# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-25-001953
**Filing Date:** 2025-6
**Character Count:** 389211
**Document Hash:** f3446ca20ce0cf208b3f62d90b96f0ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-001953.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0000930413-25-001953

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 251029152

**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 Morningstar ESG Moat ETF (Series ID: S000073621)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000230655 | VanEck Morningstar ESG Moat ETF | MOTE            |

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

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

### VanEck Green Infrastructure ETF (Series ID: S000077216)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237442 | VanEck Green Infrastructure ETF | RNEW            |

### 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 Growth ETF (Series ID: S000082152)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000245436 | VanEck Morningstar Wide Moat Growth ETF | MGRO            |

### 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            |

?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: MARCH 31, 2025

Item 1. REPORTS TO SHAREHOLDERS

# VanEck Biotech ETF

## Ticker: BBH

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Biotech ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Biotech ETF | $17 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$365,936,852

* Number of Portfolio Holdings25

* Portfolio Turnover Rate7%

* Advisory Fees Paid$712,592

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i9b32abccf50d161093830e20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Pharmaceuticals | 2.9% |
| Life Sciences Tools & Services | 16.9% |
| Biotechnology | 80.2% |

---

---

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

---

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

---

| | |
|:---|:---|
| Amgen, Inc. | 16.5% |
| Gilead Sciences, Inc. | 12.6% |
| Vertex Pharmaceuticals, Inc. | 11.1% |
| Regeneron Pharmaceuticals, Inc. | 5.2% |
| Argenx SE | 5.2% |
| Natera, Inc. | 4.5% |
| Alnylam Pharmaceuticals, Inc. | 4.4% |
| IQVIA Holdings, Inc. | 4.4% |
| ICON PLC | 3.6% |
| Biogen, Inc. | 3.4% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Commodity Strategy ETF

## Ticker: PIT

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Commodity Strategy ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Commodity Strategy ETF | $29 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$30,552,801

* Number of Portfolio Holdings31

* Portfolio Turnover Rate-%

* Advisory Fees Paid$73,995

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i9824e8e216ee9c1bd5a11337.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities<sup>Footnote Reference\*</sup> | 8.7% |
| Government | 91.3% |

---

---

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

---

### **Need Additional Information?** 

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Absolute Return Advisers Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

![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/](i827589762ea457da64924165.jpg)

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

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Digital Transformation ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Digital Transformation ETF | $23 | 0.52%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$130,727,675

* Number of Portfolio Holdings21

* Portfolio Turnover Rate28%

* Advisory Fees Paid$454,713

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i5722a84211af25c8cca80bc4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Consumer Discretionary | 5.7% |
| Financials | 28.7% |
| Information Technology | 65.7% |

---

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

---

| | |
|:---|:---|
| MicroStrategy, Inc. | 9.6% |
| Coinbase Global, Inc. | 7.9% |
| Block, Inc. | 7.5% |
| MARA Holdings, Inc. | 6.3% |
| Metaplanet, Inc. | 5.7% |
| Riot Platforms, Inc. | 5.5% |
| Core Scientific, Inc. | 5.3% |
| Defi Technologies, Inc. | 4.9% |
| Hut 8 Corp. | 4.7% |
| Cleanspark, Inc. | 4.6% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Durable High Dividend ETF

## Ticker: DURA

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Durable High Dividend ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Durable High Dividend ETF | $15 | 0.30%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$47,762,317

* Number of Portfolio Holdings62

* Portfolio Turnover Rate31%

* Advisory Fees Paid$70,120

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i7ef61c21917a45ee77aa4b9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.8% |
| Communication Services | 4.9% |
| Information Technology | 4.9% |
| Materials | 6.9% |
| Consumer Discretionary | 7.1% |
| Utilities | 7.3% |
| Financials | 9.7% |
| Industrials | 11.1% |
| Health Care | 14.3% |
| Consumer Staples | 14.6% |
| Energy | 18.4% |

---

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

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 5.3% |
| Chevron Corp. | 5.1% |
| Verizon Communications, Inc. | 4.9% |
| Johnson & Johnson | 4.8% |
| Altria Group, Inc. | 4.7% |
| McDonald's Corp. | 4.6% |
| PepsiCo, Inc. | 4.6% |
| Pfizer, Inc. | 4.5% |
| Texas Instruments, Inc. | 4.5% |
| Merck & Co., Inc. | 4.3% |

---

### **Need Additional Information?** 

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

![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/](i827589762ea457da64924165.jpg)

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

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Energy Income ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Energy Income ETF | $25 | 0.46%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$83,894,793

* Number of Portfolio Holdings31

* Portfolio Turnover Rate7%

* Advisory Fees Paid$163,235

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i94a51104cb431b8090e50b66.jpg)

---

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

---

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

---

| | |
|:---|:---|
| The Williams Companies, Inc. | 8.1% |
| Enbridge, Inc. | 8.0% |
| ONEOK, Inc. | 7.2% |
| Cheniere Energy, Inc. | 6.7% |
| Kinder Morgan, Inc. | 6.2% |
| TC Energy Corp. | 5.3% |
| Targa Resources Corp. | 5.1% |
| Enterprise Products Partners LP | 4.5% |
| Pembina Pipeline Corp. | 4.5% |
| DT Midstream, Inc. | 4.4% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Environmental Services ETF

## Ticker: EVX

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Environmental Services ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Environmental Services ETF | $27 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$80,019,618

* Number of Portfolio Holdings22

* Portfolio Turnover Rate13%

* Advisory Fees Paid$172,643

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8498f1e6d8f1bb74516ce7ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Health Care | 4.1% |
| Consumer Staples | 4.4% |
| Energy | 4.5% |
| Materials | 15.6% |
| Industrials | 71.3% |

---

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

---

| | |
|:---|:---|
| Waste Connections, Inc. | 10.3% |
| Republic Services, Inc. | 10.2% |
| Waste Management, Inc. | 10.1% |
| Ecolab, Inc. | 9.9% |
| Aris Water Solutions, Inc. | 4.5% |
| Darling Ingredients, Inc. | 4.4% |
| Casella Waste Systems, Inc. | 4.3% |
| GFL Environmental, Inc. | 4.2% |
| Clean Harbors, Inc. | 4.2% |
| ABM Industries, Inc. | 4.2% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Fabless Semiconductor ETF

## Ticker: SMHX

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Fabless Semiconductor ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Fabless Semiconductor ETF | $17 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$34,411,487

* Number of Portfolio Holdings22

* Portfolio Turnover Rate12%

* Advisory Fees Paid$47,359

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ic8c7e6a08bf7e73b5f123ca6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Application Software | 10.3% |
| Semiconductors | 89.7% |

---

---

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

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 19.8% |
| Broadcom, Inc. | 13.7% |
| Advanced Micro Devices, Inc. | 5.4% |
| Qualcomm, Inc. | 5.3% |
| Synopsys, Inc. | 5.2% |
| Cadence Design Systems, Inc. | 5.1% |
| Monolithic Power Systems, Inc. | 4.7% |
| Rambus, Inc. | 4.5% |
| ARM Holdings Plc | 4.5% |
| Marvell Technology, Inc. | 4.2% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Gaming ETF

## Ticker: BJK

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Gaming ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Gaming ETF | $30 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$25,406,186

* Number of Portfolio Holdings31

* Portfolio Turnover Rate6%

* Advisory Fees Paid$54,948

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i089d02422729048f0271c05e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Real Estate | 12.3% |
| Consumer Discretionary | 87.8% |

---

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

---

| | |
|:---|:---|
| Aristocrat Leisure Ltd. | 8.0% |
| Flutter Entertainment PLC | 7.9% |
| VICI Properties, Inc. | 7.5% |
| DraftKings, Inc. | 5.9% |
| Las Vegas Sands Corp. | 5.7% |
| Evolution AB | 5.4% |
| Galaxy Entertainment Group Ltd. | 5.1% |
| Churchill Downs, Inc. | 4.9% |
| Gaming and Leisure Properties, Inc. | 4.8% |
| Wynn Resorts Ltd. | 4.4% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Green Infrastructure ETF

## Ticker: RNEW

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Green Infrastructure ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Green Infrastructure ETF | $23 | 0.47%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$1,775,208

* Number of Portfolio Holdings42

* Portfolio Turnover Rate11%

* Advisory Fees Paid$4,223

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8372f5cb30d1b5074b17979d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Materials | 5.7% |
| Information Technology | 11.0% |
| Energy | 14.2% |
| Consumer Discretionary | 16.2% |
| Utilities | 17.0% |
| Industrials | 35.8% |

---

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

---

| | |
|:---|:---|
| Republic Services, Inc. | 6.4% |
| Cheniere Energy Partners LP | 6.3% |
| Waste Management, Inc. | 6.0% |
| Cheniere Energy, Inc. | 6.0% |
| Ecolab, Inc. | 5.7% |
| Rivian Automotive, Inc. | 4.9% |
| Enphase Energy, Inc. | 4.7% |
| Donaldson Co., Inc. | 4.6% |
| Clean Harbors, Inc. | 4.4% |
| Quanta Services, Inc. | 4.2% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Real Assets ETF

## Ticker: RAAX

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-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 March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Real Assets ETF | $21 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$105,041,273

* Number of Portfolio Holdings13

* Portfolio Turnover Rate8%

* Advisory Fees Paid$138,748

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](idb9e2ed779693b054e6ff413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Income Assets | 26.4% |
| Financial Assets | 27.1% |
| Resource Assets | 46.1% |

---

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

---

| | |
|:---|:---|
| VanEck Merk Gold ETF | 25.0% |
| VanEck Commodity Strategy ETF | 21.9% |
| VanEck Energy Income ETF | 12.5% |
| Energy Select Sector SPDR Fund | 11.9% |
| Materials Select Sector SPDR Fund | 8.7% |
| Global X US Infrastructure Development ETF | 7.1% |
| iShares Residential and Multisector Real Estate ETF | 6.8% |
| VanEck Uranium and Nuclear ETF | 2.4% |
| VanEck Gold Miners ETF | 1.4% |
| Invesco Water Resources ETF | 1.2% |

---

### **Need Additional Information?** 

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Absolute Return Advisers Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

![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/](i827589762ea457da64924165.jpg)

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

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Long/Flat Trend ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Long/Flat Trend ETF | $27 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$24,847,250

* Number of Portfolio Holdings1

* Portfolio Turnover Rate0%

* Advisory Fees Paid$34,287

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i31ce9ecc7015b2e80968015c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Exchanged Traded Fund | 99.7% |

---

### **Need Additional Information?** 

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

![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/](i827589762ea457da64924165.jpg)

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 ESG Moat ETF

## Ticker: MOTE

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar ESG Moat ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar ESG Moat ETF | $24 | 0.50%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$5,999,341

* Number of Portfolio Holdings63

* Portfolio Turnover Rate11%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3dfc8afbd800dbeac71f0e1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Real Estate | 1.3% |
| Materials | 3.7% |
| Communication Services | 5.9% |
| Consumer Discretionary | 8.6% |
| Industrials | 11.8% |
| Consumer Staples | 12.0% |
| Financials | 15.3% |
| Health Care | 19.8% |
| Information Technology | 21.7% |

---

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

---

| | |
|:---|:---|
| Yum! Brands, Inc. | 3.1% |
| Veeva Systems, Inc. | 3.1% |
| Tyler Technologies, Inc. | 2.9% |
| Allegion Plc | 2.7% |
| Equifax, Inc. | 2.6% |
| PepsiCo, Inc. | 2.5% |
| Masco Corp. | 2.6% |
| TransUnion | 2.5% |
| Walt Disney Co. | 2.5% |
| Thermo Fisher Scientific, Inc. | 2.4% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Morningstar Global Wide Moat ETF

## Ticker: MOTG

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Global Wide Moat ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Global Wide Moat ETF | $26 | 0.53%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$15,596,012

* Number of Portfolio Holdings74

* Portfolio Turnover Rate38%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i21fbe5f2a4eb70d18b6daded.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Materials | 5.8% |
| Communication Services | 7.6% |
| Consumer Discretionary | 8.9% |
| Information Technology | 9.3% |
| Financials | 11.9% |
| Consumer Staples | 12.7% |
| Health Care | 16.5% |
| Industrials | 27.4% |

---

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

---

| | |
|:---|:---|
| Rheinmetall AG | 3.0% |
| Tencent Holdings Ltd. | 2.2% |
| Corteva, Inc. | 2.1% |
| Toronto-Dominion Bank | 2.1% |
| GSK Plc | 2.1% |
| JD.com, Inc. | 2.1% |
| Yum China Holdings, Inc. | 2.1% |
| British American Tobacco Plc | 2.0% |
| Brambles Ltd. | 2.0% |
| Roche Holding AG | 2.0% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Morningstar International Moat ETF

## Ticker: MOTI

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar International Moat ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar International Moat ETF | $29 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$167,322,763

* Number of Portfolio Holdings47

* Portfolio Turnover Rate68%

* Advisory Fees Paid$417,083

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i2ecdff0e225cfbcc01b2b47b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.2)% |
| Materials | 2.3% |
| Information Technology | 4.5% |
| Communication Services | 5.3% |
| Financials | 8.5% |
| Consumer Discretionary | 12.8% |
| Health Care | 13.6% |
| Industrials | 23.3% |
| Consumer Staples | 29.9% |

---

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

---

| | |
|:---|:---|
| Rheinmetall AG | 3.7% |
| Alibaba Group Holding Ltd. | 3.0% |
| Allegro.eu SA | 2.7% |
| Tencent Holdings Ltd. | 2.7% |
| Anheuser-Busch InBev SA | 2.6% |
| Reckitt Benckiser Group Plc | 2.6% |
| Sanofi SA | 2.6% |
| GSK Plc | 2.6% |
| JD.com, Inc. | 2.7% |
| Yum China Holdings, Inc. | 2.6% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Morningstar SMID Moat ETF

## Ticker: SMOT

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar SMID Moat ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar SMID Moat ETF | $24 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$416,664,728

* Number of Portfolio Holdings105

* Portfolio Turnover Rate40%

* Advisory Fees Paid$909,391

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i76aa7cb2b3b2580d571e1fd7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Real Estate | 1.4% |
| Energy | 3.0% |
| Communication Services | 4.1% |
| Consumer Staples | 4.4% |
| Utilities | 4.6% |
| Materials | 9.4% |
| Financials | 11.0% |
| Information Technology | 12.2% |
| Health Care | 14.5% |
| Industrials | 15.7% |
| Consumer Discretionary | 19.6% |

---

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

---

| | |
|:---|:---|
| Hess Corp. | 1.6% |
| Corteva, Inc. | 1.5% |
| SS&C Technologies Holdings, Inc. | 1.5% |
| Edwards Lifesciences Corp. | 1.4% |
| Portland General Electric Co. | 1.4% |
| CNH Industrial NV | 1.4% |
| Western Union Co. | 1.4% |
| LPL Financial Holdings, Inc. | 1.4% |
| The Campbell's Co. | 1.4% |
| Allegion Plc | 1.4% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Morningstar Wide Moat ETF

## Ticker: MOAT

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat ETF | $22 | 0.46%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$13,460,594,554

* Number of Portfolio Holdings53

* Portfolio Turnover Rate25%

* Advisory Fees Paid$34,465,368

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i33ce91e1e98e4f7c98548451.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Consumer Discretionary | 3.4% |
| Communication Services | 4.6% |
| Materials | 5.2% |
| Financials | 6.3% |
| Consumer Staples | 14.1% |
| Industrials | 18.1% |
| Information Technology | 22.3% |
| Health Care | 25.9% |

---

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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 2.8% |
| Huntington Ingalls Industries, Inc. | 2.8% |
| Corteva, Inc. | 2.8% |
| Boeing Co. | 2.7% |
| Pfizer, Inc. | 2.6% |
| The Campbell's Co. | 2.6% |
| Allegion Plc | 2.6% |
| MarketAxess Holdings, Inc. | 2.6% |
| Veeva Systems, Inc. | 2.6% |
| GE HealthCare Technologies, Inc. | 2.6% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Morningstar Wide Moat Growth ETF

## Ticker: MGRO

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Growth ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat Growth ETF | $25 | 0.54%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$706,330

* Number of Portfolio Holdings42

* Portfolio Turnover Rate24%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i4cf8daf7a77bbe3117931e0d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 2.4% |
| Financials | 5.1% |
| Communication Services | 6.1% |
| Consumer Discretionary | 6.3% |
| Consumer Staples | 8.9% |
| Health Care | 15.6% |
| Industrials | 18.8% |
| Information Technology | 36.8% |

---

---

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

---

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

---

| | |
|:---|:---|
| Veeva Systems, Inc. | 5.2% |
| MarketAxess Holdings, Inc. | 5.1% |
| Monolithic Power Systems, Inc. | 4.9% |
| Microsoft Corp. | 4.7% |
| TransUnion | 4.6% |
| Teradyne, Inc. | 4.2% |
| Yum! Brands, Inc. | 3.4% |
| Allegion Plc | 3.3% |
| Equifax, Inc. | 2.8% |
| West Pharmaceutical Services, Inc. | 2.8% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Morningstar Wide Moat Value ETF

## Ticker: MVAL

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Morningstar Wide Moat Value ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Morningstar Wide Moat Value ETF | $24 | 0.50%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$4,734,033

* Number of Portfolio Holdings39

* Portfolio Turnover Rate25%

* Advisory Fees Paid$-

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i856e87f5a6fb68b69dd6d55b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.1% |
| Communication Services | 4.5% |
| Financials | 4.7% |
| Consumer Discretionary | 5.4% |
| Materials | 7.0% |
| Information Technology | 10.3% |
| Consumer Staples | 18.5% |
| Industrials | 20.2% |
| Health Care | 29.3% |

---

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

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 4.9% |
| Huntington Ingalls Industries, Inc. | 4.9% |
| Boeing Co. | 4.7% |
| Pfizer, Inc. | 4.6% |
| The Campbell's Co. | 4.6% |
| Danaher Corp. | 4.3% |
| International Flavors & Fragrances, Inc. | 4.2% |
| NXP Semiconductors N.V. | 4.1% |
| NIKE, Inc. | 3.8% |
| Thermo Fisher Scientific, Inc. | 3.0% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Pharmaceutical ETF

## Ticker: PPH

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Pharmaceutical ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Pharmaceutical ETF | $18 | 0.36%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$668,742,363

* Number of Portfolio Holdings26

* Portfolio Turnover Rate12%

* Advisory Fees Paid$1,086,853

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iab4b7c04e95698cf725716bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Personal Care Products | 4.6% |
| Biotechnology | 6.6% |
| Health Care Distributors | 10.2% |
| Pharmaceuticals | 78.2% |

---

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

---

| | |
|:---|:---|
| Eli Lilly & Co. | 11.9% |
| Johnson & Johnson | 6.6% |
| AbbVie, Inc. | 6.6% |
| Novartis AG | 5.1% |
| Cencora, Inc. | 4.9% |
| AstraZeneca PLC | 4.9% |
| Merck & Co., Inc. | 4.8% |
| Sanofi SA | 4.8% |
| McKesson Corp. | 4.7% |
| Novo Nordisk A/S | 4.7% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Retail ETF

## Ticker: RTH

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Retail ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Retail ETF | $18 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$232,877,202

* Number of Portfolio Holdings25

* Portfolio Turnover Rate4%

* Advisory Fees Paid$404,219

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](iade57f9a87304f8699eb84c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.2)% |
| Health Care | 13.9% |
| Consumer Staples | 27.8% |
| Consumer Discretionary | 58.5% |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 18.8% |
| Walmart, Inc. | 8.8% |
| Costco Wholesale Corp. | 8.7% |
| The Home Depot, Inc. | 7.5% |
| The TJX Companies, Inc. | 5.2% |
| O'Reilly Automotive, Inc. | 4.8% |
| McKesson Corp. | 4.6% |
| CVS Health Corp. | 4.6% |
| Lowe's Companies, Inc. | 4.5% |
| JD.com, Inc. | 4.5% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Robotics ETF

## Ticker: IBOT

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Robotics ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Robotics ETF | $22 | 0.47%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$14,731,515

* Number of Portfolio Holdings64

* Portfolio Turnover Rate10%

* Advisory Fees Paid$30,400

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1d3f8f5eac0ffc0b1d0127d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.4% |
| Energy | 1.1% |
| Health Care | 1.8% |
| Consumer Discretionary | 2.5% |
| Industrials | 34.3% |
| Information Technology | 59.9% |

---

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

---

| | |
|:---|:---|
| Siemens AG | 6.3% |
| ASML Holding N.V. | 5.2% |
| Keyence Corp. | 5.1% |
| ABB Ltd. | 4.9% |
| Dassault Systemes SE | 4.7% |
| Emerson Electric Co. | 4.5% |
| NVIDIA Corp. | 4.3% |
| Autodesk, Inc. | 4.0% |
| Hexagon AB | 3.2% |
| Teledyne Technologies, Inc. | 2.8% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Semiconductor ETF

## Ticker: SMH

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Semiconductor ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Semiconductor ETF | $16 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$19,140,062,517

* Number of Portfolio Holdings26

* Portfolio Turnover Rate5%

* Advisory Fees Paid$40,879,952

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i690691f3924f407a1310b6c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Application Software | 6.5% |
| Semiconductor Materials & Equipment | 18.0% |
| Semiconductors | 75.5% |

---

---

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

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 19.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.1% |
| Broadcom, Inc. | 7.8% |
| Qualcomm, Inc. | 5.3% |
| ASML Holding N.V. | 4.9% |
| Texas Instruments, Inc. | 4.8% |
| Advanced Micro Devices, Inc. | 4.8% |
| Analog Devices, Inc. | 4.6% |
| Applied Materials, Inc. | 4.6% |
| KLA Corp. | 4.3% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Social Sentiment ETF

## Ticker: BUZZ

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

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Social Sentiment ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Social Sentiment ETF | $39 | 0.77%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$47,972,852

* Number of Portfolio Holdings76

* Portfolio Turnover Rate142%

* Advisory Fees Paid$216,783

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i779e92d2e727dd7cf2226c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | 0.0%<sup>Footnote Reference\*</sup> |
| Other Investments | 0.9% |
| Health Care | 5.3% |
| Industrials | 6.5% |
| Consumer Staples | 7.8% |
| Financials | 12.6% |
| Communication Services | 14.9% |
| Consumer Discretionary | 19.8% |
| Information Technology | 32.2% |

---

---

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

---

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

---

| | |
|:---|:---|
| Celsius Holdings, Inc. | 3.9% |
| Robinhood Markets, Inc. | 3.4% |
| MicroStrategy, Inc. | 3.2% |
| Tesla, Inc. | 3.2% |
| Palantir Technologies, Inc. | 3.1% |
| Apple, Inc. | 3.1% |
| Advanced Micro Devices, Inc. | 3.1% |
| SoFi Technologies, Inc. | 3.0% |
| GameStop Corp. | 3.0% |
| Amazon.com, Inc. | 2.9% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

# VanEck Video Gaming and eSports ETF

## Ticker: ESPO

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Semi-Annual Shareholder Report - March 31, 2025**![Image](ida9b1dc3cb12b6e5859f9b0e.jpg)

This semi-annual shareholder report contains important information about the VanEck Video Gaming and eSports ETF (the "Fund") for the period October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Video Gaming and eSports ETF | $30 | 0.56%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$298,472,451

* Number of Portfolio Holdings26

* Portfolio Turnover Rate27%

* Advisory Fees Paid$706,148

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i8ed24f51e19909ab86233f95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.1)% |
| Consumer Discretionary | 13.5% |
| Information Technology | 15.0% |
| Communication Services | 71.6% |

---

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

---

| | |
|:---|:---|
| AppLovin Corp. | 7.9% |
| Tencent Holdings Ltd. | 7.9% |
| Nintendo Co. Ltd. | 7.1% |
| NetEase, Inc. | 6.5% |
| Roblox Corp. | 6.2% |
| Take-Two Interactive Software, Inc. | 5.6% |
| Electronic Arts, Inc. | 5.4% |
| Capcom Co. Ltd. | 4.9% |
| Konami Group Corp. | 4.7% |
| GameStop Corp. | 4.6% |

---

### **Need Additional Information?**![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/](i827589762ea457da64924165.jpg)

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/.

---

| | |
|:---|:---|
| Investment Adviser: | Van Eck Associates Corporation |
| Distributor: | Van Eck Securities Corporation 666 Third Avenue New York, NY 10017 |
| Account Assistance: | 800.826.2333 |

---

Item 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

Item 6. SCHEDULE OF INVESTMENTS.

Information included in Item 7.

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

![](x1_c112795x1x2m4.jpg)

March 31, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND**

**OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| **BBH** | \| | Biotech ETF |
| **DAPP** | \| | Digital Transformation ETF |
| **EINC** | \| | Energy Income ETF |
| **EVX** | \| | Environmental Services ETF |
| **SMHX** | \| | Fabless Semiconductor ETF |
| **BJK** | \| | Gaming ETF |
| **RNEW** | \| | Green Infrastructure ETF |
| **PPH** | \| | Pharmaceutical ETF |
| **RTH** | \| | Retail ETF |
| **IBOT** | \| | Robotics ETF |
| **SMH** | \| | Semiconductor ETF |
| **ESPO** | \| | Video Gaming and eSports ETF |

---

800.826.2333 vaneck.com

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc112795a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Biotech ETF](#xx1xc112795a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Transformation ETF](#xx1xc112795a003xm4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Energy Income ETF](#xx1xc112795a004xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Services ETF](#xx1xc112795a005xm4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fabless Semiconductor ETF](#xx1xc112795a006xm4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gaming ETF](#xx1xc112795a007xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Infrastructure ETF](#xx1xc112795a008xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pharmaceutical ETF](#xx1xc112795a009xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retail ETF](#xx1xc112795a010xm4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Robotics ETF](#xx1xc112795a011xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Semiconductor ETF](#xx1xc112795a012xm4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Video Gaming and eSports ETF](#xx1xc112795a013xm4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc112795a014xm4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc112795a015xm4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc112795a016xm4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc112795a017xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Biotech ETF](#xx1xc112795a018xm4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Digital Transformation ETF](#xx1xc112795a019xm4) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Energy Income ETF](#xx1xc112795a020xm4) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Services ETF](#xx1xc112795a021xm4) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fabless Semiconductor ETF](#xx1xc112795a022xm4) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gaming ETF](#xx1xc112795a023xm4) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Infrastructure ETF](#xx1xc112795a024xm4) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pharmaceutical ETF](#xx1xc112795a025xm4) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retail ETF](#xx1xc112795a026xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Robotics ETF](#xx1xc112795a027xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Semiconductor ETF](#xx1xc112795a028xm4) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Video Gaming and eSports ETF](#xx1xc112795a029xm4) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc112795a030xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc112795a031xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc112795a032xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc112795a033xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Management Agreement](#xx1xc112795a034xm4) | 53 |

---

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **China: 2.2%** |  |  |
| BeiGene Ltd. (ADR) \* | 29603 | $8057049 |
| **Germany: 2.3%** |  |  |
| BioNTech SE (ADR) \* | 93069 | 8474863 |
| **Ireland: 3.6%** |  |  |
| ICON PLC (USD) \* | 74581 | 13050929 |
| **United States: 91.9%** |  |  |
| Alnylam Pharmaceuticals, Inc. \* | 59779 | 16141526 |
| Amgen, Inc. | 193343 | 60236012 |
| Argenx SE (ADR) \* | 31891 | 18875167 |
| Biogen, Inc. \* | 91100 | 12466124 |
| BioMarin Pharmaceutical, Inc. \* | 95754 | 6768850 |
| Bio-Techne Corp. | 117434 | 6885155 |
| Charles River Laboratories International, Inc. \* | 36963 | 5563671 |
| Exact Sciences Corp. \* † | 104422 | 4520428 |
| Gilead Sciences, Inc. | 412822 | 46256705 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Illumina, Inc. \* | 124026 | $9840223 |
| Incyte Corp. \* | 99076 | 5999052 |
| Insmed, Inc. \* † | 123552 | 9425782 |
| Intra-Cellular Therapies, Inc. \* | 80052 | 10560460 |
| IQVIA Holdings, Inc. \* | 91553 | 16140794 |
| Moderna, Inc. \* | 278853 | 7905482 |
| Natera, Inc. \* | 115349 | 16311502 |
| Neurocrine Biosciences, Inc. \* | 72062 | 7970057 |
| QIAGEN N.V. \* | 137668 | 5527370 |
| Regeneron Pharmaceuticals, Inc. | 30038 | 19051001 |
| Repligen Corp. \* † | 37682 | 4794658 |
| Sarepta Therapeutics, Inc. \* | 70131 | 4475760 |
| Vertex Pharmaceuticals, Inc. \* | 83907 | 40679792 |
|  |  | 336395571 |
| **Total Common Stocks**<br> (Cost: $396,159,382) |  | 365978412 |
| **Total Investments: 100.0%**<br> (Cost: $396,159,382) |  | 365978412 |
| **Liabilities in excess of other assets: 0.0%** |  | (41560) |
| **NET ASSETS: 100.0%** |  | $365936852 |

---

------

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $12,850,008. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $365978412 | $— | $— | $365978412 |

---

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

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 4.3%** |  |  |
| IREN Ltd. (USD) \* † | 918738 | $5595114 |
| **Canada: 12.1%** |  |  |
| Bitfarms Ltd. (USD) \* † | 4079542 | 3215495 |
| Defi Technologies, Inc. \* | 3076700 | 6455886 |
| Hut 8 Corp. (USD) \* | 532339 | 6185779 |
|  |  | 15857160 |
| **China: 4.1%** |  |  |
| OSL Group Ltd. (HKD) \* † | 4664500 | 5296366 |
| **Germany: 4.1%** |  |  |
| Northern Data AG \* † | 205980 | 5383205 |
| **Japan: 5.7%** |  |  |
| Metaplanet, Inc. \* | 2649000 | 7501954 |
| **Singapore: 4.1%** |  |  |
| Bitdeer Technologies Group (USD) \* † | 603914 | 5332561 |
| **United States: 65.7%** |  |  |
| Applied Digital Corp. \* † | 977027 | 5490892 |
| Bit Digital, Inc. \* † | 1824401 | 3685290 |
| Block, Inc. \* | 179986 | 9778639 |
| Cipher Mining, Inc. \* † | 2021224 | 4648815 |
| Cleanspark, Inc. \* † | 887231 | 5962192 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Coinbase Global, Inc. \* | 59972 | $10328978 |
| Core Scientific, Inc. \* | 963563 | 6976196 |
| Galaxy Digital Holdings Ltd. (CAD) \* † | 532217 | 5609680 |
| MARA Holdings, Inc. \* † | 712627 | 8195211 |
| MicroStrategy, Inc. \* | 43796 | 12625073 |
| Riot Platforms, Inc. \* † | 1007036 | 7170096 |
| Terawulf, Inc. \* † | 2002451 | 5466691 |
|  |  | 85937753 |
| **Total Common Stocks**<br> (Cost: $163,717,348) |  | 130904113 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 17.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 17.8%** |  |
| **Money Market Fund: 17.8%**<br> (Cost: $23,224,525) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 23224525 | 23224525 |
| **Total Investments: 117.9%**<br> (Cost: $186,941,873) |  | 154128638 |
| **Liabilities in excess of other assets: (17.9)%** |  | (23400963) |
| **NET ASSETS: 100.0%** |  | $130727675 |

---

------

**Definitions:**

CAD Canadian Dollar HKD Hong Kong Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $34,165,696. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $5595114 | $— | $— | $5595114 |
| &nbsp;&nbsp;&nbsp;Canada | 15857160 |  |  | 15857160 |
| &nbsp;&nbsp;&nbsp;China |  | 5296366 |  | 5296366 |
| &nbsp;&nbsp;&nbsp;Germany |  | 5383205 |  | 5383205 |
| &nbsp;&nbsp;&nbsp;Japan |  | 7501954 |  | 7501954 |
| &nbsp;&nbsp;&nbsp;Singapore | 5332561 |  |  | 5332561 |
| &nbsp;&nbsp;&nbsp;United States | 85937753 |  |  | 85937753 |
| Money Market Fund | 23224525 |  |  | 23224525 |
| **Total Investments** | $135947113 | $18181525 | $— | $154128638 |

---

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 77.5%** |  |  |
| **Energy: 77.5%** |  |  |
| Antero Midstream Corp. | 201560 | $3628080 |
| Archrock, Inc. | 88877 | 2332133 |
| Cheniere Energy, Inc. | 24262 | 5614227 |
| DT Midstream, Inc. | 38682 | 3732039 |
| Enbridge, Inc. | 151034 | 6692316 |
| Excelerate Energy, Inc. | 9437 | 270653 |
| Gibson Energy, Inc. † | 116335 | 1804383 |
| Hess Midstream LP | 23153 | 979140 |
| Keyera Corp. | 119858 | 3725547 |
| Kinder Morgan, Inc. | 181702 | 5183958 |
| Kinetik Holdings, Inc. | 23752 | 1233679 |
| NextDecade Corp. \* | 109683 | 853334 |
| ONEOK, Inc. | 60470 | 5999833 |
| Pembina Pipeline Corp. | 93314 | 3735359 |
| South Bow Corp. † | 140734 | 3591532 |
| Summit Midstream Corp. \* | 2738 | 92791 |
| Targa Resources Corp. | 21469 | 4303891 |
| TC Energy Corp. † | 94809 | 4475933 |
| The Williams Companies, Inc. | 114120 | 6819811 |
| **Total Common Stocks**<br> (Cost: $56,227,775) |  | 65068639 |
| **MASTER LIMITED PARTNERSHIPS: 22.2%** | **MASTER LIMITED PARTNERSHIPS: 22.2%** |  |
| **Energy: 22.2%** |  |  |
| Cheniere Energy Partners LP | 10667 | 704449 |
| Delek Logistics Partners LP | 4435 | 191858 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Energy (continued)** |  |  |
| Energy Transfer LP | 196416 | $3651373 |
| Enterprise Products Partners LP | 109583 | 3741164 |
| Genesis Energy LP | 20571 | 322759 |
| MPLX LP | 68061 | 3642625 |
| NGL Energy Partners LP \* | 28001 | 127124 |
| Plains All American Pipeline LP | 112441 | 2248820 |
| Plains GP Holdings LP | 45756 | 977348 |
| Sunoco LP | 20265 | 1176586 |
| Western Midstream Partners LP | 45076 | 1846313 |
| **Total Master Limited Partnerships**<br> (Cost: $15,460,010) |  | 18630419 |
| **Total Investments Before Collateral for Securities Loaned: 99.7%**<br> (Cost: $71,687,785) |  | 83699058 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3%** |  |
| **Money Market Fund: 5.3%**<br> (Cost: $4,410,132) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 4410132 | 4410132 |
| **Total Investments: 105.0%**<br> (Cost: $76,097,917) |  | 88109190 |
| **Liabilities in excess of other assets: (5.0)%** |  | (4214397) |
| **NET ASSETS: 100.0%** |  | $83894793 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $5,952,282. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $65068639 | $— | $— | $65068639 |
| Master Limited Partnerships \* | 18630419 |  |  | 18630419 |
| Money Market Fund | 4410132 |  |  | 4410132 |
| **Total Investments** | $88109190 | $— | $— | $88109190 |

---

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

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Canada: 4.3%** |  |  |
| GFL Environmental, Inc. (USD) | 70579 | $3409672 |
| **United States: 95.6%** |  |  |
| ABM Industries, Inc. | 70547 | 3341106 |
| Aris Water Solutions, Inc. | 112295 | 3597932 |
| Casella Waste Systems, Inc. \* | 30692 | 3422465 |
| CECO Environmental Corp. \* † | 67467 | 1538247 |
| Clean Harbors, Inc. \* | 16979 | 3346561 |
| Darling Ingredients, Inc. \* | 112105 | 3502160 |
| Donaldson Co., Inc. | 48377 | 3244162 |
| Ecolab, Inc. | 31221 | 7915148 |
| Energy Recovery, Inc. \* | 98028 | 1557665 |
| Montrose Environmental Group, Inc. \* † | 100792 | 1437294 |
| Perma-Fix Environmental Services, Inc. \* † | 220012 | 1599487 |
| PureCycle Technologies, Inc. \* † | 429785 | 2974112 |
| Radius Recycling, Inc. | 54663 | 1578667 |
| Republic Services, Inc. | 33843 | 8195421 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| STERIS PLC | 14455 | $3276226 |
| Tennant Co. | 39145 | 3121814 |
| Tetra Tech, Inc. | 111351 | 3257017 |
| Veralto Corp. | 33553 | 3269740 |
| Waste Connections, Inc. | 42226 | 8242093 |
| Waste Management, Inc. | 35067 | 8118361 |
|  |  | 76535678 |
| **Total Common Stocks**<br> (Cost: $74,205,936) |  | 79945350 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%** |  |
| **Money Market Fund: 2.6%** <br> (Cost: $2,086,773) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 2086773 | 2086773 |
| **Total Investments: 102.5%**<br> (Cost: $76,292,709) |  | 82032123 |
| **Liabilities in excess of other assets: (2.5)%** |  | (2012505) |
| **NET ASSETS: 100.0%** |  | $80019618 |

---

------

**Definitions:**

USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $5,170,594. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $79945350 | $— | $— | $79945350 |
| Money Market Fund | 2086773 |  |  | 2086773 |
| **Total Investments** | $82032123 | $— | $— | $82032123 |

---

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

See Notes to Financial Statements

VANECK FABLESS SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Bermuda: 4.2%** |  |  |
| Marvell Technology, Inc. (USD) | 23427 | $1442400 |
| **Taiwan: 1.7%** |  |  |
| Silicon Motion Technology Corp. (ADR) | 11442 | 578508 |
| **United Kingdom: 4.5%** |  |  |
| ARM Holdings Plc (ADR) \* | 14520 | 1550590 |
| **United States: 89.6%** |  |  |
| Advanced Micro Devices, Inc. \* | 18040 | 1853430 |
| Allegro MicroSystems, Inc. \* | 21246 | 533912 |
| Ambarella, Inc. \* | 12417 | 624948 |
| Astera Labs, Inc. \* | 23778 | 1418833 |
| Broadcom, Inc. | 28084 | 4702104 |
| Cadence Design Systems, Inc. \* | 6841 | 1739872 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Cirrus Logic, Inc. \* | 14045 | $1399654 |
| Impinj, Inc. \* | 4993 | 452865 |
| Lattice Semiconductor Corp. \* | 25139 | 1318541 |
| Monolithic Power Systems, Inc. | 2808 | 1628584 |
| NVIDIA Corp. | 62838 | 6810382 |
| Power Integrations, Inc. | 14410 | 727705 |
| Qualcomm, Inc. | 11900 | 1827959 |
| Rambus, Inc. \* | 29995 | 1552991 |
| Semtech Corp. \* | 20142 | 692885 |
| Silicon Laboratories, Inc. \* | 6407 | 721236 |
| SiTime Corp. \* | 3426 | 523733 |
| Synaptics, Inc. \* | 8022 | 511162 |
| Synopsys, Inc. \* | 4204 | 1802885 |
|  |  | 30843681 |
| **Total Common Stocks**<br> (Cost: $41,850,539) |  | 34415179 |
| **Total Investments: 100.0%**<br> (Cost: $41,850,539) |  | 34415179 |
| **Liabilities in excess of other assets: 0.0%** |  | (3692) |
| **NET ASSETS: 100.0%** |  | $34411487 |

---

------

**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 March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br>Quoted <br>Prices** | **Level 2 <br>Significant <br>Observable <br>Inputs** | **Level 3 <br>Significant <br>Unobservable <br>Inputs** | **Value** |
| Common Stocks \* | $34415179 | $— | $— | $34415179 |

---

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

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 11.8%** |  |  |
| Aristocrat Leisure Ltd. | 50367 | $2031457 |
| Lottery Corp. Ltd. † | 289904 | 865035 |
| Tabcorp Holdings Ltd. | 284473 | 105254 |
|  |  | 3001746 |
| **China: 6.3%** |  |  |
| Galaxy Entertainment Group Ltd. (HKD) | 328240 | 1282947 |
| Melco Resorts & Entertainment Ltd. (ADR) \* | 30591 | 161215 |
| SJM Holdings Ltd. (HKD) \* † | 502500 | 155195 |
|  |  | 1599357 |
| **France: 2.8%** |  |  |
| FDJ UNITED 144A | 22357 | 702772 |
| **Greece: 2.7%** |  |  |
| OPAP SA | 34733 | 689300 |
| **Ireland: 7.9%** |  |  |
| Flutter Entertainment PLC (USD) \* | 9106 | 2017434 |
| **Japan: 3.0%** |  |  |
| Heiwa Corp. † | 11100 | 174631 |
| Sankyo Co. Ltd. | 39795 | 583276 |
|  |  | 757907 |
| **Malaysia: 4.5%** |  |  |
| Genting Bhd | 428300 | 314844 |
| Genting Malaysia Bhd | 596698 | 224296 |
| Genting Singapore Ltd. (SGD) | 1087700 | 603308 |
|  |  | 1142448 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **South Korea: 1.1%** |  |  |
| Kangwon Land, Inc. \* | 24177 | $274949 |
| **Sweden: 5.4%** |  |  |
| Evolution AB 144A | 18397 | 1371659 |
| **United Kingdom: 4.0%** |  |  |
| Entain PLC | 74697 | 563931 |
| Playtech PLC \* | 49764 | 447704 |
|  |  | 1011635 |
| **United States: 50.6%** |  |  |
| Boyd Gaming Corp. † | 8341 | 549088 |
| Caesars Entertainment, Inc. \* | 22741 | 568525 |
| Churchill Downs, Inc. | 11254 | 1249982 |
| DraftKings, Inc. \* | 44818 | 1488406 |
| Gaming and Leisure Properties, Inc. | 24092 | 1226283 |
| International Game Technology PLC | 22444 | 364939 |
| Las Vegas Sands Corp. | 37349 | 1442792 |
| Light & Wonder, Inc. \* | 10193 | 882816 |
| MGM Resorts International \* † | 31176 | 924056 |
| Penn Entertainment, Inc. \* † | 17871 | 291476 |
| Sands China Ltd. (HKD) \* | 434000 | 870768 |
| VICI Properties, Inc. | 58103 | 1895320 |
| Wynn Resorts Ltd. † | 13248 | 1106208 |
|  |  | 12860659 |
| **Total Common Stocks**<br> (Cost: $35,347,378) |  | 25429866 |
| **Total Investments: 100.1%**<br> (Cost: $35,347,378) |  | 25429866 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (23680) |
| **NET ASSETS: 100.0%** |  | $25406186 |

---

------

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $2,873,217. |
| \* | 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 $2,074,431, or 8.2% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $3001746 | $— | $3001746 |
| &nbsp;&nbsp;&nbsp;China | 161215 | 1438142 |  | 1599357 |
| &nbsp;&nbsp;&nbsp;France |  | 702772 |  | 702772 |
| &nbsp;&nbsp;&nbsp;Greece |  | 689300 |  | 689300 |
| &nbsp;&nbsp;&nbsp;Ireland | 2017434 |  |  | 2017434 |
| &nbsp;&nbsp;&nbsp;Japan |  | 757907 |  | 757907 |
| &nbsp;&nbsp;&nbsp;Malaysia |  | 1142448 |  | 1142448 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 274949 |  | 274949 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1371659 |  | 1371659 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 447704 | 563931 |  | 1011635 |
| &nbsp;&nbsp;&nbsp;United States | 11989891 | 870768 |  | 12860659 |
| **Total Investments** | $14616244 | $10813622 | $— | $25429866 |

---

See Notes to Financial Statements

VANECK GREEN INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 92.9%** |  |  |
| **Automobiles & Components: 16.1%** |  |  |
| BorgWarner, Inc. | 2216 | $63488 |
| Lucid Group, Inc. \* | 30517 | 73851 |
| Rivian Automotive, Inc. \* † | 6943 | 86440 |
| Tesla, Inc. \* | 236 | 61162 |
|  |  | 284941 |
| **Capital Goods: 14.5%** |  |  |
| Ameresco, Inc. \* | 349 | 4216 |
| Array Technologies, Inc. \* | 1540 | 7500 |
| Bloom Energy Corp. \* | 2316 | 45533 |
| ChargePoint Holdings, Inc. \* † | 4482 | 2712 |
| Donaldson Co., Inc. | 1210 | 81143 |
| Energy Recovery, Inc. \* | 587 | 9327 |
| Plug Power, Inc. \* † | 9233 | 12465 |
| Quanta Services, Inc. | 293 | 74475 |
| Shoals Technologies Group, Inc. \* | 1689 | 5607 |
| Sunrun, Inc. \* | 2273 | 13320 |
|  |  | 256298 |
| **Commercial & Professional Services: 21.3%** | **Commercial & Professional Services: 21.3%** |  |
| Casella Waste Systems, Inc. \* | 632 | 70474 |
| Clean Harbors, Inc. \* | 398 | 78446 |
| Enviri Corp. \* | 812 | 5400 |
| Montrose Environmental Group, Inc. \* | 348 | 4962 |
| Republic Services, Inc. | 469 | 113572 |
| Waste Management, Inc. | 460 | 106494 |
|  |  | 379348 |
| **Consumer Discretionary Distribution & Retail: 0.2%** | **Consumer Discretionary Distribution & Retail: 0.2%** |  |
| EVgo, Inc. \* | 1088 | 2894 |
| **Energy: 8.0%** |  |  |
| Cheniere Energy, Inc. | 459 | 106213 |
| Clean Energy Fuels Corp. \* | 2264 | 3509 |
| Green Plains, Inc. \* | 655 | 3177 |
| New Fortress Energy, Inc. † | 2548 | 21174 |
| REX American Resources Corp. \* | 178 | 6687 |
|  |  | 140760 |
| **Materials: 5.7%** |  |  |
| Ecolab, Inc. | 396 | 100394 |
| **Semiconductors & Semiconductor Equipment: 8.3%** | **Semiconductors & Semiconductor Equipment: 8.3%** |  |
| Enphase Energy, Inc. \* | 1351 | 83830 |
| First Solar, Inc. \* | 502 | 63468 |
|  |  | 147298 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Technology Hardware & Equipment: 2.7%** | **Technology Hardware & Equipment: 2.7%** |  |
| Itron, Inc. \* | 457 | $47875 |
| **Utilities: 16.1%** |  |  |
| Altus Power, Inc. \* | 1621 | 8024 |
| Brookfield Renewable Corp. † | 1820 | 50814 |
| Clearway Energy, Inc. | 839 | 25397 |
| IDACORP, Inc. | 540 | 62759 |
| Northwestern Energy Group, Inc. | 621 | 35937 |
| Ormat Technologies, Inc. | 613 | 43382 |
| Southwest Gas Holdings, Inc. | 727 | 52199 |
| Sunnova Energy International, Inc. \* † | 1266 | 471 |
| XPLR Infrastructure LP | 948 | 9006 |
|  |  | 287989 |
| **Total Common Stocks**<br> (Cost: $1,842,490) |  | 1647797 |
| **MASTER LIMITED PARTNERSHIPS: 7.1%** | **MASTER LIMITED PARTNERSHIPS: 7.1%** |  |
| **Energy: 6.3%** |  |  |
| Cheniere Energy Partners LP | 1697 | 112069 |
| **Utilities: 0.8%** |  |  |
| Suburban Propane Partners LP | 653 | 13721 |
| **Total Master Limited Partnerships**<br> (Cost: $98,956) |  | 125790 |
| **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $1,941,446) | **Total Investments Before Collateral for Securities Loaned: 100.0%**<br> (Cost: $1,941,446) | 1773587 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.2%** |  |
| **Money Market Fund: 6.2%**<br> (Cost: $110,801) | **Money Market Fund: 6.2%**<br> (Cost: $110,801) |  |
| <br> State Street Navigator Securities Lending Government Money Market Portfolio | 110801 | 110801 |
| **Total Investments: 106.2%**<br> (Cost: $2,052,247) |  | 1884388 |
| **Liabilities in excess of other assets: (6.2)%** | **Liabilities in excess of other assets: (6.2)%** | (109180) |
| **NET ASSETS: 100.0%** |  | $1775208 |

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $137,642. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $1647797 | $— | $— | $1647797 |
| Master Limited Partnerships \* | 125790 |  |  | 125790 |
| Money Market Fund | 110801 |  |  | 110801 |
| **Total Investments** | $1884388 | $— | $— | $1884388 |

---

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

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.6%** |  |  |
| **Denmark: 4.7%** |  |  |
| Novo Nordisk A/S (ADR) | 447557 | $31078358 |
| **France: 4.8%** |  |  |
| Sanofi SA (ADR) † | 580219 | 32178946 |
| **Israel: 4.2%** |  |  |
| Teva Pharmaceutical Industries Ltd. (ADR) \* | 1827992 | 28096237 |
| **Japan: 4.5%** |  |  |
| Takeda Pharmaceutical Co. Ltd. (ADR) † | 2017774 | 30004299 |
| **Switzerland: 5.1%** |  |  |
| Novartis AG (ADR) | 308101 | 34347100 |
| **United Kingdom: 13.9%** |  |  |
| AstraZeneca PLC (ADR) | 442935 | 32555722 |
| GSK PLC (ADR) † | 774825 | 30016721 |
| Haleon PLC (ADR) † | 2956360 | 30420944 |
|  |  | 92993387 |
| **United States: 62.4%** |  |  |
| AbbVie, Inc. | 211768 | 44369631 |
| Axsome Therapeutics, Inc. \* | 62995 | 7347107 |
| Bausch Health Companies, Inc. \* † | 467152 | 3022473 |
| Bristol-Myers Squibb Co. | 503679 | 30719382 |
| Cencora, Inc. | 118607 | 32983421 |
| Elanco Animal Health, Inc. \* | 659832 | 6928236 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Eli Lilly & Co. | 95912 | $79214680 |
| Jazz Pharmaceuticals PLC \* | 102877 | 12772180 |
| Johnson & Johnson | 267935 | 44434340 |
| McKesson Corp. | 47016 | 31641298 |
| Merck & Co., Inc. | 358566 | 32184884 |
| Organon & Co. † | 415120 | 6181137 |
| Patterson Companies, Inc. | 121777 | 3804313 |
| Perrigo Co. PLC | 213829 | 5995765 |
| Pfizer, Inc. | 1171740 | 29691892 |
| Viatris, Inc. | 1769354 | 15411073 |
| Zoetis, Inc. | 186330 | 30679235 |
|  |  | 417381047 |
| **Total Common Stocks**<br> (Cost: $720,768,147) |  | 666079374 |
| **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: $11,128,873) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 11128873 | 11128873 |
| **Total Investments: 101.3%**<br> (Cost: $731,897,020) |  | 677208247 |
| **Liabilities in excess of other assets: (1.3)%** | **Liabilities in excess of other assets: (1.3)%** | (8465884) |
| **NET ASSETS: 100.0%** |  | $668742363 |

---

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $59,838,162. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $666079374 | $— | $— | $666079374 |
| Money Market Fund | 11128873 |  |  | 11128873 |
| **Total Investments** | $677208247 | $— | $— | $677208247 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.2%** |  |  |
| **China: 4.5%** |  |  |
| JD.com, Inc. (ADR) | 254492 | $10464711 |
| **United States: 95.7%** |  |  |
| Amazon.com, Inc. \* | 229582 | 43680271 |
| AutoZone, Inc. \* | 2267 | 8643572 |
| Best Buy Co., Inc. | 24979 | 1838704 |
| Cardinal Health, Inc. | 29988 | 4131447 |
| Carvana Co. \* | 16151 | 3376851 |
| Cencora, Inc. | 24401 | 6785674 |
| Costco Wholesale Corp. | 21360 | 20201861 |
| CVS Health Corp. | 158449 | 10734920 |
| Dollar General Corp. | 32119 | 2824224 |
| Dollar Tree, Inc. \* | 27087 | 2033421 |
| Lowe's Companies, Inc. | 44995 | 10494184 |
| Lululemon Athletica, Inc. \* | 15334 | 4340442 |
| McKesson Corp. | 16036 | 10792068 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| O'Reilly Automotive, Inc. \* | 7847 | $11241455 |
| Ross Stores, Inc. | 46378 | 5926645 |
| Sysco Corp. | 66090 | 4959394 |
| Target Corp. | 62737 | 6547233 |
| The Home Depot, Inc. | 47799 | 17517855 |
| The Kroger Co. | 96432 | 6527482 |
| The TJX Companies, Inc. | 98971 | 12054668 |
| Tractor Supply Co. | 76660 | 4223966 |
| Ulta Beauty, Inc. \* | 6688 | 2451419 |
| Walgreens Boots Alliance, Inc. † | 102611 | 1146165 |
| Walmart, Inc. | 232868 | 20443482 |
|  |  | 222917403 |
| **Total Common Stocks**<br> (Cost: $213,120,760) |  | 233382114 |
| **Total Investments: 100.2%**<br> (Cost: $213,120,760) |  | 233382114 |
| **Liabilities in excess of other assets: (0.2)%** | **Liabilities in excess of other assets: (0.2)%** | (504912) |
| **NET ASSETS: 100.0%** |  | $232877202 |

---

**Definitions:**

ADR American Depositary Receipt

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $492,876. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $233382114 | $— | $— | $233382114 |

---

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

See Notes to Financial Statements

VANECK ROBOTICS ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.7%** |  |  |
| **Austria: 1.0%** |  |  |
| Andritz AG | 2664 | $149314 |
| **Canada: 0.6%** |  |  |
| ATS Corp. (USD) \* † | 3815 | 95108 |
| **Finland: 0.9%** |  |  |
| Konecranes Oyj | 2171 | 138798 |
| **France: 4.7%** |  |  |
| Dassault Systemes SE | 18135 | 689746 |
| **Germany: 8.0%** |  |  |
| Duerr AG | 4462 | 112602 |
| Krones AG | 899 | 122486 |
| Siemens AG | 4001 | 923076 |
|  |  | 1158164 |
| **Israel: 0.8%** |  |  |
| Nova Ltd. (USD) \* | 654 | 120552 |
| **Japan: 21.8%** |  |  |
| Advantest Corp. | 2700 | 120719 |
| Amada Co. Ltd. † | 12900 | 126019 |
| Argo Graphics, Inc. | 2500 | 87289 |
| Azbil Corp. | 17900 | 139473 |
| Daifuku Co. Ltd. | 7900 | 194778 |
| Daihen Corp. | 2300 | 98964 |
| Denso Corp. | 30300 | 377050 |
| FANUC Corp. | 11400 | 311536 |
| Fuji Corp. | 7500 | 105973 |
| Keyence Corp. | 1900 | 749347 |
| Lasertec Corp. | 1300 | 112072 |
| Omron Corp. | 4600 | 130280 |
| Optex Group Co. Ltd. | 7100 | 83171 |
| Renesas Electronics Corp. | 10600 | 142602 |
| Tokyo Electron Ltd. | 1200 | 165054 |
| Yaskawa Electric Corp. | 5500 | 138234 |
| Yokogawa Electric Corp. | 6200 | 121363 |
|  |  | 3203924 |
| **Netherlands: 6.7%** |  |  |
| ASM International N.V. | 263 | 119725 |
| ASML Holding N.V. (USD) | 1149 | 761362 |
| TKH Group N.V. † | 2925 | 114970 |
|  |  | 996057 |
| **Norway: 0.6%** |  |  |
| AutoStore Holdings Ltd. 144A \* | 102179 | 89946 |
| **Sweden: 3.2%** |  |  |
| Hexagon AB | 44456 | 475541 |
| **Switzerland: 7.2%** |  |  |
| ABB Ltd. | 13970 | 720782 |
| Interroll Holding AG † | 48 | 113735 |
| Kardex Holding AG | 371 | 98130 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Switzerland (continued)** |  |  |
| STMicroelectronics N.V. (USD) | 5339 | $117244 |
|  |  | 1049891 |
| **United Kingdom: 2.8%** |  |  |
| IMI PLC | 6485 | 159401 |
| Renishaw PLC | 2648 | 87157 |
| TechnipFMC PLC (USD) | 5011 | 158799 |
|  |  | 405357 |
| **United States: 41.4%** |  |  |
| Ambarella, Inc. \* | 1750 | 88078 |
| Analog Devices, Inc. | 977 | 197032 |
| ANSYS, Inc. \* | 1003 | 317510 |
| Applied Materials, Inc. | 1395 | 202442 |
| Autodesk, Inc. \* | 2229 | 583552 |
| Bentley Systems, Inc. | 4329 | 170303 |
| Cognex Corp. | 4852 | 144735 |
| Emerson Electric Co. | 5993 | 657073 |
| Intuitive Surgical, Inc. \* | 547 | 270913 |
| KLA Corp. | 306 | 208019 |
| Lam Research Corp. | 2693 | 195781 |
| Lattice Semiconductor Corp. \* | 1999 | 104848 |
| Lincoln Electric Holdings, Inc. | 964 | 182350 |
| Microchip Technology, Inc. | 2440 | 118120 |
| Novanta, Inc. \* | 997 | 127486 |
| NVIDIA Corp. | 5890 | 638358 |
| ON Semiconductor Corp. \* | 2082 | 84717 |
| Onto Innovation, Inc. \* | 769 | 93310 |
| Ouster, Inc. \* | 8519 | 76501 |
| PTC, Inc. \* | 2133 | 330508 |
| Rockwell Automation, Inc. | 1235 | 319099 |
| Symbotic, Inc. \* | 3994 | 80719 |
| TE Connectivity PLC | 1040 | 146973 |
| Teledyne Technologies, Inc. \* | 830 | 413099 |
| Teradyne, Inc. | 1136 | 93834 |
| Texas Instruments, Inc. | 1441 | 258948 |
|  |  | 6104308 |
| **Total Common Stocks**<br> (Cost: $15,930,820) |  | 14676706 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%** |  |
| **Money Market Fund: 0.9%**<br> (Cost: $137,607) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 137607 | 137607 |
| **Total Investments: 100.6%**<br> (Cost: $16,068,427) |  | 14814313 |
| **Liabilities in excess of other assets: (0.6)%** | **Liabilities in excess of other assets: (0.6)%** | (82798) |
| **NET ASSETS: 100.0%** |  | $14731515 |

---

See Notes to Financial Statements

------

**Definitions:**

USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $385,814. |
| \* | 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 $89,946, or 0.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | $— | $149314 | $— | $149314 |
| &nbsp;&nbsp;&nbsp;Canada | 95108 |  |  | 95108 |
| &nbsp;&nbsp;&nbsp;Finland |  | 138798 |  | 138798 |
| &nbsp;&nbsp;&nbsp;France |  | 689746 |  | 689746 |
| &nbsp;&nbsp;&nbsp;Germany |  | 1158164 |  | 1158164 |
| &nbsp;&nbsp;&nbsp;Israel | 120552 |  |  | 120552 |
| &nbsp;&nbsp;&nbsp;Japan |  | 3203924 |  | 3203924 |
| &nbsp;&nbsp;&nbsp;Netherlands | 876332 | 119725 |  | 996057 |
| &nbsp;&nbsp;&nbsp;Norway |  | 89946 |  | 89946 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 475541 |  | 475541 |
| &nbsp;&nbsp;&nbsp;Switzerland | 117244 | 932647 |  | 1049891 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 245956 | 159401 |  | 405357 |
| &nbsp;&nbsp;&nbsp;United States | 6104308 |  |  | 6104308 |
| Money Market Fund | 137607 |  |  | 137607 |
| **Total Investments** | $7697107 | $7117206 | $— | $14814313 |

---

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Bermuda: 2.2%** |  |  |
| Marvell Technology, Inc. (USD) | 6738819 | $414909086 |
| **Netherlands: 6.9%** |  |  |
| ASML Holding N.V. (USD) | 1420277 | 941118148 |
| NXP Semiconductors N.V. (USD) | 2003783 | 380838997 |
|  |  | 1321957145 |
| **Switzerland: 0.9%** |  |  |
| STMicroelectronics N.V. (USD) | 7326419 | 160888161 |
| **Taiwan: 11.1%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 12805727 | 2125750682 |
| **United States: 78.9%** |  |  |
| Advanced Micro Devices, Inc. \* | 8920353 | 916477067 |
| Analog Devices, Inc. | 4351369 | 877540586 |
| Applied Materials, Inc. | 6031687 | 875318417 |
| Broadcom, Inc. | 8892150 | 1488812674 |
| Cadence Design Systems, Inc. \* | 2475022 | 629472345 |
| Intel Corp. | 36164944 | 821305878 |
| KLA Corp. | 1214882 | 825876784 |
| Lam Research Corp. | 9852073 | 716245707 |
| Microchip Technology, Inc. | 4431256 | 214517103 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Micron Technology, Inc. | 9400671 | $816824303 |
| Monolithic Power Systems, Inc. | 372771 | 216199725 |
| NVIDIA Corp. | 34524944 | 3741813431 |
| ON Semiconductor Corp. \* | 2996569 | 121930393 |
| Qorvo, Inc. \* † | 811693 | 58774690 |
| Qualcomm, Inc. | 6537816 | 1004273916 |
| Skyworks Solutions, Inc. | 1415111 | 91458624 |
| Synopsys, Inc. \* | 1431028 | 613696358 |
| Teradyne, Inc. | 1241191 | 102522377 |
| Texas Instruments, Inc. | 5117153 | 919552394 |
| Universal Display Corp. | 391112 | 54552302 |
|  |  | 15107165074 |
| **Total Common Stocks**<br> (Cost: $24,255,916,890) |  | 19130670148 |
| **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: $4,401) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 4401 | 4401 |
| **Total Investments: 100.0%**<br> (Cost: $24,255,921,291) |  | 19130674549 |
| **Other assets less liabilities: 0.0%** | **Other assets less liabilities: 0.0%** | 9387968 |
| **NET ASSETS: 100.0%** |  | $19140062517 |

---

**Definitions:**

ADR American Depositary Receipt <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $9,489,693. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $19130670148 | $— | $— | $19130670148 |
| Money Market Fund | 4401 |  |  | 4401 |
| **Total Investments** | $19130674549 | $— | $— | $19130674549 |

---

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

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 4.4%** |  |  |
| Aristocrat Leisure Ltd. | 322375 | $13002380 |
| **China: 18.8%** |  |  |
| Kingsoft Corp. Ltd. (HKD) | 2124800 | 10349584 |
| NetEase, Inc. (ADR) | 187835 | 19331978 |
| Tencent Holdings Ltd. (HKD) | 367900 | 23510777 |
| XD, Inc. (HKD) \* | 718600 | 2990108 |
|  |  | 56182447 |
| **France: 1.0%** |  |  |
| Ubisoft Entertainment SA \* † | 251816 | 3042241 |
| **Japan: 28.4%** |  |  |
| Bandai Namco Holdings, Inc. | 406100 | 13664617 |
| Capcom Co. Ltd. | 588900 | 14578700 |
| Konami Group Corp. | 117200 | 13880891 |
| MIXI, Inc. | 90800 | 2018097 |
| Nexon Co. Ltd. | 802300 | 11021644 |
| Nintendo Co. Ltd. | 309700 | 21116046 |
| Square Enix Holdings Co. Ltd. | 182400 | 8498251 |
|  |  | 84778246 |
| **Poland: 3.0%** |  |  |
| CD Projekt SA | 164141 | 9008222 |
| **South Korea: 5.6%** |  |  |
| Krafton, Inc. \* | 57264 | 13095697 |
| NCSoft Corp. | 36068 | 3673464 |
|  |  | 16769161 |
| **Sweden: 2.0%** |  |  |
| Embracer Group AB \* † | 360607 | 3815704 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Sweden (continued)** |  |  |
| Modern Times Group MTG AB \* | 190445 | $2153910 |
|  |  | 5969614 |
| **Taiwan: 2.9%** |  |  |
| Micro-Star International Co. Ltd. | 1757000 | 8675943 |
| **United States: 34.0%** |  |  |
| AppLovin Corp. \* | 88948 | 23568551 |
| Electronic Arts, Inc. | 111328 | 16089123 |
| GameStop Corp. \* | 620218 | 13843266 |
| Roblox Corp. \* | 319817 | 18642133 |
| Take-Two Interactive Software, Inc. \* | 81183 | 16825177 |
| Unity Software, Inc. \* † | 634058 | 12421196 |
|  |  | 101389446 |
| **Total Common Stocks**<br> (Cost: $262,259,966) |  | 298817700 |
| **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: $206) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 206 | 206 |
| **Total Investments: 100.1%**<br> (Cost: $262,260,172) |  | 298817906 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (345455) |
| **NET ASSETS: 100.0%** |  | $298472451 |

---

**Definitions:**

ADR American Depositary Receipt <br> HKD Hong Kong Dollar

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $16,300,351. |

---

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $13002380 | $— | $13002380 |
| &nbsp;&nbsp;&nbsp;China | 19331978 | 36850469 |  | 56182447 |
| &nbsp;&nbsp;&nbsp;France |  | 3042241 |  | 3042241 |
| &nbsp;&nbsp;&nbsp;Japan |  | 84778246 |  | 84778246 |
| &nbsp;&nbsp;&nbsp;Poland |  | 9008222 |  | 9008222 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 16769161 |  | 16769161 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 5969614 |  | 5969614 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 8675943 |  | 8675943 |
| &nbsp;&nbsp;&nbsp;United States | 101389446 |  |  | 101389446 |
| Money Market Fund | 206 |  |  | 206 |
| **Total Investments** | $120721630 | $178096276 | $— | $298817906 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Biotech ETF** | **Digital<br> Transformation<br> ETF** | **Energy Income<br> ETF** | **Environmental<br> Services ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $365978412 | $130904113 | $83699058 | $79945350 |
| Short-term investments held as collateral for securities loaned (3) |  | 23224525 | 4410132 | 2086773 |
| Cash | 128707 | 1127952 |  | 174641 |
| Cash denominated in foreign currency, at value (4) |  | 132 | 35556 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 491830 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 8175 | 127558 | 208513 | 26095 |
| &nbsp;&nbsp;&nbsp;Federal and State income taxes |  |  | 18570 |  |
| Prepaid expenses |  |  |  | 903 |
| Other assets |  |  |  | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 366115294 | 155876110 | 88371829 | 82234228 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 1858516 |  | 62729 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 23224525 | 4410132 | 2086773 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 113138 | 62218 | 31397 | 29660 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 35241 |  |
| Deferred Trustee fees | 64926 |  |  | 4646 |
| Accrued expenses | 378 | 3176 | 266 | 30802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 178442 | 25148435 | 4477036 | 2214610 |
| **NET ASSETS** | $365936852 | $130727675 | $83894793 | $80019618 |
| Shares outstanding | 2326503 | 14425000 | 839720 | 2260000 |
| Net asset value, redemption and offering price per share | $157.29 | $9.06 | $99.91 | $35.41 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $633521143 | $229057089 | $65119997 | $98573706 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (267584291) | (98329414) | 18774796 | (18554088) |
| **NET ASSETS** | $365936852 | $130727675 | $83894793 | $80019618 |
| (1) Includes Investment in securities on loan, at market value | $12850008 | $34165696 | $5952282 | $5170594 |
| (2) Cost of investments - Unaffiliated issuers | $396159382 | $163717348 | $71687785 | $74205936 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $23224525 | $4410132 | $2086773 |
| (4) Cost of cash denominated in foreign currency | $— | $132 | $35755 | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless<br> Semiconductor<br> ETF** | **Gaming ETF** | **Green<br> Infrastructure<br> ETF** | **Pharmaceutical<br> ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $34415179 | $25429866 | $1773587 | $666079374 |
| Short-term investments held as collateral for securities loaned (3) |  |  | 110801 | 11128873 |
| Cash | 1670 | 504765 | 1725 | 219122 |
| Cash denominated in foreign currency, at value (4) |  | 836 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 401481 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 5377 | 80456 | 574 | 2671734 |
| Prepaid expenses |  | 513 |  |  |
| Other assets |  | 1231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 34422226 | 26419148 | 1886687 | 680099103 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  | 952474 |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  |  | 110801 | 11128873 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 10739 | 7918 | 678 | 191830 |
| Deferred Trustee fees |  | 10663 |  | 36037 |
| Accrued expenses |  | 41907 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 10739 | 1012962 | 111479 | 11356740 |
| **NET ASSETS** | $34411487 | $25406186 | $1775208 | $668742363 |
| Shares outstanding | 1475000 | 675000 | 75000 | 7338138 |
| Net asset value, redemption and offering price per share | $23.33 | $37.64 | $23.67 | $91.13 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $41114075 | $65186861 | $2159112 | $854544378 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (6702588) | (39780675) | (383904) | (185802015) |
| **NET ASSETS** | $34411487 | $25406186 | $1775208 | $668742363 |
| (1) Includes Investment in securities on loan, at market value | $— | $2873217 | $137642 | $59838162 |
| (2) Cost of investments - Unaffiliated issuers | $41850539 | $35347378 | $1941446 | $720768147 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $— | $110801 | $11128873 |
| (4) Cost of cash denominated in foreign currency | $— | $834 | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **Robotics ETF** | **Semiconductor<br> ETF** | **Video Gaming<br> and eSports ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $233382114 | $14676706 | $19130670148 | $298817700 |
| Short-term investments held as collateral for securities loaned (3) |  | 137607 | 4401 | 206 |
| Cash | 303 | 46757 | 1351091 | 245 |
| Cash denominated in foreign currency, at value (4) |  | 23381 |  | 40 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 95068200 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  |  | 147894369 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 90519 | 50484 | 14217526 | 594199 |
| Prepaid expenses |  |  |  | 1816 |
| Other assets |  |  |  | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 233472936 | 14934935 | 19389205735 | 299417850 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased . |  | 60187 | 147883866 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed |  |  | 95074951 |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 137607 | 4401 | 206 |
| &nbsp;&nbsp;&nbsp;Line of credit | 515585 |  |  | 743650 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 69244 | 5626 | 6065487 | 131100 |
| Deferred Trustee fees | 10259 |  | 97455 | 14152 |
| Accrued expenses | 646 |  | 17058 | 56291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 595734 | 203420 | 249143218 | 945399 |
| **NET ASSETS** | $232877202 | $14731515 | $19140062517 | $298472451 |
| Shares outstanding | 1031531 | 375000 | 90591874 | 3450000 |
| Net asset value, redemption and offering price per share | $225.76 | $39.28 | $211.28 | $86.51 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $232603821 | $15219807 | $23916747785 | $315112613 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss). | 273381 | (488292) | (4776685268) | (16640162) |
| **NET ASSETS** | $232877202 | $14731515 | $19140062517 | $298472451 |
| (1) Includes Investment in securities on loan, at market value | $492876 | $385814 | $9489693 | $16300351 |
| (2) Cost of investments - Unaffiliated issuers | $213120760 | $15930820 | $24255916890 | $262259966 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $137607 | $4401 | $206 |
| (4) Cost of cash denominated in foreign currency | $— | $23585 | $— | $40 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Biotech ETF** | **Digital<br> Transformation<br> ETF** | **Energy Income<br> ETF** | **Environmental<br> Services ETF** |
| **Income:** |  |  |  |  |
| Dividends | $2056034 | $— | $1201595 | $317564 |
| Interest | 6631 | 10453 | 907 | 1090 |
| Securities lending income | 9068 | 558541 | 15065 | 57662 |
| Net foreign taxes withheld | (32688) |  | (93780) | (4539) |
| &nbsp;&nbsp;&nbsp;Total income | 2039045 | 568994 | 1123787 | 371777 |
| **Expenses:** |  |  |  |  |
| Management fees | 712592 | 454713 | 163235 | 198292 |
| Professional fees |  |  |  | 18727 |
| Custody and accounting fees |  |  |  | 12186 |
| Reports to shareholders |  |  |  | 8468 |
| Trustees' fees and expenses |  |  |  | 831 |
| Exchange listing fees |  |  |  | 3380 |
| Insurance |  |  |  | 1488 |
| Interest | 400 | 17436 | 2497 | 574 |
| Taxes | 185 | 185 | 185 | 185 |
| Other |  |  |  | 398 |
| &nbsp;&nbsp;&nbsp;Total expenses | 713177 | 472334 | 165917 | 244529 |
| Expenses assumed by the Adviser |  |  |  | (25649) |
| &nbsp;&nbsp;&nbsp;Net expenses | 713177 | 472334 | 165917 | 218880 |
| Net investment income | 1325868 | 96660 | 957870 | 152897 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (9733928) | (17345322) | 925450 | (992812) |
| In-kind redemptions | 15272073 | 24915390 | 4381754 | 3304003 |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (17185) | (7669) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5538145 | 7552883 | 5299535 | 2311191 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (53605321) | (61627063) | 4963359 | (3749775) |
| Foreign currency translations and foreign denominated assets and liabilities |  | 2898 | (388) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (53605321) | (61624165) | 4962971 | (3749775) |
| Net increase (decrease) in net assets resulting from operations | $(46741308) | $(53974622) | $11220376 | $(1285687) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless<br> Semiconductor<br> ETF** | **Gaming ETF** | **Green<br> Infrastructure<br> ETF** | **Pharmaceutical<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $69199 | $242815 | $7473 | $7901784 |
| Interest | 226 | 1148 | 32 | 4693 |
| Securities lending income | 178 | 1159 | 1154 | 130643 |
| Net foreign taxes withheld |  | (6543) | (198) | (330238) |
| &nbsp;&nbsp;&nbsp;Total income | 69603 | 238579 | 8461 | 7706882 |
| **Expenses:** |  |  |  |  |
| Management fees | 47359 | 79378 | 4223 | 1086853 |
| Professional fees |  | 19179 |  |  |
| Custody and accounting fees |  | 16997 |  |  |
| Reports to shareholders |  | 8194 |  |  |
| Trustees' fees and expenses |  | 609 |  |  |
| Exchange listing fees |  | 1989 |  |  |
| Insurance |  | 495 |  |  |
| Interest |  | 86 |  | 37117 |
| Taxes | 185 | 185 | 185 | 185 |
| Other |  | 781 |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 47544 | 127893 | 4408 | 1124155 |
| Expenses assumed by the Adviser |  | (24430) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 47544 | 103463 | 4408 | 1124155 |
| Net investment income | 22059 | 135116 | 4053 | 6582727 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (725806) | (1715493) | (116394) | (9569380) |
| In-kind redemptions | 1468663 | (336321) | 162955 | 39993262 |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (4526) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 742857 | (2056340) | 46561 | 30423882 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (7905356) | (2625013) | (153375) | (64371276) |
| Foreign currency translations and foreign denominated assets and liabilities |  | (626) |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7905356) | (2625639) | (153375) | (64371276) |
| Net decrease in net assets resulting from operations | $(7140440) | $(4546863) | $(102761) | $(27364667) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **Robotics ETF** | **Semiconductor<br> ETF** | **Video Gaming<br> and eSports ETF** |
| **Income:** |  |  |  |  |
| Dividends | $1293055 | $97944 | $100773238 | $1073742 |
| Interest | 1094 | 146 | 243323 | 7491 |
| Securities lending income | 1094 | 518 | 37845 | 18410 |
| Net foreign taxes withheld |  | (11082) | (5569090) | (68467) |
| &nbsp;&nbsp;&nbsp;Total income | 1295243 | 87526 | 95485316 | 1031176 |
| **Expenses:** |  |  |  |  |
| Management fees | 404219 | 30400 | 40879952 | 714128 |
| Professional fees |  |  |  | 19026 |
| Custody and accounting fees |  |  |  | 26176 |
| Reports to shareholders |  |  |  | 22438 |
| Trustees' fees and expenses |  |  |  | 2415 |
| Exchange listing fees |  |  |  | 1989 |
| Insurance |  |  |  | 2415 |
| Interest | 2420 | 18 | 17203 | 12381 |
| Taxes | 185 | 185 | 185 | 185 |
| Other |  |  |  | 4934 |
| &nbsp;&nbsp;&nbsp;Total expenses | 406824 | 30603 | 40897340 | 806087 |
| Expenses assumed by the Adviser |  |  |  | (7980) |
| &nbsp;&nbsp;&nbsp;Net expenses | 406824 | 30603 | 40897340 | 798107 |
| Net investment income | 888419 | 56923 | 54587976 | 233069 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (4591101) | (149543) | (330101473) | 16608920 |
| In-kind redemptions | 16113878 | 873982 | 1855629422 | 2702970 |
| Foreign currency transactions and foreign denominated assets and liabilities |  | (1697) |  | (33797) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11522777 | 722742 | 1525527949 | 19278093 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (2848269) | (2435032) | (4764610466) | 15067336 |
| Foreign currency translations and foreign denominated assets and liabilities |  | (984) |  | 2952 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2848269) | (2436016) | (4764610466) | 15070288 |
| Net increase (decrease) in net assets resulting from operations | $9562927 | $(1656351) | $(3184494541) | $34581450 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Biotech ETF** | **Biotech ETF** | **Digital Transformation ETF** | **Digital Transformation ETF** |
|  | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1325868 | $2510056 | $96660 | $858972 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5538145 | 16948283 | 7552883 | 26477302 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (53605321) | 42382577 | (61624165) | 32834890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (46741308) | 61840916 | (53974622) | 60171164 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (3149907) | (2099973) | (6650159) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 29986773 | 111263335 | 100907873 | 64229694 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (66149046) | (169993318) | (44326106) | (32880167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (36162273) | (58729983) | 56581767 | 31349527 |
| Total increase (decrease) in net assets | (86053488) | 1010960 | (4043014) | 91520691 |
| Net Assets, beginning of period | 451990340 | 450979380 | 134770689 | 43249998 |
| Net Assets, end of period | $365936852 | $451990340 | $130727675 | $134770689 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 185000 | 675000 | 6275000 | 6300000 |
| Shares redeemed | (405000) | (1025000) | (3250000) | (2825000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (220000) | (350000) | 3025000 | 3475000 |

---

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)** |
|  | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $957870 | $1184914 | $152897 | $394073 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5299535 | 6745188 | 2311191 | 5876570 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4962971 | 5708044 | (3749775) | 11859242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 11220376 | 13638146 | (1285687) | 18129885 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (837312) | (327149) | (350020) | (725000) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (1435928) |  |  |
| Total distributions | (837312) | (1763077) | (350020) | (725000) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 28919887 | 28427613 | 12377433 | 29952010 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (11864639) | (20480705) | (10149881) | (45368218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 17055248 | 7946908 | 2227552 | (15416208) |
| Total increase in net assets | 27438312 | 19821977 | 591845 | 1988677 |
| Net Assets, beginning of period | 56456481 | 36634504 | 79427773 | 77439096 |
| Net Assets, end of period | $83894793 | $56456481 | $80019618 | $79427773 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 300000 | 375000 | 350000 | 900000 |
| Shares redeemed | (125000) | (275000) | (290000) | (1400000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 175000 | 100000 | 60000 | (500000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior year audited share activity has been adjusted to reflect the 5 for 1
 share split that took place on February 6, 2025. The effects of this adjustment have not been audited.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** | **Gaming ETF** | **Gaming ETF** |
|  | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Period Ended <br> September 30, <br> 2024(a)** | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $22059 | $2261 | $135116 | $601555 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 742857 | 25461 | (2056340) | (2548400) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7905356) | 469996 | (2625639) | 7204336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (7140440) | 497718 | (4546863) | 5257491 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (9990) |  | (875025) | (799988) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 41163620 | 6542655 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6018333) | (623743) | (7363092) | (16195540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 35145287 | 5918912 | (7363092) | (16195540) |
| Total increase (decrease) in net assets | 27994857 | 6416630 | (12784980) | (11738037) |
| Net Assets, beginning of period | 6416630 |  | 38191166 | 49929203 |
| Net Assets, end of period | $34411487 | $6416630 | $25406186 | $38191166 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 1450000 | 275000 |  |  |
| Shares redeemed | (225000) | (25000) | (175000) | (400000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1225000 | 250000 | (175000) | (400000) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Green Infrastructure ETF** | **Green Infrastructure ETF** | **Pharmaceutical ETF** | **Pharmaceutical ETF** |
|  | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4053 | $14968 | $6582727 | $10400822 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 46561 | 765 | 30423882 | 40785405 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (153375) | 113790 | (64371276) | 42663264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (102761) | 129523 | (27364667) | 93849491 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (15000) | (15998) | (5934473) | (9117032) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 632163 | 1206602 | 633482024 | 691277501 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (639447) | (1220877) | (657971039) | (479525738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (7284) | (14275) | (24489015) | 211751763 |
| Total increase (decrease) in net assets | (125045) | 99250 | (57788155) | 296484222 |
| Net Assets, beginning of period | 1900253 | 1801003 | 726530518 | 430046296 |
| Net Assets, end of period | $1775208 | $1900253 | $668742363 | $726530518 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 25000 | 50000 | 7050000 | 7800000 |
| Shares redeemed | (25000) | (50000) | (7350000) | (5550000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) |  |  | (300000) | 2250000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **Retail ETF** | **Robotics ETF** | **Robotics ETF** |
|  | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $888419 | $2100612 | $56923 | $58365 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11522777 | 12300112 | 722742 | 280563 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2848269) | 35513386 | (2436016) | 1265065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 9562927 | 49914110 | (1656351) | 1603993 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1700012) | (1849973) | (346470) | (61373) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 39098236 | 59777343 | 6378118 | 11501046 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (37064464) | (39430277) | (5322741) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 2033772 | 20347066 | 1055377 | 11501046 |
| Total increase (decrease) in net assets | 9896687 | 68411203 | (947444) | 13043666 |
| Net Assets, beginning of period | 222980515 | 154569312 | 15678959 | 2635293 |
| Net Assets, end of period | $232877202 | $222980515 | $14731515 | $15678959 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 170000 | 300000 | 150000 | 275000 |
| Shares redeemed | (160000) | (200000) | (125000) |  |
| &nbsp;&nbsp;&nbsp;Net increase | 10000 | 100000 | 25000 | 275000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Semiconductor ETF** | **Semiconductor ETF** | **Video Gaming and eSports ETF** | **Video Gaming and eSports ETF** |
|  | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** | **Six Months <br> Ended <br> March 31, 2025 <br> (unaudited)** | **Year Ended <br> September 30, <br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $54587976 | $94705065 | $233069 | $753058 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1525527949 | 6485436108 | 19278093 | 49466365 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (4764610466) | 778943630 | 15070288 | 49191266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (3184494541) | 7359084803 | 34581450 | 99410689 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (101925490) | (68496917) | (1222751) | (2439900) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 14151399949 | 38981223547 | 9316734 | 48365238 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15451261711) | (31939465600) | (7982281) | (124150797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (1299861762) | 7041757947 | 1334453 | (75785559) |
| Total increase (decrease) in net assets | (4586281793) | 14332345833 | 34693152 | 21185230 |
| Net Assets, beginning of period | 23726344310 | 9393998477 | 263779299 | 242594069 |
| Net Assets, end of period | $19140062517 | $23726344310 | $298472451 | $263779299 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 57700000 | 186250000 | 100000 | 750000 |
| Shares redeemed | (63800000) | (154350000) | (100000) | (2000000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (6100000) | 31900000 |  | (1250000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Biotech ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025 (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $177.49 | $155.70 | $140.61 | $201.99 | $162.01 | $118.04 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.54 | 0.92 | 0.70 | 0.69 | 0.42 | 0.59 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (19.49) | 21.58 | 15.14 | (61.67) | 40.17 | 43.85 |
| Total from investment operations | (18.95) | 22.50 | 15.84 | (60.98) | 40.59 | 44.44 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.25) | (0.71) | (0.75) | (0.40) | (0.61) | (0.47) |
| Net asset value, end of period | $157.29 | $177.49 | $155.70 | $140.61 | $201.99 | $162.01 |
| **Total return (b)** | (10.68)% | 14.50% | 11.24% | (30.24)% | 25.13% | 37.71% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.38% | 0.39% |
| Net expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.65 %(d) | 0.56% | 0.44% | 0.42% | 0.23% | 0.40% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $366 | $452 | $451 | $414 | $590 | $485 |
| Portfolio turnover rate (e) | 7% | 19% | 18% | 24% | 41% | 40% |

---

------

(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) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Digital 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,** | |
|  | **Six Months<br> Ended<br> March 31,<br> 2025**<br>**(unaudited)** | **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 | (2.19) | 6.27 | 0.36 | (16.24) | (12.44) |
| Total from investment operations | (2.18) | 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 | $9.06 | $11.82 | $5.46 | $4.95 | $22.81 |
| **Total return (d)** | (20.58)% | 116.65% | 10.29% | (76.33)% | (35.30)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.52 %(e) | 0.51% | 0.51% | 0.50% | 0.58 %(e) |
| Expenses excluding interest and taxes | 0.50 %(e) | 0.50% | 0.50% | 0.50% | N/A |
| Net investment income | 0.11 %(e) | 0.91% | 2.81% | 2.28% | 0.02 %(e) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $131 | $135 | $43 | $30 | $46 |
| Portfolio turnover rate (f) | 28% | 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 period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Energy Income ETF(a)** | **Energy Income ETF(a)** | **Energy Income ETF(a)** | **Energy Income ETF(a)** | **Energy Income ETF(a)** | **Energy Income ETF(a)** | **Energy Income ETF(a)** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | | |
|  | **Period**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **Period**<br>**Ended<br> September<br> 30,<br> 2020 (b)** |<br>**Year Ended<br> November<br> 30, 2019** |
| Net asset value, beginning of period | $84.93 | $64.87 | $56.84 | $54.25 | $34.29 | $51.20 | $58.32 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(c) | 1.26 | 1.97 | 1.51 | 1.17 | 1.15 | 0.76 | (0.39) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 14.86 | 20.94 | 9.04 | 3.67 | 21.90 | (15.58) | (1.42) |
| Total from investment operations | 16.12 | 22.91 | 10.55 | 4.84 | 23.05 | (14.82) | (1.81) |
| Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.14) | (0.55) | (1.34) | (1.02) | (1.37) |  | (1.77) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (2.30) | (1.18) | (1.23) | (1.72) | (2.09) | (3.54) |
| Total distributions | (1.14) | (2.85) | (2.52) | (2.25) | (3.09) | (2.09) | (5.31) |
| Net asset value, end of period | $99.91 | $84.93 | $64.87 | $56.84 | $54.25 | $34.29 | $51.20 |
| **Total return (d)** | 19.05% | 36.09% | 18.70% | 8.79% | 68.88% | (29.74)% | (3.66)% |
| **Ratios to average net assets** |  |  |  |  |  |  |  |
| Expenses | 0.46 %(e) | 0.47% | 0.46% | 0.48% | 0.46% | 0.45 %(e)(f)(g) | 1.41 %(h) |
| Expenses excluding interest and taxes | 0.45 %(e) | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %(e)(f)(g) | 1.41 %(h) |
| Net investment income (loss) | 2.64 %(e) | 2.65% | 2.41% | 1.95% | 2.43% | 2.17 %(e)(i) | (0.68)%(h) |
| **Supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $84 | $56 | $37 | $31 | $24 | $20 | $52 |
| Portfolio turnover rate (j) | 7% | 28% | 23% | 21% | 24% | 24% | 106% |

---

------

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

(b) The Fund changed its fiscal year-end from November 30 to September 30.

(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) Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not
 reimbursed the Fund, the ratio would have been higher.

(g) Effective December 2, 2019, the unitary management fee rate changed from 0.82% to 0.45%

(h) Includes income tax expense of 0.59% related to the Fund's tax status as a C-Corporation
 prior to its reorganization as a regulated investment company.

(i) Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not
 reimbursed the Fund, the ratio would have been lower.

(j) 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Environmental Services ETF(a)** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025 (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $36.10 | $28.68 | $26.12 | $28.64 | $19.88 | $20.85 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.07 | 0.17 | 0.25 | 0.11 | 0.07 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.60) | 7.54 | 2.42 | (2.56) | 8.77 | (0.97) |
| Total from investment operations | (0.53) | 7.71 | 2.67 | (2.45) | 8.84 | (0.88) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.29) | (0.11) | (0.07) | (0.08) | (0.09) |
| Net asset value, end of period | $35.41 | $36.10 | $28.68 | $26.12 | $28.64 | $19.88 |
| **Total return (c)** | (1.48)% | 27.08% | 10.25% | (8.56)% | 44.50% | (4.23)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.62 %(d) | 0.62% | 0.64% | 0.62% | 0.71% | 0.85% |
| Net expenses | 0.55 %(d) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 0.39 %(d) | 0.52% | 0.85% | 0.39% | 0.27% | 0.47% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $80 | $79 | $77 | $68 | $67 | $31 |
| Portfolio turnover rate (e) | 13% | 23% | 22% | 35% | 21% | 38% |

---

------

(a) Prior year audited per share data has been adjusted to reflect the 5 for 1 share split
 that took place on February 6, 2025. The effects of this adjustment have not been audited.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting
 Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Fabless Semiconductor ETF** | **Fabless Semiconductor ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **Period<br> Ended<br> September<br> 30, 2024 (a)** |
| Net asset value, beginning of period | $25.67 | $25.26 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.35) | 0.39 |
| Total from investment operations | (2.33) | 0.41 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) |  |
| Net asset value, end of period | $23.33 | $25.67 |
| **Total return (c)** | (9.07)% | 1.60% |
| **Ratios to average net assets** |  |  |
| Expenses | 0.35 %(d) | 0.35 %(d) |
| Net investment income | 0.16 %(d) | 0.68 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $34 | $6 |
| Portfolio turnover rate (e) | 12% | 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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gaming ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $44.93 | $39.94 | $32.74 | $48.32 | $39.14 | $36.61 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.18 | 0.59 | 0.42 | 0.25 | 0.16 | 0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.30) | 5.11 | 6.95 | (15.48) | 9.24 | 3.25 |
| Total from investment operations | (6.12) | 5.70 | 7.37 | (15.23) | 9.40 | 3.76 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.17) | (0.71) | (0.17) | (0.35) | (0.22) | (1.23) |
| Net asset value, end of period | $37.64 | $44.93 | $39.94 | $32.74 | $48.32 | $39.14 |
| **Total return (b)** | (13.84)% | 14.38% | 22.55% | (31.72)% | 24.06% | 10.03% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.81 %(c) | 0.78% | 0.74% | 0.65% | 0.62% | 0.92% |
| Net expenses | 0.65 %(c) | 0.67% | 0.72% | 0.65% | 0.62% | 0.65% |
| Net expenses excluding interest and taxes | 0.65 %(c) | 0.65% | 0.65% | 0.63% | 0.62% | 0.65% |
| Net investment income | 0.85 %(c) | 1.43% | 0.99% | 0.63% | 0.32% | 1.41% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $25 | $38 | $50 | $61 | $118 | $55 |
| Portfolio turnover rate (d) | 6% | 22% | 15% | 16% | 20% | 29% |

---

------

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting
 Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Green Infrastructure ETF** | **Green Infrastructure ETF** | **Green Infrastructure ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **Year Ended<br> September<br> 30, 2024** | **Period<br> Ended<br> September<br> 30,<br> 2023 (a)** |
| Net asset value, beginning of period | $25.34 | $24.01 | $25.50 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.05 | 0.20 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.52) | 1.34 | (1.67) |
| Total from investment operations | (1.47) | 1.54 | (1.43) |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.21) | (0.06) |
| Net asset value, end of period | $23.67 | $25.34 | $24.01 |
| **Total return (c)** | (5.86)% | 6.42% | (5.62)% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.47 %(d) | 0.47% | 0.46 %(d) |
| Expenses excluding interest and taxes | 0.45 %(d) | 0.45% | 0.45 %(d) |
| Net investment income | 0.43 %(d) | 0.84% | 0.99 %(d) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $2 | $2 | $2 |
| Portfolio turnover rate (e) | 11% | 5% | 12% |

---

------

(a) For the period October 19, 2022 (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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pharmaceutical ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $95.12 | $79.81 | $67.25 | $72.68 | $62.08 | $56.93 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.95 | 1.73 | 1.47 | 1.32 | 1.29 | 1.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.12) | 15.12 | 12.65 | (5.44) | 10.46 | 5.14 |
| Total from investment operations | (3.17) | 16.85 | 14.12 | (4.12) | 11.75 | 6.20 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.82) | (1.54) | (1.56) | (1.31) | (1.15) | (1.05) |
| Net asset value, end of period | $91.13 | $95.12 | $79.81 | $67.25 | $72.68 | $62.08 |
| **Total return (b)** | (3.31)% | 21.33% | 21.14% | (5.91)% | 19.10% | 11.02% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.36 %(d) | 0.36% | 0.36% | 0.36% | 0.40% | 0.42% |
| Net expenses (c) | 0.36 %(d) | 0.36% | 0.36% | 0.36% | 0.35% | 0.35% |
| Net expenses excluding interest and taxes (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 2.12 %(d) | 1.96% | 1.91% | 1.74% | 1.85% | 1.74% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $669 | $727 | $430 | $524 | $319 | $235 |
| Portfolio turnover rate (e) | 12% | 12% | 22% | 23% | 20% | 18% |

---

------

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Periods after September 30, 2021 reflect a unitary management fee structure.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retail ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $218.28 | $167.73 | $154.84 | $174.75 | $148.87 | $114.49 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.87 | 2.15 | 1.56 | 1.52 | 1.54 | 1.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.34 | 50.41 | 13.17 | (19.92) | 25.34 | 34.25 |
| Total from investment operations | 9.21 | 52.56 | 14.73 | (18.40) | 26.88 | 35.47 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.73) | (2.01) | (1.84) | (1.51) | (1.00) | (1.09) |
| Net asset value, end of period | $225.76 | $218.28 | $167.73 | $154.84 | $174.75 | $148.87 |
| **Total return (b)** | 4.21% | 31.53% | 9.58% | (10.69)% | 18.13% | 31.22% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.42% | 0.47% |
| Net expenses (c) | 0.35 %(d) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.77 %(d) | 1.09% | 0.94% | 0.86% | 0.92% | 0.96% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $233 | $223 | $155 | $150 | $240 | $182 |
| Portfolio turnover rate (e) | 4% | 7% | 20% | 14% | 12% | 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) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Robotics ETF** | **Robotics ETF** | **Robotics ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **Year Ended<br> September<br> 30, 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) | 0.19 | 0.29 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.56) | 10.19 | 0.67 |
| Total from investment operations | (4.37) | 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 | $39.28 | $44.80 | $35.14 |
| **Total return (c)** | (9.88)% | 30.15% | 2.18% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.47 %(d) | 0.47% | 0.47 %(d) |
| Net investment income | 0.88 %(d) | 0.69% | 0.43 %(d) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $15 | $16 | $3 |
| Portfolio turnover rate (e) | 10% | 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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Semiconductor ETF(a)** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $245.38 | $144.99 | $92.56 | $128.13 | $87.22 | $59.57 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.57 | 1.19 | 1.11 | 1.07 | 0.86 | 0.94 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (33.60) | 100.24 | 52.52 | (35.85) | 40.80 | 27.77 |
| Total from investment operations | (33.03) | 101.43 | 53.63 | (34.78) | 41.66 | 28.71 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.07) | (1.04) | (1.20) | (0.79) | (0.75) | (1.06) |
| Net asset value, end of period | $211.28 | $245.38 | $144.99 | $92.56 | $128.13 | $87.22 |
| **Total return (c)** | (13.53)% | 70.26% | 58.49% | (27.40)% | 47.94% | 48.60% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.35 %(e) | 0.35% | 0.35% | 0.35% | 0.36% | 0.37% |
| Net expenses (d) | 0.35 %(e) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 0.47 %(e) | 0.56% | 0.88% | 0.85% | 0.72% | 1.31% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $19140 | $23726 | $9394 | $5632 | $5938 | $2646 |
| Portfolio turnover rate (f) | 5% | 15% | 18% | 22% | 20% | 14% |

---

------

(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) 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $76.46 | $51.62 | $40.66 | $65.05 | $61.36 | $33.74 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.07 | 0.18 | 0.44 | 0.31 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 10.35 | 25.20 | 10.91 | (22.47) | 3.73 | 27.67 |
| Total from investment operations | 10.42 | 25.38 | 11.35 | (22.16) | 3.77 | 27.70 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.54) | (0.39) | (0.05) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (2.18) |  |  |
| Total distributions | (0.37) | (0.54) | (0.39) | (2.23) | (0.08) | (0.08) |
| Net asset value, end of period | $86.51 | $76.46 | $51.62 | $40.66 | $65.05 | $61.36 |
| **Total return (b)** | 13.64% | 49.58% | 28.11% | (35.42)% | 6.15% | 82.25% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.56 %(c) | 0.57% | 0.59% | 0.56% | 0.55% | 0.58% |
| Net expenses | 0.56 %(c) | 0.56% | 0.56% | 0.56% | 0.55% | 0.55% |
| Net expenses excluding interest and taxes | 0.55 %(c) | 0.55% | 0.55% | 0.55% | N/A | N/A |
| Net investment income | 0.16 %(c) | 0.30% | 0.89% | 0.52% | 0.06% | 0.06% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $298 | $264 | $243 | $262 | $631 | $522 |
| Portfolio turnover rate (d) | 27% | 36% | 30% | 35% | 33% | 25% |

---

------

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2025 (unaudited)

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Biotech ETF | Non-Diversified |
| Digital Transformation ETF | Non-Diversified |
| Energy Income ETF | Non-Diversified |
| Environmental Services ETF | Non-Diversified |
| Fabless Semiconductor ETF | Non-Diversified |
| Gaming ETF | Non-Diversified |
| Green Infrastructure ETF | Non-Diversified |
| Pharmaceutical ETF | Non-Diversified |
| Retail ETF | Non-Diversified |
| Robotics ETF | Non-Diversified |
| Semiconductor ETF | Non-Diversified |
| Video Gaming and eSports ETF | Non-Diversified |

---

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

---

| | |
|:---|:---|
| Fund | Index |
| Biotech ETF | MVIS<sup>®</sup> US Listed Biotech 25 Index |
| Digital Transformation ETF | MVIS Global Digital Assets Equity Index |
| 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 |
| Green Infrastructure ETF | Indxx US Green Infrastructure-MCAP Weighted Index |
| Pharmaceutical ETF | MVIS<sup>®</sup> US Listed Pharmaceutical 25 Index |
| Retail ETF | MVIS<sup>®</sup> US Listed Retail 25 Index |
| Robotics ETF | BlueStar Robotics Index |
| Semiconductor ETF | MVIS<sup>®</sup> US Listed Semiconductor 25 Index |
| Video Gaming and eSports ETF | MVIS<sup>®</sup> Global Video Gaming and eSports Index |

---

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index.

Effective December 2, 2019, the Energy Income ETF federal tax status changed from a taxable C-Corporation into a regulated investment company ("RIC"). In September 2020, the Board of Trustees ("Trustees") approved changing the Energy Income ETF's fiscal year-end from November 30 to September 30.

Van Eck Associates Corporation (the "Adviser") serves as the investment adviser for the Funds.

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

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

The following summarizes the Funds' significant accounting policies.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**A.** **Security Valuation—** The Funds value their investments
 in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset
 or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize
 various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes
 inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices
 in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level
 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated
 with investing in those securities. The three levels of the fair value hierarchy are described below: Level 1 — Quoted prices
 in active markets for identical securities. Level 2 — Significant observable inputs (including quoted
 prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 — Significant unobservable inputs (including each
 Fund's own assumptions in determining the fair value of investments). Securities traded on national exchanges are valued at the closing
 price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued
 at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale
 was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized
 as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring
 before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are
 fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the
 correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic
 securities and other appropriate indicators such as prices of relevant American Depositary Receipts ("ADR's") and
 futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed
 but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued
 interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the
 fair value hierarchy. The Board of Trustees ("Trustees") has designated the
 Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting
 and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among
 other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other
 market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments
 or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do
 not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in
 accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating
 the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons
 to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. Certain factors such as economic conditions, political events,
 market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable
 issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative
 significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The
 price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. A summary of the inputs and the levels used to value the Funds'
 investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level
 3 investments and that

------

---

| | |
|:---|:---|
|  | present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
| **B.** | **Federal Income Taxes—** It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| **C.** | **Distributions to Shareholders—** Dividends to shareholders from net investment income 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 Energy Income ETF and Pharmaceutical 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. |
| **D.** | **Currency Translation—** Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| **E.** | **Restricted Securities—** The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments. |
| **F.** | **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. |
| **G.** | **Offsetting Assets and Liabilities—** In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | Cash collateral received for securities lending in the form of money market fund investments, if any, at September 30, 2024, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| H. | **Segment Reporting—** During the year, the Funds adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (ASU 2023-07). The provisions of the new standard require additional financial statements disclosures related to segment reporting to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The adoption of the ASU 2023-07 had no impact on the Funds' financial position or results of operations. |
|  | The Adviser acts as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM to assess each Fund's performance versus its comparative benchmarks, is consistent with that presented within the Fund's financial statements and financial highlights |
| I. | **Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
|  | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
|  | The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
|  | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

**Note 3—Investment Management and Other Agreements—** The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. The Adviser has agreed, until at least February 1, 2026, to waive 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 the expense limitations for the Funds listed in the table below.

The management fee rates and expense limitations for the period ended March 31, 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 |
| Video Gaming and eSports ETF | 0.50 | 0.55 |

---

Refer to the Statements of Operations for amounts assumed by the Adviser.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, (excluding the fee payment under the investment management

------

agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until February 1, 2026.

The unitary management fee rates for the six months ended March 31, 2025, are as follows:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Management<br> Fee Rate** |
| Biotech ETF | 0.35% |
| Digital Transformation ETF | 0.50 |
| Energy Income ETF | 0.45 |
| Fabless Semiconductor ETF | 0.35 |
| Green Infrastructure ETF | 0.45 |
| Pharmaceutical ETF | 0.35 |
| Retail ETF | 0.35 |
| Robotics ETF | 0.47 |
| Semiconductor ETF | 0.35 |

---

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

At March 31, 2025, the Adviser owned approximately 3% of the shares outstanding of Digital Transformation ETF.

**Note 4—Capital Share Transactions—** As of March 31, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds' underlying index ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

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

**Note 5—Investments—** For the period ended March 31, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Biotech ETF | $27837806 | $28685173 | $29983490 | $66650362 |
| Digital Transformation ETF | 68302401 | 47359023 | 73534701 | 44159274 |
| Energy Income ETF | 6384681 | 4871603 | 28766609 | 12678479 |
| Environmental Services ETF | 10479270 | 10628128 | 12325882 | 10167810 |
| Fabless Semiconductor ETF | 3109728 | 3404135 | 41170991 | 5711242 |
| Gaming ETF | 2034885 | 3154085 |  | 6986200 |
| Green Infrastructure ETF | 199358 | 422044 | 631754 | 422797 |
| Pharmaceutical ETF | 75145511 | 74830735 | 633359169 | 658310737 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Retail ETF | 11167203 | 10200408 | 39102079 | 38497774 |
| Robotics ETF | 1317107 | 1651207 | 6352450 | 5275947 |
| Semiconductor ETF | 1152361527 | 1186115438 | 14152597874 | 15457936192 |
| Video Gaming and eSports ETF | 78786286 | 76580794 | 8460237 | 7294709 |

---

**Note 6—Income Taxes—** As of March 31, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Biotech ETF | $401193995 | $45553405 | $(80768988)&nbsp;&nbsp;&nbsp;&nbsp; | $(35215583)&nbsp;&nbsp;&nbsp;&nbsp; |
| Digital Transformation ETF | 193426474 | 8586109 | (47883945) | (39297836) |
| Energy Income ETF | 74288962 | 12151107 | 1669121 | 13820228 |
| Environmental Services ETF | 76311441 | 10554812 | (4834130) | 5720682 |
| Fabless Semiconductor ETF | 41850775 | 46414 | (7482010) | (7435596) |
| Gaming ETF | 36264994 | 1589052 | (12424180) | (10835128) |
| Green Infrastructure ETF | 2049910 | 195090 | (360612) | (165522) |
| Pharmaceutical ETF | 731897426 | 12524632 | (67213811) | (54689179) |
| Retail ETF | 213139007 | 33774123 | (13531016) | 20243107 |
| Robotics ETF | 16068584 | 431951 | (1686222) | (1254271) |
| Semiconductor ETF | 24255921291 |  | (5125246742) | (5125246742) |
| Video Gaming and eSports ETF | 271041161 | 60493626 | (32716881) | 27776745 |

---

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended September 30, 2024, the Funds did not incur any interest or penalties.

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

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 cybersecurity 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.

The Green Infrastructure ETF may invest in securities of oil and gas companies whose profitability is related to worldwide energy prices, including all sources of energy, and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies' securities can be extremely volatile. In addition, the Fund invests in green infrastructure companies and performance will be impacted on the overall condition of these companies. Green infrastructure related companies are subject to a variety of factors that may adversely affect their business such as higher interest costs, cost of compliance with changes in environmental and other regulations and uncertainty concerning the availability of energy. Additionally, the Fund's investments may be dependent on supportive government policies, including tax incentives and subsidies, and the support for such policies may fluctuate over time. If government subsidies and incentives for renewable energy sources are reduced or eliminated, the demand for renewable energy may decline and cause corresponding declines in the revenues and profits of renewable energy companies.

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.

A more complete description of risks is included in each Fund's Prospectus and Statement of Additional Information.

**Note 8—Trustee Deferred Compensation Plan—**The Trust has a Deferred Compensation Plan (the "Plan") for Trustees under which a Trustee can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

A unitary management fee was adopted on October 1, 2021, for Biotech ETF, Pharmaceutical ETF, Retail ETF, and Semiconductor ETF. For these Funds, the liability for the Plan shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities represents amounts accrued through September 30, 2021. Digital Transformation ETF, Energy Income ETF, Fabless Semiconductor ETF, Green Infrastructure ETF and Robotics

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

For Environmental Services ETF, Gaming 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.

**Note 9—Securities Lending—** To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend investments up to one-third of its net assets 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 on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral, if any, at March 31, 2025 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds' securities on loan and related collateral as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Biotech ETF | $12850008 | $– | $13423209 | $13423209 |
| Digital Transformation ETF | 34165696 | 23224525 | 13927150 | 37151675 |
| Energy Income ETF | 5952282 | 4410132 | 1936884 | 6347016 |
| Environmental Services ETF | 5170594 | 2086773 | 3371998 | 5458771 |
| Gaming ETF | 2873217 |  | 2959824 | 2959824 |
| Green Infrastructure ETF | 137642 | 110801 | 33377 | 144178 |
| Pharmaceutical ETF | 59838162 | 11128873 | 50310682 | 61439555 |
| Retail ETF | 492876 |  | 503634 | 503634 |
| Robotics ETF | 385814 | 137607 | 276067 | 413674 |
| Semiconductor ETF | 9489693 | 4401 | 9558650 | 9563051 |
| Video Gaming and eSports ETF | 16300351 | 206 | 17816813 | 17817019 |

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The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2025:

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| | |
|:---|:---|
|  | **Gross Amount of**<br> **Recognized Liabilities**<br> **for Securities Lending**<br> **Transactions\* in the**<br> **Statements of Assets**<br> **and Liabilities** |
| **Fund** | **Equity Securities** |
| Digital Transformation ETF | $23224525 |
| Energy Income ETF | 4410132 |
| Environmental Services ETF | 2086773 |
| Green Infrastructure ETF | 110801 |
| Pharmaceutical ETF | 11128873 |
| Robotics ETF | 137607 |
| Semiconductor ETF | 4401 |
| Video Gaming and eSports ETF | 206 |

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\* 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 for the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2025, the following Funds borrowed under this Facility:

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| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Biotech ETF | 15 | $145891 | 5.80%&nbsp;&nbsp;&nbsp;&nbsp; |
| Digital Transformation ETF | 51 | 2147799 | 5.78 |
| Energy Income ETF | 68 | 191402 | 5.94 |
| Environmental Services ETF | 1 | 2945265 | 6.18 |
| Gaming ETF | 1 | 258198 | 6.18 |
| Pharmaceutical ETF | 135 | 1657138 | 5.88 |
| Retail ETF | 78 | 184166 | 5.88 |
| Robotics ETF | 1 | 115033 | 5.68 |
| Semiconductor ETF | 16 | 6814330 | 5.68 |
| Video Gaming and eSports ETF | 14 | 1048284 | 5.73 |

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Outstanding loan balances as of March 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 11—Share Split—** The Energy Income ETF executed a 1-for-3 reverse share split for shareholders of record before the open of markets on April 15, 2020. 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 financials highlights.

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**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

March 31, 2025 (unaudited)

At a meeting held on March 31, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Alternative Asset Manager 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 programs, 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 managers 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.

![](x1_c112795x54x1m4.jpg)

March 31, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND**

**OTHER INFORMATION**

---

| | |
|:---|:---|
| PIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Strategy ETF |
| DURA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durable High Dividend ETF |
| LFEQ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long/Flat Trend ETF |
| MOTE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar ESG Moat ETF |
| MOTG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar Global Wide Moat ETF |
| MOTI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar International Moat ETF |
| SMOT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar SMID Moat ETF |
| **MOAT**<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar Wide Moat ETF |
| MGRO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar Wide Moat Growth ETF |
| MVAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar Wide Moat Value ETF |
| RAAX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Assets ETF |
| BUZZ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Sentiment ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Commodity Strategy ETF](#xx1xc112795b001xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Durable High Dividend ETF](#xx1xc112795b002xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long/Flat Trend ETF](#xx1xc112795b003xm4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar ESG Moat ETF](#xx1xc112795b004xm4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Global Wide Moat ETF](#xx1xc112795b005xm4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar International Moat ETF](#xx1xc112795b006xm4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar SMID Moat ETF](#xx1xc112795b007xm4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat ETF](#xx1xc112795b008xm4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Growth ETF](#xx1xc112795b009xm4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Value ETF](#xx1xc112795b010xm4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Assets ETF](#xx1xc112795b011xm4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Sentiment ETF](#xx1xc112795b012xm4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc112795b013xm4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc112795b014xm4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc112795b015xm4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc112795b016xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Commodity Strategy ETF](#xx1xc112795b017xm4) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Durable High Dividend ETF](#xx1xc112795b018xm4) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long/Flat Trend ETF](#xx1xc112795b019xm4) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar ESG Moat ETF](#xx1xc112795b020xm4) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Global Wide Moat ETF](#xx1xc112795b021xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar International Moat ETF](#xx1xc112795b022xm4) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar SMID Moat ETF](#xx1xc112795b023xm4) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat ETF](#xx1xc112795b024xm4) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Growth ETF](#xx1xc112795b025xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Morningstar Wide Moat Value ETF](#xx1xc112795b026xm4) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Assets ETF](#xx1xc112795b027xm4) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Sentiment ETF](#xx1xc112795b028xm4) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc112795b029xm4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc112795b030xm4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc112795b031xm4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc112795b032xm4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Management Agreement](#xx1xc112795b033xm4) | 58 |

---

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Short-Term Investments: 91.3%** |  |  |
| **United States Treasury Obligations: 91.3%** |  |  |
| United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.26%, 05/01/25 # | $13006 | $12960183 |
| &nbsp;&nbsp;&nbsp;4.26%, 06/05/25 # | 15052 | 14938127 |
|  |  | 27898310 |
| **Total Short-Term Investments: 91.3%**<br> (Cost: $27,898,347) |  | 27898310 |
| **Other assets less liabilities: 8.7%** |  | 2654491 |
| **NET ASSETS: 100.0%** |  | $30552801 |

---

------

**Footnotes:**

# All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $4,475,994.

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Type** | **Number of<br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Brent Crude Oil | Long | 40 | 04/30/25 | $2990800 | $205292 |
| Cattle Feeder | Long | 5 | 05/22/25 | 711250 | 3757 |
| Cocoa | Long | 3 | 07/16/25 | 236640 | (4318) |
| Cocoa | Long | 3 | 12/15/25 | 225270 | (60028) |
| Coffee C | Long | 5 | 07/21/25 | 703875 | (5468) |
| Copper | Long | 23 | 05/28/25 | 2894550 | 171908 |
| Corn | Long | 12 | 05/14/25 | 274350 | (26773) |
| FCOJ-A | Long | 7 | 05/09/25 | 255728 | (173645) |
| Gasoline RBOB | Long | 26 | 04/30/25 | 2501444 | 79144 |
| Gold 100 OZ | Long | 20 | 06/26/25 | 6300599 | 452287 |
| Live Cattle | Long | 10 | 06/30/25 | 814600 | 78649 |
| LME Copper | Long | 3 | 04/14/25 | 725942 | 17551 |
| LME Copper | Long | 3 | 05/19/25 | 727235 | (12062) |
| LME Primary Aluminium | Long | 19 | 04/14/25 | 1195171 | (87112) |
| LME Primary Aluminium | Long | 19 | 05/19/25 | 1201475 | (62543) |
| LME Tin | Long | 2 | 04/14/25 | 368150 | 42835 |
| LME Tin | Long | 2 | 05/19/25 | 368800 | 16285 |
| LME Zinc | Long | 20 | 04/14/25 | 1420770 | (4877) |
| LME Zinc | Long | 20 | 05/19/25 | 1424400 | (33451) |
| Low Sulphur Gasoil | Long | 10 | 05/12/25 | 682000 | 26451 |
| Natural Gas | Long | 17 | 04/28/25 | 700230 | 16768 |
| NY Harbor ULSD | Long | 17 | 04/30/25 | 1627492 | 57160 |
| NY Harbor ULSD | Long | 3 | 05/30/25 | 284647 | (21569) |
| Platinum | Long | 6 | 07/29/25 | 308250 | 12376 |
| Silver | Long | 7 | 05/28/25 | 1211385 | 57186 |
| Soybean | Long | 11 | 09/12/25 | 557975 | 4658 |
| Soybean Oil | Long | 13 | 05/14/25 | 350142 | (12794) |
| White Sugar | Long | 13 | 07/16/25 | 340860 | (6552) |
| WTI Crude Oil | Long | 37 | 05/20/25 | 2625150 | 19495 |
| LME Copper | Short | 3 | 04/14/25 | 725942 | 12035 |
| LME Primary Aluminium | Short | 19 | 04/14/25 | 1195171 | 70457 |
| LME Tin | Short | 2 | 04/14/25 | 368150 | (16165) |
| LME Zinc | Short | 20 | 04/14/25 | 1420770 | 31279 |
| &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 |  |  | $848216 |

---

See Notes to Financial Statements

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| United States Treasury Obligations | $— | $27898310 | $— | $27898310 |
| Other Financial Instruments: |  |  |  |  |
| **Assets** |  |  |  |  |
| Futures Contracts | $848216 | $— | $— | $848216 |

---

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.2%** |  |  |
| **Automobiles & Components: 0.1%** |  |  |
| Gentex Corp. | 1987 | $46297 |
| **Banks: 0.8%** |  |  |
| M&T Bank Corp. | 2238 | 400042 |
| **Capital Goods: 2.5%** |  |  |
| A.O. Smith Corp. | 1057 | 69086 |
| Emerson Electric Co. | 4694 | 514650 |
| General Dynamics Corp. | 2304 | 628024 |
|  |  | 1211760 |
| **Commercial & Professional Services: 2.2%** |  |  |
| Automatic Data Processing, Inc. | 3452 | 1054690 |
| **Consumer Discretionary Distribution & Retail: 2.4%** |  |  |
| Lowe's Companies, Inc. | 4845 | 1129999 |
| **Consumer Services: 4.6%** |  |  |
| McDonald's Corp. | 7049 | 2201896 |
| **Energy: 18.4%** |  |  |
| Baker Hughes Co. | 8704 | 382541 |
| Chevron Corp. | 14473 | 2421188 |
| Diamondback Energy, Inc. | 4663 | 745520 |
| Exxon Mobil Corp. | 21170 | 2517748 |
| Halliburton Co. | 10573 | 268237 |
| Marathon Petroleum Corp. | 3527 | 513849 |
| ONEOK, Inc. | 11465 | 1137557 |
| Phillips 66 | 6645 | 820525 |
|  |  | 8807165 |
| **Financial Services: 8.9%** |  |  |
| Blackrock, Inc. | 1418 | 1342109 |
| Blackstone, Inc. | 8919 | 1246698 |
| Cohen & Steers, Inc. | 349 | 28007 |
| Federated Hermes, Inc. | 1197 | 48802 |
| Fidelity National Information Services, Inc. | 4925 | 367799 |
| Invesco Ltd. | 7607 | 115398 |
| Janus Henderson Group Plc | 2333 | 84338 |
| State Street Corp. | 4292 | 384263 |
| T Rowe Price Group, Inc. | 5121 | 470466 |
| Western Union Co. | 12952 | 137032 |
|  |  | 4224912 |
| **Food, Beverage & Tobacco: 12.5%** |  |  |
| Altria Group, Inc. | 37061 | 2224401 |
| Conagra Brands, Inc. | 11187 | 298357 |
| Hormel Foods Corp. | 4892 | 151359 |
| Kellanova | 3145 | 259431 |
| Kraft Heinz Co. | 20208 | 614930 |
| PepsiCo, Inc. | 14521 | 2177279 |
| Tyson Foods, Inc. | 4019 | 256452 |
|  |  | 5982209 |
| **Health Care Equipment & Services: 0.4%** |  |  |
| Baxter International, Inc. | 5892 | 201683 |
| **Household & Personal Products: 2.1%** |  |  |
| Clorox Co. | 1774 | 261222 |
| Kimberly-Clark Corp. | 5043 | 717215 |
|  |  | 978437 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials: 6.9%** |  |  |
| Air Products and Chemicals, Inc. | 2319 | $683920 |
| Dow, Inc. | 23837 | 832388 |
| DuPont de Nemours, Inc. | 3653 | 272806 |
| LyondellBasell Industries NV | 8195 | 576928 |
| Mosaic Co. | 4736 | 127919 |
| PPG Industries, Inc. | 2486 | 271844 |
| Smurfit WestRock Plc | 11322 | 510169 |
|  |  | 3275974 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 13.9%** |  |  |
| Johnson & Johnson | 13686 | 2269686 |
| Merck & Co., Inc. | 23152 | 2078123 |
| Pfizer, Inc. | 85143 | 2157524 |
| Royalty Pharma Plc | 4512 | 140459 |
|  |  | 6645792 |
| **Semiconductors & Semiconductor Equipment: 4.9%** |  |  |
| Skyworks Solutions, Inc. | 2842 | 183679 |
| Texas Instruments, Inc. | 11972 | 2151368 |
|  |  | 2335047 |
| **Telecommunication Services: 4.9%** |  |  |
| Verizon Communications, Inc. | 52070 | 2361895 |
| **Transportation: 6.4%** |  |  |
| FedEx Corp. | 2127 | 518520 |
| Norfolk Southern Corp. | 2298 | 544281 |
| United Parcel Service, Inc. | 17955 | 1974871 |
|  |  | 3037672 |
| **Utilities: 7.3%** |  |  |
| Alliant Energy Corp. | 3469 | 223230 |
| Duke Energy Corp. | 11932 | 1455346 |
| Essential Utilities, Inc. | 3618 | 143020 |
| Evergy, Inc. | 3904 | 269181 |
| FirstEnergy Corp. | 9799 | 396076 |
| New Jersey Resources Corp. | 1555 | 76288 |
| Portland General Electric Co. | 2028 | 90449 |
| PPL Corp. | 9720 | 350989 |
| WEC Energy Group, Inc. | 4432 | 482999 |
|  |  | 3487578 |
| **Total Common Stocks**<br> (Cost: $47,156,749) |  | 47383048 |
| **Total Investments: 99.2%**<br> (Cost: $47,156,749) |  | 47383048 |
| **Other assets less liabilities: 0.8%** |  | 379269 |
| **NET ASSETS: 100.0%** |  | $47762317 |

---

See Notes to Financial Statements

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant <br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $47383048 | $— | $— | $47383048 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED FUND: 99.7%(a)**<br> (Cost: $20,372,071) |  |  |
| Vanguard S&P 500 ETF | 48204 | $24772518 |
| **Total Investments: 99.7%**<br> (Cost: $20,372,071) |  | 24772518 |
| **Other assets less liabilities: 0.3%** |  | 74732 |
| **NET ASSETS: 100.0%** |  | $24847250 |

---

------

(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.

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Exchange Traded Funds | $24772518 | $— | $— | $24772518 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Automobiles & Components: 1.0%** |  |  |
| Harley-Davidson, Inc. † | 2367 | $59767 |
| **Banks: 1.4%** |  |  |
| US Bancorp | 2039 | 86087 |
| **Capital Goods: 6.6%** |  |  |
| Allegion Plc | 1248 | 162814 |
| Masco Corp. | 2187 | 152084 |
| Otis Worldwide Corp. | 827 | 85346 |
|  |  | 400244 |
| **Commercial & Professional Services: 5.1%** |  |  |
| Equifax, Inc. | 636 | 154904 |
| TransUnion | 1832 | 152038 |
|  |  | 306942 |
| **Consumer Discretionary Distribution & Retail: 2.5%** |  |  |
| Etsy, Inc. \* | 1388 | 65486 |
| Lowe's Companies, Inc. | 357 | 83263 |
|  |  | 148749 |
| **Consumer Durables & Apparel: 2.0%** | **Consumer Durables & Apparel: 2.0%** |  |
| NIKE, Inc. | 1038 | 65892 |
| Polaris, Inc. † | 1257 | 51462 |
|  |  | 117354 |
| **Consumer Services: 3.0%** |  |  |
| Yum! Brands, Inc. | 1170 | 184112 |
| **Consumer Staples Distribution & Retail: 1.4%** |  |  |
| Sysco Corp. | 1127 | 84570 |
| **Financial Services: 13.8%** |  |  |
| Blackrock, Inc. | 103 | 97487 |
| CME Group, Inc. | 416 | 110361 |
| Intercontinental Exchange, Inc. | 587 | 101258 |
| Jack Henry & Associates, Inc. | 493 | 90022 |
| MarketAxess Holdings, Inc. | 349 | 75506 |
| Mastercard, Inc. | 178 | 97565 |
| Northern Trust Corp. | 981 | 96776 |
| State Street Corp. | 1113 | 99647 |
| T Rowe Price Group, Inc. | 680 | 62472 |
|  |  | 831094 |
| **Food, Beverage & Tobacco: 8.3%** |  |  |
| Brown-Forman Corp. | 1820 | 61771 |
| Constellation Brands, Inc. | 660 | 121123 |
| Mondelez International, Inc. | 1297 | 88001 |
| PepsiCo, Inc. | 1018 | 152639 |
| The Campbell's Co. | 1904 | 76008 |
|  |  | 499542 |
| **Health Care Equipment & Services: 5.8%** |  |  |
| GE HealthCare Technologies, Inc. | 989 | 79822 |
| Veeva Systems, Inc. \* | 794 | 183915 |
| Zimmer Biomet Holdings, Inc. | 766 | 86696 |
|  |  | 350433 |
| **Household & Personal Products: 2.3%** |  |  |
| Clorox Co. | 497 | 73183 |
| Estee Lauder Cos, Inc. | 1008 | 66528 |
|  |  | 139711 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Materials: 3.7%** |  |  |
| Air Products and Chemicals, Inc. | 284 | $83757 |
| International Flavors & Fragrances, Inc. | 1762 | 136749 |
|  |  | 220506 |
| **Media & Entertainment: 6.0%** |  |  |
| Alphabet, Inc. | 844 | 130516 |
| Comcast Corp. | 2097 | 77379 |
| Walt Disney Co. | 1506 | 148642 |
|  |  | 356537 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 14.1%** |  |  |
| Agilent Technologies, Inc. | 602 | 70422 |
| Amgen, Inc. | 267 | 83184 |
| Bio-Rad Laboratories, Inc. \* | 240 | 58454 |
| Danaher Corp. | 348 | 71340 |
| Gilead Sciences, Inc. | 886 | 99276 |
| Merck & Co., Inc. | 821 | 73693 |
| Pfizer, Inc. | 3245 | 82228 |
| Thermo Fisher Scientific, Inc. | 292 | 145299 |
| Waters Corp. \* | 268 | 98777 |
| West Pharmaceutical Services, Inc. | 257 | 57537 |
|  |  | 840210 |
| **Real Estate Management & Development: 1.3%** | **Real Estate Management & Development: 1.3%** |  |
| CoStar Group, Inc. \* | 1011 | 80102 |
| **Semiconductors & Semiconductor Equipment: 8.4%** |  |  |
| Analog Devices, Inc. | 377 | 76030 |
| Applied Materials, Inc. | 478 | 69367 |
| KLA Corp. | 126 | 85655 |
| Microchip Technology, Inc. | 1331 | 64434 |
| Monolithic Power Systems, Inc. | 131 | 75977 |
| NXP Semiconductors NV | 372 | 70702 |
| Teradyne, Inc. | 681 | 56251 |
|  |  | 498416 |
| **Software & Services: 13.4%** |  |  |
| Adobe, Inc. \* | 321 | 123113 |
| Autodesk, Inc. \* | 353 | 92415 |
| Microsoft Corp. | 182 | 68321 |
| Palo Alto Networks, Inc. \* | 488 | 83272 |
| Salesforce, Inc. | 332 | 89096 |
| ServiceNow, Inc. \* | 109 | 86779 |
| Tyler Technologies, Inc. \* | 296 | 172091 |
| Workday, Inc. \* | 376 | 87807 |
|  |  | 802894 |
| **Total Common Stocks**<br> (Cost: $5,967,000) |  | 6007270 |
| **Total Investments: 100.1%**<br> (Cost: $5,967,000) |  | 6007270 |
| **Liabilities in excess of other assets: (0.1)%** | **Liabilities in excess of other assets: (0.1)%** | (7929) |
| **NET ASSETS: 100.0%** |  | $5999341 |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $99,328. |
| \* | Non-income producing |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $6007270 | $— | $— | $6007270 |

---

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

See Notes to Financial Statements

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Australia: 4.0%** |  |  |
| ASX Ltd. | 7617 | $311323 |
| Brambles Ltd. | 25302 | 318776 |
|  |  | 630099 |
| **Belgium: 1.0%** |  |  |
| Anheuser-Busch InBev SA | 2518 | 154653 |
| **Brazil: 1.1%** |  |  |
| Ambev SA | 70500 | 166168 |
| **Canada: 3.1%** |  |  |
| Shopify, Inc. \* | 1636 | 155615 |
| Toronto-Dominion Bank † | 5513 | 330301 |
|  |  | 485916 |
| **China: 12.6%** |  |  |
| Alibaba Group Holding Ltd. (HKD) | 13600 | 225058 |
| Inner Mongolia Yili Industrial Group Co. Ltd. | 37600 | 145316 |
| JD.com, Inc. (HKD) | 15950 | 328164 |
| SF Holding Co. Ltd. | 53100 | 315075 |
| Tencent Holdings Ltd. (HKD) | 5300 | 338698 |
| Wuliangye Yibin Co. Ltd. | 16100 | 291267 |
| Yum China Holdings, Inc. (USD) | 6264 | 326104 |
|  |  | 1969682 |
| **France: 6.8%** |  |  |
| Airbus SE | 924 | 162538 |
| Bureau Veritas SA | 5082 | 154032 |
| Dassault Aviation SA | 749 | 246714 |
| Safran SA | 577 | 151760 |
| Sanofi SA | 1614 | 178523 |
| Thales SA | 605 | 160658 |
|  |  | 1054225 |
| **Germany: 3.9%** |  |  |
| Rheinmetall AG | 328 | 468866 |
| Siemens Healthineers AG 144A | 2753 | 148374 |
|  |  | 617240 |
| **Japan: 6.0%** |  |  |
| Daifuku Co. Ltd. | 6400 | 157795 |
| FANUC Corp. | 5400 | 147570 |
| Hoya Corp. | 1400 | 158477 |
| Kao Corp. | 3400 | 147618 |
| Nabtesco Corp. | 9700 | 151191 |
| Sony Group Corp. | 6700 | 170040 |
|  |  | 932691 |
| **Netherlands: 6.4%** |  |  |
| Adyen NV 144A \* | 94 | 143936 |
| ASML Holding NV | 210 | 138831 |
| Koninklijke Philips NV \* | 11698 | 297506 |
| NXP Semiconductors NV (USD) | 1469 | 279198 |
| Universal Music Group NV | 5265 | 145235 |
|  |  | 1004706 |
| **Poland: 1.1%** |  |  |
| Allegro.eu SA 144A \* | 20665 | 167420 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Singapore: 1.1%** |  |  |
| Singapore Exchange Ltd. | 16700 | $165263 |
| **Switzerland: 7.0%** |  |  |
| Barry Callebaut AG † | 122 | 161569 |
| Cie Financiere Richemont SA | 987 | 172287 |
| DSM-Firmenich AG (EUR) | 2851 | 281957 |
| Julius Baer Group Ltd. † | 2235 | 154912 |
| Roche Holding AG | 962 | 316603 |
|  |  | 1087328 |
| **Taiwan: 1.8%** |  |  |
| Taiwan Semiconductor |  |  |
| Manufacturing Co. Ltd. | 10000 | 281630 |
| **United Kingdom: 9.4%** |  |  |
| BAE Systems Plc | 9909 | 199932 |
| British American Tobacco Plc | 7785 | 319128 |
| Experian plc | 3202 | 148251 |
| GSK Plc | 17223 | 328880 |
| Imperial Brands Plc | 4663 | 172406 |
| Melrose Industries Plc | 19781 | 122010 |
| Rentokil Initial Plc | 38013 | 172375 |
|  |  | 1462982 |
| **United States: 34.8%** |  |  |
| Agilent Technologies, Inc. | 1316 | 153946 |
| Allegion Plc | 2375 | 309842 |
| Alphabet, Inc. | 1709 | 264280 |
| Bio-Rad Laboratories, Inc. \* | 446 | 108628 |
| Blackrock, Inc. | 173 | 163741 |
| Charles Schwab Corp. | 2125 | 166345 |
| Constellation Brands, Inc. | 640 | 117453 |
| Corteva, Inc. | 5263 | 331200 |
| Danaher Corp. | 649 | 133045 |
| Equifax, Inc. | 580 | 141265 |
| GE HealthCare Technologies, Inc. | 1880 | 151735 |
| International Flavors & Fragrances, Inc. | 3724 | 289020 |
| MarketAxess Holdings, Inc. | 658 | 142358 |
| Masco Corp. | 4144 | 288174 |
| Merck & Co., Inc. | 1550 | 139128 |
| Meta Platforms, Inc. | 255 | 146972 |
| Microsoft Corp. | 412 | 154661 |
| Northrop Grumman Corp. | 333 | 170499 |
| Oracle Corp. | 1045 | 146101 |
| Pfizer, Inc. | 6135 | 155461 |
| Teradyne, Inc. | 1818 | 150167 |
| The Campbell's Co. | 7758 | 309699 |
| TransUnion | 3391 | 281419 |
| Tyler Technologies, Inc. \* | 242 | 140696 |
| US Bancorp | 6744 | 284732 |
| Veeva Systems, Inc. \* | 1322 | 306215 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **United States (continued)** |  |  |
| Walt Disney Co. | 2915 | $287710 |
|  |  | 5434492 |
| **Total Common Stocks**<br> (Cost: $14,156,439) |  | 15614495 |
| **Total Investments: 100.1%**<br> (Cost: $14,156,439) |  | 15614495 |
| **Liabilities in excess of other assets: (0.1)%** |  | (18483) |
| **NET ASSETS: 100.0%** |  | $15596012 |

---

**Definitions:**

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

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $299,137. |
| 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 $459,730, or 2.9% of net assets. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $630099 | $— | $630099 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 154653 |  | 154653 |
| &nbsp;&nbsp;&nbsp;Brazil | 166168 |  |  | 166168 |
| &nbsp;&nbsp;&nbsp;Canada | 485916 |  |  | 485916 |
| &nbsp;&nbsp;&nbsp;China | 326104 | 1643578 |  | 1969682 |
| &nbsp;&nbsp;&nbsp;France |  | 1054225 |  | 1054225 |
| &nbsp;&nbsp;&nbsp;Germany |  | 617240 |  | 617240 |
| &nbsp;&nbsp;&nbsp;Japan |  | 932691 |  | 932691 |
| &nbsp;&nbsp;&nbsp;Netherlands | 279198 | 725508 |  | 1004706 |
| &nbsp;&nbsp;&nbsp;Poland |  | 167420 |  | 167420 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 165263 |  | 165263 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 1087328 |  | 1087328 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 281630 |  | 281630 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1462982 |  | 1462982 |
| &nbsp;&nbsp;&nbsp;United States | 5434492 |  |  | 5434492 |
| **Total Investments** | $6691878 | $8922617 | $— | $15614495 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.2%** |  |  |
| **Australia: 3.7%** |  |  |
| Brambles Ltd. | 339178 | $4273252 |
| Endeavour Group Ltd. | 828908 | 1999192 |
|  |  | 6272444 |
| **Belgium: 2.7%** |  |  |
| Anheuser-Busch InBev SA | 72235 | 4436596 |
| **Brazil: 2.6%** |  |  |
| Ambev SA | 1827500 | 4307395 |
| **Canada: 1.9%** |  |  |
| BRP, Inc. † | 91816 | 3099767 |
| **China: 26.8%** |  |  |
| Alibaba Group Holding Ltd. (HKD) | 303700 | 5025753 |
| Baidu, Inc. (HKD) \* | 372600 | 4301239 |
| Inner Mongolia Yili Industrial Group Co. Ltd. | 1064100 | 4112519 |
| JD.com, Inc. (HKD) | 213700 | 4396788 |
| Jiangsu Yanghe Distillery Co. Ltd. | 376300 | 3949807 |
| Luzhou Laojiao Co. Ltd. | 219000 | 3914129 |
| SF Holding Co. Ltd. | 712579 | 4228166 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 72500 | 2138562 |
| Tencent Holdings Ltd. (HKD) | 71200 | 4550061 |
| Wuliangye Yibin Co. Ltd. | 216700 | 3920341 |
| Yum China Holdings, Inc. (USD) | 84009 | 4373508 |
|  |  | 44910873 |
| **France: 7.2%** |  |  |
| Edenred SE | 124791 | 4051143 |
| Pernod Ricard SA | 36886 | 3640360 |
| Sanofi SA | 39872 | 4410213 |
|  |  | 12101716 |
| **Germany: 6.1%** |  |  |
| Rheinmetall AG | 4385 | 6268216 |
| Sartorius Stedim Biotech | 19593 | 3877759 |
|  |  | 10145975 |
| **Ireland: 1.3%** |  |  |
| Kerry Group Plc | 21503 | 2249392 |
| **Japan: 13.6%** |  |  |
| Daifuku Co. Ltd. † | 173900 | 4287586 |
| Harmonic Drive Systems, Inc. † | 129000 | 2753361 |
| Kubota Corp. † | 330100 | 4091453 |
| Murata Manufacturing Co. Ltd. | 122900 | 1901431 |
| Nabtesco Corp. | 253100 | 3944989 |
| Omron Corp. † | 130400 | 3693144 |
| Unicharm Corp. | 266200 | 2126605 |
|  |  | 22798569 |
| **Netherlands: 3.5%** |  |  |
| Adyen NV 144A \* | 2520 | 3858717 |
| Koninklijke Philips NV \* | 80012 | 2034884 |
|  |  | 5893601 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Poland: 2.7%** |  |  |
| Allegro.eu SA 144A \* | 562326 | $4555760 |
| **Singapore: 1.3%** |  |  |
| Singapore Exchange Ltd. | 220500 | 2182063 |
| **Sweden: 2.3%** |  |  |
| Elekta AB † | 719877 | 3782961 |
| **Switzerland: 8.6%** |  |  |
| Barry Callebaut AG † | 1655 | 2191780 |
| DSM-Firmenich AG (EUR) | 38257 | 3783519 |
| Julius Baer Group Ltd. † | 60674 | 4205442 |
| Roche Holding AG | 12894 | 4243531 |
|  |  | 14424272 |
| **Taiwan: 1.2%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 71000 | 1999572 |
| **United Kingdom: 14.7%** |  |  |
| British American Tobacco Plc | 104350 | 4277580 |
| GSK Plc | 230754 | 4406342 |
| Imperial Brands Plc | 61697 | 2281138 |
| Melrose Industries Plc | 261699 | 1614170 |
| Reckitt Benckiser Group Plc | 65519 | 4426998 |
| Rentokil Initial Plc | 900560 | 4083705 |
| Spirax Group Plc | 43181 | 3478290 |
|  |  | 24568223 |
| **Total Common Stocks**<br> (Cost: $156,552,745) |  | 167729179 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2%** |  |
| **Money Market Fund: 2.2%**<br> (Cost: $3,644,277) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 3644277 | 3644277 |
| **Total Investments: 102.4%**<br> (Cost: $160,197,022) |  | 171373456 |
| **Liabilities in excess of other assets: (2.4)%** | **Liabilities in excess of other assets: (2.4)%** | (4050693) |
| **NET ASSETS: 100.0%** |  | $167322763 |

---

See Notes to Financial Statements

------

**Definitions:**

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

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $10,972,977. |
| \* | 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 $8,414,477, or 5.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $6272444 | $— | $6272444 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 4436596 |  | 4436596 |
| &nbsp;&nbsp;&nbsp;Brazil | 4307395 |  |  | 4307395 |
| &nbsp;&nbsp;&nbsp;Canada | 3099767 |  |  | 3099767 |
| &nbsp;&nbsp;&nbsp;China | 4373508 | 40537365 |  | 44910873 |
| &nbsp;&nbsp;&nbsp;France |  | 12101716 |  | 12101716 |
| &nbsp;&nbsp;&nbsp;Germany |  | 10145975 |  | 10145975 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 2249392 |  | 2249392 |
| &nbsp;&nbsp;&nbsp;Japan |  | 22798569 |  | 22798569 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 5893601 |  | 5893601 |
| &nbsp;&nbsp;&nbsp;Poland |  | 4555760 |  | 4555760 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 2182063 |  | 2182063 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 3782961 |  | 3782961 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 14424272 |  | 14424272 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 1999572 |  | 1999572 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 24568223 |  | 24568223 |
| Money Market Fund | 3644277 |  |  | 3644277 |
| **Total Investments** | $15424947 | $155948509 | $— | $171373456 |

---

See Notes to Financial Statements

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |  |
| **Automobiles & Components: 1.9%** | **Automobiles & Components: 1.9%** |  |  |
| BorgWarner, Inc. | 186843 | $| 5353052 |
| Gentex Corp. | 100833 |  | 2349409 |
|  |  |  | 7702461 |
| **Banks: 0.7%** |  |  |  |
| Truist Financial Corp. | 67386 |  | 2772934 |
| **Capital Goods: 11.1%** |  |  |  |
| Acuity, Inc. | 10520 |  | 2770442 |
| Allegion Plc | 44631 |  | 5822560 |
| Chart Industries, Inc. \* | 34697 |  | 5008859 |
| CNH Industrial NV | 479781 |  | 5891711 |
| Fortive Corp. | 76992 |  | 5634275 |
| Fortune Brands Innovations, Inc. | 39468 |  | 2402812 |
| L3Harris Technologies, Inc. | 13637 |  | 2854360 |
| Masco Corp. | 77888 |  | 5416332 |
| Sensata Technologies Holding Plc | 103690 |  | 2516556 |
| Vertiv Holdings Co. | 32523 |  | 2348161 |
| WESCO International, Inc. | 32095 |  | 4984354 |
|  |  |  | 45650422 |
| **Commercial & Professional Services: 4.2%** | **Commercial & Professional Services: 4.2%** |  |  |
| Dayforce, Inc. \* | 52069 |  | 3037185 |
| Equifax, Inc. | 11694 |  | 2848191 |
| SS&C Technologies Holdings, Inc. | 73814 |  | 6165682 |
| TransUnion | 63539 |  | 5273102 |
|  |  |  | 17324160 |
| **Consumer Discretionary Distribution & Retail: 6.5%** | **Consumer Discretionary Distribution & Retail: 6.5%** | **Consumer Discretionary Distribution & Retail: 6.5%** | **Consumer Discretionary Distribution & Retail: 6.5%** |
| Asbury Automotive Group, Inc. \* | 23635 |  | 5219553 |
| AutoNation, Inc. \* | 34272 |  | 5549322 |
| Bath & Body Works, Inc. | 81506 |  | 2471262 |
| CarMax, Inc. \* | 73696 |  | 5742392 |
| Coupang, Inc. \* | 124689 |  | 2734430 |
| Lithia Motors, Inc. | 17187 |  | 5045072 |
|  |  |  | 26762031 |
| **Consumer Durables & Apparel: 3.3%** | **Consumer Durables & Apparel: 3.3%** |  |  |
| Brunswick Corp. | 41167 |  | 2216843 |
| Hasbro, Inc. | 93438 |  | 5745503 |
| Mattel, Inc. \* | 135521 |  | 2633173 |
| Tapestry, Inc. | 49494 |  | 3484873 |
|  |  |  | 14080392 |
| **Consumer Services: 7.9%** |  |  |  |
| Airbnb, Inc. \* | 21943 |  | 2621311 |
| Carnival Corp. \* | 255458 |  | 4989095 |
| DraftKings, Inc. \* | 145684 |  | 4838166 |
| Expedia Group, Inc. | 33349 |  | 5605967 |
| Flutter Entertainment Plc \* | 11866 |  | 2628912 |
| Las Vegas Sands Corp. | 59085 |  | 2282454 |
| Norwegian Cruise Line Holdings Ltd. \* | 256351 |  | 4860415 |
| Wynn Resorts Ltd. | 65317 |  | 5453970 |
|  |  |  | 33280290 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **Energy: 3.0%** |  |  |  |
| Devon Energy Corp. | 79909 | $| 2988597 |
| Hess Corp. | 40946 |  | 6540304 |
| Schlumberger NV | 69334 |  | 2898161 |
|  |  |  | 12427062 |
| **Equity Real Estate Investment Trusts (REITs): 0.7%** | **Equity Real Estate Investment Trusts (REITs): 0.7%** | **Equity Real Estate Investment Trusts (REITs): 0.7%** | **Equity Real Estate Investment Trusts (REITs): 0.7%** |
| SBA Communications Corp. | 12827 |  | 2822068 |
| **Financial Services: 10.4%** |  |  |  |
| Capital One Financial Corp. | 16291 |  | 2920976 |
| Carlyle Group, Inc. | 120826 |  | 5266805 |
| Discover Financial Services | 16967 |  | 2896267 |
| Fidelity National Information Services, Inc. | 40764 |  | 3044256 |
| Global Payments, Inc. | 26335 |  | 2578723 |
| Jack Henry & Associates, Inc. | 17525 |  | 3200065 |
| LPL Financial Holdings, Inc. | 17818 |  | 5828981 |
| MarketAxess Holdings, Inc. | 26686 |  | 5773516 |
| SEI Investments Co. | 37626 |  | 2920906 |
| T Rowe Price Group, Inc. | 29769 |  | 2734878 |
| Western Union Co. | 552571 |  | 5846201 |
|  |  |  | 43011574 |
| **Food, Beverage & Tobacco: 2.8%** | **Food, Beverage & Tobacco: 2.8%** |  |  |
| General Mills, Inc. | 48689 |  | 2911115 |
| Kraft Heinz Co. | 91644 |  | 2788727 |
| The Campbell's Co. | 145960 |  | 5826723 |
|  |  |  | 11526565 |
| **Health Care Equipment & Services: 9.1%** | **Health Care Equipment & Services: 9.1%** |  |  |
| Align Technology, Inc. \* | 12868 |  | 2044210 |
| Baxter International, Inc. | 80698 |  | 2762293 |
| Edwards Lifesciences Corp. \* | 82072 |  | 5948579 |
| GE HealthCare Technologies, Inc. | 71055 |  | 5734849 |
| Labcorp Holdings, Inc. | 13518 |  | 3146179 |
| ResMed, Inc. | 25422 |  | 5690715 |
| STERIS Plc | 14888 |  | 3374365 |
| Veeva Systems, Inc. \* | 24928 |  | 5774073 |
| Zimmer Biomet Holdings, Inc. | 26693 |  | 3021114 |
|  |  |  | 37496377 |
| **Household & Personal Products: 1.6%** | **Household & Personal Products: 1.6%** |  |  |
| Kenvue, Inc. | 140746 |  | 3375089 |
| Kimberly-Clark Corp. | 24208 |  | 3442862 |
|  |  |  | 6817951 |
| **Materials: 9.3%** |  |  |  |
| Amcor Plc | 308693 |  | 2994322 |
| Ball Corp. | 54586 |  | 2842293 |
| Corteva, Inc. | 99289 |  | 6248256 |
| Crown Holdings, Inc. | 35174 |  | 3139631 |
| DuPont de Nemours, Inc. | 74675 |  | 5576729 |
| Eastman Chemical Co. | 61680 |  | 5434625 |
| FMC Corp. | 56513 |  | 2384283 |
| International Flavors & Fragrances, Inc. | 70018 |  | 5434097 |
| Sealed Air Corp. | 178000 |  | 5144200 |
|  |  |  | 39198436 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Number<br> of Shares** | **Value** |
| **Media & Entertainment: 4.1%** |  |  |  |
| Charter Communications, Inc. \* |  | 7939 | $2925760 |
| Interpublic Group of Cos, Inc. |  | 211142 | 5734617 |
| Omnicom Group, Inc. |  | 69097 | 5728832 |
| Pinterest, Inc. \* |  | 83438 | 2586578 |
|  |  |  | 16975787 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 5.5%** |  |  |
| Agilent Technologies, Inc. |  | 45137 | 5280126 |
| Bio-Rad Laboratories, Inc. \* |  | 8989 | 2189361 |
| Bio-Techne Corp. |  | 84916 | 4978625 |
| Incyte Corp. \* |  | 42583 | 2578401 |
| Revvity, Inc. |  | 51563 | 5455365 |
| Royalty Pharma Plc |  | 84530 | 2631419 |
|  |  |  | 23113297 |
| **Real Estate Investment Trusts: 0.7%** | **Real Estate Investment Trusts: 0.7%** | **Real Estate Investment Trusts: 0.7%** |  |
| Crown Castle, Inc. |  | 29141 | 3037366 |
| **Semiconductors & Semiconductor Equipment: 2.4%** |  |  |  |
| Monolithic Power Systems, Inc. |  | 9580 | 5556208 |
| Teradyne, Inc. |  | 57663 | 4762964 |
|  |  |  | 10319172 |
| **Software & Services: 6.3%** |  |  |  |
| Atlassian Corp. \* |  | 12263 | 2602331 |
| Cognizant Technology Solutions Corp. |  | 39217 | 3000101 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Software & Services (continued)** |  |  |
| Datadog, Inc. \* | 27216 | $2700099 |
| Dynatrace, Inc. \* | 56417 | 2660062 |
| Elastic NV \* | 28174 | 2510303 |
| HubSpot, Inc. \* | 4544 | 2595942 |
| Workday, Inc. \* | 11490 | 2683260 |
| Zoom Communications, Inc. \* | 72638 | 5358505 |
| Zscaler, Inc. \* | 14890 | 2954474 |
|  |  | 27065077 |
| **Technology Hardware & Equipment: 3.2%** | **Technology Hardware & Equipment: 3.2%** |  |
| Littelfuse, Inc. | 26026 | 5120355 |
| Vontier Corp. | 162543 | 5339538 |
| Zebra Technologies Corp. \* | 9946 | 2810342 |
|  |  | 13270235 |
| **Transportation: 0.6%** |  |  |
| Lyft, Inc. \* | 196098 | 2327683 |
| **Utilities: 4.6%** |  |  |
| Essential Utilities, Inc. | 81799 | 3233514 |
| Evergy, Inc. | 48797 | 3364553 |
| FirstEnergy Corp. | 78440 | 3170545 |
| Portland General Electric Co. | 132869 | 5925957 |
| WEC Energy Group, Inc. | 32441 | 3535420 |
|  |  | 19229989 |
| **Total Common Stocks**<br> (Cost: $425,837,102) |  | 416211329 |
| **Total Investments: 99.9%**<br> (Cost: $425,837,102) |  | 416211329 |
| **Other assets less liabilities: 0.1%** |  | 453399 |
| **NET ASSETS: 100.0%** |  | $416664728 |

---

------

**Footnotes:**

\* Non-income producing

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $416211329 | $— | $— | $416211329 |

---

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

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Banks: 2.4%** |  |  |
| US Bancorp | 7591990 | $320533818 |
| **Capital Goods: 12.1%** |  |  |
| Allegion Plc | 2682042 | 349899199 |
| Boeing Co. \* | 2129565 | 363197311 |
| Huntington Ingalls Industries, Inc. † | 1849868 | 377447067 |
| IDEX Corp. | 922667 | 166975047 |
| Masco Corp. | 2320964 | 161399837 |
| Northrop Grumman Corp. | 401249 | 205443500 |
|  |  | 1624361961 |
| **Commercial & Professional Services: 3.6%** | **Commercial & Professional Services: 3.6%** |  |
| Equifax, Inc. | 698613 | 170154182 |
| TransUnion | 3819258 | 316960222 |
|  |  | 487114404 |
| **Consumer Discretionary Distribution & Retail: 1.2%** | **Consumer Discretionary Distribution & Retail: 1.2%** |  |
| Amazon.com, Inc. \* | 843850 | 160550901 |
| **Consumer Durables & Apparel: 2.2%** | **Consumer Durables & Apparel: 2.2%** |  |
| NIKE, Inc. | 4626807 | 293709708 |
| **Financial Services: 3.9%** |  |  |
| Charles Schwab Corp. | 2261303 | 177014799 |
| MarketAxess Holdings, Inc. | 1603665 | 346952923 |
|  |  | 523967722 |
| **Food, Beverage & Tobacco: 10.2%** | **Food, Beverage & Tobacco: 10.2%** |  |
| Altria Group, Inc. | 3374965 | 202565399 |
| Brown-Forman Corp. † | 9205256 | 312426388 |
| Constellation Brands, Inc. | 1683671 | 308987302 |
| Mondelez International, Inc. | 3035521 | 205960100 |
| The Campbell's Co. † | 8770315 | 350110975 |
|  |  | 1380050164 |
| **Health Care Equipment & Services: 8.0%** | **Health Care Equipment & Services: 8.0%** |  |
| GE HealthCare Technologies, Inc. | 4268160 | 344483193 |
| Veeva Systems, Inc. \* | 1497592 | 346887235 |
| Zimmer Biomet Holdings, Inc. | 3384304 | 383035527 |
|  |  | 1074405955 |
| **Household & Personal Products: 3.9%** | **Household & Personal Products: 3.9%** |  |
| Estee Lauder Cos, Inc. | 4892819 | 322926054 |
| Kenvue, Inc. | 8408571 | 201637533 |
|  |  | 524563587 |
| **Materials: 5.2%** |  |  |
| Corteva, Inc. | 5964658 | 375355928 |
| International Flavors & Fragrances, Inc. | 4207454 | 326540505 |
|  |  | 701896433 |
| **Media & Entertainment: 4.6%** |  |  |
| Alphabet, Inc. | 1926165 | 297862155 |
| Walt Disney Co. | 3286527 | 324380215 |
|  |  | 622242370 |
| **Pharmaceuticals, Biotechnology & Life<br> Sciences: 17.9%** | **Pharmaceuticals, Biotechnology & Life<br> Sciences: 17.9%** |  |
| Agilent Technologies, Inc. | 2712815 | 317345099 |
| Amgen, Inc. | 684867 | 213370314 |
| Bio-Rad Laboratories, Inc. \* | 537008 | 130793668 |
| Bristol-Myers Squibb Co. | 3331222 | 203171230 |
| Danaher Corp. | 1600848 | 328173840 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Pharmaceuticals, Biotechnology & Life Sciences (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences (continued)** |  |
| Gilead Sciences, Inc. | 1994005 | $223428260 |
| Merck & Co., Inc. | 1866778 | 167561993 |
| Pfizer, Inc. | 13880165 | 351723381 |
| Thermo Fisher Scientific, Inc. | 344427 | 171386875 |
| West Pharmaceutical Services, Inc. | 1341944 | 300434423 |
|  |  | 2407389083 |
| **Semiconductors & Semiconductor<br> Equipment: 11.6%** | **Semiconductors & Semiconductor<br> Equipment: 11.6%** |  |
| Applied Materials, Inc. | 1125951 | 163398009 |
| Lam Research Corp. | 2191323 | 159309182 |
| Microchip Technology, Inc. | 6236069 | 301888100 |
| Monolithic Power Systems, Inc. | 575663 | 333873027 |
| NXP Semiconductors NV | 1661105 | 315709616 |
| Teradyne, Inc. | 3467314 | 286400137 |
|  |  | 1560578071 |
| **Software & Services: 10.7%** | **Software & Services: 10.7%** |  |
| Adobe, Inc. \* | 712574 | 273293506 |
| Autodesk, Inc. \* | 666401 | 174463782 |
| Cadence Design Systems, Inc. \* | 701596 | 178436911 |
| Manhattan Associates, Inc. \* | 1007049 | 174259759 |
| Microsoft Corp. | 437903 | 164384407 |
| Oracle Corp. | 1112288 | 155508985 |
| Salesforce, Inc. | 589756 | 158266920 |
| Synopsys, Inc. \* | 388089 | 166431968 |
|  |  | 1445046238 |
| **Transportation: 2.4%** |  |  |
| United Parcel Service, Inc. | 2890843 | 317963822 |
| **Total Common Stocks**<br> (Cost: $14,192,718,059) |  | 13444374237 |
| **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: $6,285) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 6285 | 6285 |
| **Total Investments: 99.9%**<br> (Cost: $14,192,724,344) |  | 13444380522 |
| **Other assets less liabilities: 0.1%** | **Other assets less liabilities: 0.1%** | 16214032 |
| **NET ASSETS: 100.0%** |  | $13460594554 |

---

See Notes to Financial Statements

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $261,906,311. |

---

Transactions in securities of affiliates for the period ended March 31, 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> 3/31/2025** | **Dividend<br> Income** |
| Bio-Rad Laboratories, Inc. | $416768239 | $114432630 | $(305419379) | $(44967413) | $(50020409) | $–(a) | $– |

---

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

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $13444374237 | $— | $— | $13444374237 |
| Money Market Fund | 6285 |  |  | 6285 |
| **Total Investments** | $13444380522 | $— | $— | $13444380522 |

---

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

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT GROWTH ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.0%** |  |  |
| **Capital Goods: 11.3%** |  |  |
| A.O. Smith Corp. | 185 | $12092 |
| Allegion Plc | 179 | 23352 |
| General Electric Co. | 77 | 15412 |
| IDEX Corp. | 87 | 15744 |
| Otis Worldwide Corp. | 133 | 13726 |
|  |  | 80326 |
| **Commercial & Professional Services: 7.6%** | **Commercial & Professional Services: 7.6%** |  |
| Equifax, Inc. | 80 | 19485 |
| TransUnion | 396 | 32864 |
|  |  | 52349 |
| **Consumer Discretionary Distribution & Retail: 2.9%** | **Consumer Discretionary Distribution & Retail: 2.9%** |  |
| Amazon.com, Inc. \* | 79 | 15031 |
| Etsy, Inc. \* | 119 | 5614 |
|  |  | 20645 |
| **Consumer Services: 3.4%** |  |  |
| Yum! Brands, Inc. | 154 | 24233 |
| **Financial Services: 5.2%** |  |  |
| MarketAxess Holdings, Inc. | 167 | 36130 |
| **Food, Beverage & Tobacco: 5.4%** | **Food, Beverage & Tobacco: 5.4%** |  |
| Brown-Forman Corp. | 475 | 16122 |
| Constellation Brands, Inc. | 80 | 14682 |
| Hershey Co. | 43 | 7354 |
|  |  | 38158 |
| **Health Care Equipment & Services: 7.0%** | **Health Care Equipment & Services: 7.0%** |  |
| GE HealthCare Technologies, Inc. | 159 | 12833 |
| Veeva Systems, Inc. \* | 157 | 36366 |
|  |  | 49199 |
| **Household & Personal Products: 3.4%** | **Household & Personal Products: 3.4%** |  |
| Clorox Co. | 50 | 7363 |
| Estee Lauder Cos, Inc. | 262 | 17292 |
|  |  | 24655 |
| **Materials: 2.4%** |  |  |
| Corteva, Inc. | 269 | 16928 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Media & Entertainment: 6.0%** |  |  |
| Alphabet, Inc. | 119 | $18402 |
| Meta Platforms, Inc. | 25 | 14409 |
| Walt Disney Co. | 103 | 10166 |
|  |  | 42977 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 8.6%** | **Pharmaceuticals, Biotechnology & Life Sciences: 8.6%** |  |
| Agilent Technologies, Inc. | 162 | 18951 |
| Bio-Rad Laboratories, Inc. \* | 38 | 9255 |
| Merck & Co., Inc. | 77 | 6912 |
| Thermo Fisher Scientific, Inc. | 12 | 5971 |
| West Pharmaceutical Services, Inc. | 87 | 19478 |
|  |  | 60567 |
| **Semiconductors & Semiconductor Equipment: 12.4%** | **Semiconductors & Semiconductor Equipment: 12.4%** |  |
| Applied Materials, Inc. | 71 | 10304 |
| Lam Research Corp. | 89 | 6470 |
| Microchip Technology, Inc. | 118 | 5712 |
| Monolithic Power Systems, Inc. | 60 | 34799 |
| Teradyne, Inc. | 357 | 29488 |
|  |  | 86773 |
| **Software & Services: 24.4%** |  |  |
| Adobe, Inc. \* | 43 | 16492 |
| Autodesk, Inc. \* | 63 | 16493 |
| Cadence Design Systems, Inc. \* | 66 | 16786 |
| Manhattan Associates, Inc. \* | 95 | 16439 |
| Microsoft Corp. | 88 | 33034 |
| Oracle Corp. | 63 | 8808 |
| Salesforce, Inc. | 55 | 14760 |
| Synopsys, Inc. \* | 37 | 15867 |
| Tyler Technologies, Inc. \* | 33 | 19186 |
| Workday, Inc. \* | 65 | 15179 |
|  |  | 173044 |
| **Total Common Stocks**<br> (Cost: $715,108) |  | 705984 |
| **Total Investments: 100.0%**<br> (Cost: $715,108) |  | 705984 |
| **Other assets less liabilities: 0.0%** | **Other assets less liabilities: 0.0%** | 346 |
| **NET ASSETS: 100.0%** |  | $706330 |

---

------

**Footnotes:**

\* Non-income producing

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $705984 | $— | $— | $705984 |

---

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

See Notes to Financial Statements

VANECK MORNINGSTAR WIDE MOAT VALUE ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.9%** |  |  |
| **Banks: 2.3%** |  |  |
| US Bancorp | 2577 | $108801 |
| **Capital Goods: 18.0%** |  |  |
| Allegion Plc | 591 | 77102 |
| Boeing Co. \* | 1310 | 223421 |
| Caterpillar, Inc. | 237 | 78163 |
| Huntington Ingalls Industries, Inc. | 1136 | 231789 |
| Masco Corp. | 1757 | 122182 |
| Northrop Grumman Corp. | 237 | 121346 |
|  |  | 854003 |
| **Consumer Discretionary Distribution & Retail: 1.6%** | **Consumer Discretionary Distribution & Retail: 1.6%** |  |
| Etsy, Inc. \* | 1582 | 74639 |
| **Consumer Durables & Apparel: 3.8%** | **Consumer Durables & Apparel: 3.8%** |  |
| NIKE, Inc. | 2846 | 180664 |
| **Financial Services: 2.4%** |  |  |
| Charles Schwab Corp. | 1447 | 113271 |
| **Food, Beverage & Tobacco: 13.9%** | **Food, Beverage & Tobacco: 13.9%** |  |
| Altria Group, Inc. | 1994 | 119680 |
| Brown-Forman Corp. | 2847 | 96627 |
| Constellation Brands, Inc. | 560 | 102771 |
| Mondelez International, Inc. | 1794 | 121723 |
| The Campbell's Co. | 5396 | 215408 |
|  |  | 656209 |
| **Health Care Equipment & Services: 7.8%** | **Health Care Equipment & Services: 7.8%** |  |
| GE HealthCare Technologies, Inc. | 1687 | 136158 |
| Zimmer Biomet Holdings, Inc. | 2079 | 235301 |
|  |  | 371459 |
| **Household & Personal Products: 4.5%** | **Household & Personal Products: 4.5%** |  |
| Estee Lauder Cos, Inc. | 1461 | 96426 |
| Kenvue, Inc. | 4968 | 119133 |
|  |  | 215559 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Materials: 7.0%** |  |  |
| Corteva, Inc. | 2084 | $131146 |
| International Flavors & Fragrances, Inc. | 2590 | 201010 |
|  |  | 332156 |
| **Media & Entertainment: 4.6%** |  |  |
| Alphabet, Inc. | 483 | 74691 |
| Walt Disney Co. | 1417 | 139858 |
|  |  | 214549 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 21.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 21.5%** |  |
| Agilent Technologies, Inc. | 380 | 44452 |
| Bio-Rad Laboratories, Inc. \* | 123 | 29958 |
| Bristol-Myers Squibb Co. | 1968 | 120028 |
| Danaher Corp. | 986 | 202130 |
| Gilead Sciences, Inc. | 1178 | 131995 |
| Merck & Co., Inc. | 706 | 63371 |
| Pfizer, Inc. | 8522 | 215947 |
| Thermo Fisher Scientific, Inc. | 283 | 140821 |
| West Pharmaceutical Services, Inc. | 307 | 68731 |
|  |  | 1017433 |
| **Semiconductors & Semiconductor Equipment: 8.0%** | **Semiconductors & Semiconductor Equipment: 8.0%** |  |
| Applied Materials, Inc. | 496 | 71980 |
| Lam Research Corp. | 796 | 57869 |
| Microchip Technology, Inc. | 1164 | 56349 |
| NXP Semiconductors NV | 1022 | 194241 |
|  |  | 380439 |
| **Software & Services: 2.3%** |  |  |
| Adobe, Inc. \* | 183 | 70186 |
| Oracle Corp. | 282 | 39426 |
|  |  | 109612 |
| **Transportation: 2.2%** |  |  |
| United Parcel Service, Inc. | 932 | 102511 |
| **Total Common Stocks**<br> (Cost: $4,985,751) |  | 4731305 |
| **Total Investments: 99.9%**<br> (Cost: $4,985,751) |  | 4731305 |
| **Other assets less liabilities: 0.1%** | **Other assets less liabilities: 0.1%** | 2728 |
| **NET ASSETS: 100.0%** |  | $4734033 |

---

**Footnotes:**

\* Non-income producing

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $4731305 | $— | $— | $4731305 |

---

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

See Notes to Financial Statements

VANECK REAL ASSETS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **EXCHANGE TRADED FUNDS: 99.5%(a)** |  |  |
| Energy Select Sector SPDR Fund † | 133846 | $12507909 |
| Global X US Infrastructure Development ETF † | 198857 | 7502875 |
| Invesco Water Resources ETF † | 19154 | 1235816 |
| iShares Gold Trust | 6194 | 365198 |
| iShares Residential and Multisector Real Estate ETF † | 82975 | 7170700 |
| Materials Select Sector SPDR Fund † | 105889 | 9104336 |
| SPDR Gold MiniShares Trust | 5936 | 367379 |
| VanEck Commodity Strategy ETF ‡ | 451168 | 23014080 |
| VanEck Energy Income ETF ‡ | 131369 | 13133865 |
| VanEck Gold Miners ETF ‡ | 31158 | 1432333 |
| VanEck Merk Gold ETF | 870955 | 26250584 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| VanEck Uranium and Nuclear ETF † ‡ | 34636 | $2537780 |
| **Total Exchange Traded Funds**<br> (Cost: $89,762,546) |  | 104622855 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.1%** |  |
| **Money Market Fund: 8.1%**<br> (Cost: $8,551,549) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 8551549 | 8551549 |
| **Total Investments: 107.6%**<br> (Cost: $98,314,095) |  | 113174404 |
| **Liabilities in excess of other assets: (7.6)%** | **Liabilities in excess of other assets: (7.6)%** | (8133131) |
| **NET ASSETS: 100.0%** |  | $105041273 |

---

**Footnotes:**

(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.

† Security fully or partially on loan. Total market value of securities on loan is $14,214,536.

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

Transactions in securities of affiliates for the period ended March 31, 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> 3/31/2025** | **Dividend<br> Income** |
| VanEck Agribusiness ETF | $774279 | $555173 | $(1239870) | $(316715) | $227133 | $– | $35062 |
| VanEck Commodity Strategy ETF | 15739444 | 7448756 | (1471662) | 35936 | 1261606 | 23014080 | 695849 |
| VanEck Energy Income ETF | 9601795 | 4188568 | (2718340) | 438177 | 1623665 | 13133865 | 145679 |
| VanEck Gold Miners ETF | 1075658 | 433844 | (302121) | 36095 | 188857 | 1432333 | 13237 |
| VanEck Steel ETF | 1359810 | 777155 | (1894240) | (172505) | (70220) |  | 55969 |
| VanEck Uranium and Nuclear ETF | 1595471 | 1524628 | (190819) | 22310 | (413810) | 2537780 | 16029 |
| &nbsp;&nbsp;Total | $30146457 | $14928124 | $(7817052) | $43298 | $2817231 | $40118058 | $961825 |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Exchange Traded Funds | $104622855 | $— | $— | $104622855 |
| Money Market Fund | 8551549 |  |  | 8551549 |
| **Total Investments** | $113174404 | $— | $— | $113174404 |

---

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 100.1%** |  |  |
| **Automobiles & Components: 8.0%** | **Automobiles & Components: 8.0%** |  |
| Ford Motor Co. | 31701 | $317961 |
| Lucid Group, Inc. \* | 461979 | 1117989 |
| Rivian Automotive, Inc. \* † | 67938 | 845828 |
| Tesla, Inc. \* | 5872 | 1521788 |
|  |  | 3803566 |
| **Banks: 2.4%** |  |  |
| Bank of America Corp. | 4602 | 192041 |
| JPMorgan Chase & Co. | 2784 | 682915 |
| NU Holdings Ltd. \* | 26506 | 271421 |
|  |  | 1146377 |
| **Capital Goods: 3.7%** |  |  |
| Boeing Co. \* | 1927 | 328650 |
| Lockheed Martin Corp. | 323 | 144287 |
| Rocket Lab USA, Inc. \* † | 73709 | 1317917 |
|  |  | 1790854 |
| **Consumer Discretionary Distribution & Retail: 7.5%** | **Consumer Discretionary Distribution & Retail: 7.5%** |  |
| Amazon.com, Inc. \* | 7288 | 1386615 |
| Carvana Co. \* | 2951 | 616995 |
| GameStop Corp. \* | 64379 | 1436939 |
| MercadoLibre, Inc. \* | 80 | 156070 |
|  |  | 3596619 |
| **Consumer Durables & Apparel: 1.3%** | **Consumer Durables & Apparel: 1.3%** |  |
| NIKE, Inc. | 10048 | 637847 |
| **Consumer Services: 3.1%** |  |  |
| Carnival Corp. \* | 8730 | 170497 |
| Cava Group, Inc. \* | 2117 | 182930 |
| DraftKings, Inc. \* | 14113 | 468693 |
| Dutch Bros, Inc. \* | 3398 | 209793 |
| McDonald's Corp. | 511 | 159621 |
| Starbucks Corp. | 3026 | 296820 |
|  |  | 1488354 |
| **Consumer Staples Distribution & Retail: 3.2%** | **Consumer Staples Distribution & Retail: 3.2%** |  |
| Costco Wholesale Corp. | 410 | 387770 |
| Target Corp. | 2314 | 241489 |
| Walgreens Boots Alliance, Inc. | 29399 | 328387 |
| Walmart, Inc. | 6069 | 532797 |
|  |  | 1490443 |
| **Energy: 0.9%** |  |  |
| Occidental Petroleum Corp. | 4534 | 223798 |
| Permian Resources Corp. | 15355 | 212667 |
|  |  | 436465 |
| **Financial Services: 10.2%** |  |  |
| Coinbase Global, Inc. \* | 7961 | 1371123 |
| PayPal Holdings, Inc. \* | 6919 | 451465 |
| Robinhood Markets, Inc. \* | 39232 | 1632837 |
| SoFi Technologies, Inc. \* † | 124067 | 1442899 |
|  |  | 4898324 |
| **Food, Beverage & Tobacco: 4.7%** | **Food, Beverage & Tobacco: 4.7%** |  |
| Celsius Holdings, Inc. \* † | 53065 | 1890176 |
| Philip Morris International, Inc. | 1413 | 224285 |
| The Coca-Cola Co. | 2211 | 158352 |
|  |  | 2272813 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Health Care Equipment & Services: 3.7%** | **Health Care Equipment & Services: 3.7%** |  |
| Hims & Hers Health, Inc. \* | 44804 | $1323958 |
| UnitedHealth Group, Inc. | 839 | 439426 |
|  |  | 1763384 |
| **Media & Entertainment: 10.5%** |  |  |
| Alphabet, Inc. | 8288 | 1281656 |
| Meta Platforms, Inc. | 2392 | 1378653 |
| Netflix, Inc. \* | 295 | 275096 |
| Reddit, Inc. \* | 3898 | 408900 |
| Roblox Corp. \* | 2532 | 147590 |
| Roku, Inc. \* | 3044 | 214419 |
| Snap, Inc. \* | 29138 | 253792 |
| Trade Desk, Inc. \* | 15029 | 822387 |
| Walt Disney Co. | 2304 | 227405 |
|  |  | 5009898 |
| **Pharmaceuticals, Biotechnology & Life Sciences: 1.5%** | **Pharmaceuticals, Biotechnology & Life Sciences: 1.5%** |  |
| Eli Lilly & Co. | 175 | 144534 |
| Moderna, Inc. \* | 10931 | 309894 |
| Pfizer, Inc. | 11939 | 302534 |
|  |  | 756962 |
| **Semiconductors & Semiconductor Equipment: 10.9%** | **Semiconductors & Semiconductor Equipment: 10.9%** |  |
| Advanced Micro Devices, Inc. \* | 14404 | 1479867 |
| Broadcom, Inc. | 3829 | 641089 |
| Intel Corp. | 59625 | 1354084 |
| Marvell Technology, Inc. | 3505 | 215803 |
| Micron Technology, Inc. | 2936 | 255109 |
| NVIDIA Corp. | 12226 | 1325054 |
|  |  | 5271006 |
| **Software & Services: 14.2%** |  |  |
| Adobe, Inc. \* | 482 | 184861 |
| AppLovin Corp. \* | 2271 | 601747 |
| Cloudflare, Inc. \* | 2216 | 249721 |
| Crowdstrike Holdings, Inc. \* | 754 | 265845 |
| Datadog, Inc. \* | 1922 | 190682 |
| Microsoft Corp. | 3069 | 1152072 |
| MicroStrategy, Inc. \* | 5368 | 1547434 |
| MongoDB, Inc. \* | 885 | 155229 |
| Oracle Corp. | 1258 | 175881 |
| Palantir Technologies, Inc. \* | 17749 | 1498016 |
| Snowflake, Inc. \* | 2506 | 366277 |
| Unity Software, Inc. \* † | 20198 | 395679 |
|  |  | 6783444 |
| **Technology Hardware & Equipment: 7.1%** | **Technology Hardware & Equipment: 7.1%** |  |
| Apple, Inc. | 6740 | 1497156 |
| Dell Technologies, Inc. | 2092 | 190686 |
| IonQ, Inc. \* | 21610 | 476933 |
| Super Micro Computer, Inc. \* † | 36160 | 1238118 |
|  |  | 3402893 |
| **Telecommunication Services: 4.5%** | **Telecommunication Services: 4.5%** |  |
| AST SpaceMobile, Inc. \* † | 54101 | 1230257 |
| AT&T, Inc. | 23985 | 678296 |
| Verizon Communications, Inc. | 4848 | 219905 |
|  |  | 2128458 |

---

See Notes to Financial Statements

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Transportation: 2.7%** |  |  |
| Grab Holdings Ltd. \* | 203437 | $921570 |
| Uber Technologies, Inc. \* | 5418 | 394755 |
|  |  | 1316325 |
| **Total Common Stocks**<br> (Cost: $51,501,590) |  | 47994032 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%** |  |
| **Money Market Fund: 2.4%**<br> (Cost: $1,154,253) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1154253 | 1154253 |
| **Total Investments: 102.5%**<br> (Cost: $52,655,843) |  | 49148285 |
| **Liabilities in excess of other assets: (2.5)%** |  | (1175433) |
| **NET ASSETS: 100.0%** |  | $47972852 |

---

------

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,664,432. |

---

The summary of inputs used to value the Fund's investments as of March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks \* | $47994032 | $— | $— | $47994032 |
| Money Market Fund | 1154253 |  |  | 1154253 |
| **Total Investments** | $49148285 | $— | $— | $49148285 |

---

\* See Schedule of Investments for industry sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity<br> Strategy ETF (a)** | **Durable High<br> Dividend ETF** | **Long/Flat Trend<br> ETF** | **Morningstar ESG<br> Moat ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $27898310 | $47383048 | $24772518 | $6007270 |
| Cash | 253104 | 119825 | 103996 | 3045 |
| Cash on deposit with broker for futures contracts | 1564443 |  |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 193942 |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser |  |  |  | 4880 |
| &nbsp;&nbsp;&nbsp;Dividends and interest |  | 77906 |  | 5516 |
| Prepaid expenses |  |  | 410 | 303 |
| Net variation margin on futures contracts | 850800 |  |  |  |
| Other assets |  |  | 441 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 30566657 | 47774721 | 24877365 | 6021038 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 13856 | 11780 | 4995 |  |
| Deferred Trustee fees |  | 624 | 1523 | 31 |
| Accrued expenses |  |  | 23597 | 21666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 13856 | 12404 | 30115 | 21697 |
| **NET ASSETS** | $30552801 | $47762317 | $24847250 | $5999341 |
| Shares outstanding | 600000 | 1400000 | 525000 | 225000 |
| Net asset value, redemption and offering price per share | $50.92 | $34.12 | $47.33 | $26.66 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $28280552 | $63694333 | $27774690 | $6323103 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 2272249 | (15932016) | (2927440) | (323762) |
| **NET ASSETS** | $30552801 | $47762317 | $24847250 | $5999341 |
| (1) Includes Investment in securities on loan, at market value | $— | $— | $— | $99328 |
| (2) Cost of investments - Unaffiliated issuers | $27898347 | $47156749 | $20372071 | $5967000 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> Global Wide Moat<br> ETF** | **Morningstar<br> International<br> Moat ETF** | **Morningstar SMID<br> Moat ETF** | **Morningstar Wide<br> Moat ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $15614495 | $167729179 | $416211329 | $13444374237 |
| Short-term investments held as collateral for securities loaned (3) |  | 3644277 |  | 6285 |
| Cash |  | 511 | 341405 | 1763289 |
| Cash denominated in foreign currency, at value (4) | 15301 | 182527 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  | 4396558 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  |  | 2460597 |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 2122 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 37802 | 609321 | 293382 | 20001385 |
| Prepaid expenses | 361 | 1751 | 14912 | 246199 |
| Other assets | 131 | 1536 | 990 | 109511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 15670212 | 172169102 | 419322615 | 13470897464 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 2462302 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed. |  |  |  | 4398867 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  | 3644277 |  | 6285 |
| &nbsp;&nbsp;&nbsp;Line of credit | 30060 | 1119693 |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  | 52621 | 164392 | 5386886 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 2442 |  |  |  |
| Deferred Trustee fees | 387 | 3463 | 990 | 225095 |
| Accrued expenses | 41311 | 26285 | 30203 | 285777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 74200 | 4846339 | 2657887 | 10302910 |
| **NET ASSETS** | $15596012 | $167322763 | $416664728 | $13460594554 |
| Shares outstanding | 400000 | 5050000 | 12700000 | 153000000 |
| Net asset value, redemption and offering price per share | $38.99 | $33.13 | $32.81 | $87.98 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $13121887 | $177478718 | $440583956 | $15103712302 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 2474125 | (10155955) | (23919228) | (1643117748) |
| **NET ASSETS** | $15596012 | $167322763 | $416664728 | $13460594554 |
| (1) Includes Investment in securities on loan, at market value | $299137 | $10972977 | $— | $261906311 |
| (2) Cost of investments - Unaffiliated issuers | $14156439 | $156552745 | $425837102 | $14192718059 |
| (3) Cost of short-term investments held as collateral for securities loaned | $— | $3644277 | $— | $6285 |
| (4) Cost of cash denominated in foreign currency | $15341 | $182950 | $— | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Wide<br> Moat Growth ETF** | **Morningstar Wide<br> Moat Value ETF** | **Real Assets<br> ETF (a)** | **Social Sentiment<br>ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $705984 | $4731305 | $64504797 | $47994032 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (3) |  |  | 40118058 |  |
| Short-term investments held as collateral for securities loaned (4) |  |  | 8551549 | 1154253 |
| Cash | 11989 | 7248 | 462929 | 2447 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 4469 | 2848 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 342 | 9171 | 14250 | 8950 |
| Prepaid expenses | 268 | 268 | 939 |  |
| Other assets |  |  | 531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 723052 | 4750840 | 113653053 | 49159682 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned |  |  | 8551549 | 1154253 |
| &nbsp;&nbsp;&nbsp;Due to Adviser |  |  | 26528 | 32577 |
| Deferred Trustee fees |  |  | 1214 |  |
| Accrued expenses | 16722 | 16807 | 32489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 16722 | 16807 | 8611780 | 1186830 |
| **NET ASSETS** | $706330 | $4734033 | $105041273 | $47972852 |
| Shares outstanding | 25000 | 150000 | 3450000 | 2150000 |
| Net asset value, redemption and offering price per share | $28.25 | $31.56 | $30.45 | $22.31 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $798193 | $4876382 | $113895350 | $162246278 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (91863) | (142349) | (8854077) | (114273426) |
| **NET ASSETS** | $706330 | $4734033 | $105041273 | $47972852 |
| (1) Includes Investment in securities on loan, at market value | $— | $— | $14214536 | $6664432 |
| (2) Cost of investments - Unaffiliated issuers | $715108 | $4985751 | $53477481 | $51501590 |
| (3) Cost of investments - Affiliated issuers | $— | $— | $36285065 | $— |
| (4) Cost of short-term investments held as collateral for securities loaned | $— | $— | $8551549 | $1154253 |

---

(a) Consolidated Statement of Assets and Liabilities

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity<br> Strategy ETF (a)** | **Durable High<br> Dividend ETF** | **Long/Flat Trend<br> ETF** | **Morningstar ESG<br> Moat ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $900405 | $175671 | $49543 |
| Interest | 597937 | 948 | 891 | 818 |
| Securities lending income |  | 91 | 1953 | 12 |
| Net foreign taxes withheld |  |  |  | (57) |
| &nbsp;&nbsp;&nbsp;Total income | 597937 | 901444 | 178515 | 50316 |
| **Expenses:** |  |  |  |  |
| Management fees | 73995 | 70120 | 65947 | 14454 |
| Professional fees |  |  | 16714 | 19889 |
| Custody and accounting fees |  |  | 11474 | 12419 |
| Reports to shareholders |  |  | 5609 | 5033 |
| Trustees' fees and expenses |  |  | 359 | 62 |
| Exchange listing fees |  |  | 3380 | 3480 |
| Insurance |  |  | 523 | 537 |
| Interest |  | 1763 |  | 77 |
| Taxes |  | 185 |  | 185 |
| Other |  |  | 195 | 651 |
| &nbsp;&nbsp;&nbsp;Total expenses | 73995 | 72068 | 104201 | 56787 |
| Expenses assumed by the Adviser |  |  | (31660) | (40786) |
| &nbsp;&nbsp;&nbsp;Net expenses | 73995 | 72068 | 72541 | 16001 |
| Net investment income | 523942 | 829376 | 105974 | 34315 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | 240 | (1084436) | 15191 | (26286) |
| In-kind redemptions |  | 2094009 | 556234 | 417424 |
| Futures contracts | 1851141 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1851381 | 1009573 | 571425 | 391138 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | (6552) | (2044148) | (1224627) | (864294) |
| Futures contracts | 319681 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 313129 | (2044148) | (1224627) | (864294) |
| Net increase (decrease) in net assets resulting from operations | $2688452 | $(205199) | $(547228) | $(438841) |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> Global Wide<br> Moat ETF** | **Morningstar<br> International<br> Moat ETF** | **Morningstar<br> SMID Moat ETF** | **Morningstar<br> Wide Moat ETF** |
| **Income:** |  |  |  |  |
| Dividends | $146968 | $1594613 | $3393749 | $140560353 |
| Interest | 445 | 1966 | 7413 | 230984 |
| Securities lending income | 272 | 21432 |  | 81028 |
| Net foreign taxes withheld | (5886) | (119134) |  | (372040) |
| &nbsp;&nbsp;&nbsp;Total income | 141799 | 1498877 | 3401162 | 140500325 |
| **Expenses:** |  |  |  |  |
| Management fees | 34918 | 458876 | 909391 | 34465368 |
| Professional fees | 19623 | 32487 | 20977 | 18617 |
| Custody and accounting fees | 22910 | 40051 | 16337 | 72554 |
| Reports to shareholders | 6929 | 14423 | 19033 | 308562 |
| Trustees' fees and expenses | 272 | 2361 | 3332 | 145875 |
| Registration fees |  |  | 7732 | 121002 |
| Exchange listing fees | 1989 | 1989 | 2983 | 1989 |
| Insurance | 531 | 2643 | 3341 | 41208 |
| Interest | 207 | 27048 | 1920 | 8645 |
| Taxes | 185 | 185 | 185 | 185 |
| Other | 5529 | 2904 | 1351 | 52257 |
| &nbsp;&nbsp;&nbsp;Total expenses | 93093 | 582967 | 986582 | 35236262 |
| Expenses assumed by the Adviser | (52352) | (41793) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 40741 | 541174 | 986582 | 35236262 |
| Net investment income | 101058 | 957703 | 2414580 | 105264063 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | 994153 | (1344955) | (24021687) | (178991763) |
| Investments - affiliated issuers |  |  |  | (46993358) |
| In-kind redemptions |  | 5032229 | 35643201 | 1046452711 |
| In-kind redemptions - affiliated issuers |  |  |  | 2025945 |
| Foreign currency transactions and foreign denominated assets and liabilities | 268 | (11026) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | 994421 | 3676248 | 11621514 | 822493535 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (991112) | (12458572) | (38596054) | (2095643524) |
| Investments - affiliated issuers |  |  |  | (50020409) |
| Foreign currency translations and foreign denominated assets and liabilities | (674) | (15256) |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (991786) | (12473828) | (38596054) | (2145663933) |
| Net increase (decrease) in net assets resulting from operations | $103693 | $(7839877) | $(24559960) | $(1217906335) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar<br> Wide Moat<br> Growth ETF** | **Morningstar<br>Wide Moat Value<br> ETF** | **Real Assets<br> ETF (a)** | **Social Sentiment<br> ETF** |
| **Income:** |  |  |  |  |
| Dividends - unaffiliated issuers | $3281 | $59899 | $364562 | $135671 |
| Dividends - affiliated issuers |  |  | 961825 |  |
| Interest | 620 | 442 | 7761 | 4939 |
| Securities lending income |  |  | 56958 | 9836 |
| Net foreign taxes withheld |  | (218) |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 3901 | 60123 | 1391106 | 150446 |
| **Expenses:** |  |  |  |  |
| Management fees | 1761 | 11090 | 234238 | 216783 |
| Professional fees | 13958 | 13958 | 18324 |  |
| Custody and accounting fees | 11550 | 11825 | 12488 |  |
| Reports to shareholders | 1703 | 1698 | 10038 |  |
| Trustees' fees and expenses | 144 | 162 | 747 |  |
| Registration fees | 112 | 719 |  |  |
| Exchange listing fees | 3446 | 3446 | 3977 |  |
| Insurance | 536 | 536 | 1518 |  |
| Interest |  | 52 | 69 | 6387 |
| Taxes | 185 | 185 |  | 185 |
| Other | 333 | 336 | 873 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 33728 | 44007 | 282272 | 223355 |
| Waiver of management fees |  |  | (95490) |  |
| Expenses assumed by the Adviser | (31625) | (31695) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 2103 | 12312 | 186782 | 223355 |
| Net investment income (loss) | 1798 | 47811 | 1204324 | (72909) |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (99938) | (94689) | 99379 | (7317725) |
| Investments - affiliated issuers |  |  | (334448) |  |
| In-kind redemptions - unaffiliated issuers | 42490 | 195706 | 310969 | 15372655 |
| In-kind redemptions - affiliated issuers |  |  | 377746 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (57448) | 101017 | 453646 | 8054930 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments - unaffiliated issuers | (17999) | (393204) | 2387305 | (5688375) |
| Investments - affiliated issuers |  |  | 2817231 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (17999) | (393204) | 5204536 | (5688375) |
| Net increase (decrease) in net assets resulting from operations | $(73649) | $(244376) | $6862506 | $2293646 |

---

(a) Consolidated Statement of Operations

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity Strategy ETF (a)** | **Commodity Strategy ETF (a)** | **Durable High Dividend ETF** | **Durable High Dividend ETF** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $523942 | $1189938 | $829376 | $1857549 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1851381 | (1941602) | 1009573 | 2632684 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 313129 | (288326) | (2044148) | 4781705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2688452 | (1039990) | (205199) | 9271938 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (850000) | (1774980) | (917590) | (2234105) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4690274 | 5004117 | 15336346 | 28880844 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (4620033) | (18608335) | (69306807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 4690274 | 384084 | (3271989) | (40425963) |
| Total increase (decrease) in net assets | 6528726 | (2430886) | (4394778) | (33388130) |
| Net Assets, beginning of period | 24024075 | 26454961 | 52157095 | 85545225 |
| Net Assets, end of period | $30552801 | $24024075 | $47762317 | $52157095 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 100000 | 100000 | 450000 | 875000 |
| Shares redeemed |  | (100000) | (550000) | (2200000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 100000 |  | (100000) | (1325000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Changes in Net Assets

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long/Flat Trend ETF** | **Long/Flat Trend ETF** | **Morningstar ESG Moat ETF** | **Morningstar ESG Moat ETF** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $105974 | $274877 | $34315 | $60960 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 571425 | 3056441 | 391138 | 327971 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1224627) | 4869434 | (864294) | 986232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (547228) | 8200752 | (438841) | 1375163 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (199980) | (375000) | (60008) | (65003) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1254251 | 44765651 | 1424494 | 1928769 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2469321) | (50210843) | (1440230) | (3073893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (1215070) | (5445192) | (15736) | (1145124) |
| Total increase (decrease) in net assets | (1962278) | 2380560 | (514585) | 165036 |
| Net Assets, beginning of period | 26809528 | 24428968 | 6513926 | 6348890 |
| Net Assets, end of period | $24847250 | $26809528 | $5999341 | $6513926 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 25000 | 1200000 | 50000 | 75000 |
| Shares redeemed | (50000) | (1300000) | (50000) | (125000) |
| &nbsp;&nbsp;&nbsp;Net decrease | (25000) | (100000) |  | (50000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Global Wide Moat ETF** | **Morningstar Global Wide Moat ETF** | **Morningstar International Moat ETF** | **Morningstar International Moat ETF** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $101058 | $291911 | $957703 | $6753483 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 994421 | 1341913 | 3676248 | 473633 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (991786) | 2487363 | (12473828) | 35620282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 103693 | 4121187 | (7839877) | 42847398 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (811720) | (325000) | (7250000) | (5575320) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  | 10367185 | 2953035 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  | (5205153) | (68772836) | (30764298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions |  | (5205153) | (58405651) | (27811263) |
| Total increase (decrease) in net assets | (708027) | (1408966) | (73495528) | 9460815 |
| Net Assets, beginning of period | 16304039 | 17713005 | 240818291 | 231357476 |
| Net Assets, end of period | $15596012 | $16304039 | $167322763 | $240818291 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold |  |  | 300000 | 100000 |
| Shares redeemed |  | (150000) | (2100000) | (1000000) |
| &nbsp;&nbsp;&nbsp;Net decrease |  | (150000) | (1800000) | (900000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar Wide Moat ETF** | **Morningstar Wide Moat ETF** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2414580 | $3898130 | $105264063 | $196819289 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11621514 | 19213342 | 822493535 | 1549278893 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (38596054) | 35773737 | (2145663933) | 1761407557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (24559960) | 58885209 | (1217906335) | 3507505739 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (4500405) | (1500150) | (207996750) | (112006875) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 241545589 | 380280893 | 4773489017 | 10604116455 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (177279100) | (242376141) | (6058094530) | (8446106765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 64266489 | 137904752 | (1284605513) | 2158009690 |
| Total increase (decrease) in net assets | 35206124 | 195289811 | (2710508598) | 5553508554 |
| Net Assets, beginning of period | 381458604 | 186168793 | 16171103152 | 10617594598 |
| Net Assets, end of period | $416664728 | $381458604 | $13460594554 | $16171103152 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 6925000 | 11850000 | 51600000 | 121650000 |
| Shares redeemed | (5125000) | (7500000) | (65350000) | (94950000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 1800000 | 4350000 | (13750000) | 26700000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar Wide Moat Growth ETF** | **Morningstar Wide Moat Growth ETF** | **Morningstar Wide Moat Value ETF** | **Morningstar Wide Moat Value ETF** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Period Ended<br> September 30,<br> 2024(a)** | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Period Ended<br> September 30,<br> 2024(a)** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1798 | $1426 | $47811 | $19814 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (57448) | 23427 | 101017 | 22657 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (17999) | 8875 | (393204) | 138758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (73649) | 33728 | (244376) | 181229 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (2600) |  | (46995) |  |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1496801 | 1520040 | 1616133 | 5668090 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1500125) | (767865) | (1616110) | (823938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (3324) | 752175 | 23 | 4844152 |
| Total increase (decrease) in net assets | (79573) | 785903 | (291348) | 5025381 |
| Net Assets, beginning of period | 785903 |  | 5025381 |  |
| Net Assets, end of period | $706330 | $785903 | $4734033 | $5025381 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 50000 | 50000 | 50000 | 175000 |
| Shares redeemed | (50000) | (25000) | (50000) | (25000) |
| &nbsp;&nbsp;&nbsp;Net increase |  | 25000 |  | 150000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Real Assets ETF (a)** | **Real Assets ETF (a)** | **Social Sentiment ETF** | **Social Sentiment ETF** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1204324 | $3475350 | $(72909) | $405552 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 453646 | (2265242) | 8054930 | 17005042 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5204536 | 12678630 | (5688375) | 2562248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6862506 | 13888738 | 2293646 | 19972842 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1700055) | (4000118) | (280350) | (324950) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 28380772 | 26371413 | 66895187 | 120123862 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5930411) | (49483711) | (76349151) | (139443171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 22450361 | (23112298) | (9453964) | (19319309) |
| Total increase (decrease) in net assets | 27612812 | (13223678) | (7440668) | 328583 |
| Net Assets, beginning of period | 77428461 | 90652139 | 55413520 | 55084937 |
| Net Assets, end of period | $105041273 | $77428461 | $47972852 | $55413520 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 975000 | 1025000 | 2650000 | 6100000 |
| Shares redeemed | (200000) | (1925000) | (3075000) | (7100000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 775000 | (900000) | (425000) | (1000000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Statement of Changes in Net Assets

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)** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **Year Ended<br> September<br> 30, 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) | 0.95 | 2.33 | 1.69 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.62 | (4.23) | 1.22 |
| Total from investment operations | 4.57 | (1.90) | 2.91 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.70) | (2.96) |  |
| Net asset value, end of period | $50.92 | $48.05 | $52.91 |
| **Total return (d)** | 9.82% | (3.41)% | 5.82% |
| **Ratios to average net assets** |  |  |  |
| Expenses | 0.55 %(e) | 0.55% | 0.55 %(e) |
| Net investment income | 3.89 %(e) | 4.78% | 4.36 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $31 | $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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Durable High Dividend ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $34.77 | $30.28 | $27.72 | $30.59 | $26.78 | $28.24 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.58 | 0.98 | 1.07 | 0.99 | 1.01 | 0.92 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.59) | 4.56 | 2.50 | (2.90) | 3.71 | (1.28) |
| Total from investment operations | (0.01) | 5.54 | 3.57 | (1.91) | 4.72 | (0.36) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (1.05) | (1.01) | (0.96) | (0.91) | (0.90) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  |  |  | (0.20) |
| Total distributions | (0.64) | (1.05) | (1.01) | (0.96) | (0.91) | (1.10) |
| Net asset value, end of period | $34.12 | $34.77 | $30.28 | $27.72 | $30.59 | $26.78 |
| **Total return (b)** | 0.01% | 18.79% | 12.91% | (6.58)% | 17.89% | (1.26)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (c) | 0.30 %(d) | 0.30% | 0.30% | 0.29% | 0.53% | 0.73% |
| Net expenses (c) | 0.30 %(d) | 0.30% | 0.30% | 0.29% | 0.29% | 0.29% |
| Net expenses excluding interest and taxes (c) | 0.29 %(d) | 0.29% | 0.29% | 0.29% | N/A | N/A |
| Net investment income | 3.43 %(d) | 3.13% | 3.42% | 3.19% | 3.38% | 3.44% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $48 | $52 | $86 | $73 | $51 | $33 |
| Portfolio turnover rate (e) | 31% | 62% | 61% | 50% | 50% | 67% |

---

------

(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) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long/Flat Trend ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $48.74 | $37.58 | $33.58 | $39.96 | $31.55 | $28.02 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.20 | 0.45 | 0.51 | 0.24 | 0.34 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.25) | 11.34 | 3.90 | (6.46) | 8.78 | 3.56 (b) |
| Total from investment operations | (1.05) | 11.79 | 4.41 | (6.22) | 9.12 | 3.96 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.63) | (0.41) | (0.16) | (0.71) | (0.43) |
| Net asset value, end of period | $47.33 | $48.74 | $37.58 | $33.58 | $39.96 | $31.55 |
| **Total return (c)** | (2.20)% | 31.72% | 13.27% | (15.67)% | 29.29% | 14.22% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.79 %(e) | 0.84% | 0.90% | 0.72% | 0.82% | 0.76% |
| Net expenses (d) | 0.55 %(e) | 0.61% | 0.66% | 0.59% | 0.55% | 0.55% |
| Net expenses excluding interest and taxes (d) | 0.55 %(e) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income (d) | 0.80 %(e) | 1.06% | 1.41% | 0.60% | 0.91% | 1.38% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $25 | $27 | $24 | $34 | $41 | $32 |
| Portfolio turnover rate (f) | — % | 1% | 115% | 243% | 1% | — % |

---

------

(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) 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 period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morningstar ESG Moat ETF** | **Morningstar ESG Moat ETF** | **Morningstar ESG Moat ETF** | **Morningstar ESG Moat ETF** |
|  | | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **Six Months<br> Ended<br> March 31,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **Period<br> Ended<br> September<br> 30,**<br>**2022 (a)** |
| Net asset value, beginning of period | $28.95 | $23.09 | $19.93 | $25.05 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.15 | 0.26 | 0.29 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.17) | 5.89 | 3.08 | (5.32) |
| Total from investment operations | (2.02) | 6.15 | 3.37 | (5.07) |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.29) | (0.21) | (0.05) |
| Net asset value, end of period | $26.66 | $28.95 | $23.09 | $19.93 |
| **Total return (c)** | (7.04)% | 26.82% | 16.97% | (20.30)% |
| **Ratios to average net assets** |  |  |  |  |
| Gross expenses | 1.77 %(d) | 1.86% | 2.20% | 4.24 %(d) |
| Net expenses | 0.50 %(d) | 0.50% | 0.49% | 0.49 %(d) |
| Net expenses excluding interest and taxes | 0.49 %(d) | 0.49% | 0.49% | 0.49 %(d) |
| Net investment income | 1.07 %(d) | 1.01% | 1.25% | 1.06 %(d) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $6 | $7 | $6 | $2 |
| Portfolio turnover rate (e) | 11% | 33% | 38% | 44% |

---

------

(a) For the period October 6, 2021 (commencement of operations) through September 30, 2022.

(b) Calculated based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $40.76 | $32.21 | $29.24 | $38.42 | $32.17 | $28.97 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.25 | 0.63 | 0.65 | 0.63 | 0.54 | 0.46 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.01 | 8.57 | 3.49 | (7.60) | 6.74 | 3.47 |
| Total from investment operations | 0.26 | 9.20 | 4.14 | (6.97) | 7.28 | 3.93 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.65) | (0.70) | (0.55) | (0.43) | (0.34) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (1.38) |  | (0.47) | (1.66) | (0.60) | (0.39) |
| Total distributions | (2.03) | (0.65) | (1.17) | (2.21) | (1.03) | (0.73) |
| Net asset value, end of period | $38.99 | $40.76 | $32.21 | $29.24 | $38.42 | $32.17 |
| **Total return (b)** | 0.93% | 28.93% | 14.14% | (19.41)% | 22.99% | 13.70% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.20 %(c) | 1.15% | 1.08% | 0.96% | 1.20% | 2.04% |
| Net expenses | 0.53 %(c) | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| Net expenses excluding interest and taxes | 0.52 %(c) | 0.52% | 0.52% | 0.52% | N/A | N/A |
| Net investment income | 1.30 %(c) | 1.78% | 1.94% | 1.76% | 1.44% | 1.54% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $16 | $16 | $18 | $18 | $19 | $10 |
| Portfolio turnover rate (d) | 38% | 78% | 73% | 67% | 74% | 68% |

---

------

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Morningstar International Moat ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $35.16 | $29.85 | $25.10 | $33.54 | $29.38 | $30.57 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.17 | 0.93 | 0.89 | 1.34 | 1.07 | 0.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.75) | 5.11 | 4.81 (b) | (8.28) | 3.81 | (0.56) |
| Total from investment operations | (0.58) | 6.04 | 5.70 | (6.94) | 4.88 | 0.06 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.45) | (0.73) | (0.95) | (1.50) | (0.72) | (1.25) |
| Net asset value, end of period | $33.13 | $35.16 | $29.85 | $25.10 | $33.54 | $29.38 |
| **Total return (c)** | (1.31)% | 20.56% | 22.82% | (21.65)% | 16.64% | (0.14)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 0.64 %(d) | 0.61% | 0.63% | 0.67% | 0.76% | 0.76% |
| Net expenses | 0.59 %(d) | 0.58% | 0.58% | 0.58% | 0.57% | 0.58% |
| Net expenses excluding interest and taxes | 0.56 %(d) | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| Net investment income | 1.04 %(d) | 2.99% | 2.85% | 4.32% | 3.09% | 2.10% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $167 | $241 | $231 | $67 | $70 | $51 |
| Portfolio turnover rate (e) | 68% | 83% | 87% | 105% | 110% | 94% |

---

------

(a) Calculated based upon average shares outstanding

(b) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** | **Morningstar SMID Moat ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **Year Ended<br> September<br> 30, 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) | 0.21 | 0.42 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.99) | 6.37 | 2.09 (c) |
| Total from investment operations | (1.78) | 6.79 | 2.46 |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.21) | (0.06) |
| Net asset value, end of period | $32.81 | $35.00 | $28.42 |
| **Total return (d)** | (5.16)% | 23.93% | 9.49% |
| **Ratios to average net assets** |  |  |  |
| Gross expenses | 0.49 %(e) | 0.50% | 0.59 %(e) |
| Net expenses | 0.49 %(e) | 0.49% | 0.49 %(e) |
| Net investment income | 1.19 %(e) | 1.33% | 1.30 %(e) |
| **Supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $417 | $381 | $186 |
| Portfolio turnover rate (f) | 40% | 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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Morningstar Wide Moat ETF** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $96.98 | $75.81 | $59.98 | $73.28 | $54.63 | $50.13 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.64 | 1.22 | 0.78 | 0.85 | 0.96 | 0.92 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (8.37) | 20.68 | 15.86 | (13.33) | 18.59 | 4.30 |
| Total from investment operations | (7.73) | 21.90 | 16.64 | (12.48) | 19.55 | 5.22 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.27) | (0.73) | (0.81) | (0.82) | (0.90) | (0.72) |
| Net asset value, end of period | $87.98 | $96.98 | $75.81 | $59.98 | $73.28 | $54.63 |
| **Total return (b)** | (8.06)% | 29.02% | 27.98% | (17.27)% | 36.11% | 10.40% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 0.46 %(c) | 0.47% | 0.47% | 0.46% | 0.46% | 0.47% |
| Expenses excluding interest and taxes | 0.46 %(c) | 0.46% | 0.46% | 0.46% | N/A | N/A |
| Net investment income | 1.37 %(c) | 1.42% | 1.06% | 1.20% | 1.40% | 1.77% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $13461 | $16171 | $10618 | $5866 | $6599 | $3398 |
| Portfolio turnover rate (d) | 25% | 55% | 51% | 51% | 47% | 48% |

---

------

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund.

(c) Annualized

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

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | |
|:---|:---|:---|
|  | **Morningstar Wide Moat<br> Growth ETF** | **Morningstar Wide Moat<br> Growth ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **Period<br> Ended<br> September<br> 30,<br> 2024 (a)** |
| Net asset value, beginning of period | $31.44 | $29.95 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.16) | 1.43 |
| Total from investment operations | (3.09) | 1.49 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) |  |
| Net asset value, end of period | $28.25 | $31.44 |
| **Total return (c)** | (9.83)% | 4.96% |
| **Ratios to average net assets** |  |  |
| Gross expenses | 8.62 %(d) | 13.08 %(d) |
| Net expenses | 0.54 %(d) | 0.49 %(d) |
| Net expenses excluding interest and taxes | 0.49 %(d) | 0.49 %(d) |
| Net investment income | 0.46 %(d) | 0.38 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $1 | $1 |
| Portfolio turnover rate (e) | 24% | 16% |

---

------

(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 period:

---

| | | |
|:---|:---|:---|
|  | **Morningstar Wide Moat<br> Value ETF** | **Morningstar Wide Moat<br> Value ETF** |
|  | **Six Months<br> Ended<br> March 31,<br> 2025<br> (unaudited)** | **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) | 0.32 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.95) | 3.09 |
| Total from investment operations | (1.63) | 3.51 |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) |  |
| Net asset value, end of period | $31.56 | $33.50 |
| **Total return (c)** | (4.90)% | 11.71% |
| **Ratios to average net assets** |  |  |
| Gross expenses | 1.79 %(d) | 6.72 %(d) |
| Net expenses | 0.50 %(d) | 0.49 %(d) |
| Net expenses excluding interest and taxes | 0.49 %(d) | 0.49 %(d) |
| Net investment income | 1.94 %(d) | 2.61 %(d) |
| **Supplemental data** |  |  |
| Net assets, end of period (in millions) | $5 | $5 |
| Portfolio turnover rate (e) | 25% | 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 period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Assets ETF(a)** | **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,** |
|  | **Six Months**<br>**Ended<br> March 31,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $28.95 | $25.36 | $22.79 | $25.47 | $20.15 | $25.25 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.38 | 1.06 | 0.37 | 0.92 | 0.14 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.66 | 3.47 | 2.58 | (1.44) | 6.57 | (4.94) |
| Total from investment operations | 2.04 | 4.53 | 2.95 | (0.52) | 6.71 | (4.49) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (0.94) | (0.38) | (2.16) | (1.39) | (0.61) |
| Net asset value, end of period | $30.45 | $28.95 | $25.36 | $22.79 | $25.47 | $20.15 |
| **Total return (c)** | 7.22% | 18.35% | 12.95% | (2.71)% | 34.11% | (18.32)% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses (d) | 0.60 %(e) | 0.64% | 0.61% | 0.63% | 1.60% | 1.12% |
| Net expenses (d) | 0.40 %(e) | 0.44% | 0.42% | 0.51% | 0.56% | 0.55% |
| Net expenses excluding interest and taxes (d) | 0.40 %(e) | 0.44% | 0.42% | 0.51% | 0.55% | 0.55% |
| Net investment income (d) | 2.57 %(e) | 4.01% | 1.48% | 3.56% | 0.58% | 1.97% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $105 | $77 | $91 | $131 | $17 | $9 |
| Portfolio turnover rate (f) | 8% | 47% | 70% | 32% | 76% | 195% |

---

------

(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) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** | |
|  | **Six Months<br> Ended<br> March 31,<br> 2025**<br>**(unaudited)** | **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) | (0.03) | 0.13 | 0.07 | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.94 | 6.08 | 2.65 | (11.94) | (0.31)(c) |
| Total from investment operations | 0.91 | 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 | $22.31 | $21.52 | $15.41 | $12.74 | $24.66 |
| **Total return (d)** | 4.18% | 40.39% | 21.46% | (48.34)% | (1.38)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 0.77 %(e) | 0.76% | 1.23 %(f) | 1.16 %(f) | 0.75 %(e) |
| Net expenses | 0.77 %(e) | 0.76% | 0.75% | 0.75% | 0.75 %(e) |
| Net expenses excluding interest and taxes | 0.75 %(e) | 0.75% | 0.75% | 0.75% | N/A |
| Net investment income (loss) | (0.25)%(e) | 0.68% | 0.47% | 0.11% | (0.20)%(e) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $48 | $55 | $55 | $58 | $193 |
| Portfolio turnover rate (g) | 142% | 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) Annualized

(f) 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.

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

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2025 (unaudited)

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

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Commodity Strategy ETF | Non-Diversified |
| Durable High Dividend ETF | Diversified |
| Long/Flat Trend ETF | Diversified |
| Morningstar ESG Moat 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 Growth ETF | Non-Diversified |
| Morningstar Wide Moat Value ETF | Non-Diversified |
| Real Assets ETF\* | Diversified |
| Social Sentiment ETF | Diversified |

---

\* Formerly known as Inflation Allocation ETF

Each Fund, except for Commodity Strategy ETF and Real Assets ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index listed in the table below.

---

| | |
|:---|:---|
| Fund | Index |
| Durable High Dividend ETF | Morningstar<sup>®</sup> US Dividend Valuation Index<sup>SM</sup> |
| Long/Flat Trend ETF | Ned Davis Research CMG US Large Cap Long/Flat Index |
| Morningstar ESG Moat ETF | Morningstar<sup>®</sup> US Sustainability Moat Focus Index<sup>SM</sup> |
| 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 Growth ETF | Morningstar<sup>®</sup> US Broad Growth 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> |
| Social Sentiment ETF | BUZZ NextGen AI US Sentiment Leaders Index |

---

*\** *Effective December 20, 2024, Morningstar International Moat ETF index changed from Morningstar<sup>®</sup> Global ex-US Moat Focus Index*<sup>SM</sup>*.*

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.

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 ETPs that provide exposure to commodities and Cash and Fixed Income Investments. The Fund does not invest in commodities directly.

Van Eck Associates Corp. ("VEAC") serves as the investment adviser for the Funds, except for Commodity Strategy ETF and Real Assets ETF. Van Eck Absolute Return Advisers Corp. ("VEARA"), a wholly owned

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF, Real Assets ETF and their 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.

---

| | |
|:---|:---|
| A. | **Security Valuation—**The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
|  | Level 1 — Quoted prices in active markets for identical securities. |
|  | Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | Level 3 — Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments). |
|  | Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds' pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered as Level 1 in the fair value hierarchy. |
|  | The Board of Trustees ("Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with 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 classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
|  | A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
| **B.** | **Basis for Consolidation—**The 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. |
| **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. |
| **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 Durable High Dividend 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. |
| **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 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| **F.** | **Restricted Securities—**The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments. |
| **G.** | **Use of Derivative Instruments—** Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund's derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments. |
|  | **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 futures 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 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 six months ended March 31, 2025, the average notional amount for the period was $27,460,882. Futures contracts held by Commodity Strategy ETF at March 31, 2025 are reflected in the Consolidated Schedule of Investments. |
|  | At March 31, 2025, the Fund held the following derivatives (not designated as hedging instruments under GAAP): |

---

---

| | |
|:---|:---|
|  | **Asset <br> Derivatives** |
|  | **Commodities <br> Futures Risk** |
| &nbsp;&nbsp;**Commodity Strategy ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $848216 |

---

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 period ended March 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Commodities <br> Futures Risk** |
| **Commodity Strategy ETF** |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<sup>1</sup> | $1851141 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<sup>2</sup> | $319681 |

---

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

---

| | |
|:---|:---|
| **H.** | **Offsetting Assets and Liabilities—**In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for derivative instruments and securities lending. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Refer to the Schedule of Investments and Statement of Assets and Liabilities for collateral received or pledged as of March 31, 2025. Cash collateral received for securities lending in the form of money market fund investments, if any, at March 31, 2025, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral for securities lending 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. |
| **I.** | **Segment Reporting—** During the period, the Funds adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (ASU 2023-07). The provisions of the new standard require additional financial statements disclosures related to segment reporting to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The adoption of the ASU 2023-07 had no impact on the Funds' financial position or results of operations. The Adviser acts as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM to assess each Fund's performance versus its comparative benchmarks, is consistent with that presented within the Fund's financial statements and financial highlights. |
| **J.** | **Other—**Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. |
|  | 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 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. Such amounts are based on historical information available to the Funds and other industry sources. After each calendar year |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| |
|:---|
| end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

**Note 3—Investment Management and Other Agreements—** The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. The Adviser has agreed, until at least 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 expense limitations listed in the following table.

The management fee rates and expense limitations for the six months ended March 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Management<br> Fees** | **Expense<br> Limitations** |
| Long/Flat Trend ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% |
| Morningstar ESG Moat ETF | 0.45 | 0.49 |
| 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 Growth ETF | 0.45 | 0.49 |
| Morningstar Wide Moat Value ETF | 0.45 | 0.49 |
| Real Assets ETF | 0.50 | 0.55 |

---

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the period ended March 31, 2025, the Adviser waived management fees of $95,490 due to such investments held in the Real Assets ETF.

Refer to the Statements of Operations for amounts waived/assumed by the Adviser for the period ended March 31, 2025.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. In addition, 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.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Management<br> Fee Rate** |
| Commodity Strategy ETF | 0.55% |
| Durable High Dividend ETF | 0.29 |
| Social Sentiment ETF | 0.75 |

---

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

At March 31, 2025, the Adviser owned approximately 83%, 22%, and 11% of the shares outstanding of Morningstar Wide Moat Value ETF, Morningstar ESG Moat ETF and Durable High Dividend ETF, respectively.

------

**Note 4—Capital Share Transactions—**As of March 31, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

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

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation

Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

**Note 5—Investments—**For the period ended March 31, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| Durable High Dividend ETF | $15209905 | $15524268 | $15347214 | $18557042 |
| Long/Flat Trend ETF | 52185 | 165836 | 1254011 | 2469091 |
| Morningstar ESG Moat ETF | 1307863 | 726214 | 1424439 | 2034917 |
| Morningstar Global Wide Moat ETF | 5976084 | 6656989 |  |  |
| Morningstar International Moat ETF | 128702404 | 139419319 | 7705857 | 61451258 |
| Morningstar SMID Moat ETF | 162492003 | 164621986 | 240689538 | 176647010 |
| Morningstar Wide Moat ETF | 3863594217 | 3954677741 | 4773676060 | 6074647034 |
| Morningstar Wide Moat Growth ETF | 181822 | 1219669 | 1496376 | 461647 |
| Morningstar Wide Moat Value ETF | 1542269 | 1257196 | 1615497 | 1904195 |
| Real Assets ETF<sup>\*</sup> | 8917923 | 7256615 | 24755895 | 4457796 |
| Social Sentiment ETF | 78599900 | 78952449 | 66860580 | 76290503 |

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*\** *Represents consolidated cost of investments purchased and proceeds from investments sold.*

**Note 6—Income Taxes—**As of March 31, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Commodity Strategy ETF | $30206910 | $272 | $(2308872) | $(2308600) |
| Durable High Dividend ETF | 47157626 | 2121031 | (1895609) | 225422 |
| Long/Flat Trend ETF | 20372071 | 4400447 |  | 4400447 |
| Morningstar ESG Moat ETF | 6032131 | 430122 | (454983) | (24861) |
| Morningstar Global Wide Moat ETF | 14174507 | 1893937 | (453949) | 1439988 |
| Morningstar International Moat ETF | 161441382 | 17245986 | (7313912) | 9932074 |
| Morningstar SMID Moat ETF | 426032435 | 12006182 | (21827288) | (9821106) |
| Morningstar Wide Moat ETF | 14193735822 | 592591737 | (1341947037) | (749355300) |
| Morningstar Wide Moat Growth ETF | 715107 | 13163 | (22286) | (9123) |
| Morningstar Wide Moat Value ETF | 4985750 | 119830 | (374275) | (254445) |
| Real Assets ETF | 100519518 | 15969774 | (3314888) | 12654886 |
| Social Sentiment ETF | 53314595 | 1319029 | (5485339) | (4166310) |

---

The tax character of current year distributions will be determined at the end of the current fiscal year.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any interest or penalties.

**Note 7—Principal Risks—**Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price 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.

Long/Flat Trend ETF may invest in shares of other funds, including ETFs that track the S&P 500 Index. As a result, the Fund 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 Fund's 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.

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.

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.

------

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 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.

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. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

On October 1, 2021, the Durable High Dividend 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. Commodity Strategy ETF and Social Sentiment ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

For 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 Growth ETF, Morningstar Wide Moat Value ETF, and Morningstar Wide Moat 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.

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

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

securities and related cash collateral, if any, at March 31, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds' securities on loan and related collateral as of March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Morningstar ESG Moat ETF | $99328 | $– | $101648 | $101648 |
| Morningstar Global Wide Moat ETF | 299137 |  | 320977 | 320977 |
| Morningstar International Moat ETF | 10972977 | 3644277 | 7998693 | 11642970 |
| Morningstar Wide Moat ETF | 261906311 | 6285 | 269428419 | 269434704 |
| Real Assets ETF | 14214536 | 8551549 | 5922787 | 14474336 |
| Social Sentiment ETF | 6664432 | 1154253 | 5696938 | 6851191 |

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The following table presents money market fund investments held as collateral by type of security on loan as of March 31, 2025:

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| | |
|:---|:---|
|  | **Gross Amount of<br> Recognized Liabilities<br> for Securities Lending<br> Transactions\* in the<br> Statements of Assets<br> and Liabilities** |
| **<u>Fund</u>** | **Equity Securities** |
| Morningstar International Moat ETF | $3644277 |
| Morningstar Wide Moat ETF | 6285 |
| Real Assets ETF | 8551549 |
| Social Sentiment ETF | 1154253 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit—**The Funds may participate in a $200 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| Durable High Dividend ETF | &nbsp;&nbsp;&nbsp;&nbsp;87 | $122317 | 5.91% |
| Morningstar Global Wide Moat ETF | 8 | 131441 | 5.68 |
| Morningstar International Moat ETF | 163 | 704177 | 5.85 |
| Morningstar SMID Moat ETF | 16 | 760294 | 5.68 |
| Morningstar Wide Moat ETF | 16 | 3064449 | 5.96 |
| Real Assets ETF | 1 | 434910 | 5.68 |
| Social Sentiment ETF | 48 | 747044 | 5.86 |

---

Outstanding loan balances as of March 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

(unaudited)

At a meeting held on March 31, 2025 (the "Meeting"), the Board of Trustees (the "Board") of VanEck<sup>®</sup> ETF Trust (the "Trust"), including all of the Trustees that are not interested persons of the Trust (the "Independent Trustees"), considered and approved the investment management agreement between the Trust and Van Eck Associates Corporation (the "Adviser") (the "Investment Management Agreement") with respect to the VanEck Alternative Asset Manager 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 programs, 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 managers 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.

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 MANAGER 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-3(d)) that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.](c112795_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c112795_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

---

Date <u>June 6, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jan F. van Eck, Chief Executive Officer |

---

Date <u>June 6, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

---

Date <u>June 6, 2025</u>

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, 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 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>June 6, 2025</u>

---

| |
|:---|
| /s/ Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;&nbsp;Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

I, John J. Crimmins, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, 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 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>June 6, 2025</u>

---

| |
|:---|
| /s/ John J. Crimmins |
| &nbsp;&nbsp;&nbsp;&nbsp;John J. Crimmins |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Biotech ETF, Digital Transformation ETF, Energy Income ETF, Environmental Services ETF, Fabless Semiconductor ETF, Gaming ETF, Green Infrastructure ETF, Pharmaceutical ETF, Retail ETF, Robotics ETF, Semiconductor ETF, Video Gaming and eSports ETF, Commodity Strategy ETF, Durable High Dividend 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, Real Assets ETF, Social Sentiment ETF) do hereby certify, to such officer's knowledge, that:

The semi-annual report on Form N-CSR of VanEck ETF Trust for the period ending March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck ETF Trust.

---

| | |
|:---|:---|
| Dated: June 6, 2025 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |
| Dated: June 6, 2025 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck ETF Trust |

---

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.