| Waste Management, Inc. | 10.1% |
| Republic Services, Inc. | 10.0% |
| Waste Connections, Inc. | 10.0% |
| Casella Waste Systems, Inc. | 4.9% |
| CECO Environmental Corp. | 4.7% |
| ABM Industries, Inc. | 4.6% |
| GFL Environmental, Inc. | 4.6% |
| Donaldson Co., Inc. | 4.5% |
| Veralto Corp. | 4.5% |

---

### Material Fund Changes
The following material fund change occurred during the period ended September 30, 2025:

On June 4, 2025, it was announced that after the close of trading on the NYSE Arca, Inc., on December 19, 2025, the Fund's benchmark index will be the MarketVector Global Environmental Services Index and the Fund's investment objective and principal investment strategy will change in connection therewith. In connection with this change, the Fund may experience additional portfolio turnover, which may cause the Fund to incur additional transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the period of the transition, the Fund is likely to incur higher tracking error than is typical for the Fund.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Fabless Semiconductor ETF

## Ticker: SMHX \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Fabless Semiconductor ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Fabless Semiconductor ETF | $44 | 0.35% |

---

### How did the Fund perform **last year?** 
* Fabless semiconductor stocks posted strong gains for the fiscal year, supported by AI-related demand, new chip design cycles, and solid end-market growth across data center and communications segments.

* Astera Labs was the top contributor, driven by strong demand for connectivity chips used in AI infrastructure. Broadcom and NVIDIA also added meaningfully on continued strength in data center and networking solutions.

* Broader sector performance remained solid, with only limited weakness among select smaller chip designers, which had minimal impact on overall Fund results.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/27/2024).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ibdbacee8d4f9057817b25cc3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MarketVector™ US Listed Fabless Semiconductor Index** |
| **Aug 24** | $10000 | $10000 | $10000 |
| **Aug 24** | $9971 | $10036 | $9971 |
| **Sep 24** | $10160 | $10269 | $10161 |
| **Oct 24** | $10221 | $10039 | $10224 |
| **Nov 24** | $10893 | $10414 | $10897 |
| **Dec 24** | $11563 | $10168 | $11569 |
| **Jan 25** | $11479 | $10509 | $11489 |
| **Feb 25** | $10422 | $10446 | $10433 |
| **Mar 25** | $9238 | $10033 | $9249 |
| **Apr 25** | $9389 | $10127 | $9403 |
| **May 25** | $10767 | $10709 | $10786 |
| **Jun 25** | $12405 | $11190 | $12428 |
| **Jul 25** | $13480 | $11341 | $13508 |
| **Aug 25** | $13926 | $11621 | $13959 |
| **Sep 25** | $15168 | $12043 | $15208 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Fabless Semiconductor ETF | 49.29% | 46.39% |
| MarketVector™ US Listed Fabless Semiconductor Index | 49.67% | 46.74% |
| MSCI ACWI Index | 17.27% | 18.53% |

---

\* Inception of Fund: 08/27/2024

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

### Key Fund Statistics
* Total Net Assets$164,706,817

* Number of Portfolio Holdings22

* Portfolio Turnover Rate20%

* Advisory Fees Paid$173,684

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i54fa66b6a3f8bc9d95d98af6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Application Software | 10.4% |
| Semiconductors | 89.6% |

---

---

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

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 20.1% |
| Broadcom, Inc. | 12.8% |
| Rambus, Inc. | 5.6% |
| Synopsys, Inc. | 5.5% |
| Marvell Technology, Inc. | 5.4% |
| Qualcomm, Inc. | 5.0% |
| Cadence Design Systems, Inc. | 4.9% |
| Advanced Micro Devices, Inc. | 4.8% |
| Monolithic Power Systems, Inc. | 4.6% |
| ARM Holdings PLC | 4.0% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Gaming ETF

## Ticker: BJK \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Gaming ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Gaming ETF | $67 | 0.66% |

---

### How did the Fund perform **last year?** 
* Gaming equities posted a small gain for the fiscal year, supported by steady global leisure spending and the continued expansion of regulated online wagering markets.

* Consumer Discretionary drove Fund performance, led by Wynn Resorts and Flutter Entertainment, which benefited from resilient visitation trends, strong digital engagement and solid earnings growth across key markets.

* Offsetting gains were softer results from Churchill Downs and Caesars Entertainment, due to higher operating costs and uneven demand in certain U.S. gaming regions.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i08ea28cd94314ac9e0ecbcc2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Gaming Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $11308 | $10785 | $11358 |
| **Nov 15** | $10785 | $10696 | $10816 |
| **Dec 15** | $11031 | $10503 | $11109 |
| **Jan 16** | $10741 | $9869 | $10705 |
| **Feb 16** | $10926 | $9802 | $10961 |
| **Mar 16** | $11869 | $10528 | $11905 |
| **Apr 16** | $11412 | $10683 | $11490 |
| **May 16** | $11695 | $10697 | $11748 |
| **Jun 16** | $11017 | $10632 | $11009 |
| **Jul 16** | $11988 | $11090 | $12041 |
| **Aug 16** | $11897 | $11128 | $11970 |
| **Sep 16** | $12623 | $11196 | $12649 |
| **Oct 16** | $12257 | $11006 | $12349 |
| **Nov 16** | $12857 | $11089 | $12959 |
| **Dec 16** | $12254 | $11329 | $12360 |
| **Jan 17** | $12578 | $11639 | $12679 |
| **Feb 17** | $12776 | $11965 | $12869 |
| **Mar 17** | $13597 | $12112 | $13680 |
| **Apr 17** | $14112 | $12300 | $14220 |
| **May 17** | $14350 | $12572 | $14451 |
| **Jun 17** | $14634 | $12629 | $14739 |
| **Jul 17** | $14638 | $12982 | $14758 |
| **Aug 17** | $14642 | $13032 | $14741 |
| **Sep 17** | $15348 | $13283 | $15450 |
| **Oct 17** | $15344 | $13559 | $15461 |
| **Nov 17** | $16133 | $13822 | $16233 |
| **Dec 17** | $17144 | $14045 | $17323 |
| **Jan 18** | $18143 | $14837 | $18332 |
| **Feb 18** | $17266 | $14214 | $17501 |
| **Mar 18** | $17019 | $13910 | $17144 |
| **Apr 18** | $17339 | $14042 | $17581 |
| **May 18** | $18173 | $14060 | $18441 |
| **Jun 18** | $16897 | $13984 | $17140 |
| **Jul 18** | $17015 | $14406 | $17224 |
| **Aug 18** | $15828 | $14519 | $16043 |
| **Sep 18** | $14656 | $14582 | $14880 |
| **Oct 18** | $13075 | $13489 | $13249 |
| **Nov 18** | $13362 | $13686 | $13527 |
| **Dec 18** | $12645 | $12722 | $12834 |
| **Jan 19** | $14354 | $13727 | $14514 |
| **Feb 19** | $14350 | $14094 | $14564 |
| **Mar 19** | $13999 | $14271 | $14190 |
| **Apr 19** | $14983 | $14753 | $15197 |
| **May 19** | $13290 | $13878 | $13507 |
| **Jun 19** | $14308 | $14787 | $14526 |
| **Jul 19** | $14364 | $14830 | $14658 |
| **Aug 19** | $13639 | $14478 | $13876 |
| **Sep 19** | $13963 | $14783 | $14198 |
| **Oct 19** | $15120 | $15188 | $15391 |
| **Nov 19** | $15415 | $15558 | $15678 |
| **Dec 19** | $16461 | $16106 | $16749 |
| **Jan 20** | $15570 | $15928 | $15936 |
| **Feb 20** | $14375 | $14642 | $14502 |
| **Mar 20** | $10152 | $12665 | $10367 |
| **Apr 20** | $12420 | $14022 | $12657 |
| **May 20** | $13233 | $14632 | $13408 |
| **Jun 20** | $13119 | $15099 | $13282 |
| **Jul 20** | $13403 | $15898 | $13651 |
| **Aug 20** | $15203 | $16871 | $15512 |
| **Sep 20** | $15363 | $16327 | $15624 |
| **Oct 20** | $14396 | $15930 | $14664 |
| **Nov 20** | $17220 | $17894 | $17593 |
| **Dec 20** | $18409 | $18724 | $18787 |
| **Jan 21** | $17818 | $18639 | $18225 |
| **Feb 21** | $20768 | $19071 | $21203 |
| **Mar 21** | $21024 | $19580 | $21456 |
| **Apr 21** | $21855 | $20436 | $22357 |
| **May 21** | $21603 | $20754 | $22049 |
| **Jun 21** | $20925 | $21028 | $21387 |
| **Jul 21** | $19103 | $21173 | $19539 |
| **Aug 21** | $20207 | $21703 | $20686 |
| **Sep 21** | $19059 | $20806 | $19576 |
| **Oct 21** | $19618 | $21868 | $20063 |
| **Nov 21** | $16644 | $21342 | $17081 |
| **Dec 21** | $17629 | $22195 | $18082 |
| **Jan 22** | $16732 | $21105 | $17048 |
| **Feb 22** | $16843 | $20560 | $17273 |
| **Mar 22** | $15901 | $21005 | $16400 |
| **Apr 22** | $14646 | $19324 | $15160 |
| **May 22** | $14551 | $19347 | $14952 |
| **Jun 22** | $13513 | $17716 | $13854 |
| **Jul 22** | $14418 | $18953 | $14783 |
| **Aug 22** | $14032 | $18255 | $14482 |
| **Sep 22** | $13013 | $16508 | $13438 |
| **Oct 22** | $13964 | $17504 | $14393 |
| **Nov 22** | $15927 | $18862 | $16286 |
| **Dec 22** | $15403 | $18119 | $15888 |
| **Jan 23** | $17472 | $19418 | $17956 |
| **Feb 23** | $17365 | $18862 | $17918 |
| **Mar 23** | $17762 | $19443 | $18298 |
| **Apr 23** | $18597 | $19723 | $19144 |
| **May 23** | $17146 | $19511 | $17684 |
| **Jun 23** | $17945 | $20644 | $18508 |
| **Jul 23** | $18715 | $21400 | $19311 |
| **Aug 23** | $17428 | $20802 | $18041 |
| **Sep 23** | $15947 | $19942 | $16532 |
| **Oct 23** | $15054 | $19342 | $15564 |
| **Nov 23** | $15987 | $21127 | $16562 |
| **Dec 23** | $17251 | $22142 | $17882 |
| **Jan 24** | $17230 | $22272 | $17918 |
| **Feb 24** | $17968 | $23228 | $18634 |
| **Mar 24** | $17644 | $23957 | $18309 |
| **Apr 24** | $16087 | $23167 | $16763 |
| **May 24** | $16262 | $24108 | $16835 |
| **Jun 24** | $16423 | $24644 | $17073 |
| **Jul 24** | $16598 | $25042 | $17237 |
| **Aug 24** | $16774 | $25678 | $17434 |
| **Sep 24** | $18241 | $26274 | $18958 |
| **Oct 24** | $17569 | $25685 | $18282 |
| **Nov 24** | $18260 | $26645 | $18968 |
| **Dec 24** | $17015 | $26015 | $17713 |
| **Jan 25** | $17259 | $26888 | $17966 |
| **Feb 25** | $17476 | $26726 | $18162 |
| **Mar 25** | $15716 | $25670 | $16323 |
| **Apr 25** | $15783 | $25909 | $16443 |
| **May 25** | $16504 | $27399 | $17199 |
| **Jun 25** | $17867 | $28629 | $18601 |
| **Jul 25** | $18792 | $29017 | $19608 |
| **Aug 25** | $19650 | $29734 | $20475 |
| **Sep 25** | $18744 | $30811 | $19540 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Gaming ETF | 2.76% | 4.06% | 6.48% |
| MVIS<sup>®</sup> Global Gaming Index | 3.07% | 4.57% | 6.93% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

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

### Key Fund Statistics
* Total Net Assets$26,935,306

* Number of Portfolio Holdings34

* Portfolio Turnover Rate16%

* Advisory Fees Paid$95,802

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i439e929ae3f6796ef4127d90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Real Estate | 11.6% |
| Consumer Discretionary | 88.3% |

---

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

---

| | |
|:---|:---|
| Aristocrat Leisure Ltd. | 8.2% |
| Flutter Entertainment PLC | 7.2% |
| VICI Properties, Inc. | 7.1% |
| Las Vegas Sands Corp. | 6.1% |
| Galaxy Entertainment Group Ltd. | 5.8% |
| DraftKings, Inc. | 5.5% |
| Evolution AB | 4.9% |
| Wynn Resorts Ltd. | 4.8% |
| Gaming and Leisure Properties, Inc. | 4.5% |
| Sands China Ltd. | 3.9% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Long/Flat Trend ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Long/Flat Trend ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Long/Flat Trend ETF | $58 | 0.55% |

---

---

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

---

### How did the Fund perform **last year?** 
* The Fund posted a solid gain for the fiscal year, supported by continued strength in U.S. equities as the S&P 500 advanced on resilient corporate earnings and AI-driven growth momentum.

* The Fund's primary exposure was through the S&P 500 ETF (VOO) and cash positions, with equity exposure varying throughout the period based on the model's risk signals. The Fund moved fully to cash in mid-April amid heightened volatility, re-entered equities partially in early May and returned to full exposure by mid-May as market conditions stabilized.

* Within the S&P 500, Nvidia was the largest individual contributor benefiting from sustained demand for AI-related graphics processing units (GPUs) and strong earnings growth, while energy sector exposure modestly detracted as weaker oil prices and softer demand weighed on performance. 

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (10/4/2017).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i144f661d334b761fd373583e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **NDR CMG US Large Cap Long/Flat Index** |
| **Oct 17** | $10000 | $10000 | $10000 |
| **Oct 17** | $10152 | $10158 | $10158 |
| **Nov 17** | $10419 | $10470 | $10430 |
| **Dec 17** | $10479 | $10586 | $10520 |
| **Jan 18** | $11100 | $11192 | $11123 |
| **Feb 18** | $10683 | $10780 | $10713 |
| **Mar 18** | $10411 | $10506 | $10440 |
| **Apr 18** | $10415 | $10546 | $10454 |
| **May 18** | $10615 | $10800 | $10659 |
| **Jun 18** | $10675 | $10866 | $10715 |
| **Jul 18** | $10980 | $11271 | $11039 |
| **Aug 18** | $11265 | $11638 | $11336 |
| **Sep 18** | $11325 | $11704 | $11400 |
| **Oct 18** | $10547 | $10904 | $10621 |
| **Nov 18** | $10739 | $11127 | $10838 |
| **Dec 18** | $10007 | $10122 | $10078 |
| **Jan 19** | $10437 | $10933 | $10520 |
| **Feb 19** | $10583 | $11284 | $10658 |
| **Mar 19** | $10737 | $11503 | $10822 |
| **Apr 19** | $11166 | $11969 | $11260 |
| **May 19** | $10449 | $11208 | $10544 |
| **Jun 19** | $11174 | $11998 | $11287 |
| **Jul 19** | $11334 | $12171 | $11450 |
| **Aug 19** | $11143 | $11978 | $11268 |
| **Sep 19** | $11357 | $12202 | $11479 |
| **Oct 19** | $11600 | $12466 | $11728 |
| **Nov 19** | $12015 | $12919 | $12153 |
| **Dec 19** | $12367 | $13309 | $12520 |
| **Jan 20** | $12357 | $13304 | $12515 |
| **Feb 20** | $11350 | $12209 | $11485 |
| **Mar 20** | $9934 | $10701 | $10066 |
| **Apr 20** | $11191 | $12072 | $11357 |
| **May 20** | $11713 | $12647 | $11898 |
| **Jun 20** | $11918 | $12899 | $12134 |
| **Jul 20** | $12612 | $13626 | $12819 |
| **Aug 20** | $13484 | $14606 | $13740 |
| **Sep 20** | $12972 | $14051 | $13218 |
| **Oct 20** | $12636 | $13677 | $12866 |
| **Nov 20** | $14012 | $15174 | $14275 |
| **Dec 20** | $14233 | $15758 | $14824 |
| **Jan 21** | $14373 | $15599 | $14674 |
| **Feb 21** | $14764 | $16029 | $15079 |
| **Mar 21** | $15432 | $16731 | $15739 |
| **Apr 21** | $16241 | $17624 | $16579 |
| **May 21** | $16341 | $17747 | $16695 |
| **Jun 21** | $16703 | $18161 | $17085 |
| **Jul 21** | $17104 | $18592 | $17490 |
| **Aug 21** | $17601 | $19158 | $18022 |
| **Sep 21** | $16772 | $18267 | $17184 |
| **Oct 21** | $17943 | $19546 | $18388 |
| **Nov 21** | $17803 | $19411 | $18261 |
| **Dec 21** | $18603 | $20281 | $19079 |
| **Jan 22** | $17620 | $19231 | $18092 |
| **Feb 22** | $17087 | $18656 | $17550 |
| **Mar 22** | $17726 | $19348 | $18202 |
| **Apr 22** | $16164 | $17661 | $16614 |
| **May 22** | $15694 | $17693 | $16136 |
| **Jun 22** | $15693 | $16233 | $16156 |
| **Jul 22** | $15697 | $17730 | $16168 |
| **Aug 22** | $14538 | $17007 | $14988 |
| **Sep 22** | $14139 | $15440 | $14593 |
| **Oct 22** | $14513 | $16690 | $14994 |
| **Nov 22** | $14944 | $17623 | $15446 |
| **Dec 22** | $14514 | $16608 | $15006 |
| **Jan 23** | $15089 | $17651 | $15613 |
| **Feb 23** | $14706 | $17221 | $15232 |
| **Mar 23** | $15410 | $17853 | $15977 |
| **Apr 23** | $15495 | $18132 | $16081 |
| **May 23** | $15569 | $18210 | $16151 |
| **Jun 23** | $16575 | $19414 | $17219 |
| **Jul 23** | $17111 | $20037 | $17772 |
| **Aug 23** | $16826 | $19718 | $17489 |
| **Sep 23** | $16022 | $18778 | $16655 |
| **Oct 23** | $15667 | $18383 | $16305 |
| **Nov 23** | $16612 | $20062 | $17291 |
| **Dec 23** | $17364 | $20974 | $18077 |
| **Jan 24** | $17636 | $21326 | $18381 |
| **Feb 24** | $18546 | $22465 | $19362 |
| **Mar 24** | $19146 | $23188 | $19985 |
| **Apr 24** | $18372 | $22241 | $19169 |
| **May 24** | $19287 | $23343 | $20119 |
| **Jun 24** | $19966 | $24181 | $20841 |
| **Jul 24** | $20189 | $24475 | $21095 |
| **Aug 24** | $20663 | $25069 | $21606 |
| **Sep 24** | $21104 | $25604 | $22068 |
| **Oct 24** | $20894 | $25372 | $21868 |
| **Nov 24** | $22116 | $26862 | $23151 |
| **Dec 24** | $21593 | $26221 | $22600 |
| **Jan 25** | $22165 | $26951 | $23229 |
| **Feb 25** | $21876 | $26600 | $22926 |
| **Mar 25** | $20640 | $25101 | $21634 |
| **Apr 25** | $19859 | $24931 | $20853 |
| **May 25** | $20470 | $26500 | $21525 |
| **Jun 25** | $21519 | $27848 | $22619 |
| **Jul 25** | $21999 | $28473 | $23127 |
| **Aug 25** | $22445 | $29050 | $23596 |
| **Sep 25** | $23230 | $30110 | $24457 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| VanEck Long/Flat Trend ETF | 10.07% | 12.36% | 11.13% |
| NDR CMG US Large Cap Long/Flat Index | 10.83% | 13.10% | 11.85% |
| S&P 500 Index | 17.60% | 16.47% | 14.79% |

---

\* Inception of Fund: 10/04/2017

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

### Key Fund Statistics
* Total Net Assets$27,964,258

* Number of Portfolio Holdings1

* Portfolio Turnover Rate91%

* Advisory Fees Paid$64,685

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i0a2d9a58d10ee90fe7163209.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Exchanged Traded Fund | 99.6% |

---

### Material Fund Changes
The following material fund change occurred during the period ended September 30, 2025:

The Fund's net expense ratio decreased to 0.55% for the year ended September 30, 2025 from 0.61% for the year ended September 30, 2024 due to a decrease in interest expense.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Morningstar Global Wide Moat ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Morningstar Global Wide Moat ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Global Wide Moat ETF | $57 | 0.52% |

---

### How did the Fund perform **last year?** 
* The Fund posted strong performance for the period. Global equities gains were concentrated in U.S. large growth stocks where strong earnings tied closely to the AI theme. International markets were mixed amid global tariff uncertainty.

* The Fund's exposure to industrials and communication services were the leading sector contributors to performance and Germany and the United Kingdom from a country perspective.

* The leading individual contributors were Rheinmetall AG, a defense and automotive company; Dassault Aviation, an aerospace and defense manufacturer; and Oracle.

* The Fund's exposure to Sweden and Belgium detracted most from performance along with its exposure to materials.

* The leading individual detractors were International Flavors & Fragrances, DSM- Firmenich AG, a Dutch health, nutrition, and biosciences company, and The Campbell's Company.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (10/30/2018).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i3d14c3f80238844f9137a1e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **Morningstar<sup>®</sup> Global Wide Moat Focus Index** |
| **Oct 18** | $10000 | $10000 | $10000 |
| **Oct 18** | $10115 | $10134 | $10133 |
| **Nov 18** | $10549 | $10282 | $10560 |
| **Dec 18** | $9759 | $9558 | $9778 |
| **Jan 19** | $10414 | $10312 | $10443 |
| **Feb 19** | $10736 | $10588 | $10777 |
| **Mar 19** | $10807 | $10721 | $10839 |
| **Apr 19** | $11189 | $11083 | $11237 |
| **May 19** | $10569 | $10426 | $10622 |
| **Jun 19** | $11268 | $11109 | $11294 |
| **Jul 19** | $11385 | $11141 | $11424 |
| **Aug 19** | $11261 | $10877 | $11293 |
| **Sep 19** | $11501 | $11106 | $11534 |
| **Oct 19** | $11763 | $11410 | $11804 |
| **Nov 19** | $12149 | $11688 | $12191 |
| **Dec 19** | $12495 | $12100 | $12549 |
| **Jan 20** | $12547 | $11966 | $12623 |
| **Feb 20** | $11566 | $11000 | $11585 |
| **Mar 20** | $10159 | $9515 | $10222 |
| **Apr 20** | $11379 | $10534 | $11435 |
| **May 20** | $12006 | $10992 | $12018 |
| **Jun 20** | $12203 | $11343 | $12240 |
| **Jul 20** | $12640 | $11943 | $12685 |
| **Aug 20** | $13400 | $12674 | $13460 |
| **Sep 20** | $13076 | $12266 | $13113 |
| **Oct 20** | $12698 | $11967 | $12748 |
| **Nov 20** | $14104 | $13443 | $14173 |
| **Dec 20** | $14531 | $14067 | $14595 |
| **Jan 21** | $14576 | $14003 | $14639 |
| **Feb 21** | $14883 | $14327 | $14933 |
| **Mar 21** | $15369 | $14710 | $15429 |
| **Apr 21** | $16084 | $15353 | $16168 |
| **May 21** | $16353 | $15592 | $16459 |
| **Jun 21** | $16364 | $15797 | $16444 |
| **Jul 21** | $16492 | $15906 | $16584 |
| **Aug 21** | $16862 | $16304 | $16967 |
| **Sep 21** | $16083 | $15631 | $16209 |
| **Oct 21** | $16681 | $16429 | $16777 |
| **Nov 21** | $15847 | $16033 | $15972 |
| **Dec 21** | $16634 | $16674 | $16775 |
| **Jan 22** | $16328 | $15855 | $16426 |
| **Feb 22** | $16103 | $15446 | $16253 |
| **Mar 22** | $16189 | $15780 | $16363 |
| **Apr 22** | $15123 | $14517 | $15314 |
| **May 22** | $15372 | $14534 | $15512 |
| **Jun 22** | $14202 | $13309 | $14313 |
| **Jul 22** | $15191 | $14239 | $15313 |
| **Aug 22** | $14401 | $13714 | $14555 |
| **Sep 22** | $12961 | $12402 | $13118 |
| **Oct 22** | $13897 | $13150 | $14043 |
| **Nov 22** | $15202 | $14170 | $15305 |
| **Dec 22** | $14747 | $13612 | $14922 |
| **Jan 23** | $15795 | $14588 | $15937 |
| **Feb 23** | $15204 | $14170 | $15383 |
| **Mar 23** | $15491 | $14607 | $15649 |
| **Apr 23** | $15665 | $14817 | $15830 |
| **May 23** | $15061 | $14658 | $15224 |
| **Jun 23** | $15913 | $15509 | $16081 |
| **Jul 23** | $16387 | $16077 | $16575 |
| **Aug 23** | $15561 | $15628 | $15764 |
| **Sep 23** | $14794 | $14981 | $14996 |
| **Oct 23** | $14214 | $14531 | $14378 |
| **Nov 23** | $15429 | $15872 | $15621 |
| **Dec 23** | $16399 | $16634 | $16620 |
| **Jan 24** | $16103 | $16732 | $16350 |
| **Feb 24** | $16655 | $17450 | $16884 |
| **Mar 24** | $17156 | $17998 | $17401 |
| **Apr 24** | $16451 | $17404 | $16744 |
| **May 24** | $16991 | $18111 | $17192 |
| **Jun 24** | $16784 | $18514 | $17048 |
| **Jul 24** | $17692 | $18813 | $17961 |
| **Aug 24** | $18569 | $19291 | $18838 |
| **Sep 24** | $19073 | $19739 | $19390 |
| **Oct 24** | $18106 | $19296 | $18433 |
| **Nov 24** | $18652 | $20017 | $18943 |
| **Dec 24** | $17945 | $19544 | $18291 |
| **Jan 25** | $18986 | $20200 | $19353 |
| **Feb 25** | $19441 | $20078 | $19748 |
| **Mar 25** | $19251 | $19285 | $19555 |
| **Apr 25** | $19350 | $19465 | $19687 |
| **May 25** | $20380 | $20583 | $20784 |
| **Jun 25** | $20956 | $21508 | $21355 |
| **Jul 25** | $21138 | $21799 | $21615 |
| **Aug 25** | $21656 | $22338 | $22093 |
| **Sep 25** | $22282 | $23147 | $22727 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| VanEck Morningstar Global Wide Moat ETF | 16.82% | 11.25% | 12.28% |
| Morningstar<sup>®</sup> Global Wide Moat Focus Index | 17.21% | 11.63% | 12.60% |
| MSCI ACWI Index | 17.27% | 13.54% | 12.90% |

---

\* Inception of Fund: 10/30/2018

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

### Key Fund Statistics
* Total Net Assets$18,051,635

* Number of Portfolio Holdings79

* Portfolio Turnover Rate85%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iaa68fad4d1e4d0335b073346.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 0.7% |
| Financials | 7.5% |
| Communication Services | 10.0% |
| Consumer Discretionary | 11.3% |
| Information Technology | 12.8% |
| Consumer Staples | 14.2% |
| Health Care | 14.7% |
| Industrials | 28.8% |

---

---

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

---

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

---

| | |
|:---|:---|
| Baidu, Inc. | 2.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| Tencent Holdings Ltd. | 2.3% |
| Rheinmetall AG | 2.2% |
| BAE Systems PLC | 2.1% |
| GSK PLC | 2.1% |
| Hoya Corp. | 2.1% |
| JD.com, Inc. | 2.1% |
| FANUC Corp. | 2.0% |
| US Bancorp | 2.0% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Morningstar International Moat ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Morningstar International Moat ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar International Moat ETF | $62 | 0.58% |

---

### How did the Fund perform **last year?** 
* The Fund posted strong performance for the period as investors generally sought diversification from U.S. markets amid global trade uncertainties and a weakening US dollar.

* The Fund's exposure to the industrials and consumer discretionary sectors were the leading sector contributors to performance for the period and the Fund's exposure to Germany and the United Kingdom contributed the most from a country perspective.

* The leading individual contributors were Rheinmetall, a defense and automotive company, Alibaba, and Baidu.

* The Fund's exposure to France and Spain were the largest detractors along with its materials sector exposure.

* The leading individual detractors were benefits and payment solutions firm Edenred SE; PDD Holdings, a Chinese e-commerce company; and Elekta AB, a medical technology company.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i4650e258136def9396a553d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **Morningstar<sup>®</sup> Global Markets ex-US Wide Moat Focus Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10653 | $10785 | $10710 |
| **Nov 15** | $10487 | $10696 | $10531 |
| **Dec 15** | $10224 | $10503 | $10320 |
| **Jan 16** | $9645 | $9869 | $9641 |
| **Feb 16** | $9649 | $9802 | $9726 |
| **Mar 16** | $10498 | $10528 | $10591 |
| **Apr 16** | $10628 | $10683 | $10742 |
| **May 16** | $10426 | $10697 | $10518 |
| **Jun 16** | $9988 | $10632 | $10025 |
| **Jul 16** | $10407 | $11090 | $10507 |
| **Aug 16** | $10513 | $11128 | $10627 |
| **Sep 16** | $10791 | $11196 | $10874 |
| **Oct 16** | $10460 | $11006 | $10588 |
| **Nov 16** | $10639 | $11089 | $10777 |
| **Dec 16** | $10747 | $11329 | $10916 |
| **Jan 17** | $11322 | $11639 | $11475 |
| **Feb 17** | $11569 | $11965 | $11733 |
| **Mar 17** | $11959 | $12112 | $12124 |
| **Apr 17** | $12183 | $12300 | $12362 |
| **May 17** | $12704 | $12572 | $12888 |
| **Jun 17** | $12743 | $12629 | $12933 |
| **Jul 17** | $13360 | $12982 | $13578 |
| **Aug 17** | $13503 | $13032 | $13702 |
| **Sep 17** | $13696 | $13283 | $13902 |
| **Oct 17** | $13657 | $13559 | $13873 |
| **Nov 17** | $13781 | $13822 | $13985 |
| **Dec 17** | $13936 | $14045 | $14229 |
| **Jan 18** | $14782 | $14837 | $15070 |
| **Feb 18** | $14013 | $14214 | $14376 |
| **Mar 18** | $13952 | $13910 | $14183 |
| **Apr 18** | $14001 | $14042 | $14346 |
| **May 18** | $13572 | $14060 | $13868 |
| **Jun 18** | $13323 | $13984 | $13640 |
| **Jul 18** | $13744 | $14406 | $14027 |
| **Aug 18** | $13535 | $14519 | $13841 |
| **Sep 18** | $13539 | $14582 | $13875 |
| **Oct 18** | $12358 | $13489 | $12652 |
| **Nov 18** | $12775 | $13686 | $13047 |
| **Dec 18** | $12075 | $12722 | $12389 |
| **Jan 19** | $13118 | $13727 | $13377 |
| **Feb 19** | $13292 | $14094 | $13621 |
| **Mar 19** | $13207 | $14271 | $13524 |
| **Apr 19** | $13500 | $14753 | $13846 |
| **May 19** | $12448 | $13878 | $12790 |
| **Jun 19** | $13148 | $14787 | $13488 |
| **Jul 19** | $12925 | $14830 | $13313 |
| **Aug 19** | $12542 | $14478 | $12885 |
| **Sep 19** | $12963 | $14783 | $13333 |
| **Oct 19** | $13369 | $15188 | $13780 |
| **Nov 19** | $13574 | $15558 | $13981 |
| **Dec 19** | $14093 | $16106 | $14522 |
| **Jan 20** | $13319 | $15928 | $13819 |
| **Feb 20** | $12546 | $14642 | $12830 |
| **Mar 20** | $10730 | $12665 | $11187 |
| **Apr 20** | $11720 | $14022 | $12129 |
| **May 20** | $12067 | $14632 | $12361 |
| **Jun 20** | $12474 | $15099 | $12821 |
| **Jul 20** | $12783 | $15898 | $13156 |
| **Aug 20** | $13357 | $16871 | $13805 |
| **Sep 20** | $12945 | $16327 | $13340 |
| **Oct 20** | $12608 | $15930 | $13009 |
| **Nov 20** | $14497 | $17894 | $15008 |
| **Dec 20** | $15121 | $18724 | $15641 |
| **Jan 21** | $14947 | $18639 | $15485 |
| **Feb 21** | $15707 | $19071 | $16221 |
| **Mar 21** | $16027 | $19580 | $16554 |
| **Apr 21** | $16241 | $20436 | $16827 |
| **May 21** | $16793 | $20754 | $17321 |
| **Jun 21** | $16078 | $21028 | $16648 |
| **Jul 21** | $15343 | $21173 | $15898 |
| **Aug 21** | $15448 | $21703 | $16036 |
| **Sep 21** | $15099 | $20806 | $15749 |
| **Oct 21** | $15381 | $21868 | $15984 |
| **Nov 21** | $14501 | $21342 | $15120 |
| **Dec 21** | $15161 | $22195 | $15800 |
| **Jan 22** | $15444 | $21105 | $15943 |
| **Feb 22** | $15229 | $20560 | $15865 |
| **Mar 22** | $14965 | $21005 | $15705 |
| **Apr 22** | $14266 | $19324 | $15049 |
| **May 22** | $14734 | $19347 | $15394 |
| **Jun 22** | $13619 | $17716 | $14169 |
| **Jul 22** | $13869 | $18953 | $14430 |
| **Aug 22** | $13231 | $18255 | $13888 |
| **Sep 22** | $11831 | $16508 | $12458 |
| **Oct 22** | $12162 | $17504 | $12747 |
| **Nov 22** | $14141 | $18862 | $14656 |
| **Dec 22** | $14037 | $18119 | $14760 |
| **Jan 23** | $15547 | $19418 | $16243 |
| **Feb 23** | $15198 | $18862 | $15929 |
| **Mar 23** | $15498 | $19443 | $16214 |
| **Apr 23** | $15451 | $19723 | $16153 |
| **May 23** | $14753 | $19511 | $15449 |
| **Jun 23** | $15427 | $20644 | $16150 |
| **Jul 23** | $16303 | $21400 | $17075 |
| **Aug 23** | $15195 | $20802 | $15983 |
| **Sep 23** | $14530 | $19942 | $15316 |
| **Oct 23** | $13859 | $19342 | $14533 |
| **Nov 23** | $14991 | $21127 | $15755 |
| **Dec 23** | $15523 | $22142 | $16342 |
| **Jan 24** | $14742 | $22272 | $15577 |
| **Feb 24** | $15190 | $23228 | $16006 |
| **Mar 24** | $15512 | $23957 | $16354 |
| **Apr 24** | $15425 | $23167 | $16367 |
| **May 24** | $16381 | $24108 | $17178 |
| **Jun 24** | $15701 | $24644 | $16586 |
| **Jul 24** | $15935 | $25042 | $16843 |
| **Aug 24** | $16379 | $25678 | $17300 |
| **Sep 24** | $17517 | $26274 | $18596 |
| **Oct 24** | $16245 | $25685 | $17202 |
| **Nov 24** | $16116 | $26645 | $17005 |
| **Dec 24** | $15895 | $26015 | $16913 |
| **Jan 25** | $16713 | $26888 | $17719 |
| **Feb 25** | $17471 | $26726 | $18453 |
| **Mar 25** | $17287 | $25670 | $18285 |
| **Apr 25** | $17491 | $25909 | $18563 |
| **May 25** | $17892 | $27399 | $19058 |
| **Jun 25** | $18081 | $28629 | $19194 |
| **Jul 25** | $18071 | $29017 | $19277 |
| **Aug 25** | $19098 | $29734 | $20277 |
| **Sep 25** | $19423 | $30811 | $20632 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Morningstar International Moat ETF | 10.88% | 8.45% | 6.86% |
| Morningstar<sup>®</sup> Global Markets ex-US Wide Moat Focus Index | 10.95% | 9.11% | 7.51% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

Index data prior to December 20, 2024, reflects the performance of the Morningstar<sup>®</sup> Global Markets ex-US Moat Focus Index.

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

### Key Fund Statistics
* Total Net Assets$193,576,156

* Number of Portfolio Holdings53

* Portfolio Turnover Rate110%

* Advisory Fees Paid$821,119

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if8a64c06ee4524b8ec52fc3a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Materials | 4.2% |
| Financials | 4.5% |
| Communication Services | 5.9% |
| Consumer Discretionary | 7.9% |
| Information Technology | 12.5% |
| Health Care | 19.5% |
| Industrials | 20.6% |
| Consumer Staples | 24.7% |

---

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

---

| | |
|:---|:---|
| Baidu, Inc. | 3.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.9% |
| Tencent Holdings Ltd. | 2.8% |
| Barry Callebaut AG | 2.8% |
| Rheinmetall AG | 2.7% |
| Koninklijke Philips NV | 2.6% |
| GSK PLC | 2.6% |
| JD.com, Inc. | 2.6% |
| Omron Corp. | 2.5% |
| Spirax Group PLC | 2.5% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Morningstar SMID Moat ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Morningstar SMID Moat ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar SMID Moat ETF | $50 | 0.49% |

---

### How did the Fund perform **last year?** 
* U.S. small- and mid-cap companies rallied at points throughout the period on the heels of rate-cut sentiment or as market breadth improved, however they underperformed broader large-cap equities due to cautious investor sentiment, and concentration of returns in mega-caps.

* During the period, the Fund benefited most from its exposure to the consumer discretionary and financials sectors.

* The leading individual contributors to performance were Tapestry, a luxury fashion and accessories company; cruise operator, Carnival Corp., and The Carlyle Group, a global alternative asset manager.

* The Fund's exposure to materials was the leading sector-level detractor.

* The leading individual detractors were Eastman Chemical; Revvity, a life sciences and diagnostics company; and CarMax.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (10/4/2022).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i079af9649e0c194d00a4b198.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM** |
| **Oct 22** | $10000 | $10000 | $10000 |
| **Oct 22** | $10099 | $10223 | $10103 |
| **Nov 22** | $10916 | $10795 | $10924 |
| **Dec 22** | $10406 | $10173 | $10418 |
| **Jan 23** | $11649 | $10812 | $11668 |
| **Feb 23** | $11263 | $10548 | $11286 |
| **Mar 23** | $10950 | $10935 | $10977 |
| **Apr 23** | $10793 | $11106 | $10824 |
| **May 23** | $10535 | $11154 | $10569 |
| **Jun 23** | $11531 | $11891 | $11577 |
| **Jul 23** | $12024 | $12273 | $12077 |
| **Aug 23** | $11518 | $12078 | $11574 |
| **Sep 23** | $10949 | $11502 | $11006 |
| **Oct 23** | $10121 | $11260 | $10178 |
| **Nov 23** | $11129 | $12288 | $11197 |
| **Dec 23** | $12203 | $12847 | $12286 |
| **Jan 24** | $11860 | $13063 | $11945 |
| **Feb 24** | $12634 | $13760 | $12731 |
| **Mar 24** | $13227 | $14203 | $13336 |
| **Apr 24** | $12316 | $13623 | $12420 |
| **May 24** | $12523 | $14298 | $12635 |
| **Jun 24** | $12395 | $14811 | $12512 |
| **Jul 24** | $13123 | $14992 | $13245 |
| **Aug 24** | $13266 | $15355 | $13387 |
| **Sep 24** | $13569 | $15683 | $13697 |
| **Oct 24** | $13498 | $15541 | $13631 |
| **Nov 24** | $14410 | $16453 | $14558 |
| **Dec 24** | $13519 | $16061 | $13664 |
| **Jan 25** | $14270 | $16508 | $14430 |
| **Feb 25** | $13897 | $16293 | $14057 |
| **Mar 25** | $12869 | $15375 | $13021 |
| **Apr 25** | $12441 | $15271 | $12593 |
| **May 25** | $13105 | $16232 | $13272 |
| **Jun 25** | $13649 | $17057 | $13831 |
| **Jul 25** | $13906 | $17440 | $14097 |
| **Aug 25** | $14324 | $17794 | $14527 |
| **Sep 25** | $14161 | $18443 | $14368 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Morningstar SMID Moat ETF | 4.36% | 12.34% |
| Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM | 4.90% | 12.89% |
| S&P 500 Index | 17.60% | 22.73% |

---

\* Inception of Fund: 10/04/2022

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

### Key Fund Statistics
* Total Net Assets$371,856,942

* Number of Portfolio Holdings104

* Portfolio Turnover Rate77%

* Advisory Fees Paid$1,772,928

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i828de818d5c9a46c335a78c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Energy | 1.9% |
| Real Estate | 2.7% |
| Communication Services | 3.2% |
| Utilities | 4.3% |
| Consumer Staples | 5.7% |
| Materials | 7.4% |
| Financials | 7.8% |
| Health Care | 12.4% |
| Information Technology | 14.3% |
| Consumer Discretionary | 19.6% |
| Industrials | 20.6% |

---

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

---

| | |
|:---|:---|
| Ionis Pharmaceuticals, Inc. | 1.9% |
| Huntington Ingalls Industries, Inc. | 1.5% |
| Chart Industries, Inc. | 1.5% |
| Norwegian Cruise Line Holdings Ltd. | 1.5% |
| Acuity, Inc. | 1.5% |
| Warner Music Group Corp. | 1.5% |
| Expedia Group, Inc. | 1.5% |
| WESCO International, Inc. | 1.4% |
| Portland General Electric Co. | 1.4% |
| DuPont de Nemours, Inc. | 1.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Morningstar Wide Moat ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Morningstar Wide Moat ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat ETF | $47 | 0.46% |

---

### How did the Fund perform **last year?** 
* The Fund posted positive performance for the period but faced some headwinds relative to broad-based market indexes due to its underweight to tech-oriented companies, particularly mega-cap tech companies.

* Despite its relative underweight, the technology sector contributed the most to the Fund's performance during the period followed by communication services and industrials stocks. 

* The leading individual contributors were Oracle, Monolithic Power Systems, a semiconductor company, and Alphabet.

* The consumer defensive sector detracted the most during the period.

* The leading individual detractors were Brown-Forman, a global spirits manufacturer; International Flavors & Fragrances, and United Parcel Service.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](idc2e29e59dd2624eb3112fba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Morningstar<sup>®</sup> Wide Moat Focus IndexSM** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10787 | $10844 | $10792 |
| **Nov 15** | $10969 | $10876 | $10981 |
| **Dec 15** | $10564 | $10704 | $10589 |
| **Jan 16** | $10045 | $10173 | $10070 |
| **Feb 16** | $10564 | $10159 | $10596 |
| **Mar 16** | $11236 | $10849 | $11279 |
| **Apr 16** | $11817 | $10891 | $11865 |
| **May 16** | $12127 | $11086 | $12184 |
| **Jun 16** | $11879 | $11115 | $11942 |
| **Jul 16** | $12544 | $11525 | $12613 |
| **Aug 16** | $12639 | $11541 | $12716 |
| **Sep 16** | $12423 | $11543 | $12505 |
| **Oct 16** | $12138 | $11332 | $12220 |
| **Nov 16** | $12799 | $11752 | $12893 |
| **Dec 16** | $12860 | $11984 | $12958 |
| **Jan 17** | $13237 | $12212 | $13344 |
| **Feb 17** | $13913 | $12697 | $14031 |
| **Mar 17** | $13872 | $12711 | $13994 |
| **Apr 17** | $14138 | $12842 | $14270 |
| **May 17** | $14205 | $13023 | $14342 |
| **Jun 17** | $14607 | $13104 | $14754 |
| **Jul 17** | $14737 | $13373 | $14889 |
| **Aug 17** | $14626 | $13414 | $14787 |
| **Sep 17** | $14903 | $13691 | $15073 |
| **Oct 17** | $14951 | $14011 | $15128 |
| **Nov 17** | $15590 | $14440 | $15779 |
| **Dec 17** | $15844 | $14601 | $16041 |
| **Jan 18** | $16815 | $15437 | $17031 |
| **Feb 18** | $16041 | $14868 | $16251 |
| **Mar 18** | $15474 | $14490 | $15685 |
| **Apr 18** | $15690 | $14546 | $15914 |
| **May 18** | $15881 | $14896 | $16113 |
| **Jun 18** | $16266 | $14988 | $16510 |
| **Jul 18** | $16927 | $15545 | $17189 |
| **Aug 18** | $17248 | $16052 | $17522 |
| **Sep 18** | $17453 | $16143 | $17740 |
| **Oct 18** | $16445 | $15040 | $16719 |
| **Nov 18** | $17233 | $15346 | $17525 |
| **Dec 18** | $15643 | $13961 | $15922 |
| **Jan 19** | $17118 | $15079 | $17426 |
| **Feb 19** | $17738 | $15564 | $18064 |
| **Mar 19** | $17726 | $15866 | $18059 |
| **Apr 19** | $18544 | $16509 | $18899 |
| **May 19** | $17057 | $15459 | $17392 |
| **Jun 19** | $18282 | $16549 | $18650 |
| **Jul 19** | $18818 | $16787 | $19205 |
| **Aug 19** | $18377 | $16521 | $18763 |
| **Sep 19** | $19060 | $16830 | $19474 |
| **Oct 19** | $19846 | $17195 | $20286 |
| **Nov 19** | $20685 | $17819 | $21152 |
| **Dec 19** | $21112 | $18356 | $21599 |
| **Jan 20** | $20804 | $18349 | $21292 |
| **Feb 20** | $19307 | $16839 | $19764 |
| **Mar 20** | $16886 | $14759 | $17268 |
| **Apr 20** | $19236 | $16651 | $19683 |
| **May 20** | $20056 | $17444 | $20527 |
| **Jun 20** | $20136 | $17791 | $20607 |
| **Jul 20** | $20623 | $18794 | $21115 |
| **Aug 20** | $21866 | $20145 | $22397 |
| **Sep 20** | $21043 | $19380 | $21563 |
| **Oct 20** | $20458 | $18864 | $20972 |
| **Nov 20** | $23519 | $20929 | $24119 |
| **Dec 20** | $24227 | $21734 | $24858 |
| **Jan 21** | $24077 | $21514 | $24714 |
| **Feb 21** | $25539 | $22108 | $26224 |
| **Mar 21** | $27038 | $23076 | $27781 |
| **Apr 21** | $28193 | $24307 | $28981 |
| **May 21** | $28624 | $24477 | $29436 |
| **Jun 21** | $28940 | $25049 | $29773 |
| **Jul 21** | $29504 | $25644 | $30366 |
| **Aug 21** | $29913 | $26423 | $30798 |
| **Sep 21** | $28642 | $25194 | $29515 |
| **Oct 21** | $29687 | $26960 | $30606 |
| **Nov 21** | $28687 | $26773 | $29588 |
| **Dec 21** | $30056 | $27973 | $31024 |
| **Jan 22** | $29362 | $26525 | $30319 |
| **Feb 22** | $29027 | $25731 | $29984 |
| **Mar 22** | $29474 | $26686 | $30466 |
| **Apr 22** | $27268 | $24359 | $28196 |
| **May 22** | $27250 | $24404 | $28193 |
| **Jun 22** | $25200 | $22389 | $26084 |
| **Jul 22** | $27678 | $24454 | $28662 |
| **Aug 22** | $26317 | $23457 | $27263 |
| **Sep 22** | $23695 | $21296 | $24564 |
| **Oct 22** | $25291 | $23020 | $26228 |
| **Nov 22** | $27500 | $24307 | $28527 |
| **Dec 22** | $25985 | $22907 | $26966 |
| **Jan 23** | $29033 | $24346 | $30142 |
| **Feb 23** | $28232 | $23752 | $29321 |
| **Mar 23** | $29538 | $24624 | $30694 |
| **Apr 23** | $29827 | $25008 | $31005 |
| **May 23** | $29939 | $25117 | $31134 |
| **Jun 23** | $31908 | $26777 | $33200 |
| **Jul 23** | $33294 | $27637 | $34655 |
| **Aug 23** | $32084 | $27197 | $33409 |
| **Sep 23** | $30325 | $25900 | $31592 |
| **Oct 23** | $28894 | $25355 | $30112 |
| **Nov 23** | $31748 | $27671 | $33100 |
| **Dec 23** | $34227 | $28928 | $35704 |
| **Jan 24** | $33615 | $29414 | $35079 |
| **Feb 24** | $35034 | $30985 | $36574 |
| **Mar 24** | $36274 | $31982 | $37887 |
| **Apr 24** | $34463 | $30675 | $36009 |
| **May 24** | $34957 | $32196 | $36539 |
| **Jun 24** | $34955 | $33352 | $36555 |
| **Jul 24** | $36840 | $33758 | $38542 |
| **Aug 24** | $38456 | $34577 | $40249 |
| **Sep 24** | $39125 | $35315 | $40970 |
| **Oct 24** | $38028 | $34995 | $39836 |
| **Nov 24** | $39707 | $37049 | $41611 |
| **Dec 24** | $37900 | $36166 | $39737 |
| **Jan 25** | $39064 | $37173 | $40975 |
| **Feb 25** | $37575 | $36688 | $39427 |
| **Mar 25** | $35971 | $34621 | $37758 |
| **Apr 25** | $35209 | $34386 | $36967 |
| **May 25** | $36678 | $36550 | $38526 |
| **Jun 25** | $38367 | $38409 | $40319 |
| **Jul 25** | $39596 | $39271 | $41629 |
| **Aug 25** | $40245 | $40067 | $42329 |
| **Sep 25** | $40537 | $41530 | $42657 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Morningstar Wide Moat ETF | 3.61% | 14.01% | 15.02% |
| Morningstar<sup>®</sup> Wide Moat Focus IndexSM | 4.12% | 14.62% | 15.61% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

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

### Key Fund Statistics
* Total Net Assets$12,700,444,645

* Number of Portfolio Holdings54

* Portfolio Turnover Rate55%

* Advisory Fees Paid$63,072,114

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i574f2f2fe1344fec6fbd02d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 0.9% |
| Communication Services | 2.8% |
| Consumer Discretionary | 4.9% |
| Financials | 7.0% |
| Consumer Staples | 15.5% |
| Information Technology | 21.0% |
| Health Care | 23.8% |
| Industrials | 24.0% |

---

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

---

| | |
|:---|:---|
| Applied Materials, Inc. | 3.0% |
| Huntington Ingalls Industries, Inc. | 2.8% |
| Estee Lauder Cos, Inc. | 2.8% |
| West Pharmaceutical Services, Inc. | 2.7% |
| Thermo Fisher Scientific, Inc. | 2.7% |
| Agilent Technologies, Inc. | 2.6% |
| NXP Semiconductors NV | 2.5% |
| US Bancorp | 2.5% |
| Merck & Co., Inc. | 2.5% |
| NIKE, Inc. | 2.5% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Morningstar Wide Moat Value ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Morningstar Wide Moat Value ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat Value ETF | $51 | 0.50% |

---

### How did the Fund perform **last year?** 
* The Fund posted modest positive returns for the period as U.S. value stocks lagged both growth stocks and the broader U.S. market. Investor preference remained concentrated in mega-cap technology and other growth-oriented AI beneficiaries, leaving value-oriented sectors behind.

* The industrials sector contributed most to the Fund's performance followed by information technology and communication services.

* The leading individual contributors were Boeing, Gilead Sciences, and Huntington Ingalls Industries, a shipbuilding and defense contractor.

* Consumer staples was the sector that detracted the most from performance.

* The leading individual detractors were International Flavors & Fragrances, The Campbell's Company, and Constellation Brands.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (3/26/2024).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ifc577c7642d647e245e6f5a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Morningstar<sup>®</sup> US Broad Value Wide Moat Focus Index** |
| **Mar-24** | $10000 | $10000 | $10000 |
| **Mar-24** | $10230 | $10099 | $10231 |
| **Apr-24** | $9768 | $9687 | $9772 |
| **May-24** | $10079 | $10167 | $10089 |
| **Jun-24** | $9956 | $10532 | $9971 |
| **Jul-24** | $10605 | $10660 | $10624 |
| **Aug-24** | $10995 | $10918 | $11019 |
| **Sep-24** | $11171 | $11152 | $11201 |
| **Oct-24** | $11035 | $11051 | $11069 |
| **Nov-24** | $11462 | $11699 | $11500 |
| **Dec-24** | $10876 | $11420 | $10919 |
| **Jan-25** | $11090 | $11738 | $11139 |
| **Feb-25** | $10963 | $11585 | $11015 |
| **Mar-25** | $10624 | $10932 | $10681 |
| **Apr-25** | $10255 | $10858 | $10314 |
| **May-25** | $10549 | $11542 | $10615 |
| **Jun-25** | $10913 | $12129 | $10986 |
| **Jul-25** | $11305 | $12401 | $11385 |
| **Aug-25** | $11626 | $12652 | $11713 |
| **Sep-25** | $11582 | $13114 | $11674 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Morningstar Wide Moat Value ETF | 3.68% | 10.18% |
| Morningstar<sup>®</sup> US Broad Value Wide Moat Focus Index | 4.22% | 10.75% |
| S&P 500 Index | 17.60% | 19.59% |

---

\* Inception of Fund: 03/26/2024

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

### Key Fund Statistics
* Total Net Assets$5,160,747

* Number of Portfolio Holdings40

* Portfolio Turnover Rate44%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i2298a3d051fa0114867998e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 1.6% |
| Communication Services | 2.9% |
| Financials | 3.5% |
| Consumer Discretionary | 5.4% |
| Information Technology | 8.1% |
| Industrials | 22.7% |
| Consumer Staples | 23.3% |
| Health Care | 32.5% |

---

---

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

---

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

---

| | |
|:---|:---|
| Thermo Fisher Scientific, Inc. | 4.9% |
| Merck & Co., Inc. | 4.6% |
| NIKE, Inc. | 4.6% |
| Zimmer Biomet Holdings, Inc. | 4.5% |
| Danaher Corp. | 4.5% |
| Boeing Co. | 4.3% |
| Bristol-Myers Squibb Co. | 4.3% |
| The Campbell's Co. | 4.2% |
| United Parcel Service, Inc. | 4.1% |
| Constellation Brands, Inc. | 3.9% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Pharmaceutical ETF

## Ticker: PPH \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Pharmaceutical ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Pharmaceutical ETF | $36 | 0.36% |

---

### How did the Fund perform **last year?** 
* Large pharmaceutical stocks had mixed results during the fiscal year as steady earnings growth was balanced by renewed competition and pricing pressures in select drug categories.

* The Health Care sector detracted most from performance, with Novo Nordisk, Eli Lilly, and Merck leading declines. Shares of these companies moderated following strong prior fiscal year gains, while investor focus shifted toward valuation and pricing concerns within the large-cap drug segment.

* Offsetting some of the weakness were positive contributions from Johnson & Johnson and McKesson Corporation. Both benefited from solid fundamentals, Johnson & Johnson from stable pharmaceutical and medical technology results, and McKesson from continued strength in pharmaceutical distribution and cost efficiency initiatives.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i53d779df0c1576609e9fc823.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> US Listed Pharmaceutical 25 Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10329 | $10785 | $10329 |
| **Nov 15** | $10306 | $10696 | $10305 |
| **Dec 15** | $10400 | $10503 | $10433 |
| **Jan 16** | $9670 | $9869 | $9671 |
| **Feb 16** | $9176 | $9802 | $9175 |
| **Mar 16** | $9195 | $10528 | $9195 |
| **Apr 16** | $9403 | $10683 | $9406 |
| **May 16** | $9505 | $10697 | $9507 |
| **Jun 16** | $9482 | $10632 | $9488 |
| **Jul 16** | $10041 | $11090 | $10047 |
| **Aug 16** | $9563 | $11128 | $9570 |
| **Sep 16** | $9328 | $11196 | $9336 |
| **Oct 16** | $8447 | $11006 | $8456 |
| **Nov 16** | $8444 | $11089 | $8451 |
| **Dec 16** | $8553 | $11329 | $8587 |
| **Jan 17** | $8541 | $11639 | $8553 |
| **Feb 17** | $9092 | $11965 | $9100 |
| **Mar 17** | $9017 | $12112 | $9026 |
| **Apr 17** | $9104 | $12300 | $9112 |
| **May 17** | $9453 | $12572 | $9458 |
| **Jun 17** | $9735 | $12629 | $9743 |
| **Jul 17** | $9611 | $12982 | $9618 |
| **Aug 17** | $9225 | $13032 | $9230 |
| **Sep 17** | $9569 | $13283 | $9581 |
| **Oct 17** | $9188 | $13559 | $9200 |
| **Nov 17** | $9544 | $13822 | $9555 |
| **Dec 17** | $9870 | $14045 | $9909 |
| **Jan 18** | $10251 | $14837 | $10267 |
| **Feb 18** | $9639 | $14214 | $9653 |
| **Mar 18** | $9451 | $13910 | $9463 |
| **Apr 18** | $9516 | $14042 | $9528 |
| **May 18** | $9745 | $14060 | $9755 |
| **Jun 18** | $9913 | $13984 | $9925 |
| **Jul 18** | $10437 | $14406 | $10451 |
| **Aug 18** | $10726 | $14519 | $10739 |
| **Sep 18** | $10854 | $14582 | $10870 |
| **Oct 18** | $10222 | $13489 | $10236 |
| **Nov 18** | $10618 | $13686 | $10632 |
| **Dec 18** | $9311 | $12722 | $9360 |
| **Jan 19** | $9953 | $13727 | $9966 |
| **Feb 19** | $10304 | $14094 | $10316 |
| **Mar 19** | $10314 | $14271 | $10324 |
| **Apr 19** | $9947 | $14753 | $9954 |
| **May 19** | $9361 | $13878 | $9363 |
| **Jun 19** | $10038 | $14787 | $10044 |
| **Jul 19** | $9878 | $14830 | $9877 |
| **Aug 19** | $9685 | $14478 | $9682 |
| **Sep 19** | $9781 | $14783 | $9780 |
| **Oct 19** | $10236 | $15188 | $10236 |
| **Nov 19** | $10733 | $15558 | $10731 |
| **Dec 19** | $11093 | $16106 | $11117 |
| **Jan 20** | $11098 | $15928 | $11089 |
| **Feb 20** | $10232 | $14642 | $10218 |
| **Mar 20** | $9429 | $12665 | $9408 |
| **Apr 20** | $10565 | $14022 | $10538 |
| **May 20** | $11035 | $14632 | $11005 |
| **Jun 20** | $10844 | $15099 | $10816 |
| **Jul 20** | $11047 | $15898 | $11009 |
| **Aug 20** | $11274 | $16871 | $11235 |
| **Sep 20** | $10859 | $16327 | $10824 |
| **Oct 20** | $10357 | $15930 | $10323 |
| **Nov 20** | $11425 | $17894 | $11385 |
| **Dec 20** | $11670 | $18724 | $11668 |
| **Jan 21** | $12010 | $18639 | $11959 |
| **Feb 21** | $11889 | $19071 | $11836 |
| **Mar 21** | $12158 | $19580 | $12101 |
| **Apr 21** | $12334 | $20436 | $12276 |
| **May 21** | $12791 | $20754 | $12724 |
| **Jun 21** | $12938 | $21028 | $12873 |
| **Jul 21** | $13312 | $21173 | $13232 |
| **Aug 21** | $13527 | $21703 | $13443 |
| **Sep 21** | $12933 | $20806 | $12853 |
| **Oct 21** | $13425 | $21868 | $13343 |
| **Nov 21** | $12774 | $21342 | $12692 |
| **Dec 21** | $13806 | $22195 | $13708 |
| **Jan 22** | $13608 | $21105 | $13510 |
| **Feb 22** | $13588 | $20560 | $13487 |
| **Mar 22** | $14300 | $21005 | $14191 |
| **Apr 22** | $13994 | $19324 | $13892 |
| **May 22** | $14288 | $19347 | $14180 |
| **Jun 22** | $13859 | $17716 | $13756 |
| **Jul 22** | $13912 | $18953 | $13803 |
| **Aug 22** | $12798 | $18255 | $12696 |
| **Sep 22** | $12168 | $16508 | $12072 |
| **Oct 22** | $13237 | $17504 | $13132 |
| **Nov 22** | $14012 | $18862 | $13897 |
| **Dec 22** | $14170 | $18119 | $14056 |
| **Jan 23** | $14281 | $19418 | $14147 |
| **Feb 23** | $13785 | $18862 | $13654 |
| **Mar 23** | $14147 | $19443 | $14008 |
| **Apr 23** | $14495 | $19723 | $14351 |
| **May 23** | $13891 | $19511 | $13743 |
| **Jun 23** | $14484 | $20644 | $14334 |
| **Jul 23** | $14853 | $21400 | $14660 |
| **Aug 23** | $15120 | $20802 | $14919 |
| **Sep 23** | $14740 | $19942 | $14546 |
| **Oct 23** | $13967 | $19342 | $13782 |
| **Nov 23** | $14568 | $21127 | $14366 |
| **Dec 23** | $15146 | $22142 | $14928 |
| **Jan 24** | $15879 | $22272 | $15645 |
| **Feb 24** | $16539 | $23228 | $16295 |
| **Mar 24** | $16888 | $23957 | $16634 |
| **Apr 24** | $16399 | $23167 | $16151 |
| **May 24** | $16928 | $24108 | $16669 |
| **Jun 24** | $17135 | $24644 | $16865 |
| **Jul 24** | $17495 | $25042 | $17214 |
| **Aug 24** | $18692 | $25678 | $18389 |
| **Sep 24** | $17884 | $26274 | $17591 |
| **Oct 24** | $17227 | $25685 | $16943 |
| **Nov 24** | $17025 | $26645 | $16740 |
| **Dec 24** | $16378 | $26015 | $16087 |
| **Jan 25** | $16884 | $26888 | $16578 |
| **Feb 25** | $17773 | $26726 | $17445 |
| **Mar 25** | $17292 | $25670 | $16965 |
| **Apr 25** | $17098 | $25909 | $16768 |
| **May 25** | $16812 | $27399 | $16477 |
| **Jun 25** | $16799 | $28629 | $16452 |
| **Jul 25** | $15950 | $29017 | $15618 |
| **Aug 25** | $17090 | $29734 | $16729 |
| **Sep 25** | $17369 | $30811 | $17005 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Pharmaceutical ETF | (2.88)% | 9.85% | 5.68% |
| MVIS<sup>®</sup> US Listed Pharmaceutical 25 Index | (3.33)% | 9.46% | 5.45% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

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

### Key Fund Statistics
* Total Net Assets$568,100,700

* Number of Portfolio Holdings26

* Portfolio Turnover Rate30%

* Advisory Fees Paid$2,091,739

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if063b6dd9b5cb25154413252.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Biotechnology | 4.8% |
| Health Care Distributors | 8.5% |
| Pharmaceuticals | 86.3% |

---

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

---

| | |
|:---|:---|
| Eli Lilly & Co. | 19.9% |
| Novartis AG | 9.7% |
| Novo Nordisk A/S | 7.7% |
| Merck & Co., Inc. | 7.4% |
| Pfizer, Inc. | 5.1% |
| AbbVie, Inc. | 4.8% |
| McKesson Corp. | 4.8% |
| GSK PLC | 4.7% |
| Johnson & Johnson | 4.7% |
| Sanofi SA | 4.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Real Assets ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Real Assets ETF (the "Fund") (formerly known as VanEck Inflation Allocation ETF) for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Real Assets ETF | $43 | 0.39% |

---

---

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

---

### How did the Fund perform **last year?** 
* The Fund posted strong performance for the period, supported by strength across real assets as elevated inflation expectations, interest-rate uncertainty, and renewed demand for inflation-hedging investments drove investor interest in tangible assets. 

* Gold investments were the leading contributors, benefiting from a strong gold rally driven by inflation pressures, central bank demand, and heightened global uncertainty.

* Broader commodity positions also helped performance; industrial metals, especially copper benefited from supply constraints and electrification demand.

* Energy exposure had mixed performance; gains in certain segments were offset by headwinds from OPEC+ supply decisions, policy volatility, and cost pressures in drilling operations.

* A few materials and infrastructure holdings lagged, weighed by soft global growth indicators, tariff risks, and sector cyclicality.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (4/9/2018).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](iee7739028860a46f8eaddd8e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **Apr 18** | $10000 | $10000 | $10000 |
| **Apr 18** | $10298 | $10139 | $10190 |
| **May 18** | $10389 | $10383 | $10334 |
| **Jun 18** | $10203 | $10447 | $9973 |
| **Jul 18** | $10207 | $10836 | $9760 |
| **Aug 18** | $10115 | $11189 | $9588 |
| **Sep 18** | $10083 | $11253 | $9771 |
| **Oct 18** | $9762 | $10483 | $9561 |
| **Nov 18** | $9790 | $10697 | $9506 |
| **Dec 18** | $9900 | $9731 | $8852 |
| **Jan 19** | $9968 | $10511 | $9334 |
| **Feb 19** | $9968 | $10848 | $9428 |
| **Mar 19** | $10072 | $11059 | $9411 |
| **Apr 19** | $9968 | $11507 | $9372 |
| **May 19** | $9633 | $10776 | $9057 |
| **Jun 19** | $10192 | $11535 | $9299 |
| **Jul 19** | $10203 | $11701 | $9237 |
| **Aug 19** | $10082 | $11516 | $9023 |
| **Sep 19** | $10086 | $11731 | $9129 |
| **Oct 19** | $10135 | $11985 | $9313 |
| **Nov 19** | $9992 | $12420 | $9075 |
| **Dec 19** | $10518 | $12795 | $9532 |
| **Jan 20** | $10278 | $12790 | $8831 |
| **Feb 20** | $9502 | $11737 | $8386 |
| **Mar 20** | $7808 | $10288 | $7312 |
| **Apr 20** | $7860 | $11606 | $7200 |
| **May 20** | $7908 | $12159 | $7512 |
| **Jun 20** | $7960 | $12401 | $7683 |
| **Jul 20** | $8484 | $13100 | $8122 |
| **Aug 20** | $8679 | $14042 | $8671 |
| **Sep 20** | $8238 | $13508 | $8381 |
| **Oct 20** | $8114 | $13149 | $8499 |
| **Nov 20** | $9034 | $14588 | $8797 |
| **Dec 20** | $9074 | $15149 | $9235 |
| **Jan 21** | $9729 | $14996 | $9477 |
| **Feb 21** | $10177 | $15410 | $10090 |
| **Mar 21** | $10410 | $16085 | $9874 |
| **Apr 21** | $10826 | $16943 | $10692 |
| **May 21** | $11135 | $17062 | $10984 |
| **Jun 21** | $11151 | $17460 | $11187 |
| **Jul 21** | $11208 | $17875 | $11393 |
| **Aug 21** | $11169 | $18418 | $11359 |
| **Sep 21** | $11048 | $17562 | $11925 |
| **Oct 21** | $11869 | $18792 | $12233 |
| **Nov 21** | $11265 | $18662 | $11338 |
| **Dec 21** | $11690 | $19498 | $11738 |
| **Jan 22** | $11689 | $18489 | $12769 |
| **Feb 22** | $12274 | $17935 | $13564 |
| **Mar 22** | $13190 | $18601 | $14737 |
| **Apr 22** | $12772 | $16979 | $15347 |
| **May 22** | $12972 | $17010 | $15581 |
| **Jun 22** | $11610 | $15606 | $13902 |
| **Jul 22** | $11949 | $17045 | $14495 |
| **Aug 22** | $11712 | $16350 | $14508 |
| **Sep 22** | $10749 | $14844 | $13331 |
| **Oct 22** | $11516 | $16046 | $13597 |
| **Nov 22** | $12252 | $16943 | $13969 |
| **Dec 22** | $11904 | $15967 | $13627 |
| **Jan 23** | $12591 | $16970 | $13560 |
| **Feb 23** | $11887 | $16556 | $12923 |
| **Mar 23** | $12106 | $17164 | $12897 |
| **Apr 23** | $12193 | $17432 | $12800 |
| **May 23** | $11529 | $17507 | $12078 |
| **Jun 23** | $11993 | $18664 | $12566 |
| **Jul 23** | $12680 | $19264 | $13352 |
| **Aug 23** | $12455 | $18957 | $13250 |
| **Sep 23** | $12141 | $18053 | $13158 |
| **Oct 23** | $12037 | $17674 | $13193 |
| **Nov 23** | $12436 | $19288 | $12896 |
| **Dec 23** | $12635 | $20164 | $12549 |
| **Jan 24** | $12419 | $20503 | $12599 |
| **Feb 24** | $12565 | $21598 | $12414 |
| **Mar 24** | $13422 | $22293 | $12824 |
| **Apr 24** | $13308 | $21382 | $13169 |
| **May 24** | $13562 | $22442 | $13400 |
| **Jun 24** | $13528 | $23248 | $13194 |
| **Jul 24** | $13930 | $23531 | $12662 |
| **Aug 24** | $14052 | $24101 | $12668 |
| **Sep 24** | $14369 | $24616 | $13284 |
| **Oct 24** | $14594 | $24393 | $13038 |
| **Nov 24** | $14992 | $25825 | $13091 |
| **Dec 24** | $14203 | $25209 | $13224 |
| **Jan 25** | $14849 | $25911 | $13747 |
| **Feb 25** | $14947 | $25573 | $13854 |
| **Mar 25** | $15406 | $24132 | $14398 |
| **Apr 25** | $15043 | $23968 | $13706 |
| **May 25** | $15407 | $25477 | $13627 |
| **Jun 25** | $15900 | $26773 | $13955 |
| **Jul 25** | $16048 | $27374 | $13892 |
| **Aug 25** | $16622 | $27928 | $14160 |
| **Sep 25** | $17408 | $28948 | $14464 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| VanEck Real Assets ETF | 21.15% | 16.14% | 7.70% |
| Bloomberg Commodity Index Total Return | 8.88% | 11.53% | 5.06% |
| S&P 500 Index | 17.60% | 16.47% | 15.28% |

---

\* Inception of Fund: 04/09/2018

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

### Key Fund Statistics
* Total Net Assets$174,593,394

* Number of Portfolio Holdings13

* Portfolio Turnover Rate11%

* Advisory Fees Paid$337,194

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3bba0d24b42ffc40f68cbc05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.5% |
| Gold and Gold Equities | 26.8% |
| Income Assets | 30.2% |
| Resource Assets | 42.5% |

---

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

---

| | |
|:---|:---|
| VanEck Merk Gold ETF | 23.1% |
| VanEck Commodity Strategy ETF | 19.8% |
| Global X US Infrastructure Development ETF | 12.5% |
| VanEck Energy Income ETF | 11.2% |
| Energy Select Sector SPDR Fund | 9.5% |
| Materials Select Sector SPDR Fund | 7.9% |
| iShares Residential and Multisector Real Estate ETF | 6.5% |
| VanEck Uranium and Nuclear ETF | 4.1% |
| VanEck Gold Miners ETF | 3.2% |
| Invesco Water Resources ETF | 1.2% |

---

### Material Fund Changes
The following material fund change occurred during the period ended September 30, 2025:

Effective December 30, 2024, the Fund's name changed to VanEck Real Assets ETF and the Fund adopted an 80% policy to invest in exchange traded products that provide exposure to real assets.

The Fund's net expense ratio decreased to 0.39% for the year ended September 30, 2025 from 0.44% for the year ended September 30, 2024 primarily as a result of an increase in average net assets.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Retail ETF

## Ticker: RTH \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Retail ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Retail ETF | $38 | 0.35% |

---

### How did the Fund perform **last year?** 
* Retail stocks advanced during the fiscal year amid resilient U.S. consumer spending, moderating inflation, and continued strength in e-commerce activity. 

* The Consumer Discretionary sector contributed most to performance. Amazon.com was the top contributor, benefiting from ongoing strength in e-commerce and cloud services, while O'Reilly Automotive added to returns on steady demand for auto parts and strong pricing power.

* Offsetting factors included mixed performance among specialty retailers and department stores, where tighter household budgets and shifting spending patterns were weighed on discretionary categories.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i2a1dec8d2850864801e86967.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> US Listed Retail 25 Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10447 | $10785 | $10449 |
| **Nov 15** | $10599 | $10696 | $10602 |
| **Dec 15** | $10799 | $10503 | $10804 |
| **Jan 16** | $10217 | $9869 | $10223 |
| **Feb 16** | $10188 | $9802 | $10190 |
| **Mar 16** | $10720 | $10528 | $10720 |
| **Apr 16** | $10578 | $10683 | $10579 |
| **May 16** | $10652 | $10697 | $10649 |
| **Jun 16** | $10756 | $10632 | $10752 |
| **Jul 16** | $11163 | $11090 | $11160 |
| **Aug 16** | $10984 | $11128 | $10977 |
| **Sep 16** | $10842 | $11196 | $10836 |
| **Oct 16** | $10428 | $11006 | $10422 |
| **Nov 16** | $10814 | $11089 | $10805 |
| **Dec 16** | $10736 | $11329 | $10723 |
| **Jan 17** | $10844 | $11639 | $10831 |
| **Feb 17** | $11190 | $11965 | $11176 |
| **Mar 17** | $11175 | $12112 | $11159 |
| **Apr 17** | $11503 | $12300 | $11487 |
| **May 17** | $11717 | $12572 | $11688 |
| **Jun 17** | $11373 | $12629 | $11346 |
| **Jul 17** | $11558 | $12982 | $11531 |
| **Aug 17** | $11192 | $13032 | $11162 |
| **Sep 17** | $11520 | $13283 | $11490 |
| **Oct 17** | $11545 | $13559 | $11516 |
| **Nov 17** | $12648 | $13822 | $12607 |
| **Dec 17** | $13121 | $14045 | $13084 |
| **Jan 18** | $14577 | $14837 | $14533 |
| **Feb 18** | $13897 | $14214 | $13855 |
| **Mar 18** | $13393 | $13910 | $13351 |
| **Apr 18** | $13873 | $14042 | $13829 |
| **May 18** | $13815 | $14060 | $13766 |
| **Jun 18** | $14388 | $13984 | $14340 |
| **Jul 18** | $14805 | $14406 | $14755 |
| **Aug 18** | $15909 | $14519 | $15849 |
| **Sep 18** | $16014 | $14582 | $15955 |
| **Oct 18** | $14832 | $13489 | $14781 |
| **Nov 18** | $14878 | $13686 | $14823 |
| **Dec 18** | $13646 | $12722 | $13594 |
| **Jan 19** | $14685 | $13727 | $14629 |
| **Feb 19** | $14847 | $14094 | $14788 |
| **Mar 19** | $15228 | $14271 | $15164 |
| **Apr 19** | $15716 | $14753 | $15650 |
| **May 19** | $14737 | $13878 | $14670 |
| **Jun 19** | $15825 | $14787 | $15752 |
| **Jul 19** | $15978 | $14830 | $15905 |
| **Aug 19** | $16357 | $14478 | $16278 |
| **Sep 19** | $16626 | $14783 | $16546 |
| **Oct 19** | $16910 | $15188 | $16828 |
| **Nov 19** | $17424 | $15558 | $17339 |
| **Dec 19** | $17622 | $16106 | $17534 |
| **Jan 20** | $17508 | $15928 | $17421 |
| **Feb 20** | $16472 | $14642 | $16388 |
| **Mar 20** | $15456 | $12665 | $15368 |
| **Apr 20** | $17717 | $14022 | $17616 |
| **May 20** | $18890 | $14632 | $18783 |
| **Jun 20** | $19414 | $15099 | $19305 |
| **Jul 20** | $20757 | $15898 | $20641 |
| **Aug 20** | $22300 | $16871 | $22175 |
| **Sep 20** | $21815 | $16327 | $21693 |
| **Oct 20** | $21144 | $15930 | $21026 |
| **Nov 20** | $23121 | $17894 | $22993 |
| **Dec 20** | $23147 | $18724 | $23010 |
| **Jan 21** | $23074 | $18639 | $22938 |
| **Feb 21** | $22646 | $19071 | $22512 |
| **Mar 21** | $24337 | $19580 | $24192 |
| **Apr 21** | $25609 | $20436 | $25459 |
| **May 21** | $25186 | $20754 | $25038 |
| **Jun 21** | $25891 | $21028 | $25739 |
| **Jul 21** | $26054 | $21173 | $25903 |
| **Aug 21** | $26741 | $21703 | $26585 |
| **Sep 21** | $25771 | $20806 | $25622 |
| **Oct 21** | $27507 | $21868 | $27350 |
| **Nov 21** | $28226 | $21342 | $28068 |
| **Dec 21** | $28921 | $22195 | $28761 |
| **Jan 22** | $26913 | $21105 | $26768 |
| **Feb 22** | $26110 | $20560 | $25969 |
| **Mar 22** | $26830 | $21005 | $26684 |
| **Apr 22** | $25327 | $19324 | $25191 |
| **May 22** | $24047 | $19347 | $23915 |
| **Jun 22** | $22613 | $17716 | $22488 |
| **Jul 22** | $25100 | $18953 | $24965 |
| **Aug 22** | $24673 | $18255 | $24533 |
| **Sep 22** | $23015 | $16508 | $22889 |
| **Oct 22** | $24207 | $17504 | $24076 |
| **Nov 22** | $25724 | $18862 | $25579 |
| **Dec 22** | $23849 | $18119 | $23715 |
| **Jan 23** | $25452 | $19418 | $25311 |
| **Feb 23** | $23963 | $18862 | $23831 |
| **Mar 23** | $24560 | $19443 | $24424 |
| **Apr 23** | $24879 | $19723 | $24742 |
| **May 23** | $24599 | $19511 | $24456 |
| **Jun 23** | $26254 | $20644 | $26110 |
| **Jul 23** | $27049 | $21400 | $26903 |
| **Aug 23** | $26511 | $20802 | $26358 |
| **Sep 23** | $25219 | $19942 | $25079 |
| **Oct 23** | $25226 | $19342 | $25082 |
| **Nov 23** | $26921 | $21127 | $26760 |
| **Dec 23** | $28623 | $22142 | $28442 |
| **Jan 24** | $28938 | $22272 | $28756 |
| **Feb 24** | $31214 | $23228 | $31021 |
| **Mar 24** | $32038 | $23957 | $31838 |
| **Apr 24** | $30056 | $23167 | $29872 |
| **May 24** | $30486 | $24108 | $30293 |
| **Jun 24** | $31226 | $24644 | $31037 |
| **Jul 24** | $31651 | $25042 | $31458 |
| **Aug 24** | $31806 | $25678 | $31606 |
| **Sep 24** | $33171 | $26274 | $32970 |
| **Oct 24** | $32556 | $25685 | $32359 |
| **Nov 24** | $35279 | $26645 | $35062 |
| **Dec 24** | $34284 | $26015 | $34082 |
| **Jan 25** | $36649 | $26888 | $36432 |
| **Feb 25** | $36263 | $26726 | $36048 |
| **Mar 25** | $34566 | $25670 | $34361 |
| **Apr 25** | $34779 | $25909 | $34575 |
| **May 25** | $36032 | $27399 | $35823 |
| **Jun 25** | $36536 | $28629 | $36327 |
| **Jul 25** | $36940 | $29017 | $36727 |
| **Aug 25** | $37989 | $29734 | $37770 |
| **Sep 25** | $38425 | $30811 | $38209 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Retail ETF | 15.84% | 11.99% | 14.41% |
| MVIS<sup>®</sup> US Listed Retail 25 Index | 15.89% | 11.99% | 14.34% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

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

### Key Fund Statistics
* Total Net Assets$261,381,780

* Number of Portfolio Holdings25

* Portfolio Turnover Rate9%

* Advisory Fees Paid$836,277

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1b8794971e347558550034b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Industrials | 3.1% |
| Health Care | 14.6% |
| Consumer Staples | 25.4% |
| Consumer Discretionary | 56.9% |

---

---

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

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 19.0% |
| Walmart, Inc. | 9.4% |
| Costco Wholesale Corp. | 7.7% |
| The Home Depot, Inc. | 7.7% |
| The TJX Companies, Inc. | 5.2% |
| McKesson Corp. | 4.9% |
| O'Reilly Automotive, Inc. | 4.6% |
| CVS Health Corp. | 4.5% |
| Lowe's Companies, Inc. | 4.2% |
| AutoZone, Inc. | 3.9% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Robotics ETF

## Ticker: IBOT \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Robotics ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Robotics ETF | $51 | 0.47% |

---

### How did the Fund perform **last year?** 
* Global robotics and automation markets advanced over the fiscal year, supported by industrial demand, AI-driven innovation, and increased adoption of automation technologies.

* Information Technology and Industrials sectors, the largest exposures in the Fund, contributed most to performance.

* Top contributors were a mix of technology and industrial names led by NVIDIA, Siemens, ASML Holding, and ABB, which benefited from robust demand for automation hardware, semiconductor equipment, and AI-enabled control systems.

* Detractors were concentrated in select technology names including Keyence and Dassault Systems, while industrial holdings generally outperformed amid steady capital investment and demand for factory automation. As a result, weakness in technology-oriented robotics firms had a smaller overall impact on Fund performance.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (4/5/2023).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i5aa84f88553d30c2cbb22ee5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **BlueStar Robotics Index** |
| **Apr 23** | $10000 | $10000 | $10000 |
| **Apr 23** | $10070 | $10168 | $10038 |
| **May 23** | $10583 | $10059 | $10583 |
| **Jun 23** | $11362 | $10643 | $11337 |
| **Jul 23** | $11414 | $11033 | $11414 |
| **Aug 23** | $10953 | $10724 | $10976 |
| **Sep 23** | $10218 | $10281 | $10250 |
| **Oct 23** | $9550 | $9972 | $9534 |
| **Nov 23** | $10780 | $10892 | $10801 |
| **Dec 23** | $11771 | $11415 | $11813 |
| **Jan 24** | $11758 | $11482 | $11847 |
| **Feb 24** | $12703 | $11975 | $12733 |
| **Mar 24** | $13057 | $12351 | $13084 |
| **Apr 24** | $12302 | $11943 | $12385 |
| **May 24** | $12996 | $12429 | $13024 |
| **Jun 24** | $13280 | $12705 | $13339 |
| **Jul 24** | $13184 | $12910 | $13286 |
| **Aug 24** | $13216 | $13238 | $13255 |
| **Sep 24** | $13299 | $13546 | $13346 |
| **Oct 24** | $12579 | $13242 | $12713 |
| **Nov 24** | $12896 | $13737 | $12964 |
| **Dec 24** | $12522 | $13412 | $12659 |
| **Jan 25** | $13094 | $13862 | $13227 |
| **Feb 25** | $12810 | $13778 | $12854 |
| **Mar 25** | $11985 | $13234 | $12021 |
| **Apr 25** | $11955 | $13357 | $12013 |
| **May 25** | $12916 | $14125 | $13037 |
| **Jun 25** | $13980 | $14759 | $14104 |
| **Jul 25** | $14142 | $14960 | $14324 |
| **Aug 25** | $14384 | $15329 | $14561 |
| **Sep 25** | $15217 | $15885 | $15339 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Robotics ETF | 14.43% | 18.39% |
| BlueStar Robotics Index | 14.93% | 18.76% |
| MSCI ACWI Index | 17.27% | 20.44% |

---

\* Inception of Fund: 04/05/2023

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

### Key Fund Statistics
* Total Net Assets$21,199,164

* Number of Portfolio Holdings63

* Portfolio Turnover Rate25%

* Advisory Fees Paid$68,842

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ife16529a17238dbe589ed242.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.2% |
| Health Care | 1.4% |
| Energy | 1.6% |
| Consumer Discretionary | 3.3% |
| Industrials | 36.1% |
| Information Technology | 57.4% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.0% |
| ABB Ltd. | 5.7% |
| ASML Holding N.V. | 5.6% |
| Autodesk, Inc. | 4.9% |
| Emerson Electric Co. | 4.7% |
| Keyence Corp. | 4.0% |
| Denso Corp. | 3.3% |
| Rockwell Automation, Inc. | 3.2% |
| Dassault Systemes SE | 2.5% |
| FANUC Corp. | 2.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Semiconductor ETF

## Ticker: SMH \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Semiconductor ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Semiconductor ETF | $41 | 0.35% |

---

### How did the Fund perform **last year?** 
* Semiconductor stocks rose strongly over the fiscal year, driven by robust demand for AI-related chips, cloud infrastructure, and advanced computing hardware.

* The Information Technology sector contributed most to performance. NVIDIA was the top contributor, driven by strong demand for AI and data center chips, while Broadcom and Taiwan Semiconductor benefited from robust semiconductor design and foundry growth.

* Performance was tempered by profit-taking across certain semiconductor equipment and memory names, as well as concerns about near-term supply chain normalization following a period of elevated demand.

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

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ia53cae6eed9f2ca008c6d540.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> US Listed Semiconductor 25 Index** |
| **Sep 15** | $10000 | $10000 | $10000 |
| **Oct 15** | $10853 | $10785 | $10855 |
| **Nov 15** | $11147 | $10696 | $11142 |
| **Dec 15** | $10904 | $10503 | $10909 |
| **Jan 16** | $10170 | $9869 | $10177 |
| **Feb 16** | $10301 | $9802 | $10301 |
| **Mar 16** | $11251 | $10528 | $11257 |
| **Apr 16** | $10724 | $10683 | $10733 |
| **May 16** | $11619 | $10697 | $11620 |
| **Jun 16** | $11652 | $10632 | $11657 |
| **Jul 16** | $12976 | $11090 | $12983 |
| **Aug 16** | $13528 | $11128 | $13525 |
| **Sep 16** | $14173 | $11196 | $14191 |
| **Oct 16** | $13947 | $11006 | $13969 |
| **Nov 16** | $14506 | $11089 | $14517 |
| **Dec 16** | $14763 | $11329 | $14782 |
| **Jan 17** | $15358 | $11639 | $15381 |
| **Feb 17** | $15729 | $11965 | $15745 |
| **Mar 17** | $16417 | $12112 | $16438 |
| **Apr 17** | $16413 | $12300 | $16438 |
| **May 17** | $17698 | $12572 | $17716 |
| **Jun 17** | $16876 | $12629 | $16896 |
| **Jul 17** | $17671 | $12982 | $17698 |
| **Aug 17** | $18250 | $13032 | $18269 |
| **Sep 17** | $19224 | $13283 | $19249 |
| **Oct 17** | $20933 | $13559 | $20963 |
| **Nov 17** | $20649 | $13822 | $20670 |
| **Dec 17** | $20420 | $14045 | $20453 |
| **Jan 18** | $22243 | $14837 | $22280 |
| **Feb 18** | $22243 | $14214 | $22269 |
| **Mar 18** | $21792 | $13910 | $21821 |
| **Apr 18** | $20292 | $14042 | $20324 |
| **May 18** | $22383 | $14060 | $22403 |
| **Jun 18** | $21416 | $13984 | $21441 |
| **Jul 18** | $22237 | $14406 | $22266 |
| **Aug 18** | $22746 | $14519 | $22768 |
| **Sep 18** | $22224 | $14582 | $22246 |
| **Oct 18** | $19559 | $13489 | $19581 |
| **Nov 18** | $20006 | $13686 | $20028 |
| **Dec 18** | $18586 | $12722 | $18608 |
| **Jan 19** | $20559 | $13727 | $20586 |
| **Feb 19** | $21976 | $14094 | $21998 |
| **Mar 19** | $22632 | $14271 | $22653 |
| **Apr 19** | $24738 | $14753 | $24768 |
| **May 19** | $20920 | $13878 | $20934 |
| **Jun 19** | $23464 | $14787 | $23482 |
| **Jul 19** | $24907 | $14830 | $24933 |
| **Aug 19** | $24369 | $14478 | $24389 |
| **Sep 19** | $25357 | $14783 | $25378 |
| **Oct 19** | $27146 | $15188 | $27174 |
| **Nov 19** | $28290 | $15558 | $28316 |
| **Dec 19** | $30575 | $16106 | $30599 |
| **Jan 20** | $29730 | $15928 | $29758 |
| **Feb 20** | $28483 | $14642 | $28501 |
| **Mar 20** | $25296 | $12665 | $25299 |
| **Apr 20** | $28880 | $14022 | $28897 |
| **May 20** | $30551 | $14632 | $30560 |
| **Jun 20** | $33049 | $15099 | $33057 |
| **Jul 20** | $35935 | $15898 | $35946 |
| **Aug 20** | $37888 | $16871 | $37898 |
| **Sep 20** | $37681 | $16327 | $37688 |
| **Oct 20** | $37787 | $15930 | $37802 |
| **Nov 20** | $44995 | $17894 | $45011 |
| **Dec 20** | $47483 | $18724 | $47500 |
| **Jan 21** | $49289 | $18639 | $49318 |
| **Feb 21** | $52375 | $19071 | $52408 |
| **Mar 21** | $52933 | $19580 | $52971 |
| **Apr 21** | $52835 | $20436 | $52886 |
| **May 21** | $54162 | $20754 | $54214 |
| **Jun 21** | $57003 | $21028 | $57062 |
| **Jul 21** | $57287 | $21173 | $57358 |
| **Aug 21** | $58905 | $21703 | $58983 |
| **Sep 21** | $55744 | $20806 | $55821 |
| **Oct 21** | $59521 | $21868 | $59619 |
| **Nov 21** | $66371 | $21342 | $66494 |
| **Dec 21** | $67512 | $22195 | $67669 |
| **Jan 22** | $60210 | $21105 | $60358 |
| **Feb 22** | $58640 | $20560 | $58781 |
| **Mar 22** | $58906 | $21005 | $59057 |
| **Apr 22** | $50214 | $19324 | $50355 |
| **May 22** | $53397 | $19347 | $53544 |
| **Jun 22** | $44531 | $17716 | $44656 |
| **Jul 22** | $51862 | $18953 | $52022 |
| **Aug 22** | $46861 | $18255 | $47001 |
| **Sep 22** | $40471 | $16508 | $40595 |
| **Oct 22** | $41380 | $17504 | $41512 |
| **Nov 22** | $49775 | $18862 | $49930 |
| **Dec 22** | $44922 | $18119 | $45042 |
| **Jan 23** | $52449 | $19418 | $52598 |
| **Feb 23** | $52960 | $18862 | $53105 |
| **Mar 23** | $58246 | $19443 | $58410 |
| **Apr 23** | $54693 | $19723 | $54860 |
| **May 23** | $63757 | $19511 | $63953 |
| **Jun 23** | $67402 | $20644 | $67623 |
| **Jul 23** | $71031 | $21400 | $71277 |
| **Aug 23** | $69096 | $20802 | $69339 |
| **Sep 23** | $64141 | $19942 | $64367 |
| **Oct 23** | $61489 | $19342 | $61715 |
| **Nov 23** | $71002 | $21127 | $71272 |
| **Dec 23** | $77812 | $22142 | $78125 |
| **Jan 24** | $82710 | $22272 | $83059 |
| **Feb 24** | $94280 | $23228 | $94692 |
| **Mar 24** | $100149 | $23957 | $100596 |
| **Apr 24** | $95285 | $23167 | $95743 |
| **May 24** | $106941 | $24108 | $107460 |
| **Jun 24** | $116028 | $24644 | $116621 |
| **Jul 24** | $109980 | $25042 | $110568 |
| **Aug 24** | $108335 | $25678 | $108932 |
| **Sep 24** | $109208 | $26274 | $109824 |
| **Oct 24** | $107509 | $25685 | $108135 |
| **Nov 24** | $107765 | $26645 | $108417 |
| **Dec 24** | $108236 | $26015 | $108913 |
| **Jan 25** | $108904 | $26888 | $109608 |
| **Feb 25** | $104042 | $26726 | $104729 |
| **Mar 25** | $94431 | $25670 | $95054 |
| **Apr 25** | $94491 | $25909 | $95129 |
| **May 25** | $107085 | $27399 | $107836 |
| **Jun 25** | $124667 | $28629 | $125562 |
| **Jul 25** | $129013 | $29017 | $129964 |
| **Aug 25** | $129716 | $29734 | $130699 |
| **Sep 25** | $145919 | $30811 | $147061 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| VanEck Semiconductor ETF | 33.62% | 31.10% | 30.74% |
| MVIS<sup>®</sup> US Listed Semiconductor 25 Index | 33.91% | 31.30% | 30.84% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |

---

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

### Key Fund Statistics
* Total Net Assets$31,959,307,386

* Number of Portfolio Holdings26

* Portfolio Turnover Rate12%

* Advisory Fees Paid$83,935,522

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i14197787c0904f8de3e5c4ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Application Software | 6.1% |
| Semiconductor Materials & Equipment | 21.3% |
| Semiconductors | 72.5% |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 19.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.8% |
| Broadcom, Inc. | 8.2% |
| ASML Holding N.V. | 5.6% |
| Intel Corp. | 5.3% |
| Applied Materials, Inc. | 5.2% |
| Lam Research Corp. | 5.1% |
| Micron Technology, Inc. | 4.9% |
| KLA Corp. | 4.7% |
| Advanced Micro Devices, Inc. | 4.6% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Social Sentiment ETF

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

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Social Sentiment ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Social Sentiment ETF | $102 | 0.76% |

---

### How did the Fund perform **last year?** 
* The Fund posted strong performance during the period as companies with positive social sentiment performed particularly well in a market environment that benefited high beta exposure.

* The Fund's exposure to the information technology, financials, and communication services sectors contributed the most during the period.

* The largest individual contributors were Robinhood Markets, Palantir Technologies, and Strategy, Inc.

* The real estate and materials sectors contributed the least, while energy was the only sector to detract.

* The leading individual detractors were Trump Media & Technology Group, MARA Holdings, and Viking Therapeutics.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (3/2/2021).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i0aeec486a18047cd5373eadc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **BUZZ NextGen AI US Sentiment Leaders Index** |
| **Mar 21** | $10000 | $10000 | $10000 |
| **Mar 21** | $9656 | $10278 | $9649 |
| **Apr 21** | $9913 | $10827 | $9912 |
| **May 21** | $9891 | $10902 | $9895 |
| **Jun 21** | $10693 | $11157 | $10704 |
| **Jul 21** | $10168 | $11422 | $10183 |
| **Aug 21** | $10550 | $11769 | $10571 |
| **Sep 21** | $9862 | $11222 | $9888 |
| **Oct 21** | $10464 | $12008 | $10497 |
| **Nov 21** | $10095 | $11925 | $10132 |
| **Dec 21** | $9327 | $12459 | $9367 |
| **Jan 22** | $7819 | $11814 | $7858 |
| **Feb 22** | $7548 | $11461 | $7589 |
| **Mar 22** | $7748 | $11886 | $7791 |
| **Apr 22** | $6127 | $10850 | $6167 |
| **May 22** | $5982 | $10870 | $6022 |
| **Jun 22** | $5165 | $9972 | $5196 |
| **Jul 22** | $5924 | $10892 | $5961 |
| **Aug 22** | $5712 | $10448 | $5747 |
| **Sep 22** | $5095 | $9486 | $5127 |
| **Oct 22** | $5451 | $10253 | $5486 |
| **Nov 22** | $5573 | $10826 | $5610 |
| **Dec 22** | $4881 | $10203 | $4914 |
| **Jan 23** | $5788 | $10844 | $5829 |
| **Feb 23** | $5698 | $10579 | $5736 |
| **Mar 23** | $5990 | $10968 | $6032 |
| **Apr 23** | $5764 | $11139 | $5804 |
| **May 23** | $6188 | $11187 | $6231 |
| **Jun 23** | $6604 | $11926 | $6653 |
| **Jul 23** | $7221 | $12310 | $7278 |
| **Aug 23** | $6565 | $12114 | $6620 |
| **Sep 23** | $6188 | $11536 | $6244 |
| **Oct 23** | $5802 | $11293 | $5856 |
| **Nov 23** | $6751 | $12325 | $6813 |
| **Dec 23** | $7540 | $12885 | $7614 |
| **Jan 24** | $7266 | $13101 | $7340 |
| **Feb 24** | $8215 | $13801 | $8300 |
| **Mar 24** | $8656 | $14245 | $8747 |
| **Apr 24** | $7940 | $13663 | $8025 |
| **May 24** | $8375 | $14341 | $8457 |
| **Jun 24** | $8574 | $14855 | $8638 |
| **Jul 24** | $8615 | $15036 | $8682 |
| **Aug 24** | $8449 | $15401 | $8519 |
| **Sep 24** | $8687 | $15730 | $8764 |
| **Oct 24** | $8796 | $15587 | $8880 |
| **Nov 24** | $10262 | $16502 | $10363 |
| **Dec 24** | $10086 | $16108 | $10193 |
| **Jan 25** | $10348 | $16557 | $10464 |
| **Feb 25** | $9958 | $16341 | $10074 |
| **Mar 25** | $9051 | $15420 | $9160 |
| **Apr 25** | $9606 | $15316 | $9728 |
| **May 25** | $10900 | $16280 | $11042 |
| **Jun 25** | $12278 | $17108 | $12443 |
| **Jul 25** | $13061 | $17492 | $13240 |
| **Aug 25** | $13014 | $17846 | $13199 |
| **Sep 25** | $14593 | $18498 | $14801 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| VanEck Social Sentiment ETF | 67.98% | 8.60% |
| BUZZ NextGen AI US Sentiment Leaders Index | 68.89% | 8.94% |
| S&P 500 Index | 17.60% | 14.37% |

---

\* Inception of Fund: 03/02/2021

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

### Key Fund Statistics
* Total Net Assets$115,128,186

* Number of Portfolio Holdings76

* Portfolio Turnover Rate202%

* Advisory Fees Paid$499,817

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i384ebadd833dc6592b9d8122.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Other Investments | 1.5% |
| Consumer Staples | 3.2% |
| Industrials | 6.1% |
| Health Care | 8.3% |
| Financials | 11.3% |
| Communication Services | 13.4% |
| Consumer Discretionary | 15.7% |
| Information Technology | 40.4% |

---

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

---

| | |
|:---|:---|
| Intel Corp. | 3.8% |
| AST SpaceMobile, Inc. | 3.6% |
| Nebius Group NV | 3.5% |
| Robinhood Markets, Inc. | 3.4% |
| Tesla, Inc. | 3.3% |
| Palantir Technologies, Inc. | 3.1% |
| Apple, Inc. | 3.1% |
| GameStop Corp. | 3.1% |
| Hims & Hers Health, Inc. | 3.1% |
| Super Micro Computer, Inc. | 3.0% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Technology TruSector ETF

## Ticker: TRUT \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Technology TruSector ETF (the "Fund") for the period August 20, 2025 (inception of Fund) to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck Technology TruSector ETF | $1<sup>Footnote Reference(b)</sup> | 0.10%<sup>Footnote Reference(c)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Footnote<sup>(b)</sup> | Expenses for a full year would be higher than the amount shown. |
| Footnote<sup>(c)</sup> | Annualized |

---

### How did the Fund perform **during the period?** 
* Technology stocks advanced strongly over the period from the Fund's inception, fueled by accelerating AI adoption, enterprise cloud demand, and renewed investor interest in high-growth software and semiconductor companies. The underlying sector benchmark, the Technology Select Sector SPDR Fund (XLK), also delivered strong gains, driven by broad strength in large-cap technology names.

* NVIDIA was the top contributor, benefiting from exceptional demand for AI and data center chips, while Broadcom and Microsoft also added meaningfully on strength in semiconductor solutions and enterprise software.

* Performance was partially offset by profit-taking in certain high-growth software and cybersecurity names, as elevated valuations and higher interest rates led to short-term volatility late in the period.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (8/20/2025).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ie9d6f3d10aa3e2d3e29dcf4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500 Index** | **MarketVector™ Top US Profitable Technology Companies Index** |
| **Aug-25** | $10000 | $10000 | $10000 |
| **Aug-25** | $10092 | $10105 | $10097 |
| **Sep-25** | $10816 | $10473 | $10857 |

---

### Average Annual Total Returns

---

| | |
|:---|:---|
| . | **Life\*** |
| VanEck Technology TruSector ETF | 8.16% |
| MarketVector™ Top US Profitable Technology Companies Index | 8.57% |
| S&P 500 Index | 4.73% |

---

\* Inception of Fund: 08/20/2025. Returns are not annualized.

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

### Key Fund Statistics
* Total Net Assets$13,841,674

* Number of Portfolio Holdings66

* Portfolio Turnover Rate2%

* Advisory Fees Paid$820

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if27be7e2546f1699b0ac2eea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Exchange Traded Fund | 43.2% |
| Information Technology | 56.7% |

---

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

---

| | |
|:---|:---|
| Technology Select Sector SPDR Fund | 43.2% |
| NVIDIA Corp. | 16.5% |
| Microsoft Corp. | 14.0% |
| Apple, Inc. | 13.7% |
| Broadcom, Inc. | 5.6% |
| Oracle Corp. | 0.8% |
| Palantir Technologies, Inc. | 0.5% |
| Cisco Systems, Inc. | 0.3% |
| International Business Machines Corp. | 0.3% |
| Advanced Micro Devices, Inc. | 0.3% |

---

### Material Fund Changes
The following material fund change occurred during the period ended September 30, 2025:

Effective September 8, 2025, the Fund's management fee rate was reduced from 0.12% to 0.10%. Additionally, the Fund changed its distribution frequency from annually to quarterly.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

# VanEck Video Gaming and eSports ETF

## Ticker: ESPO \| The NASDAQ Stock Market LLC

### **Annual Shareholder Report - September 30, 2025**![Image](ia898cf2c077648015ff4533e.jpg)

This annual shareholder report contains important information about the VanEck Video Gaming and eSports ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Video Gaming and eSports ETF | $72 | 0.55% |

---

### How did the Fund perform **last year?** 
* Video gaming and esports equities delivered positive gains for the fiscal year, supported by healthy engagement trends and improving monetization across leading titles and platforms.

* Communication Services securities drove results, led by Roblox, Nintendo and Netease. 

* AppLovin was the largest individual contributor to Fund performance as its share price more than quintupled during the fiscal year offsetting what was otherwise a lackluster year for Technology sector names. AppLovin benefited from the integration of AI-driven advertising optimization, which enhanced monetization efficiency.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (10/16/2018).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](icc496b9ba40de5575794fce6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI ACWI Index** | **MVIS<sup>®</sup> Global Video Gaming and eSports Index** |
| **Oct 18** | $10000 | $10000 | $10000 |
| **Oct 18** | $8999 | $9676 | $9058 |
| **Nov 18** | $9119 | $9818 | $9175 |
| **Dec 18** | $8714 | $9126 | $8791 |
| **Jan 19** | $9628 | $9847 | $9711 |
| **Feb 19** | $9421 | $10110 | $9504 |
| **Mar 19** | $10240 | $10237 | $10327 |
| **Apr 19** | $10629 | $10583 | $10728 |
| **May 19** | $10247 | $9955 | $10379 |
| **Jun 19** | $10781 | $10607 | $10897 |
| **Jul 19** | $10825 | $10638 | $10994 |
| **Aug 19** | $10905 | $10386 | $11050 |
| **Sep 19** | $10931 | $10604 | $11068 |
| **Oct 19** | $11099 | $10894 | $11245 |
| **Nov 19** | $11587 | $11160 | $11745 |
| **Dec 19** | $12339 | $11553 | $12532 |
| **Jan 20** | $12502 | $11426 | $12751 |
| **Feb 20** | $12485 | $10503 | $12633 |
| **Mar 20** | $12531 | $9085 | $12738 |
| **Apr 20** | $13595 | $10058 | $13836 |
| **May 20** | $15336 | $10496 | $15521 |
| **Jun 20** | $16821 | $10831 | $17061 |
| **Jul 20** | $18302 | $11404 | $18593 |
| **Aug 20** | $20067 | $12102 | $20405 |
| **Sep 20** | $19922 | $11712 | $20197 |
| **Oct 20** | $19377 | $11427 | $19688 |
| **Nov 20** | $21222 | $12835 | $21591 |
| **Dec 20** | $22733 | $13431 | $23142 |
| **Jan 21** | $23545 | $13370 | $23971 |
| **Feb 21** | $23402 | $13680 | $23788 |
| **Mar 21** | $22161 | $14045 | $22519 |
| **Apr 21** | $22985 | $14659 | $23458 |
| **May 21** | $22977 | $14888 | $23514 |
| **Jun 21** | $23614 | $15084 | $24111 |
| **Jul 21** | $22010 | $15188 | $22483 |
| **Aug 21** | $22416 | $15568 | $22903 |
| **Sep 21** | $21147 | $14925 | $21682 |
| **Oct 21** | $22483 | $15686 | $23021 |
| **Nov 21** | $23671 | $15309 | $24261 |
| **Dec 21** | $22259 | $15921 | $22835 |
| **Jan 22** | $20880 | $15139 | $21270 |
| **Feb 22** | $20364 | $14748 | $20857 |
| **Mar 22** | $19563 | $15068 | $20181 |
| **Apr 22** | $16820 | $13862 | $17372 |
| **May 22** | $17602 | $13878 | $18131 |
| **Jun 22** | $15943 | $12708 | $16376 |
| **Jul 22** | $16876 | $13595 | $17432 |
| **Aug 22** | $15900 | $13095 | $16499 |
| **Sep 22** | $13656 | $11841 | $14156 |
| **Oct 22** | $13437 | $12556 | $13925 |
| **Nov 22** | $15220 | $13530 | $15668 |
| **Dec 22** | $14596 | $12997 | $15163 |
| **Jan 23** | $16531 | $13929 | $17116 |
| **Feb 23** | $15775 | $13530 | $16382 |
| **Mar 23** | $17923 | $13947 | $18592 |
| **Apr 23** | $17268 | $14147 | $17885 |
| **May 23** | $17828 | $13996 | $18533 |
| **Jun 23** | $18904 | $14808 | $19614 |
| **Jul 23** | $19938 | $15351 | $20710 |
| **Aug 23** | $18401 | $14922 | $19162 |
| **Sep 23** | $17495 | $14305 | $18236 |
| **Oct 23** | $16962 | $13874 | $17608 |
| **Nov 23** | $18746 | $15155 | $19535 |
| **Dec 23** | $19470 | $15883 | $20293 |
| **Jan 24** | $19622 | $15976 | $20507 |
| **Feb 24** | $21147 | $16662 | $22057 |
| **Mar 24** | $21432 | $17185 | $22310 |
| **Apr 24** | $20623 | $16618 | $21611 |
| **May 24** | $22306 | $17293 | $23224 |
| **Jun 24** | $22891 | $17678 | $23911 |
| **Jul 24** | $23324 | $17963 | $24409 |
| **Aug 24** | $24236 | $18419 | $25316 |
| **Sep 24** | $26169 | $18847 | $27429 |
| **Oct 24** | $25498 | $18424 | $26789 |
| **Nov 24** | $28883 | $19113 | $30192 |
| **Dec 24** | $28645 | $18661 | $30122 |
| **Jan 25** | $29841 | $19287 | $31290 |
| **Feb 25** | $31174 | $19171 | $32617 |
| **Mar 25** | $29739 | $18414 | $31087 |
| **Apr 25** | $32522 | $18585 | $34111 |
| **May 25** | $34813 | $19654 | $36656 |
| **Jun 25** | $37476 | $20536 | $39363 |
| **Jul 25** | $36862 | $20815 | $38834 |
| **Aug 25** | $39151 | $21328 | $41226 |
| **Sep 25** | $41788 | $22101 | $43940 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| VanEck Video Gaming and eSports ETF | 59.69% | 15.97% | 22.82% |
| MVIS<sup>®</sup> Global Video Gaming and eSports Index | 60.20% | 16.82% | 23.71% |
| MSCI ACWI Index | 17.27% | 13.54% | 12.08% |

---

\* Inception of Fund: 10/16/2018

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

### Key Fund Statistics
* Total Net Assets$516,662,543

* Number of Portfolio Holdings26

* Portfolio Turnover Rate53%

* Advisory Fees Paid$1,672,437

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i882fe355458d9399bd3412a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Information Technology | 5.9% |
| Consumer Discretionary | 14.2% |
| Communication Services | 79.6% |

---

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 8.2% |
| Nintendo Co. Ltd. | 7.3% |
| Roblox Corp. | 7.2% |
| NetEase, Inc. | 6.7% |
| Electronic Arts, Inc. | 6.4% |
| Take-Two Interactive Software, Inc. | 6.2% |
| GameStop Corp. | 5.0% |
| Aristocrat Leisure Ltd. | 4.9% |
| Capcom Co. Ltd. | 4.4% |
| International Games System Co. Ltd. | 4.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](if0be6a7793d3d01146312792.jpg)

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

Item 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics (the "Code of Ethics")
 that applies to the principal executive officer, principal financial officer, principal
 accounting officer or controller, or persons performing similar functions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's code of ethics is reasonably described in this
 Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended its Code of Ethics during the period
 covered by the shareholder report presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted a waiver or an implicit waiver from
 a provision of its Code of Ethics during the period covered by the shareholder report
 presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for
 professional services billed for the audits of the financial statements, or services
 that are normally provided in connection with statutory and regulatory filings or engagements
 for the fiscal years ended September 30, 2025 and September 30, 2024, were $477,924 and
 $442,215 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional
 services billed for the review of Federal, state and excise tax returns and other tax
 compliance consultations for the fiscal years ended September 30, 2025 and September
 30, 2024 were $260,370 and $208,700 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees

None.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Audit Committee will pre-approve all audit and non-audit services,
 to be provided to the Fund, by the independent accountants as required by Section 10A
 of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman
 of the Audit Committee to approve, between meeting dates, appropriate non-audit services.

The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to
the registrant's investment adviser, and entities controlled by, or under common control with the adviser that provide
ongoing services to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024, were $381,301 and
$261,974 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Ms. Hesslein is the Chairperson of the Audit Committee.

Item 6. INVESTMENTS.

Information included in Item 7.

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

![](x1_c114276x1x1m4.jpg)

September 30, 2025

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| **GPZ** | \| | Alternative Asset Manager ETF |
| **BBH** | \| | Biotech ETF |
| **PIT** | \| | Commodity Strategy ETF |
| **TRUD** | \| | Consumer Discretionary TruSector ETF |
| **DAPP** | \| | Digital Transformation ETF |
| **DURA** | \| | Durable High Dividend ETF |
| **EINC** | \| | Energy Income ETF |
| **EVX** | \| | Environmental Services ETF |
| **SMHX** | \| | Fabless Semiconductor ETF |
| **BJK** | \| | Gaming ETF |
| **LFEQ** | \| | Long/Flat Trend ETF |
| **MOTG** | \| | Morningstar Global Wide Moat ETF |
| **MOTI** | \| | Morningstar International Moat ETF |
| **SMOT** | \| | Morningstar SMID Moat ETF |
| **MOAT** | \| | Morningstar Wide Moat ETF |
| **MVAL** | \| | Morningstar Wide Moat Value ETF |
| **PPH** | \| | Pharmaceutical ETF |
| **RAAX** | \| | Real Assets ETF |
| **RTH** | \| | Retail ETF |
| **IBOT** | \| | Robotics ETF |
| **SMH** | \| | Semiconductor ETF |
| **BUZZ** | \| | Social Sentiment ETF |
| **TRUT** | \| | Technology TruSector ETF |
| **ESPO** | \| | Video Gaming and eSports ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc114276a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Alternative Asset Manager ETF](#xx1xc114276a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Biotech ETF](#xx1xc114276a003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Commodity Strategy ETF](#xx1xc114276a004xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consumer Discretionary TruSector ETF](#xx1xc114276a005xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Transformation ETF](#xx1xc114276a006xm4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Durable High Dividend ETF](#xx1xc114276a007xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Energy Income ETF](#xx1xc114276a008xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Services ETF](#xx1xc114276a009xm4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fabless Semiconductor ETF](#xx1xc114276a010xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gaming ETF](#xx1xc114276a011xm4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long/Flat Trend ETF](#xx1xc114276a012xm4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Global Wide Moat ETF](#xx1xc114276a013xm4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar International Moat ETF](#xx1xc114276a014xm4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar SMID Moat ETF](#xx1xc114276a015xm4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat ETF](#xx1xc114276a016xm4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Value ETF](#xx1xc114276a017xm4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pharmaceutical ETF](#xx1xc114276a018xm4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Assets ETF](#xx1xc114276a019xm4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retail ETF](#xx1xc114276a020xm4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Robotics ETF](#xx1xc114276a021xm4) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Semiconductor ETF](#xx1xc114276a022xm4) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Sentiment ETF](#xx1xc114276a023xm4) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Technology TruSector ETF](#xx1xc114276a024xm4) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Video Gaming and eSports ETF](#xx1xc114276a025xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc114276a026xm4) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc114276a027xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc114276a028xm4) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc114276a029xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Alternative Asset Manager ETF](#xx1xc114276a030xm4) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Biotech ETF](#xx1xc114276a031xm4) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Commodity Strategy ETF](#xx1xc114276a032xm4) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consumer Discretionary TruSector ETF](#xx1xc114276a033xm4) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Transformation ETF](#xx1xc114276a034xm4) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Durable High Dividend ETF](#xx1xc114276a035xm4) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Energy Income ETF](#xx1xc114276a036xm4) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Services ETF](#xx1xc114276a037xm4) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fabless Semiconductor ETF](#xx1xc114276a038xm4) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gaming ETF](#xx1xc114276a039xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long/Flat Trend ETF](#xx1xc114276a040xm4) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Global Wide Moat ETF](#xx1xc114276a041xm4) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar International Moat ETF](#xx1xc114276a042xm4) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar SMID Moat ETF](#xx1xc114276a043xm4) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat ETF](#xx1xc114276a044xm4) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Value ETF](#xx1xc114276a045xm4) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pharmaceutical ETF](#xx1xc114276a046xm4) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Assets ETF](#xx1xc114276a047xm4) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retail ETF](#xx1xc114276a048xm4) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Robotics ETF](#xx1xc114276a049xm4) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Semiconductor ETF](#xx1xc114276a050xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Sentiment ETF](#xx1xc114276a051xm4) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Technology TruSector ETF](#xx1xc114276a052xm4) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Video Gaming and eSports ETF](#xx1xc114276a053xm4) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc114276a054xm4) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx1xc114276a055xm4) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#xx1xc114276a056xm4) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes in and Disagreements with Accountants](#xx1xc114276a057xm4) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc114276a058xm4) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc114276a059xm4) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc114276a060xm4) | 112 |

---

VANECK ALTERNATIVE ASSET MANAGER ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Canada: 22.6%** |  |  |
| Brookfield Asset Management Ltd. (USD) | 82858 | $4717935 |
| Brookfield Corp. (USD) | 183472 | 12582509 |
| Fairfax India Holdings Corp. (USD) 144A \* | 58220 | 1004295 |
| Onex Corp. | 47919 | 4252923 |
|  |  | 22557662 |
| **France: 3.2%** |  |  |
| Eurazeo SE | 48108 | 3183417 |
| **Sweden: 4.6%** |  |  |
| EQT AB | 131853 | 4577372 |
| **Switzerland: 4.5%** |  |  |
| Partners Group Holding AG | 3464 | 4534613 |
| **United Kingdom: 4.6%** |  |  |
| ICG PLC | 154612 | 4646646 |
| **United States: 60.5%** |  |  |
| Apollo Global Management, Inc. | 61352 | 8176381 |
| Ares Management Corp. | 40114 | 6413827 |
| Blackstone, Inc. | 69013 | 11790871 |
| Blue Owl Capital, Inc. | 247878 | 4196575 |
| Bridgepoint Group PLC (GBP) 144A | 407363 | 1672658 |
| Carlyle Group, Inc. | 70306 | 4408186 |
| DigitalBridge Group, Inc. | 129247 | 1512190 |
| HA Sustainable Infrastructure Capital, Inc. | 72894 | 2237846 |
| Hamilton Lane, Inc. | 29091 | 3921176 |
| KKR & Co., Inc. | 73603 | 9564710 |
| StepStone Group, Inc. | 33926 | 2215707 |
| TPG, Inc. | 76931 | 4419686 |
|  |  | 60529813 |
| **Total Common Stocks**<br> (Cost: $101,457,044) |  | 100029523 |
| **Total Investments: 100.0%**<br> (Cost: $101,457,044) |  | 100029523 |
| **Other assets less liabilities: 0.0%** |  | 42968 |
| **NET ASSETS: 100.0%** |  | $100072491 |

---

------

**Definitions:**

GBP British Pound <br> USD United States Dollar

**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 $2,676,953, or 2.7% of net assets. |

---

See Notes to Financial Statements

VANECK ALTERNATIVE ASSET MANAGER ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | $22557662 | $— | $— | $22557662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 3183417 |  | 3183417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 4577372 |  | 4577372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 4534613 |  | 4534613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 4646646 |  | 4646646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 60529813 |  |  | 60529813 |
| **Total Investments** | $83087475 | $16942048 | $— | $100029523 |

---

See Notes to Financial Statements

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **China: 4.7%** |  |  |
| BeOne Medicines Ltd. (ADR) \* † | 47784 | $16280009 |
| **Germany: 2.4%** |  |  |
| BioNTech SE (ADR) \* | 84211 | 8304889 |
| **Ireland: 3.4%** |  |  |
| ICON PLC (USD) \* | 67108 | 11743900 |
| **United States: 89.5%** |  |  |
| Alnylam Pharmaceuticals, Inc. \* | 36865 | 16810440 |
| Amgen, Inc. | 158097 | 44614973 |
| Argenx SE (ADR) \* | 22678 | 16726386 |
| Biogen, Inc. \* | 82565 | 11565705 |
| BioMarin Pharmaceutical, Inc. \* | 95923 | 5195190 |
| Bio-Techne Corp. | 101725 | 5658962 |
| Charles River Laboratories International, Inc. \* | 29503 | 4616039 |
| Exact Sciences Corp. \* | 91138 | 4986160 |
| Gilead Sciences, Inc. | 385503 | 42790833 |
| Illumina, Inc. \* | 92139 | 8750441 |
| Incyte Corp. \* | 92232 | 7822196 |
| Insmed, Inc. \* | 106702 | 15366155 |
| IQVIA Holdings, Inc. \* | 84685 | 16085069 |
| Moderna, Inc. \* | 247380 | 6389825 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |  |
| Natera, Inc. \* |  | 89757 | $14448184 |
| Neurocrine Biosciences, Inc. \* |  | 63060 | 8852363 |
| QIAGEN NV † |  | 140383 | 6272313 |
| Regeneron Pharmaceuticals, Inc. |  | 31127 | 17501778 |
| Repligen Corp. \* |  | 33214 | 4439715 |
| Tempus AI, Inc. \* |  | 82736 | 6677623 |
| United Therapeutics Corp. \* |  | 29577 | 12398974 |
| Vertex Pharmaceuticals, Inc. \* |  | 84022 | 32906376 |
|  |  |  | 310875700 |
| **Total Common Stocks**<br> (Cost: $356,820,871) |  |  | 347204498 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** |  |
| **Money Market Fund: 0.0%**<br> (Cost: $321) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 321 | 321 |
| **Total Investments: 100.0%**<br> (Cost: $356,821,192) |  |  | 347204819 |
| **Other assets less liabilities: 0.0%** |  |  | 126965 |
| **NET ASSETS: 100.0%** |  |  | $347331784 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $17,211,474. |
| \* | Non-income producing |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $347204498 | $— | $— | $347204498 |
| Money Market Fund | 321 |  |  | 321 |
| **Total Investments** | $347204819 | $— | $— | $347204819 |

---

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

See Notes to Financial Statements

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Short-Term Investments: 93.3%** |  |  |
| **United States Treasury Obligations: 93.3%** | **United States Treasury Obligations: 93.3%** |  |
| United States Treasury Bills (y) |  |  |
| &nbsp;&nbsp;&nbsp;4.07%, 12/04/25 # | $23970 | $23804112 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/18/25 # | 17167 | 17075786 |
|  |  | 40879898 |
| **Total Short-Term Investments: 93.3%**<br> (Cost: $40,872,891) | **Total Short-Term Investments: 93.3%**<br> (Cost: $40,872,891) | 40879898 |
| **Other assets less liabilities: 6.7%** |  | 2946866 |
| **NET ASSETS: 100.0%** |  | $43826764 |

---

**Footnotes:**

(y) Rate shown is the calculated yield to maturity

# All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $6,409,150.

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Type** | **Number of<br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Brent Crude Oil | Long | 62 | 10/31/25 | $4093860 | $(61453) |
| Cattle Feeder | Long | 6 | 10/30/25 | 1083075 | (6568) |
| Cocoa | Long | 8 | 12/15/25 | 539920 | (142749) |
| Coffee C | Long | 10 | 09/18/26 | 1218000 | 111726 |
| Copper | Long | 26 | 12/29/25 | 3156725 | 215154 |
| Corn | Long | 17 | 12/12/25 | 353175 | 9870 |
| FCOJ-A | Long | 9 | 11/07/25 | 328793 | (4885) |
| Gasoline RBOB | Long | 41 | 10/31/25 | 3310201 | (35461) |
| Gold 100 OZ | Long | 24 | 12/29/25 | 9295680 | 441806 |
| Lean Hogs | Long | 32 | 12/12/25 | 1135680 | 27374 |
| Live Cattle | Long | 18 | 06/30/26 | 1667160 | 140210 |
| LME Copper | Long | 3 | 10/13/25 | 768184 | 39585 |
| LME Copper | Long | 3 | 11/17/25 | 769352 | 580 |
| LME Primary Aluminium | Long | 25 | 10/13/25 | 1676750 | 48172 |
| LME Primary Aluminium | Long | 25 | 11/17/25 | 1675731 | 20655 |
| LME Tin | Long | 2 | 10/13/25 | 354830 | 10034 |
| LME Tin | Long | 2 | 11/17/25 | 355130 | 11218 |
| LME Zinc | Long | 27 | 10/13/25 | 2021180 | 139086 |
| LME Zinc | Long | 27 | 11/17/25 | 2009009 | 38150 |
| Low Sulphur Gasoil | Long | 13 | 11/12/25 | 893100 | (13388) |
| Natural Gas | Long | 21 | 10/29/25 | 693630 | 9812 |
| NY Harbor ULSD | Long | 36 | 10/31/25 | 3514039 | 30264 |
| Platinum | Long | 5 | 01/28/26 | 401425 | 41997 |
| Silver | Long | 9 | 12/29/25 | 2098800 | 357469 |
| Soybean | Long | 16 | 11/14/25 | 801400 | 6939 |
| Soybean Oil | Long | 14 | 12/12/25 | 415716 | (17810) |
| WTI Crude | Long | 62 | 11/20/25 | 3841520 | (112090) |
| LME Copper | Short | 3 | 10/13/25 | 768184 | (656) |
| LME Primary Aluminium | Short | 25 | 10/13/25 | 1676750 | (22051) |
| LME Tin | Short | 2 | 10/13/25 | 354830 | (11478) |
| LME Zinc | Short | 27 | 10/13/25 | 2021180 | (41109) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts |  |  | $1230403 |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| United States Treasury Obligations | $— | $40879898 | $— | $40879898 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Futures Contracts | $1230403 | $— | $— | $1230403 |

---

See Notes to Financial Statements

VANECK CONSUMER DISCRETIONARY TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 29.0%** |  |  |
| **Automobiles & Components: 6.1%** |  |  |
| Tesla, Inc. \* | 573 | $254825 |
| **Consumer Discretionary Distribution & Retail: 22.3%** | **Consumer Discretionary Distribution & Retail: 22.3%** | **Consumer Discretionary Distribution & Retail: 22.3%** |
| Amazon.com, Inc. \* | 3853 | 846002 |
| The Home Depot, Inc. | 206 | 83469 |
|  |  | 929471 |
| **Consumer Services: 0.6%** |  |  |
| McDonald's Corp. | 77 | 23400 |
| **Total Common Stocks**<br> (Cost: $1,181,906) |  | 1207696 |
| **EXCHANGE TRADED FUND: 70.9%(a)**<br> (Cost: $2,880,271) |  |  |
| Consumer Discretionary Select Sector SPDR Fund | 12309 | 2949729 |
| **Total Investments: 99.9%**<br> (Cost: $4,062,177) |  | 4157425 |
| **Other assets less liabilities: 0.1%** |  | 4015 |
| **NET ASSETS: 100.0%** |  | $4161440 |

---

**Footnotes:**

\* Non-income producing

(a) The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $1207696 | $— | $— | $1207696 |
| Exchange Traded Fund | 2949729 |  |  | 2949729 |
| **Total Investments** | $4157425 | $— | $— | $4157425 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 6.8%** |  |  |
| IREN Ltd. (USD) \* † | 466928 | $21912931 |
| **Canada: 4.1%** |  |  |
| Hut 8 Corp. (USD) \* † | 380515 | 13245727 |
| **Cayman Islands: 4.4%** |  |  |
| Bullish (USD) \* | 223810 | 14236554 |
| **China: 2.3%** |  |  |
| OSL Group Ltd. (HKD) \* † | 3847000 | 7416365 |
| **Japan: 3.0%** |  |  |
| Metaplanet, Inc. \* | 2430500 | 9563799 |
| **Singapore: 3.4%** |  |  |
| Bitdeer Technologies Group (USD) \* † | 643666 | 11000252 |
| **United States: 75.9%** |  |  |
| Applied Digital Corp. \* † | 693586 | 15910863 |
| Bit Digital, Inc. \* † | 2395991 | 7187973 |
| BitMine Immersion Technologies, Inc. \* | 516643 | 26829270 |
| Block, Inc. \* | 248402 | 17952013 |
| Cipher Mining, Inc. \* † | 1148978 | 14465633 |
| Circle Internet Group, Inc. \* | 149629 | 19837813 |
| Cleanspark, Inc. \* † | 1174177 | 17025567 |
| Coinbase Global, Inc. \* | 66404 | 22410686 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Core Scientific, Inc. \* | 736523 | $13213223 |
| Figure Technology Solutions, Inc. \* | 228931 | 8326220 |
| Galaxy Digital, Inc. \* | 451568 | 15267514 |
| Gemini Space Station, Inc. \* † | 124825 | 2990807 |
| MARA Holdings, Inc. \* † | 742556 | 13559073 |
| Riot Platforms, Inc. \* | 797899 | 15184018 |
| Strategy, Inc. \* | 64134 | 20664616 |
| Terawulf, Inc. \* † | 1116296 | 12748100 |
|  |  | 243573389 |
| **Total Common Stocks**<br> (Cost: $260,046,375) |  | 320949017 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.9%** |  |
| **Money Market Fund: 7.9%**<br> (Cost: $25,392,112) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 25392112 | 25392112 |
| **Total Investments: 107.8%**<br> (Cost: $285,438,487) |  | 346341129 |
| **Liabilities in excess of other assets: (7.8)%** | **Liabilities in excess of other assets: (7.8)%** | (25050057) |
| **NET ASSETS: 100.0%** |  | $321291072 |

---

**Definitions:**

HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $88,433,340. |
| \* | Non-income producing |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $21912931 | $— | $— | $21912931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 13245727 |  |  | 13245727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | 14236554 |  |  | 14236554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 7416365 |  | 7416365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 9563799 |  | 9563799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 11000252 |  |  | 11000252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 243573389 |  |  | 243573389 |
| Money Market Fund | 25392112 |  |  | 25392112 |
| **Total Investments** | $329360965 | $16980164 | $— | $346341129 |

---

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.5%** |  |  |
| **Automobiles & Components: 0.0%** |  |  |
| Gentex Corp. | 902 | $25527 |
| **Capital Goods: 3.2%** |  |  |
| A.O. Smith Corp. | 536 | 39348 |
| General Dynamics Corp. | 1125 | 383625 |
| Honeywell International, Inc. | 3423 | 720542 |
| L3Harris Technologies, Inc. | 823 | 251352 |
|  |  | 1394867 |
| **Commercial & Professional Services: 1.4%** | **Commercial & Professional Services: 1.4%** |  |
| Automatic Data Processing, Inc. | 2092 | 614002 |
| **Consumer Discretionary Distribution & Retail: 1.4%** | **Consumer Discretionary Distribution & Retail: 1.4%** |  |
| Lowe's Companies, Inc. | 2443 | 613950 |
| **Consumer Durables & Apparel: 0.2%** |  |  |
| Hasbro, Inc. | 1185 | 89882 |
| **Consumer Services: 5.0%** |  |  |
| McDonald's Corp. | 4096 | 1244734 |
| Starbucks Corp. | 8432 | 713347 |
| Wyndham Hotels & Resorts, Inc. | 336 | 26846 |
| Yum! Brands, Inc. | 1339 | 203528 |
|  |  | 2188455 |
| **Consumer Staples Distribution & Retail: 0.6%** | **Consumer Staples Distribution & Retail: 0.6%** |  |
| Sysco Corp. | 3104 | 255583 |
| **Energy: 15.5%** |  |  |
| Chevron Corp. | 14053 | 2182291 |
| ConocoPhillips | 10909 | 1031882 |
| EOG Resources, Inc. | 4548 | 509922 |
| Exxon Mobil Corp. | 19812 | 2233803 |
| ONEOK, Inc. | 9091 | 663370 |
| Targa Resources Corp. | 1208 | 202388 |
|  |  | 6823656 |
| **Financial Services: 4.6%** |  |  |
| BlackRock, Inc. | 664 | 774138 |
| Blackstone, Inc. | 4649 | 794282 |
| Cohen & Steers, Inc. | 240 | 15746 |
| Franklin Resources, Inc. | 3738 | 86460 |
| Invesco Ltd. | 3298 | 75656 |
| T Rowe Price Group, Inc. | 2638 | 270764 |
|  |  | 2017046 |
| **Food, Beverage & Tobacco: 19.9%** |  |  |
| Altria Group, Inc. | 26692 | 1763273 |
| General Mills, Inc. | 6738 | 339730 |
| Hershey Co. | 1104 | 206503 |
| Ingredion, Inc. | 395 | 48233 |
| Kellanova | 2006 | 164532 |
| McCormick & Co., Inc. | 1624 | 108662 |
| PepsiCo, Inc. | 13579 | 1907035 |
| Philip Morris International, Inc. | 13218 | 2143960 |
| The Coca-Cola Co. | 29536 | 1958828 |
| Tyson Foods, Inc. | 2491 | 135261 |
|  |  | 8776017 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Health Care Equipment & Services: 4.5%** | **Health Care Equipment & Services: 4.5%** |  |
| Abbott Laboratories | 7815 | $1046741 |
| Medtronic PLC | 9926 | 945352 |
|  |  | 1992093 |
| **Household & Personal Products: 2.9%** |  |  |
| Clorox Co. | 1236 | 152399 |
| Colgate-Palmolive Co. | 5030 | 402098 |
| Kenvue, Inc. | 19809 | 321500 |
| Kimberly-Clark Corp. | 3258 | 405100 |
|  |  | 1281097 |
| **Insurance: 0.5%** |  |  |
| American International Group, Inc. | 2877 | 225960 |
| **Materials: 1.0%** |  |  |
| Air Products and Chemicals, Inc. | 1403 | 382626 |
| Avery Dennison Corp. | 428 | 69409 |
|  |  | 452035 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 14.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 14.9%** |  |
| Amgen, Inc. | 4614 | 1302071 |
| Gilead Sciences, Inc. | 8593 | 953823 |
| Johnson & Johnson | 12139 | 2250813 |
| Merck & Co., Inc. | 23717 | 1990568 |
| Royalty Pharma PLC | 2185 | 77087 |
|  |  | 6574362 |
| **Semiconductors & Semiconductor Equipment: 5.3%** |  |  |
| Qualcomm, Inc. | 5933 | 987014 |
| Skyworks Solutions, Inc. | 1491 | 114777 |
| Texas Instruments, Inc. | 6810 | 1251201 |
|  |  | 2352992 |
| **Software & Services: 0.3%** |  |  |
| Cognizant Technology Solutions Corp. | 2181 | 146280 |
| **Telecommunication Services: 5.0%** |  |  |
| Verizon Communications, Inc. | 49860 | 2191347 |
| **Transportation: 2.8%** |  |  |
| Norfolk Southern Corp. | 1135 | 340965 |
| Union Pacific Corp. | 3772 | 891588 |
|  |  | 1232553 |
| **Utilities: 10.5%** |  |  |
| Alliant Energy Corp. | 2041 | 137584 |
| American Electric Power Co., Inc. | 4563 | 513337 |
| American Water Works Co., Inc. | 1134 | 157841 |
| Consolidated Edison, Inc. | 3227 | 324378 |
| Dominion Energy, Inc. | 10057 | 615187 |
| Duke Energy Corp. | 6958 | 861052 |
| Essential Utilities, Inc. | 2203 | 87900 |
| Evergy, Inc. | 2218 | 168612 |
| Exelon Corp. | 9497 | 427460 |
| FirstEnergy Corp. | 5308 | 243213 |
| MGE Energy, Inc. | 205 | 17257 |
| New Jersey Resources Corp. | 968 | 46609 |
| Portland General Electric Co. <sup>†</sup> | 1349 | 59356 |
| PPL Corp. | 5372 | 199624 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Utilities (continued)** |  |  |
| Sempra | 5320 | $478694 |
| WEC Energy Group, Inc. | 2580 | 295642 |
|  |  | 4633746 |
| **Total Common Stocks**<br> (Cost: $43,814,754) |  | 43881450 |
| **Total Investments: 99.5%**<br> (Cost: $43,814,754) |  | 43881450 |
| **Other assets less liabilities: 0.5%** |  | 234311 |
| **NET ASSETS: 100.0%** |  | $44115761 |

---

------

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Security fully or partially on loan. Total market value of securities on loan is $34,364.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $43881450 | $— | $— | $43881450 |

---

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

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 77.8%** |  |  |
| **Energy: 73.3%** |  |  |
| Antero Midstream Corp. | 111797 | $2173334 |
| Archrock, Inc. | 51977 | 1367515 |
| Cheniere Energy, Inc. | 21173 | 4975231 |
| DT Midstream, Inc. | 30133 | 3406837 |
| Enbridge, Inc. | 118044 | 5956500 |
| Gibson Energy, Inc. † | 56206 | 1044801 |
| Hess Midstream LP | 22003 | 760204 |
| Keyera Corp. | 91782 | 3079185 |
| Kinder Morgan, Inc. | 157115 | 4447926 |
| Kinetik Holdings, Inc. | 18173 | 776714 |
| Kodiak Gas Services, Inc. | 23431 | 866244 |
| NextDecade Corp. \* † | 51217 | 347763 |
| ONEOK, Inc. | 53760 | 3922867 |
| Pembina Pipeline Corp. | 83325 | 3371330 |
| South Bow Corp. † | 67513 | 1909943 |
| Targa Resources Corp. | 21938 | 3675492 |
| TC Energy Corp. | 89707 | 4880958 |
| The Williams Companies, Inc. | 97613 | 6183784 |
| Venture Global, Inc. | 45995 | 652669 |
|  |  | 53799297 |
| **Utilities: 4.5%** |  |  |
| AltaGas Ltd. | 107016 | 3297295 |
| **Total Common Stocks**<br> (Cost: $52,241,194) |  | 57096592 |
| **MASTER LIMITED PARTNERSHIPS: 22.2%** | **MASTER LIMITED PARTNERSHIPS: 22.2%** |  |
| **Energy: 22.2%** |  |  |
| Cheniere Energy Partners LP | 10833 | 583032 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Energy (continued)** |  |  |
| Delek Logistics Partners LP | 4188 | $190721 |
| Energy Transfer LP | 185210 | 3178204 |
| Enterprise Products Partners LP | 101939 | 3187633 |
| Genesis Energy LP | 18152 | 303320 |
| MPLX LP | 64760 | 3234762 |
| Plains All American Pipeline LP | 112148 | 1913245 |
| Plains GP Holdings LP | 49234 | 898028 |
| Sunoco LP | 21019 | 1051160 |
| Western Midstream Partners LP | 43649 | 1714969 |
| **Total Master Limited Partnerships**<br> (Cost: $15,062,153) |  | 16255074 |
| **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $67,303,347) | **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $67,303,347) | 73351666 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** |  |
| **Money Market Fund: 2.5%**<br> (Cost: $1,845,081) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 1845081 | 1845081 |
| **Total Investments: 102.5%**<br> (Cost: $69,148,428) |  | 75196747 |
| **Liabilities in excess of other assets: (2.5)%** | **Liabilities in excess of other assets: (2.5)%** | (1799221) |
| **NET ASSETS: 100.0%** |  | $73397526 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $2,766,948. |
| \* | Non-income producing |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $57096592 | $— | $— | $57096592 |
| Master Limited Partnerships \* | 16255074 |  |  | 16255074 |
| Money Market Fund | 1845081 |  |  | 1845081 |
| **Total Investments** | $75196747 | $— | $— | $75196747 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Canada: 4.5%** |  |  |
| GFL Environmental, Inc. (USD) | 87916 | $4165460 |
| **United States: 95.4%** |  |  |
| ABM Industries, Inc. | 90897 | 4192169 |
| Aris Water Solutions, Inc. | 74800 | 1844568 |
| Casella Waste Systems, Inc. \* | 46867 | 4446741 |
| CECO Environmental Corp. \* | 83596 | 4280115 |
| Clean Harbors, Inc. \* | 17350 | 4029017 |
| Darling Ingredients, Inc. \* | 123804 | 3821829 |
| Donaldson Co., Inc. | 50848 | 4161909 |
| Ecolab, Inc. | 33995 | 9309871 |
| Energy Recovery, Inc. \* | 123573 | 1905496 |
| Montrose Environmental Group, Inc. \* † | 61513 | 1689147 |
| Perma-Fix Environmental Services, Inc. \* † | 220289 | 2224919 |
| PureCycle Technologies, Inc. \* † | 311106 | 4091044 |
| Republic Services, Inc. | 39868 | 9148909 |
| STERIS PLC | 16481 | 4078059 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Tennant Co. | 22287 | $1806584 |
| Tetra Tech, Inc. | 113552 | 3790366 |
| Veralto Corp. | 38415 | 4095423 |
| Waste Connections, Inc. | 52038 | 9148280 |
| Waste Management, Inc. | 41829 | 9237098 |
|  |  | 87301544 |
| **Total Common Stocks**<br> (Cost: $81,906,450) |  | 91467004 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%** |  |
| **Money Market Fund: 2.5%**<br> (Cost: $2,247,557) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 2247557 | 2247557 |
| **Total Investments: 102.4%**<br> (Cost: $84,154,007) |  | 93714561 |
| **Liabilities in excess of other assets: (2.4)%** | **Liabilities in excess of other assets: (2.4)%** | (2224048) |
| **NET ASSETS: 100.0%** |  | $91490513 |

---

------

**Definitions:**

USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,683,660. |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $91467004 | $— | $— | $91467004 |
| Money Market Fund | 2247557 |  |  | 2247557 |
| **Total Investments** | $93714561 | $— | $— | $93714561 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK FABLESS SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Taiwan: 2.2%** |  |  |
| Silicon Motion Technology Corp. (ADR) | 38624 | $3661941 |
| **United Kingdom: 4.0%** |  |  |
| ARM Holdings PLC (ADR) \* † | 45891 | 6493118 |
| **United States: 93.8%** |  |  |
| Advanced Micro Devices, Inc. \* | 49261 | 7969937 |
| Allegro MicroSystems, Inc. \* | 74626 | 2179079 |
| Ambarella, Inc. \* | 41737 | 3444137 |
| Astera Labs, Inc. \* | 30703 | 6011647 |
| Broadcom, Inc. | 63797 | 21047269 |
| Cadence Design Systems, Inc. \* | 23217 | 8155203 |
| Cirrus Logic, Inc. \* | 48932 | 6130690 |
| Impinj, Inc. \* | 16355 | 2956166 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Lattice Semiconductor Corp. \* | 63576 | $4661392 |
| Marvell Technology, Inc. | 105416 | 8862323 |
| Monolithic Power Systems, Inc. | 8272 | 7615534 |
| NVIDIA Corp. | 177281 | 33077090 |
| Power Integrations, Inc. | 45245 | 1819301 |
| Qualcomm, Inc. | 49445 | 8225670 |
| Rambus, Inc. \* | 88102 | 9180229 |
| Semtech Corp. \* | 68929 | 4924977 |
| Silicon Laboratories, Inc. \* | 21657 | 2839882 |
| SiTime Corp. \* | 16210 | 4884235 |
| Synaptics, Inc. \* | 21731 | 1485097 |
| Synopsys, Inc. \* | 18242 | 9000421 |
|  |  | 154470279 |
| **Total Common Stocks**<br> (Cost: $154,871,682) |  | 164625338 |
| **Total Investments: 100.0%**<br> (Cost: $154,871,682) |  | 164625338 |
| **Other assets less liabilities: 0.0%** |  | 81479 |
| **NET ASSETS: 100.0%** |  | $164706817 |

---

------

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $3,460,704. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $164625338 | $— | $— | $164625338 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Australia: 12.2%** |  |  |
| Aristocrat Leisure Ltd. | 47830 | $2217728 |
| Lottery Corp. Ltd. | 232999 | 906210 |
| Tabcorp Holdings Ltd. | 255024 | 173465 |
|  |  | 3297403 |
| **China: 7.4%** |  |  |
| Galaxy Entertainment Group Ltd. (HKD) | 286240 | 1574163 |
| Melco Resorts & Entertainment Ltd. (ADR) \* | 28479 | 261153 |
| SJM Holdings Ltd. (HKD) \* † | 365500 | 155872 |
|  |  | 1991188 |
| **France: 2.7%** |  |  |
| FDJ UNITED | 21620 | 725551 |
| **Greece: 2.6%** |  |  |
| OPAP SA | 29848 | 696869 |
| **Ireland: 7.2%** |  |  |
| Flutter Entertainment PLC (USD) \* | 7617 | 1934718 |
| **Italy: 1.6%** |  |  |
| Lottomatica Group Spa | 16409 | 441911 |
| **Japan: 2.9%** |  |  |
| Heiwa Corp. † | 9900 | 140877 |
| Sankyo Co. Ltd. | 36595 | 636653 |
|  |  | 777530 |
| **Macao: 3.9%** |  |  |
| Sands China Ltd. (HKD) | 375200 | 1042774 |
| **Malaysia: 4.0%** |  |  |
| Genting Bhd | 363400 | 252317 |
| Genting Malaysia Bhd | 515498 | 257266 |
| Genting Singapore Ltd. (SGD) | 974800 | 556056 |
|  |  | 1065639 |
| **South Korea: 1.1%** |  |  |
| Kangwon Land, Inc. | 21662 | 283337 |
| **Sweden: 4.9%** |  |  |
| Evolution AB 144A | 16121 | 1328456 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Switzerland: 1.6%** |  |  |
| Sportradar Group AG (USD) \* | 16337 | $439465 |
| **United Kingdom: 4.5%** |  |  |
| Brightstar Lottery PLC (USD) † | 16904 | 291594 |
| Entain PLC | 59266 | 701136 |
| Playtech PLC | 46709 | 232035 |
|  |  | 1224765 |
| **United States: 43.3%** |  |  |
| Boyd Gaming Corp. | 7431 | 642410 |
| Caesars Entertainment, Inc. \* | 20702 | 559472 |
| Churchill Downs, Inc. | 9627 | 933915 |
| DraftKings, Inc. \* | 39483 | 1476664 |
| Gaming and Leisure Properties, Inc. | 25969 | 1210415 |
| Las Vegas Sands Corp. | 30528 | 1642101 |
| Light & Wonder, Inc. \* † | 8788 | 737665 |
| MGM Resorts International \* | 24757 | 858078 |
| Penn Entertainment, Inc. \* † | 19544 | 376417 |
| VICI Properties, Inc. | 58572 | 1910033 |
| Wynn Resorts Ltd. | 10153 | 1302325 |
|  |  | 11649495 |
| **Total Common Stocks**<br> (Cost: $32,087,648) |  | 26899101 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** |  |
| **Money Market Fund: 0.3%**<br> (Cost: $89,910) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 89910 | 89910 |
| **Total Investments: 100.2%**<br> (Cost: $32,177,558) |  | 26989011 |
| **Liabilities in excess of other assets: (0.2)%** | **Liabilities in excess of other assets: (0.2)%** | (53705) |
| **NET ASSETS: 100.0%** |  | $26935306 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| HKD | Hong Kong Dollar |
| SGD | Singapore Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,429,031. |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |
| 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 $1,328,456, or 4.9% of net assets. |

---

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $3297403 | $— | $3297403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 261153 | 1730035 |  | 1991188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 725551 |  | 725551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 696869 |  |  | 696869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 1934718 |  |  | 1934718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 441911 |  |  | 441911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 777530 |  | 777530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macao |  | 1042774 |  | 1042774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia |  | 1065639 |  | 1065639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 283337 |  | 283337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1328456 |  | 1328456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 439465 |  |  | 439465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 523629 | 701136 |  | 1224765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 11649495 |  |  | 11649495 |
| Money Market Fund | 89910 |  |  | 89910 |
| **Total Investments** | $16037150 | $10951861 | $— | $26989011 |

---

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED FUND: 99.6%(a)**<br> (Cost: $23,986,980) |  |  |
| Vanguard S&P 500 ETF | 45465 | $27841857 |
| **Total Investments: 99.6%**<br> (Cost: $23,986,980) |  | 27841857 |
| **Other assets less liabilities: 0.4%** |  | 122401 |
| **NET ASSETS: 100.0%** |  | $27964258 |

---

------

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The underlying fund's shareholder reports and registration documents are available free of charge
 on the SEC's website at https://www.sec.gov or on the fund's webpage.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Exchange Traded Funds | $27841857 | $— | $— | $27841857 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Australia: 3.6%** |  |  |
| ASX Ltd. | 8088 | $313962 |
| Brambles Ltd. | 11343 | 186407 |
| WiseTech Global Ltd. | 2411 | 144366 |
|  |  | 644735 |
| **Belgium: 1.0%** |  |  |
| Anheuser-Busch InBev SA | 3032 | 181389 |
| **Brazil: 1.9%** |  |  |
| Ambev SA | 149900 | 340301 |
| **China: 16.4%** |  |  |
| Alibaba Group Holding Ltd. (HKD) | 10700 | 239344 |
| Baidu, Inc. (HKD) \* | 27400 | 453134 |
| Inner Mongolia Yili Industrial Group Co. Ltd. | 42400 | 162530 |
| JD.com, Inc. (HKD) | 21250 | 372385 |
| Jiangsu Yanghe Distillery Co. Ltd. | 17400 | 166043 |
| Luzhou Laojiao Co. Ltd. | 9200 | 170637 |
| SF Holding Co. Ltd. | 56000 | 317493 |
| Tencent Holdings Ltd. (HKD) | 4800 | 409087 |
| Wuliangye Yibin Co. Ltd. | 19600 | 334717 |
| Yum China Holdings, Inc. (USD) | 7956 | 341471 |
|  |  | 2966841 |
| **France: 5.9%** |  |  |
| Bureau Veritas SA | 10697 | 335786 |
| Dassault Aviation SA | 479 | 161493 |
| Safran SA | 548 | 194625 |
| Sanofi SA | 1714 | 162437 |
| Thales SA | 684 | 216397 |
|  |  | 1070738 |
| **Germany: 5.1%** |  |  |
| Rheinmetall AG | 167 | 390958 |
| Sartorius Stedim Biotech | 882 | 179891 |
| Siemens Healthineers AG 144A | 6411 | 347540 |
|  |  | 918389 |
| **Japan: 10.3%** |  |  |
| FANUC Corp. | 12900 | 371209 |
| Hoshizaki Corp. | 4700 | 176598 |
| Hoya Corp. | 2700 | 373835 |
| Kao Corp. | 3700 | 161468 |
| LY Corp. | 55600 | 178718 |
| Nabtesco Corp. | 10600 | 239923 |
| Sony Financial Group, Inc. \* | 6300 | 6996 |
| Sony Group Corp. | 6300 | 181350 |
| ZOZO, Inc. | 19000 | 174821 |
|  |  | 1864918 |
| **Netherlands: 6.1%** |  |  |
| Adyen NV 144A \* | 110 | 177142 |
| BE Semiconductor Industries NV | 1385 | 207545 |
| Heineken NV | 2293 | 179708 |
| Koninklijke Philips NV \* | 6481 | 177684 |
| NXP Semiconductors NV (USD) | 800 | 182184 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Netherlands (continued)** |  |  |
| Universal Music Group NV | 6254 | $180871 |
|  |  | 1105134 |
| **New Zealand: 0.9%** |  |  |
| Auckland International Airport Ltd. | 36058 | 165078 |
| **Switzerland: 5.7%** |  |  |
| Cie Financiere Richemont SA | 923 | 177274 |
| DSM-Firmenich AG (EUR) | 1518 | 129618 |
| Julius Baer Group Ltd. | 2613 | 182041 |
| Roche Holding AG | 1057 | 352140 |
| Temenos AG | 2330 | 189336 |
|  |  | 1030409 |
| **Taiwan: 2.4%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10000 | 434378 |
| **United Kingdom: 9.2%** |  |  |
| BAE Systems PLC | 13888 | 386981 |
| British American Tobacco PLC | 3549 | 188951 |
| GSK PLC | 17489 | 375900 |
| Intertek Group PLC | 2621 | 167004 |
| Melrose Industries PLC | 21805 | 179698 |
| Reckitt Benckiser Group PLC | 2407 | 185530 |
| Spirax Group PLC | 1845 | 170065 |
|  |  | 1654129 |
| **United States: 31.5%** |  |  |
| Adobe, Inc. \* | 397 | 140042 |
| Agilent Technologies, Inc. | 1407 | 180588 |
| Airbnb, Inc. \* | 1447 | 175695 |
| Allegion PLC | 1207 | 214061 |
| Alphabet, Inc. | 968 | 235321 |
| Bristol-Myers Squibb Co. | 7367 | 332252 |
| Caterpillar, Inc. | 476 | 227123 |
| Charles Schwab Corp. | 1923 | 183589 |
| Clorox Co. | 1348 | 166208 |
| Estee Lauder Cos, Inc. | 2030 | 178884 |
| Etsy, Inc. \* | 3098 | 205676 |
| Fortinet, Inc. \* | 2244 | 188676 |
| GE HealthCare Technologies, Inc. | 2295 | 172354 |
| Huntington Ingalls Industries, Inc. | 750 | 215933 |
| Kenvue, Inc. | 9784 | 158794 |
| MarketAxess Holdings, Inc. | 764 | 133127 |
| Masco Corp. | 5062 | 356314 |
| Meta Platforms, Inc. | 239 | 175517 |
| Microsoft Corp. | 361 | 186980 |
| NIKE, Inc. | 2432 | 169583 |
| Northrop Grumman Corp. | 346 | 210825 |
| Salesforce, Inc. | 1337 | 316869 |
| TransUnion | 3797 | 318113 |
| Tyler Technologies, Inc. \* | 289 | 151193 |
| US Bancorp | 7488 | 361895 |
| Walt Disney Co. | 1456 | 166712 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Workday, Inc. \* | 671 | $161530 |
|  |  | 5683854 |
| **Total Common Stocks** <br> (Cost: $15,704,613) |  | 18060293 |
| **Total Investments: 100.0%** <br> (Cost: $15,704,613) |  | 18060293 |
| **Liabilities in excess of other assets: 0.0%** |  | (8658) |
| **NET ASSETS: 100.0%** |  | $18051635 |

---

------

**Definitions:**

EUR Euro <br> HKD Hong Kong Dollar <br> USD United States Dollar

**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 $524,682, or 2.9% of net assets. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $644735 | $— | $644735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 181389 |  | 181389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 340301 |  |  | 340301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 341471 | 2625370 |  | 2966841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 1070738 |  | 1070738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 918389 |  | 918389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 6996 | 1857922 |  | 1864918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 182184 | 922950 |  | 1105134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 165078 |  | 165078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1030409 |  | 1030409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 434378 |  | 434378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 1654129 |  | 1654129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 5683854 |  |  | 5683854 |
| **Total Investments** | $6554806 | $11505487 | $— | $18060293 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Australia: 3.5%** |  |  |
| Endeavour Group Ltd. † | 1827770 | $4395105 |
| WiseTech Global Ltd. | 38014 | 2276209 |
|  |  | 6671314 |
| **Brazil: 2.3%** |  |  |
| Ambev SA | 1987500 | 4511999 |
| **Canada: 1.5%** |  |  |
| BRP, Inc. † | 46083 | 2802604 |
| **China: 24.0%** |  |  |
| Alibaba Group Holding Ltd. (HKD) | 142800 | 3194230 |
| Baidu, Inc. (HKD) \* | 363450 | 6010637 |
| Inner Mongolia Yili Industrial Group Co. Ltd. | 1166300 | 4470720 |
| JD.com, Inc. (HKD) | 281750 | 4937386 |
| Jiangsu Yanghe Distillery Co. Ltd. | 471400 | 4498431 |
| Luzhou Laojiao Co. Ltd. | 257300 | 4772272 |
| SF Holding Co. Ltd. | 742079 | 4207230 |
| Tencent Holdings Ltd. (HKD) | 63700 | 5428932 |
| Wuliangye Yibin Co. Ltd. | 259400 | 4429874 |
| Yum China Holdings, Inc. (USD) | 105477 | 4527073 |
|  |  | 46476785 |
| **Denmark: 3.4%** |  |  |
| Coloplast A/S | 48142 | 4152794 |
| Novo Nordisk A/S | 43732 | 2437081 |
|  |  | 6589875 |
| **France: 10.4%** |  |  |
| Bureau Veritas SA | 141798 | 4451139 |
| Dassault Systemes SE | 74216 | 2498720 |
| Edenred SE † | 165067 | 3934202 |
| Pernod Ricard SA | 43439 | 4280054 |
| Sanofi SA | 22760 | 2156977 |
| Thales SA | 9047 | 2862199 |
|  |  | 20183291 |
| **Germany: 7.4%** |  |  |
| Rheinmetall AG | 2222 | 5201842 |
| Sartorius Stedim Biotech | 11668 | 2379781 |
| Siemens Healthineers AG 144A | 84990 | 4607305 |
| Symrise AG | 24506 | 2133016 |
|  |  | 14321944 |
| **Japan: 15.8%** |  |  |
| FANUC Corp. | 86000 | 2474724 |
| Hoya Corp. | 19400 | 2686076 |
| Kubota Corp. | 201200 | 2531382 |
| Murata Manufacturing Co. Ltd. | 154500 | 2937008 |
| Nabtesco Corp. | 141500 | 3202748 |
| Omron Corp. † | 176800 | 4859278 |
| Tokyo Electron Ltd. | 17100 | 3035370 |
| Unicharm Corp. | 641800 | 4169299 |
| Yaskawa Electric Corp. † | 219500 | 4678866 |
|  |  | 30574751 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Netherlands: 7.8%** |  |  |
| Adyen NV 144A \* | 1461 | $2352765 |
| ASM International NV | 4810 | 2903496 |
| Heineken NV | 30347 | 2378366 |
| Koninklijke Philips NV \* | 182322 | 4998579 |
| Wolters Kluwer NV | 18465 | 2522508 |
|  |  | 15155714 |
| **Sweden: 2.4%** |  |  |
| Elekta AB † | 911723 | 4622483 |
| **Switzerland: 8.4%** |  |  |
| Barry Callebaut AG † | 3849 | 5303554 |
| DSM-Firmenich AG (EUR) | 44952 | 3838329 |
| Julius Baer Group Ltd. | 34832 | 2426656 |
| Roche Holding AG | 14017 | 4669776 |
|  |  | 16238315 |
| **Taiwan: 2.9%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 129000 | 5603478 |
| **United Kingdom: 8.9%** |  |  |
| Diageo PLC | 87763 | 2102072 |
| GSK PLC | 231850 | 4983274 |
| Melrose Industries PLC | 347137 | 2860804 |
| Reckitt Benckiser Group PLC | 32088 | 2473320 |
| Spirax Group PLC | 52416 | 4831514 |
|  |  | 17250984 |
| **United States: 1.1%** |  |  |
| James Hardie Industries PLC (AUD) \* | 117225 | 2179074 |
| **Total Common Stocks**<br> (Cost: $178,929,435) |  | 193182611 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%** |  |  |
| **Money Market Fund: 2.6%**<br> (Cost: $5,052,654) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 5052654 | 5052654 |
| **Total Investments: 102.4%**<br> (Cost: $183,982,089) |  | 198235265 |
| **Liabilities in excess of other assets: (2.4)%** |  | (4659109) |
| **NET ASSETS: 100.0%** |  | $193576156 |

---

See Notes to Financial Statements

------

**Definitions:**

---

| | |
|:---|:---|
| AUD | Australia Dollar |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $16,905,999. |
| \* | Non-income producing |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |
| 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 $6,960,070, or 3.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $6671314 | $— | $6671314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 4511999 |  |  | 4511999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2802604 |  |  | 2802604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 4527073 | 41949712 |  | 46476785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 6589875 |  | 6589875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 20183291 |  | 20183291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 14321944 |  | 14321944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 30574751 |  | 30574751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 15155714 |  | 15155714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 4622483 |  | 4622483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 16238315 |  | 16238315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 5603478 |  | 5603478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 17250984 |  | 17250984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  | 2179074 |  | 2179074 |
| Money Market Fund | 5052654 |  |  | 5052654 |
| **Total Investments** | $16894330 | $181340935 | $— | $198235265 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Automobiles & Components: 1.6%** |  |  |
| BorgWarner, Inc. | 72936 | $3206267 |
| Gentex Corp. | 87990 | 2490117 |
|  |  | 5696384 |
| **Banks: 1.4%** |  |  |
| Truist Financial Corp. | 60046 | 2745303 |
| US Bancorp | 53703 | 2595466 |
|  |  | 5340769 |
| **Capital Goods: 16.8%** |  |  |
| Acuity, Inc. | 16415 | 5653161 |
| Allegion PLC | 17085 | 3030025 |
| Allison Transmission Holdings, Inc. | 28075 | 2383006 |
| Chart Industries, Inc. \* | 28646 | 5733496 |
| CNH Industrial NV | 405963 | 4404699 |
| Fortive Corp. | 32738 | 1603835 |
| Generac Holdings, Inc. \* | 18429 | 3085015 |
| Huntington Ingalls Industries, Inc. | 19938 | 5740349 |
| IDEX Corp. | 13171 | 2143712 |
| L3Harris Technologies, Inc. | 9735 | 2973166 |
| Masco Corp. | 71161 | 5009023 |
| Nordson Corp. | 22073 | 5009467 |
| Otis Worldwide Corp. | 28914 | 2643607 |
| PACCAR, Inc. | 51358 | 5049519 |
| Sensata Technologies Holding PLC | 78919 | 2410975 |
| WESCO International, Inc. | 25290 | 5348835 |
|  |  | 62221890 |
| **Commercial & Professional Services: 3.8%** |  |  |
| Broadridge Financial Solutions, Inc. | 9968 | 2374079 |
| Copart, Inc. \* | 51819 | 2330300 |
| SS&C Technologies Holdings, Inc. | 57979 | 5146216 |
| TransUnion | 53561 | 4487341 |
|  |  | 14337936 |
| **Consumer Discretionary Distribution & Retail: 5.7%** | **Consumer Discretionary Distribution & Retail: 5.7%** |  |
| Asbury Automotive Group, Inc. \* | 20171 | 4930801 |
| AutoNation, Inc. \* | 12673 | 2772472 |
| Bath & Body Works, Inc. | 88700 | 2284912 |
| CarMax, Inc. \* | 35352 | 1586244 |
| Etsy, Inc. \* | 78336 | 5200727 |
| Lithia Motors, Inc. | 14897 | 4707452 |
|  |  | 21482608 |
| **Consumer Durables & Apparel: 3.0%** |  |  |
| Hasbro, Inc. | 67550 | 5123668 |
| Lululemon Athletica, Inc. \* | 9257 | 1647098 |
| Mattel, Inc. \* | 264766 | 4456012 |
|  |  | 11226778 |
| **Consumer Services: 9.4%** |  |  |
| Airbnb, Inc. \* | 20271 | 2461305 |
| Carnival Corp. \* | 179301 | 5183592 |
| DraftKings, Inc. \* | 121242 | 4534451 |
| Expedia Group, Inc. | 25091 | 5363201 |
| Flutter Entertainment PLC \* | 18115 | 4601210 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Consumer Services (continued)** |  |  |
| Las Vegas Sands Corp. | 57279 | $3081037 |
| Norwegian Cruise Line Holdings Ltd. \* | 231258 | 5695884 |
| Wynn Resorts Ltd. | 27953 | 3585531 |
|  |  | 34506211 |
| **Energy: 2.0%** |  |  |
| ONEOK, Inc. | 65541 | 4782527 |
| Schlumberger NV | 70603 | 2426625 |
|  |  | 7209152 |
| **Equity Real Estate Investment Trusts (REITs): 1.3%** |  |  |
| SBA Communications Corp. | 24236 | 4686031 |
| **Financial Services: 6.4%** |  |  |
| Block, Inc. \* | 36063 | 2606273 |
| Carlyle Group, Inc. | 51251 | 3213438 |
| FactSet Research Systems, Inc. | 6730 | 1928078 |
| Fidelity National Information Services, Inc. | 36633 | 2415580 |
| Jack Henry & Associates, Inc. | 28868 | 4299311 |
| LPL Financial Holdings, Inc. | 7419 | 2468227 |
| MarketAxess Holdings, Inc. | 10779 | 1878241 |
| T Rowe Price Group, Inc. | 48644 | 4992820 |
|  |  | 23801968 |
| **Food, Beverage & Tobacco: 2.7%** |  |  |
| General Mills, Inc. | 44239 | 2230530 |
| Hershey Co. | 27706 | 5182407 |
| Lamb Weston Holdings, Inc. | 43880 | 2548550 |
|  |  | 9961487 |
| **Health Care Equipment & Services: 7.1%** |  |  |
| Baxter International, Inc. | 78935 | 1797350 |
| Edwards Lifesciences Corp. \* | 63240 | 4918175 |
| GE HealthCare Technologies, Inc. | 64797 | 4866255 |
| HUMANA INC | 8139 | 2117524 |
| Labcorp Holdings, Inc. | 9443 | 2710708 |
| ResMed, Inc. | 18528 | 5071669 |
| Veeva Systems, Inc. \* | 8933 | 2661230 |
| Zimmer Biomet Holdings, Inc. | 24126 | 2376411 |
|  |  | 26519322 |
| **Household & Personal Products: 3.0%** |  |  |
| Clorox Co. | 19015 | 2344550 |
| Estee Lauder Cos, Inc. | 28432 | 2505428 |
| Kenvue, Inc. | 251013 | 4073941 |
| Kimberly-Clark Corp. | 18120 | 2253041 |
|  |  | 11176960 |
| **Materials: 7.4%** |  |  |
| Albemarle Corp. | 30807 | 2497832 |
| Amcor PLC | 264229 | 2161393 |
| AptarGroup, Inc. | 18266 | 2441434 |
| CF Industries Holdings, Inc. | 29896 | 2681671 |
| Corteva, Inc. | 34629 | 2341959 |
| Crown Holdings, Inc. | 50768 | 4903681 |
| DuPont de Nemours, Inc. | 67560 | 5262924 |
| Sealed Air Corp. | 148789 | 5259691 |
|  |  | 27550585 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Media & Entertainment: 3.3%** |  |  |
| Charter Communications, Inc. \* | 6034 | $1659984 |
| Interpublic Group of Cos, Inc. | 93528 | 2610366 |
| Pinterest, Inc. \* | 66566 | 2141428 |
| Warner Music Group Corp. | 163819 | 5579675 |
|  |  | 11991453 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.3%** |  |
| Agilent Technologies, Inc. | 40393 | 5184442 |
| Ionis Pharmaceuticals, Inc. \* | 107009 | 7000529 |
| Revvity, Inc. † | 25972 | 2276446 |
| Royalty Pharma PLC | 143051 | 5046839 |
|  |  | 19508256 |
| **Real Estate Investment Trusts: 1.3%** | **Real Estate Investment Trusts: 1.3%** |  |
| Crown Castle, Inc. | 51755 | 4993840 |
| **Semiconductors & Semiconductor Equipment: 2.3%** | **Semiconductors & Semiconductor Equipment: 2.3%** |  |
| Marvell Technology, Inc. | 33339 | 2802810 |
| Monolithic Power Systems, Inc. | 3407 | 3136620 |
| NXP Semiconductors NV | 11203 | 2551259 |
|  |  | 8490689 |
| **Software & Services: 9.1%** |  |  |
| Akamai Technologies, Inc. \* | 30642 | 2321438 |
| Atlassian Corp. \* | 25784 | 4117705 |
| Cognizant Technology Solutions Corp. | 65602 | 4399926 |
| Dynatrace, Inc. \* | 94970 | 4601297 |
| Elastic NV \* | 27369 | 2312407 |
| EPAM Systems, Inc. \* | 15361 | 2316285 |
| HubSpot, Inc. \* | 5067 | 2370343 |
| Tyler Technologies, Inc. \* | 4462 | 2334340 |
| Workday, Inc. \* | 20367 | 4902948 |
| Zoom Communications, Inc. \* | 59130 | 4878225 |
|  |  | 34554914 |
| **Technology Hardware & Equipment: 2.7%** |  |  |
| Littelfuse, Inc. | 9624 | 2492712 |
| Vontier Corp. | 124155 | 5210785 |
| Zebra Technologies Corp. \* | 8050 | 2392138 |
|  |  | 10095635 |
| **Utilities: 4.3%** |  |  |
| Essential Utilities, Inc. | 130857 | 5221194 |
| Evergy, Inc. | 36102 | 2744474 |
| FirstEnergy Corp. | 60564 | 2775042 |
| Portland General Electric Co. | 119918 | 5276392 |
|  |  | 16017102 |
| **Total Common Stocks**<br> (Cost: $359,485,675) |  | 371369970 |
| **Total Investments: 99.9%**<br> (Cost: $359,485,675) |  | 371369970 |
| **Other assets less liabilities: 0.1%** |  | 486972 |
| **NET ASSETS: 100.0%** |  | $371856942 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,556,313. |

---

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $371369970 | $— | $— | $371369970 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Banks: 2.5%** |  |  |
| US Bancorp | 6641273 | $320972724 |
| **Capital Goods: 17.1%** |  |  |
| Allegion PLC | 1066395 | 189125153 |
| Boeing Co. \* | 1378248 | 297467266 |
| Caterpillar, Inc. | 419050 | 199949707 |
| Deere & Co. | 332333 | 151962588 |
| Huntington Ingalls Industries, Inc. † | 1253148 | 360793841 |
| IDEX Corp. | 1796853 | 292455794 |
| Masco Corp. | 2361540 | 166228801 |
| Nordson Corp. | 680471 | 154432893 |
| Northrop Grumman Corp. | 304583 | 185588514 |
| Otis Worldwide Corp. | 1831542 | 167457885 |
|  |  | 2165462442 |
| **Commercial & Professional Services: 4.6%** |  |  |
| Broadridge Financial Solutions, Inc. | 631423 | 150386016 |
| Copart, Inc. \* | 3282499 | 147613980 |
| TransUnion | 3368284 | 282194833 |
|  |  | 580194829 |
| **Consumer Discretionary Distribution & Retail: 1.2%** | **Consumer Discretionary Distribution & Retail: 1.2%** |  |
| Amazon.com, Inc. \* | 678519 | 148982417 |
| **Consumer Durables & Apparel: 2.5%** |  |  |
| NIKE, Inc. | 4572197 | 318819297 |
| **Consumer Services: 1.2%** |  |  |
| Airbnb, Inc. \* | 1284075 | 155912387 |
| **Financial Services: 4.5%** |  |  |
| Charles Schwab Corp. | 1712378 | 163480728 |
| Jack Henry & Associates, Inc. | 984567 | 146631563 |
| MarketAxess Holdings, Inc. | 1527776 | 266214968 |
|  |  | 576327259 |
| **Food, Beverage & Tobacco: 8.3%** |  |  |
| Brown-Forman Corp. † | 5799993 | 157063810 |
| Constellation Brands, Inc. † | 1985456 | 267381360 |
| Hershey Co. † | 888527 | 166198975 |
| Mondelez International, Inc. | 4824262 | 301371647 |
| PepsiCo, Inc. | 1191865 | 167385521 |
|  |  | 1059401313 |
| **Health Care Equipment & Services: 4.9%** |  |  |
| GE HealthCare Technologies, Inc. | 4074451 | 305991270 |
| Zimmer Biomet Holdings, Inc. † | 3159217 | 311182875 |
|  |  | 617174145 |
| **Household & Personal Products: 7.2%** |  |  |
| Clorox Co. | 2458189 | 303094703 |
| Estee Lauder Cos, Inc. | 3982681 | 350953850 |
| Kenvue, Inc. | 15794839 | 256350237 |
|  |  | 910398790 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Materials: 0.9%** |  |  |
| International Flavors & Fragrances, Inc. | 1913376 | $117749159 |
| **Media & Entertainment: 2.8%** |  |  |
| Alphabet, Inc. | 855007 | 207852202 |
| Walt Disney Co. | 1286269 | 147277800 |
|  |  | 355130002 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 18.9%** | **Pharmaceuticals, Biotechnology & Life Sciences: 18.9%** |  |
| Agilent Technologies, Inc. | 2539537 | 325949574 |
| Amgen, Inc. | 1094565 | 308886243 |
| Bristol-Myers Squibb Co. | 6512696 | 293722590 |
| Danaher Corp. | 1564342 | 310146445 |
| Merck & Co., Inc. | 3807038 | 319524699 |
| Pfizer, Inc. | 6339537 | 161531403 |
| Thermo Fisher Scientific, Inc. | 698905 | 338982903 |
| West Pharmaceutical Services, Inc. | 1295794 | 339925640 |
|  |  | 2398669497 |
| **Semiconductors & Semiconductor Equipment: 10.4%** | **Semiconductors & Semiconductor Equipment: 10.4%** |  |
| Applied Materials, Inc. | 1874409 | 383766499 |
| Entegris, Inc. † | 1948159 | 180126781 |
| Monolithic Power Systems, Inc. | 212678 | 195799874 |
| NXP Semiconductors NV | 1417193 | 322737362 |
| Teradyne, Inc. | 1746343 | 240366650 |
|  |  | 1322797166 |
| **Software & Services: 10.6%** |  |  |
| Adobe, Inc. \* | 796649 | 281017935 |
| Fortinet, Inc. \* | 1991311 | 167429429 |
| Microsoft Corp. | 321201 | 166366058 |
| Salesforce, Inc. | 1181786 | 280083282 |
| Tyler Technologies, Inc. \* | 282675 | 147884253 |
| Workday, Inc. \* | 1281343 | 308457700 |
|  |  | 1351238657 |
| **Transportation: 2.3%** |  |  |
| United Parcel Service, Inc. | 3420534 | 285717205 |
| **Total Common Stocks**<br> (Cost: $12,718,173,655) |  | 12684947289 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%** |  |
| **Money Market Fund: 0.0%**<br> (Cost: $1,724) | **Money Market Fund: 0.0%**<br> (Cost: $1,724) |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 1724 | 1724 |
| **Total Investments: 99.9%**<br> (Cost: $12,718,175,379) |  | 12684949013 |
| **Other assets less liabilities: 0.1%** |  | 15495632 |
| **NET ASSETS: 100.0%** |  | $12700444645 |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $157,947,248. |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

Transactions in and earnings from securities of affiliates for the year ended September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **9/30/2024** | **Purchases** | **Sales**<br> **Proceeds** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Value**<br> **9/30/2025** | **Dividend**<br> **Income** |
| Bio-Rad Laboratories, Inc. | $416768239 | $125992503 | $(444293654) | $(67738331) | $(30728757) | $– | $– |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $12684947289 | $— | $— | $12684947289 |
| Money Market Fund | 1724 |  |  | 1724 |
| **Total Investments** | $12684949013 | $— | $— | $12684949013 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT VALUE ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number <br> of Shares** | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |  |  |
| **Banks: 2.4%** |  |  |  |  |
| US Bancorp |  | 2554 | $| 123435 |
| **Capital Goods: 18.5%** |  |  |  |  |
| A.O. Smith Corp. |  | 638 |  | 46836 |
| Allegion PLC |  | 326 |  | 57816 |
| Boeing Co. \* |  | 1028 |  | 221873 |
| Caterpillar, Inc. |  | 212 |  | 101156 |
| Huntington Ingalls Industries, Inc. |  | 556 |  | 160078 |
| IDEX Corp. |  | 350 |  | 56966 |
| Masco Corp. |  | 1940 |  | 136557 |
| Northrop Grumman Corp. |  | 218 |  | 132832 |
| Otis Worldwide Corp. |  | 470 |  | 42972 |
|  |  |  |  | 957086 |
| **Consumer Durables & Apparel: 4.6%** | **Consumer Durables & Apparel: 4.6%** |  |  |  |
| NIKE, Inc. |  | 3400 |  | 237082 |
| **Consumer Services: 0.8%** |  |  |  |  |
| Airbnb, Inc. \* |  | 346 |  | 42011 |
| **Financial Services: 1.1%** |  |  |  |  |
| Charles Schwab Corp. |  | 600 |  | 57282 |
| **Food, Beverage & Tobacco: 15.1%** |  |  |  |  |
| Brown-Forman Corp. |  | 2549 |  | 69027 |
| Constellation Brands, Inc. |  | 1486 |  | 200120 |
| Hershey Co. |  | 411 |  | 76878 |
| Mondelez International, Inc. |  | 1601 |  | 100014 |
| PepsiCo, Inc. |  | 851 |  | 119514 |
| The Campbell's Co. |  | 6803 |  | 214839 |
|  |  |  |  | 780392 |
| **Health Care Equipment & Services: 7.1%** | **Health Care Equipment & Services: 7.1%** | **Health Care Equipment & Services: 7.1%** | **Health Care Equipment & Services: 7.1%** |  |
| GE HealthCare Technologies, Inc. |  | 1800 |  | 135180 |
| Zimmer Biomet Holdings, Inc. |  | 2352 |  | 231672 |
|  |  |  |  | 366852 |
| **Household & Personal Products: 8.2%** | **Household & Personal Products: 8.2%** | **Household & Personal Products: 8.2%** | **Household & Personal Products: 8.2%** |  |
| Clorox Co. |  | 464 |  | 57211 |
| Estee Lauder Cos, Inc. |  | 1979 |  | 174389 |
| Kenvue, Inc. |  | 11823 |  | 191887 |
|  |  |  |  | 423487 |
| **Materials: 1.6%** |  |  |  |  |
| Corteva, Inc. |  | 633 |  | 42810 |
| International Flavors & Fragrances, Inc. |  | 654 |  | 40247 |
|  |  |  |  | 83057 |
| **Media & Entertainment: 2.9%** |  |  |  |  |
| Alphabet, Inc. |  | 611 |  | 148534 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 25.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 25.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 25.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 25.4%** | **Pharmaceuticals, Biotechnology & Life Sciences: 25.4%** |
| Agilent Technologies, Inc. |  | 1166 |  | 149656 |
| Bristol-Myers Squibb Co. |  | 4865 |  | 219412 |
| Danaher Corp. |  | 1168 |  | 231568 |
| Merck & Co., Inc. |  | 2838 |  | 238193 |
| Pfizer, Inc. |  | 4529 |  | 115399 |
| Thermo Fisher Scientific, Inc. |  | 520 |  | 252210 |
| West Pharmaceutical Services, Inc. |  | 392 |  | 102833 |
|  |  |  |  | 1309271 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment: 5.7%** | **Semiconductors & Semiconductor Equipment: 5.7%** | **Semiconductors & Semiconductor Equipment: 5.7%** |
| Applied Materials, Inc. | 521 | $106670 |
| NXP Semiconductors NV | 533 | 121380 |
| Teradyne, Inc. | 440 | 60562 |
|  |  | 288612 |
| **Software & Services: 2.5%** |  |  |
| Adobe, Inc. \* | 225 | 79369 |
| Salesforce, Inc. | 217 | 51429 |
|  |  | 130798 |
| **Transportation: 4.1%** |  |  |
| United Parcel Service, Inc. | 2561 | 213920 |
| **Total Common Stocks** <br> (Cost: $5,249,082) |  | 5161819 |
| **Total Investments: 100.0%** <br> (Cost: $5,249,082) |  | 5161819 |
| **Liabilities in excess of other assets: 0.0%** | **Liabilities in excess of other assets: 0.0%** | (1072) |
| **NET ASSETS: 100.0%** |  | $5160747 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT VALUE ETF

SCHEDULE OF INVESTMENTS

(continued)

------

**Footnotes:**

\* Non-income producing

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted <br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant <br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $5161819 | $— | $— | $5161819 |

---

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

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 99.6%** |  |  |
| **Denmark: 7.7%** |  |  |
| Novo Nordisk A/S (ADR) | 788722 | $43766184 |
| **France: 4.4%** |  |  |
| Sanofi SA (ADR) | 531945 | 25107804 |
| **Israel: 1.8%** |  |  |
| Teva Pharmaceutical Industries Ltd. (ADR) \* | 496710 | 10033542 |
| **Japan: 2.6%** |  |  |
| Takeda Pharmaceutical Co. Ltd. (ADR) † | 1007670 | 14752289 |
| **Switzerland: 9.7%** |  |  |
| Novartis AG (ADR) | 429380 | 55063691 |
| **United Kingdom: 11.8%** |  |  |
| AstraZeneca PLC (ADR) | 310439 | 23816880 |
| GSK PLC (ADR) † | 619423 | 26734297 |
| Haleon PLC (ADR) | 1834327 | 16453913 |
|  |  | 67005090 |
| **United States: 61.6%** |  |  |
| AbbVie, Inc. | 118532 | 27444899 |
| Axsome Therapeutics, Inc. \* | 14873 | 1806326 |
| Bausch Health Cos, Inc. \* † | 115490 | 744910 |
| Bristol-Myers Squibb Co. | 532058 | 23995816 |
| Cencora, Inc. | 66814 | 20881379 |
| Corcept Therapeutics, Inc. \* | 28463 | 2365560 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Elanco Animal Health, Inc. \* † | 122627 | $2469708 |
| Eli Lilly & Co. | 147751 | 112734013 |
| Jazz Pharmaceuticals PLC \* | 22882 | 3015848 |
| Johnson & Johnson | 142706 | 26460546 |
| McKesson Corp. | 35520 | 27440621 |
| Merck & Co., Inc. | 501595 | 42098868 |
| Organon & Co. | 92012 | 982688 |
| Perrigo Co. PLC † | 37803 | 841873 |
| Pfizer, Inc. | 1134472 | 28906347 |
| Viatris, Inc. | 336635 | 3332686 |
| Zoetis, Inc. | 167893 | 24566104 |
|  |  | 350088192 |
| **Total Common Stocks** <br> (Cost: $632,547,847) |  | 565816792 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6%** |  |
| **Money Market Fund: 1.6%** <br> (Cost: $8,830,320) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 8830320 | 8830320 |
| **Total Investments: 101.2%** <br> (Cost: $641,378,167) |  | 574647112 |
| **Liabilities in excess of other assets: (1.2)%** | **Liabilities in excess of other assets: (1.2)%** | (6546412) |
| **NET ASSETS: 100.0%** |  | $568100700 |

---

------

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $35,145,445. |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $565816792 | $— | $— | $565816792 |
| Money Market Fund | 8830320 |  |  | 8830320 |
| **Total Investments** | $574647112 | $— | $— | $574647112 |

---

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

See Notes to Financial Statements

VANECK REAL ASSETS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **EXCHANGE TRADED PRODUCTS: 99.6%(a)** | **EXCHANGE TRADED PRODUCTS: 99.6%(a)** |  |
| Energy Select Sector SPDR Fund | 186112 | $16627246 |
| Global X US Infrastructure Development ETF † | 458317 | 21829639 |
| Invesco Water Resources ETF † | 28768 | 2074460 |
| iShares Gold Trust | 6194 | 450737 |
| iShares Residential and Multisector Real Estate ETF † | 134634 | 11439851 |
| Materials Select Sector SPDR Fund † | 153506 | 13757208 |
| SPDR Gold MiniShares Trust | 5936 | 453807 |
| VanEck Commodity Strategy ETF ‡ | 631180 | 34601288 |
| VanEck Energy Income ETF † ‡ | 197190 | 19553577 |
| VanEck Gold Miners ETF † ‡ | 72624 | 5548474 |
| VanEck Merk Gold ETF | 1086007 | 40388600 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| VanEck Uranium and Nuclear ETF † ‡ | 51990 | $7052444 |
| **Total Exchange Traded Products** <br> (Cost: $141,887,979) |  | 173777331 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.0%** |  |
| **Money Market Fund: 9.0%** <br> (Cost: $15,667,313) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(b) | 15667313 | 15667313 |
| **Total Investments: 108.6%** <br> (Cost: $157,555,292) |  | 189444644 |
| **Liabilities in excess of other assets: (8.6)%** | **Liabilities in excess of other assets: (8.6)%** | (14851250) |
| **NET ASSETS: 100.0%** |  | $174593394 |

---

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each underlying fund's shareholder
 reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the
 fund's webpage.

† Security fully or partially on loan. Total market
 value of securities on loan is $24,265,877.

‡ Affiliated issuer – as defined under the
 Investment Company Act of 1940.

(b) Rate shown is the 1-day yield as of 09/30/25.

Transactions in and earnings from securities of affiliates for the year ended September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value <br> 9/30/2024** | **Purchases** | **Sales<br> Proceeds** | **Net <br> Realized <br> Gain (Loss)** | **Net Change in <br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value <br> 9/30/2025** | **Dividend <br> Income** |
| VanEck Agribusiness ETF | $774279 | $555173 | $(1239870) | $(316715) | $227133 | $– | $35062 |
| VanEck Commodity Strategy ETF | 15739444 | 19125642 | (3977962) | 98368 | 3615796 | 34601288 | 695849 |
| VanEck Energy Income ETF | 9601795 | 10800727 | (2812802) | 715231 | 1422620 | 19553577 | 313836 |
| VanEck Gold Miners ETF | 1075658 | 2741599 | (358775) | 64954 | 2025038 | 5548474 | 13237 |
| VanEck Steel ETF | 1359810 | 777155 | (1894240) | (172505) | (70220) |  | 55969 |
| VanEck Uranium and Nuclear ETF | 1595471 | 3433443 | (271802) | 49476 | 2245855 | 7052443 | 16029 |
| Total | $30146457 | $37433739 | $(10555451) | $438809 | $9466222 | $66755782 | $1129982 |

---

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Value** |
| Exchange Traded Products | $173777331 | $— | $— | $173777331 |
| Money Market Fund | 15667313 |  |  | 15667313 |
| **Total Investments** | $189444644 | $— | $— | $189444644 |

---

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Canada: 0.9%** |  |  |
| Lululemon Athletica, Inc. (USD) \* | 12917 | $2298322 |
| **China: 3.0%** |  |  |
| JD.com, Inc. (ADR) | 225365 | 7883268 |
| **United States: 96.1%** |  |  |
| Amazon.com, Inc. \* | 226709 | 49778495 |
| AutoZone, Inc. \* | 2396 | 10279415 |
| Best Buy Co., Inc. | 24835 | 1878023 |
| Cardinal Health, Inc. | 33759 | 5298813 |
| Carvana Co. \* | 16986 | 6407799 |
| Cencora, Inc. | 26342 | 8232665 |
| Costco Wholesale Corp. | 21788 | 20167626 |
| CVS Health Corp. | 156023 | 11762574 |
| Dollar General Corp. | 29097 | 3007175 |
| Dollar Tree, Inc. \* | 25091 | 2367838 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Fastenal Co. | 166461 | $8163247 |
| Lowe's Companies, Inc. | 44078 | 11077242 |
| McKesson Corp. | 16636 | 12851975 |
| O'Reilly Automotive, Inc. \* | 111778 | 12050786 |
| Ross Stores, Inc. | 42036 | 6405866 |
| Sysco Corp. | 64973 | 5349877 |
| Target Corp. | 62572 | 5612708 |
| The Home Depot, Inc. | 49499 | 20056500 |
| The Kroger Co. | 80118 | 5400754 |
| The TJX Companies, Inc. | 93339 | 13491219 |
| Tractor Supply Co. | 64219 | 3652135 |
| Ulta Beauty, Inc. \* | 6092 | 3330801 |
| Walmart, Inc. | 238843 | 24615160 |
|  |  | 251238693 |
| **Total Common Stocks** <br> (Cost: $216,754,039) |  | 261420283 |
| **Total Investments: 100.0%** <br> (Cost: $216,754,039) |  | 261420283 |
| **Liabilities in excess of other assets: 0.0%** | **Liabilities in excess of other assets: 0.0%** | (38503) |
| **NET ASSETS: 100.0%** |  | $261381780 |

---

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

\* Non-income producing

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $261420283 | $— | $— | $261420283 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK ROBOTICS ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.8%** |  |  |
| **Austria: 1.1%** |  |  |
| Andritz AG | 3420 | $241485 |
| **Canada: 0.7%** |  |  |
| ATS Corp. (USD) \* † | 6012 | 157514 |
| **Finland: 1.2%** |  |  |
| Konecranes Oyj | 3131 | 259423 |
| **France: 2.5%** |  |  |
| Dassault Systemes SE | 15996 | 538557 |
| **Germany: 1.5%** |  |  |
| Duerr AG | 6453 | 152104 |
| Krones AG | 1170 | 171081 |
|  |  | 323185 |
| **Israel: 1.0%** |  |  |
| Nova Ltd. (USD) \* | 668 | 213533 |
| **Japan: 24.7%** |  |  |
| Advantest Corp. | 3200 | 317045 |
| Amada Co. Ltd. | 19100 | 235044 |
| Argo Graphics, Inc. | 7200 | 60297 |
| Azbil Corp. | 22200 | 210777 |
| Daifuku Co. Ltd. | 11400 | 365339 |
| Daihen Corp. | 3700 | 205716 |
| Denso Corp. | 48900 | 704706 |
| DMG Mori Co. Ltd. | 9100 | 183099 |
| FANUC Corp. | 16700 | 480557 |
| Fuji Corp. † | 10400 | 189681 |
| Keyence Corp. | 2300 | 858050 |
| Lasertec Corp. | 1500 | 205485 |
| Omron Corp. | 8300 | 228122 |
| Optex Group Co. Ltd. | 5600 | 79801 |
| Renesas Electronics Corp. | 13000 | 149770 |
| Tokyo Electron Ltd. | 1400 | 248510 |
| Yaskawa Electric Corp. | 9600 | 204634 |
| Yokogawa Electric Corp. | 9500 | 273006 |
|  |  | 5199639 |
| **Netherlands: 6.8%** |  |  |
| ASM International NV | 295 | 178073 |
| ASML Holding N.V. (USD) | 1236 | 1196559 |
| TKH Group NV † | 1705 | 73855 |
|  |  | 1448487 |
| **Norway: 1.3%** |  |  |
| AutoStore Holdings Ltd. 144A \* | 293958 | 270039 |
| **Sweden: 2.0%** |  |  |
| Hexagon AB | 34944 | 417404 |
| **Switzerland: 8.5%** |  |  |
| ABB Ltd. | 16782 | 1215012 |
| Interroll Holding AG | 74 | 232030 |
| Kardex Holding AG | 564 | 220485 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Switzerland (continued)** |  |  |
| STMicroelectronics N.V. (USD) | 5878 | $166112 |
|  |  | 1833639 |
| **United Kingdom: 4.1%** |  |  |
| IMI PLC | 9346 | 288958 |
| Renishaw PLC | 4628 | 222738 |
| TechnipFMC PLC (USD) | 8608 | 339586 |
|  |  | 851282 |
| **United States: 44.4%** |  |  |
| Ambarella, Inc. \* | 1679 | 138551 |
| Analog Devices, Inc. | 1167 | 286732 |
| Applied Materials, Inc. | 1700 | 348058 |
| Autodesk, Inc. \* | 3263 | 1036557 |
| Bentley Systems, Inc. | 3988 | 205302 |
| Cognex Corp. | 4446 | 201404 |
| Emerson Electric Co. | 7656 | 1004314 |
| Intuitive Surgical, Inc. \* | 663 | 296513 |
| Kadant, Inc. | 554 | 164859 |
| KLA Corp. | 309 | 333287 |
| Lam Research Corp. | 2959 | 396210 |
| Lattice Semiconductor Corp. \* | 3035 | 222526 |
| Lincoln Electric Holdings, Inc. | 1535 | 361999 |
| Microchip Technology, Inc. | 2667 | 171275 |
| Novanta, Inc. \* | 1627 | 162944 |
| NVIDIA Corp. | 6779 | 1264826 |
| ON Semiconductor Corp. \* | 3221 | 158828 |
| Onto Innovation, Inc. \* | 1557 | 201196 |
| Ouster, Inc. \* | 3590 | 97110 |
| PTC, Inc. \* | 1784 | 362188 |
| Rockwell Automation, Inc. | 1919 | 670748 |
| Symbotic, Inc. \* <sup>†</sup> | 5830 | 314237 |
| Teledyne Technologies, Inc. \* | 748 | 438358 |
| Teradyne, Inc. | 1881 | 258901 |
| Texas Instruments, Inc. | 1692 | 310871 |
|  |  | 9407794 |
| **Total Common Stocks** <br> (Cost: $19,093,212) |  | 21161981 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:1.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:1.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:1.7%** |
| **Money Market Fund: 1.7%** <br> (Cost: $356,711) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 356711 | 356711 |
| **Total Investments: 101.5%** <br> (Cost: $19,449,923) |  | 21518692 |
| **Liabilities in excess of other assets: (1.5)%** | **Liabilities in excess of other assets: (1.5)%** | (319528) |
| **NET ASSETS: 100.0%** |  | $21199164 |

---

See Notes to Financial Statements

------

**Definitions:**

USD United States Dollar

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Security fully or partially on loan. Total market value of securities on loan is $650,666.

\* Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 1-day yield as of 09/30/25.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | $— | $241485 | $— | $241485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 157514 |  |  | 157514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 259423 |  | 259423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 538557 |  | 538557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 323185 |  | 323185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 213533 |  |  | 213533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 5199639 |  | 5199639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 1196559 | 251928 |  | 1448487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 270039 |  | 270039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 417404 |  | 417404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 166112 | 1667527 |  | 1833639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 562324 | 288958 |  | 851282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 9407794 |  |  | 9407794 |
| Money Market Fund | 356711 |  |  | 356711 |
| **Total Investments** | $12060547 | $9458145 | $— | $21518692 |

---

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Netherlands: 7.1%** |  |  |
| ASML Holding N.V. (USD) | 1846085 | $1787176428 |
| NXP Semiconductors NV (USD) | 2113181 | 481234709 |
|  |  | 2268411137 |
| **Switzerland: 0.8%** |  |  |
| STMicroelectronics N.V. (USD) † | 8593010 | 242838462 |
| **Taiwan: 9.8%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 11247659 | 3141358682 |
| **United States: 82.2%** |  |  |
| Advanced Micro Devices, Inc. \* | 9177674 | 1484855877 |
| Analog Devices, Inc. | 5283233 | 1298090348 |
| Applied Materials, Inc. | 8063755 | 1650973199 |
| Broadcom, Inc. | 7921306 | 2613318062 |
| Cadence Design Systems, Inc. \* | 2819271 | 990297132 |
| Intel Corp. \* | 50155131 | 1682704645 |
| KLA Corp. | 1399889 | 1509920275 |
| Lam Research Corp. | 12274440 | 1643547516 |
| Marvell Technology, Inc. | 8016335 | 673933283 |
| Microchip Technology, Inc. | 5088971 | 326813718 |
| Micron Technology, Inc. | 9412716 | 1574935641 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Monolithic Power Systems, Inc. | 439049 | $404206071 |
| NVIDIA Corp. | 33027726 | 6162313117 |
| ON Semiconductor Corp. \* | 3106585 | 153185706 |
| Qorvo, Inc. \* | 788745 | 71838895 |
| Qualcomm, Inc. | 8290526 | 1379211905 |
| Skyworks Solutions, Inc. | 1166337 | 89784622 |
| Synopsys, Inc. \* | 1970468 | 972209207 |
| Teradyne, Inc. | 1604162 | 220796858 |
| Texas Instruments, Inc. | 7161457 | 1315774495 |
| Universal Display Corp. | 423318 | 60801164 |
|  |  | 26279511736 |
| **Total Common Stocks** <br> (Cost: $28,748,584,070) |  | 31932120017 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:0.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:0.0%** |  |
| **Money Market Fund: 0.0%** <br> (Cost: $25,350) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 25350 | 25350 |
| **Total Investments: 99.9%**<br> (Cost: $28,748,609,420) |  | 31932145367 |
| **Other assets less liabilities: 0.1%** |  | 27162019 |
| **NET ASSETS: 100.0%** |  | $31959307386 |

---

**Definitions:**

ADR American Depositary Receipt

USD United States Dollar

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Security fully or partially on loan. Total market value of securities on loan is $24,809,454.

\* Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 1-day yield as of 09/30/25.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $31932120017 | $— | $— | $31932120017 |
| Money Market Fund | 25350 |  |  | 25350 |
| **Total Investments** | $31932145367 | $— | $— | $31932145367 |

---

 

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |  |
| **Automobiles & Components: 7.3%** | **Automobiles & Components: 7.3%** |  |  |
| Ford Motor Co. | 46873 | $| 560601 |
| Lucid Group, Inc. \* † | 116400 |  | 2769156 |
| Rivian Automotive, Inc. \* † | 75731 |  | 1111731 |
| Tesla, Inc. \* | 8704 |  | 3870843 |
|  |  |  | 8312331 |
| **Banks: 1.1%** |  |  |  |
| Bank of America Corp. | 6721 |  | 346736 |
| Citigroup, Inc. | 3245 |  | 329368 |
| NU Holdings Ltd. \* | 34381 |  | 550440 |
|  |  |  | 1226544 |
| **Capital Goods: 4.0%** |  |  |  |
| Archer Aviation, Inc. \* † | 117649 |  | 1127077 |
| Boeing Co. \* | 3284 |  | 708786 |
| Rocket Lab Corp. \* † | 57846 |  | 2771402 |
|  |  |  | 4607265 |
| **Consumer Discretionary Distribution & Retail: 5.1%** | **Consumer Discretionary Distribution & Retail: 5.1%** | **Consumer Discretionary Distribution & Retail: 5.1%** | **Consumer Discretionary Distribution & Retail: 5.1%** |
| Amazon.com, Inc. \* | 7460 |  | 1637992 |
| Carvana Co. \* | 1688 |  | 636781 |
| GameStop Corp. \* | 129179 |  | 3524003 |
|  |  |  | 5798776 |
| **Consumer Durables & Apparel: 2.5%** | **Consumer Durables & Apparel: 2.5%** | **Consumer Durables & Apparel: 2.5%** |  |
| Lululemon Athletica, Inc. \* | 16424 |  | 2922322 |
| **Consumer Services: 0.9%** |  |  |  |
| Chipotle Mexican Grill, Inc. \* | 15060 |  | 590201 |
| DraftKings, Inc. \* | 13809 |  | 516457 |
|  |  |  | 1106658 |
| **Consumer Staples Distribution & Retail: 2.4%** | **Consumer Staples Distribution & Retail: 2.4%** | **Consumer Staples Distribution & Retail: 2.4%** |  |
| Costco Wholesale Corp. | 323 |  | 298978 |
| Target Corp. | 8924 |  | 800483 |
| Walmart, Inc. | 16067 |  | 1655865 |
|  |  |  | 2755326 |
| **Financial Services: 10.0%** |  |  |  |
| Affirm Holdings, Inc. \* | 8639 |  | 631338 |
| Coinbase Global, Inc. \* | 5060 |  | 1707699 |
| PayPal Holdings, Inc. \* | 11016 |  | 738733 |
| Robinhood Markets, Inc. \* | 27261 |  | 3903230 |
| Rocket Cos, Inc. † | 49495 |  | 959213 |
| SoFi Technologies, Inc. \* | 123657 |  | 3267018 |
| Upstart Holdings, Inc. \* † | 9884 |  | 502107 |
|  |  |  | 11709338 |
| **Food, Beverage & Tobacco: 0.8%** |  |  |  |
| Celsius Holdings, Inc. \* | 16273 |  | 935535 |
| **Health Care Equipment & Services: 5.8%** | **Health Care Equipment & Services: 5.8%** | **Health Care Equipment & Services: 5.8%** |  |
| Hims & Hers Health, Inc. \* † | 62019 |  | 3517718 |
| UnitedHealth Group, Inc. | 9078 |  | 3134633 |
|  |  |  | 6652351 |
| **Materials: 0.9%** |  |  |  |
| Barrick Mining Corp. | 32928 |  | 1079051 |
| **Media & Entertainment: 9.4%** |  |  |  |
| Alphabet, Inc. | 13353 |  | 3246114 |
| EchoStar Corp. \* | 7082 |  | 540782 |
| Meta Platforms, Inc. | 2068 |  | 1518698 |
| Netflix, Inc. \* | 421 |  | 504745 |
| Reddit, Inc. \* | 2478 |  | 569915 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number <br> of Shares** | **Number <br> of Shares** | **Value** | **Value** |
| **Media & Entertainment (continued)** | **Media & Entertainment (continued)** |  |  |  |
| Roblox Corp. \* |  | 11568 | $| 1602399 |
| Snap, Inc. \* |  | 348245 |  | 2684969 |
| Walt Disney Co. |  | 2402 |  | 275029 |
|  |  |  |  | 10942651 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 2.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 2.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 2.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 2.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 2.5%** |
| Eli Lilly & Co. |  | 850 |  | 648550 |
| Moderna, Inc. \* |  | 16303 |  | 421106 |
| Pfizer, Inc. |  | 16270 |  | 414560 |
| Tempus AI, Inc. \* † |  | 8872 |  | 716059 |
| TG Therapeutics, Inc. \* |  | 17377 |  | 627744 |
|  |  |  |  | 2828019 |
| **Semiconductors & Semiconductor Equipment: 13.9%** | **Semiconductors & Semiconductor Equipment: 13.9%** | **Semiconductors & Semiconductor Equipment: 13.9%** | **Semiconductors & Semiconductor Equipment: 13.9%** | **Semiconductors & Semiconductor Equipment: 13.9%** |
| Advanced Micro Devices, Inc. \* |  | 20620 |  | 3336110 |
| Broadcom, Inc. |  | 5075 |  | 1674293 |
| First Solar, Inc. \* |  | 1937 |  | 427167 |
| Intel Corp. \* |  | 130440 |  | 4376263 |
| Marvell Technology, Inc. |  | 19614 |  | 1648949 |
| Micron Technology, Inc. |  | 6454 |  | 1079883 |
| NVIDIA Corp. |  | 18120 |  | 3380830 |
|  |  |  |  | 15923495 |
| **Software & Services: 19.5%** |  |  |  |  |
| Adobe, Inc. \* |  | 2135 |  | 753121 |
| AppLovin Corp. \* |  | 1192 |  | 856500 |
| Crowdstrike Holdings, Inc. \* |  | 1408 |  | 690455 |
| International Business Machines Corp. |  | 1034 |  | 291753 |
| MARA Holdings, Inc. \* † |  | 86680 |  | 1582777 |
| Microsoft Corp. |  | 2766 |  | 1432650 |
| Nebius Group NV \* |  | 35990 |  | 4040598 |
| Oracle Corp. |  | 8640 |  | 2429914 |
| Palantir Technologies, Inc. \* |  | 19532 |  | 3563027 |
| Palo Alto Networks, Inc. \* |  | 4470 |  | 910181 |
| Salesforce, Inc. |  | 5527 |  | 1309899 |
| Snowflake, Inc. \* |  | 4238 |  | 955881 |
| Strategy, Inc. \* |  | 9846 |  | 3172480 |
| UiPath, Inc. \* |  | 36195 |  | 484289 |
|  |  |  |  | 22473525 |
| **Technology Hardware & Equipment: 7.1%** | **Technology Hardware & Equipment: 7.1%** | **Technology Hardware & Equipment: 7.1%** | **Technology Hardware & Equipment: 7.1%** |  |
| Apple, Inc. |  | 13955 |  | 3553362 |
| Dell Technologies, Inc. |  | 2295 |  | 325362 |
| IonQ, Inc. \* † |  | 13884 |  | 853866 |
| Super Micro Computer, Inc. \* † |  | 71027 |  | 3405034 |
|  |  |  |  | 8137624 |
| **Telecommunication Services: 3.9%** | **Telecommunication Services: 3.9%** | **Telecommunication Services: 3.9%** | **Telecommunication Services: 3.9%** |  |
| AST SpaceMobile, Inc. \* † |  | 83661 |  | 4106083 |
| AT&T, Inc. |  | 11885 |  | 335632 |
|  |  |  |  | 4441715 |
| **Transportation: 2.2%** |  |  |  |  |
| Grab Holdings Ltd. \* |  | 48916 |  | 294474 |
| Joby Aviation, Inc. \* † |  | 35388 |  | 571162 |
| Uber Technologies, Inc. \* |  | 8916 |  | 873501 |
| United Parcel Service, Inc. |  | 8623 |  | 720279 |
|  |  |  |  | 2459416 |

---

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Utilities: 0.6%** |  |  |
| Oklo, Inc. \* | 6545 | $730618 |
| **Total Common Stocks** <br> (Cost: $101,747,891) |  | 115042560 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%** |  |
| **Money Market Fund: 3.2%** <br> (Cost: $3,638,347) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 3638347 | 3638347 |
| **Total Investments: 103.1%** <br> (Cost: $105,386,238) |  | 118680907 |
| **Liabilities in excess of other assets: (3.1)%** | **Liabilities in excess of other assets: (3.1)%** | (3552721) |
| **NET ASSETS: 100.0%** |  | $115128186 |

---

------

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Security fully or partially on loan. Total market value of securities on loan is $13,914,392.

\* Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 1-day yield as of 09/30/25.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $115042560 | $— | $— | $115042560 |
| Money Market Fund | 3638347 |  |  | 3638347 |
| **Total Investments** | $118680907 | $— | $— | $118680907 |

---

 

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK TECHNOLOGY TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 56.7%** |  |  |
| **Semiconductors & Semiconductor Equipment: 24.0%** | **Semiconductors & Semiconductor Equipment: 24.0%** | **Semiconductors & Semiconductor Equipment: 24.0%** |
| Advanced Micro Devices, Inc. \* | 250 | $40448 |
| Analog Devices, Inc. | 72 | 17690 |
| Applied Materials, Inc. | 119 | 24364 |
| Broadcom, Inc. | 2362 | 779248 |
| First Solar, Inc. \* | 14 | 3087 |
| Intel Corp. \* | 671 | 22512 |
| KLA Corp. | 17 | 18336 |
| Lam Research Corp. | 196 | 26244 |
| Microchip Technology, Inc. | 86 | 5523 |
| Micron Technology, Inc. | 168 | 28110 |
| Monolithic Power Systems, Inc. | 6 | 5524 |
| NVIDIA Corp. | 12220 | 2280009 |
| NXP Semiconductors NV | 41 | 9337 |
| ON Semiconductor Corp. \* | 53 | 2613 |
| Qualcomm, Inc. | 159 | 26451 |
| Teradyne, Inc. | 20 | 2753 |
| Texas Instruments, Inc. | 141 | 25906 |
|  |  | 3318155 |
| **Software & Services: 17.9%** |  |  |
| Accenture PLC | 97 | 23920 |
| Adobe, Inc. \* | 63 | 22223 |
| Akamai Technologies, Inc. \* | 18 | 1364 |
| AppLovin Corp. \* | 43 | 30897 |
| Autodesk, Inc. \* | 36 | 11436 |
| Cadence Design Systems, Inc. \* | 43 | 15104 |
| Cognizant Technology Solutions Corp. | 71 | 4762 |
| Crowdstrike Holdings, Inc. \* | 40 | 19615 |
| Datadog, Inc. \* | 50 | 7120 |
| Fair Isaac Corp. \* | 3 | 4490 |
| Fortinet, Inc. \* | 106 | 8912 |
| Gen Digital, Inc. | 106 | 3009 |
| GoDaddy, Inc. \* | 17 | 2326 |
| International Business Machines Corp. | 145 | 40913 |
| Intuit, Inc. | 44 | 30048 |
| Microsoft Corp. | 3730 | 1931955 |
| Oracle Corp. | 372 | 104621 |
| Palantir Technologies, Inc. \* | 350 | 63847 |
| Palo Alto Networks, Inc. \* | 102 | 20769 |
| PTC, Inc. \* | 15 | 3045 |
| Roper Technologies, Inc. | 14 | 6982 |
| Salesforce, Inc. | 148 | 35076 |
| ServiceNow, Inc. \* | 35 | 32210 |
| Synopsys, Inc. \* | 32 | 15788 |
| Tyler Technologies, Inc. \* | 5 | 2616 |
| VeriSign, Inc. | 11 | 3075 |
| Workday, Inc. \* | 36 | 8666 |
|  |  | 2454789 |
| **Technology Hardware & Equipment: 14.8%** |  |  |
| Amphenol Corp. | 190 | 23513 |
| Apple, Inc. | 7453 | 1897758 |
| Arista Networks, Inc. \* | 159 | 23168 |
| CDW Corp. | 17 | 2708 |
| Cisco Systems, Inc. | 599 | 40984 |
| Corning, Inc. | 116 | 9515 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares** | **Value** |
| **Technology Hardware & Equipment (continued)** | **Technology Hardware & Equipment (continued)** |  |
| Dell Technologies, Inc. | 47 | $6663 |
| F5, Inc. \* | 7 | 2262 |
| Hewlett Packard Enterprise Co. | 212 | 5207 |
| HP, Inc. | 159 | 4330 |
| Jabil, Inc. | 14 | 3040 |
| Keysight Technologies, Inc. \* | 22 | 3848 |
| Motorola Solutions, Inc. | 21 | 9603 |
| NetApp, Inc. | 34 | 4028 |
| Seagate Technology Holdings PLC | 36 | 8498 |
| Super Micro Computer, Inc. \* | 72 | 3452 |
| TE Connectivity PLC | 46 | 10098 |
| Teledyne Technologies, Inc. \* | 6 | 3516 |
| Trimble, Inc. \* | 39 | 3184 |
| Western Digital Corp. | 53 | 6363 |
| Zebra Technologies Corp. \* | 6 | 1783 |
|  |  | 2073521 |
| **Total Common Stocks**<br> (Cost: $7,421,955) |  | 7846465 |
| **EXCHANGE TRADED FUND: 43.2%(a)**<br> (Cost: $5,642,704) |  |  |
| Technology Select Sector SPDR Fund | 21200 | 5975432 |
| **Total Investments: 99.9%**<br> (Cost: $13,064,659) |  | 13821897 |
| **Other assets less liabilities: 0.1%** |  | 19777 |
| **NET ASSETS: 100.0%** |  | $13841674 |

---

See Notes to Financial Statements

VANECK TECHNOLOGY TRUSECTOR ETF

SCHEDULE OF INVESTMENTS

(continued)

------

**Footnotes:**

\* Non-income producing

(a) The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www.sec.gov or on the fund's webpage.

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $7846465 | $— | $— | $7846465 |
| Exchange Traded Fund | 5975432 |  |  | 5975432 |
| **Total Investments** | $13821897 | $— | $— | $13821897 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Australia: 4.9%** |  |  |
| Aristocrat Leisure Ltd. | 547883 | $25403634 |
| **China: 21.5%** |  |  |
| China Ruyi Holdings Ltd. (HKD) \* † | 33984000 | 12972659 |
| Kingsoft Corp. Ltd. (HKD) | 2892400 | 12836787 |
| NetEase, Inc. (ADR) | 226647 | 34448078 |
| Tencent Holdings Ltd. (HKD) | 499000 | 42528058 |
| XD, Inc. (HKD) | 778200 | 8116220 |
|  |  | 110901802 |
| **France: 0.8%** |  |  |
| Ubisoft Entertainment SA \* | 349683 | 4019906 |
| **Japan: 26.9%** |  |  |
| Bandai Namco Holdings, Inc. | 670900 | 22352078 |
| Capcom Co. Ltd. | 847100 | 23030747 |
| Konami Group Corp. † | 151100 | 21827501 |
| Nexon Co. Ltd. | 1002400 | 22028039 |
| Nintendo Co. Ltd. | 434600 | 37652180 |
| Square Enix Holdings Co. Ltd. † | 568500 | 12250535 |
|  |  | 139141080 |
| **Poland: 3.3%** |  |  |
| CD Projekt SA | 228350 | 17056725 |
| **South Korea: 6.1%** |  |  |
| Krafton, Inc. \* | 96380 | 20124448 |
| NCSoft Corp. | 46958 | 7234513 |
| Netmarble Corp. 144A | 90266 | 3974021 |
|  |  | 31332982 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Sweden: 1.1%** |  |  |
| Embracer Group AB \* † | 531946 | $5908715 |
| **Taiwan: 6.2%** |  |  |
| International Games System Co. Ltd. | 873000 | 22604537 |
| Micro-Star International Co. Ltd. | 2493000 | 9528763 |
|  |  | 32133300 |
| **United States: 28.9%** |  |  |
| Electronic Arts, Inc. | 164160 | 33111072 |
| GameStop Corp. \* | 938428 | 25600316 |
| Roblox Corp. \* | 267802 | 37095933 |
| Take-Two Interactive Software, Inc. \* | 124949 | 32281824 |
| Unity Software, Inc. \* † | 530614 | 21245784 |
|  |  | 149334929 |
| **Total Common Stocks**<br> (Cost: $402,790,149) |  | 515233073 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** |
| **Money Market Fund: 0.7%**<br>(Cost: $3,464,882) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 4.18%(a) | 3464882 | 3464882 |
| **Total Investments: 100.4%**<br> (Cost: $406,255,031) |  | 518697955 |
| **Liabilities in excess of other assets: (0.4)%** | **Liabilities in excess of other assets: (0.4)%** | (2035412) |
| **NET ASSETS: 100.0%** |  | $516662543 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> HKD Hong Kong Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $31,903,997. |
| \* | Non-income producing |
| (a) | Rate shown is the 1-day yield as of 09/30/25. |

---

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $25403634 | $— | $25403634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 34448078 | 76453724 |  | 110901802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 4019906 |  | 4019906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 139141080 |  | 139141080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 17056725 |  | 17056725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 31332982 |  | 31332982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 5908715 |  | 5908715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 32133300 |  | 32133300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 149334929 |  |  | 149334929 |
| Money Market Fund | 3464882 |  |  | 3464882 |
| **Total Investments** | $187247889 | $331450066 | $— | $518697955 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative Asset<br> Manager ETF** | **Biotech ETF** | **Commodity<br> Strategy ETF (a)** | **Consumer<br> Discretionary<br> TruSector ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $100029523 | $347204498 | $40879898 | $4157425 |
| Short-term investments held as collateral for securities loaned (3) |  | 321 |  |  |
| Cash | 32896 | 290571 | 134450 | 823 |
| Cash on deposit with broker for futures contracts |  |  | 1597001 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  | 3354 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 35117 | 2451 |  |  |
| Net variation margin on futures contracts |  |  | 1234100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 100097536 | 347497841 | 43845449 | 4161602 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 321 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 25045 | 100584 | 18685 | 162 |
| Deferred Trustee fees |  | 64926 |  |  |
| Accrued expenses |  | 226 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 25045 | 166057 | 18685 | 162 |
| **NET ASSETS** | $100072491 | $347331784 | $43826764 | $4161440 |
| Shares outstanding | 3625000 | 2096503 | 800000 | 160000 |
| Net asset value, redemption and offering price per share | $27.61 | $165.67 | $54.78 | $26.01 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $101446075 | $631416673 | $38621388 | $4064193 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (1373584) | (284084889) | 5205376 | 97247 |
| **NET ASSETS** | $100072491 | $347331784 | $43826764 | $4161440 |
| (1) Includes Investment in securities on loan, at market value | $— | $17211474 | $— | $— |
| (2) Cost of investments - Unaffiliated issuers | $101457044 | $356820871 | $40872891 | $4062177 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $321 | $— | $— |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital<br> Transformation<br> ETF** | **Durable High<br> Dividend ETF** | **Energy Income<br> ETF** | **Environmental<br> Services ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $320949017 | $43881450 | $73351666 | $91467004 |
| Short-term investments held as collateral for securities loaned (3) | 25392112 |  | 1845081 | 2247557 |
| Cash | 110 | 164953 |  | 75380 |
| Cash denominated in foreign currency, at value (4) | 267 |  | 34571 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 15307013 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 7811280 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 74818 | 80644 | 120012 | 28130 |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes |  |  | 14979 |  |
| Prepaid expenses |  |  |  | 1825 |
| Other assets |  |  |  | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 369534617 | 44127047 | 75366309 | 93820197 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 11742231 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 5970203 |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 25392112 |  | 1845081 | 2247557 |
| &nbsp;&nbsp;&nbsp;Line of credit | 5004427 |  | 73625 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 127916 | 10662 | 26793 | 31972 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 23042 |  |
| Deferred Trustee fees |  | 624 |  | 5236 |
| Accrued expenses | 6656 |  | 242 | 44919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 48243545 | 11286 | 1968783 | 2329684 |
| **NET ASSETS** | $321291072 | $44115761 | $73397526 | $91490513 |
| Shares outstanding | 14800000 | 1300000 | 739720 | 2350000 |
| Net asset value, redemption and offering price per share | $21.71 | $33.94 | $99.22 | $38.93 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $346182327 | $64984421 | $64893380 | $110771073 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (24891255) | (20868660) | 8504146 | (19280560) |
| **NET ASSETS** | $321291072 | $44115761 | $73397526 | $91490513 |
| (1) Includes Investment in securities on loan, at market value | $88433340 | $34364 | $2766948 | $6683660 |
| (2) Cost of investments - Unaffiliated issuers | $260046375 | $43814754 | $67303347 | $81906450 |
| (3) Cost of short-term investments held as collateral for securities loaned | $25392112 | $— | $1845081 | $2247557 |
| (4) Cost of cash denominated in foreign currency | $268 | $— | $34521 | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless<br> Semiconductor<br> ETF** | **Gaming ETF** | **Long/Flat Trend<br> ETF** | **Morningstar<br> Global Wide Moat<br> ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $164625338 | $26899101 | $27841857 | $18060293 |
| Short-term investments held as collateral for securities loaned (3) |  | 89910 |  |  |
| Cash | 110583 | 41681 | 90414 | 19637 |
| Cash denominated in foreign currency, at value (4) |  | 909 |  | 99 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 15803 | 64683 | 79109 | 37506 |
| Prepaid expenses |  | 976 | 870 | 823 |
| Other assets |  | 657 | 88 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 164751724 | 27097917 | 28012338 | 18118385 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  | 8745 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 89910 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 44907 | 9511 | 7430 | 2535 |
| Deferred Trustee fees |  | 11958 | 1691 | 439 |
| Accrued expenses |  | 51232 | 38959 | 55031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 44907 | 162611 | 48080 | 66750 |
| **NET ASSETS** | $164706817 | $26935306 | $27964258 | $18051635 |
| Shares outstanding | 4300000 | 600000 | 525000 | 400000 |
| Net asset value, redemption and offering price per share | $38.30 | $44.89 | $53.27 | $45.13 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $156308773 | $61502698 | $31827181 | $13121887 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 8398044 | (34567392) | (3862923) | 4929748 |
| **NET ASSETS** | $164706817 | $26935306 | $27964258 | $18051635 |
| (1) Includes Investment in securities on loan, at market value | $3460704 | $1429031 | $— | $— |
| (2) Cost of investments - Unaffiliated issuers | $154871682 | $32087648 | $23986980 | $15704613 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $89910 | $— | $— |
| (4) Cost of cash denominated in foreign currency | $— | $913 | $— | $99 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> International<br> Moat ETF** | **Morningstar SMID<br> Moat ETF** | **Morningstar Wide<br> Moat ETF** | **Morningstar Wide<br> Moat Value ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $193182611 | $371369970 | $12684947289 | $5161819 |
| Short-term investments held as collateral for securities loaned (3) | 5052654 |  | 1724 |  |
| Cash |  | 439504 | 5327633 | 22821 |
| Cash denominated in foreign currency, at value (4) | 14989 |  |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 4953572 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  |  | 8789 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 759584 | 239557 | 15387648 | 7185 |
| Prepaid expenses | 2910 | 3640 | 19947 | 725 |
| Other assets | 244 |  | 66581 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 199012992 | 372052671 | 12710704394 | 5201341 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  |  | 4957238 |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 5052654 |  | 1724 |  |
| &nbsp;&nbsp;&nbsp;Line of credit | 244051 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 72959 | 141165 | 4737566 |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 4363 |  |  |  |
| Deferred Trustee fees | 3928 | 1321 | 258480 | 9 |
| Accrued expenses | 58881 | 53243 | 304741 | 40585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 5436836 | 195729 | 10259749 | 40594 |
| **NET ASSETS** | $193576156 | $371856942 | $12700444645 | $5160747 |
| Shares outstanding | 5200000 | 10300000 | 128100000 | 150000 |
| Net asset value, redemption and offering price per share | $37.23 | $36.10 | $99.14 | $34.40 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $187052999 | $430211140 | $15154825379 | $5494970 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 6523157 | (58354198) | (2454380734) | (334223) |
| **NET ASSETS** | $193576156 | $371856942 | $12700444645 | $5160747 |
| (1) Includes Investment in securities on loan, at market value | $16905999 | $1556313 | $157947248 | $— |
| (2) Cost of investments - Unaffiliated issuers | $178929435 | $359485675 | $12718173655 | $5249082 |
| (3) Cost of short-term investments held as collateral for securities loaned | $5052654 | $— | $1724 | $— |
| (4) Cost of cash denominated in foreign currency | $14974 | $— | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pharmaceutical<br> ETF** | **Real Assets<br> ETF (a)** | **Retail ETF** | **Robotics ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $565816792 | $107021549 | $261420283 | $21161981 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  | 66755782 |  |  |
| Short-term investments held as collateral for securities loaned (4) | 8830320 | 15667313 |  | 356711 |
| Cash | 1033381 | 887499 | 9431 |  |
| Cash denominated in foreign currency, at value (5) |  |  |  | 21886 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 22586092 | 1720129 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1458014 | 9886 | 37654 | 37604 |
| Prepaid expenses |  | 1828 |  |  |
| Other assets |  | 103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 599724599 | 192064089 | 261467368 | 21578182 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 22591890 | 1712166 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 8830320 | 15667313 |  | 356711 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 163822 | 39706 | 75325 | 7968 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  |  | 14339 |
| Deferred Trustee fees | 36037 | 1409 | 10259 |  |
| Accrued expenses | 1830 | 50101 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 31623899 | 17470695 | 85588 | 379018 |
| **NET ASSETS** | $568100700 | $174593394 | $261381780 | $21199164 |
| Shares outstanding | 6288138 | 5075000 | 1041531 | 425000 |
| Net asset value, redemption and offering price per share | $90.34 | $34.40 | $250.96 | $49.88 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $824427981 | $166544395 | $258547784 | $19262035 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (256327281) | 8048999 | 2833996 | 1937129 |
| **NET ASSETS** | $568100700 | $174593394 | $261381780 | $21199164 |
| (1) Includes Investment in securities on loan, at market value | $35145445 | $24265877 | $— | $650666 |
| (2) Cost of investments - Unaffiliated issuers | $632547847 | $85803476 | $216754039 | $19093212 |
| (3) Cost of investments - Affiliated issuers | $— | $56084503 | $— | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $8830320 | $15667313 | $— | $356711 |
| (5) Cost of cash denominated in foreign currency | $— | $— | $— | $21814 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Semiconductor<br> ETF** | **Social Sentiment<br> ETF** | **Technology<br> TruSector ETF** | **Video Gaming<br> and eSports ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $31932120017 | $115042560 | $13821897 | $515233073 |
| Short-term investments held as collateral for securities loaned (3) | 25350 | 3638347 |  | 3464882 |
| Cash | 21621552 | 101994 | 20232 | 1335248 |
| Cash denominated in foreign currency, at value (4) |  |  |  | 370475 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 16323672 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 424418241 | 899431 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 14089345 | 49545 | 347 | 378081 |
| Prepaid expenses |  |  |  | 2923 |
| Other assets |  |  |  | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 32408598177 | 119731877 | 13842476 | 520785669 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 424415470 | 899492 |  | 370880 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 16323778 |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 25350 | 3638347 |  | 3464882 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 8424411 | 65587 | 802 | 202718 |
| Deferred Trustee fees | 97455 |  |  | 16077 |
| Accrued expenses | 4327 | 265 |  | 68569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 449290791 | 4603691 | 802 | 4123126 |
| **NET ASSETS** | $31959307386 | $115128186 | $13841674 | $516662543 |
| Shares outstanding | 97891874 | 3200000 | 530000 | 4250000 |
| Net asset value, redemption and offering price per share | $326.48 | $35.98 | $26.12 | $121.57 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $30426015851 | $230185133 | $13076976 | $414254940 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 1533291535 | (115056947) | 764698 | 102407603 |
| **NET ASSETS** | $31959307386 | $115128186 | $13841674 | $516662543 |
| (1) Includes Investment in securities on loan, at market value | $24809454 | $13914392 | $— | $31903997 |
| (2) Cost of investments - Unaffiliated issuers | $28748584070 | $101747891 | $13064659 | $402790149 |
| (3) Cost of short-term investments held as collateral for securities loaned | $25350 | $3638347 | $— | $3464882 |
| (4) Cost of cash denominated in foreign currency | $— | $— | $— | $370474 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative<br> Asset Manager<br> ETF (a)** | **Biotech ETF** | **Commodity<br> Strategy ETF (b)** | **Consumer<br> Discretionary<br> TruSector ETF (c)** |
| **Income:** |  |  |  |  |
| Dividends | $185812 | $3675874 | $— | $2176 |
| Interest | 664 | 8447 | 1336428 |  |
| Securities lending income |  | 14837 |  |  |
| Net foreign taxes withheld | (6514) | (44785) |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 179962 | 3654373 | 1336428 | 2176 |
| **Expenses:** |  |  |  |  |
| Management fees | 57852 | 1309035 | 171226 | 181 |
| Interest |  | 1695 |  |  |
| Taxes |  | 243 | 58 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 57852 | 1310973 | 171284 | 181 |
| Net investment income | 122110 | 2343400 | 1165144 | 1995 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (71955) | (33541378) | 201 | 4 |
| In-kind redemptions | 1494419 | 33940712 |  |  |
| Futures contracts |  |  | 3753875 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | 1393 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1423857 | 399334 | 3754076 | 4 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (1427520) | (33040724) | 491 | 95248 |
| Futures contracts |  |  | 701868 |  |
| Foreign currency translations and foreign denominated assets and liabilities | (143) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1427663) | (33040724) | 702359 | 95248 |
| Net increase (decrease) in net assets resulting from operations | $118304 | $(30297990) | $5621579 | $97247 |

---

(a) For the period June 5, 2025 (commencement of operations) through September 30, 2025.

(b) Consolidated Statement of Operations

(c) For the period August 21, 2025 (commencement of operations) through September 30, 2025.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital<br> Transformation<br> ETF** | **Durable High<br> Dividend ETF** | **Energy Income<br> ETF** | **Environmental<br> Services ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $1776367 | $2292236 | $644089 |
| Interest | 16579 | 2069 | 1996 | 2257 |
| Securities lending income | 1202666 | 148 | 37175 | 68747 |
| Net foreign taxes withheld | (234) |  | (189745) | (9156) |
| &nbsp;&nbsp;&nbsp;Total income | 1219011 | 1778584 | 2141662 | 705937 |
| **Expenses:** |  |  |  |  |
| Management fees | 1024859 | 133870 | 340409 | 415281 |
| Professional fees |  |  |  | 43409 |
| Custody and accounting fees |  |  |  | 23128 |
| Reports to shareholders |  |  |  | 17353 |
| Trustees' fees and expenses |  |  |  | 2813 |
| Exchange listing fees |  |  |  | 6782 |
| Insurance |  |  |  | 3007 |
| Interest | 35382 | 2609 | 5607 | 1661 |
| Taxes | 358 | 243 | 4101 | 263 |
| Other |  |  |  | 398 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1060599 | 136722 | 350117 | 514095 |
| Expenses assumed by the Adviser |  |  |  | (55362) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1060599 | 136722 | 350117 | 458733 |
| Net investment income | 158412 | 1641862 | 1791545 | 247204 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (22105432) | (3800487) | 1736033 | (2341877) |
| In-kind redemptions | 123052770 | 4446129 | 9625392 | 8662105 |
| Foreign currency transactions and foreign denominated assets and liabilities | (32732) |  | (3591) | 10 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 100914606 | 645642 | 11357834 | 6320238 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 32088814 | (2203751) | (999595) | 71366 |
| Foreign currency translations and foreign denominated assets and liabilities | (54) |  | 133 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 32088760 | (2203751) | (999462) | 71366 |
| Net increase in net assets resulting from operations | $133161778 | $83753 | $12149917 | $6638808 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless<br> Semiconductor<br> ETF** | **Gaming ETF** | **Long/Flat Trend<br> ETF** | **Morningstar<br> Global Wide<br> Moat ETF** |
| **Income:** |  |  |  |  |
| Dividends | $217166 | $1010432 | $334103 | $380896 |
| Interest | 621 | 1859 | 62547 | 1213 |
| Securities lending income | 2003 | 5384 | 2027 | 1834 |
| Net foreign taxes withheld |  | (28779) |  | (29220) |
| &nbsp;&nbsp;&nbsp;Total income | 219790 | 988896 | 398677 | 354723 |
| **Expenses:** |  |  |  |  |
| Management fees | 173684 | 145801 | 130134 | 72654 |
| Professional fees |  | 43044 | 37013 | 44872 |
| Custody and accounting fees |  | 31063 | 21753 | 43158 |
| Reports to shareholders |  | 10390 | 10010 | 11265 |
| Trustees' fees and expenses |  | 3452 | 1519 | 961 |
| Exchange listing fees |  | 3989 | 6782 | 3989 |
| Insurance |  | 1020 | 1046 | 1050 |
| Interest |  | 1561 |  | 212 |
| Taxes | 227 | 263 | 78 | 263 |
| Other |  | 781 | 340 | 5529 |
| &nbsp;&nbsp;&nbsp;Total expenses | 173911 | 241364 | 208675 | 183953 |
| Expenses assumed by the Adviser |  | (49999) | (65449) | (99523) |
| &nbsp;&nbsp;&nbsp;Net expenses | 173911 | 191365 | 143226 | 84430 |
| Net investment income | 45879 | 797531 | 255451 | 270293 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (1406695) | (2363114) | 32033 | 2381762 |
| In-kind redemptions | 16603911 | (491223) | 4133357 |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  | 5666 |  | 1126 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 15197216 | (2848671) | 4165390 | 2382888 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 9283660 | 2103952 | (1770197) | (93489) |
| Foreign currency translations and foreign denominated assets and liabilities |  | (470) |  | (376) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 9283660 | 2103482 | (1770197) | (93865) |
| Net increase in net assets resulting from operations | $24526755 | $52342 | $2650644 | $2559316 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> International<br> Moat ETF** | **Morningstar<br> SMID Moat ETF** | **Morningstar<br> Wide Moat ETF** | **Morningstar<br> Wide Moat Value<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $4937123 | $6364116 | $251535605 | $113820 |
| Interest | 2969 | 15159 | 446395 | 824 |
| Securities lending income | 56003 |  | 212603 | 18 |
| Net foreign taxes withheld | (405165) |  | (798696) | (452) |
| &nbsp;&nbsp;&nbsp;Total income | 4590930 | 6379275 | 251395907 | 114210 |
| **Expenses:** |  |  |  |  |
| Management fees | 908609 | 1784307 | 63072114 | 22112 |
| Professional fees | 73069 | 46252 | 44326 | 45078 |
| Custody and accounting fees | 64926 | 31576 | 203114 | 20292 |
| Reports to shareholders | 36357 | 48514 | 594157 | 4582 |
| Trustees' fees and expenses | 6317 | 7578 | 339914 | 600 |
| Registration fees |  | 20480 | 320493 | 719 |
| Exchange listing fees | 3989 | 5984 | 3989 | 6982 |
| Insurance | 5375 | 6729 | 94537 | 1049 |
| Interest | 42459 | 2149 | 22929 | 52 |
| Taxes | 378 | 263 | 259 | 247 |
| Other | 6490 | 2871 | 107727 | 766 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1147969 | 1956703 | 64803559 | 102479 |
| Expenses assumed by the Adviser | (87490) | (11379) |  | (78103) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1060479 | 1945324 | 64803559 | 24376 |
| Net investment income | 3530451 | 4433951 | 186592348 | 89834 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 14237524 | (46488421) | (716770319) | (300063) |
| Investments - affiliated issuers |  |  | (68682457) |  |
| In-kind redemptions | 5032229 | 66142385 | 2305036844 | 623888 |
| In-kind redemptions - affiliated issuers |  |  | 944126 |  |
| Foreign currency transactions and foreign denominated assets and liabilities | 6918 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 19276671 | 19653964 | 1520528194 | 323825 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (9381829) | (17085986) | (1399817720) | (226021) |
| Investments - affiliated issuers |  |  | (30728757) |  |
| Foreign currency translations and foreign denominated assets and liabilities | 18439 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (9363390) | (17085986) | (1430546477) | (226021) |
| Net increase in net assets resulting from operations | $13443732 | $7001929 | $276574065 | $187638 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pharmaceutical<br> ETF** | **Real Assets<br> ETF (a)** | **Retail ETF** | **Robotics ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $15917238 | $885192 | $2852869 | $204464 |
| Dividends - affiliated issuers |  | 1129982 |  |  |
| Interest | 8459 | 21574 | 4699 | 637 |
| Securities lending income | 221960 | 95858 | 1516 | 1533 |
| Net foreign taxes withheld | (637870) |  |  | (26968) |
| &nbsp;&nbsp;&nbsp;Total income | 15509787 | 2132606 | 2859084 | 179666 |
| **Expenses:** |  |  |  |  |
| Management fees | 2091739 | 562035 | 836277 | 68842 |
| Professional fees |  | 41555 |  |  |
| Custody and accounting fees |  | 24086 |  |  |
| Reports to shareholders |  | 19733 |  |  |
| Trustees' fees and expenses |  | 2581 |  |  |
| Exchange listing fees |  | 7978 |  |  |
| Insurance |  | 3078 |  |  |
| Interest | 79306 | 334 | 4773 | 164 |
| Taxes | 358 | 263 | 243 | 231 |
| Other |  | 3038 |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 2171403 | 664681 | 841293 | 69237 |
| Waiver of management fees |  | (224841) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 2171403 | 439840 | 841293 | 69237 |
| Net investment income | 13338384 | 1692766 | 2017791 | 110429 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (27276288) | (50762) | (11468038) | (230838) |
| Investments - affiliated issuers |  | (320568) |  |  |
| In-kind redemptions - unaffiliated issuers | 67554847 | 478789 | 23556612 | 1337139 |
| In-kind redemptions - affiliated issuers |  | 585383 |  |  |
| Capital gain distributions from investment companies - unaffiliated issuers |  | 1322 |  |  |
| Capital gain distributions from investment companies - affiliated issuers |  | 173994 |  |  |
| Foreign currency transactions and foreign denominated assets and liabilities |  |  |  | 1903 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 40278559 | 868158 | 12088574 | 1108204 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (76413557) | 12767358 | 21556621 | 887851 |
| Investments - affiliated issuers |  | 9466222 |  |  |
| Foreign currency translations and foreign denominated assets and liabilities |  |  |  | (327) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (76413557) | 22233580 | 21556621 | 887524 |
| Net increase (decrease) in net assets resulting from operations | $(22796614) | $24794504 | $35662986 | $2106157 |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Semiconductor<br> ETF** | **Social Sentiment<br> ETF** | **Technology<br> TruSector ETF (a)** | **Video Gaming<br> and eSports ETF** |
| **Income:** |  |  |  |  |
| Dividends | $204980735 | $300846 | $8002 | $3248689 |
| Interest | 640290 | 5567 | 18 | 9262 |
| Securities lending income | 130844 | 80980 |  | 61448 |
| Net foreign taxes withheld | (11630368) | (819) | (6) | (323507) |
| &nbsp;&nbsp;&nbsp;Total income | 194121501 | 386574 | 8014 | 2995892 |
| **Expenses:** |  |  |  |  |
| Management fees | 83935522 | 499817 | 820 | 1672437 |
| Professional fees |  |  |  | 42416 |
| Custody and accounting fees |  |  |  | 54507 |
| Reports to shareholders |  |  |  | 39171 |
| Trustees' fees and expenses |  |  |  | 10545 |
| Exchange listing fees |  |  |  | 3989 |
| Insurance |  |  |  | 5216 |
| Interest | 27260 | 7259 |  | 13703 |
| Taxes | 243 | 243 |  | 263 |
| Other |  |  |  | 8247 |
| &nbsp;&nbsp;&nbsp;Total expenses | 83963025 | 507319 | 820 | 1850494 |
| Net investment income (loss) | 110158476 | (120745) | 7194 | 1145398 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (549263105) | (11650262) | 266 | 61113205 |
| In-kind redemptions | 4531564353 | 36346730 |  | 7220036 |
| Foreign currency transactions and foreign denominated assets and liabilities |  |  |  | 43658 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3982301248 | 24696468 | 266 | 68376899 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 3544172223 | 11113851 | 757238 | 90952525 |
| Foreign currency translations and foreign denominated assets and liabilities |  |  |  | 860 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3544172223 | 11113851 | 757238 | 90953385 |
| Net increase in net assets resulting from operations | $7636631947 | $35689574 | $764698 | $160475682 |

---

(a) For the period August 21, 2025 (commencement of operations) through September 30, 2025.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Alternative Asset<br> Manager ETF** | **Biotech ETF** | **Biotech ETF** |
|  | **Period Ended<br> September 30,<br> 2025(a)** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $122110 | $2343400 | $2510056 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1423857 | 399334 | 16948283 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1427663) | (33040724) | 42382577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 118304 | (30297990) | 61840916 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (3149907) | (2099973) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 108919924 | 52631434 | 111263335 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (8965737) | (123842093) | (169993318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 99954187 | (71210659) | (58729983) |
| Total increase (decrease) in net assets | 100072491 | (104658556) | 1010960 |
| Net Assets, beginning of period |  | 451990340 | 450979380 |
| Net Assets, end of period | $100072491 | $347331784 | $451990340 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 3950000 | 325000 | 675000 |
| Shares redeemed | (325000) | (775000) | (1025000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 3625000 | (450000) | (350000) |

---

(a) For the period June 5, 2025 (commencement of operations) through September 30, 2025.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Commodity Strategy ETF (a)** | **Commodity Strategy ETF (a)** | **Consumer<br> Discretionary<br> TruSector ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Period Ended<br> September 30,<br> 2025(b)** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1165144 | $1189938 | $1995 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3754076 | (1941602) | 4 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 702359 | (288326) | 95248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5621579 | (1039990) | 97247 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (850000) | (1774980) |  |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15031110 | 5004117 | 4064193 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (4620033) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 15031110 | 384084 | 4064193 |
| Total increase (decrease) in net assets | 19802689 | (2430886) | 4161440 |
| Net Assets, beginning of period | 24024075 | 26454961 |  |
| Net Assets, end of period | $43826764 | $24024075 | $4161440 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 300000 | 100000 | 160000 |
| Shares redeemed |  | (100000) |  |
| &nbsp;&nbsp;&nbsp;Net increase | 300000 |  | 160000 |

---

(a) Consolidated Statement of Changes in Net Assets

(b) For the period August 21, 2025 (commencement of operations) through September 30, 2025.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Digital Transformation ETF** | **Digital Transformation ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $158412 | $858972 | $1641862 | $1857549 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 100914606 | 26477302 | 645642 | 2632684 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 32088760 | 32834890 | (2203751) | 4781705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 133161778 | 60171164 | 83753 | 9271938 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (6650160) |  | (1706175) | (2234105) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 286595818 | 64229694 | 26321472 | 28880844 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (226587053) | (32880167) | (32740384) | (69306807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 60008765 | 31349527 | (6418912) | (40425963) |
| Total increase (decrease) in net assets | 186520383 | 91520691 | (8041334) | (33388130) |
| Net Assets, beginning of year | 134770689 | 43249998 | 52157095 | 85545225 |
| Net Assets, end of year | $321291072 | $134770689 | $44115761 | $52157095 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 17050000 | 6300000 | 775000 | 875000 |
| Shares redeemed | (13650000) | (2825000) | (975000) | (2200000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 3400000 | 3475000 | (200000) | (1325000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy Income ETF** | **Energy Income ETF** | **Environmental Services ETF (a)** | **Environmental Services ETF (a)** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1791545 | $1184914 | $247204 | $394073 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11357834 | 6745188 | 6320238 | 5876570 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (999462) | 5708044 | 71366 | 11859242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12149917 | 13638146 | 6638808 | 18129885 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (2651849) | (327149) | (350020) | (725000) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (1435928) |  |  |
| Total distributions | (2651849) | (1763077) | (350020) | (725000) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 38649374 | 28427613 | 28457559 | 29952010 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (31206397) | (20480705) | (22683607) | (45368218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 7442977 | 7946908 | 5773952 | (15416208) |
| Total increase in net assets | 16941045 | 19821977 | 12062740 | 1988677 |
| Net Assets, beginning of year | 56456481 | 36634504 | 79427773 | 77439096 |
| Net Assets, end of year | $73397526 | $56456481 | $91490513 | $79427773 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 400000 | 375000 | 770000 | 900000 |
| Shares redeemed | (325000) | (275000) | (620000) | (1400000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 75000 | 100000 | 150000 | (500000) |

---

(a) On February 6, 2025, the Fund effected a 5 for 1 share split. Share activity prior to this date has been adjusted to reflect share
split.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** | **Gaming ETF** | **Gaming ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Period Ended<br> September 30,<br> 2024(a)** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $45879 | $2261 | $797531 | $601555 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 15197216 | 25461 | (2848671) | (2548400) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 9283660 | 469996 | 2103482 | 7204336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 24526755 | 497718 | 52342 | 5257491 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (9990) |  | (875025) | (799988) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 187958950 | 6542655 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (54185528) | (623743) | (10433177) | (16195540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 133773422 | 5918912 | (10433177) | (16195540) |
| Total increase (decrease) in net assets | 158290187 | 6416630 | (11255860) | (11738037) |
| Net Assets, beginning of period | 6416630 |  | 38191166 | 49929203 |
| Net Assets, end of period | $164706817 | $6416630 | $26935306 | $38191166 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 5625000 | 275000 |  |  |
| Shares redeemed | (1575000) | (25000) | (250000) | (400000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 4050000 | 250000 | (250000) | (400000) |

---

(a) For the period August 28, 2024 (commencement of operations) through September 30, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $255451 | $274877 | $270293 | $291911 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4165390 | 3056441 | 2382888 | 1341913 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1770197) | 4869434 | (93865) | 2487363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2650644 | 8200752 | 2559316 | 4121187 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (199980) | (375000) | (811720) | (325000) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 23934292 | 44765651 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (25230226) | (50210843) |  | (5205153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (1295934) | (5445192) |  | (5205153) |
| Total increase (decrease) in net assets | 1154730 | 2380560 | 1747596 | (1408966) |
| Net Assets, beginning of year | 26809528 | 24428968 | 16304039 | 17713005 |
| Net Assets, end of year | $27964258 | $26809528 | $18051635 | $16304039 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 525000 | 1200000 |  |  |
| Shares redeemed | (550000) | (1300000) |  | (150000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (25000) | (100000) |  | (150000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3530451 | $6753483 | $4433951 | $3898130 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 19276671 | 473633 | 19653964 | 19213342 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (9363390) | 35620282 | (17085986) | 35773737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 13443732 | 42847398 | 7001929 | 58885209 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (7250000) | (5575320) | (4500405) | (1500150) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15336969 | 2953035 | 408516989 | 380280893 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (68772836) | (30764298) | (420620175) | (242376141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (53435867) | (27811263) | (12103186) | 137904752 |
| Total increase (decrease) in net assets | (47242135) | 9460815 | (9601662) | 195289811 |
| Net Assets, beginning of year | 240818291 | 231357476 | 381458604 | 186168793 |
| Net Assets, end of year | $193576156 | $240818291 | $371856942 | $381458604 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 450000 | 100000 | 11700000 | 11850000 |
| Shares redeemed | (2100000) | (1000000) | (12300000) | (7500000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (1650000) | (900000) | (600000) | 4350000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat Value ETF** | **Morningstar Wide Moat Value ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Period Ended<br> September 30,<br> 2024(a)** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $186592348 | $196819289 | $89834 | $19814 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1520528194 | 1549278893 | 323825 | 22657 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1430546477) | 1761407557 | (226021) | 138758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 276574065 | 3507505739 | 187638 | 181229 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (207996750) | (112006875) | (46995) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8552152128 | 10604116455 | 3260289 | 5668090 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (12091387950) | (8446106765) | (3265566) | (823938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (3539235822) | 2158009690 | (5277) | 4844152 |
| Total increase (decrease) in net assets | (3470658507) | 5553508554 | 135366 | 5025381 |
| Net Assets, beginning of period | 16171103152 | 10617594598 | 5025381 |  |
| Net Assets, end of period | $12700444645 | $16171103152 | $5160747 | $5025381 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 91150000 | 121650000 | 100000 | 175000 |
| Shares redeemed | (129800000) | (94950000) | (100000) | (25000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (38650000) | 26700000 |  | 150000 |

---

(a) For the period March 27, 2024 (commencement of operations) through September 30, 2024.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Real Assets ETF (a)** | **Real Assets ETF (a)** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $13338384 | $10400822 | $1692766 | $3475350 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 40278559 | 40785405 | 868158 | (2265242) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (76413557) | 42663264 | 22233580 | 12678630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (22796614) | 93849491 | 24794504 | 13888738 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (13994082) | (9117032) | (1700055) | (4000118) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1774001048 | 691277501 | 82362161 | 26371413 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1895640170) | (479525738) | (8291677) | (49483711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (121639122) | 211751763 | 74070484 | (23112298) |
| Total increase (decrease) in net assets | (158429818) | 296484222 | 97164933 | (13223678) |
| Net Assets, beginning of year | 726530518 | 430046296 | 77428461 | 90652139 |
| Net Assets, end of year | $568100700 | $726530518 | $174593394 | $77428461 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 20300000 | 7800000 | 2675000 | 1025000 |
| Shares redeemed | (21650000) | (5550000) | (275000) | (1925000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (1350000) | 2250000 | 2400000 | (900000) |

---

(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **Retail ETF** | **Robotics ETF** | **Robotics ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2017791 | $2100612 | $110429 | $58365 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 12088574 | 12300112 | 1108204 | 280563 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 21556621 | 35513386 | 887524 | 1265065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 35662986 | 49914110 | 2106157 | 1603993 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1700012) | (1849973) | (346470) | (61373) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 58174698 | 59777343 | 15994655 | 11501046 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (53736407) | (39430277) | (12234137) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 4438291 | 20347066 | 3760518 | 11501046 |
| Total increase in net assets | 38401265 | 68411203 | 5520205 | 13043666 |
| Net Assets, beginning of year | 222980515 | 154569312 | 15678959 | 2635293 |
| Net Assets, end of year | $261381780 | $222980515 | $21199164 | $15678959 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 250000 | 300000 | 375000 | 275000 |
| Shares redeemed | (230000) | (200000) | (300000) |  |
| &nbsp;&nbsp;&nbsp;Net increase | 20000 | 100000 | 75000 | 275000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Semiconductor ETF** | **Semiconductor ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $110158476 | $94705065 | $(120745) | $405552 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3982301248 | 6485436108 | 24696468 | 17005042 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3544172223 | 778943630 | 11113851 | 2562248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7636631947 | 7359084803 | 35689574 | 19972842 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (101925490) | (68496917) | (280350) | (324950) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 35374731183 | 38981223547 | 178138404 | 120123862 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (34676474564) | (31939465600) | (153832962) | (139443171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 698256619 | 7041757947 | 24305442 | (19319309) |
| Total increase in net assets | 8232963076 | 14332345833 | 59714666 | 328583 |
| Net Assets, beginning of year | 23726344310 | 9393998477 | 55413520 | 55084937 |
| Net Assets, end of year | $31959307386 | $23726344310 | $115128186 | $55413520 |
| **\*Transactions in capital shares:** |  |  |  |  |
| Shares sold | 140800000 | 186250000 | 6250000 | 6100000 |
| Shares redeemed | (139600000) | (154350000) | (5625000) | (7100000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1200000 | 31900000 | 625000 | (1000000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Technology<br> TruSector ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** |
|  | **Period Ended<br> September 30,<br> 2025(a)** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $7194 | $1145398 | $753058 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 266 | 68376899 | 49466365 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 757238 | 90953385 | 49191266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 764698 | 160475682 | 99410689 |
| **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (1222750) | (2439900) |
| **Share transactions\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13076976 | 114588123 | 48365238 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (20957811) | (124150797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 13076976 | 93630312 | (75785559) |
| Total increase in net assets | 13841674 | 252883244 | 21185230 |
| Net Assets, beginning of period |  | 263779299 | 242594069 |
| Net Assets, end of period | $13841674 | $516662543 | $263779299 |
| **\*Transactions in capital shares:** |  |  |  |
| Shares sold | 530000 | 1050000 | 750000 |
| Shares redeemed |  | (250000) | (2000000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 530000 | 800000 | (1250000) |

---

(a) For the period August 21, 2025 (commencement of operations) through September 30, 2025.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Alternative<br> Asset<br> Manager<br> ETF** |
|  | **Period<br> Ended<br> September<br> 30,<br> 2025 (a)** |
| Net asset value, beginning of period | $25.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.52 (c) |
| Total from investment operations | 2.60 |
| Net asset value, end of period | $27.61 |
| **Total return (d)** | 10.38% |
| **Ratios to average net assets** |  |
| Expenses | 0.40 %(e) |
| Net investment income | 0.84 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $100 |
| Portfolio turnover rate (f) | 5% |

---

(a) For the period June 5, 2025 (commencement of operations) through September 30, 2025.

(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 year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** | **Biotech ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $177.49 | $155.70 | $140.61 | $201.99 | $162.01 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.01 | 0.92 | 0.70 | 0.69 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (11.58) | 21.58 | 15.14 | (61.67) | 40.17 |
| Total from investment operations | (10.57) | 22.50 | 15.84 | (60.98) | 40.59 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.25) | (0.71) | (0.75) | (0.40) | (0.61) |
| Net asset value, end of year | $165.67 | $177.49 | $155.70 | $140.61 | $201.99 |
| **Total return (b)** | (5.93)% | 14.50% | 11.24% | (30.24)% | 25.13% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.35% | 0.35% | 0.35% | 0.35% | 0.38% |
| Net expenses (c) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.63% | 0.56% | 0.44% | 0.42% | 0.23% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $347 | $452 | $451 | $414 | $590 |
| Portfolio turnover rate (d) | 19% | 19% | 18% | 24% | 41% |

---

(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 September 30, 2021 reflect a unitary management fee structure.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Commodity Strategy ETF(a)** | **Commodity Strategy ETF(a)** | **Commodity Strategy ETF(a)** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2025** | **2024** | **Period<br> Ended<br> September<br> 30,**<br>**2023 (b)** |
| Net asset value, beginning of period | $48.05 | $52.91 | $50.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (c) | 1.88 | 2.33 | 1.69 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.55 | (4.23) | 1.22 |
| Total from investment operations | 8.43 | (1.90) | 2.91 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.70) | (2.96) |  |
| Net asset value, end of period | $54.78 | $48.05 | $52.91 |
| **Total return (d)** | 18.15% | (3.41)% | 5.82% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.55% | 0.55% | 0.55 %(e) |
| Net investment income | 3.74% | 4.78% | 4.36 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $44 | $24 | $26 |
| Portfolio turnover rate (f) | —% | —% | — % |

---

(a) Consolidated Financial Highlights

(b) For the period December 21, 2022 (commencement of operations) through September 30, 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:

---

| | |
|:---|:---|
|  | **Consumer<br> Discretionary<br> TruSector ETF** |
|  | **Period Ended<br> September<br> 30,<br> 2025 (a)** |
| Net asset value, beginning of period | $24.71 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.27 |
| Total from investment operations | 1.30 |
| Net asset value, end of period | $26.01 |
| **Total return (c)** | 5.24% |
| **Ratios to average net assets** |  |
| Expenses (d) | 0.10 %(e) |
| Net investment income (d) | 1.15 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $4 |
| Portfolio turnover rate (f) | — %(g) |

---

(a) For the period August 21, 2025 (commencement of operations) through September 30, 2025.

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

(e) Annualized

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

(g) Amount represents less than 0.5%

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period<br> Ended<br> September<br> 30,**<br>**2021 (a)** |
| Net asset value, beginning of period | $11.82 | $5.46 | $4.95 | $22.81 | $35.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.01 | 0.09 | 0.15 | 0.26 | — (c) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 10.46 | 6.27 | 0.36 | (16.24) | (12.44) |
| Total from investment operations | 10.47 | 6.36 | 0.51 | (15.98) | (12.44) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.58) |  |  | (1.88) |  |
| Net asset value, end of period | $21.71 | $11.82 | $5.46 | $4.95 | $22.81 |
| **Total return (d)** | 90.26% | 116.65% | 10.29% | (76.33)% | (35.30)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.52% | 0.51% | 0.51% | 0.50% | 0.58 %(e) |
| Expenses excluding interest and taxes | 0.50% | 0.50% | 0.50% | 0.50% | N/A |
| Net investment income | 0.08% | 0.91% | 2.81% | 2.28% | 0.02 %(e) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $321 | $135 | $43 | $30 | $46 |
| Portfolio turnover rate (f) | 74% | 80% | 57% | 74% | 49% |

---

(a) For the period April 13, 2021 (commencement of operations) through September 30, 2021.

(b) Calculated based upon average shares outstanding

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

(d) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** | **Durable High Dividend ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $34.77 | $30.28 | $27.72 | $30.59 | $26.78 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.18 | 0.98 | 1.07 | 0.99 | 1.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.80) | 4.56 | 2.50 | (2.90) | 3.71 |
| Total from investment operations | 0.38 | 5.54 | 3.57 | (1.91) | 4.72 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.21) | (1.05) | (1.01) | (0.96) | (0.91) |
| Net asset value, end of year | $33.94 | $34.77 | $30.28 | $27.72 | $30.59 |
| **Total return (b)** | 1.28% | 18.79% | 12.91% | (6.58)% | 17.89% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.30% | 0.30% | 0.30% | 0.29% | 0.53% |
| Net expenses (c) | 0.30% | 0.30% | 0.30% | 0.29% | 0.29% |
| Net expenses excluding interest and taxes (c) | 0.29% | 0.29% | 0.29% | 0.29% | N/A |
| Net investment income | 3.56% | 3.13% | 3.42% | 3.19% | 3.38% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $44 | $52 | $86 | $73 | $51 |
| Portfolio turnover rate (d) | 66% | 62% | 61% | 50% | 50% |

---

(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 September 30, 2021 reflect a unitary management fee structure.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** | **Energy Income ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $84.93 | $64.87 | $56.84 | $54.25 | $34.29 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 2.27 | 1.97 | 1.51 | 1.17 | 1.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 15.36 | 20.94 | 9.04 | 3.67 | 21.90 |
| Total from investment operations | 17.63 | 22.91 | 10.55 | 4.84 | 23.05 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.26) | (0.55) | (1.34) | (1.02) | (1.37) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (1.08) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (2.30) | (1.18) | (1.23) | (1.72) |
| Total distributions | (3.34) | (2.85) | (2.52) | (2.25) | (3.09) |
| Net asset value, end of year | $99.22 | $84.93 | $64.87 | $56.84 | $54.25 |
| **Total return (b)** | 21.00% | 36.09% | 18.70% | 8.79% | 68.88% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.46% | 0.47% | 0.46% | 0.48% | 0.46% |
| Expenses excluding interest and taxes | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Net investment income | 2.37% | 2.65% | 2.41% | 1.95% | 2.43% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $73 | $56 | $37 | $31 | $24 |
| Portfolio turnover rate (c) | 13% | 28% | 23% | 21% | 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) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** | **Environmental Services ETF(a)** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $36.10 | $28.68 | $26.12 | $28.64 | $19.88 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.11 | 0.17 | 0.25 | 0.11 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.88 | 7.54 | 2.42 | (2.56) | 8.77 |
| Total from investment operations | 2.99 | 7.71 | 2.67 | (2.45) | 8.84 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.29) | (0.11) | (0.07) | (0.08) |
| Net asset value, end of year | $38.93 | $36.10 | $28.68 | $26.12 | $28.64 |
| **Total return (c)** | 8.33% | 27.08% | 10.25% | (8.56)% | 44.50% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.62% | 0.62% | 0.64% | 0.62% | 0.71% |
| Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 0.30% | 0.52% | 0.85% | 0.39% | 0.27% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $91 | $79 | $77 | $68 | $67 |
| Portfolio turnover rate (d) | 23% | 23% | 22% | 35% | 21% |

---

(a) On February 6, 2025, the Fund effected a 5 for 1 share split. Per share data prior to this date has been adjusted to reflect the share split.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) 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:

---

| | | |
|:---|:---|:---|
|  | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** |
|  | **Year Ended<br> September<br> 30, 2025** | **Period<br> Ended<br> September<br> 30,<br> 2024 (a)** |
| Net asset value, beginning of period | $25.67 | $25.26 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 12.61 | 0.39 |
| Total from investment operations | 12.64 | 0.41 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) |  |
| Net asset value, end of period | $38.30 | $25.67 |
| **Total return (c)** | 49.29% | 1.60% |
| **Ratios to average net assets** |  |  |
| Expenses | 0.35% | 0.35 %(d) |
| Net investment income | 0.09% | 0.68 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $165 | $6 |
| Portfolio turnover rate (e) | 20% | 7% |

---

(a) For the period August 28, 2024 (commencement of operations) through September 30, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gaming ETF** | **Gaming ETF** | **Gaming ETF** | **Gaming ETF** | **Gaming ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $44.93 | $39.94 | $32.74 | $48.32 | $39.14 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.15 | 0.59 | 0.42 | 0.25 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 5.11 | 6.95 | (15.48) | 9.24 |
| Total from investment operations | 1.13 | 5.70 | 7.37 | (15.23) | 9.40 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.17) | (0.71) | (0.17) | (0.35) | (0.22) |
| Net asset value, end of year | $44.89 | $44.93 | $39.94 | $32.74 | $48.32 |
| **Total return (b)** | 2.76% | 14.38% | 22.55% | (31.72)% | 24.06% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.83% | 0.78% | 0.74% | 0.65% | 0.62% |
| Net expenses | 0.66% | 0.67% | 0.72% | 0.65% | 0.62% |
| Net expenses excluding interest and taxes | 0.65% | 0.65% | 0.65% | 0.63% | 0.62% |
| Net investment income | 2.73% | 1.43% | 0.99% | 0.63% | 0.32% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $27 | $38 | $50 | $61 | $118 |
| Portfolio turnover rate (c) | 16% | 22% | 15% | 16% | 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) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $48.74 | $37.58 | $33.58 | $39.96 | $31.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.49 | 0.45 | 0.51 | 0.24 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.40 | 11.34 | 3.90 | (6.46) | 8.78 |
| Total from investment operations | 4.89 | 11.79 | 4.41 | (6.22) | 9.12 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.63) | (0.41) | (0.16) | (0.71) |
| Net asset value, end of year | $53.27 | $48.74 | $37.58 | $33.58 | $39.96 |
| **Total return (b)** | 10.07% | 31.72% | 13.27% | (15.67)% | 29.29% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.80% | 0.84% | 0.90% | 0.72% | 0.82% |
| Net expenses (c) | 0.55% | 0.61% | 0.66% | 0.59% | 0.55% |
| Net expenses excluding interest and taxes (c) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income (c) | 0.98% | 1.06% | 1.41% | 0.60% | 0.91% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $28 | $27 | $24 | $34 | $41 |
| Portfolio turnover rate (d) | 91% | 1% | 115% | 243% | 1% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

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

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $40.76 | $32.21 | $29.24 | $38.42 | $32.17 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.68 | 0.63 | 0.65 | 0.63 | 0.54 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.72 | 8.57 | 3.49 | (7.60) | 6.74 |
| Total from investment operations | 6.40 | 9.20 | 4.14 | (6.97) | 7.28 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.65) | (0.70) | (0.55) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (1.38) |  | (0.47) | (1.66) | (0.60) |
| Total distributions | (2.03) | (0.65) | (1.17) | (2.21) | (1.03) |
| Net asset value, end of year | $45.13 | $40.76 | $32.21 | $29.24 | $38.42 |
| **Total return (b)** | 16.82% | 28.93% | 14.14% | (19.41)% | 22.99% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.14% | 1.15% | 1.08% | 0.96% | 1.20% |
| Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| Net investment income | 1.67% | 1.78% | 1.94% | 1.76% | 1.44% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $18 | $16 | $18 | $18 | $19 |
| Portfolio turnover rate (c) | 85% | 78% | 73% | 67% | 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) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $35.16 | $29.85 | $25.10 | $33.54 | $29.38 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.65 | 0.93 | 0.89 | 1.34 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.87 | 5.11 | 4.81 (b) | (8.28) | 3.81 |
| Total from investment operations | 3.52 | 6.04 | 5.70 | (6.94) | 4.88 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.45) | (0.73) | (0.95) | (1.50) | (0.72) |
| Net asset value, end of year | $37.23 | $35.16 | $29.85 | $25.10 | $33.54 |
| **Total return (c)** | 10.88% | 20.56% | 22.82% | (21.65)% | 16.64% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.63% | 0.61% | 0.63% | 0.67% | 0.76% |
| Net expenses | 0.58% | 0.58% | 0.58% | 0.58% | 0.57% |
| Net expenses excluding interest and taxes | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| Net investment income | 1.94% | 2.99% | 2.85% | 4.32% | 3.09% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $194 | $241 | $231 | $67 | $70 |
| Portfolio turnover rate (d) | 110% | 83% | 87% | 105% | 110% |

---

(a) Calculated based upon average shares outstanding

(b) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing
 of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2025** | **2024** | **Period <br> Ended <br> September <br> 30,**<br>**2023 (a)** |
| Net asset value, beginning of period | $35.00 | $28.42 | $26.02 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.39 | 0.42 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.12 | 6.37 | 2.09 (c) |
| Total from investment operations | 1.51 | 6.79 | 2.46 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.21) | (0.06) |
| Net asset value, end of period | $36.10 | $35.00 | $28.42 |
| **Total return (d)** | 4.36% | 23.93% | 9.49% |
| **Ratios to average net assets** |  |  |  |
| Gross expenses | 0.49% | 0.50% | 0.59 %(e) |
| Net expenses | 0.49% | 0.49% | 0.49 %(e) |
| Net investment income | 1.12% | 1.33% | 1.30 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $372 | $381 | $186 |
| Portfolio turnover rate (f) | 77% | 76% | 76% |

---

(a) For the period October 5, 2022 (commencement of operations) through September 30, 2023.

(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 year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $96.98 | $75.81 | $59.98 | $73.28 | $54.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.24 | 1.22 | 0.78 | 0.85 | 0.96 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.19 | 20.68 | 15.86 | (13.33) | 18.59 |
| Total from investment operations | 3.43 | 21.90 | 16.64 | (12.48) | 19.55 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.27) | (0.73) | (0.81) | (0.82) | (0.90) |
| Net asset value, end of year | $99.14 | $96.98 | $75.81 | $59.98 | $73.28 |
| **Total return (b)** | 3.61% | 29.02% | 27.98% | (17.27)% | 36.11% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.46% | 0.47% | 0.47% | 0.46% | 0.46% |
| Expenses excluding interest and taxes | 0.46% | 0.46% | 0.46% | 0.46% | N/A |
| Net investment income | 1.33% | 1.42% | 1.06% | 1.20% | 1.40% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $12700 | $16171 | $10618 | $5866 | $6599 |
| Portfolio turnover rate (c) | 55% | 55% | 51% | 51% | 47% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) 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:

---

| | | |
|:---|:---|:---|
|  | **Morningstar Wide Moat<br> Value ETF** | **Morningstar Wide Moat<br> Value ETF** |
|  | **Year Ended <br> September <br> 30, 2025** | **Period <br> Ended <br> September <br> 30,<br> 2024 (a)** |
| Net asset value, beginning of period | $33.50 | $29.99 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.59 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.62 | 3.09 |
| Total from investment operations | 1.21 | 3.51 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) |  |
| Net asset value, end of period | $34.40 | $33.50 |
| **Total return (c)** | 3.68% | 11.71% |
| **Ratios to average net assets** |  |  |
| Gross expenses | 2.09% | 6.72 %(d) |
| Net expenses | 0.50% | 0.49 %(d) |
| Net expenses excluding interest and taxes | 0.49% | 0.49 %(d) |
| Net investment income | 1.83% | 2.61 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $5 | $5 |
| Portfolio turnover rate (e) | 44% | 48% |

---

(a) For the period March 27, 2024 (commencement of operations) through September 30, 2024.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $95.12 | $79.81 | $67.25 | $72.68 | $62.08 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.98 | 1.73 | 1.47 | 1.32 | 1.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.81) | 15.12 | 12.65 | (5.44) | 10.46 |
| Total from investment operations | (2.83) | 16.85 | 14.12 | (4.12) | 11.75 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.95) | (1.54) | (1.56) | (1.31) | (1.15) |
| Net asset value, end of year | $90.34 | $95.12 | $79.81 | $67.25 | $72.68 |
| **Total return (b)** | (2.88)% | 21.33% | 21.14% | (5.91)% | 19.10% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.36% | 0.36% | 0.36% | 0.36% | 0.40% |
| Net expenses (c) | 0.36% | 0.36% | 0.36% | 0.36% | 0.35% |
| Net expenses excluding interest and taxes (c) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 2.23% | 1.96% | 1.91% | 1.74% | 1.85% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $568 | $727 | $430 | $524 | $319 |
| Portfolio turnover rate (d) | 30% | 12% | 22% | 23% | 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) Periods after September 30, 2021 reflect a unitary management fee structure.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** | **Real Assets ETF(a)** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $28.95 | $25.36 | $22.79 | $25.47 | $20.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.46 | 1.06 | 0.37 | 0.92 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.53 | 3.47 | 2.58 | (1.44) | 6.57 |
| Total from investment operations | 5.99 | 4.53 | 2.95 | (0.52) | 6.71 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (0.94) | (0.38) | (2.16) | (1.39) |
| Net asset value, end of year | $34.40 | $28.95 | $25.36 | $22.79 | $25.47 |
| **Total return (c)** | 21.15% | 18.35% | 12.95% | (2.71)% | 34.11% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (d) | 0.59% | 0.64% | 0.61% | 0.63% | 1.60% |
| Net expenses (d) | 0.39% | 0.44% | 0.42% | 0.51% | 0.56% |
| Net expenses excluding interest and taxes (d) | 0.39% | 0.44% | 0.42% | 0.51% | 0.55% |
| Net investment income (d) | 1.51% | 4.01% | 1.48% | 3.56% | 0.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $175 | $77 | $91 | $131 | $17 |
| Portfolio turnover rate (e) | 11% | 47% | 70% | 32% | 76% |

---

(a) Consolidated Financial Highlights

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

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

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **Retail ETF** | **Retail ETF** | **Retail ETF** | **Retail ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $218.28 | $167.73 | $154.84 | $174.75 | $148.87 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.97 | 2.15 | 1.56 | 1.52 | 1.54 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 32.44 | 50.41 | 13.17 | (19.92) | 25.34 |
| Total from investment operations | 34.41 | 52.56 | 14.73 | (18.40) | 26.88 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.73) | (2.01) | (1.84) | (1.51) | (1.00) |
| Net asset value, end of year | $250.96 | $218.28 | $167.73 | $154.84 | $174.75 |
| **Total return (b)** | 15.84% | 31.53% | 9.58% | (10.69)% | 18.13% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.35% | 0.35% | 0.35% | 0.35% | 0.42% |
| Net expenses (c) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.84% | 1.09% | 0.94% | 0.86% | 0.92% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $261 | $223 | $155 | $150 | $240 |
| Portfolio turnover rate (d) | 9% | 7% | 20% | 14% | 12% |

---

(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 September 30, 2021 reflect a unitary management fee structure.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Robotics ETF** | **Robotics ETF** | **Robotics ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2025** | **2024** | **Period<br> Ended<br> September**<br>**30,**<br>**2023 (a)** |
| Net asset value, beginning of period | $44.80 | $35.14 | $34.39 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.33 | 0.29 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 5.90 | 10.19 | 0.67 |
| Total from investment operations | 6.23 | 10.48 | 0.75 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.92) | (0.67) |  |
| Total distributions | (1.15) | (0.82) |  |
| Net asset value, end of period | $49.88 | $44.80 | $35.14 |
| **Total return (c)** | 14.43% | 30.15% | 2.18% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.47% | 0.47% | 0.47 %(d) |
| Net investment income | 0.75% | 0.69% | 0.43 %(d) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $21 | $16 | $3 |
| Portfolio turnover rate (e) | 25% | 26% | 13% |

---

------

(a) For the period April 6, 2023 (commencement of operations) through September 30, 2023.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** | **Semiconductor ETF(a)** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $245.38 | $144.99 | $92.56 | $128.13 | $87.22 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.17 | 1.19 | 1.11 | 1.07 | 0.86 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 81.00 | 100.24 | 52.52 | (35.85) | 40.80 |
| Total from investment operations | 82.17 | 101.43 | 53.63 | (34.78) | 41.66 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.07) | (1.04) | (1.20) | (0.79) | (0.75) |
| Net asset value, end of year | $326.48 | $245.38 | $144.99 | $92.56 | $128.13 |
| **Total return (c)** | 33.62% | 70.26% | 58.49% | (27.40)% | 47.94% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.36% |
| Net expenses (d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.46% | 0.56% | 0.88% | 0.85% | 0.72% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $31959 | $23726 | $9394 | $5632 | $5938 |
| Portfolio turnover rate (e) | 12% | 15% | 18% | 22% | 20% |

---

(a) On May 5, 2023, the Fund effected a 2 for 1 share split. Per share data prior to this date has been
 adjusted to reflect the share split.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Periods after September 30, 2021 reflect a unitary management fee structure.

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** | **Social Sentiment ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period<br> Ended<br> September**<br>**30,**<br>**2021 (a)** |
| Net asset value, beginning of period | $21.52 | $15.41 | $12.74 | $24.66 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | (0.05) | 0.13 | 0.07 | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 14.63 | 6.08 | 2.65 | (11.94) | (0.31)(c) |
| Total from investment operations | 14.58 | 6.21 | 2.72 | (11.92) | (0.34) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.10) | (0.05) |  |  |
| Net asset value, end of period | $35.98 | $21.52 | $15.41 | $12.74 | $24.66 |
| **Total return (d)** | 67.98% | 40.39% | 21.46% | (48.34)% | (1.38)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.76% | 0.76% | 1.23 %(e) | 1.16 %(e) | 0.75 %(f) |
| Net expenses | 0.76% | 0.76% | 0.75% | 0.75% | 0.75 %(f) |
| Net expenses excluding interest and taxes | 0.75% | 0.75% | 0.75% | 0.75% | N/A |
| Net investment income (loss) | (0.18)% | 0.68% | 0.47% | 0.11% | (0.20)%(f) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $115 | $55 | $55 | $58 | $193 |
| Portfolio turnover rate (g) | 202% | 230% | 232% | 263% | 161% |

---

------

(a) For the period March 3, 2021 (commencement of operations) through September 30, 2021.

(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) The ratio presented reflects the Fund's extraordinary legal expenses which were paid/reimbursed by the Adviser and/or
 paid from insurance proceeds during the year.

(f) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | |
|:---|:---|
|  | **Technology<br> TruSector<br> ETF** |
|  | **Period<br> Ended<br> September<br> 30,<br> 2025 (a)** |
| Net asset value, beginning of period | $24.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.94 |
| Total from investment operations | 1.97 |
| Net asset value, end of period | $26.12 |
| **Total return (c)** | 8.16% |
| **Ratios to average net assets** |  |
| Expenses (d) | 0.10 %(e) |
| Net investment income (d) | 0.90 %(e) |
| **Supplemental data** |  |
| Net assets, end of period (in millions) | $14 |
| Portfolio turnover rate (f) | 2% |

---

------

(a) For the period August 21, 2025 (commencement of operations) through September 30, 2025.

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

(e) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $76.46 | $51.62 | $40.66 | $65.05 | $61.36 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.33 | 0.18 | 0.44 | 0.31 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 45.15 | 25.20 | 10.91 | (22.47) | 3.73 |
| Total from investment operations | 45.48 | 25.38 | 11.35 | (22.16) | 3.77 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.54) | (0.39) | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (2.18) |  |
| Total distributions | (0.37) | (0.54) | (0.39) | (2.23) | (0.08) |
| Net asset value, end of year | $121.57 | $76.46 | $51.62 | $40.66 | $65.05 |
| **Total return (b)** | 59.69% | 49.58% | 28.11% | (35.42)% | 6.15% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.55% | 0.57% | 0.59% | 0.56% | 0.55% |
| Net expenses | 0.55% | 0.56% | 0.56% | 0.56% | 0.55% |
| Net expenses excluding interest and taxes | 0.55% | 0.55% | 0.55% | 0.55% | N/A |
| Net investment income | 0.34% | 0.30% | 0.89% | 0.52% | 0.06% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $517 | $264 | $243 | $262 | $631 |
| Portfolio turnover rate (c) | 53% | 36% | 30% | 35% | 33% |

---

------

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

**Note 1—Fund Organization**

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Alternative Asset Manager ETF | Non-Diversified |
| Biotech ETF | Non-Diversified |
| Commodity Strategy ETF | Non-Diversified |
| Consumer Discretionary TruSector ETF | Non-Diversified |
| Digital Transformation ETF | Non-Diversified |
| Durable High Dividend ETF | Diversified |
| Energy Income ETF | Non-Diversified |
| Environmental Services ETF | Non-Diversified |
| Fabless Semiconductor ETF | Non-Diversified |
| Gaming ETF | Non-Diversified |
| Long/Flat Trend ETF | Diversified |
| Morningstar Global Wide Moat ETF | Diversified |
| Morningstar International Moat ETF | Diversified |
| Morningstar SMID Moat ETF | Non-Diversified |
| Morningstar Wide Moat ETF | Diversified |
| Morningstar Wide Moat Value ETF | Non-Diversified |
| Pharmaceutical ETF | Non-Diversified |
| Real Assets ETF\* | Diversified |
| Retail ETF | Non-Diversified |
| Robotics ETF | Non-Diversified |
| Semiconductor ETF | Non-Diversified |
| Social Sentiment ETF | Diversified |
| Technology TruSector ETF | Non-Diversified |
| Video Gaming and eSports ETF | Non-Diversified |

---

<br> *\** *Formerly known as Inflation Allocation ETF*

The following Funds were created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index listed in the table below.

---

| | |
|:---|:---|
| Fund | Index |
| Alternative Asset Manager ETF | MarketVector <sup>TM</sup> Alternative Asset Managers Index |
| Biotech ETF | MVIS<sup>®</sup> US Listed Biotech 25 Index |
| Digital Transformation ETF | MVIS<sup>®</sup> Global Digital Assets Equity Index |
| Durable High Dividend ETF | Morningstar<sup>®</sup> US Dividend Valuation Index<sup>SM</sup> |
| Energy Income ETF | MVIS<sup>®</sup> North America Energy Infrastructure Index |
| Environmental Services ETF | NYSE Arca Environmental Services Index |
| Fabless Semiconductor ETF | MarketVector™ US Listed Fabless Semiconductor Index |
| Gaming ETF | MVIS<sup>®</sup> Global Gaming Index |
| Long/Flat Trend ETF | Ned Davis Research CMG US Large Cap Long/Flat Index |
| Morningstar Global Wide Moat ETF | Morningstar<sup>®</sup> Global Wide Moat Focus Index<sup>SM</sup> |
| Morningstar International Moat ETF\* | Morningstar<sup>®</sup> Global Markets ex-US Wide Moat Focus Index<sup>SM</sup> |
| Morningstar SMID Moat ETF | Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus Index<sup>SM</sup> |
| Morningstar Wide Moat ETF | Morningstar<sup>®</sup> Wide Moat Focus Index<sup>SM</sup> |
| Morningstar Wide Moat Value ETF | Morningstar<sup>®</sup> US Broad Value Wide Moat Focus Index<sup>SM</sup> |
| Pharmaceutical ETF | MVIS<sup>®</sup> US Listed Pharmaceutical 25 Index |
| Retail ETF | MVIS<sup>®</sup> US Listed Retail 25 Index |
| Robotics ETF | BlueStar<sup>®</sup> Robotics Index |
| Semiconductor ETF | MVIS<sup>®</sup> US Listed Semiconductor 25 Index |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 1—Fund Organization (continued)**

Social Sentiment ETF BUZZ NextGen AI US Sentiment Leaders Index <br> Video Gaming and eSports ETF MVIS<sup>®</sup>Global Video Gaming and eSports Index

<br> *\** *Effective December 20, 2024, Morningstar International Moat ETF index changed from Morningstar<sup>®</sup> Global ex-US Moat Focus Index*<sup>SM</sup>*.*

The Commodity Strategy ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, in exchange-traded commodity futures contracts, exchange-traded and over-the-counter ("OTC") commodity-linked instruments, and pooled investment vehicles, including exchange traded products ("ETPs") that provide exposure to commodities and fixed income investments. The Fund does not invest in commodities directly.

The Consumer Discretionary TruSector ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal market circumstances, at least 80% of its total assets in equity securities of consumer discretionary-related companies or instruments that provide exposure to consumer discretionary-related companies.

The Technology TruSector ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal market circumstances, at least 80% of its total assets in equity securities of information technology-related companies or instruments that provide exposure to information technology-related companies.

Using a proprietary, rules-based real asset allocation model, the Real Assets ETF seeks to achieve its investment objective by investing primarily in exchange traded products ("ETPs") that provide exposure to real assets, which include commodities, real estate, natural resources and infrastructure, as well as companies that own, operate, or derive a significant portion of their value from real assets or the production thereof.

Van Eck Associates Corp. ("VEAC") serves as the investment adviser for the Funds, except for Commodity Strategy ETF, Consumer Discretionary TruSector ETF, Real Assets ETF, and Technology TruSector ETF. Van Eck Absolute Return Advisers Corp. ("VEARA"), a wholly-owned subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF, Consumer Discretionary TruSector ETF, Real Assets ETF, Technology TruSector ETF and Commodity Strategy ETF and Real Assets ETF Subsidiaries. VEAC and VEARA are collectively referred to as the "Adviser".

**Note 2—Significant Accounting Policies**

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

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

The following summarizes the Funds' significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

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

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

---

| |
|:---|
| Level 1 — Quoted prices in active markets for identical securities. |
| Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 — Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments). |
| Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant 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 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. |
| Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1. |
| The Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis for Consolidation** 

The Commodity Strategy ETF invests in U.S. Treasury securities and Commodity Instruments through the Commodity Strategy Subsidiary and the Real Assets ETF invests in certain ETPs through the Real Asset Allocation Subsidiary (collectively, the "Subsidiaries", each a wholly-owned "Subsidiary"), organized under the laws of Cayman Islands. Each Fund's investments in the Subsidiary may not exceed 25% of the value of the Fund's total assets at each quarter-end of the Fund's fiscal year. Consolidated financial statements of each Fund present the financial position and results of operations for each Fund and its wholly-owned Subsidiary. All interfund account balances and transactions have been eliminated in consolidation.

As of September 30, 2025, the Commodity Strategy ETF and Real Assets ETF held $9,349,106 and $41,292,806 in their Subsidiaries, representing 21% and 24% of the Fund's net assets, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Federal Income Taxes** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Distributions to Shareholders** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Currency Translation (continued)** 

than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Restricted Securities** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Master Limited Partnerships** 

The Energy Income ETF invests a portion of its total assets in Master Limited Partnerships ("MLPs") receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the "Code"), and whose interests or "units" are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gains from the sale or disposition of real property, income and gains from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities. The MLPs themselves generally do not pay U.S. federal income taxes (although some states do impose a net income tax on partnerships). The Fund invests the remainder of its assets in MLPs that are treated as C corporations for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Use of Derivative Instruments** 

Certain Funds may invest in derivative instruments, including, but not limited to, options, futures, and swaps. 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 Fund's derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.

**Futures Contracts**

Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. The Commodity Strategy ETF invests in commodity future contracts, and the underlying reference assets consist of commodity instruments. Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", are generally made or received by the Fund each day depending on the fluctuations in the value of the futures. Such variation margin is recorded for financial statement purposes

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

**Futures Contracts (continued)**

on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Commodity Strategy ETF held futures contracts during the year ended September 30, 2025, which are reflected in the Consolidated Schedule of Investments. The average notional amount for the period was $31,596,267.

At September 30, 2025, the Fund held the following derivatives (not designated as hedging instruments under GAAP):

---

| | |
|:---|:---|
|  | **Asset Derivatives** |
|  | **Commodities<br> Futures Risk** |
| **Commodity Strategy ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $1230403 |

---

1 Reflects net unrealized appreciation/depreciation as disclosed in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The impact of transactions in derivative instruments during the year ended September 30, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Commodities<br> Futures Risk** |
| **Commodity Strategy ETF** |  |
| Realized gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $3753875 |
| Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<sup>2</sup> | $701868 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **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 and derivatives 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 September 30, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). Futures contracts held by Commodity Strategy ETF are not subject to a master netting agreements or other similar arrangements.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Segment Reporting** 

The Funds' Chief Financial Officer and Treasurer act as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Other** 

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

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

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

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

**Note 3—Investment Management and Other Agreements**

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

For the Funds listed below, the management fee rates and expense limitations for the year ended September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Management<br> Fees** | **Expense<br> Limitations** |
| Environmental Services ETF | 0.50% | 0.55% |
| Gaming ETF | 0.50 | 0.65 |
| Long/Flat Trend ETF | 0.50 | 0.55 |
| Morningstar Global Wide Moat ETF | 0.45 | 0.52 |
| Morningstar International Moat ETF | 0.50 | 0.56 |
| Morningstar SMID Moat ETF | 0.45 | 0.49 |
| Morningstar Wide Moat ETF | 0.45 | 0.49 |
| Morningstar Wide Moat Value ETF | 0.45 | 0.49 |
| Real Assets ETF | 0.50 | 0.55 |
| Video Gaming and eSports ETF | 0.50 | 0.55 |

---

The Adviser has agreed, until at least February 1, 2026, to waive management fees and assume expenses to prevent each Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding their expense limitations.

Refer to the Statements of Operations for amounts assumed by the Adviser for the year ended September 30, 2025.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 3—Investment Management and Other Agreements (continued)**

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the year ended September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Management<br> Fees** |
| Alternative Asset Manager ETF | 0.40% |
| Biotech ETF | 0.35 |
| Commodity Strategy ETF | 0.55 |
| Consumer Discretionary TruSector ETF\* | 0.10 |
| Digital Transformation ETF | 0.50 |
| Durable High Dividend ETF | 0.29 |
| Energy Income ETF | 0.45 |
| Fabless Semiconductor ETF | 0.35 |
| Pharmaceutical ETF | 0.35 |
| Retail ETF | 0.35 |
| Robotics ETF | 0.47 |
| Semiconductor ETF | 0.35 |
| Social Sentiment ETF | 0.75 |
| Technology TruSector ETF\* | 0.10 |

---

*\*Prior to September 8, 2025 the management fee rate was 0.12%.*

For Commodity Strategy ETF, the Adviser has agreed to pay and/or reimburse the Fund for the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants ("FCMs") until at least February 1, 2026.

The Adviser waives the management fees it charges the Real Assets ETF by the amount it collects as a management fee from underlying funds managed by the Adviser. For the year ended September 30, 2025, the Adviser waived management fees of $224,841 due to such investments.

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 September 30, 2025, the Adviser owned approximately less than 1%, 12% and 83% of the shares outstanding of Digital Transformation ETF, Durable High Dividend ETF and Morningstar Wide Moat Value ETF, respectively.

**Note 4—Capital Share Transactions**

As of September 30, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds' underlying index ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

------

**Note 4—Capital Share Transactions (continued)**

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

**Note 5—Investments**

For the year ended September 30, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments and U.S. government obligations) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Alternative Asset Manager ETF | $5943779 | $3099365 | $107517051 | $10259907 |
| Biotech ETF | 73060317 | 70524187 | 52632532 | 126829975 |
| Consumer Discretionary TruSector ETF | 8700 | 16127 | 4069600 |  |
| Digital Transformation ETF | 264845576 | 150443179 | 175438420 | 236551059 |
| Durable High Dividend ETF | 33985797 | 30431389 | 26340950 | 36384711 |
| Energy Income ETF | 13058974 | 9892020 | 38495882 | 33641129 |
| Environmental Services ETF | 19678930 | 18865053 | 28404120 | 23494764 |
| Fabless Semiconductor ETF | 12041786 | 10698382 | 187010401 | 54621680 |
| Gaming ETF | 4577774 | 5254709 |  | 9872924 |
| Long/Flat Trend ETF | 22817780 | 22828555 | 23931072 | 25229027 |
| Morningstar Global Wide Moat ETF | 13798591 | 14318930 |  |  |
| Morningstar International Moat ETF | 204692453 | 212531411 | 11622132 | 61451258 |
| Morningstar SMID Moat ETF | 304517331 | 304659490 | 406991099 | 419255678 |
| Morningstar Wide Moat ETF | 7862770747 | 7780850216 | 8551918569 | 12198470673 |
| Morningstar Wide Moat Value ETF | 2843510 | 2159817 | 3259759 | 3906555 |
| Pharmaceutical ETF | 187240244 | 179866054 | 1773749722 | 1903803407 |
| Real Assets ETF\* | 22210574 | 11923659 | 69821213 | 6262485 |
| Retail ETF | 25298837 | 20717583 | 58182495 | 58115600 |
| Robotics ETF | 4322105 | 3779008 | 14777360 | 11797508 |
| Semiconductor ETF | 2778505545 | 2751118040 | 35375688735 | 34706274588 |
| Social Sentiment ETF | 149125503 | 135864254 | 178124584 | 167543507 |
| Technology TruSector ETF | 142271 | 146592 | 13068714 |  |
| Video Gaming and eSports ETF | 196870953 | 178023495 | 95188223 | 19155422 |

---

*\* Represents consolidated cost of investments purchased and proceeds from investments sold.*

**Note 6—Income Taxes**

As of September 30, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Alternative Asset Manager ETF | $101990972 | $1914761 | $(3876210) | $(1961449) |
| Biotech ETF | 358231635 | 44469960 | (55496776) | (11026816) |
| Commodity Strategy ETF | 40823615 | 2996238 | (71) | 2996167 |
| Consumer Discretionary TruSector ETF | 4062177 | 103735 | (8487) | 95248 |
| Digital Transformation ETF | 294683353 | 75179611 | (23521835) | 51657776 |
| Durable High Dividend ETF | 43826762 | 1408119 | (1353431) | 54688 |
| Energy Income ETF | 66674950 | 10792932 | (2271135) | 8521797 |
| Environmental Services ETF | 84266352 | 12183544 | (2735335) | 9448209 |
| Fabless Semiconductor ETF | 154977577 | 13824052 | (4176291) | 9647761 |
| Gaming ETF | 32906591 | 2376850 | (8294430) | (5917580) |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Long/Flat Trend ETF | $24100580 | $3854877 | $(113600) | $3741277 |
| Morningstar Global Wide Moat ETF | 15812887 | 2662716 | (415310) | 2247406 |
| Morningstar International Moat ETF | 186890262 | 19713826 | (8368823) | 11345003 |
| Morningstar SMID Moat ETF | 359847231 | 25749501 | (14226762) | 11522739 |
| Morningstar Wide Moat ETF | 12721504248 | 889802357 | (926357592) | (36555235) |
| Morningstar Wide Moat Value ETF | 5250287 | 313703 | (402171) | (88468) |
| Pharmaceutical ETF | 641378167 | 14107799 | (80838854) | (66731055) |
| Real Assets ETF | 159900329 | 32394456 | (2850478) | 29543978 |
| Retail ETF | 217446251 | 54829815 | (10855783) | 43974032 |
| Robotics ETF | 19526902 | 3001022 | (1009232) | 1991790 |
| Semiconductor ETF | 28767121848 | 4306546498 | (1141522979) | 3165023519 |
| Social Sentiment ETF | 106225341 | 15448623 | (2993057) | 12455566 |
| Technology TruSector ETF | 13064659 | 783566 | (26328) | 757238 |
| Video Gaming and eSports ETF | 415517389 | 131886889 | (28706323) | 103180566 |

---

As of September 30, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Post-October<br> Losses<br> Deferred\*** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| Alternative Asset Manager ETF | $645862 | $(57854) | $– | $– | $(1961592) | $(1373584) |
| Biotech ETF | 1365109 | (274358256) |  | (64926) | (11026816) | (284084889) |
| Commodity Strategy ETF | 5243011 |  |  |  | (37635) | 5205376 |
| Consumer Discretionary TruSector ETF | 1999 |  |  |  | 95248 | 97247 |
| Digital Transformation ETF |  | (74810532) | (1738470) |  | 51657747 | (24891255) |
| Durable High Dividend ETF | 421082 | (21343805) |  | (625) | 54688 | (20868660) |
| Energy Income ETF |  | 777334 |  | (795039) | 8521851 | 8504146 |
| Environmental Services ETF | 95446 | (28818977) |  | (5238) | 9448209 | (19280560) |
| Fabless Semiconductor ETF | 37924 | (1287641) |  |  | 9647761 | 8398044 |
| Gaming ETF | 696506 | (29334221) |  | (11960) | (5917717) | (34567392) |
| Long/Flat Trend ETF | 202787 | (7805297) |  | (1690) | 3741277 | (3862923) |
| Morningstar Global Wide Moat ETF | 1060722 | 1621951 |  | (441) | 2247516 | 4929748 |
| Morningstar International Moat ETF | 6324010 | (11174799) |  | (3928) | 11377874 | 6523157 |
| Morningstar SMID Moat ETF | 3583923 | (73459540) |  | (1320) | 11522739 | (58354198) |
| Morningstar Wide Moat ETF | 130766402 | (2548333420) |  | (258481) | (36555235) | (2454380734) |
| Morningstar Wide Moat Value ETF | 62663 | (308408) |  | (10) | (88468) | (334223) |
| Pharmaceutical ETF | 2516702 | (192076892) |  | (36036) | (66731055) | (256327281) |
| Real Assets ETF | 684942 | (22367915) |  | (1408) | 29733380 | 8048999 |
| Retail ETF | 2053712 | (43183489) |  | (10259) | 43974032 | 2833996 |
| Robotics ETF | 98688 | (153964) |  |  | 1992405 | 1937129 |
| Semiconductor ETF | 82735816 | (1714370346) |  | (97454) | 3165023519 | 1533291535 |
| Social Sentiment ETF |  | (127512513) |  |  | 12455566 | (115056947) |
| Technology TruSector ETF | 7460 |  |  |  | 757238 | 764698 |
| Video Gaming and eSports ETF | 4640254 | (5389043) |  | (16077) | 103172469 | 102407603 |

---

*^* *These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

During the year ended September 30, 2025, Long/Flat Trend ETF, Morningstar International Moat ETF and Video Gaming and eSports ETF utilized $145,633, $13,170,112 and $58,517,732, respectively of their accumulated capital losses available from prior years.

The tax character of distributions paid to shareholders was as follows:

------

**Note 6—Income Taxes (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| **<u>Fund</u>** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Ordinary<br> Income\*** | **Return<br> of Capital** |
| Biotech ETF | $3149907 | $– | $2099973 | $– |
| Commodity Strategy ETF | 850000 |  | 1774980 |  |
| Digital Transformation ETF | 6650160 |  |  |  |
| Durable High Dividend ETF | 1706175 |  | 2234105 |  |
| Energy Income ETF | 1933408 | 718441 | 327149 | 1435928 |
| Environmental Services ETF | 350020 |  | 725000 |  |
| Fabless Semiconductor ETF | 9990 |  |  |  |
| Gaming ETF | 875025 |  | 799988 |  |
| Long/Flat Trend ETF | 199980 |  | 375000 |  |
| Morningstar Global Wide Moat ETF | 260000 | 551720 | 325000 |  |
| Morningstar International Moat ETF | 7250000 |  | 5575320 |  |
| Morningstar SMID Moat ETF | 4500405 |  | 1500150 |  |
| Morningstar Wide Moat ETF | 207996750 |  | 112006875 |  |
| Morningstar Wide Moat Value ETF | 46995 |  |  |  |
| Pharmaceutical ETF | 13994082 |  | 9117032 |  |
| Real Assets ETF | 1700055 |  | 4000118 |  |
| Retail ETF | 1700012 |  | 1849973 |  |
| Robotics ETF | 343111 | 3359 | 61373 |  |
| Semiconductor ETF | 101925490 |  | 68496917 |  |
| Social Sentiment ETF | 280350 |  | 324950 |  |
| Video Gaming and eSports ETF | 1222750 |  | 2439900 |  |

---

*\*Includes short-term capital gains (if any).*

During the year ended September 30, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| Alternative Asset Manager ETF | $(1491888) | $1491888 |
| Biotech ETF | (32943916) | 32943916 |
| Digital Transformation ETF | (113698239) | 113698239 |
| Durable High Dividend ETF | (4437011) | 4437011 |
| Energy Income ETF | (9385654) | 9385654 |
| Environmental Services ETF | (8650967) | 8650967 |
| Fabless Semiconductor ETF | (16566563) | 16566563 |
| Gaming ETF | 614078 | (614078) |
| Long/Flat Trend ETF | (4133355) | 4133355 |
| Morningstar International Moat ETF | (4604497) | 4604497 |
| Morningstar SMID Moat ETF | (65996859) | 65996859 |
| Morningstar Wide Moat ETF | (2305743386) | 2305743386 |
| Morningstar Wide Moat Value ETF | (623888) | 623888 |
| Pharmaceutical ETF | (67033710) | 67033710 |
| Real Assets ETF | (1028922) | 1028922 |
| Retail ETF | (23539444) | 23539444 |
| Robotics ETF | (1337087) | 1337087 |
| Semiconductor ETF | (4511149685) | 4511149685 |
| Social Sentiment ETF | (34179449) | 34179449 |
| Video Gaming and eSports ETF | (6846468) | 6846468 |

---

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds' financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

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

In December 2023, the Financial Accounting Standard Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024, and therefore are effective for Alternative Asset Manager ETF, Consumer Discretionary TruSector ETF, and Technology TruSector ETF for the period ended September 30, 2025. Management has determined that no additional disclosures are required for these funds since the funds pay no federal income taxes and have immaterial amounts of state, local and foreign taxes. ASU 2023-09 is not effective for any of the remaining funds included in this report.

**Note 7—Principal Risks**

Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. In addition, to the extent that a Fund is concentrated in a particular sector or industry, the Fund will be subject to the risk that economic, political or other conditions that have a negative effect on those sectors and or industries may negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of sectors or industries. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters.

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

Commodity Strategy ETF invests in futures contracts. The usage of futures contracts is subject to risks that are in addition to, and potentially greater than, the risks of investing directly in securities and other more traditional assets. Futures contracts are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve its investment objective. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so. Futures contracts exhibit "futures basis," which refers to the difference between the current market value of the underlying commodity (the "spot" price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled futures contracts generally trade at a premium to the current market value of the underlying commodity. If a negative futures basis exists, the Fund's investments in futures contracts will generally underperform a direct investment in the underlying commodity.

------

**Note 7—Principal Risks (continued)**

Certain of the Funds' investments, including investments in companies that hold material amounts of digital assets, may be subject to the risks associated with investing in digital assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that: the technology that facilitates the transfer of a digital asset could fail; the decentralized, open source protocol of the applicable blockchain network could be affected by internet connectivity disruptions, fraud, consensus failures or cyber security attacks; such network may not be adequately maintained by its participants; because digital assets are a new technological innovation with a limited history, they are highly speculative assets and may experience extreme price volatility; future regulatory actions or policies may limit the ability to sell, exchange or use a digital asset; the price of a digital asset may be impacted by the transactions of a small number of holders of such digital asset; and that a digital asset will decline in popularity, acceptance or use, thereby impairing its price.

Under normal circumstances, the Energy Income ETF invests in securities of MLPs, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash than an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP's operations.

Long/Flat Trend ETF, Consumer Discretionary TruSector ETF and Technology TruSector ETF may invest in shares of other funds. As a result, the Funds will indirectly be exposed to the risks of an investment in the underlying funds. Shares of other funds have many of the same risks as direct investments in common stocks or bonds. In addition, the market value of the Funds' shares is expected to rise and fall as the value of the underlying index or bond rises and falls. The market value of such funds' shares may differ from the net asset value of the particular fund.

The Robotics ETF invests primarily in the securities of robotics companies and is particularly sensitive to the risks to such companies. Robotics companies and information technology companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.

Real Assets ETF may concentrate its investments in ETPs that invest directly in, or have exposure to, equity and debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure. Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is dependent on the performance of underlying funds and is subject to the risks of those funds.

Social Sentiment ETF may concentrate its investment in the information technology and communication services sectors. The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition of these sectors. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies. Companies in the communication services sector may be affected by industry competition, substantial capital requirements, government regulations and obsolescence of communications products and services due to technological advancement. The index provider relies on social media analytics, which are relatively new and untested. Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 7—Principal Risks (continued)**

public perception of a company stock or other investment. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company's stock performance.

Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Commodity Strategy ETF and Real Assets ETF.

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.

For Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Morningstar Wide Moat Value ETF, Real Assets ETF and Video Gaming and eSports ETF 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.

On October 1, 2021, the Biotech ETF, Durable High Dividend ETF, Pharmaceutical ETF, Retail ETF, and Semiconductor ETF adopted a unitary management fee, therefore, the liability of the Plan shown as "Deferred Trustee fees" in the Statement of Asset and Liabilities represents amounts accrued through September 30, 2021. Alternative Asset Manager ETF, Commodity Strategy ETF, Consumer Discretionary TruSector ETF, Digital Transformation ETF, Energy Income ETF, Fabless Semiconductor ETF, Robotics ETF, Social Sentiment ETF and Technology TruSector ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

**Note 9—Securities Lending**

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

------

**Note 9—Securities Lending (continued)**

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Biotech ETF | $17211474 | $321 | $17336014 | $17336335 |
| Digital Transformation ETF | 88433340 | 25392112 | 65094916 | 90487028 |
| Durable High Dividend ETF | 34364 |  | 34767 | 34767 |
| Energy Income ETF | 2766948 | 1845081 | 1028034 | 2873115 |
| Environmental Services ETF | 6683660 | 2247557 | 4634164 | 6881721 |
| Fabless Semiconductor ETF | 3460704 |  | 3524490 | 3524490 |
| Gaming ETF | 1429031 | 89910 | 1407079 | 1496989 |
| Morningstar International Moat ETF | 16905999 | 5052654 | 12657632 | 17710286 |
| Morningstar SMID Moat ETF | 1556313 |  | 1527006 | 1527006 |
| Morningstar Wide Moat ETF | 157947248 | 1724 | 159703814 | 159705538 |
| Pharmaceutical ETF | 35145445 | 8830320 | 26186394 | 35016714 |
| Real Assets ETF | 24265877 | 15667313 | 8980434 | 24647747 |
| Robotics ETF | 650666 | 356711 | 317350 | 674061 |
| Semiconductor ETF | 24809454 | 25350 | 25550520 | 25575870 |
| Social Sentiment ETF | 13914392 | 3638347 | 10744253 | 14382600 |
| Video Gaming and eSports ETF | 31903997 | 3464882 | 30466337 | 33931219 |

---

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

---

| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets and<br> Liabilities** |
| **Fund** | **Equity Securities** |
| Biotech ETF | $321 |
| Digital Transformation ETF | 25392112 |
| Energy Income ETF | 1845081 |
| Environmental Services ETF | 2247557 |
| Gaming ETF | 89910 |
| Morningstar International Moat ETF | 5052654 |
| Morningstar Wide Moat ETF | 1724 |
| Pharmaceutical ETF | 8830320 |
| Real Assets ETF | 15667313 |
| Robotics ETF | 356711 |
| Semiconductor ETF | 25350 |
| Social Sentiment ETF | 3638347 |
| Video Gaming and eSports ETF | 3464882 |

---

*\** *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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(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 year ended September 30, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Biotech ETF | 40 | $259738 | 5.72% |
| Digital Transformation ETF | 175 | 1271171 | 5.70 |
| Durable High Dividend ETF | 125 | 122801 | 5.84 |
| Energy Income ETF | 144 | 225164 | 5.79 |
| Environmental Services ETF | 5 | 1966804 | 5.78 |
| Gaming ETF | 37 | 245100 | 5.69 |
| Morningstar Global Wide Moat ETF | 8 | 131441 | 5.68 |
| Morningstar International Moat ETF | 328 | 635798 | 5.76 |
| Morningstar SMID Moat ETF | 28 | 486525 | 5.68 |
| Morningstar Wide Moat ETF | 42 | 3303804 | 5.79 |
| Morningstar Wide Moat Value ETF | 3 | 109752 | 5.68 |
| Pharmaceutical ETF | 282 | 1741221 | 5.77 |
| Real Assets ETF | 7 | 302444 | 5.68 |
| Retail ETF | 108 | 262878 | 5.82 |
| Robotics ETF | 3 | 346670 | 5.68 |
| Semiconductor ETF | 33 | 4805815 | 5.68 |
| Social Sentiment ETF | 78 | 497921 | 5.79 |
| Video Gaming and eSports ETF | 107 | 796172 | 5.68 |

---

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

**Note 11—Share Split**

The Semiconductor ETF executed a 2-for-1 share split for shareholders of record before the open of markets on May 5, 2023. The Environmental Services ETF executed a 5-for-1 share split for shareholders of record before the open of markets on February 6, 2025. The impacts of the share splits have been retroactively applied to each of the prior years presented in the Financial Highlights and Statement of Changes in Net Assets.

**Note 12—Subsequent Event Review**

On June 3, 2025, the Board of Trustees approved changes to Environmental Services ETF's benchmark index from the NYSE<sup>®</sup> Arca Environmental Services Index to the MarketVector Global Environmental Services Index as well as the Fund's investment objective and principal investment strategy. These changes are expected to be effective after the close of trading on or about December 19, 2025.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the twenty-four funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments (the consolidated statements of assets and liabilities, including the consolidated schedules of investments, for VanEck Commodity Strategy ETF and VanEck Real Assets ETF), of each of the funds listed in the table below (twenty-four of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights (the consolidated financial highlights for VanEck Commodity Strategy ETF and VanEck Real Assets ETF) for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of September 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

**Funds**

---

| | |
|:---|:---|
| VanEck Alternative Asset Manager ETF (6) | VanEck Morningstar International Moat ETF (1) |
| VanEck Biotech ETF (1) | VanEck Morningstar SMID Moat ETF (1) |
| VanEck Commodity Strategy ETF (2) | VanEck Morningstar Wide Moat ETF (1) |
| VanEck Consumer Discretionary TruSector ETF (4) | VanEck Morningstar Wide Moat Value ETF (3) |
| VanEck Digital Transformation ETF (1) | VanEck Pharmaceutical ETF (1) |
| VanEck Durable High Dividend ETF (1) | VanEck Real Assets ETF (2) |
| VanEck Energy Income ETF (1) | VanEck Retail ETF (1) |
| VanEck Environmental Services ETF (1) | VanEck Robotics ETF (1) |
| VanEck Fabless Semiconductor ETF (5) | VanEck Semiconductor ETF (1) |
| VanEck Gaming ETF (1) | VanEck Social Sentiment ETF (1) |
| VanEck Long/Flat Trend ETF (1) | VanEck Technology TruSector ETF (4) |
| VanEck Morningstar Global Wide Moat ETF (1) | VanEck Video Gaming and eSports ETF (1) |

---

(1) Statement of operations for the year ended September 30, 2025 and the statement of changes in net assets for the years ended September 30, 2025 and 2024

(2) Consolidated statement of operations for the year ended September 30, 2025 and the consolidated statement of changes in net assets for the years ended September 30, 2025 and 2024

(3) Statement of operations for the year ended September 30, 2025, and statement of changes in net assets for the year ended September 30, 2025 and the period March 27, 2024 (commencement of operations) through September 30, 2024

(4) Statement of operations and statement of changes in net assets for the period August 21, 2025 (commencement of operations) through September 30, 2025

(5) Statement of operations for the year ended September 30, 2025, and statement of changes in net assets for the year ended September 30, 2025 and the period August 28, 2024 (commencement of operations) through September 30, 2024

(6) Statement of operations and statement of changes in net assets for the period June 5, 2025 (commencement of operations) through September 30, 2025

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

The financial statements of the Funds (other than VanEck Alternative Asset Manager ETF, VanEck Commodity Strategy ETF, VanEck Consumer Discretionary TruSector ETF, VanEck Fabless Semiconductor ETF, VanEck Morningstar SMID Moat ETF, VanEck Morningstar Wide Moat Value ETF, VanEck Robotics ETF, and VanEck Technology TruSector ETF) as of and for the year or period ended September 30, 2021 and the financial highlights for each of the periods ended on or prior to September 30, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 19, 2021, except for the 2-for-1 share split and the 5-for-1 share split described in Note 11, as to which the dates are November 22, 2023 and November 21, 2025 respectively, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 21, 2025

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Biotech ETF, VanEck Digital Transformation ETF, VanEck Durable High Dividend ETF, VanEck Energy Income ETF, VanEck Environmental Services ETF, VanEck Gaming ETF, VanEck Long/Flat Trend ETF, VanEck Morningstar Global Wide Moat ETF, VanEck Morningstar International Moat ETF, VanEck Morningstar Wide Moat ETF, VanEck Pharmaceutical ETF, VanEck Real Assets ETF, VanEck Retail ETF, VanEck Semiconductor ETF, VanEck Social Sentiment ETF and VanEck Video Gaming and eSports ETF and the Board of Trustees of VanEck ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying financial highlights of VanEck Biotech ETF, VanEck Digital Transformation ETF, VanEck Durable High Dividend ETF, VanEck Energy Income ETF, VanEck Environmental Services ETF, VanEck Gaming ETF, VanEck Long/Flat Trend ETF, VanEck Morningstar Global Wide Moat ETF, VanEck Morningstar International Moat ETF, VanEck Morningstar Wide Moat ETF, VanEck Pharmaceutical ETF, VanEck Real Assets ETF, VanEck Retail ETF, VanEck Semiconductor ETF, VanEck Social Sentiment ETF and VanEck Video Gaming and eSports ETF (collectively referred to as the "Funds") (sixteen of the series constituting VanEck ETF Trust (the "Trust")) for each of the periods indicated in the table below (referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial highlights of the Funds (sixteen of the series constituting VanEck ETF Trust) for each of the periods indicated in table below, in conformity with U.S. generally accepted accounting principles.

---

| | |
|:---|:---|
| Individual fund constituting the<br> VanEck ETF Trust | Financial highlights |
| VanEck Biotech ETF<br> VanEck Durable High Dividend ETF<br> VanEck Energy Income ETF<br> VanEck Environmental Services ETF<br> VanEck Gaming ETF<br> VanEck Long/Flat Trend ETF<br> VanEck Morningstar Global Wide Moat ETF<br> VanEck Morningstar International Moat ETF<br> VanEck Morningstar Wide Moat ETF<br> VanEck Pharmaceutical ETF<br> VanEck Real Assets ETF<br> VanEck Retail ETF<br> VanEck Semiconductor ETF<br> VanEck Video Gaming and eSports ETF | For the year ended September 30, 2021 |
| VanEck Digital Transformation ETF | For the period from April 13, 2021 (commencement of operations) through September 30, 2021 |
| VanEck Social Sentiment ETF | For the period from March 3, 2021 (commencement of operations) through September 30, 2021 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](x1_c114276x108x1m4.jpg)

We served as the auditor of one or more of the VanEck investment companies from 1999 to 2022.

New York, New York

November 19, 2021

except for the 2-for-1 share split of VanEck Semiconductor described in Note 11, as to which the date is

November 22, 2023

except for the 5-for-1 share split of VanEck Environmental Services ETF described in Note 11, as to which the date is

November 21, 2025

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The information set forth below relates to distributions paid during each Fund's current fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.

Accordingly, the information needed by shareholders for calendar year 2025 income tax purposes will be sent to them in early 2026. Please consult your tax advisor for proper treatment of this information.

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Ordinary<br> Income<br> Amount Paid<br> Per Share +** | **Qualified<br> Dividend<br> Income for<br> Individuals \*** | **Dividends<br> Qualifying for<br> the Dividend<br> Received<br> Deduction for<br> Corporations \*** | **Foreign<br> Source<br> Income \*** | **Foreign<br> Taxes<br> Paid Per<br> Share \*\*** |
| Biotech ETF | $1.2517 | 100.00% | 100.00%&nbsp;&nbsp;&nbsp;&nbsp; | -% | $- |
| Commodity Strategy ETF | 1.7000 |  |  |  |  |
| Digital Transformation ETF | 0.5808 | 0.10 |  |  |  |
| Durable High Dividend ETF | 1.2120 | 100.00 | 100.00 |  |  |
| Energy Income ETF | 2.4279 | 81.41 | 52.78 |  |  |
| Environmental Services ETF‡ | 0.7955 | 100.00 | 100.00 |  |  |
| Fabless Semiconductor ETF | 0.0111 | 100.00 | 100.00 |  |  |
| Gaming ETF | 1.1667 | 42.08 | 9.35 | 43.94 | 0.0498 |
| Long/Flat Trend ETF | 0.3636 | 100.00 | 100.00 |  |  |
| Morningstar Global Wide Moat ETF | 0.6500 | 100.00 | 40.21 | 75.28 | 0.0317 |
| Morningstar International Moat ETF | 1.4500 | 65.86 |  | 88.08 | 0.0957 |
| Morningstar SMID Moat ETF | 0.4082 | 100.00 | 100.00 |  |  |
| Morningstar Wide Moat ETF | 1.2675 | 100.00 | 100.00 |  |  |
| Morningstar Wide Moat Value ETF | 0.3133 | 100.00 | 99.61 |  |  |
| Pharmaceutical ETF | 1.9514 | 91.90 | 62.87 |  |  |
| Real Asset ETF | 0.5397 | 21.48 | 14.36 | 6.05 | 0.0048 |
| Retail ETF | 1.7320 | 100.00 | 100.00 |  |  |
| Robotics ETF | 1.1437 | 31.23 | 11.01 | 19.82 | 0.0310 |
| Semiconductor ETF | 1.0713 | 100.00 | 100.00 |  |  |
| Social Sentiment ETF | 0.1246 | 70.57 | 85.07 |  |  |
| Video Gaming and eSports ETF | 0.3650 | 100.00 | 5.82 | 62.11 | 0.0463 |

---

*+ Includes short-term capital gains, if any.*

*\* Expressed as a percentage of the cash distribution grossed up for foreign taxes.*

*\*\* The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.* 

*‡ Distribution occurred prior to February 6, 2025, when the Fund effected a 5 for 1 share split. The amount paid per share is not split adjusted.*

VANECK ETF TRUST

TAX INFORMATION

(unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Qualified<br> Business<br> Income<br> \*\*\*** | **Qualified<br> Short-Term<br> Capital<br> Gains Per<br> Share\*\*\*\*** | **Long-Term<br> Capital<br> Gains Per<br> Share** | **Section<br> 163(j)-<br> Interest<br> Dividends<br> as a % of<br> the Total<br> Ordinary<br> Income<br> Distribution<br> (a)** | **Qualified<br> Interest<br> Income<br> (QII) as a %<br> of the Total<br> Ordinary<br> Income<br> Distribution<br> (b)** |
| Commodity Strategy ETF | -% | $- | $- | 100.00%&nbsp;&nbsp;&nbsp;&nbsp; | 100.00% |
| Energy Income ETF |  | 0.1692 | 0.9097 |  |  |
| Gaming ETF | 17.47 |  |  |  |  |
| Morningstar Global Wide Moat ETF |  |  | 1.3793 |  |  |
| Real Asset ETF | 5.62 |  |  | 69.81 | 69.81 |
| Robotics ETF |  | 0.9104 | 0.0112 |  |  |

---

*\*\*\* Qualified Business Income (QBI) under Section 199A represents the percentage of ordinary income distributions that is eligible for the Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers. Tax regulations enable a regulated investment company to flow-through QBI received from pass through entities such as real estate investment trusts, to its shareholders.*

*\*\*\*\* These amounts represent Qualified Short-Term Capital Gains ("QSTG") which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.*

*(a) These amounts represent distributions paid during the taxable year ended September 30, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.*

*(b) These amounts represent distributions paid during the taxable year ended September 30, 2025 that were considered to be Qualified Interest Income ("QII") distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.*

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Federal<br> Obligation<br> Interest as a<br> Percentage<br> of the Total<br> Distribution (c)** |
| Commodity Strategy ETF | 99.97% |
| Real Asset ETF | 69.80 |

---

*(c) Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.*

*Please retain this information for your records.*

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the "Renewal Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust," and the series thereof listed below, the "Funds"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation ("VEAC") (the "VEAC Investment Management Agreements") with respect to the VanEck Alternative Asset Manager ETF, Biotech ETF, Digital Transformation ETF, Durable High Dividend ETF, Energy Income ETF, Environmental Services ETF, Fabless Semiconductor ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Morningstar Wide Moat Growth ETF, Morningstar Wide Moat Value ETF, Pharmaceutical ETF, Retail ETF, Robotics ETF, Semiconductor ETF, Social Sentiment ETF and Video Gaming and eSports ETF and (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 Commodity Strategy ETF and Real Assets ETF. The VEAC Investment Management Agreements and the VEARA Investment Management Agreements are collectively referred to as the "Investment Management Agreements."

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Advisers 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 Alternative Asset Manager ETF, which had only recently commenced operations) and the Funds' peer funds (certain other registered funds), information about the advisory 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 their respective affiliates as a result of the Advisers' relationships with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund, except the VanEck Commodity Strategy ETF and Real Assets ETF, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund's performance will differ from its peers. The Trustees also considered the fact that the VanEck Alternative Asset Manager 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 VanEck Commodity Strategy ETF and Real Assets ETF.

The Independent Trustees' consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Advisers at the Renewal Meeting and the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers, 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 provide under, the Investment Management Agreements, including, where applicable, (i) with respect to the VanEck Environmental Services ETF, Gaming ETF, Real Assets ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Morningstar Wide Moat Growth ETF, Morningstar Wide Moat Value ETF and Video Gaming and eSports ETF (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 Real Assets 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 (ii) with respect to all the other Funds (the "Unitary Funds"), the Advisers' agreement to pay all of the direct expenses of each Unitary Fund (inclusive of any subsidiary expenses with respect to the VanEck Commodity Strategy ETF, but excluding the fee payment under the applicable Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses for all other Unitary Funds).

The Trustees concluded that the Advisers and their personnel have the requisite expertise and skill to manage the Funds' portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund's performance to that of certain other registered funds, but relied principally on a comparison of the "gross" performance of each Fund except for VanEck Commodity Strategy ETF and Real Assets ETF (*i.e.*, measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from VEARA regarding the performance of the VanEck Commodity Strategy ETF and Real Assets ETF, each an actively managed exchange-traded fund against their respective benchmark indices and peer funds. The Trustees noted that the VanEck Commodity Strategy ETF had outperformed its benchmark for the one-year period ended December 31, 2024 and the period since its inception on December 20, 2022 through December 31, 2024. The Trustees also noted that the VanEck Real Assets ETF had outperformed its benchmark during the one-year period ended December 31, 2024.

The Trustees also considered information relating to the financial condition of the Advisers and the current status, as they understood it, of the Advisers' compliance environment.

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds' management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck Morningstar International Moat ETF, Morningstar Wide Moat ETF and Social Sentiment ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its respective peer group of funds, the VanEck Energy Income ETF had management fees below the average and equal to the median of its peer group of funds, and the VanEck Commodity Strategy ETF had management fees above the average and below the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, Morningstar International Moat ETF, Morningstar Wide Moat ETF, Morningstar Wide Moat Growth ETF, Morningstar Wide Moat Value ETF and Social Sentiment ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, the VanEck Energy Income ETF had a total expense ratio below the average and equal to the median of its peer group of funds, and the VanEck Morningstar Global Wide Moat ETF had a total expense ratio (after the effect of the expense limitation) above the average and below 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 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 Investment Management Agreements, received by the Advisers from serving as advisers to the Funds.

The Trustees also considered information provided by the Advisers about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund's asset size, expense ratio and

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

expense limitation, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is 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.

The Trustees did not consider historical information about the cost of the services provided by VEAC or the profitability of the VanEck Alternative Asset Manager ETF to VEAC because the Fund had only recently 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 VanEck Alternative Asset Manager 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 1, 2025 meeting as part of their consideration of the Investment Management Agreements.

In voting to approve the continuation of each of the Investment Management Agreements, 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, each of the Investment Management Agreements is in the best interest of the applicable Fund and the Fund's shareholders.

**VanEck Consumer Discretionary TruSector ETF**

At a meeting held on June 3, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Consumer Discretionary TruSector ETF (the "Fund").

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

In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund's proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees' consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the proposed management of the Fund and information obtained at other meetings of the

------

Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser's agreement to pay all of the direct expenses of the Fund, excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund's portfolio.

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

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

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

**VanEck Technology TruSector ETF**

At a meeting held on June 3, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Technology TruSector 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

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund's portfolio.

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

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

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

**VanEck Communication Services TruSector ETF**

At a meeting held on June 3, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Communication Services TruSector ETF (the "Fund").

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

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

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

------

provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees' knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

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

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

**VanEck Nuclear Innovators ETF**

At a meeting held on September 4, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Nuclear Innovators ETF (the "Fund").

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

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

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

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

VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

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.

*This page is intentionally left blank.*

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Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

Item 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c)) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure
 required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b)
 or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
 or 240.15d-15 (b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over
 financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d))
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting.

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

(a)(1) [The code of ethics is attached as EX-99.CODE ETH](c114276_ex99-codeeth.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.](c114276_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c114276_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

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| | | |
|:---|:---|:---|
| By | (Signature and Title) | /s/ John J. Crimmins, CFO |

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Date <u>December 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| By | (Signature and Title) | /s/ Jan F. van Eck, CEO |

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Date <u>December 8, 2025</u> <br>

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| | | |
|:---|:---|:---|
| By | (Signature and Title) | /s/ John J. Crimmins, CFO |

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Date <u>December 8, 2025</u>

## Ex-99.Code

EX-99.CODE ETH

VANECK VIP TRUST<br> VANECK FUNDS<br> VANECK ETF TRUST<br> CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> SENIOR FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

VanEck's Code of Ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;o full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;o compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;o the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;o accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not cause the Company to take action, or fail to take action, for the individual personal benefit
of the Covered Officer rather than the benefit the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not use material non-public knowledge of portfolio transactions made or contemplated for the Company
to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;o service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;o the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;o the receipt of any entertainment from any company with which the Company has current or prospective
business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not
so frequent as to raise any question of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;o any ownership interest in, or any consulting or employment relationship with, any of the Company's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof,

&nbsp;&nbsp;&nbsp;&nbsp;o a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should familiarize himself with the disclosure requirements generally applicable
to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should, to the extent appropriate within his area of responsibility, consult
with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the
Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;o It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;o report at least annually all affiliations or other relationships related to conflicts of interest
that the Company's Directors and Officers Questionnaire covers;

&nbsp;&nbsp;&nbsp;&nbsp;o upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm
in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;o annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;o not retaliate against any other Covered Officer or any employee of the Funds or their affiliated
persons for reports of potential violations that are made in good faith, and

&nbsp;&nbsp;&nbsp;&nbsp;o notify the Compliance Officer promptly if he knows of any violation of this Code. Failure to do
so is itself a violation of this Code.

The Compliance Officer or other designated senior legal officer of the Funds' investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;o the Compliance Officer or other designated senior legal officer will take all appropriate action
to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;o if, after such investigation, the Compliance Officer believes that no violation has occurred, the
Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;o any matter that the Compliance Officer believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;o if the Committee concurs that a violation has occurred, it will inform the Board, which will consider
appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification
to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;o the Committee will be responsible for granting waivers, as appropriate; and any changes to or waivers
of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

John J. Crimmins, Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>December 8, 2025</u> <br>

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| |
|:---|
| /s/ Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;&nbsp;Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

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I, John J. Crimmins, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>December 8, 2025</u> <br>

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| |
|:---|
| /s/ John J. Crimmins |
| &nbsp;&nbsp;&nbsp;&nbsp;John J. Crimmins |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Alternative Asset Manager ETF, Biotech ETF, Commodity Strategy ETF, Consumer Discretionary TruSector ETF, Digital Transformation ETF, Durable High Dividend ETF, Energy Income ETF, Environmental Services ETF, Fabless Semiconductor ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar SMID Moat ETF, Morningstar Wide Moat ETF, Morningstar Wide Moat Value ETF, Pharmaceutical ETF, Real Assets ETF, Retail ETF, Robotics ETF, Semiconductor ETF, Social Sentiment ETF, Technology TruSector ETF, Video Gaming and eSports ETF), do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of VanEck ETF Trust for the period ending September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck ETF Trust.

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| | |
|:---|:---|
| Dated: December 8, 2025 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |

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| | |
|:---|:---|
| Dated: December 8, 2025 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck ETF Trust |

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This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.